The Energy Authority has submitted a proposal on 23 April 2026 to the Market Court requesting the imposition of administrative fine of EUR 9,254,600 on Kinect Energy Sweden AB for a breach of the prohibition of market manipulation. Already in December 2025, the Energy Authority concluded that Kinect Energy Sweden AB had infringed the prohibition of market manipulation laid down in the REMIT Regulation. The Energy Authority is now, for the first time, proposing the imposition of a administrative fine for breach of the REMIT Regulation.
The proposed administrative fine is based on Kinect Energy Sweden AB’s conduct that was deemed negligent. The company submitted an erroneous order to the day-ahead electricity market on 23 November 2023, leading to significant market effects in the wholesale energy markets. As a result of the erroneous order submitted by the company, the average price in the Finnish bidding zone on the day-ahead electricity market 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 had an impact on electricity prices in regions outside of Finland.
In its decision issued on 11 December 2025, the Energy Authority found that the erroneous order gave false or misleading signals as to the supply of wholesale energy products and set the prices on the day-ahead electricity market at an artificial level. The conduct fulfilled the elements of market manipulation prohibited under the REMIT Regulation. The administrative fine proposed by the Energy Authority corresponds to 5.5 percent of Kinect Energy Sweden AB’s total annual turnover for the year 2023.
The Market Court will continue the proceedings on the proposal of the administrative fine. Should the Market Court decide to impose an administrative fine on Kinect Energy Sweden AB, the fine will be payable to the State of Finland.
Regulation (EU) No 1227/2011 of the European Parliament and of the Council on wholesale energy market integrity and transparency (REMIT) prohibits market manipulation and misuse of inside information and requires market participants to effectively publish inside information in their possession. National provisions on the sanctions applicable to infringements of the REMIT Regulation are laid down in the Act on the Supervision of the Electricity and Natural Gas Markets. A breach of the prohibition of market manipulation may result in a administrative fine of up to 10 percent of the legal person’s total annual turnover. A administrative fine may also be imposed on a natural person.
Energy Authority’s press release 15 December 2025: Kinect Energy Sweden AB breached the prohibition of market manipulation
Further information:
- Senior Specialist Mari Salo, tel. +358 29 5050 062
- Legal Counsel Otso Liikanen, tel. +358 29 5050 153
- Deputy Director General Antti Paananen, tel. +358 29 5050 013
Email addresses: [email protected].
