Spain's power and gas markets are back in flux,due not least to continuing turmoil in these sectors across the border in France (WGI Mayl6,p7).For a while,it looked as a period of calm would follow the Euro43.4 billion (58.5 billion) takeover of Spain's largest utility Endesa by Italy's Enel and domestic construction firm Acciona in a victory over Germany's E.On,second-place utility Iberdrola's subsequent Euro17.2 billion takeover of ScottishPower,and last month's increase to an effective 11.3% from 5.4% in French energy group Suez's strategic holding in gas importer and distributor Gas Natural (GN) at a cost of roughly Euro1 billion - a holding that has been viewed as protective rather than threatening.
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