Spain: CNMC case goes to criminal investigation

Spain’s Anti-Corruption Prosecutor’s Office opened a criminal investigation into electricity distributor Iberdrola Generación this week, almost a year and a half after Spain’s competition enforcer fined the company €25 million.

Agents of the UCO moved yesterday to the headquarters of Iberdrola in Bilbao and Madrid to request information from the company, which today has “flatly” denied any price manipulation on its part.

The criminal proceedings have been opened following an administrative decision issued by the National Commission on Markets and Competition (CNMC), which fined Iberdrola with 25 million euros for altering prices in the wholesale market.

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