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ACER: Energi Danmark Fined For Market Manipulation On The Nordic Wholesale Electricity Market

Date 07/12/2018

The fine imposed on Energy Danmark is the result of an investigation started by the Danish Regulatory Authority for Energy (Danish Utility Regulator, DUR) and referred to the Danish State Prosecutor for Serious Economic and International Crime.

According to DUR and the Prosecutor, Energi Danmark A/S hoarded capacity on the interconnectors for electricity by trading with itself in ten instances during 2015. This hampered competition and the trades rendered, or had the potential of rendering, misleading signals or artificial prices on the intraday wholesale electricity market.

The Prosecutor has charged Energi Danmark A/S with a fine of 750,000 DKK (approximately EUR 100,000). Energi Danmark A/S has accepted the fine, and thus the case has been brought to a close. In addition, the Prosecutor has confiscated the revenue obtained through the manipulative behaviour (amounting to 354,000 DKK - approximately EUR 47,000).

The EU Agency for the Cooperation of Energy Regulators (ACER) welcomes effective oversight of wholesale energy trading and stresses that this is the first decision within the framework of the REMIT Regulation related to the intraday electricity market and in particular to the hoarding of cross-border capacity. The efficient use of interconnectors across Europe is a critical element for the development of the single European electricity market.

The ACER Guidance Note on cross-zonal transmission capacity hoarding (Guidance Note) provides examples of the various types of trading practices, which could constitute market manipulation under REMIT, for example the acquisition of available transmission capacity without using it or without using it effectively.

ACER continues monitoring the EU wholesale energy markets including cross-zonal transmission capacity hoarding for the benefit of EU energy consumers. ACER works in close cooperation with National Regulatory Authorities.

You can access the English version of DUR press release here.

You can access the Guidance Note on cross-border capacity hoarding here.