Daily Management Review

Six Italian energy companies fined for illegal price increases


The Italian Competition Authority (AGCM), Italy's antitrust regulator, has fined six energy companies a total of more than €15.5 million for increasing consumer energy prices in spite of a law prohibiting the unilateral increase of gas and electricity prices.

Six Italian energy companies fined for illegal price increases
The AGCM claims that the businesses overcharged customers between August 10, 2022 and June 20, 2023, in violation of laws that shielded consumers from energy companies' arbitrary price increases.

Enel Energia will cover the €10 million maximum fine. The Wall Street Journal reports that Eni Plenitude, which increased prices to over 4 million customers without warning, was fined €5 million, while Acea Energia and Dolomiti Energia were fined €560,000 and €50,000, respectively.

According to the regulator, Iberdola's Italian branch in Spain threatened to stop providing services to customers if they refused to accept a price increase. A fine of €25,000 was imposed on the company.

Because Edison Energia raised prices earlier than permitted but later reimbursed customers, the company must pay a minimum fine of €5,000.

According to WSJ, Eni Plenitude feels that what it did was the right thing to do and that it has the right to challenge the regulator's ruling.

Dolomiti Energia and Iberdrola concur that their actions were legal.

source: wsj.com