Profiteer

The Development Ministry announced on Thursday it has imposed fines totaling 1,380,000 euros for unfair profiteering on 13 companies. They include high-profile companies FG Europe and Lidl Hellas.

The Greek branch of an international dairy cooperative is being slapped with a 561,000-euro fine for inflated pricing, including on baby formula, that violates market rules aimed at curbing profiteering, the Development Ministry​ said.

The wholesale electricity market has not been running smoothly and authorities are concerned that exorbitant price rises may find their way onto consumers' bills.

A month after the so-called "target model" to determine wholesale electricity prices was introduced in Greece, prices have more than tripled, prompting the Energy Regulatory Authority (RAE) to intervene.