The French Energy Regulatory Commission (CRE) has fined Equinor four million euros and Danske Commodities eight million euros for violating market rules in connection with the booking of annual gas transmission capacities in 2019 and 2020. Both companies will appeal the decision. Equinor, which owns Danske Commodities, said in a press release.
CRE assesses that Equinor collaborated with Danske Commodities in a capacity auction at the French-Spanish grid connection point Pirineos in 2019 and 2020 by reserving more than the maximum volume of capacity that was put up for sale.
Both Equinor and Danske Commodities deny the allegations and maintain that they acted independently. According to Equinor, the booking was necessary to maintain access to the Spanish capacity booking platform, while Danske Commodities argues that their trade was carried out within the framework of applicable market rules.
- Compliance with market rules is fundamental at Equinor, and we have standards and procedures in place to ensure that we comply with the rules and market conduct rules in the markets in which we operate. We have not found any evidence of collusion, and on that basis we disagree with the CRE's decision that the alleged coordination has taken place. We will appeal the decision, says Irene Rummelhoff, who is executive vice president for Marketing, Midstream and Processing in Equinor.
Both companies will appeal the case to the Conseil d’État, the highest court in France for cases concerning public administration.
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