The EU Commission, specifically Competition Commissioner Margrethe Vestager, should examine whether the price-determining merit order principle leads to agreements or coordinated behavior that are prohibited under EU law, Thanner said on Tuesday in the business journalists’ club.
The lawyer and antitrust law expert said there are legal ways to intervene in the market, pointing to the example of Spain, where gas prices for electricity generation are capped, which dampens price increases on the electricity market. According to Thanner, the German Stock Corporation Act also stipulates that the Executive Board not only has to act in the interest of the shareholders and employees, but also in the public interest.
“No free market for electricity”
There is no free market on the electricity market because this is not technically possible. In order for the power grid to remain stable, power generation and consumption must always be kept in balance at 50 Hertz, otherwise there will be a power failure. With the merit order, the most expensive power plant that is needed to cover the demand determines the price. Since electricity from the sun, wind and water is often not enough in Austria, a gas-fired power plant is usually the price-determining factor.
Who follows Thanner in the BWB is still open. Thanner said he was optimistic that the new Economics Minister Martin Kocher (ÖVP) would make a good proposal. Two women and seven men applied for the chief post. The current interim boss, Natalie Harsdorf-Borsch, is also among the applicants.
Source: Nachrichten
