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SUNDAY, NOVEMBER 22, 2009
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EU Slaps Gas Firms With $1.5B Fine for Price-Fixing

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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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jwilsonte
Jul 8, 09 6:41 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 Reply
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Mr.C
Jul 8, 09 2:05 PM CDT
this isn't about bush. move on.
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Adapt-Overcome
Jul 8, 09 7:45 AM CDT
And the U.S. is waiting for what? Reply
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Derni
Jul 8, 09 9:13 AM CDT
The USA has too many people at the top of the polkitical food chain getting $$$ from their dealings with energy companies-welcome to the haves and have nots Reply
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