Iberdrola did not manipulate prices in 2013 according to the National Court
- The Court notes that there is insufficient evidence to protect the prosecution.
Iberdrola was accused in 2013 of manipulating prices. The Spanish National Court has now acquitted the company. The Public Prosecutor's Office wanted to impose a fine of EUR 5.4 million and a penalty of two years in prison. However, the court notes that it has not obtained sufficient evidence to protect the prosecution’s allegations.
The Prosecutor’s Office clearly states: “Iberdrola, with the aim of increasing the price of electricity and harming consumers, devised and launched a system to increase the price of the energy it sold, beyond what should come out of free competition between supply and demand.” The Public Prosecutor’s Office alleges that Iberdrola caused great economic damage to consumers, “at least” €107,340,000.
The National Court has stated in its ruling that the price offered by Iberdrola at that time was not outside the legal limits and that they cannot prove an offence. He also stressed that other companies offered energy at “similar” prices without thinking that they committed crimes.
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