French power distributor Electricite de Strasbourg SA oversold large quantities of electricity because of trading errors earlier in the week. This mistake could have cost the company 60 million euros ($60.3million).
According to the utility, quantity errors were made by the ES Energies Strasbourg unit on Tuesday and Wednesday. These errors amounted to 2.03 gigawatts and 5.75gigawatts respectively of electricity.
Electricite de Strasbourg stated in a second statement that volume adjustment and rebalancing operations were performed to compensate for overselling. The cost was estimated at 60 million euros.
The Financial Times reported earlier Sunday on the trading error. It stated that the French grid operator sent an emergency power alert to its neighbours (including the UK and Spain) asking them to be available to assist with any shortfalls.
