Market rules require Synergy to sell electricity for around the same amount it costs to produce it.
It claimed that Synergy's dominance in the wholesale market, which sees it provide about half the generating capacity, allowed the company to get away with the overcharging.ERA chairman Steve Edwell says the organisation requested the fine be used to help ease cost of living pressures. In a statement, Synergy said while it agreed to the breaches, they were not deliberate and did not affect residential customers.
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