It worths to notice the newly suggested -by the Portuguese regulator- 2015-ROIC Port. on transmission and distribution electricity business which is 6,4% and 6,75% accordingly. For Greece the relevant returns for 2014 where 2014-ROIC Greece 8,5% and 8% accordingly.
That means a spread of 1,25% up to 2,1% for related transmission return and now compare it with the mtm risk free spread of the 2 countries which is 4,41%. The difference is huge and cannot be explained by the ’15 ’14 inflation actually deflation) not even by the mtm difference.
Remains to see the proposal of the Greek RAE.
Mention that these are my personal views and do not represent anyone’s official position