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Two of Britain's leading energy companies have together been fined more than €1.1 billion (£950 million) for illegally carving up their own domestic markets on the Continent.
E.On, the German company best-known for sponsoring the FA Cup, and French giant GDF Suez have each been fined €553 million for artificially fixing prices.
It is the second-largest cartel price-fixing fine in European Union history. The two have been found guilty by the European Commission's Competition directorate of agreeing not to challenge the other in each other's domestic market.
"Market sharing is one of the worst types of antitrust infringement," said Competition 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 EU."
E.On is one of Britain's biggest electricity generators and household suppliers. GDF Suez is a leading trader of electricity and gas to UK business consumers, and has power station and gas import and storage facilities in Britain.
Reader views (1)
It is amazing how little of this report hit the national news. Is this because price fixing is now seen as accepted practice?I have now changed m energy supplier from Eon who haven't had the good grace to apologize for ripping off their customers. Well done for a good report.
- Rob Townhill, Bath,UK
