Greece’s CAT remuneration mechanism proposal stands no chance of being granted European Commission approval by July 4, when new European regulations on the matter come into effect, nor should the country expect any comfort letter by this date on the proposal’s near-term prospects, well-informed sources have told energypress.

Speaking yesterday, power utility PPC’s chief executive Manolis Panagiotakis stressed this would be a crucial week for Greece’s CAT prospects at the European Commission’s Directorate-General for Competition.

However, there has been no indication of any extraordinary meeting this week between energy ministry and Brussels officials, the sources informed.

In a letter to Margrethe Vestager, the European Commissioner for Competition, the PPC boss has stressed that the sustainability of PPC’s Ptolemaida V power station, a 1.4 billion-euro investment now being developed and expected to be launched in 2022, will depend on CAT eligibility.

Panagiotakis yesterday expressed serious doubts as to whether a recent legislative revision endorsing Greece’s CAT plan in Parliament would suffice without EU approval.