Iberdrola, fined $27M for market manipulation, lodges appeal

cuffedWith five recent cases of fraud and corruption around the world, millions of dollars in fines, tens of millions in proposed fines, and a worldwide ban on World Bank financing, multinational Iberdrola is appealing its $27-million fine from Spain’s National Markets and Competition Commission. Only time will tell if Vermont lawmakers will decide that they want nothing to do with the corrupt company, or with New-Hampshire-based Meadowsend Timberlands, who together have proposed to install 28 unneeded turbines on Vermont land, at Stiles Brook Forest.

From Bloomberg Business:

Iberdrola SA, Spain’s largest utility owner, has appealed a 25 million-euro ($27.3 million) fine from the nation’s National Markets and Competition Commission that accused the company of market manipulation in 2013, Chief Executive Offer Jose Ignacio Sanchez Galan said.

The company disputes claims it drove up power prices between Nov. 30 and Dec. 23 of that year, Galan said in an interview Wednesday in New York….

Iberdrola recently completed its $3 billion purchase of UIL Holdings Corp., a New Haven, Connecticut-based utility owner, amid a name-change Avangrid Inc, in hopes of escaping the mounting bad publicity around its fraud and corruption.

January 23rd, 2016|