Germany’s Federal Network Agency (Bundesnetzagentur) will conclude its investigation into potential market manipulation behind recent record-high electricity prices early next year, Bloomberg reports, citing the agency’s president Klaus Müller.
The probe was launched in response to last week’s dramatic price surge, which saw prices reach ten times their average day-ahead levels.
The price spikes, Müller acknowledged, were “extraordinary,” occurring despite relatively common periods of low wind and solar power generation (“Dunkelflauten”). While Germany typically offsets such shortfalls through increased imports and fossil fuel generation, a significant portion of gas and coal power plant capacity was unavailable on the day in question.
This resulted in widespread electricity consumption cuts by industrial companies, according to Christian Hövelhaus, CEO of Esforin SE, a flexible power provider to manufacturers. The situation prompted questions in German media, such as the Frankfurt Allgemeine Zeitung, about the possibility of deliberate capacity withholding – a form of illegal market manipulation. Energy companies have denied these allegations.
Müller clarified that the investigation’s focus is on determining the causes of the unusually high prices.
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