Jul 10, 2009

Neelie Kroes: Superhero

Fresh off her victory over the paraffin wax cartel -- which held its meetings in posh Hungarian resorts rather than a secret volcano fortress -- EU Competition Commissioner Neelie Kroes has scored a big win over gas collusion; a $1.54 billion win to be exact.
European Union antitrust regulators imposed a combined fine of more than 1.1 billion euros ($1.54 billion) on German utility E.ON and GDF Suez for secretly carving up gas markets.
Meanwhile, Gazprom has once again escaped Kroes’ long arm of justice. We suspect this is because Gazprom holds its meetings in an Arctic ice fortress, and Neelie hates the cold.

(And before anyone says it, Gazprom can be regulated as a monopoly under EU law. No-one really knows why Kroes won't bring the pain.)

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