The Public Power Corporation (PPC SA) announced on Wednesday that it has successfully completed the obligations undertaken towards the Greek government for the sale of Greek-power forward products to third parties during the last three years.
In particular, PPC managed to sell Greek-power forward products in the Hellenic Energy Exchange and the European Energy Exchange, based on the bid/ask rules of the Exchanges for volumes and prices, covering the quantities of energy that were provided for in the commitments of the Hellenic Republic to the European Commission (EC) for the period 2021-2023. The sale process was fully in line with the basic operating principles of the liberalised energy market and PPC implemented the sale abiding by the market rules.
With the completion of the process, an outstanding issue for PPC and the Hellenic Republic is finally closing, an issue that has lasted for 15 years, i.e. since the EC Decision of 2008, regarding the EC’s concerns for the Greek lignite and energy markets, also known as “the Lignite Case”.
Now, PPC has fully complied with its obligations arising from the commitments of the Hellenic Republic to the EC. It is reminded that these commitments were approved by the EC and were incorporated into Greek legislation by Law 4843 as of 20/10/2021, as a remedy for EC’s concerns, as depicted in the EC Decision of March 5, 2008, document number C(2008) 824.