The Spanish National Commission for Markets and Competition (CNMC) has imposed a €1 million fine on Enet Energy S.A. for attempting to manipulate the organized natural gas market (MIBGAS) between 24 April and 18 May 2023. The conduct constitutes a violation of Article 5 of Regulation (EU) No. 1227/2011 (REMIT), which prohibits market manipulation and attempted manipulation in wholesale energy markets.
According to the CNMC, during several trading sessions, Enet Energy entered large-volume sell orders around 17:30, the time when reference price indices for the gas market are calculated. These offers were significantly below those of other sellers for the same product in the same session, triggering sharp declines in market prices. The company’s actions resulted in price reductions ranging from –€2.50/MWh (on 2 May) to –€16.00/MWh (on 17 May), compared with the previous best offer from another market participant.
Seconds later, Enet Energy placed new sell orders at higher prices, effectively reversing the artificial price signal it had just introduced. These subsequent increases ranged from +€2.00/MWh (on 24 April) to +€12.00/MWh (on 11 May). The CNMC concluded that this pattern of inserting low-priced, high-volume orders and then quickly correcting them was aimed at influencing the benchmark prices used by ICIS Heren to calculate the Virtual Balancing Point (PVB) reference price for the Spanish gas system.
The regulator determined that such conduct constitutes the creation of false or misleading signals regarding the supply, demand, or price of wholesale energy products — a practice considered market manipulation or attempted manipulation under REMIT. The infringement is classified as serious pursuant to Article 110.u) of Law 34/1998 on the Hydrocarbons Sector.
Enet Energy acknowledged its responsibility and opted for an early payment of the fine. In accordance with Article 85.3 of Law 39/2015 on the Common Administrative Procedure of Public Administrations, the CNMC applied two 20% reductions to the original sanction. As a result, the final fine was reduced to €600,000.
The CNMC continues to monitor trading activity in Spain’s wholesale gas market to ensure transparency and compliance with REMIT and national energy regulations.
