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Energy companies accused of bid rigging and racketeering in US lawsuit
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A cybersecurity company filed a $110m lawsuit in New York this week, accusing the Spanish global energy company Iberdrola and its US subsidiary Avangrid of bid rigging and racketeering.
The 72-page federal court complaint outlines an elaborate scheme by Iberdrola executives to generate millions of dollars in wasteful equipment expenditures in order to turn a profit from its utility customers in New York, Connecticut and Maine.
The lawsuit further alleges that much of this equipment was never put to use and is instead collecting dust in warehouses across the region.
Iberdrola came to prominence about 20 years ago with investments in large wind farms, natural gas and hydroelectric power. In addition to Avangrid, it holds subsidiaries throughout
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