The alleged breaching of antitrust rules by Public Power Corporation (PPC), as stated in a Statement of Objections sent by the European Commissiond, refers to a period before the transformation of the Greek electricity market according to the mandate of the EU's Target Model, and mainly a long time before PPC's transformation into a modern and sustainable energy company, PPC said in an announcement on Wednesday.

PPC noted that the case began with an inspection at PPC's offices in February 2017, and formal procedures started in March 2021. PPC has cooperated with the European Commission throughout the case. The EU Commission's preliminary view is related to the period from July 2013 to December 31, 2019. PPC will continue cooperating with the Commission and take all necessary measures to defend its rights.

The European Commission noted that the sending of a Statement of Objections does not prejudge the outcome of an investigation.

It stressed that PPC, according to its preliminary view, has breached EU antitrust rules by selling electricity in the Greek wholesale market below cost, thereby excluding its main rivals. PPC controlled all lignite and hydro capacity as well as some of the natural gas and renewable power generation plants. It was also active in the supply of energy to retail and business consumers.

The Commission's preliminary view is that PPC held a dominant position in the interconnected Greek wholesale electricity market, which during the period concerned comprised the Greek mainland as well as the Ionian and a few Aegean Islands.

The Commission has preliminary concerns that, between 2013 and 2019, PPC abused its dominant position on the Greek wholesale electricity market by supplying the electricity generated by its thermal plants.