Spain’s energy regulator CNMC has fined the trading divisions of Total and RWE a total EUR 4.8m for cancelling LNG deliveries to Spain in June 2021, it said on Thursday, according to Montel.
The CNMC fined RWE’s Supply & Trading unit EUR 3.6m and Total Gas & Power EUR 1.2m for failing to meet the deadline to notify TSO Enagas of any “important variations in their LNG supply programs in Spain”, it added in a statement.
According to the regulator, the two firms breached their obligation to notify the cancellation of vessels berthing in Spain within the stipulated period.
Traders can modify up to two times the arrival date of a tanker, as well as the destination and size of the ship berthing, only if such changes were notified at least five days in advance, the CNMC said.
Failing to meet this rule was a serious infringement, which carried a maximum penalty of EUR 6m, it added.
The LNG market had been tight in the first few months of 2021 amid cold weather but in May several LNG cargoes were seen in the west Atlantic with no clear destination.