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Bulgarian Energy Regulator Fines Kozloduy NPP EAD €300,000 for Insider Trading

The Bulgarian Energy and Water Regulatory Commission (EWRC) has imposed a fine of BGN 604,064 (approximately €300,000) on Kozloduy NPP EAD for insider trading on the Bulgarian wholesale electricity market. The decision was made public on April 16, 2024.

Insider Trading Violation

According to EWRC, Kozloduy NPP EAD executed sales transactions in the Bulgarian electricity Intraday and Day ahead markets (IBEX) using inside information about the return of the power plant’s availability on October 31 and November 1, 2021. The EU Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) prohibits trading based on inside information in Europe’s wholesale energy markets.

Previous REMIT Decisions

This is the fourth REMIT decision issued by the Bulgarian regulator in two years, following similar fines imposed on several other companies:

• Energy MT EAD
• Grand Energy Distribution EOOD
• Interelektrik EOOD
• Interprom EOOD
• Most Energy AD
• National Electric Company EAD - NEK EAD

Appeal and Significance of the Case

The decision can be appealed before the Administrative Court in Sofia within 14 days of its notification. The case is a significant reminder to market participants of the importance of adhering to REMIT regulations and avoiding insider trading.