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France: Equinor and Danske fined €12 million: Companies challenge CRE’s decision

The French Energy Regulatory Commission (CRE) has imposed a €12 million fine on Equinor and Danske Commodities for market manipulation during gas transport auctions. Equinor disputes the decision and has announced its intention to appeal.
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The French Energy Regulatory Commission (CRE) has announced a financial penalty against Norwegian group Equinor and its Danish subsidiary Danske Commodities. These companies are accused of manipulating annual auctions for gas transport capacities between France and Spain in 2019 and 2020.

A sanction for market rule violations

The Dispute Settlement and Sanctions Committee (CoRDiS) of the CRE fined Danske Commodities €8 million and Equinor €4 million. This decision is based on a violation of the European regulation on wholesale energy market integrity and transparency (REMIT).

According to the CRE, both companies placed extreme bids during the auctions: Danske Commodities requested the maximum capacity (82,286 kWh/h), while Equinor requested the minimum (1 kWh/h). This allocation led to the interconnection point being classified as “congested,” triggering a tariff mechanism that reduced the cost of intra-annual capacities, benefiting Danske.

Equinor rejects any accusations of collusion

Equinor immediately responded to the sanction through its Executive Vice President for Marketing, Irene Rummelhoff. “We disagree with the CRE’s decision that alleged collusion took place,” she stated in a press release.

The Norwegian group confirmed its intention to appeal the sanction before the French Council of State, the country’s highest administrative court. This challenge aims to contest the CoRDiS conclusions regarding an alleged concerted action between Equinor and Danske Commodities.

Impact on the gas market

This decision comes as European regulatory authorities intensify their scrutiny of market practices. The financial penalties against Equinor and Danske Commodities reflect an increased effort to prevent manipulations that could distort pricing and affect competition.

The natural gas sector, already facing geopolitical tensions and price volatility, may see further investigations in the future. The outcome of Equinor’s appeal will be closely monitored by market players, concerned about potential implications for auction rules and cross-border capacity management.

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