16 May 2022
Deals | France | Public Law, Energy & Environment
EU Regulation no. 1227/2011 of the European Parliament and Council dated 25 October 2011 concerning the integrity and transparency of the wholesale energy market ("REMIT Regulation") sanctions, in order to guarantee the transparency and integrity of the energy markets, three behaviours: insider dealing (Article 3), failure to publish inside information (Article 4) and market manipulation (Article 5).
On 25 April 2022, the Dispute Settlement and Sanctions Committee (Comité de règlement des différends et des sanctions, CoRDiS) of the French Energy Regulatory Commission (Commission de régulation de l’énergie, CRE), upon referral by the Chairman of the CRE, issued a EUR 500,000 sanction decision against EDF for failure to comply with Articles 3 and 4 of the REMIT Regulation, while dismissing the second grievance referred to the Committee. On the same day, CoRDiS imposed a sanction of EUR 50,000 on EDF Trading Limited for an operational error, pursuant to Article 5 of the REMIT Regulation.
This is the third decision of CoRDiS under the REMIT Regulation, the first decision in France relating to Articles 3 and 4. It is also the first EU-wide decision applying Article 4 on the disclosure of inside information.
Gide's team representing EDF was headed by Michel Guénaire, working with associates Emma George and Sarah Assayag on energy law aspects, as well as associate Amaury Lavenant and financial expert Stéphanie Philippe on aspects of financial markets law.
For its part, EDFT was advised by Christine Le Bihan-Graf, Alice Gaillard, Laure Rosenblieh and Maxime Gardellin from firm De Pardieu Brocas Maffei.