EVIKEN urges RAAEY investigation into rising energy balancing costs

The Union of Industrial Energy Consumers (EVIKEN) has formally requested that the Regulatory Authority for Energy, Waste and Water (RAAEY) investigate a significant surge in balancing market costs. EVIKEN noted that costs have risen by more than 20 million euros per week, citing a lack of transparency regarding the factors influencing the formation of the Imbalance Account 3 (LP3), particularly during periods of high renewable energy production.

In the broader retail market, consumers are facing rising electricity costs following a 21% increase in wholesale prices during August. This trend has pushed the average charge for green tariffs to 20.7 cents per kilowatt-hour. In response to market volatility, DEI has introduced a competitive 12-month fixed-rate 'blue' tariff at 11.5 cents per kilowatt-hour to provide consumers with greater price predictability.