The CoRDiS has published its decisions regarding EDF and EDF Trading’s alleged breach of REMIT provisions. The companies have respectively been fined 500,000 EUR and 50,000 EUR for having breached article 3 and 4 of the Regulation (EDF) and article 5 of the Regulation (EDFT).
EDF and EDF Trading under investigation
EDF and EDF Trading were under investigation for having breached some provisions of the Regulation on Wholesale Energy Market Integrity and Transparency. The REMIT Regulation provides a framework to ensure that market participants have a fair access to information, and that no market manipulation or insider trading takes place. The companies were being investigated for actions that took place in 2016 and were suspected of:
- Not having published relevant information to the rest of the market (article 4) ;
- Having performed insider trading (article 3);
- And in addition in the case of EDFT, having engaged in market manipulation (article 5).
In relation to the EDF case, the CoRDiS found that EDF did breach articles 3 and 4 of the REMIT Regulation, for which a fine of 500,000 EUR was imposed. The Cordis also found that EDFT only breached article 5 of the REMIT Regulation, for which a fine of 50 000 EUR was imposed.
Frontier Economics, in partnership with the law firm De Pardieu Brocas Maffei, supported EDF Trading during the investigation.
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