The Bucharest Court of Appeal annulled the ANRE fine imposed on Tinmar Energy for allegedly manipulating the energy market

In September 2026, the Bucharest Court of Appeal fully annulled ANRE’s decision sanctioning Tinmar Energy for the alleged manipulation of the energy market, as well as the investigation report underlying the fine. The ruling was issued in proceedings initiated by the company in 2024 and may be challenged on appeal, on the limited grounds provided by law.

The sanction imposed by ANRE in 2024 was based on the allegation that Tinmar Energy had used A-B-A transactions, in which the same market participants return in reversed positions. According to a statement issued by the law firm representing the company, at the time it was imposed, the fine was the largest individual penalty in the European Union for an alleged breach of the REMIT regulation.

Tinmar Energy argued in court that the sanction had no factual or legal basis. The company was represented by a consortium of three law firms, coordinated by Reff & Asociații | Deloitte Legal.

Company representatives welcomed the decision and said they would continue to use all legal means to defend Tinmar Energy’s reputation and interests. Reff & Asociații | Deloitte Legal described the ruling as a benchmark concerning standards of proof, procedural safeguards and judicial review in cases involving major sanctions.