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The conflict arose following transactions in December 2025, which, according to BRM, resulted in an energy imbalance of approximately 31 million lei, HotNews.ro reports.
According to the publication, the dispute centers on transactions carried out by Dinergy Power on the energy market between December 20 and 26, 2025. BRM claims that the trader offered electricity for sale without having sufficient pre-purchased energy to fulfill the transactions. The company, in turn, filed a complaint with ANRE, after which the regulator conducted an investigation into the exchange’s actions.
The Core of the Conflict
According to BRM, Dinergy’s transactions led to significant physical imbalances in the national power grid. The exchange claims that the trader did not have its own generating assets and that the electricity sold was not backed by corresponding purchases.
After the imbalances arose, Transelectrica, the national power grid operator, notified Dinergy and BRM of their failure to meet their obligations. For the remaining open intervals on December 26, Transelectrica demanded that the electricity necessary for balancing be purchased.
According to BRM, as a result, Dinergy found itself in a state of imbalance with Transelectrica, in addition to owing money to the exchange and having insufficient collateral.
The BRM system subsequently restricted the company’s ability to submit new bids. The exchange asserts that this was not a deliberate decision to suspend access: access was automatically blocked due to a lack of the necessary funds.
According to HotNews.ro, as of January 16, 2026, Dinergy was removed as the party responsible for balancing, according to Transelectrica.
Meanwhile, the fate of the funds from Dinergy’s transactions has become a separate point of contention. BRM states that, in conjunction with Transelectrica, it decided not to settle with Dinergy for transactions that the exchange considers unsupported by physical volumes of electricity. According to BRM, Transelectrica actually covered the supplies through balancing market mechanisms.
According to the publication, approximately 7 million Romanian lei related to these transactions were transferred to Transelectrica to partially cover the resulting imbalance. Dinergy later demanded settlement of the transactions and restoration of trading access, but BRM refused. Dinergy then appealed to ANRE.
Why ANRE Fined the Exchange
ANRE’s investigation concluded on August 13, 2026, with a report identifying and penalizing administrative violations. The regulator imposed two fines on BRM totaling 85,000 lei.
The first fine, in the amount of 35,000 lei, relates to the provision of incomplete information requested by the inspection team. The second, in the amount of 50,000 lei, concerns the restriction of Dinergy’s access to trading and the blocking of the company’s payments.
ANRE emphasizes that it did not penalize BRM directly for attempting to halt the trader’s activities. According to the regulator, the violations concerned the procedure used by the exchange.
Specifically, ANRE believes that on December 26, 2025, BRM restricted Dinergy’s access to trading platforms and subsequently blocked the company’s payments without a procedural basis established by regulations.
The regulator also stated that, as of March 5, 2026, BRM had not provided the inspectors with the “complete data and information” that had been requested in connection with the situation involving Dinergy. The exchange disagrees and asserts that it provided the regulator with documents and explanations in several stages, according to a report by HotNews.ro.
ANRE is conducting a separate investigation into the trader’s actions
At the same time, the question of whether Dinergy committed any violations in the sale of electricity remains unresolved.
ANRE told HotNews that the investigation into the trader’s operations is ongoing. Therefore, the regulator is not yet disclosing details of this proceeding.
This is crucial for assessing the conflict: the imposition of a fine on BRM does not mean that ANRE has recognized Dinergy’s transactions as lawful or rejected the exchange’s claims against the trader.
According to BRM, the company effectively sold electricity it did not possess, which created a significant imbalance in the power grid. However, a final assessment of these actions will be available only after ANRE’s investigation is completed.
The Significance of the Dispute for the Energy Market
The conflict highlights one of the key challenges of an organized energy market: where to draw the line between the trading platform operator’s risk management authority and that of the state regulator.
For the exchange, the ability to quickly restrict access for a participant who fails to meet financial or physical obligations is an element of risk management. However, the regulator requires that such actions be carried out strictly within the framework of approved procedures and settlement rules.
This is precisely where the positions of BRM and ANRE diverge, the publication notes.
The exchange believes it acted to prevent further damage to the market and the power grid. The regulator, on the other hand, points to procedural violations in restricting the trader’s access and blocking payments.
At the same time, BRM itself operates in the regulated energy market and trades electricity in accordance with rules and procedures approved with ANRE’s involvement. The exchange’s website publishes the current regulations governing energy markets, including procedures for the electricity market.
Thus, the further development of the conflict will depend both on a possible appeal of BRM’s fines and on the results of the investigation into Dinergy’s operations. For the electricity market, the fundamental question remains: to what extent do the current rules effectively prevent potential violations while ensuring that all market participants comply with procedures?
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