Germany's Federal Cartel Office is investigating Vattenfall, RWE, E.On and EnBW on their pricing methodology for power prices. The specifics of the investigation are not yet clear, but it appears that lobbying by large users that the companies were not including the benefit of the value of the emissions allowances they were given is the crux of the argument.

It is difficult to argue that companies should value allowances differently to those seen in the market. As every trader knows if it costs you 2p to produce something and the market bid price is £400 why would you sell it at cost. Not surprisngly when you have accounting rules, and various incentives to value products off a market, it seems crazy to try and demolish this theory.