24 Apr, 2023 @ 18:30
1 min read

Spain probes electricity companies over hiking up low prices for French buyers

Spain probing whether electricity companies with cheaper power hiked up prices for French sales
Pixabay free image

SPAIN is investigating 35 electricity companies over allegedly selling cheap power at hiked prices to French buyers.

The probe has been launched by Spain’s competition watchdog, the CNMC.

The body is looking into potential breaches of rules protecting the integrity and transparency of European wholesale energy markets, known as REMIT.

The El Pais newspaper says that the retailers are suspected of taking advantage of subsidised natural gas for power plants to resell electricity to France at higher prices.

Those suppliers are said to have taken advantage of the ‘Iberian Exemption’ where Spain and Portugal last year got ‘capped’ electricity prices produced by gas-fired processes.

A CNMC spokesperson said their probe deals with ‘a minor technical issue related to the electricity market and does not have to do with the gas cap directly’.

The investigation started on March 16 and has up to 18 months to run before a decision is made over any illegality.

‘The Iberian Exemption’ has been granted until the end of the year and there is a fear that future initiatives could be blocked from happening by the EU if any excess profiteering is discovered in relation to third parties like France.


Alex Trelinski

Alex worked for 30 years for the BBC as a presenter, producer and manager. He covered a variety of areas specialising in sport, news and politics. After moving to the Costa Blanca over a decade ago, he edited a newspaper for 5 years and worked on local radio.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Crypto Scam Creative Commons
Previous Story

Leader of giant international crypto scam who scammed ‘many’ Brits and other northern Europeans’ arrested in Palma, Mallorca

El Rey Emerito, Juan Carlos Disfruta De La Primera Jornada De Las Regats De La Copa Del Rey En Sanxenxo
Next Story

Spain’s disgraced ex-king Juan Carlos I extends visit to country to undergo medical tests

Latest from Business & Finance

Go toTop

More From The Olive Press