Regulator investigating energy companies' price hikes

The Netherlands Authority for Consumers and Markets is investigating the price increases announced by multiple energy companies in the Netherlands. According to the regulator, the energy companies announced the tariff hikes too late and may therefore face fines, AD reports.

Various energy suppliers, including Eneco and Greenchoice, have announced that they will increase their gas and electricity rates from Saturday, October 1. The hikes apply to new customers and customers who have variable contracts.

According to the ACM, energy companies must announce their rate changes 30 days in advance, while several companies only did so last week. Essent even said it would provide customers clarity by Friday, a day before the price hike. The ACM bases this on previous rulings by the European Court of Justice and the Disputes Committee.

Industry association Energie-Nederland was surprised by the ACM’s interpretation of the rules. “There is absolutely no violation of the law. The term for announcing the rate is not laid down in law at all. Only the notice period, which ACM is now extending,” a spokesperson said to AD.