Greek authorities launch electricity market probe

The Hellenic Competition Commission (HCC) and the Regulatory Authority for Energy, Waste and Water (RAAEY or RAEWW) began a double probe into the Greek electricity market.

The move follows a report by the European Union Agency for the Cooperation of Energy Regulators (ACER) concerning the formation of wholesale prices during the period between July and September 2024.

The body focused on Greece, since it is the only country in the region of Southeast Europe for which detailed market data was available from the power exchange about the offers from producers and the supply-demand curves.

ACER has called national authorities to conduct a market probe to find out whether manipulation and capacity withholding took place during the hours with the most extreme prices.

In its announcement, HCC said it was looking into possible horizontal deals or harmonized practices between companies, with the goal of preventing, limiting or degrading competition. It is focusing especially on capacity withholding and dominant market position abuse. It explained, however, that the checks do not predetermine the outcome of the procedure.

RAAEY pointed out that the goal of its probe is to protect consumers and enforce the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT).

Investigation follows industry suggestions

According to Energypress, HCC conducted raids and collected data from three particular companies, namely Public Power Corporation (PPC), Heron and Enerwave (formerly Elpedison).

In fact, authorities are examining not just the three-month period of last year, but also market operations in 2025.

Industrial consumers in Greece have been claiming for the past year that there is manipulation in the market, leading to inflated prices. They have called for an investigation and interventions to restore transparency.

“ACER‘s findings are not compatible with normal market player behavior as part of the Target Model,” commented the Chairman of the Hellenic Union of Industrial Consumers of Energy (UNICEN), Antonis Kontoleon.