The cost for the market of electricity theft will be gradually shifted to distribution network operator DEDDIE/HEDNO, ridding suppliers and, indirectly, consumers, of this financial burden, according to a new formula for the operator’s required revenue established by RAE, the Regulatory Authority for Energy.

The operator will need to reduce, on an annual basis, its percentage of required revenue covering electricity theft losses until these have been eliminated. If annual electricity theft reduction objectives are not met, then the operator will assume the resulting cost. On the contrary, if these objectives are exceeded, then the operator will keep surplus amounts for the company coffers.

Representing between 4 and 5 percent of overall electricity consumption, electricity theft, a major problem for the Greek market, increased during the recession. The responsibility for its cost had even generated friction between power utility PPC and DEDDIE/HEDNO, the utility’s subsidiary.