Spain’s competition regulator has announced it will launch a probe to investigate the sudden spike in energy prices that hit the country in January, with a focus on alleged irregularities in the natural gas market. Spanish homes were hit with a 9% rise in energy prices over the month, causing some anger.
The CNMC has asked Gas Natural Fenosa, Spain’s leading gas distributor, to provide information regarding their sales and purchases, as well as analysing its closest competitor, ENDESA. The commission will try to determine whether the fuel had been exported at previously fixed prices, while imports were brought in at higher ‘spot’ prices, which would raise costs.
The price in energy bills is the result of highly complex calculations, with the challenge for the CNMC being to unravel which factors contributed to the price spike, and whether these obey the normal functioning of the market. The CNMC has said it will focus on gas purchases and sales dating to November, which may have impacted January’s prices. Among other signs of wrong-doing, the regulator will look for possible shipment delays and whether the companies had adequate reserves in order to avoid dipping into emergency pricing.
Full Content: El Mundo
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Subscribers Defend $4.7 Billion Antitrust Verdict Against NFL in Court Filings
Jul 19, 2024 by
CPI
Von der Leyen Calls for Competition Policy to Boost EU Companies’ Growth
Jul 19, 2024 by
CPI
Vermont AG Sues Pharmacy Benefit Managers Over Drug Prices
Jul 18, 2024 by
CPI
Australians Face Increased Stamp Prices Following ACCC Approval
Jul 18, 2024 by
CPI
Live Nation Seeks Dismissal of DOJ Antitrust Allegations
Jul 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Private Equity Roll-Up Schemes
Jun 28, 2024 by
CPI
The FTC’s Focus on Private Equity is Warranted
Jun 28, 2024 by
CPI
Unraveling the Roll-Up: Private Equity’s Misunderstood Investment Strategy
Jun 28, 2024 by
CPI
Antitrust Focus on Private Equity Funds and Serial Acquisitions
Jun 28, 2024 by
CPI
Private Equity Roll-Ups Amidst Heightened Antitrust Enforcement
Jun 28, 2024 by
CPI