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    Iberdrola investigated for raising electricity prices in Spain


    May 31, 2022 - CE Noticias Financieras

     

      SPAIN.- For manipulating the price of electricity, inflating it by 26.5 percent during the winter of 2013, Iberdrola Generación, a subsidiary of the Spanish multinational Iberdrola, will be criminally prosecuted.

      According to La Jornada, Ismael Moreno, a Judge of the National Court, determined to start the process after the consumer association Facua detected since 2013 an overpricing in the 2013 fiscal year and since then demanded the justice system to investigate these facts.

      Several reasons have led Iberdrola to be in the eyes of the Spanish justice, being this one more, which was more than two years ago waiting for the judge to decide the indictment against Iberdrola.

      You may be interested in: AMLO'smorning press conference : Segob will start negotiations with companies for electricity self-supply: López Obrador

      The court order released this Monday and signed on May 26, points out that the prosecution against Iberdrola is justified after the latest report of the Anti-Corruption Prosecutor's Office, which considers that, after "numerous diligences", it has accredited the "artificial increase in the price of electricity sold by Iberdrola" in 2013.

      It obtained an estimated profit of 21.5 million euros.

      La Jornada indicates that it is estimated that the energy company caused an increase in the daily market price of about seven euros per megawatt hour, thus obtaining estimated profits of 21.5 million euros and"caused a damage of 105 million in the period between November 30 and December 23, 2013".

      For its part, Iberdrola's version is that, at the end of 2013, the market price rose due to extraneous circumstances, such as the fact that in that period there was a water shortage and that it did not make any profit due to the shutdown of its hydroelectric power plants.

      It should be noted that in addition to this case, Iberdrola has another investigation process open in the Spanish National Court, also of enormous gravity, which refers to the alleged espionage against competing companies, "but also that of surveillance and threats to politicians and environmental leaders contrary to their interests" reports the day.

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