Italy's Eni wins appeal against $5.3 million antitrust fine
ROME, Nov 18 (Reuters) -Plenitude, the retail unit of Italian energy group Eni ENI.MI, on Monday won an appeal against a 5-million-euro ($5.3 million)fine it received last year from Italy's antitrust agency (AGCM) over billing practices.
The AGCM had accused Plenitude of breaching the terms of a government decree that had temporarily banned unilateral price increases for gas and electricity, as part of efforts to mitigate price hikes triggered by Russia's war on Ukraine.
However, the TAR regional court of Lazio ruled that the decree did not prevent energy companies from raising prices following the expiry of special offers, as long as they gave due notice and the right of cancellation to customers.
As a result, the court struck out the fine against Plenitude.
($1 = 0.9466 euros)
Reporting by Alvise Armellini, editing by Keith Weir
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
