Energy retailers and traders have shunned lignite-fired electricity packages offered by power utility PPC through the energy exchange for the first, second and third quarters of 2023, as part of an antitrust agreement between Greece and the European Commission, energypress sources have informed.

Commenting on the lack of interest in these packages, market analysts noted they were not surprised given the high risk involved and the financial pressure felt by energy retailers as a result of the energy crisis.

The agreement, designed to end PPC’s monopoly in the lignite sector, required the power utility to offer, by October 31, lignite-fired electricity packages for Q1, Q2 and Q3 in 2023, their quantities representing 40 percent of lignite electricity production in the corresponding quarters this year.

According to the agreement, shaped by a legislative revision brought forward by the energy ministry, PPC must also offer lignite-fired electricity packages for Q4 next year by January 31, 2023.

Greece has submitted a request to the European Commission to have the antitrust agreement abolished. If not scrapped, the measure appears set for major revisions.