Spain’s competition regulator has launched a formal probe into grid operator Red Eléctrica over alleged very serious breaches of electricity law tied to the April 2025 Iberian blackout. The inquiry also targets major generators Iberdrola, Naturgy, Endesa and Repsol for “serious” infractions. Authorities say the findings may affect system scheduling, voltage balancing and information sharing, but do not yet assign blame for the outage.

Last year’s collapse left roughly 60 million customers in Spain and Portugal without power, prompting a June 2025 government report that blamed a mix of poor planning and plant‑level errors. European grid operators labelled the incident “the first of its kind” and called for continent‑wide reforms. The CNMC expects its five separate investigations to conclude within nine to 18 months.

Red Eléctrica, whose parent is headed by former minister Beatriz Corredor, has denied any wrongdoing and says the probe is at an early stage. Iberdrola, Naturgy and Endesa have declined to comment. Investors will watch potential fines or remedial orders that could reshape revenue forecasts for Spain’s tightly regulated power market and could influence future grid‑investment strategies across the EU.