The UK Competition and Markets Authority (CMA) has cleared Iberdrola's acquisition of an 88% shareholding in Electricity North West (ENW).

The acquisition, made through Iberdrola's subsidiary Scottish Power, allows Iberdrola to become the second largest electricity distribution network operator in the UK.

The move is part of Iberdrola's strategy to expand its network business in countries with strong economic ratings, including the UK. With this acquisition, Iberdrola, through ScottishPower, will now deliver electricity to approximately 12 million people across a network spanning over 170,000 kilometres.

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Iberdrola's Executive Chairman and ScottishPower's Chairman, Ignacio Galán, welcomed the CMA's decision, stating: "Electrification is powering the UK's growth and competitiveness, as well as improving its strategic autonomy and contributing to national security. Iberdrola continues to increase its investments here in support of the Government's plans to modernise the country's energy system. Network investments are the backbone to this process."

Galán added: "As we welcome our ENW colleagues into our business, we further strengthen our joint ambitions to deliver a resilient, flexible electricity network to meet the future needs and demands of Britain. Iberdrola has been a steadfast investor in the UK for almost 20 years. On top of our current assets, worth more than £30 billion, our plans in the country aim at investing £30 billion by the end of the decade, two thirds in transmission and distribution networks and one third in renewables, mainly offshore wind. These investments will deliver significant jobs, supply chain and economic benefits to the country."