The public service compensation account ended 2020 with a deficit of 35.96 million euros, according to latest data provided by distribution network operator DEDDIE/HEDNO.
The account’s deficit was greatly restricted by the settlement of transactions concerning 2017, which led to an additional influx of 72 million euros.
At the other end, a settlement of payments concerning 2012-2016, plus an additional settlement for 2014-2016, led to respective account outflow of 21.9 and 21.7 million euros.
The public service compensation account received a 116.7 million-euro injection from the state budget in 2020.
An extensive investment plan being carried out by power grid operator IPTO will greatly reduce the public service compensation account’s financial needs over the next few years, according to Thanassis Dagoumas, chief executive of RAE, the Regulatory Authority for Energy.
Public service compensation account (YKO) surcharges included on electricity bills are used to primarily subsidize high-cost electricity generation on Greece’s non-interconnected islands.
RAE is expected to soon reach a decision on YKO surcharges concerning 2019.