Equinor Denies French Accusation of Unfair Gas Trading

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Equinor Denies French Accusation of Unfair Gas Trading

Equinor ASA and its energy trading arm Danske Commodities A/S have said they would appeal fines totaling EUR 12 million ($12.59 million) in two cases under France’s Regulation on Wholesale Energy Market Integrity and Transparency. The cases concern the booking of annual gas transmission capacities at auctions for the French-Spanish network interconnection point Pirineos in […]

The cases concern the booking of annual gas transmission capacities at auctions for the French-Spanish network interconnection point Pirineos in 2019 and 2020, according to the companies.

The French Energy Regulatory Commission (CRE) accused Equinor of colluding with Danske Commodities in the first round of the annual gas capacity auctions by reserving more than the maximum volume offered for sale, according to Equinor.

“Equinor maintain that Equinor and Danske Commodities acted independently, and that Equinor booked capacity solely in order to keep access to the Spanish capacity booking platform and therefore ensure access to the Spanish gas market”, Equinor said in an online statement.

The Norwegian majority state-owned oil and gas major said it has been fined EUR 4 million and Danske Commodities EUR 8 million.

It said it would appeal the decision before the highest court in France for handling cases involving public administration.

“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”, said Irene Rummelhoff, executive vice president for marketing, midstream and processing at Equinor.

The company said, “From Equinor’s acquisition of Danske Commodities and onwards, market compliance measures have included information barriers in systems and organizational setup as well as training and follow-up by separate market compliance units”.

Danske Commodities separately denied the allegations and said it would also appeal before the Higher Administrative Court.

“As a reliable market participant in France for 18 years, market compliance is at the core of Danske Commodities’ activities”, it said in a statement. “The company remains firm in its belief that the decision is incorrect.

“Throughout the process, Danske Commodities has presented thorough documentation, demonstrating that the company has acted in accordance with market regulation. This is the basis for Danske Commodities’ appeal”.

Equinor acquired Danske Commodities in 2019 for EUR 400 million.

“The acquisition of Danske Commodities strengthens our ability to capture value from our production of renewable electricity and supports our aim to grow in profitable new energy solutions”, Rummelhoff said in a statement February 1, 2019. “DC’s market presence and expertise in energy trading complements Equinor’s position as the second-largest supplier of natural gas to Europe and as one of the world’s largest net sellers of crude oil”.

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