June 15, 2024
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HomeUncategorizedRomania: ANRE fined three energy traders with 3.6 million euros for pre-arranged...

Romania: ANRE fined three energy traders with 3.6 million euros for pre-arranged deals

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Romanian energy regulator ANRE concluded that three local energy traders breached the integrity and transparency of the wholesale energy market and fined them with a total sum of RON 18 million (3.6 million euros) for market manipulation – specifically for pre-arranged cross sales (wash sales).

The three companies were investigated as a result of suspicions of manipulation or attempted manipulation of the wholesale electricity market, following transactions carried out in the Centralized Market, with continuous double negotiation of bilateral electricity contracts (PC-OTC).

All three companies were found to have breached the regulations as a result of pre-arranged deals among them.

The companies were involved in market manipulation practices wholesale of electricity, ANRE concluded, adding that the transactions carried out are included in the subcategory of pre-arranged washing sales – “pre-arranged trading,” thus violating the provisions of Regulation (EU) on wholesale energy market integrity and transparency (REMIT), regarding the prohibition of market manipulation or attempted market manipulation on wholesale energy market.

Pre-arranged trades are buy and sell orders for substantially the same volume and price and are undertaken or given by different parties acting in collaboration.

A wash sale is a transaction where the buyer and the seller are the same person, i.e., where the purchase or sale of any securities does not involve a change in the beneficial ownership of those securities.


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