The Agency for the Cooperation of the Energy Regulators (ACER) welcomes EWRC decision of 23 March 2023, by which in pursuance of Regulation (EU) 1227/2011 (REMIT) a property sanction was imposed on an energy company for manipulation of the Bulgarian wholesale electricity market.
ACER publication of 28 March on EWRC decision states:
“On 23 March 2023, EWRC adopted a decision fining Energy Supply EOOD (‘Energy Supply’) BGN 165,238 (approx. €84,486) for manipulating the Bulgarian wholesale intraday electricity market in breach of Article 5 of the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT)”.
What were EWRC’s findings?
EWRC concluded that Energy Supply carried out the market manipulation in the form of 'layering' and 'spoofing' from 1 January 2021 to 31 March 2022. Layering and spoofing involve the placing of orders that the trader never intends to carry out.
See the latest table of REMIT breach sanction decisions adopted by NRAs
ACER welcomes this decision, EWRC’s second decision under REMIT.”