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State power utility petitions high court over NOME auction starting price

Greece’s dominant electricity utility, the state-run Public Power Corp. (PPC), has filed a motion with the Council of State (CoS) to overturn the starting price of so-called NOME auctions for lignite and hydro-generation power production, claiming that the price is below production levels.

The listed company maintains that the average price of the auctioned energy blocs was clearly below production costs, resulting in a loss for the utility.  

NOME auctions, named for the French-language acronym, aims to facilitate greater competition and allow consumers of all types access to cheaper electricity. The first auction was held with a starting price of 37.37 euros/MWh and the highest bid was 37.50 euros/MWh.