Further mild market share loss at PPC, ELTA gains ground

The main power utility PPC appears to have lost approximately one percentage point of its retail electricity market share in February, down to 84 percent from 84.9 percent in January, unofficial data suggests.

This latest retreat adds to half a percentage point shed by PPC in January, following an upward trajectory over three consecutive months in the fourth quarter of 2017.

Even so, PPC’s market share contraction remains insufficient, and, at such a rate, the end-of-year target included in the bailout will not be achieved.

The power utility missed the target set for the end of 2017 by more than ten percentage points, meaning it will need to move particularly fast to make up this lost ground and also cover the target set for 2018.

The February results for other suppliers were assorted. Market share increases and decreases were registered, according to the unofficial data.

Hellenic Post (ELTA), still hovering with a small market share, gained ground, especially in the mid-voltage category. The state-controlled postal company, seeking needed additional revenue in the retail electricity market, is competing fiercely through low-price offers, especially in the mid and high-voltage categories. Subsequently, ELTA is primarily attracting new customers from independent suppliers rather than PPC.

Company officials at rival suppliers have reported that ELTA is offering below-cost packages, which will lead to inevitable losses for the firm.

The Greek State holds a 90 percent stake in ELTA. Eurobank controls the firm’s other 10 percent.

The country’s new super privatization fund, now controlling ELTA, has warned the firm that its entry into Greece’s retail electricity market constitutes a high-risk venture. The privatization fund is not expected to tolerate further losses at ELTA.