Spain’s electricity market becoming fiercely competitive: Naturgy’s CEO

On Tuesday, the CEO of Spain’s natural gas and electrical energy utilities company, Naturgy, stated the entry of French energy giant Total into Spain’s electricity market through the purchase of assets from Portugal’s EDP is reflective of increasing competition levels in the country.

“This market is becoming very competitive,” said Francisco Reynes on a conference call with analysts after a shareholders meeting.

He went on to add, “Competitors with great financial muscle are starting to play.”

When asked to comment on Total’s purchase of a large client portfolio as well as the purchase of two generation plants earlier this month, he said, “New entrants are shaking us up and in a sense forcing us to make decisions, to react”.

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