Equinor ASA and Danske Commodities will appeal €12 million ($12.59 million) in fines under France’s energy market rules.The fines relate to booking gas transmission capacities at the France-Spain Pirineos interconnection in 2019 and 2020.
France’s Energy Regulator (CRE) accused Equinor of colluding with Danske Commodities by overbooking capacity in annual auctions.
Equinor stated that it and Danske Commodities acted independently, with Equinor booking capacity solely to access the Spanish gas market.Equinor was fined €4 million and Danske Commodities €8 million.
Both will appeal the decision before France’s highest administrative court.”Market compliance is fundamental at Equinor,” said Irene Rummelhoff, EVP for marketing, midstream, and processing.Equinor stated that since acquiring Danske Commodities, it has implemented compliance measures, including information barriers, training, and independent monitoring.
Danske Commodities denied the allegations and will also appeal before the Higher Administrative Court.”Market compliance is central to our operations,” it said, adding that it provided thorough documentation proving adherence to regulations, forming the basis for its appeal.
Equinor bought Danske Commodities in 2019 for €400 million.”This acquisition boosts our renewable energy value and expands our energy trading capabilities,” said Irene Rummelhoff on Feb. 1, 2019.
