Budget money is requested by the Ministry of Energy to cover the “hole” of the ICOs

RIS has addressed a request to the Ministry of Finance to cover its deficit concerning Public Benefit Services (), as Deputy Minister of Defence Alexandra Sdoukou said yesterday (29.3.2024) at a conference. It is a ‘hole’ of around EUR 300 million created in this fund and threatens to derail the domestic electricity market. It is indicative that as of April 2023 the HEDNO covers only one percentage of the compensation that suppliers must receive on a monthly basis for the ICM paid by consumers through their accounts. In practice this means that suppliers put money out of their pocket and recover only 60-65% of the amounts they are entitled to. For a ‘time bomb’ in the liquidity of the market, electricity suppliers have also repeatedly spoken, asking the government for an immediate solution to prevent the phenomenon from getting worse. The main question now is what possibilities the Ministry of Finance has to cover this hole, data and the narrow budgetary margins imposed by Brussels. In a longer term, the interconnections of the non-connected islands implemented by the IPTO are expected to drop the costs of ICMs for consumers and help the overall situation. The administrator predicts a reduction of a total of 10 billion euros by 2050 through the three new cables that will connect North Aegean, Dodecanese and the other islands of Cyclades that have not yet been connected to the continental system.