A probe by the European Commission’s Directorate General for Competition, which started with the unannounced raid at the offices of Greek Public Power Corporation (PPC) and electricity transmission system operator ADMIE earlier this month, has confirmed concerns about the company’s possible abuse of its dominant position.
According to sources, the investigation has confirmed that the algorithm according to which the hydropower plants are set in operation had been tampered with in a way that allows PPC to manipulate the system marginal price (SMP) that changes daily in the wholesale market. PPC has been notified of the findings of the probe and has already been invited by Directorate General to respond to questions.
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Tags: EC, electricity, electricity market, Greece, investigation, market abuse, PPC