Hellas Power, Energa have licenses revoked

DESMIE, Greece?s electricity grid operator, suspended on Tuesday the power trading contracts and supply licenses of Hellas Power SA and Energa SA, the country?s energy regulator RAE said.

The move is in response to unpaid debts run up by Hellas Power and Energa, which are both controlled by the Russian-Arab fund Worldwide Energy Ltd, the Athens-based Regulatory Authority for Energy said in an e-mailed statement, without specifying the nature or size of the debts.

From midnight Tuesday, customers of the two companies will be served by the supplier of last resort, which currently is state-owned Public Power Corporation (PPC). They have three days to choose their preferred supplier, according to the statement.

Worldwide Energy denied in an e-mail last Friday that Hellas Power and Energa, Greece?s two largest private electricity suppliers, owed 200 million euros to DESMIE and PPC.


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