Electricity consumers will have to pay an extra 375 million euros from early 2018 to end-2022 in order to cover the cost that the Public Power Corporation paid in the 2012-15 period for subsidized services.
That is the figure the Regulatory Authority for Energy has arrived at following months of examining PPC’s subsidized services, slashing the amount that PPC is claiming (735 million euros) by almost 50 percent.
Although the law dictates that those amounts should be retrieved on an annual basis, up until today the competent ministers would simply roll them over to the next year in a bid to avoid the political cost resulting from higher electricity bills – in the process creating a backlog of hundreds of millions of euros.
After pressure from the country’s creditors, RAE plowed through that backlog and is now set to propose a final figure to Energy Minister Giorgos Stathakis that will gradually be passed on to consumers as of January 2018.
In its assessment, RAE is said to have endeavored to put the least possible burden on consumers, but this attitude is said to have angered PPC, which Kathimerini understands is even considering resorting to justice on the matter.