REMIT breach: the Bulgarian energy regulator (EWRC) fines Kozloduy NPP EAD € 300,000 for insider trading

On 16 April 2024, the Bulgarian Energy and Water Regulatory Commission (EWRC) adopted a decision imposing a fine of BGN 604,064 (approximatively €300,000) on Kozloduy NPP EAD for insider trading on the Bulgarian wholesale electricity market.

The EU Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) prohibits trading based on inside information in Europe’s wholesale energy markets.

In the context of the unavailability of the Kozloduy nuclear power plant, EWRC found that on 31 October and 01 November 2021, Kozloduy NPP EAD executed sales transactions in the Bulgarian electricity Intraday and Day ahead markets (IBEX), using inside information on the return of the power plant’s availability.

Under the REMIT Regulation, using inside information by acquiring/disposing of wholesale energy products to which that information relates or disclosing inside information to any other person (unless such disclosure is part of the normal exercise of their employment, profession or duties) is prohibited.

EWRC found that Kozloduy NPP’s conduct breached Article 3 of the REMIT Regulation. This is the fourth REMIT decision issued by the Bulgarian regulator in two years, the other ones imposed on Energy MT EAD, Grand Energy Distribution EOOD, Interelektrik EOOD, Interprom EOOD, Most Energy AD and National Electric Company EAD – NEK EAD; on Energy Supply EOOD; and on Most Energy EAD and Kumer OOD.

The decision may be appealed before the Administrative Court in Sofia within 14 days of its notification.

Access EWRC’s press release (in Bulgarian and in English).

Check the ACER REMIT Guidance (6th edition) for more information on insider trading under REMIT.

See the latest table of REMIT breach sanction decisions adopted by national regulatory authorities.

Additional material on enforcement decisions under REMIT is accessible in the REMIT Quarterly reports that ACER publishes each quarter.