RAE, the Regulatory Authority for Energy, is continuing its investigation of cash flow trends at ELTA (Hellenic Post) to determine whether electricity bill payments made by main power utility PPC customers at the postal company’s outlets have been deliberately withheld for support of its pricing policies concerning electricity supply.
It is suspected that ELTA, holding a power supply license and active in the country’s retail electricity market, could be colluding with fellow utility PPC.
The authority also plans to summon PPC officials to a hearing this Thursday for explanations of moves made concerning the case.
ELTA has forwarded a considerable amount of financial information demanded by RAE. It is not yet known whether the authority will require more details from the postal company. Sources said RAE is now processing data to determine its next step.
According to sources, PPC has not fully covered demands made by RAE in a letter forwarded by the authority in an effort to trace cash flow irregularities. PPC was expected to request extensive electricity bill payment records from ELTA. These instructions were forwarded to all electricity suppliers in an effort to shape an overall view of the market.
If not satisfied by the power utility’s answers, the authority could end up imposing a fine on PPC for its role in the case. According to law, maximum fines can reach as reach as much as 10 percent of PPC’s turnover. However, any eventual fine is expected to be milder.
Findings so far indicate that ELTA has withheld PPC electricity bill payments for over a year, with intervals.