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Spain continues clampdown on energy market abuse

The Spanish regulator has again fined energy companies for market rigging, this time invoking national legislation and levying fairly substantial fines The Spanish regulator has again fined energy companies for market rigging, this time invoking national legislation and levying fairly substantial fines.
By Andreas Walstad 2 days ago Europe & Russia / Policy & Regulation 0 34238
A gas-fired power plant in San Roque. (Naturgy)

Spanish competition regulator the CNMC is continuing its clampdown on energy market abuse, using national law and higher fines to scare off perpetrators. 

The CNMC announced last week that it had fined Naturgy – formerly Gas Natural Fenosa – and Endesa €19.5 million ($21.7 million) and €5.8 million respectively over alleged market abuse.

Based on the information available, the CNMC has alleged that Naturgy placed offers for its electricity in the Iberian power market that were higher than the marginal cost of the output from its gas-fired power...