Spain's Iberdrola to bid for UK's Electricity North West, chairman says

FILE PHOTO: Logotype of Spanish utilities company Iberdrola stands in Durango·Reuters
Reuters
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MADRID (Reuters) - Spanish utility Iberdrola is interested in British power network Electricity North West (ENWL) and plans to bid for it, Executive Chairman Ignacio Sanchez Galan told analysts and investors on Wednesday.

"Of course, the company is interesting for us," he said in a call held to discuss the company's second quarter earnings. "I think we are going to bid for it, but in a very, very reasonable terms."

Earlier this month, Reuters reported that the Spanish company was preparing a binding offer for the British firm.

Iberdrola has deep pockets after selling some assets in Mexico and scrapping the planned purchase of U.S. energy firm PNM Resources.

The acquisition of ENWL could help Iberdrola connect areas that it already serves through its Scottish Power business and fits with its broader strategic shift towards grids businesses.

(Reporting by Pietro Lombardi, editing by Inti Landauro)