Notícia

Iberdrola congratulates Electricity North West (ENW) for winning the prestigious Utility of the Year award in the United Kingdom. At the Utility Week Awards, judges pointed out ENW ‘continually punched above its weight and found innovative solutions to industry challenges’.

ENW also won the award for innovation in energy for its Net Zero Terrace project, which explores how terraced housing stock can benefit from low carbon technology. Taking a smart integrated systems approach to low carbon heat, the project aims to decarbonise terraced communities and reduce their energy costs through an integrated, optimised community virtual power plant.

In October 2024, Iberdrola acquired 88% of Electricity North West (ENW) in the UK. The deal values 100% of the company, including debt, at approximately €5 billion. The transaction is subject to review by the UK Competition and Markets Authority (CMA) and Iberdrola and ENW are operating independently as separate, non-integrated businesses until receipt of the CMA's approval, according to the applicable regulations to this type of transactions.

As announced at that time, this acquisition is part of Iberdrola's strategy to strengthen its network business in countries with strong ratings, such as the UK's AA credit rating. Following CMA approval of this acquisition, the UK will become the company's primary market in terms of network asset base value (€14 billion), followed by the US (€13.3 billion), as at the end of the first half of 2024. 

ENW distributes electricity to almost five million people in the North West of England, in locations such as Manchester and the Lake District and has approximately 60,000 km of electricity distribution networks.

Geographically, ENW is located in a prime area for Iberdrola, between the two existing ScottishPower networks license areas, in central and southern Scotland and Merseyside and North Wales.

The acquisition accelerates Iberdrola's commitment to grow its electricity networks business, with the company to become the second largest electricity network operator in the UK following CMA approval. Iberdrola would then distribute electricity to around 12 million people in the UK, across a network spanning more than 170,000 kilometers. In addition, Iberdrola will employ more than 8,500 people in the country.

Iberdrola and a consortium of investors from Japan, led by Kansai, which will retain 12% of ENW's capital, have signed a shareholders' agreement to collaborate on a long-term basis.