Energy and finance ministry officials, working against the clock, are scrambling to ensure a payment to power utility PPC for an outstanding public service compensation (YKO) concerning 2011 ahead of the next report on the utility’s results by certified auditor Ernst & Young, scheduled for September 24.
Meetings involving energy ministry, RAE (Regulatory Authority for Energy) and finance ministry officials have increased in frequency over the past few days as a solution is sought.
The officials are seeking to determine if the amount, calculated at 195 million euros by RAE, can be covered via the national budget without the need to impose YKO hikes on electricity consumers.
The amount is needed by PPC, struggling with poor finances, if further bad news from Ernst & Young is to be avoided in the next report.
The officials are also looking at whether PPC could receive this amount as one lump sum or through installments, until 2021, to avoid impacting the budget and consumers.
Initial calculations by RAE, the Regulatory Authority for Energy, had estimated a sum of between 160 and 200 million euros before the authority finalized the figure at 195 million euros.
A legislative revision giving RAE full authority over the matter is needed before PPC can receive the amount.