.jpg)
ANRE has fined four companies a total of RON 537,503,319.49 (i.e. approximately EUR 107.98 million) for market manipulation on the Romanian centralised wholesale electricity market.
REMIT Regulation (EU) No 1227/201 prohibits market manipulation and insider trading in Europe’s wholesale energy markets.
Finding a breach of Article 5 of the REMIT Regulation, ANRE fined:
- Tinmar Energy S.A. a sum of RON 363,982,051.85 (approx. EUR 73.12 million);
- Nova Power&Gas S.R.L. a sum of RON 100,106,676.12 (approx. EUR 20.11 million);
- EFT Furnizare S.R.L. a sum of RON 50,497,126.22 (approx. EUR 10.14 million); and
- Freepoint Commodities Europe LLP a sum of RON 22,917,465.30 (approx. EUR 4.6 million).
According to the decisions, the four market participants sent false and misleading signals on the demand, supply, and price on the OPCOM Centralized Market with double continuous negotiation for Electricity Bilateral Contracts (CM-OTC) by carrying out several ‘A to B to A’ wash trades related to the same electricity product, for the same volume, at different price levels, between January and February 2021.
Wash trades can send false and misleading signals and may seriously hamper the integrity and the transparency of the energy markets as they constitute orders and transactions which not are representative of the real market situation (liquidity, price, price volatility).
Access ANRE’s press release (in Romanian language).
See the latest table of REMIT breach sanction decisions adopted by national regulatory authorities.
Check the ACER REMIT Guidance (6th edition) and the ACER REMIT Guidance Note on Wash Trades.
Additional material on enforcement decisions under REMIT is accessible in the REMIT Quarterly reports that ACER publishes each quarter.
