Independent electricity supplier Elpedison, a joint venture involving ELPE (Hellenic Petroleum) and Italy’s Edison, posted a 3Q loss of 5 million euros, based on electricity output of 717,000 MWh, a slump from a pretax net profit of 9 million euros based on production of 698,000 MWh for the equivalent period in 2016.

Elpedison’s operating profit nosedived by 86 percent despite a sales increase of 18 percent, a poor result for one of Greece’s three major vertically integrated independent electricity players.

The board at ELPE attributed Elpedison’s disappointing results to the greatly delayed CAT mechanism. Company officials, during their presentation of results to analysts, indicated that retroactive payments could be pursued once the new CATs are introduced.

On the contrary, DEPA, the Public Gas Corporation, in which ELPE holds a 35 percent stake, posted impressive 3Q results.

DEPA’s volume-based sales figure grew by 2 percent in the third quarter and 9 percent over the nine-month period, while the gas company’s operating profit for the nine-month period rose by 32 percent to 223 million euros.

Profit after tax at DEPA more than doubled from 60 million to 135 million euros, a result that provided 47 million euros for shareholder ELPE’s coffers.

ELPE officials explained this result stems from higher natural gas demand and sales.

Though already widely known, ELPE officials confirmed that binding offers for a renewed international tender offering 66 percent of DESFA, the natural gas grid operator, in which the petroleum company holds a 35 percent stake, are expected in December.