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The Spanish National Regulatory Authority for energy (CNMC) has fined Multienergía Verde, S.L.U. with EUR 120,000 and Galp Gas Natural, S.A. with EUR 80,000 for engaging in market manipulation in the natural gas market.
CNMC decided that from 15 to 20 January 2017, Multienergía Verde, S.L.U. secured, or attempted to secure, the price of several natural gas wholesale products for delivery in Spain, traded at the organised gas market, at an artificial level.
In the same organised market place, CNMC also concluded that on 17 January 2017, Galp Gas Natural, SA, secured the prices of the natural gas day-ahead product for delivery in Spain at an artificial level.
According to CNMC these behaviours breached Article 5 of the Regulation on wholesale energy market integrity and transparency (REMIT) that prohibits market manipulation and attempted market manipulation in the wholesale energy markets. The decisions can be appealed by the market participants.
The Agency for the Cooperation of Energy Regulators (ACER) welcomes NRAs activities in enforcing REMIT.
You can access the CNMC press releases on each case here.
