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MAR, REMIT

Investigations in Germany, anti abuse fine in the US, REMIT Quarterly

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.

US Fines

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.

REMIT Quarterly

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.

 

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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