The main power utility PPC will soon be summoned by RAE, the Regulatory Authority for Energy, to offer explanations for its substantial payment delays to two local operators, energypress souces have informed.
PPC owes considerable amounts to IPTO, the power grid operator, and HEDNO, the Hellenic Electricity Distribution Network Operator, locally acronymed DEDDIE. Both are PPC subsidiaries.
According to the sources, PPC will be summoned by the authority within the next few days, possibly within the current week.
PPC contends that its payment delays are due to the large amount of unpaid receivables owed to the utility by clients.
RAE has been forced into action as the amounts owed by PPC to the two operators threaten their ability to function as required and, by extension, pose a threat to the energy market’s overall stability.
The authority began its investigation of PPC after receiving letters of complaint from HEDNO and IPTO over the payment delays.
PPC is believed to owe HEDNO an amount of around 200 million euros. The sum owed to IPTO by the utility is said to be worth 300 million euros.