ACER backs NRA enforcement of REMIT and demands better surveillance from traders.
REMIT Art 5
CNMC reminds us that even an attempt to manipulate is a breach of REMIT. We compare the case with recent fines and look at ACER guidance on market manipulation.
Ongoing regulatory scrutiny, new transparency tools, and a continued focus on improving surveillance and reporting standards.
Energi Danmark A/S has agreed to pay a fine of DKr 380,000 for violating a ban on market manipulation under REMIT.
The firms were sanctioned for breach of European regulation on wholesale energy market integrity and transparency – REMIT.
Enforcement
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Gesternova S.A. fined €6m and Axpo Iberia fined €1.5m for electricity market manipulation
The Spanish energy regulator found that the companies had manipulated the market by giving false or misleading statements aka "quote stuffing".
The next set of REMIT obligations include the monitoring and reporting of suspicious transactions or order reports.
The Spanish energy regulator found that the company had artificially set the price of gas in trading sessions.