The acquisition is part of Iberdrola’s strategy to strengthen its networks business in countries with strong ratings, such as the UK. Iberdrola, through ScottishPower, now becomes the second largest distribution network operator in the UK, delivering electricity to around 12 million people across a network spanning more than 170,000 kilometres.

Welcoming the decision, Iberdrola’s Executive Chairman and ScottishPower’s Chairman, Ignacio Galán, said:

“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.

“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.”

Electricity North West CEO, Ian Smyth, said:

“We are excited to embark on our next stage of growth and development. Being part of the Iberdrola family creates more opportunity to further improve services for communities, invest more in the North West and provide low cost, energy supplies for every home and business.

"No one will be left behind. There will be new, greater opportunities for our employees and supply chain. Together we will accelerate our journey towards net zero, create new high value jobs in the North West and deliver a greener economy through electrification.”