A PYMNTS Company

Spain: National Assembly blocks Iberdrola’s ‘Super-Sanction’

By  |  March 22, 2016

Spanish energy giant Iberdrola’s request before the country’s National Assembly, through which it hoped to avoid payment of a fine imposed by the country’s competition regulator, CNMC, was approved last week. The decision represents a harsh setback for the agency’s recent efforts to increase its efforts at dissuading violations.

The CNMC pressed charges against Iberdrola last November, setting an exemplary 25 million euro fine over the company’s alleged manipulation of energy prices during rate-setting auctions in 2013. The company is accused of using its ability to control supply at their Duero, Sil and Tajo power plants to increase the costs of energy.

Iberdrola has soundly denied the allegations and has run a campaign against the decision, including the appeal before the National Assembly, hoping to restore its reputation.

Full content: El Confidencial

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.