Inquiry into the soaring energy prices
The National Regulatory Authority for Energy (ANRE) has started an inquiry into the recent energy price hike.
Daniela Budu, 31.01.2017, 12:53
Suspicious deals, artificially increased prices, bankrupt companies and doubled electricity bills for certain consumers are the follow-ups of electricity prices hitting a record high on the Romanian Exchange market for three weeks in a row. The National Regulatory Authority for Energy (ANRE) has started an inquiry into two energy deals struck on the energy exchange suspected of having violated the law and has called on the Competition Council to assist in the investigation.
The electricity price amounts to some 140 euros/megawatt hour, twice as much as on the first days of this year. The first problem is related to the high demand for energy last weekend. As a rule, at weekends, the energy consumption is low, so prices should go down but that did not happen. Last year, on the first days of January, prices stood at around 55 Euros. High prices of up to 96 Euros/megawatt hour were reported on January 15th and 23rd, which is unaccountable. On those two days, Romania reported the highest prices in Europe on the energy exchange. Experts in the field say that not only is the energy demand suspiciously high, but so are the prices offered by retailers too. Most of the suppliers have announced their clients about the price increase and the need for the deals struck with them to be changed so that other bankruptcies should be avoided.
Economy Minister Alexandru Petrescu said that that price would also reflect in the consumers’ electricity bills. He said that the risk period was not over yet because temperatures were still expected to drop, but he made it clear that after that period, a very clear policy should be put in place to secure the energy supplies. Director at the National Regulatory Authority for Energy, Marius Vlad said that the Authority planned to adopt an order disclosing the deals struck on the energy exchange so as to make known both sellers and buyers and do away with possible suspicions related to the transactions. This month, the energy consumption has also hit a record high. The upward trend of energy prices started around January 12th, when Energy Minister Toma Petcu made a controversial statement at the government session, saying that the coal stocks would only last 4 days. This month, the highest price in Europe has been reported in Hungary, standing at 300 Euros/megawatt hour. (Translated by A.M. Palcu)
