EDF Power Traders Lost ‘Shocking’ €480 Million as Energy Prices Surged
- EDF discloses 2021 loss in ex-trader’s whistle blowing suit
- EDF says trader was fired for leaking detail on scale of loss
The Electricite de France SA headquarters in Paris.
Photographer: Benjamin Girette/BloombergThis article is for subscribers only.
Electricite de France SA’s power trading business lost as much as €480 million ($519 million) during an unexpected surge in European energy prices in the fall of 2021, according to an ex-trader suing the utility.
Rupert Parry alleges in his London whistle blowing suit that he repeatedly raised concerns about deliberate mismarking of prices on the French long-term power desk in the run-up to the huge trading loss only to be fired for “rocking the boat.” EDF Trading says he was dismissed for leaking information about the losses.