Total's entry into Spanish power market shows rising competition - Naturgy CEO
Reuters
Published May 26, 2020 11:00
(Reuters) - France's Total (PA:TOTF) entering Spain's electricity market through the purchase of assets from Portugal's EDP (LS:EDP) shows how competition is increasing in the country, the Chief Executive of utility Naturgy said on Tuesday.
"This market is becoming very competitive," Francisco Reynes told reporters on a conference call after a shareholders meeting. "Competitors with great financial muscle are starting to play."
"New entrants are shaking us up and in a sense forcing us to make decisions, to react," he said, when asked about Total's purchase of a large client portfolio and two generation plants earlier this month.
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Written By: Reuters
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