DEPA, fearing ramifications, to appeal ELFE debt cut verdict

Gas utility DEPA will appeal an Athens Court of First  Instance verdict delivered two months ago that reduces debt owed by ELFE (Hellenic Fertilizers and Chemicals), by approximately 60 million euros, on grounds claiming the gas utility’s pricing formula is abusive as its gas prices are pegged to international oil prices.

The DEPA board, supported by the energy ministry, has decided to appeal the decision and has already passed on the case to a law firm, giving it the green light to proceed, energypress sources informed.

Without question, the amount of money at stake is significant but the case is made even more crucial by the possibility of wider ramifications for DEPA if its appeal fails as other major customers could also push ahead with gas overcharging claims and seek price reductions.

DEPA and the Greek government are determined to protect the gas company from any ambiguity that could result from the case as this could develop into a destabilizing factor for the gas utility’s approaching privatization.