The Greek state held its inaugural electricity auction on Tuesday, a third memorandum-mandated action aimed at opening up the dominance held by the state-run Public Power Corp. (PPC).
The state still holds a majority (51 percent) stake in Greece’s largest power utility and controls its management. The listed company still retains more than 60 percent of the wholesale electricity market share and almost 90 percent of the retail sector.
Under the bailout deal signed in the summer of 2015, PPC’s share must be cut below 50 percent by 2020.
Just more than four million megawatt-hours were sold, a quantity to be generated by PPC in 2017. which PPC will produce next year, according to the results of the auction.
According to Reuters, 12 producers made bids with an opening price set at 37.37 euros per megawatt-hour.
