Podravka, HPB weigh on Croatian share indices
Most Bulgarian stock indices fall, SOFIX rises on Fibank gain
Most Romanian stock indices rebound, Electrica shines
Romania's Safetech Innovations net profit down 5% in 2023
Bosnia's Serb Republic GDP grows 2.4% y/y in Q4
Nov 17, 2023 16:24 EEST
November 17 (SeeNews) - Bulgaria’s utilities regulator said on Friday that it has imposed an aggregate fine of 2.11 million levs ($1.2 million/1.1 million euro) on local companies Most Energy and Kummer, after they were found to have been in breach of EU regulations for trading on the country's wholesale electricity market.
The two companies were each fined slightly over 1.05 million levs for breaches committed in January and June 2020 in transactions found to have manipulated the market, the Energy and Water Regulatory Commission said in a statement published on its website.
The companies may appeal the decision to the Sofia administrative court within 14 days, according to the statement.
This is the third time that the utilities regulator has sanctioned energy companies operating locally for manipulating the Bulgarian wholesale electricity trading market.
In March, the EWRC levied a fine of 165,238 levs on local company Energy Supply, which was also found to have traded in contravention of the EU Regulation on Wholesale Energy Market Integrity and Transparency (REMIT).
Prior to that, in late 2022, the regulator imposed an overall fine of 1.25 million levs on six Bulgarian power companies, including the National Electricity Company (NEK).
(1 euro = 1.95583 levs)
You have run out of free articles this month.
Sign up in for
and get ten (10) free articles per month or sign up for
and get unlimited access.
Browse our free newsletter options