Spanish energy giant Iberdrola is reportedly at the forefront of potential buyers seeking control over electricity power lines in the northwest of England.
Known for its ownership of ScottishPower, Iberdrola is said to be preparing an offer of up to £3.5 billion for Electricity North West, the power network operator serving five million customers in Manchester, Lancashire and Cumbria.
Acquiring Electricity North West could enhance Iberdrola’s connectivity in regions already served by its ScottishPower business, supplying power to 3.6 million customers across Merseyside, Cheshire, north Wales, North Shropshire and central and southern Scotland.
The Times reported that the investment bank Jefferies, working with the present owners of Electricity North West, may initiate a sale process soon.
While Iberdrola is considered a leading contender, Australian finance house Macquarie is also among potential bidders.
Energy Live News has contacted Iberdrola, Electricity North West and ScottishPower for comment.
