Motor Oil’s takeover of independent power supplier NRG, one of the retail electricity market’s smaller players, through the acquisition of a 90 percent stake announced early last summer and completed in September, is valued at 16.65 million euros, the petroleum firm’s nine-month results have shown.

Given the general mobility and wider interest for takeovers and mergers in the retail electricity market, this agreement promises to serve as a benchmark for other possible deals.

A 16.65 million-euro price tag for 90 percent NRG, an electricity supplier ranked sixth with a 1.35 percent market share, according to September data, means the company’s total value stands at 18.5 million.

Motor Oil has noted NRG will serve as its vehicle for entries into Greece’s retail electricity and gas markets.

The country’s retail electricity market can be divided into three categories. A top-tier group of vertically integrated firms, all holding market shares of over 3 percent, is comprised of Heron, Protergia (Mytilineos) and Elpedison. The mid-tier group consists of four firms, Watt & Volt, Voltera, NRG and ELTA, all with market shares of over one percent, while the third pack, a group of suppliers with markets shares under one percent, consists of KEN, Volton, EPA Attiki and Zenith.