The Energy and Water Regulatory Commission (EWRC) imposed a financial penalty of BGN 165 238 on Energy Supply Ltd. for market manipulation, the regulator announced.
It was found that this was done by layering orders and issuing false orders. The violation was committed for the period 01.01.2021 – 03.31.2022, the KEVR indicated.
„After applying the indicators of the Guidelines for layering and fraudulent behavior developed by the European Agency for the Cooperation of Energy Regulators /ACER/, the EWRC found that Energy Supply Ltd. issued fictitious sales orders, which achieved a short-term price reduction of certain products solely for its own benefit. Following this unjustified short-term price reduction, the company cancelled its sell orders and actually transacted to buy at the lower prices achieved, thereby making an unjustified profit. This behaviour is defined as the implementation of layering transactions and false orders in a manipulative manner on the Intraday market segment,“, the EWRC added.
This is the second decision of the regulator to impose financial penalties on energy companies for established manipulation of the wholesale energy market. By a decision of 25.11.2022, the Commission sanctioned 6 energy companies, imposing financial penalties on them in the total amount of BGN 1,258,419, the EWRC recalled.
