Iberdrola has taken a significant step in expanding its electricity networks in the UK by acquiring 88% of Electricity North West (ENW) for €2.5 billion (£2.1 billion). This deal values the entire company at approximately €5 billion, including debt. The acquisition strengthens Iberdrola‘s presence in the UK, making it the company’s leading market by regulated asset base, now valued at €14 billion.
ENW, serving nearly five million people across North West England, will now contribute to Iberdrola’s network that spans over 170,000 kilometres and serves around 12 million customers in the UK. This acquisition solidifies Iberdrola’s position as the second-largest electricity network operator in the UK, underscoring its commitment to investing in countries with strong credit ratings and stable regulations.
Iberdrola’s strategic focus on electricity networks is further evidenced by its significant investments in the UK, which began with the merger with ScottishPower in 2007. The company continues to be a major player in renewable energy, with over 3,000 MW of capacity in the UK and ambitious projects like the East Anglia Three offshore wind farm underway.