Spanish energy giant Iberdrola has agreed to pay a settlement fine of 200,000 euros for a “misleading commercial practice” between July 7 and October 6, 2021, the French fraud control authorities (DGCCRF) announced Thursday.
“The facts relate to a difference in rates between the prices displayed and practiced, as well as the length of time for which the prices are blocked,” practices “constituting the crime of deceptive commercial practice,” explains the Directorate General of Competition, Consumer Affairs and Fraud Control (DGCCRF) on its website.
“With the agreement of the Public Prosecutor’s Office of Nanterre, a transactional fine of 200,000 euros, proportionate to the seriousness of the facts, was proposed to Iberdrola, which accepted it,” the body, which is part of the French Ministry of the Economy, further states. This agreement follows an investigation by the services of the Hauts-de-Seine Departmental Directorate for the Protection of Populations (DDPP92).
The Spanish giant had announced at the end of February a record net profit of 4.34 billion euros for the year 2022, thanks to the increase in its renewable electricity production capacity and higher energy prices.
