Power suppliers fighting back

The Regulatory Authority for Energy (RAE) began on Monday the process of revoking the operating licenses of alternative power suppliers Energa and Hellas Power, inviting them to a hearing next Monday, as the uncertainty in the electricity market is increasing.

Grid operator DESMIE postponed on Monday for one more day the decision about the termination of the contracts with Public Power Corporation?s two rivals, who owe millions of euros to both DESMIE and PPC.

However, Worldwide Energy Limited, the fund that recently acquired the two companies, launched a counterattack on Monday, suggesting that RAE, DESMIE and PPC, as well as other state bodies, have undermined their efforts to expand and meet their obligations and claiming compensation of no less than 340 million euros.

Energa and Hellas Power have some 200,000 customers between them and revoking their licenses would inflict a serious blow to the liberalization of the local electricity market.

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