Repsol, BP, and Cepsa offices raided
Repsol, BP, and Cepsa confirmed on Wednesday, December 14, that they were among a group of oil companies that are being investigated by the Spanish antitrust watchdog in a preliminary investigation into possible anticompetitive practices in the energy industry.
Repsol and Cepsa said they would fully cooperate with the watchdog, known as CNMC, and have adhered to competition regulations.
“The CNMC has carried out an inspection at our offices in Madrid. “BP has collaborated with the CNMC throughout the whole process,” said a spokesperson for BP.
The CNMC said it had “inspected” the headquarters of the companies between November 28 and December 2, saying it was “analysing alleged anti-competitive practices that could violate the Spanish Competition Act” and EU law.
Energy prices have soared in Spain, as elsewhere in Europe, due to the war in Ukraine, which has boosted the energy companies’ revenues and profits, which in turn pushed authorities to intervene in the market with subsidies and new taxes and raised concerns about price transparency.
If any evidence of anticompetitive practices is discovered, it can lead to fines of up to 10% of the volume of the total business of the infringing companies in the year immediately prior, the watchdog said in its statement.