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The fine imposed on Neas Energy A/S (Neas) is the result of an investigation started by the Danish Regulatory Authority for Energy (Danish Utility Regulator, DUR) in 2016 and referred to the Danish State Prosecutor for Serious Economic and International Crime.
According to DUR and the Prosecutor, during 2015, Neas hoarded capacity on the electricity interconnectors by trading with itself in four instances. 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 Neas with a fine of 150,000 DKK (approximately EUR 20,000). Neas 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.
The EU Agency for the Cooperation of Energy Regulators (ACER) welcomes effective oversight of wholesale energy trading. This is the second 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 that could constitute market manipulation under REMIT, for example the acquisition of available transmission capacity without using it or without using it effectively.
ACER continues to monitor the EU wholesale energy markets, including the use cross-zonal transmission capacity, in order to detect possible instances of market abuse, including through hoarding, to protect 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.
