March 18 (Renewables Now) – The European Commission (EC) has launched an investigation against Public Power Corporation SA (ATH: PPC) to find out whether the Greek utility used “predatory bidding strategies” to impede competition in the wholesale electricity market. ”
The formal antitrust investigation was opened on Tuesday by the European Commission, which found that the state utility’s alleged behavior “may have distorted competition and slowed investment in greener energy production”.
PPC is the largest electricity and wholesale supplier in Greece, as well as the largest coal-fired power generator, and holds more than two-thirds of the domestic retail electricity segment. Because of its dominant position, the supplier may have impeded competition from its competitors in the wholesale and related electricity markets.
Commenting on the process, Margrethe Vestager, Executive Vice President of the EC, said: “Ensuring effective competition is the best way to deliver electricity at competitive prices to both citizens and businesses and to encourage investment in greener energy sources.”
The EC noted that the length of its assessment will depend on factors such as the complexity of the case, business cooperation and the exercise of the rights of the defense. No statutory deadline has been set for completing the investigations.
Greece plans to exit coal-fired power plants by 2028 and cut carbon dioxide (CO2) emissions by 2050 in line with the European Union’s climate targets.