Spain’s Supreme Court Orders Government to Raise Power Prices

Spain’s Supreme Court ordered the government to raise the price of power for consumers to cover more of the costs of delivery.

The ruling follows appeals by Iberdrola SA (IBE) and Endesa SA (ELE) against the government’s decison to freeze power prices in January, according to the court ruling.

The increase will be backdated to the start of January and may raise revenue by at least 900 million euros ($1.2 billion), Cinco Dias reported earlier today.

To contact the reporter on this story: Ben Sills in Madrid at bsills@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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