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Spain’s Competition Regulator Probes Electricity Providers

 |  April 24, 2023

The antitrust watchdog CNMC announced on Monday that it is investigating 35 companies in Spain for potential abuses in the wholesale electricity market, reported Reuters. 

The CNMC is investigating possible violations of REMIT regulations, which safeguard the honesty and openness of wholesale energy markets in Europe.

According the newspaper El Pais, there are suspicions that electricity retailers may be utilizing subsidized natural gas intended for power plants in order resell electricity at inflated prices in France.

Related: Spain: Govt gives independence to CNMC to regulate electricity

However, the CNMC spokesperson said that the probe deals with “a minor technical issue related to the electricity market and does not have to do with the gas cap directly”, declining to provide additional detail.

The authority opened the investigation on March 16 and has up to 18 months to make a decision.