Romania's power market regulator ANRE is investigating 26 power traders for alleged market manipulation by cross trades aimed at increasing the electricity price and envisages fines in the amount of 5% to 10% for those found guilty, Economica.net reported.

Dumitru Chiriţă, ANRE president, explained this while being heard in the parliamentary committee of inquiry into energy prices on September 29.

"There are 26 economic operators under investigation for market manipulation. What we found is that some of the operators sold to each other equal amounts of electricity, with the aim of increasing the price on the market. By this trick, the [average market] price increases," Chiriţă showed.

According to him, so far, the fines have been symbolic - but from now on the law that provides for fines of between 5% and 10% of the turnover will be fully enforced.

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andrei@romania-insider.com