2007 Price fixing fine

In January 2007 Siemens was fined €396 million by the European Commission for rigging EU electricity markets through a cartel involving 11 companies, among which ABB, Alstom, Fuji, Hitachi Japan, AE Power Systems, Mitsubishi Electric Corp, Schneider, Areva, Toshiba and VA Tech [15]. According to the Commission, "between 1988 and 2004, the companies rigged bids for procurement contracts, fixed prices, allocated projects to each other, shared markets and exchanged commercially important and confidential information."[15] Siemens was given a the highest fine of €396 million, more than half of the total, for its alleged leadership role in the incident.