Investor Relations - 05.05.2017

The cost of power thefts


PPC S.A. informs that, the quantity of electricity that is not billed due to power thefts and the cost of which burdens the Distribution Network, and is recovered by the suppliers through electricity bills as part of the “Distribution Network Usage Charge”,  has been defined by RAE Decision as 3.2% of the total injected electricity in the mainland network. Taking into account  the same percentage also for the islands and that the total injected electricity  in the Distribution Network in 2016 amounted to 47,665,372 MWh, the power thefts in total are estimated to 1,525,292 MWh. In fact the quantity of power thefts is quite larger and burdens mainly PPC.

However taking the quantity recognized by RAE as given, the revenues lost each year due to power thefts based on 2016 charges, are as follows:

PPC:                                                                                             €   120 – 125 mln

Public Service Obligations  (PSOs):                                                 €  21 mln

RES LEVY :                                                                                      € 32 mln

IPTO :                                                                                                € 7,3 mln

HEDNO :                                                                                           € 26,5 mln

Total :                                                                                       €   206.8 to  211.8 mln.

Since  PSOs amount represents  by 98% revenues for PPC and the RES LEVY amounts are the special RES Account revenues, whose deficit is covered by 85% to 90% by PPC, it is derived that lost revenues due to power thefts are in the order of € 170 mln. This is a major issue, which needs to be addressed in priority since despite its huge economical impact, it also has a serious social dimension. It is noted that, in other developed countries the percentage of power thefts is in the order of 1%

Athens, May 5, 2017

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