French antitrust body orders Engie prices to reflect costs

The logo of French gas and power group Engie is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. REUTERS/Jacky Naegelen

PARIS (Reuters) - France’s competition authority said on Monday it had ordered energy company Engie to ensure its prices for natural gas sales to companies better reflect its costs.

The antitrust body said that it had ruled today that Engie had set tariffs for individual price offers to corporations without taking into account its real costs, at the risk of predatory pricing or pushing other players out of the market.

Its investigation followed a complaint by Engie competitor Direct Energie in October, which argued that some of Engie’s market offers were anti-competitive.

Reporting by Geert De Clercq; editing by Jason Neely