ADMIE and RAEE Respond to Electricity Market Manipulation Allegations

The Greek industrial sector accuses the government of turning a blind eye to electricity market manipulation practices, leading to higher prices. In recent statements, the industrial union EBIKEN mentioned systematic over-declarations of load in the market, which ultimately increase costs for consumers. According to EBIKEN, certain market players declare significantly different electricity quantities than what they actually deliver daily. This cost discrepancy is passed on through the so-called adjustment account, which accumulates funds in the balancing market. The account has swelled from €280 million in 2023 to over €800 million in 2024. EBIKEN estimates that this creates an additional burden of over €20 per day’s base price. ADMIE and the regulatory authority RAEE provided responses in Parliament regarding their perspective on this thorny issue. ADMIE noted that the disparity between over-declarations and under-declarations of load intensified last year compared to 2023. Specifically, in 2023, the difference was 0.8% (50.4% over-declarations vs. 49.6% under-declarations), while in 2024 it reached 8.2% (51.4% vs. 45.9%). RAEE observes that how final quantities are calculated matters significantly. Their analysis considered additional variables, concluding that there isn’t a systematic over-declaration of 5%-7.5%, as claimed by EBIKEN for the past two years. Nevertheless, RAEE plans a more detailed study of data per market player for specific periods. Finally, it is emphasized that the market regulation provides for penalties for suppliers who significantly deviate from their declarations.