Reported over 1 year ago
Traders are reporting significant losses in the German power market caused by an IT glitch that led to a spike in day-ahead power prices, disrupting the market and impacting industries. The unexpected price surge prompted a steel manufacturer to temporarily halt operations to mitigate losses. Despite successful backup procedures, traders are frustrated by the lack of explanation from Epex Spot, the leading exchange for short-term power trading in Europe, which caused the German auction price to peak while French prices plummeted, resulting in an unprecedented spread between the two regions.
Source: YAHOO