Iberdrola SA has entered an agreement to divest its Hungarian business for EUR 171.2 million as part of its campaign to refocus investment on key markets.
“The assets sold include 158 megawatts (MW) of operational wind capacity, commissioned by Iberdrola since entering the country in 2008”, the Spanish power and gas utility said in a statement on its website. “These assets will shortly be selling their energy in the wholesale market, once the regulatory 15-year tariff period ends.
“Currently, 124 MW are already operating in the free market, and the remaining 34 MW will do so in less than a year”.
The buyers are a Premier Energy consortium and Hungary’s iG TECH CC.
“This deal is part of Iberdrola’s strategy to focus its investments on key businesses and markets, mainly in networks in the United States and the United Kingdom, and in regulated or long-term contracted generation, where income stability and predictability are maximized”, the statement said.
“It is also fully in line with the concentration of activities of Iberdrola Energía Internacional to focus on core EU markets and in Australia”.
Earlier this month Iberdrola said it had completed the sale of its smart metering unit in the United Kingdom to Macquarie Group Ltd. for about GBP 900 million ($1.21 billion).
SP Smart Meter Assets Ltd, under Iberdrola’s UK subsidiary Scottish Power Ltd, manages around 2.9 million meters in the United Kingdom, Iberdrola said in a statement September 9.
“The transaction aligns with Iberdrola’s strategy to concentrate its investments in regulated networks. This will drive total UK investments to GBP 24 billion between 2024 and 2028, primarily in transmission and distribution networks, as well as in renewable generation”, Iberdrola said.
“ScottishPower will continue working with Macquarie to support the rollout of smart meters among its customers while focusing on network development”.
Under its current three-year plan (2024-26), expected to be updated this week, Iberdrola eyes EUR 41 billion ($48.16 billion) in investment, including contributions from partners.
“The electrification of energy is unstoppable and will expand exponentially in the years ahead, supporting decarbonization, boosting energy security and reducing the volatility caused by fossil fuels”, Iberdrola executive chair Ignacio Galan said in a statement March 21, 2024, for the company’s announcement of the plan.
“Our strategic pillars focus on networks, geographical diversification and a balanced energy and customers mix”.
Eighty-five percent of the 2024-26 gross investment is allotted for Iberdrola’s A-rated markets. Of this allocation, 35 percent is for the U.S., 24 percent for the UK, 15 percent for Iberia, 15 percent for Latin America and 11 percent for Australia, France, Germany and others.
The three-year plan includes EUR 15.5 billion of gross “selective investment in renewables”, over half of which would go to the U.S., the UK, France and Germany.
To contact the author, email jov.onsat@rigzone.com
What do you think? We’d love to hear from you, join the conversation on the
Rigzone Energy Network.
The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.
element
var scriptTag = document.createElement(‘script’);
scriptTag.src = url;
scriptTag.async = true;
scriptTag.onload = implementationCode;
scriptTag.onreadystatechange = implementationCode;
location.appendChild(scriptTag);
};
var div = document.getElementById(‘rigzonelogo’);
div.innerHTML += ” +
‘
‘ +
”;
var initJobSearch = function () {
//console.log(“call back”);
}
var addMetaPixel = function () {
if (-1 > -1 || -1 > -1) {
/*Meta Pixel Code*/
!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1517407191885185’);
fbq(‘track’, ‘PageView’);
/*End Meta Pixel Code*/
} else if (0 > -1 && 51 > -1)
{
/*Meta Pixel Code*/
!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1517407191885185’);
fbq(‘track’, ‘PageView’);
/*End Meta Pixel Code*/
}
}
// function gtmFunctionForLayout()
// {
//loadJS(“https://www.googletagmanager.com/gtag/js?id=G-K6ZDLWV6VX”, initJobSearch, document.body);
//}
// window.onload = (e => {
// setTimeout(
// function () {
// document.addEventListener(“DOMContentLoaded”, function () {
// // Select all anchor elements with class ‘ui-tabs-anchor’
// const anchors = document.querySelectorAll(‘a .ui-tabs-anchor’);
// // Loop through each anchor and remove the role attribute if it is set to “presentation”
// anchors.forEach(anchor => {
// if (anchor.getAttribute(‘role’) === ‘presentation’) {
// anchor.removeAttribute(‘role’);
// }
// });
// });
// }
// , 200);
//});
