PPC to insist on public service return for 2012-2015

The power utility PPC, which has had trouble securing a public service compensation (YKO) return concerning 2011, estimated at between 150 and 200 million euros, will now also pursue a 375 million-euro YKO amount concerning the period between 2012 and 2015, through legal action, if needed, chief executive Manolis Panagiotakis has made clear.

This 375 million-euro figure is the difference between a 735 million-euro amount initially sought by PPC for the aforementioned four-year period and an eventual 360 million-euro payment endorsed by RAE, the Regulatory Authority for Energy, in 2017 and received by the power utility that year.

This amount was linked to the fiscal overperformance announced by Prime Minister Alexis Tsipras at the time.

Until recently, PPC’s administration appeared willing to abandon its pursuit of the remainder of the public service sum for 2012 to 2015 under the condition that a final decision would be reached for the YKO sum concerning 2011.

Though PPC’s effort to collect the public service compensation sum for 2011 has been delayed, the utility still hopes an amount can be made official before the end of June. This would enable a first-half accounting entry and offer relief to PPC’s financial results, currently under pressure.