Romanian energy authority fines energy companies for market manipulation
Two dozen energy companies were fined by the Romanian Energy Regulatory Authority (ANRE) for a total sum of RON 11.2 mln (EUR 2.26 mln).
ANRE is tasked with ensuring the proper functioning of the Romanian energy sector and aligning it with European regulations.
Following EU directives, ANRE put together an investigations department meant to supervise the wholesale electricity and natural gas market and conducted 28 investigations into the sector during the past two years, according to Agerpres.
On Tuesday, the regulator decided to impose fines worth RON 11.19 mln on 24 electricity and natural gas companies active in Romania. Almost the entire sum (RON 10.1 mln) is to be paid by 22 operators within the electric energy market, while two companies involved in the natural gas sector will bear RON 1 mln in fines.
The sanctions were applied for violating the provisions of art. 5 of EU Regulation no. 1227/2011 on the integrity and transparency of the wholesale energy market (REMIT), respectively the manipulation of the wholesale market for electricity or natural gas. REMIT is designed to protect the energy and gas markets from various forms of market abuse.
Without approval from the European Union Agency for the Cooperation of Energy Regulators (ACER), ANRE could not make public the names of the companies that were penalized.
The agency is currently investigating 18 other suppliers or traders in the energy sector suspected of manipulating the market. Starting with 2020, ANRE can fine companies that resort to manipulating the market between 5-10% of annual turnover. The fines go directly into the state budget.
ANRE investigations are supervised by and take place in collaboration with ACER.