At a closed session held on 16.04.2024, the Energy and Water Regulatory Commission (EWRC) adopted a decision imposing a financial sanction of BGN 604 064 on Kozloduy NPP for prohibited use (trading) of inside information. The company has been sanctioned for transactions concluded on October 31^st 2021 and November 1^st 2021 in breach of Article 3 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).

EWRC has sanctioned the company for breach of the Regulation on the basis of Article 224d of the Energy Act, while the specific amounts of the imposed sanctions was calculated by the energy regulator based on the Methodology for determining the sanctions and fines imposed under Art. 224d of the Energy Act.

The decision may be appealed before the Administrative Court - Sofia within 14 days of its notification.

This is the fourth decision of the Bulgarian energy regulator to impose financial sanctions on energy companies for abuses on the wholesale energy market constituting a breach of Article 3 and/or Article 5 of Regulation (EU) No 1227/2011. With a decision on 25.11.2022, EWRC sanctioned NEK EAD and five other companies with the total amount of BGN 1 258 419. By another decision, taken on 23.03.2023, EWRC imposed a sanction in the amount of BGN 165 238 to "Energy Supply" EOOD for prohibited manipulations of the energy market consisting of layering and spoofing activities. The Commission's third decision to impose sanctions under Article 5 of REMIT was taken on 14 November 2023 and two companies, Most Energy EAD and Kumer OOD, were sanctioned with a total amount of BGN 2 114 052 for market manipulation by sending misleading signals and price positioning.

Check the ACER’s Guidance on REMIT (6th edition) for more information on insider trading under REMIT.