The power grid operator IPTO, summoned by RAE (Regulatory Authority for Energy) to a hearing yesterday, offered its case as to why it has failed to maintain an account containing public service compensation (YKO) revenue and expense entries concerning this surcharge. The authority has now given the operator three weeks to submit its case in writing.
Interestingly, all pending YKO payments from 2012 onwards will be added to the country’s bailout agreement as an issue that needs to be resolved, it became known following yesterday’s RAE hearing.
YKO sums, which represent a considerable percentage of electricity bills, are primarily used to finance electricity generation on the non-interconnected islands. Other services stemming from the YKO sums include subsidizing the electricity bills of multi-member families.
On a related front, HEDNO, the Hellenic Electricity Distribution Network Operator, whose tasks include maintaining YKO-related data determining surcharges to be paid by consumers through their electricity bills and, by extension, the respective amounts electricity suppliers should receive, has been given until June to present figures in detail. HEDNO faced a preliminary RAE hearing just weeks ago.
Once all YKO-related hearings have been completed, RAE will need to decide on disciplinary action it may take. Fines for payment delays are seen as the most likely outcome.
Confusion prevails over the YKO amounts IPTO’s parent company main power utility PPC is entitled to receive.
PPC is demanding 600 million euros in delayed YKO payments for a four-year period covering 2012 to 2015. RAE is refusing to validate PPC’s claim for such a recoverable amount without a prior examination of IPTO’s books.