October 10, 2008
Cofeco Authorizes Gas Natural to Acquire Union Fenosa’s Mexican Power Plants
The Federal Competition Commission of Mexico has authorized Gas Natural to acquire the combined-cycle power plants operated by Union Fenosa in Mexico, as part of Gas Natural's purchase of 100% of the Spanish electricity company.
The acquisition will enable the new group to generate 3,724MW of rated output. Gas Natural currently has 2,233MW in combined-cycle plants following the acquisition of five power plants from EDF in 2007. Union Fenosa has 1,491MW of rated output in combined-cycle facilities.The new group will have 33% of the rated output of independent producers, after Iberdrola, which has 37%. The rated output of independent producers in Mexico stands at 22.9% of total rated output, according to Gas Natural.
The authorization granted by the Federal Competition Commission of Mexico (Cofeco) forms part of the process of obtaining the permits from the regulatory bodies and competition authorities for the purchase of Union Fenosa which Gas Natural is applying for in Spain and other countries in which both companies operate.