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Two firms fined 6 million Euros each under REMIT

It has been announced that two firms in Spain have each been fined 6 million Euros for breaches of REMIT Article 5, the prohibition against market manipulation. The announcement from ACER can be found here, from CNMC here, and the full decision here.

The fine relates to activity in 2019 on the MIBGAS market, where the firms were found to have carried out “pre arranged trading”, causing prices to become artificially high, and restricting access of others to the market.

This is the second REMIT fine announcement within a week, with a fine being announced in France last week (see here). Two weeks ago a fine was announced in the Netherlands (see here)

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Published 23 November 2022