NOME revision still unresolved, negotiations continuing

A Greek compromise proposal seeking to contain the amounts of electricity main power utility PPC must offer to the local market through the just-introduced NOME-type auctions was not discussed in detail during last night’s crucial Euro Working Group session, leaving the matter unresolved, sources told energypress.

Though included in the bailout’s second review, the matter is not expected to bring the review to a standstill, the sources noted.

Negotiations for the NOME auction’s details will continue via teleconferences and emails between Greek government officials and the creditor representatives.

The two sides will push for a solution over the next few days, on time for the next Eurogroup meeting of EU finance ministers on December 5.

It remains unknown whether Greece’s compromise offer will be accepted. The lenders have called for 46 percent of PPC’s overall electricity production – meaning roughly 80 percent of the utility’s lignite-fired and hydropower output – to be offered to the market through NOME-type auctions by 2019.

The Greek side has not accepted this request, which would lead to the supply of greater electricity amounts through the NOME auctions. Local officials argue that a bailout-related agreement requiring market share losses at PPC should not be linked with the electricity amounts offered through the NOME auctions.

Greek government officials contend that the amounts offered through the auctions should only partially cover the total amount of electricity traded by independent suppliers.