Iberdrola's subsidiary Iberdrola Distribución de Gas has signed an agreement to sell its current natural gas distribution assets in the Madrid Region to Madrileña Red de Gas, the leading independent gas distributor in Spain. This agreement provides for the transfer of all of the gas distribution installations and permits that Iberdrola currently has in the region, serving some 1,000 customers.
Madrileña Red de Gas, a company set up in 2010, will incorporate these assets into its distribution infrastructure, which consists of over 5,000 kilometres of gas pipelines serving around 830,000 customers in 41 towns in the Madrid Region, as well as five districts in the capital.
Iberdrola will be carrying out this operation as part of its disinvestment plan for non-strategic businesses, which provides for sales to the value of €2.5bn between 2010 and 2012, with a view to ensuring the continued financial strength of the Group.