site.btaSix Energy Companies Fined for Manipulating Bulgarian Wholesale Electricity Market

The Energy and Water Regulatory Commission (EWRC) fined six Bulgarian energy companies an aggregate BGN 1 million-plus for manipulating the wholesale electricity market, the EWRC said in a press release on Tuesday.

Meeting behind closed doors on November 25, the EWRC found that the six companies had manipulated the wholesale electricity market through commercial transactions effected in the first half of 2019.

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).

Under Article 224d of the Energy Act, the regulator fixed the fines as follows: BGN 625,097 for Natsionalna Elektricheska Kompania EAD, BGN 336,237 for Interprom EOOD, BGN 144,984 for Energy MT EAD, BGN 343,289 for Most Energy AD, BGN 27,337 for Grand Energy Distribution EOOD, and BGN 90,475 for Interelectric EOOD.  

The EWRC has alerted the Sofia City Prosecution Office.

The decision is appealable before the Sofia City Administrative Court within 14 days of its communication. 

The EWRC 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.