One of Australia’s top energy companies has been sued for allegedly using bids to manipulate power prices and inflict financial damage on customers.
In early June, law firm Piper Alderman announced that it had launched a class action lawsuit against energy giant AGL following an investigation into abnormal hikes in electricity spot prices in South Australia, which is part of the National Electricity Market (NEM), between 2013 and 2020.
The NEM has a spot market mechanism in which the electricity supply from power stations is matched with consumption by households and businesses in real time.
All electricity in the spot market is bought and sold at the spot price….