ESMA Finds No Evidence Of Manipulation In EU Energy Market - Commissioner

MOSCOW (UrduPoint News / Sputnik - 03rd December, 2021) The European Securities and Markets Authority (ESMA) in a preliminary report found no evidence of European energy markets being manipulated, European Commissioner for Energy Kadri Simson said on Thursday, adding that the final report would be released next year.

"The European security and markets authority, ESMA, carried out an analysis of trading behavior on the EU carbon market in response to allegations of speculations. While this report is preliminary... the report identifies no specific cases of market manipulations," Simson said during a press conference on Thursday.

Another preliminary report by the Agency for the Cooperation of Energy Regulators, according to the commissioner, states that the current price model of the EU energy markets is the best option in the current situation.

The commissioner added that despite the fact that gas prices have come down from a peak in October, they are still much higher than usual and the situation is expected to continue until spring.

Final versions of both reports are expected to be released in April next year.

The European market has experienced a surge in natural gas prices with a $1,900 per 1,000 cubic meters peak in early October, spurred by increasing energy demand amid the global economic recovery after months of COVID-19 lockdowns, as well as limited supply. The rise in gas prices also led to an increase in electricity prices, prompting EU regulators to investigate energy market.