Danish police arrested eight employees at an energy trading company who will face charges of manipulating prices on the Nordic electricity exchange.
(Bloomberg) — Danish police arrested eight employees at an energy trading company who will face charges of manipulating prices on the Nordic electricity exchange.
The people, who include both executives and traders at the firm, have allegedly made profits in a “three-digit” million-krone amount, police said in a statement on Wednesday. Neither the people nor the company were identified, in line with Danish practice.
“We have a strong suspicion that the employees have obtained illegal profits through market manipulation,” Sasha Nielsen, a deputy inspector at the police unit for financial crime, said in the statement. Police have also raided several addresses in connection with the arrests.
European power prices surged to a record last year, driven by the sharp reduction in gas flows from Russia and the unreliability of France’s nuclear reactors. That made the opportunities, and the risks, for energy traders greater than ever.
The arrests come one week after a Danish electricity producer was reported to the police for alleged insider trading in a separate case.
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