The Bundesnetzagentur, the National Regulatory Authority of Germany, has announced that it is investigating six companies for possible irregularities in the balancing market. The announcement can be found here. The investigation relates to imbalances in the power market in July 2019.
FERC has ordered Vitol to pay over $3.7 m for alleged power manipulation. The accusation is that power was sold at a loss to eliminate congestion that they expected to cause losses on Vitol’s congestion revenue rights. The payment comprises a fine of approximately $1.5m, a fine against the trader involved of $1m and a disgorgement fee of approximately $1.2m. The order can be found here, and an article on the Reuters web site describing the case in outline can be found here.
ACER has issued the latest version of the REMIT Quarterly newsletter, which can be found here. The newsletter covers the following topics:
- A recap of fines issued in Spain last year.
- A recap of a fine issued in Germany earlier this year.
- A summary of recently issued documents.
- Statistics on cases under review.
- A list of fines levied.