Govt cancels NOME-type future power production auctions; cites damage for state-run PPC

Monday, 30 September 2019 23:00
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A presidential decree canceling a NOME-type future power production for Oct. 16, 2019 will be submitted on Tuesday for a relevant signature, with the decision essentially scrapping the entire framework.

According to the energy and environment ministry, abolishing such future energy stock auctions is imperative to the viability of the Public Power Corp. (PPC), the dominant state-run electricity utility that, however, has incurred hundreds of millions of euros in losses over the past two years.

Via the NOME-type auctions, PPC competitors often purchased future power production at prices lower than the actual production cost.

Minister Kostis Hatzidakis had signaled over the recent period that abolition of the auction would be a priority.

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