The Hellenic Competition Commission (HCC) in Plenary, on October 17, 2024, by its decision 860/2024 unanimously approved the notified concentration regarding the acquisition of joint control over the company AIOLIKI PROVATA S.A. (AIOLIKI) by the companies MOTOR OIL RENEWABLE ENERGY S.A (MORE) and TERNA ENERGY INDUSTRIAL COMMERCIAL TECHNICAL S.A (TERNA ENERGY), according to article 5 par. 2 (b) of Greek Law 3959/2011.
MORE is active in the production and supply of energy from renewable energy resources and operates a portfolio of 839 MW installed capacity.
TERNA ENERGY is active in the construction of power generation units and the production and supply of energy from renewable energy resources, whereas AIOLIKI, 100% subsidiary of TERNA ENERGY, will also be active in the production and supply of energy on wholesale level.
The HCC, in its assessment, examined the nature of the acquired control over AIOLIKI, which consists in the change from exclusive to joint control and the relevant markets in which the parties are active (including the market of production and supply of energy on wholesale level, the market of construction of power plant units, the market of supply of energy on retail level, the market of renewable sources aggregators (ΦοΣΕ) and the market of supply of natural gas on wholesale level). The HCC concluded that the concentration is not expected to affect the competitive conditions in any of the relevant markets concerned, as no anticompetitive horizontal, vertical or spillover effects were detected.
Therefore, whereas the concentration falls within the scope of article 6(1) of Greek Law 3959/2011, it does not raise serious concerns as to its compatibility with competition rules in the relevant markets it concerns.