Kozloduy NPP fined for insider trading under REMIT (EWRC, 2024)
EWRC found that Kozloduy NPP traded on inside information in sales on 31 October and 1 November 2021. ACER's release says the information concerned the return of the plant's availability.
On this page
The decision
- Authority
- Energy and Water Regulatory Commission (EWRC), Bulgaria
- Decided
- 16 April 2024
- Participants
- Kozloduy NPP EAD
- Commodity
- Electricity
- Market
- Intraday and day-ahead markets of the Bulgarian Independent Energy Exchange (IBEX)
- Conduct period
- 31 October and 1 November 2021
- REMIT
- Article 3 (Insider trading)
- Type of conduct
- Insider trading
- Penalty
- BGN 604,064 (approx. EUR 300,000)
- Status
- Appeal possible to the Sofia Administrative Court within 14 days of notification
What EWRC found
At a closed session on 16 April 2024, EWRC adopted a decision imposing a property sanction of BGN 604,064 (about EUR 300,000) on Kozloduy NPP EAD for prohibited use of inside information, in breach of Article 3 of REMIT, in transactions concluded on 31 October and 1 November 2021.
ACER's release on the decision adds that, in the context of the unavailability of the plant, EWRC found the company executed sales on the Bulgarian intraday and day-ahead electricity markets (IBEX) using inside information on the return of the plant's availability. EWRC's own release does not describe the information or the transactions.
This account is based on the official public releases. EWRC's explanation of Article 74a(8) of the Energy Act states that decisions and protocols concerning REMIT Article 3 and 5 breaches are not published on its website.
The penalty
EWRC imposed the sanction under Article 224d of the Energy Act and calculated the amount by its methodology for sanctions and fines under that article. The decision can be appealed to the Administrative Court of Sofia City within 14 days of notification.
It was EWRC's fourth decision sanctioning abuse of the wholesale energy market under Articles 3 or 5 of REMIT, after the November 2022 decision on NEK and five others, the March 2023 Energy Supply decision and the November 2023 Most Energy and Kumer decision.
For a surveillance function
ACER's account links the sales to information about the return of the nuclear plant's availability. Its explanation concerns the use of that information in trading, rather than a finding based only on an outage or a late public announcement. The releases do not describe EWRC's detailed evidence or the company's response.
Sources
- EWRC, news release, 22 April 2024 (Press release)
- ACER, REMIT breach: EWRC fines Kozloduy NPP EAD EUR 300,000 for insider trading, 23 April 2024 (ACER release)
- EWRC, news release, 17 November 2023 (Press release, in Bulgarian)
- ACER, overview of REMIT sanction decisions (ACER register)
Sources read on 27 October 2026. This page restates what the authority published and adds no finding of its own. A decision under appeal is not final, and its status may have changed since: check the source before relying on it.