Red Eléctrica and Unión Fenosa Distribución have today signed an agreement by which Unión Fenosa 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. Excluded from this operation are those facilities of 220 kV which, due to their particular characteristics and functions, remain under the ownership of the distributor within the area.
This contract encompasses the in-service assets with remuneration rights in 2010, along with those assets under construction, whose commissioning is expected in 2010 and which shall grant remuneration rights in 2011. The price agreed for the assets is 46,921,765 euros.
This agreement, approved by both Boards of Directors, is pending the corresponding administrative authorisations.
The operation, carried out today, represents another step forward towards the definitive consolidation of the model of sole transmission agent and electricity system operator, a model pioneered by Spain.