Iberdrola Probed over Price Manipulation

Spanish markets and competition regulator CNMC said on Tuesday it was opening an investigation into power firm Iberdrola (IBE.MC) over possible electricity price manipulation at its generation business.

In a separate statement, Iberdrola said the CNMC probe was limited to activity from certain hydraulic installations between Nov. 30 and Dec. 23 and denied any wrongdoing.

The Spanish government annulled wholesale power auctions in December after a sharp jump in prices that would have led to a painful rise in electricity bills.

(Reporting by Tracy Rucinski; editing by Keiron Henderson)