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An official investigation is required in order to guarantee the trustworthiness of the electricity market

26.08.2010 10:06

The Estonian Transmission System Operator Elering today proposed to the Estonian Competition Authority and the Power Exchange Operator Nord Pool Spot that an official investigation into the actions of the market participants be started in connection with the massive rise in the electricity price on 24 August.

Elering believes that an investigation into the actions of market participants is necessary in order to guarantee the reliability of the market in future. Taavi Veskimägi, Chairman of the Board of Elering, said that what happened and why it happened must be clarified in order to permit the future development of the electricity market. This analysis is one part of the work that must be done before new trading methods can be introduced to the market and the market opened 100% from the beginning of 2013. “Yesterday’s events seriously discredited the effectiveness of the market mechanisms in the eyes of the public and we must work to regain trust. Obviously the price movements were not normal and we take this situation very seriously. The functioning of the open electricity market must be based on sound economic logic and it is important to establish what actually happened in order to ensure market reliability and transparency” said Veskimägi. As Transmission System Operator, Elering is responsible for the functioning of the Estonian electricity system and ensures the quality of electricity supplied to consumers at all times.