Hellas Power, Energa seek compensation

Alternative power suppliers Hellas Power and Energa, who recently had their operating licenses revoked, wish to return to the market, while seeking some 80 million euros from the grid operator, part of which will be returned to their customers, the fund owning them stated on Friday.

Representatives of the Worldwide Energy Limited fund, which acquired the two electricity suppliers in November, told a press conference that the total amount of compensation it seeks for the so-called distortions of the Greek power market exceeds 350 million euros, which it said stems from the recent decision of the Council of State.

This week?s CoS verdict concerned the amount the customers of the two companies have paid for covering the cost of power supply to the islands, which was the same as that for continental Greece although production of power on islands costs much more and the regulatory framework for the electricity market liberalization does not allow alternative suppliers to operate on the islands.

Fund representatives also attributed the revoking of the operating licenses to errors by the Development and Energy Ministry and the Regulatory Authority for Energy, as well as other interests that allegedly undermine the operation of the energy market.