On Monday 23 September, the European Union Agency for the Cooperation of Energy Regulators (ACER) welcomed the decision by the Spanish energy regulator Comisión Nacional de los Mercados y la Competencia (CNMC) to impose a fine of €1 million on Enérgya VM Gestión de Energía, S.L.U. for manipulating the Spanish gas market (MIBGAS).
Between 1 September and 31 December 2022, the company set the last daily price for the product D+1 at an artificial level during 32 trading sessions in breach of Article 5 of the REMIT Regulation prohibiting manipulation of the EU’s wholesale energy markets (see EUROPE 13393/34).
According to the investigation, Enérgya VM Gestión de Energía raised the market price to an artificial level by placing purchase orders without intending to execute them.
“During 32 trading sessions (the company) submitted bids at high prices in the last seven seconds of trading” in order to minimise the risk of its bids being matched by other market participants, CNMC explained in a statement.
For more information from ACER: https://aeur.eu/f/dj5 (Original version in French by Pauline Denys)