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Electricity Distribution

Like the end of 2009, the first half of 2010 experienced a substantially stable legislative framework regarding the mechanisms for determining tariffs for electricity distribution and metering, as set forth in AEEG resolution 348/07. They are essentially based, on the one hand, on AEEG's setting of tariffs by single customer types nationwide and, on the other, on defining appropriate mechanisms for equalising revenues and costs.

With ARG/elt resolution 203/09, the AEEG updated the prices for the electricity transport, distribution and measurement services for 2010. Determining regulated revenues for the first half 2010 is based on these prices, which are thus based on stable tariff parameters. A distinctive element of this half year was AEEG’s definition, with resolution ARG/elt 40/10, of the amounts for equalisation of revenues from low voltage metering for 2008.

In such context, the revenues from the distribution of electricity as at 30 June 2010 amounted to Euro 21.7 million, against a level of distributed volumes of approximately 1,078 million kWh. These revenues absorb the changes pertaining to tariff equalisations for previous years, specifically linked to the provisions of resolution 40/10. Excluding these changes, the revenues for the first half of 2010 amounted to Euro 23.1 million, substantially stable compared to the amount for the first half of 2009 (up by Euro 0.2 million, equal to 0.7%), in relation to an increase in distributed volumes of 1.4% (from 1,063 to 1,078 million kWh). The greater revenues for Euro 0.2 million can be explained by growth in tariff revenues of Euro 0.9 million, due to the increase in volumes distributed and the 2010 tariff adjustment pursuant to resolution 203/09. However, this was mitigated, for Euro 0.7 million, by more prudent observations regarding the amount of tariff equalisation for 2010, as well as by the different method of accounting for them, as compared to the first half of 2009.

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