YKO payments for PPC smaller than utility claim, RAE to inform ministry

RAE, the Regulatory Authority for Energy, has completed processing all related data concerning previous public service compensation (YKO) amounts owed to the main power utility PPC and will soon forward its findings to energy minister Giorgos Stathakis, according to sources.

The total amount has worked out to far less than the amount being claimed by PPC, energypress sources have informed.

PPC, according to a recent announcement released by the utility, is claiming 735 million euros for public service compensation outlays made between 2012 and 2016 but not reimbursed.

According to energypress sources, RAE’s processing of data produces a smaller amount of around 400 million euros.

Public service compensation uses include funding PPC’s costly generation of electricity on the non-interconnected islands.

As strange as it may seem, the YKO special account, meant to be maintained by IPTO, the power grid operator, a PPC subsidiary, has been left unattended, leading to confusion over payment details.

The RAE findings are expected to include a proposal whose implementation would prevent outstanding surcharges from being added to new electricity bills. The energy minister will have the final say.

Stathakis, the energy minister, recently announced that additional YKO-related surcharge amounts for electricity bills would, at worst, be minimal. The bailout requires settlement of all outstanding public service compensation transactions.

It is believed that the Greek government and the country’s lenders have agreed to a settlement of older YKO amounts over a five-year period, until 2022. The final amount will be equally divided over the five-year period. A tighter deadline, 2019, had originally been considered.