Dentons, alongside two other law firms, advises Tinmar Energy on landmark annulment of the largest fine imposed to date in the EU for alleged energy market manipulation

Bucharest—Global law firm Dentons, alongside Reff & Asociații | Deloitte Legal and Pop Briciu Crai, successfully advised and represented Tinmar Energy S.A. in its challenge to a decision issued by the Romanian Energy Regulatory Authority (ANRE), which imposed a fine of approximately RON 364 million (€73 million) for an alleged infringement of the EU Regulation on Wholesale Energy Market Integrity and Transparency (REMIT).

The fine remains the largest individual sanction ever imposed in the European Union (EU) for an alleged infringement of REMIT in the form of market manipulation by wash trade ABA transactions.

Following the proceedings initiated in 2024, the Bucharest Court of Appeal issued a judgment in September 2026 annulling in full both the ANRE decision by which the fine was imposed and the investigation report on which that decision was based. The judgment may be subsequently challenged by an appeal.

Litigation partner Alexandra Radulescu led Dentons’ legal team, which included partner Claudiu Munteanu-Jipescu and counsel Angelica Pintilie, both from the Energy practice.

“Tinmar Energy S.A. is grateful to the Romanian justice system for this judgment, which confirms the position the company has maintained since the outset of the proceedings, namely that the sanction imposed in 2024 had no factual or legal basis. We will continue, both in this case and more generally, to use all available legal means to protect the company’s reputation and interests. We would also like to thank the legal teams at Dentons, Reff & Asociații | Deloitte Legal and Pop Briciu Crai for representing us,” said Augustin Oancea, Founder of Tinmar Energy S.A.

Alexandra Radulescu commented: “We would like to thank the Tinmar Energy team, Mr. Augustin Oancea, Mr. Adrian Pavelescu, Mrs. Gabriela Bodron, Mr. Florin Ciuca and the entire team, for the trust they placed in us and for their close cooperation throughout this complex case. We are pleased to have supported the company and contributed to protecting its interests and reputation.”