- A French power distributor reportedly made two trading errors that could cost the company 60 million euros ($60 million).
- A unit of Electricite de Strasbourg sold large quantities of electricity on two separate days, the FT and Bloomberg reported.
A French power distribution company reportedly made trading errors that triggered an emergency power alert to two other countries, with the costly mistakes taking place at a time when Europe is dealing with an energy crisis.
Electricite de Strasbourg said its ES Electricite de Strasbourg unit oversold large quantities of electricity via errors on two separate days, Bloomberg reported on Sunday, citing a company statement.
Rebalancing and volume-adjustment operations needed to make up for the overselling by ES Electricite de Strasbourg amounted to an estimated cost of 60 million euros ($60.3 million), a second company statement said, according to the report.
The Financial Times reported the trading error on Sunday, saying it prompted French grid operator RTE to send out an emergency request for electricity to neighboring countries Spain and the UK.
Electricite de Strasbourg, which is majority owned by France's state-owned utility EDF, said it was investigating the incidents of ES Electricite de Strasbourg overselling 2.03 gigawatts of electricity on September 6, and 5.75 gigawatts on September 7, the FT reported.
The errors were made at a time that France has been struggling with outages at its nuclear reactors which have reduced the electricity supply available in that country and in Europe. At the same time, Europe has been working to stockpile natural gas to prepare for winter as Russia has continuously cut gas flows into the region.
The Kremlin said last week Russia will not restart sending supplies through its Nord Stream 1 pipeline until the "collective West" lifts sanctions against Moscow. Russia has been hit with sanctions for its invasion of Ukraine launched in late February.