This renewed scrutiny comes despite an earlier investigation by RAAEY, which did not find evidence of market manipulation or improper bidding. However, in light of ACER’s findings, the regulator will review market activity from June to September 2024, with a particular focus on days of extreme volatility. One of the key dates under examination is 4 September, when prices reached 942 euros/MWh. The new review will include a detailed reassessment of bidding patterns on the Greek Energy Exchange to determine whether any actions may have distorted price formation.
The Government is monitoring developments closely due to the political and economic sensitivities surrounding electricity prices. Industrial representatives, including EVIKEN chairman Antonis Kontoleon, view ACER’s intervention as confirmation of long-standing concerns over the structure and behavior of the domestic market. Electricity producers, however, deny any improper conduct, pointing instead to external factors such as cross-border flow constraints and the need to conserve hydro reserves.
ACER has since clarified its report, emphasizing that it did not conclude that manipulation occurred within the Greek market nor did it call for a formal investigation. The purpose of its analysis was to study how bidding behavior affected wholesale prices and to identify structural shortcomings in market functioning. The report noted symptoms of limited competition and encouraged regulators across southeastern Europe to review market conditions during the same period. References to practices such as capacity withholding were included as theoretical examples of potential manipulation, not confirmed cases.
