June 7, 2019 / 4:47 PM / 10 days ago

UPDATE 1-Power bourse Epex says technical issue hit day-ahead power auction

(Adds details, background)

PARIS, June 7 (Reuters) - Electricity exchange Epex Spot said on Friday that several areas of the European integrated power market decoupled during Friday’s day-ahead power auction due to a technical issue.

Market coupling allows players to access wholesale power produced anywhere in Europe through cross-border interconnectors, virtually creating efficient pricing, in line with the European Union’s aim to harmonise the energy markets.

It helps to smoothen mismatches in electricity oversupply one country or region, and shortages in others.

Epex Spot said France, Germany-Luxembourg, Austria, Belgium, the Netherlands and Britain were impacted by the issue. It did not give any further details.

“Local auctions are being run for those markets, and the official and practiced procedures foreseen for such cases are followed. Epex Spot continues to inform the market as per the official procedures,” it said in a statement to Reuters.

Preliminary day-ahead auction results on its website showed that the Belgian day-ahead baseload was exchanged at 2,233.39 euros ($2,527) a megawatt hour (MWh), while the German position was at minus 47.60 euros/MWh.

By 1556 GMT data on its website showed that the Belgian day-ahead price had dropped to minus 133.59 euros/MWh. The German day-ahead baseload was at minus 42.24 euros/MWh.

Epex Spot is part of European energy bourse EEX. (Reporting by Bate Felix and Vera Eckert Editing by John Irish and Geert De Clercq)

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