It has been announced that Electricité de France SA (EDF) and EDF Trading Limited (EDFT) have been fined 500,000 EUR and 50,000 EUR respectively for breaches of REMIT Articles 3 and 4 (insider trading and disclosure of inside information) in the former case, and Article 5 (market manipulation) in the latter case. The fines are levied by the Commission de régulation de l’énergie (CRE), the National Regulatory Authority of France, and are subject to appeal. the decision documents can be found here in French, with an announcement from ACER here.

The fines relate to activity in 2016, and the sharing of information between entities and whether it can be considered a “commercial strategy” by both, whether the information was considered “inside” and how is was used. The misleading price signals relating to Article 5 are not alleged to have been intentional.

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