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Finance

German probe clears firms of abuse in 2024 power price surges

Published by Global Banking and Finance Review

Posted on October 21, 2025

Featured image for article about Finance

By Vera Eckert

FRANKFURT (Reuters) -German authorities said on Tuesday that an investigation into sharp power price spikes during periods of low renewable output in late 2024 found no evidence of market manipulation by major electricity producers.

The probe followed allegations that some utilities may have withheld supply during so-called Dunkelflaute events — stretches of dark, windless weather — in early November and mid-December, when both solar and wind generation dropped sharply.

During those periods, wholesale electricity prices surged above 300 euros ($349.86) per megawatt hour, compared with an average of 79 euros/MWh for 2024.

The price spikes raised concerns about supply adequacy after Germany shut down its last nuclear power plant in 2023.

"Our investigations have found no evidence of any abusive withholding of generation capacity by any of the five largest electricity generation companies during the two periods of darkness at the end of 2024," said Andreas Mundt, president of the German cartel office. Nearly available capacities had been used, the cartel office found.

The Federal Network Agency, which conducted the investigation jointly with the cartel office, reached the same conclusion. "There has been no evidence so far of market manipulation," said agency president Klaus Müller, although he added that some aspects were still under review.

They also said the events had underscored the case for new, reliable power station capacity. The Berlin government is finalising permission to auction gas plant commissions under state aid laws of the European Union.

Mueller called for more flexible supply and demand measures.

Mundt said power plant auctions should help lower the concentration of thermal capacities in just a few hands, achieving better competition.

Renewable power accounted for 57% of Germany's electricity mix in January through September, industry data shows.

($1 = 0.8575 euros)

(Reporting by Vera Eckert, Editing by Louise Heavens)