Bulgaria's energy regulator levies 645,000 euro fine on six power companies

The remaining companies are Interprom, Energy MT, Most Energy, Grand Energy Distribution and Interelectric, the Electricity and Water Regulatory Commission (EWRC) said in a statement on Tuesday.

The largest fine, of 625,097 levs, was imposed on NEK. All penalties refer to market transactions which were carried out in the first half of 2019 and represented market manipulation.

The penalties were imposed under the EU regulation on wholesale energy market integrity and transparency (REMIT), EWRC noted.

REMIT, which entered into force in 2011, provides a mechanism to evaluate and penalise insider trading and market manipulation in wholesale energy markets in EU member states. Under this regulation, all wholesale gas or electricity traders in European markets have been obliged since 2015 to report information on their trading activities to the EU Agency for the Cooperation of Energy Regulators (ACER).

In a separate statement, NEK stressed that the fine refers to activities performed in the first six months of 2019 and that the company has fully cooperated with EWRC's investigation.

The decision can be appealed within 14 days at the Sofia Administrative Court.

(1 euro = 1.95583 levs)