REMIT breach: French energy regulator (CRE) fines Engie €500,000
What is it about?
CRE’s Dispute Settlement and Sanctions Committee (CoRDiS) has imposed a EUR 500,000 fine on Engie for insider trading on the French wholesale electricity market and for failing to publicly disclose inside information in an effective and timely manner.
REMIT Regulation (EU) No 1227/201 prohibits insider trading in Europe’s wholesale energy markets and establishes rules for the obligation to publish inside information.
Between 1 January 2019 and 31 December 2020, Engie breached Articles 3 and 4 of the REMIT Regulation on several occasions:
- Breach of the prohibition of insider trading by:
- Carrying out trading operations based on inside information (234 times); and
- Disclosing inside information outside the normal scope of the exercise of their duties (1 time).
- 22 instances of failing to publicly disclose, in an effective and timely manner, inside information related to the unavailability of their electricity generation facilities.
Insider trading, along with the failure to publicly disclose in an effective and timely manner inside information, severely compromises the integrity and transparency of the EU electricity market.
ACER welcomes this decision of the French energy regulatory authority promoting the transparency and integrity of the French electricity market.
Access the Decision and CRE’s press release (both in French).
See the latest table of REMIT breach sanction decisions adopted by national regulatory authorities.
Check the ACER REMIT Guidance (6th edition) for more information on the types of trading practices which could constitute market manipulation under REMIT.
Additional material on enforcement decisions under REMIT is accessible in the REMIT Quarterly reports that ACER publishes each quarter.