The European Commission’s antitrust investigation into the practices of the Public Power Corporation (PPC) “does not affect the outcome of the investigation,” the company said on Tuesday, stressing that it is obliged “to work closely with the European Commission to resolve any outstanding issues “.
The Commission announced that the formal investigation would focus on the practices of PPC in the Greek electricity wholesale sector. PPC said it “remains dedicated to its business transformation, which it announced in December 2019.”
Margrethe Vestager, Executive Vice President of the Commission responsible for competition policy, said: “We all depend on well-functioning electricity markets. Today we are launching an investigation into the behavior of PPC in the wholesale electricity markets in Greece that may have distorted competition and slowed investment in greener energy production. Greece recently launched an ambitious plan to phase out lignite. Ensuring effective competition is the best way to provide both citizens and businesses with competitive prices for electricity and to encourage investment in greener energy sources. “