The Comisión Nacional de los Mercados y la Competencia (CNMC), the Spanish National Regulatory Authority (NRA) has fined Galp Gas Natural S.A.and Multienergía Verde, S.L.U 80,000 EUR and 120,000 EUR respectively for market manipulation under REMIT. This follows a larger market manipulation fine under REMIT of 5 million Euros announced in October (see here).

In the case of Multienergía,  the behaviour involved executing transactions by transacting at artificial prices, thus sending a misleading price signal. This permitted prices to be set between 24% and 97% lower than reference prices for the same products and trading days. The press release can be found here.

In the case of Galp, the behaviour involved selling MIBGas for next day delivery at an artificially high level in the final seconds of the market, as a “marking the close”. The press release can be found here. The fine was set at 100,000 EUR but reduced by 20,000 due to immediate settlement.