Cable Giants Could Pay Millions for Alleged Energy Price Fixing

A massive lawsuit accusing major European power cable suppliers of inflating electricity costs for millions of UK consumers has been given the green light to proceed to trial. The Competition Appeal Tribunal (CAT) in London ruled in favour of the case, estimated to be worth up to £790 million ($992 million).

The lawsuit, led by Clare Spottiswoode, former head of Britain's gas regulator, targets Prysmian (Italy), Nexans (France), and NKT (Denmark). It alleges that these companies colluded in a price-fixing cartel, resulting in artificially inflated costs passed on to British energy customers.

The case stems from a 2014 ruling by the European Commission that found the companies guilty of operating a cartel for a decade. Spottiswoode's lawyers contend that the overcharges incurred by network operators were ultimately borne by consumers. The defendant companies deny these claims.

While the CAT has certified the case for trial, the defendants have expressed concerns about the method of distributing damages, should any be awarded. Spottiswoode's lawyers must submit additional proposals regarding the process.

Spottiswoode hailed the CAT's decision as a victory for consumers: "This…milestone…[aims] to achieve justice for millions of UK electricity customers…who suffered from… anticompetitive behaviour…"

A full hearing is not expected to occur until late 2025 at the earliest.