France’s energy regulator is penalizing the German unit of global financial services firm JPMorgan Chase for failing to provide sufficient information to a power market survey related to soaring electricity prices.
In a statement, the French Energy Regulatory Commission (CRE) says it sought to question 44 market participants to understand the causes of the unprecedented increase in electricity prices, which spiked in 2022.
The CRE says that 43 participants responded to requests for information, but J.P. Morgan SE (JPMSE) refused to share some information, particularly those related to the identity of the company’s counterparties and customers that engaged in transactions related to the subject of the survey.
JPMSE reasoned that the French regulator does not have the power to make binding requests to market players based in other European Union member states.
In response, the CRE says it conducted an investigation and found the firm violated a law that entitles the regulator to collect information from companies operating in the French electricity market.
The CRE’s Disputes and Sanctions Settlement Committee (CoRDiS) is now sanctioning JMPSE with a €500,000 ($567,500) fine.
“This is the first decision of the CoRDiS concerning a breach of the obligation to communicate information necessary for the fulfillment of the CRE’s missions.”
At time of publishing, JPMorgan Chase has not issued a public comment addressing the fine.
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