Independent electricity suppliers are slowly but steadily gaining ground on power utility PPC, the Greek retail electricity market’s dominant player, an annual market share report published by the energy exchange has shown.

PPC ended 2023 with a market share of 57.43 percent, down from 63.14 percent a year earlier, while the independent players gained ground for a collective market share of 42.57 percent at the end of 2023, up from 36.86 percent at the end of 2022.

These inversely related trajectories have generally been sustained since the launch of the target model in 2020. PPC has shed approximately 10 percent of its market share over this four-year period.

As for the country’s independent suppliers, Heron led the pack at the end of 2023, overtaking Protergia, the independent frontrunner in 2022.

In 2023, Heron, as supplier, gained two industrial consumers, metal processing company Viohalko and cement producer Titan. Both switched from PPC, which maintained its role as producer. Other industrial consumers also switched from PPC to rival suppliers, resulting in a sharp market share contraction for the power utility in the high-voltage category.