EDF Trading, a subsidiary of the electricity giant, lost 400 million euros in early October by speculating on the energy markets, according to information published this Friday, October 30 by “Le Figaro”.
“The company does not comment”, a spokesperson for EDF told AFP. Also contacted, the Ministry of the Economy declined to comment, referring to … EDF, 80% owned by the State.
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According to “Le Figaro”, this loss would be due to the bet of a trader who “Speculated on an upcoming decline in electricity known as “winter peak France” (produced and delivered between 8 am and 8 pm from Monday to Friday) ».
At the beginning of September, prices only increased. Gold “During a downward bet, the security deposits claimed from the trader increase with each upward fluctuation”, explains “le Figaro”. The trader “Had to give up his bet at the worst moment: in the first days of October, when the market (…) reached record levels, around 200 euros per megawatt hour” against 50 euros maximum at the same time a year earlier.
The French trader behind the loss has “Given his access to market software suspended, and a dismissal procedure would be initiated against him”, according to the newspaper, which specifies that an internal investigation was opened.
Colossal loss, but already compensated
This colossal loss would have already been offset by gains on the market, however ensures the daily. If a loss had “Impacted on EDF’s results, it would have been made public”, a source close to the matter told AFP.
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For any listed company, as is the case with EDF, a loss liable to modify the announcements made to the markets must be disclosed.
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EDF publishes its third quarter results on November 10.
On the Paris Bourse on Friday, the title EDF ended down 2.38% to 12.73 euros.
