The Danish Energy Regulatory Authority is investigating a number of cases where there is suspicion of market manipulation and insider trading in the energy trading market. This is what Carsten Smidt, Director of the Danish Energy Regulatory Authority, tells Finans.
- We have been paying closer attention to wholesale energy trading due to the special conditions that have existed in the electricity and gas market, and we have a number of cases that we expect to conclude in 2023, he tells the media.
He also confirms that there are cases that may lead to police reports. 2022 saw large fluctuations in energy prices, especially due to Russia's invasion of Ukraine.
The large fluctuations have meant that companies that make money from trading electricity and gas across borders have in some cases been able to reap large gains.
Will not name companies being investigated
According to Finans, the earnings of some of the companies have been so high that it has triggered large million-dollar bonuses for a number of selected employees. Carsten Smidt does not want to tell Finans which companies the regulator is investigating.
Finans has contacted a number of the largest Danish energy traders, including Norlys, Energi Danmark, Danske Commodities and MFT Energy. They all deny that there is an investigation underway into them.
The Danish Energy Regulatory Authority acts as the competition authority for the Danish energy industry.
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