Serbia: Bickering between Power utility EPS and EFT electricity trader about the price of offered kwh during the crisis, EFT provided evidences

27. May 2014. / News Serbia Energy

Aleksandar Obradovic, director of Electric Power Company, denied that company EFT has offered power at 34, 5 euros. The EFT claims to have evidence that that price was offered.

”I responsibly claim, and today I’ve contacted colleagues in the Directorate for electricity trade, the information that we were given a price of 34.5 euros by EFT is not true, ” Obradovic told reporters during a visit to the Thermal Power Plant ” Nikola Tesla A “Obrenovac.
He said that, based on EFT statements, he didn’t see that the company denied that it offered electricity at a cost of 80 euros per megawatt hour.
“If they had a price of 34.5 euros, why they offered us 80 euros?” Obradovic asked.

He noted that the situation which EPS was faced with very serious and did not want to deal with a “trading company”.
After the EFT as a domestic energy trader mentioned in the media that in a situation when Serbian is hit by catastrophic floods, was offering electricity at a significantly higher price than others, today the company have stated that they “have never been monopolists and EFT is not, nor has ever been in a position to blackmail their customers with price of electricity.”
EFT acknowledged in the statement that their duty trader last Friday, offered a price of 80 euros to the EPS for the unplanned purchase of energy that was needed to be deliverd the next day, because “at that time we did not have cheaper sources of electricity.”

“However, it is also true that we are on the same day, Friday … at the request of EPS we offered energy for the upcoming weekend at the price of 34.5 euros. This offer the EPS declined,” it is said in the statement of EFT.

EFT claims to have a proof that they offered mentioned price

“Regarding the statement of Acting Director of EPS that our company did not offer to EPS electricity price of 34.5 euros per megawatt hour on Friday , on May 16th this year, in the morning, please note that EFT has evidence that this price is offered – since all of our conversations among traders routinely are recorded, ” it was released from the EFT.
As they point out in the company, recording of telephone conversations between the traders is a common international business practice in all serious trading companies. In these conversations, bids are verbally asking as well as offers are giving, recorded conversations are also as trace and proof that remain in the records of the company.
EFT says that all their partners, including EPS, regularly notifys, in writing, that telephone conversations are recorded, and the same the EPS does toward its partners.
“EFT offered a price of 80 euros in the evening, and in a completely different mode of trade. In other words, we no longer had the energy which we have during the morning at price of 34.5 euros, which we could buy in the morning in different markets,” the EFT says.

Below are transcripts of talks provided by the EFT.
May 16th, 2014
8.55a.m
EFT: Now look, let’s write these my first offers: for a weekend, put the weekend as a whole profile, 50 MW 34.5, Saturday-Sunday, and Monday put 43, also of 50 MW.
EPS: That gives an average…
EFT: To be honest, I didn’t calculate. 34 and 34 and a half and 43 .. That is an average of 37.33.
EPS: 37,33, good, EFT…
EFT: All are of 50 MW.
EPS: Wait, it says somewhere for three days, I have 2 euros, 3 euros better deals – EFT, 50 MW, 37.3. OK , talk to you later. Intraday you do not have… tomorrow peak you don’t have…
EFT: No peak hours I don’t have.
EPS: OK, talk to you later.
May 16th, 2014
9.17h
EFT: Well, just to see, are you going to buy, what have you decided?
EPS: No, no it is expensive.
EFT: Ok . At what level you were buying?
EPS: Two euros cheaper.
EFT:Two euro below these mine? All three days?
EPS: All three days.
EFT: Good.
EPS: The fact is not two euros. Euro. Of all by little, little bit Bulgarians, a little this, a little of that.
EFT: Ok, bye.

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