On Wednesday Ofgem, the National Regulatory Authority of Great Britain, announced that InterGen has been fined 37.2 million GBP for breaches of REMIT Article 5. The announcement can be found here and further information here.
The breach relates to activity in the winter of 2016 and involves sending misleading notifications to the ESO. It also reflects weaknesses in procedures, management systems and internal controls with respect to REMIT compliance.
The activity occurred on four occasions, and comprised:
- Submitting misleading Physical Notifications (PN)
- Submitting misleading Stable Export Limit (SEL) information
The fine of £35m was reduced to £24m for early settlement. Disgorgement of £12.7m was paid to the operator in addition. There was no separate fine for grid code breach.
In the US ICE has issued a disciplinary notice against a trader for spoofing, which can be found here. There was a suspension of 2 months, but no penalty was levied. More can be found here on the DCM blog.