Antitrust: Commission fines former ethanol producer Abengoa € 20 million in cartel settlement
European Commission
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Friday, December 10, 2021
The Commission has fined the Spanish company Abengoa S.A. and its subsidiary Abengoa Bionenergía S.A. (together ‘Abengoa') € 20 million for participating in a cartel concerning the wholesale price formation mechanism in the European ethanol market. Abengoa admitted its involvement in the cartel and agreed to settle the case. The port of Rotterdam and the Amsterdam-Rotterdam-Antwerp barge market are the most important trading locations for ethanol in Europe. S&P Global Platts (‘Platts'), a company that provides price assessments for different commodity markets, takes the trading activity in this area into account in its assessment process for establishing its ethanol benchmarks, which are used as reference prices in the industry. To establish its benchmarks, Platts uses a price assessment process called ‘Market on Close' (‘MOC').
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