GE fined $58.6M by EC for errors in LM Wind deal

General Electric (GE) has been fined €52 million for providing erroneous information to the European Commission during their investigation of its takeover of LM Wind in January 2017.

GE had stated at the time that its highest power output offshore wind turbine would be 6 MW. The Commission found that GE was also offering customers a 12-MW wind turbine.

The discovery led to GE re-submitting its proposal, complete with information on the planned turbine, and received approval in March 2017.

The Commission launched an investigation into GE’s first declaration, and has issued the fine after finding the information submitted to be false.

Commissioner Margrethe Vestager, in charge of competition policy said: “Our merger assessment and decision-making can only be as good as the information that we obtain to support it. Accurate information is essential for the Commission to take competition decisions in full knowledge of the facts.

“The fine imposed today on General Electric is proof that the Commission takes breaches of the obligation for companies to provide us with correct information very seriously.”

A spokesperson from GE said: “We have been notified of the adoption of the EC decision and we are reviewing it in detail before determining our next actions.”

(Smart Energy International and Power Engineering are both part of Clarion Energy. Story republished with permission).


No posts to display