IPTO, the power grid operator, has decided to draw 16 million euros from its coffers in order to partially compensate independent electricity producers, owed a total of 27 million euros by two now-defunct retailers, Energa and Hellas Power, energypress has been informed.

The retail market entries of Energa and Hellas Power several years ago both ended in financial scandal.

The current liquidity problem in the local electricity market was a key factor in the decision taken by the IPTO board to use its available funds for the partial payment of amounts owed to independent electricity producers by Energa and Hellas Power.

The operator has taken legal action against the two defunct companies for amounts owed and hopes to return the 16 million-euro amount to its coffers through the legal process.