Gas hub draws in power players

摘要

Utilities Iberdrola and Endesa have agreed to join the Iberian Peninsula natural gas hub, as have northern Spain's Naturgas - affiliate of Portugal's EDP - and the country's second biggest oil/gas group Cepsa, recently acquired by Abu Dhabi sovereign fund IPIC. The announcement was made September 14, although details were agreed over several preceding weeks. The hub will be the reference point for markets when it comes to matching gas prices. The Bilbao Hub Gas promotion society, which has boosted the initiative, now hopes to close alliances between main gas company Gas Natural, and electricity market operator, OMEL.