Bulgaria, KEVR has issued fines worth a combined 500,000 euros for six companies for the manipulation

, SEE Energy News

Bulgarian Commission for Energy and Water Regulation (KEVR) has issued fines worth a combined 500,000 euros for six companies for the manipulation in the wholesale electricity market.

The statement from the regulator said that these six companies had manipulated the wholesale electricity market through commercial transactions in the first half of 2019.

The companies involved are: 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).

This market manipulation constitutes an infringement of Article 5 of Regulation (EU) No 1227/2011 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency (REMIT).

KEVR said in a statement that it highly appreciates the role and support of the European Union Agency for the Cooperation of Energy Regulators (ACER) in the process of investigation, including the clarifications, guidelines and ideas provided regarding the interpretation of the provisions of REMIT and the contacts implemented in a spirit of cooperation.