“The algorithm that determines European electricity prices is the target of a complaint to Austrian antitrust regulators, alleging it hinders competition on European power exchanges and keeps prices high.
Lawyer Georg Zanger is demanding the publication of the code for the Pan-European Hybrid Electricity Market Integration Algorithm, known as Euphemia, which sets prices for the European Energy Exchange (EEX) as part of an effort to harmonize day-ahead power prices across the bloc. He alleges it may represent a price agreement that is “tacit and indirect through software or price algorithms” — which he says led to energy companies making excess profits.
“The fact that an AI is being used to determine the highest price gives rise to the suspicion that electricity from low-cost sources is being withheld in order to keep the price high,” Zanger told POLITICO. “The algorithm that determines the European electricity prices is a black box.”
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