Iberdrola, Gas Natural face allegations of market manipulation
Spanish Endesa has reportedly begun legal action against Iberdrola and Gas Natural over alleged pool price manipulation, having filed an official complaint with energy regulator CNE and antitrust body SDC.
Endesa alleges that the two, along with power companies Viesgo and Hidrocantabrico, deliberately raised the despatch price from some of their stations so that it would not initially be included in the Spanish electricity pool. The prices apparently rose to above €94/MWh in some cases. In order to maintain levels on the national grid this power was later included and, according to allegations from Endesa, the extra revenue created in this manner amounted to €242 million.
Iberdrola has rejected the suggestions and is reportedly planning to sue Endesa for libel following the accusations.