The Energy Authority considers that Kinect Energy Sweden AB has breached the prohibition of market manipulation under the REMIT Regulation. The Energy Authority will propose to the Market Court the company to be ordered to pay an administrative fine. The Authority investigated an erroneous sell bid submitted by the company to the day-ahead electricity market in 2023.
According to the decision issued by the Energy Authority on 11 December 2025, Kinect Energy Sweden AB has breached Article 5 of the REMIT Regulation, which prohibits the manipulation of wholesale energy markets.
The Energy Authority considers that Kinect Energy Sweden AB acted negligently by submitting an erroneous order to the day-ahead electricity market on 23 November 2023, thereby causing significant market impacts on the wholesale energy markets. As a result of the erroneous order, the average price in the Finnish bidding zone on 24 November 2023 was -203.40 EUR/MWh, and the price remained at the minimum level of -500 EUR/MWh for a total of 10 hours. The error also impacted electricity prices beyond Finland.
According to the Authority’s decision, the erroneous order provided, within the meaning of Article 2 of the REMIT Regulation, false or misleading signals regarding the supply of wholesale energy products, and consequently the prices in the day-ahead electricity market were set at an artificial level. The company is therefore deemed to have breached the market manipulation prohibition laid down in Article 5.
The Energy Authority will separately submit a proposal to the Market Court the company to be ordered to pay an administrative fine for the infringement.
The investigation was initiated after the Energy Authority noticed exceptionally low prices in the Finnish bidding zone for the delivery day of 24 November 2023, as well as a UMM message published by Kinect Energy Sweden AB stating that it had submitted an erroneous sell order to the day-ahead electricity market.
The decision of the Energy Authority is not yet legally binding. The decision may be appealed to the Market Court.
The Energy Authority supervises compliance in Finland with the Regulation (EU) on wholesale energy market integrity and transparency (the REMIT Regulation). The Regulation prohibits insider trading and market manipulation and requires market participants to publish inside information in their possession.
Further information:
Decision, Kinect Energy Sweden AB (in Finnish)
Chief Specialist Jarno Lamponen, tel. +358 29 5050 072, and Director Antti Paananen, tel. +358 29 5050 013. Email addresses: [email protected].
