Anti-Corruption Prosecutor’s Office asks executives to be imprisoned and a fine of 84 million to the company for manipulating the price of electricity

The Anti-Corruption Prosecutor’s Office requested the Spanish National Court that four directors of the company Iberdrola Generation be sentenced to two years in prison by manipulate electricity pricesIn addition to paying a fine of 84 million euros and compensation of up to 107 million a marketers and affected users.

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According to a charging document written by the prosecution directed for the judge of the National High Court, Ismael Morenoand presented to the Central Courtthe Spanish company dedicated to the production, distribution and sale of energy, Iberdrola Generacióncaused a increase in electricity prices for harm consumersaccording to information from the portal El Mundo.

Within the letter it is stated that rising electricity costs it was tax At the end of the year 2013 for take the main hydraulic companies out of the market that generated a cheaper energy productionthat’s how they bordered backing out as stopped producing energy at the aforementioned plants.

Iberdrola increased the energy price a €7,156 on those dates and achieved a highest increase in income reaching up to €21 millionthat’s why the Anti-Corruption Prosecutor’s Office will ask you in cconcept of fine What did I pay four times that amount and also will confiscate the profit of its illegal profit from the company.

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Ángel Chiarri Toscano, Director of Energy Management; Gregorio Relaño Cobián, Head of Optimization, Resource Management and Trading; José Luis Rapún Jiménez, Head of Asset Management; Y Javier Paradinas Zorrilla, Head of Short-Term Markets and Global Generationare the managers accused of carrying out this fraud by manipulate the price of hydropower that directly affected the consumer.

The four entrepreneurs Iberdrola Generation is it so accused for him crime against the market and they will have to compensate marketers and consumers with up €107 million.

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