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Policy & Regulation

Engie becomes latest target in market abuse clampdown

The trading arm of the French energy firm has become the latest to be fined over alleged gas market manipulation as European regulators step up their efforts to combat price rigging The trading arm of the French energy firm has become the latest to be fined over alleged gas market manipulation as European regulators step up their efforts to combat price rigging.
By Andreas Walstad 5 September 2019 Europe & Russia / Policy & Regulation 0 34554
Energy traders in Dusseldorf, Germany. (E.On)

The UK’s energy regulator, Ofgem, said on Thursday that it had fined Engie Global Markets (EGM) around £2.1 million ($2.57 million) after an investigation found evidence that one of the company’s traders had manipulated the front-month contract on the UK gas market to increase profits.

Between June and August 2016, the trader allegedly placed artificially high bids and offers for the front-month contract with no intention of trading at those prices, with the sole aim of profiting from moving the market in either...