It was announced today that two market participants have been fined 8m EUR and 4m EUR respectively for breaches of REMIT Article 5, the market manipulation prohibition. The press release can be found here and the notice here. The activity concerned occurred in 2019 and 2020. It is alleged that the two parties (who are part of the same group) collaborated in auctions on the French/Spanish border to cause congestion. This sent misleading price signals and caused the price to be set at an artificial level. One of the firms has announced here that they intend to appeal the decision.