DG Comp tight-lipped on PPC, IPTO probe, findings rumored

A team of European Directorate for Competition officials investigating the main power utility PPC and power grid operator IPTO, a subsidiary, following concurrent raids made a fortnight ago at the Athens headquarters of both corporations, will continue conducting its probes for as long as it takes to gather needed data, officials at the Brussels-based authority have informed energypress.

The DG Comp officials noted that the duration of the investigation, sparked by an undisclosed market abuse complaint, would greatly depend on the level of cooperation shown by PPC and IPTO officials.

Though the DG Comp officials, reiterating a related European Commission announcement, told energypress that the probe will not necessarily lead to unfavorable results for PPC and IPTO, it is widely suspected that crucial, possibly damning, findings may have already been made by the investigative team.

If so, this could spark significant energy-sector developments that could influence and even overshadow the concurrent energy-sector bailout negotiations that recommenced yesterday following the return of creditor representatives to Athens to continue working on the second review’s conclusion.

The DG Comp officials refused to confirm any findings and are also remaining tight-lipped on the market data details being investigated. They also refused to offer any details as to when the raid of PPC and IPTO, staged on February 14, began being planned. However, the DG Comp officials did note that further announcements on the matter could be made in the immediate future.

Wider speculation on the source and content of the complaint – or, possibly, sources and complaints – that sparked the DG Comp raid has been rife.

The DG Comp investigators and local energy market authorities are working closely on the matter, the DG Comp officials noted.