Press office

Press office

29.07.2010

Red Eléctrica acquires the transmission assets of Hidrocantábrico Distribución for 58 million euros

Red Eléctrica and Hidrocantábrico Distribución have today signed an agreement by which Hidrocantábrico has sold its owned transmission assets to Red Eléctrica. This agreement has been carried out in accordance with that established in the 9th Transitory Provision of Law 17/2007 of 4 July 2007, which modified the Electric Power Act 54/97, by which all distribution companies were obliged to sell their electricity transmission grids and facilities to Red Eléctrica.

The operation, whose cost was 57,804,300 euros, encompasses the in-service assets with remuneration rights in 2010 for the transmission of electrical energy.

This agreement, approved by both Boards of Directors, is pending the corresponding administrative authorisations.

The operation, carried out today, represents the definitive consolidation of the model of sole transmission agent and electricity system operator, a model pioneered by Spain and which strengthens Red Eléctrica de España’s role as the sole company in Spain dedicated to the transmission of electrical energy.