EU antitrust regulators charge PPC with predatory pricing

Public Power SA

07/02/2024 10:45

By Foo Yun Chee
       BRUSSELS, Feb 7 (Reuters) - EU antitrust regulators on
Wednesday charged Public Power Corp  DEHr.AT  of selling
electricity in the wholesale market below cost to exclude
rivals, a move that could lead to hefty fines for the Greek
power utility.
    The European Commission said the anti-competitive practice
took place between 2013 and 2019 when PPC abused its dominance
in the Greek wholesale electricity market by selling electricity
generated by its thermal plants at prices below their variable
costs.
    It sent a statement of objections outlining its charges to
PPC on Wednesday. The charge sheet followed an investigation
opened in March 2021. 
    "The suspected effects of this alleged conduct on the Greek
wholesale market for electricity were that independent power 
providers were marginalized and investment into more 
environmentally friendly energy sources was deterred," the EU
competition enforcer said in a statement.
    It said such action could have prevented independent power
providers from expanding at the retail level. 
    "Therefore, PPC's conduct may have led to higher prices for
Greek consumers, as well as higher emission levels of local
pollution," it said.
    Companies face fines as much as 10% of their global turnover
for breaching EU antitrust rules.

 (Reporting by Foo Yun Chee)
 ((foo.yunchee@thomsonreuters.com; +32 2 585 2866; Reuters
Messaging: foo.yunchee.thomsonreuters.com@reuters.net))