Equinor ASA and its vitality buying and selling arm Danske Commodities A/S have stated they might enchantment fines totaling EUR 12 million ($12.59 million) in two circumstances underneath France’s Regulation on Wholesale Power Market Integrity and Transparency.
The circumstances concern the reserving of annual gasoline transmission capacities at auctions for the French-Spanish community interconnection level Pirineos in 2019 and 2020, in response to the businesses.
The French Power Regulatory Fee (CRE) accused Equinor of colluding with Danske Commodities within the first spherical of the annual gasoline capability auctions by reserving greater than the utmost quantity provided on the market, in response to Equinor.
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“Equinor keep that Equinor and Danske Commodities acted independently, and that Equinor booked capability solely so as to preserve entry to the Spanish capability reserving platform and subsequently guarantee entry to the Spanish gasoline market”, Equinor stated in a web-based assertion.
The Norwegian majority state-owned oil and gasoline main stated it has been fined EUR 4 million and Danske Commodities EUR 8 million.
It stated it will enchantment the choice earlier than the best courtroom in France for dealing with circumstances involving public administration.
“Market compliance is key in Equinor and we have now requirements and routines in place to make sure that we adjust to laws and conduct guidelines within the markets we function in”, stated Irene Rummelhoff, govt vice chairman for advertising and marketing, midstream and processing at Equinor.
The corporate stated, “From Equinor’s acquisition of Danske Commodities and onwards, market compliance measures have included info obstacles in programs and organizational setup in addition to coaching and follow-up by separate market compliance models”.
Danske Commodities individually denied the allegations and stated it will additionally enchantment earlier than the Greater Administrative Court docket.
“As a dependable market participant in France for 18 years, market compliance is on the core of Danske Commodities’ actions”, it stated in a press release. “The corporate stays agency in its perception that the choice is inaccurate.
“All through the method, Danske Commodities has offered thorough documentation, demonstrating that the corporate has acted in accordance with market regulation. That is the idea for Danske Commodities’ enchantment”.
Equinor acquired Danske Commodities in 2019 for EUR 400 million.
“The acquisition of Danske Commodities strengthens our capability to seize worth from our manufacturing of renewable electrical energy and helps our intention to develop in worthwhile new vitality options”, Rummelhoff stated in a press release February 1, 2019. “DC’s market presence and experience in vitality buying and selling enhances Equinor’s place because the second-largest provider of pure gasoline to Europe and as one of many world’s largest internet sellers of crude oil”.
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