The main power utility PPC will receive “some of the money it has sought for older public service compensation (YKO) amounts”, a highly-ranked energy ministry official has told local media.

State-controlled PPC is seeking a return of approximately 700 million euros linked to YKO amounts in 2011, which it has so far failed to receive based on law. But the power utility could end up receiving roughly one-third of this amount, sources informed. Such a cash injection would come as needed relief for PPC.

RAE, the Regulatory Authority for Energy, has examined and approved a related request submitted to the authority by PPC, deeming the utility has been treated unfairly, sources said.

However, a legislative revision will be needed if PPC is to receive any YKO amount concerning the past. The government will need to decide on this revision. Judging by the public comment from the energy ministry official, made yesterday, RAE and the ministry have already discussed the matter and reached a decision.

RAE is expected to calculate the exact amount to be returned to PPC once a legislative revision is prepared.

Authorities will need to decide who will cover the cost of this return. They could turn to the national budget for a lump-sum payment of between 200 and 250 million euros to PPC, as had been the case in December, 2017, when the utility received 360 million euros for YKO amounts concerning previous years.