Bulgarian Commission for Energy and Water Regulation (KEVR) said that fined local company Energy Supply with some 85,000 euros for breaching EU regulations for trading applicable to the country’s wholesale electricity exchange.
The statement from the regulator said that Energy Supply was found to have committed breaches by layering and spoofing orders, in contravention of the EU Regulation on Wholesale Energy Market Integrity and Transparency (REMIT).
The breaches were committed between 1 January 2021 and 31 March 2022 on the intraday segment of the Independent Bulgarian Energy Exchange (IBEX).
KEVR found that Energy Supply issued fictitious sales orders, thus achieving a brief reduction in the price of certain products solely for its own benefit. Energy Supply then cancelled its sell orders and carried out purchases at the lower prices, generating an unfair profit.
Last November, KEVR issued fines worth a combined 500,000 euros for six companies for the manipulation in the wholesale electricity market, namely REMIT breaches.
The companies involved were: state-owned National Electricity Company (NEK) fined with some 325,000 euros, Most Energy (175,000 euros), Interprom (172,000 euros), Energy MT (74,000 euros), Interelectric (46,000 euros) and Grand Energy Distribution (14,000 euros).