EDF is implicated by the Commission for regulation of energy (CRE) for his role in incredible excitement of prices which took place the month last on the wholesale electricity market. In its preliminary conclusions, made yesterday on the peak of 3.000 euros the megawatt-hour reached for four hours on 19 October, against a level below 100 euros usual, the CRE believes that the public electrician has not acted with the necessary transparency.
Investigation shows that EDF intervened on the market with privileged information. This analysis brings water to the mill of the European Commission, which rightly seeks to strengthen the regulation and transparency in wholesale electricity markets to mitigate the risk of insider. In game, the publication of information in real time power by Central, as the Habs electrician is so far still refused to give its competitors.
Purchases of security
That criticizes exactly to EDF, which provides the bulk of production in France According to sources close to the regulator, the Group realized Friday October 16 that the availability of its fleet to Monday 19 would be not as high as it had initially predicted. In question, incidental cases of nuclear power plants. Group did not immediately warned competitors of this technical glitch, which is not formally illegal. However, it should inform them on Saturday morning. Bad luck, his computer system breaks down. Other buyers are thus made aware that Sunday morning, at the time where they will participate in the auction to buy the energy which will be delivered the next day. A misfortune coming never alone, EDF said other damage Sunday morning on the very important dam of Grand-House. In total, 4.100 megawatts of production capacity are suddenly unavailable! At the same time, the request is packaged, as temperatures are much lower than the normal seasonal. A cause of cold and electric heating, demand expected for the Monday announcement of 3,000 MW, stronger than originally planned. In other words, the gap between the estimates of consumption and availability of the Park takes flight to 7,000 MW.
An attempt to restore this balance between the supply and demand, EDF makes purchases of security markets wholesale as early as Friday, and then on Sunday morning, in particular on the Swiss stock exchange. On a traditional stock market, purchases made at low prices on Friday could be regarded as a kind of insider trading, since the electrician has acted on the basis of internal information, that did not have its competitors. But the rules in force in France permit. On purchases of Sunday morning, they severely disrupt the procedure for fixing of prices on the Swiss and French market.
Publication of the incidental cases
In its deliberation, the CRE recommends Epex Spot, the operator of the exchange of electricity, formerly known as the Powernext, to consider "any measure applicable to relax" procedure. But the regulator is especially severe with regard to EDF, so the sanction. It considers the reliability of the estimates of its fleet of production "insufficient" and "recalls in this regard the importance to the publication of the incidental cases by central".
It is the model chose the Scandinavian electricity exchange Nord Pool, and the European Commission rightly wants to emulate. Through the French Union of electricity, EDF and its competitors are discussed for several weeks an initiative in this direction.
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