EU's energy agency flags suspicious transactions
The European Union’s Agency for the Cooperation of Energy Regulators (ACER) is increasingly concerned about manipulation on the electricity markets.
In a new quarterly report, the agency points to a growing number of cases regarding potential market manipulation, writes Danish business outlet Jyllands-Posten Erhverv.
These cases are mostly made up of suspicious transactions where industry shareholders perform so-called wash trades, trading with themselves across countries and price zones on the intraday market.
According to the report, ACER has examined 100,000 transactions, of which 1,000 have been sent along to national authorities for further investigation. The agency informs that illegal market manipulation could have taken place in relation to 12 specific cases.
The former head of power exchange in Nord Pool’s Danish division, Anders Houmøller, is surprised with the tone of voice in ACER’s report and highlights that it could be problematic for energy traders. According to him, the report marks the first time the agency determines that wash trades can be illegal, writes Jyllands-Posten Erhverv.
”You can’t simply deduce from ACER’s concerns that something is seriously wrong with the energy market, nor that there are incidents of extensive fraud. But you should note that the European authority on the area, ACER, sounds the alarm and is concerned,” states Jesper Lau Hansen, professor of law at the University of Copenhagen, to the business outlet.
ACER writes in the quarterly report that it intends to examine the possibilities of strengthening enforcement measures on the energy trading market or altering the market structure altogether.
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