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Prosecutor asks to reduce the fine against Iberdrola from 85 to 5.4 million euros

  • The Spanish state prosecutor against corruption has confirmed that Iberdrola manipulated the electricity price in 2013 and has ruled out the removal of water from dams in a trial against the electricity company.

29 November 2023 - 11:17

The company Iberdrola and its charges are being tried before the National Court of Spain for considering that in 2013 they manipulated prices for their interest. The anti-corruption prosecutor, Antonio Romeral, has maintained the allegations against the company and its officials, and in the report of the conclusions of the last session he confirmed that the electricity company was not able to justify the price increases during the lawsuit.

In the winter of 2013, Iberdrola Genera (subsidiary of Iberdrola) closed several reservoirs in its hands, specifically those of Duero, Sil and the Tagus River, the market for the supply of other energies that, according to the prosecutor, are more expensive than hydroelectric power. Electricity increased by 126% and caused damage amounting to EUR 107 million, compared with 96.7 million users and other traders.

The defense has stated that these dams were closed by the "drought", but it has been shown in the trial that the water stored in the dams was more than in 2011 and 2012, an argument that the accusation has described as unfounded.

However, although the prosecutor initially required a fine of EUR 84.9 million, he has finally reduced his lawsuit to EUR 5.4 million, claiming that he had not read a change in the Penal Code to justify such a decrease.

In addition to the subsidiary Iberdrola Generacion, four directors of its time are judging the good of last October. For them, the prosecutor asks for a two-year prison sentence.

This year Iberdrola has gained the greatest benefits in its history in the first nine months of the year: EUR 3,637 million.

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