Energy, Energy Market, Financial Services, Legislation, Lithuania

The Lithuanian Competition Council said that the Vilnius court had Tuesday confirmed that Vilniaus Energija and First Opportunity had concluded a prohibited deal in the market of biofuel supplies that lasted nearly 2.5 years.

In early December of 2015, the Competition Council established that the two companies had agreed that Vilniaus Energija would buy biofuel used in heating production exceptionally from First Opportunity for a period of five years. Thus, according to the council, Vilniaus Energija did not take the chance of buying biofuel from other suppliers at a lower price, therefore, the deal could have had a negative effect upon competition and consumers.

Last December, Vilniaus Energija was imposed a fine of 19 mln euros for the deal, while First Opportunity was fined 3,529 mln euros.

The latest court ruling can be appealed to Lithuania's Supreme Administrative Court within a month.