Twelve energy-sector prior actions included in revised bailout

A total of twelve energy-sector prior actions have been included in the revised Greek bailout. Of these, legislation will need to be ratified for the implementation of a NOME auction monistoring system as well the increase in electricity amounts to be offered by PPC at the NOME auctions – 16 percent of production in 2017, 19 percent in 2018 and 22 percent in 2019.

Other bailout requirements include the delivery of an action plan to aim at improving PPC’s unpaid receivables situation; a road map detailing the recovery of public service compensation (YKO) payments owed to the utility; a share purchase agreement for the sale of IPTO’s (power grid operator) 24 percent; a new IPTO grid capacity study; as well as gas market reforms leading to a first auction in 2017 offering independent traders 16 percent of the total annual gas amount supplied by DEPA, the Public Gas Corporation, to its customers.