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EU Slaps Gas Firms With $1.5B Fine for Price-Fixing

By Jason Farago,  Newser Staff

Posted Jul 8, 2009 5:48 AM CDT
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(Newser) – The European Union's powerful competition commissioner slapped two energy companies with record fines of $1.53 billion today for cartel misbehavior. GDF Suez and E.ON, two of the world's biggest gas producers, colluded to avoid competition in French and German energy markets and drive up prices. It's the first time that the commission has imposed antitrust fines on an energy company, reports the Wall Street Journal.

"Market sharing is one of the worst types of antitrust infringement," said commissioner Neelie Kroes. "This agreement deprived customers of more price competition and more choice of supplier in two of the largest gas markets in the European Union." GDF Suez plans to appeal the fine.

An engineer with E.ON checks the pressure in a natural gas pipeline in Hajduszoboszlo, Hungary, early this year. E.ON and GDF Suez were hit with a $1.5 billion fine today.
An engineer with E.ON checks the pressure in a natural gas pipeline in Hajduszoboszlo, Hungary, early this year. E.ON and GDF Suez were hit with a $1.5 billion fine today.   (AP Photo/Bela Szandelszky)
Neelie Kroes, the EU competition commissioner, addresses the media in Brussels last year. She fined two energy companies $1.5 billion today.
Neelie Kroes, the EU competition commissioner, addresses the media in Brussels last year. She fined two energy companies $1.5 billion today.   (AP Photo/Yves Logghe)
A street sign points towards the factory of E.ON Ruhrgas company in Waidhaus, southern Germany.
A street sign points towards the factory of E.ON Ruhrgas company in Waidhaus, southern Germany.   (AP Photo/Julia Kellner)
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COMMENTS
Showing 3 of 4 comments
AdaptAndOvercome
Jul 8, 2009 12:45 PM CDT
And the U.S. is waiting for what?
jwilsonte
Jul 8, 2009 11:41 AM CDT
when is our goverment here in U.S. going to bring the finds for the corruption that took place under GEORGE BUSH ? when he canceled anti -trust act proscution! and allowed price fixing
Mr.C
Jul 8, 2009 7:05 AM CDT
this isn't about bush. move on.
World • Money

 
Germany • European Union • France • energy prices • competition • natural gas • energy markets • Neelie Kroes • fine • energy consumption • anticompetitive

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