At a closed session held on 25.11.2022, the Commission for Energy and Water Regulation (EWRC) adopted a decision by which it found that six market participants at a wholesale energy market had committed a violation of Art. 5 of Regulation No. 1227/2011 - REMIT (EU Regulation on the Integrity and Transparency of the Wholesale Energy Market).

The companies are:

1.       NATIONAL ELECTRIC COMPANY EAD – NEK EAD
2.       INTERPROM EOOD
3.       ENERGY MT EAD
4.       MOST ENERGY AD
5.       GRAND ENERGY DISTRIBUTION EOOD
6.       INTERELEKTRIK EOOD

The violations of the REMIT Regulation by the companies took place in the first half of 2019 through commercial transactions representing market manipulation according to the provision of Art. 5 of REMIT.

EWRC has sanctioned the companies for violation of the REMIT Regulation on the basis of Art. 224d of the Energy Act, while the specific amounts of the imposed sanctions were formed by the Commission on the Methodology for determining the sanctions and fines imposed under Art. 224d of the Energy Act.

The financial sanctions imposed by the regulator, for each of the companies, are as follows:

1.       NATIONAL ELECTRIC COMPANY EAD – BGN 625 097
2.       INTERPROM EOOD - BGN 336 237
3.       ENERGY MT EAD - BGN 144 984
4.       MOST ENERGY AD - BGN 34 289
5.       GRAND ENERGY DISTRIBUTION EOOD - BGN 27 337
6.       INTERELEKTRIK EOOD - BGN 90 475

Based on the information and analyzed data from the investigation, the EWRC sent a signal to the Sofia City Prosecutor's Office.

The decision can be appealed to the Administrative Court - City of Sofia within 14 days of its notification.

EWRC highly appreciates the role and support of the Agency for the Cooperation of Energy Regulators (ACER) in the investigation process, including the clarifications, guidelines and ideas provided regarding the interpretation of the REMIT provisions and the communication made in a spirit of cooperation.

More information on manipulative behaviours can be found in the ACER Guidance here.