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07.03.2014 16:41
© European Parliament
The European Commission has imposed fines totalling EUR 5 979 000 on the two leading European spot power exchanges, EPEX Spot ("EPEX") and Nord Pool Spot (NPS) for having agreed not to compete with one another for their spot electricity trading services in the European Economic Area (EEA). Such behaviour breaches EU antitrust rules that prohibit cartels and restrictive practices. Power exchanges are organised markets for trading electricity. Spot trading means trading in the short run, such as within the same day or for the next day. NPS and EPEX received a fine reduction of 10% each for agreeing to settle the case with the Commission.
Joaquín Almunia, Commission Vice-President in charge of competition policy, said: “Power exchanges are central to an efficient functioning of electricity markets. In times when most European consumers are concerned by their rising electricity bills, I am particularly satisfied that we have brought to an end the market sharing agreement between EPEX and Nord Pool Spot."
The EC also fined Romania’s only power-exchange operator OPCOM. The company was penalized EUR 1 m for imposing restrictions on foreign entrants to the country’s wholesale electricity market, the EU said. OPCOM required electricity traders to have VAT registration in Romania, despite already having one in another EU contry.
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