The UK Competition and Markets Authority (CMA) has cleared Iberdrola’s acquisition of an 88% shareholding in the electricity distribution network operator Electricity North West (ENW). This acquisition forms part of Iberdrola’s broader strategy to strengthen its networks business in countries with strong credit ratings, such as the UK.
With the acquisition, Iberdrola, through its subsidiary ScottishPower, becomes the second-largest distribution network operator in the UK.
Iberdrola’s Executive Chairman and Chairman of ScottishPower, Ignacio Galan, said: “Electrification is powering the UK’s growth and competitiveness, as well as improving its strategic autonomy and contributing to national security. Iberdrola continues to increase its investments here in support of the Government’s plans to modernise the country’s energy system. Network investments are the backbone to this process.”
He added: “As we welcome our ENW colleagues into our business, we further strengthen our joint ambitions to deliver a resilient, flexible electricity network to meet the future needs and demands of Britain.”
Iberdrola has been investing in the UK for nearly two decades, with assets currently valued at over £30 billion. The company plans to invest £30 billion in the country by the end of the decade, with two-thirds directed towards transmission and distribution networks and one-third to renewables, particularly offshore wind. According to Galan, these investments will deliver significant economic benefits, including job creation and supply chain opportunities.
