After the surprise of the sudden drop in electricity bills, Spain stays with all British energy. They are talking about 5 billion euros that crosses geographical borders. Recently, both countries were in the spotlight after the Iberian country lost an appeal in its attempt to claim immunity in a court London in a multi-million dollar case due to stimulus cuts renewable energies.
Two investors, Infrastructure Services Luxembourg and Thermosolar Energyreferred the Spanish kingdom to arbitration under the Energy Charter Treaty ten years ago to abolish EU subsidies renewable energies. He World Bank International Center for the Settlement of Investment Disputes (ICSID). 101 million euros (109 million dollars) awarded to Infrastructure Services Luxembourg and Thermosolar Energy.
The investors’ reward was then included in the High Court of Londonwhich in 2023 rejected Spain’s attempt to annul the ruling by declaring sovereign immunity. The Spanish country has challenged the decision in court Court of Appealas reported Reutersbut the Court of Appeal rejected the appeal submitted. Also the source of Zimbabwe against the rejection of his immunity claim was also rejected.
Spain now owns the energy of Great Britain: 5 billion euros exceeds geographical boundaries
Now the news is focusing on the Spanish company Iberdrolathat has completed the purchase of the British electricity company NAME for 5,000 million. This business move makes the island of Great Britain the company’s first country in terms of network assets, with approximately 14 billion euros.
Iberdrola This month it completed the acquisition of 88% of the English electricity company Electricity North West (ENW)with a total company value of approximately 5,000 million euros. By ‘total value’ we mean 100% of the company, including debt. This transaction fits within the strategy of Iberdrola to boost network activities in a country with a solid rating, such as the AA credit rating of England
With this action United Kingdom In terms of network assets, it has become the company’s first country, with approximately 14,000 million euros. The second country on the list is USAby 13.3 billion by the end of the first quarter of 2024. NAME represents a great opportunity for Iberdrolabeing a company located between the two distribution companies of Scottish power in Scotland and inside Merseyside and Wales.
Spain and Great Britain are united in the energy field by this Iberdrola Treaty
ENM supplies electricity to almost 5 million customers in the north west of Britain in cities such as Manchester, Lancaster and Barrowand has 60,000 km of electricity distribution networks. This acquisition accelerates Iberdrola’s commitment and progress in networking, transforming the company into the UK’s second regulated electricity transmission and distribution company.
From now on, Iberdrola It will distribute electricity to approximately 12 million people and have more than 170,000 kilometers of networks. Moreover, it will create employment for more than 8,500 people. In addition, Iberdrola and its consortium of Japanese investors, led by Kansairetains 12% of the capital of NAMEthat has signed a shareholders’ agreement to establish a long-term partnership.
This transaction is subject to review by the UK Competition and Markets Authority. (CMA)in accordance with the regulations applicable to these types of acquisitions. This is how the Iberian country stays with the English energy. A before and after for the sector that even surpasses the news of the reactivation of an old coal mine in Spain.