Tinmar Energy has won, at first instance, its legal case against the Romanian Energy Regulatory Authority (ANRE) concerning a fine imposed on the company for alleged energy market manipulation, following a ruling issued today by the Bucharest Court of Appeal.

The court admitted the complaint filed by Tinmar Energy and annulled the decision through which ANRE had sanctioned the company for alleged market manipulation.

Following the examination of extensive evidence, the court reached an in-depth understanding of the trading mechanisms specific to the over-the-counter (OTC) segment and, through its ruling, upheld Tinmar Energy’s position regarding the legality and correctness of its commercial activities.

As a result of the ruling, the RON 363.98 million fine imposed on Tinmar Energy has been cancelled in full.

“We have had confidence in the judicial process throughout this case, and today’s ruling confirms that this confidence was justified. The court’s decision validates the legality and correctness of Tinmar Energy’s actions and reaffirms the arguments consistently put forward by the company.

“We appreciate the court’s thorough analysis of the factual and legal circumstances, as well as its ruling, which sends an important signal to the entire market: the mechanisms governing wholesale energy trading remain valid, while the court’s decision restores the clarity and predictability that market participants need in order to continue operating,” said Augustin Oancea, founder of Tinmar Energy.