EU antitrust regulators raid Nord Pool Spot and Epex Spot

Europe’s two biggest electricity exchanges for near-term delivery, Nord Pool Spot AS and Epex Spot SE, said they were raided by European antitrust regulators investigating 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.

The raid follows a three-year crackdown by the EU against anti-competitive behaviour in the energy industry. Last September, the two power exchanges said they planned to start a trading platform as the EU seeks a single market for the bloc. The new platform would comprise over 90% of spot power trading at northwest European exchanges and possible more than 50% in the whole of Europe, according to Epex Spot CEO Jean François Lacoste at the time.