JPMorgan Gets €500,000 Fine Over French Power Market Survey

(Bloomberg) -- JPMorgan Chase & Co.’s German unit was fined €500,000 ($567,500) for failing to adequately respond to a power market survey carried out by France’s regulator related to soaring prices during the energy crisis.

The fine from the Commission de Regulation de l’Energie is the first one based on failure by a market participant to provide information needed by the regulator, it said in a statement Tuesday.

To help understand the reasons for surging wholesale market prices during the crisis a few years ago, CRE surveyed 44 market participants of various nationalities and business profiles regarding their strategies and expectations for the 2022-23 winter. JPMorgan SE declined to fully respond to the survey, saying CRE didn’t have the right to make demands on firms based in other European Union member states.

Under French legislation, companies that intervene directly or indirectly in the French power market must respond to the regulator’s requests for information, CRE said. JPMorgan SE, which intervened indirectly in France’s wholesale market, partly responded to the requests, but didn’t provide details related to the identity of clients and counterparties that dealt with products which were subject to the survey, the regulator said.

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