The Greek Regulatory Authority for Energy (RAE) is an independent administrative authority, which enjoys, by the provisions of the law establishing it, financial and administrative independence. RAE was established on the basis of the provisions of L. 2773/1999, which was issued within the framework of the harmonisation of the Hellenic Law to the provisions of Directive 96/92/EC for the liberalization of the electricity market.
The financial independence of RAE, which is an essential condition in order to preserve the Authority's independence, was effectively ensured by the provisions of L. 2837/2000, through which it is anticipated that the Authority possesses its own resources, i.e. revenue bonds from the regulated industry, participation to research projects etc. These resources are managed in accordance with the Presidential Decree 139/2001 "Regulation for the Internal Operation and Administration of RAE", while financial management is subject to ex-post auditing by Independent Auditors and the Court of Auditors.