The European Commission has warned the Greek government to keep a close watch on electricity subsidies offered to consumers in order to avoid creating a RES special account deficit. The warning was included in a new Brussels report published during the week.

According to the report, electricity subsidies offered to consumers in Greece could reach as much as one billion euros by July, given the market’s wholesale electricity price developments.

As for other fronts, the Brussels report expects the sale of gas company DEPA Infrastructure, acquired by Italgas, Italy’s biggest natural gas distribution company and the third largest in Europe, to be completed by the end of April.

Final sale procedures are expected to be completed towards the end of March, enabling Italgas to make its payment, an amount of 733 million euros, by the end of April.

The Brussels report estimates binding bids for the privatization of a prospective underground natural gas storage facility (UGS) at the almost depleted natural gas field of “South Kavala” in the Aegean Sea’s north will be submitted by the end of May, ahead of the selection of a preferred bidder in July. A finalized contract is not expected before the end of the year.

A gas grid operator DESFA and GEK TERNA partnership, as well as Energean Oil & Gas, have advanced to the second round of the project’s tender, staged by TAIPED, offering contracts for the development and operation of the facility.