The French energy group Engie was fined 80,000 euros for trading for a few tenths of a second in the gas wholesale market on January 23, 2017, the Official Journal reported on Saturday. The decision of the Energy Settlement Commission (CRE) Dispute Settlement Commission (CRE), which was confiscated on February 25, 2020, refers to non-compliance with the European Regulation on Transparency of the Wholesale Energy Market.
Engie was accused of some kind of internal trade (a term not used by CRE), in particular, the oral transmission of information within the company, in particular, the failure to install a technical mechanism to automatically freeze the screens of members of the organization at that time. as it spreads its trading teams within the operational information group, which can have an impact on the market. The protocol thus confirms:that a member of the short-term trading team used inside information from 06:01:08 to 06:01:17 on January 23, 2017.The text of the commission, which was published in the Defense Army, is mentioned.
Before the announcement of the extension of the closing period of the Combigolfe plant was published at 06:01:24, it mentioned five purchase transactions, which were registered just before, from 06:01:08 to 06:01:17. h: In today’s short-term market, the products for which the information is referred to as “Privilegedas long as it is not public. Engie does not dispute these deals, which he describes as “human error“Committed”without the intention of ignoring the rules“, Եւ emphasizes that the transactions made”did not affect the market«.
A fine that could amount to more than 4 billion euros
«Engie was fined € 80,000The text, which will also be published in Engie’s next financial press release on July 29, states: This is the lowest fine provided. It could amount to more than 4 billion euros (8% of the group’s turnover without taxes). Angie in particular called for “Summary of events«Եւ»Absence of recurrent violations«.
The commission, in turn, consideredof particular severity»Violations committed. He notes that “The nature of human unintentional error, as the behavior of these people was not based on personal desire to make a profit, shows that a strict management system could not prevent these kinds of “mistakes”.«. And welcomes the fact that Angie “necessary palliative measures have been taken«.
Source: Le Figaro
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