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08.02.2012 14:01
Nord Pool Raided by the EC for Supposed Collusion
Nord Pool and Epex Spot said in September they planned to start a power-trading platform as the EU seeks a single market for the bloc
AUTHOR: publics.bg


  • © nordpoolspot.com

Nord Pool Spot AS and Epex Spot SE, Europe’s two biggest electricity exchanges for near-term delivery, said they were raided by European antitrust regulators probing possible collusion.
 
The European Commission said companies managing trading platforms for electricity contracts may have violated laws banning “cartels and restrictive business practices.” Power exchanges provide services that “facilitate electricity trading at wholesale level,” it said in an e-mailed statement, as quoted by Bloomberg.
 
Today’s raid follows a three-year crackdown by the European Union against anti-competitive behavior in the energy industry. Nord Pool and Epex Spot said in September they planned to start a power-trading platform as the EU seeks a single market for the bloc. The venture would have more than 90 percent of the spot power trading at exchanges in northwest Europe and probably more than 50 percent in Europe as a whole, Jean Francois Conil- Lacoste, chief executive officer of Epex Spot, said at the time.
 
The reason for the proposed joint venture with Nord Pool Spot was “to harmonize our markets, harmonize our systems in order to be in line with what the European Commission wanted by 2014,” Wolfram Vogel, spokesman for Epex Spot, said today by phone from the E-world conference in Essen, Germany.
 
The venture would have helped build the single EU market for power that regulators wanted, he said. Epex Spot is itself a joint venture of European Energy Exchange AG in Leipzig, Germany, and PowerNext SA of Paris. EEX is the only German power exchange while PowerNext is the only power bourse in France.

TAGS: Nord Pool | Epex Spot | collusion | EC | raid | antitrust | energy | spot market | electricity | trading | single market | gas 


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