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Spanish authorities have fined renewable energy provider Contigo Energía €6 million ($6.3 million) for selling photovoltaic power at night.
Spains National Commission for Markets and Competition (CNMC) recently fined Spanish renewable energy company Gesternova €6 million ($6.3 million) for manipulating the electricity market between January 1 and March 17, 2022.
The CNMC launched an investigation in March 2022 following a request from Spanish grid operator Red Eléctrica de España (REE), which found that Gesternova scheduled 64,127.4 MWh of PV power sales at night. REE also found that much of this power was subsequently sold at a lower price on the market.
In 6% of the night hours analysed, sales bids reached the marginal price resulting from the matching of bids. REE identified Gesternova as responsible for 92.7% of these nocturnal photovoltaic bids.
The CNMC resolution stated that Gesternova made offers with abnormal values, selling energy that was not available at night because the company lacked storage systems to transfer energy production to those hours.
The court found that Gesternovas financial gains from manipulation exceeded the maximum fine for serious infringements. It cited a financial gain of €6.2 million from the difference in prices between daily market sales and intraday buybacks.
Along with the fine, the CNMC ordered Gesternova to identify and compensate the agents displaced by its manipulation and asked REE to estimate the unit cost of scheduling the reserve units. REE must also determine how many units were scheduled due to Gesternovas actions and ensure that bids without storage systems are not scheduled for night matching.
Gesternova has argued that its actions were legal, normal and in line with European Union law, which encourages market participants to maximise opportunities. |
