REN paid 50 M € for 1% of the Spanish REE

REN paid 50 M € for 1% of the Spanish REE


The REN - National Energy Networks bought 1% of the REE - Electrical Network of Spain for 50 million euros, announced today the company's executive chairman Jose Penedos during the presentation of the annual results.

The REE already owns 5 percent of REN and the exchange of shares between the two companies is part of the deepening of the Iberian Market of Electricity (MIBEL).

According to the agreement between the two companies, the chairman of the REE has already sit on the board of and president of REN REN will soon sit in the administration of congener Spanish, explained Jose Penedos.

"The crusade aims to deepen the MIBEL it is in the interest not only of the electricity market in the Iberian level, but also the future of the Southwest market that will integrate Portugal, Spain, France," said the person. Deepening the markets of Portugal and Spain passing through the strengthening of electricity interconnections between both countries and for drafting a plan of investment for strengthening the interconnections and the storage capacity of natural gas.