Electric companies will face fines of up to 60 million dollars if they do not comply with the gas price ceiling.

This energy companies they will face fines of up to 60 million euros if they try to sell or buy electricity If the reference price of natural gas imposed by the state is not taken into account or submitted, the electricity market false or inaccurate information about your contracts with your customersas described in the royal decree approved by the Cabinet this Friday and published in the Official State Gazette this Saturday.

Execution tries to block in this way. traps throw one of the companies mechanism It was set as the highest price after a month and a half debate since the approval of the Council of Europe, which cost them dearly to establish. 40 Euros per megawatt-hour gas for six months, and this will increase by 5 euros per month until it reaches 70 euros at the end of the term.

bear May predictably next year, if nothing changes, it will be the last month that the mechanism can be in effect (in no case can it go further, according to the royal decree). It will come into effect in the coming weeks.after getting your approval European Commission.

In parallel with the final decision in Brussels, energy companies they have 5 working days If we count that from this Sunday the royal decree comes into effect (until friday 20) Presenting their contracts to the market operator (OMIE) with information on which part of the energy they sell to end customers is subject to. term hedging instruments. with OMIE 7 more working days from now on adapt your systems and ‘extract’ that energy with sauces sharing the setup cost.

subject to energy term hedging instruments is is exempt from compensation because the price of gas is really energy does not pass the market, but previously purchased at a fixed price. However, companies must show convincingly that it is. if they present “false or inaccurate” data faces a very serious breach between Electricity Sector Lawis indicated by Fines from 6 to 60 million eurosIn addition to the fact that they may lose their status as market intermediaries “as a temporary measure” the National Markets and Competition Commission (CNMC) will be the body responsible for verifying, analyzing and auditing all this information.

When the mechanism is actuated, it is likely in two weeksThe same penalty (very serious violation according to the Electricity Sector Law) is foreseen for combined cycle power plants, coal and some cogenerators (subject to the upper limit). different natural gas reference price Established by the government sales offers. And in the same situation purchase offers. In particular, the text underlines that this will be considered a very serious violation. lack of programming by market intermediaries corresponding to purchasing units for the purpose of avoid the cost of winding the adjustment mechanism among all purchasing units made.

Source: Informacion

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