Spanish utility Iberdrola has been hit by an E38.7 million fine for abusing its position in the Spanish power market during parts of 2002 and 2003, according to Forbes.
The utility, which is hoping to acquire ScottishPower, is said to have abused its dominant position and created technical power shortages by manipulating the market. According to Bloomberg, however, Jose Luis Gonzalez Besada, Iberdrola's spokesman, has said that the company will appeal the competition tribunal's penalty.
The publication cited the spokesman as maintaining that the utility's generating division did not break any antitrust market regulations. Nevertheless, the company's stock has dropped by 0.6% following the news.
(Click to read the entire 16th March 2007 news report)
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