The National Authority for Energy Regulation (ANRE) has fined electricity and natural gas supplier Tinmar Energy after it notified its customers on possible termination of supply contracts due to high energy prices.
Namely, in mid-September, Tinmar Energy has notified some of its non-residential customers, which are subject to the Government’s “cap and subsidy” support scheme, that it is planning to terminate their electricity supply contracts, after which these consumers will be taken by the suppliers of last resort.
The fines amount to a total of 20,000 euros. The company also must amend the supply contracts with its customers to exclude the clause on the possibility of unilateral termination of contract.
ANRE said that Tinmar Energy was never at risk of not having enough electricity to supply to its customers. But the rumours generated by its notifications can be assumed to have contributed to the rising of the electricity prices on the market, with the result of higher profits for the company.
Tinmar Energy reported some 730 million euros in revenues last year, which is 62 % more compared to 2020. Its net profit rose by 27 % year-on-year to 29 million euros in 2021, when many big players in the energy trade ended the year with historic losses.