EU imposes $416 million fine on power cable cartel

BRUSSELS (AP) – The European Union’s antitrust authority is imposing a 302 million euro ($416 million) fine on 11 high-voltage power cable makers for operating a cartel.

EU Competition Commissioner Joaquin Almunia said on Wednesday that the companies “knew very well that what they were doing was illegal” and therefore “acted with great secrecy.”

The EU alleges that six European companies, three Japanese producers and two South Korean producers colluded to divide customers between them since 1999 for around 10 years “on an almost global scale”.

Underground and submarine high-voltage cables are typically used to connect power plants to the power grid, connect power grids in different countries, or connect offshore wind farms.