Equinor, a Norwegian energy company, and its trading arm Danske Commodities have been fined a combined total of €12m ($12.5m) by the French Energy Regulatory Commission (CRE) for breaching wholesale gas market rules.
The fines, amounting to €4m for Equinor and €8m for Danske, stem from the companies’ activities at the interconnection point between the French and Spanish gas networks in 2019 and 2020.
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The CRE disclosed that the fines were imposed for two regulatory breaches during the first round of an annual gas capacity auction.
The CRE also stated that Equinor and Danske cooperated in the first round of an annual gas capacity auction, leading to a lower price for the trading business, a claim the company has denied.
Equinor has stated its intention to appeal the ruling in the Conseil d’État, France’s highest court for public administration cases.
Equinor Midstream and Processing executive vice-president for marketing Irene Rummelhoff said: “Market compliance is fundamental in Equinor, and we have standards and routines in place to ensure that we comply with regulations and conduct rules in the markets we operate in.
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By GlobalData“We have found no signs of collusion and on that basis, we do not agree with the decision from CRE that the alleged collusion took place. We will appeal the decision.”
In December 2024, Equinor completed its exit from upstream operations in Azerbaijan and Nigeria, securing an estimated total consideration of up to $2bn (Nkr22.16bn).
These exits, finalised on 29 November 2024 and 6 December 2024, align with Equinor’s strategy to optimise its oil and gas portfolio.
The divestment in Azerbaijan provided $745m in cash, while the Nigeria transaction totals up to $1.2bn, including a $710m purchase price and additional contingent payments.
