CNMC, the National Regulatory Authority of Spain, has ordered a market participant to pay a fine of 6M EUR of top of compensation of 35.5M EUR for price manipulation of wholesale electricity prices. The announcement can be found here. The fine is brought under regulations relating to “excessive revenue”, and relates to the activity of a generation asset operating in times of technical restrictions over a period between 2019 and 2020. The defence mentioned in the document includes a claim that the activity does not fall under the definition of “manipulation” under REMIT. The fine can be appealed against.