RAE, the Regulatory Authority for Energy, will conduct examinations on electricity supply agreements between twenty-three industrial companies and PPC, the Public Power Corporation, following charges brought forward by a major industrial consumer.
The independent authority notified companies, in writing, of its willingness to conduct checks just days ago, on February 20.
Through its inspection, RAE will examine the level of appropriateness of existing deals amid current market conditions. PPC’s costs have been significantly reduced by lower petrol and natural gas prices as well as changes in the wholesale market’s regulatory framework.
According to estimates provided by analysts, PPC’s overall benefit, as a result of the cost reductions, reaches 580 million euros, on an annual basis.
Companies that have agreed to have their electricity agreements with PPC checked by RAE include energy-intensive industrial enterprises such as Larko, Sovel, Elval, Aget, Sidenor, Halivourgiki, Titan, refineries such as Motor Oil Hellas and ELPE (Hellenic Petroleum), as well as Kavala Oil, MEL (Macedonian Paper Mills), Hellenic Aerospace Industry, and Hellenic Shipyards.