The Commission has imposed fines totaling approximately EUR 5.9 million on the two leading European spot power exchanges, EPEX Spot ("EPEX") and Nord Pool Spot (“NPS”) for having agreed not to compete with one another for their spot electricity trading services in the European Economic Area (“EEA”) in violation of Article 101 of the Treaty on the Functioning of the European Union (“TFEU”). The infringement took place in the context of discussions to establish the Internal Energy Market (“IEM”), a Commission initiative aimed at fully integrating national electricity markets. When exploring a joint approach on the technical systems to be used for cross-border trade, EPEX and NPS also agreed not to compete with each other and to allocate European territories between each other. The infringement lasted for at least seven months in 2011-2012, ending when the Commission and the EFTA Surveillance Authority carried out unannounced inspections at the companies' premises. The Commission reduced the fines imposed on both companies by 10% for agreeing to settle the case with the Commission. Source: Commission Press Release 5/3/2014