A public prosecutor at a Court of First Instance is investigating the main power utility PPC over suspicions that it could be selling electricity at unfair, below-cost prices to its two biggest energy-intensive industrial consumers, the troubled state-controlled nickel producer Larco and Aluminium of Greece, cross-examined information has indicated.
It is believed PPC has been asked to present a series of financial details in a letter forwarded by a financial police authority, which notes, in the letter, that a preliminary investigation is being held based on a Court of First Instance order.
Documents demanded by the financial police authority include financial statements such as balance sheets and financial results from 2013 to 2017, invoices concerning transactions with energy-intensive customers from 2013 to the present, as well as price and supply agreements signed by PPC with Larco and Aluminium of Greece from 2013 to now.
The letter received by PPC does not explain what prompted the investigation, nor does it clarify its purpose, but it is firmly believed PPC’s electricity supply prices offered to Larco and Aluminium of Greece are the concern.
EVIKEN, the Association of Industrial Energy Consumers, recently contended PPC’s electricity supply pricing policy for Larco and Aluminium of Greece and the duration of these agreements are favorable, adding other industrial consumers need to counter demands such as higher CO2 emission right price, end of discount offers, and brief one-year supply agreements.
The association’s claims were made following the launch of the public prosecutor’s investigation.