The Public Power Corp. (PPC) on Tuesday requested higher rates to the tune of 735 million euros from the state for cheaper electricity it supplied to islands off the national grid and to low-income consumers between 2012 and 2015.
The Public Power Corp. (PPC) on Tuesday requested higher rates to the tune of 735 million euros from the state for cheaper electricity it supplied to islands off the national grid and to low-income consumers between 2012 and 2015.
The state-run and still majority-owned power utility rejected press reports claiming that the request for price hikes aims to cover PPC's major operating losses and customer arrears, which total hundreds of millions of euros.
PPC is listed on the Athens Stock Exchange (ASE) and is the subject of ongoing negotiations between the leftist Greek government and creditors over what the former charge is the utility's still "dominant position" in the domestic electricity sector.
On its part, the utility's management cites increased investment in infrastructure and operational costs in order to guarantee that electricity produced for islands off the national grid is available at the same rates as on the mainland.
The massive 735-million-euro figure over the 2012-2015 period, according to PPC, is the difference between what it has collected from island and subsidized customers as opposed to what is billed.
The request was made towards the Regulatory Authority for Energy (RAE), an independent administrative authority in the electricity sector, an EU-mandated entity.
PPC did not explain why it did not request higher rates for the period after 2015, which coincides with the current government's tenure.