Spain's Utility Giants Under Investigation for Blackout Controversy

Spain's antitrust and energy watchdog is investigating major utilities like Iberdrola, Naturgy, Endesa, Repsol, and grid operator Red Electrica for their roles in last year's significant blackout in Spain and Portugal. The CNMC found evidence of rule breaches but initially did not specify company names.

Spain's antitrust and energy watchdog launched an investigation into leading utilities Iberdrola, Naturgy, and Endesa, along with energy company Repsol and grid operator Red Electrica, concerning last year's extensive blackout in Spain and Portugal.

The announcement came post-market closure, with the National Commission on Markets and Competition (CNMC) revealing that formal probes had been initiated after uncovering rule violations in the power sector that persisted for prolonged periods.

Initially, the CNMC had communicated its decision to investigate without naming the involved companies.

(With inputs from agencies.)