German court hits power firm

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The country's highest court has ordered a power company to repay more than £40million to competitors that it was found to have overcharged for using its nationwide grid.

The Constitutional Court judges ruled that energy provider Vattenfall must lower its costs by 18% and pay back the money.

The judgment will directly affect householders since network usage costs constitute a third of domestic electricity bills.

The Court declared that Vattenfall, the Swedish-based energy giant which posted an 11% rise in second-quarter profits in July, acted illegally in overcharging competitors to use its grid.

The German state is concerned about the escalating cost of energy in recent months and has been seeking ways to reduce the burden on consumers.