ROME – On Monday, Plenitude, the retail unit of Italian energy group Eni (NYSE: E), won an appeal against a 5-million-euro ($5.3 million) fine it received last year from Italy’s antitrust agency (AGCM) over billing practices.
The AGCM had accused Plenitude of breaching the terms of a government decree that had temporarily banned unilateral price increases for gas and electricity, as part of efforts to mitigate price hikes triggered by Russia’s war on Ukraine.
However, the TAR regional court of Lazio ruled that the decree did not prevent energy companies from raising prices following the expiry of special offers, as long as they gave due notice and the right of cancellation to customers.
As a result, the court struck out the fine against Plenitude.
($1 = 0.9466 euros)
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Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto. Read Full Bio
