ECONOMY

EU probes PPC practices as energy company cooperates

eu-probes-ppc-practices-as-energy-company-cooperates

The European Commission’s antitrust probe into Public Power Corporation (PPC) practices “does not prejudge the result of the investigation,” the company said on Tuesday while underlining it is committed to “working closely with the European Commission to clarify all open issues.”

The Commission announced that the formal investigation would focus on PPC’s practices in the wholesale Greek electricity sector. PPC said it “remains dedicated to its business transformation, which it announced in December 2019.”

Commission Executive Vice President Margrethe Vestager, in charge of competition policy, said: “We all rely on well-functioning electricity markets. Today we are launching an investigation into PPC’s behavior in wholesale electricity markets in Greece that might have distorted competition and slowed down investment in the generation of greener energy. Greece has recently embarked on an ambitious plan to exit from lignite. Ensuring effective competition is the best way to deliver competitively priced electricity, both for citizens and businesses, as well as to stimulate investment in less polluting energy sources.”