Record Energy Prices Trigger Investigation into Potential Market Manipulation

Germany's power prices surged to unprecedented levels during a renewable energy shortfall, sparking scrutiny of fossil fuel operators and broader energy policy concerns.

Electricity prices in Germany briefly exceeded €1,000 per megawatt-hour during a 'dunkelflaute,' a period of low wind and solar energy output, driven by calm weather and heavy cloud cover.
The Federal Network Agency is investigating allegations that operators of coal and gas power plants withheld capacity to inflate prices, a potential breach of market regulations.
Energy-intensive industries were forced to scale back production due to soaring costs, while Germany increased electricity imports from neighboring countries to meet demand.
Critics, including Sweden's energy minister, blamed Germany's energy policies, particularly its nuclear phase-out and lack of regional price zones, for exacerbating regional and international price spikes.
Calls are growing for accelerated investment in flexible, hydrogen-capable gas plants and enhanced grid infrastructure to stabilize the energy market during renewable shortfalls.