The natural gas supply market in general, where a distinction is drawn between the wholesale supply market and the retail supply market, with their respective sub-markets.

Decision on the request for derogation, under article 9 (3) of Law 3959/2011, from the prohibition of implementation of a concentration through the acquisition of sole control by the PYRSOS HOLDING COMPANY S.A.  over the joint venture under the name PROMETHEUS GAS S.A, following the Statement of Objections under ref. no. 11632/22.12.2022 by the case-Rapporteur I. Stefatos.

Article 9 (3), L. 3959/2011

Operative part of the Decision

Following the request for derogation under ref. no. 11359/15.12.2022. the Hellenic Competition Commission, in Chamber, unanimously grants to PYRSOS HOLDING COMPANY S.A, pursuant to Article 9 (3) of Law 3959/2011, under the conditions and commitments  undertook by the applicant, derogation from  the obligation to suspend the implementation of the concentration until the adoption of the final decision by the Hellenic Competition Commission on the proposed concentration to be notified.  

1. PYRSOS HOLDING COMPANY S.A.
2. PROMETHEUS GAS S.A

According to the Decision, a necessity arises to prevent serious damage to PROMETHEUS GAS S.A, as well as the risk of serious damage to third parties and, ultimately, to the competitive market structure. With regard to the threat posed by the concentration assessed to effective competition, which must be also considered according to article 9 (3) of Law 3959/2011, the fact that this concentration, according to the Sale and Purchase Agreement provided, consists of a change from joint to sole control over PROMETHEUS GAS S.A. means, in effect, that the concentration is not expected to bring about a significant change in the competitive conditions in the relevant markets concerned. In addition, the lower than the 15%-threshold market share in the primary wholesale natural gas supply market held by PROMETHEUS GAS S.A., in the last three years, in the wholesale natural gas supply market, in which no activity seems to exist on the part of Copelouzos Group, indicates that there is no risk of an induvial dominant position being created or strengthened individual dominant position. Finally, this Decision only concerns the examination of the request for derogation based on the criteria of Article 9 of Law 3959/2011 and shall be without prejudice to the decision of the Competition Commission on the assessment of the Transaction concerned, pursuant to article 8 of Law 3959/2011.