The Comisión Nacional de los Mercados y la Competencia (CNMC) has fined Enet Energy S.A. €1 million for market manipulation in the organized gas market (MIBGAS). This violation occurred between April 24 and May 18, 2023, and is classified as a serious infringement under EU Regulation No. 1227/2011 (REMIT).

Enet Energy engaged in multiple trading sessions where it submitted large-volume sell orders at prices significantly lower than those offered by other market participants. For instance, on May 2, the company’s prices dropped by €2.50/MWh, and on May 17, by €16.00/MWh compared to previous offers. Shortly after these low offers, Enet Energy would submit new sell orders at higher prices, thereby altering the market price signals within seconds.

This behavior aimed to influence the market prices calculated at 17:30, which are used by the agency Icis Heren for determining the reference price of the gas system's Virtual Balance Point (PVB). The introduction of misleading price signals constitutes an attempt to manipulate the market, violating Article 5 of the REMIT regulation.

Recognizing its responsibility, Enet Energy paid the fine in advance, which allowed for a 20% reduction, bringing the total penalty down to €600,000.