The Anti-Corruption Prosecutor’s Office, a Spanish body comparable to the Public Ministry, accused a subsidiary of the electricity company Iberdrola of having manipulated the Iberian electricity market to raise prices and obtain an extraordinary capital gain. The investigated operation took place in 2013 and, according to the Spanish Prosecutor’s Office, caused damages to consumers, marketers and insurers for more than 100 million euros.
According to the accusation cited by the newspaper El País, Iberdrola Generación, a subsidiary of Iberdola, operated a system to raise the price of the energy it sold, which supposedly resulted from free competition. The Spanish justice defends the imposition of a fine of 85 million euros on the electricity company and the sentence of two years in prison for four directors of the company. It is now up to the Audiencia Nacional, a criminal investigation court, to decide whether the case goes to trial.
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Source: Observadora
