Iberdrola Appealing Fine for Manipulating Market, CEO Says
- Spanish regulators said Iberdrola drove up prices in 2013
- Utility completed purchase of UIL in $3 billion deal
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Iberdrola SA, Spain’s largest utility owner, has appealed a 25 million-euro ($27.3 million) fine from the nation’s National Markets and Competition Commission that accused the company of market manipulation in 2013, Chief Executive Offer Jose Ignacio Sanchez Galan said.
The company disputes claims it drove up power prices between Nov. 30 and Dec. 23 of that year, Galan said in an interview Wednesday in New York. He was unaware of the trading activity because it occurred at “a subsidiary of a subsidiary of a subsidiary.” Iberdrola juiced prices by withholding power, the commission said.