The European Commission sharpened its antitrust case against Greece's Public Power Corporation (PPC) on 13 November 2026, sending the utility a supplementary statement of objections about alleged below-cost wholesale electricity sales. The investigation covers conduct between 2013 and 2019. The new document gives more detail about how Brussels assesses the scale of possible below-cost pricing. It is not a finding of wrongdoing or a fine.
Regulators are examining whether PPC could have used its dominant position to exclude rivals. According to the Commission, PPC was Greece's largest electricity supplier during the period and controlled all the country's lignite and hydropower capacity. The company can respond to the latest concerns. The Commission has not set a public date for a final decision.
Key facts
- The allegations concern Greek wholesale electricity sales between 2013 and 2019.
- The Commission first sent PPC a statement of objections in February 2024.
- The supplementary document of 13 November 2026 chiefly expands the methodology for assessing sales below cost.
- No infringement has been established by this step; PPC can reply, and no fine has been imposed by the supplementary statement.
Why low electricity prices can become an antitrust issue
Low prices are not automatically unlawful. Competition concerns arise when a dominant business allegedly uses pricing below an appropriate cost benchmark to push competitors out of the market. Officials must examine market power, production costs, pricing decisions and potential exclusionary effects. That is different from simply finding a low household electricity bill.
The Commission explained its preliminary case in February 2024. It described PPC's position in the interconnected Greek wholesale market, which included the mainland and some islands, and its influence across power generation and supply. During the investigated years PPC controlled all domestic lignite and hydropower generation capacity, according to Brussels, alongside other plants. The company also supplied electricity to residential and business customers.
The latest supplementary notice does not announce a newly expanded period of alleged wrongdoing. Instead, it spells out more of the method used to calculate how much power might have been supplied below cost. That matters because the technical analysis is central to whether the authority can substantiate its preliminary concerns.
Electricity production has an unusually diverse cost structure. A lignite-fired plant faces different fuel and operating expenses from a gas unit or a hydroelectric generator. In a predatory-pricing case, the specific cost benchmark, generation technology and timing may all affect the comparison. Disputes over the calculation could therefore have real consequences for the ultimate legal assessment.
What PPC can contest and what happens next
After the original objections in 2024, PPC said the investigation related to a market structure that predated major changes in Greek electricity trading. It also said it had cooperated with the Commission and would defend its position. That was PPC's response at the time; it should not be mistaken for a fresh statement answering the November 2026 supplementary notice.
A statement of objections allows the authority to present preliminary concerns and the company to examine and challenge them. After considering the response and evidence, the Commission may revise its analysis, close the investigation or adopt a formal decision. The supplementary document alone does not establish that PPC broke competition rules, and it does not resolve whether any penalty could eventually be justified.
The case matters to other power suppliers because a dominant incumbent's alleged below-cost sales could make it harder for competing generation businesses to operate. But the investigation does not itself demonstrate a quantified loss to customers, nor does it establish that today's electricity tariffs will change. Assertions about consumer harm or future prices would require additional evidence.
The chronology is also important. The alleged conduct ended in 2019, the first objections followed in February 2024 and the methodology was supplemented in November 2026. The next verifiable development will be PPC's opportunity to respond or a further announcement from the regulator. Until a final decision is made, the alleged predatory pricing remains contested.
