PPC to miss 2011 public service return despite RAE notification

The energy ministry is not, for the time being, examining the prospect of delivering a legislative amendment needed for a pending public service compensation (YKO) return to the power utility PPC concerning 2011, despite having been fully informed by RAE, the Regulatory Authority for Energy, well in advance on the need for the amendment.

In the past, energy minister Giorgos Stathakis had assured PPC would receive a proportion of the YKO amount it has demanded. PPC has sought 681.7 million euros but RAE, according to sources, has valued the return at approximately 250 million euros.

The amendment’s omission from a series of energy-sector revisions the ministry will seek to have ratified in parliament today, ahead of the snap elections on July 7, comes as a setback for PPC, both in terms of its cash flow and financial results.