16/02/2007 (Agence Europe) - On 15 February, the Commission cleared the proposed acquisition of Scottish Power plc, a UK energy company, by Iberdrola S.A., a Spanish energy company. Iberdrola is active in the electricity, gas, engineering and construction industries and real estate services, mainly in Spain and Latin America. Scottish Power is active in the electricity and gas industries in the UK and, to a minor extent, in Ireland. The Commission's examination of the proposed transaction showed that the horizontal overlaps between the activities of Iberdrola and Scottish Power were limited to the trading at European level of so-called "financial" electricity and CO2 emissions rights, and that their combined position in both markets was very limited. In addition, the Commission investigation found that neither Iberdrola's planned development of wind farms in the UK, nor the fiscal incentives available to Spanish companies in these circumstances would significantly impede competition. (cd)