The Comisión Nacional de los Mercados y la Competencia (CNMC) has imposed a €6m ($6.2m) fine on GESTERNOVA S.A. and a €1.5m ($1.6m) fine on AXPO IBERIA for manipulating the Spanish electricity market between September 30 and December 30, 2022.
These penalties come under the REMIT Regulation (EU) No 1227/2011, which
Gesternova S.A. fined €6m and Axpo Iberia fined €1.5m for electricity market manipulation
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The Spanish energy regulator found that the companies had manipulated the market by giving false or misleading statements aka “quote stuffing”.