Spain's Competition Watchdog Opens Proceedings Against Gas Natural and Endesa
18 Décembre 2017 - 5:01PM
Dow Jones News
By Alberto Delclaux
Spain's competition regulator said Monday that it has opened
proceedings against the electricity generation units of Gas Natural
SDG SA (GAS.MC) and Endesa SA (ELE.MC) after identifying signs of
price alteration in the wholesale electricity market.
The National Commission on Markets and Competition said it had
found signs that both companies had altered the natural-gas market
with the objective of obtaining higher revenues between October
2016 and January 2017.
The alleged misconduct--which would represent a serious
infraction in Spanish law--involves five Gas Natural plants and one
Endesa plant, the regulator said.
Gas Natural issued a statement denying any wrongdoing and said
that it would contest the allegation. Moreover, the company
encouraged the regulator to make reforms to the electricity
market.
Enel SpA (ENEL.MI) subsidiary Endesa said that it was studying
the regulator's decision and that it would respond in due course.
Endesa also pointed out that high prices in the wholesale
electricity market were not favorable to its business strategy.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
December 18, 2017 10:46 ET (15:46 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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