ARERA, the National Regulatory Authority in Italy, has fined a market participant 5 million EUR for a breach of REMIT Article 5 related to physical withholding. The notice can be found here. The regulatory has determined that the market participant withheld generation when it was profitable to do so and with the ability to influence the market. This case has been running for quite some time (for example see here) and has led to many discussions on the definition of profitability and the discretion available to generators in terms of when they generate. This discussion will likely continue.