Traders Complain of Losses Caused by German Power Market Glitch

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(Bloomberg) -- Traders are complaining about unfair losses made in the German power market because of an IT glitch this week. Most Read from BloombergBiden’s...

-- Traders are complaining about unfair losses made in the German power market because of an IT glitch this week.A technical issue which caused Germany’s day-ahead power price to rise to almost seven times it’s normal levels on Tuesday has shaken trust in the market, according to traders posting on LinkedIn.

Despite the “very challenging” events, backup procedures were “successfully executed,” Epex Spot SE said in a statement. The company’s oversight body, the Market Coupling Steering Committee, has started an in-depth investigation which should be published within a month, according to the exchange.

Day-ahead power markets in central-western Europe have been linked for almost a decade. This means an algorithm matches supply and demand across borders, sending electricity to where prices are highest and enabling maximum use across the region of low-cost wind or solar energy. It was this process that was affected by the glitch.

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