EDP Sells Spanish Gas Grid For $296M To Meet EU Directive

Law360, New York (July 20, 2012, 7:55 PM EDT) -- Energias de Portugal SA will sell its natural gas transport business in northeastern Spain to Spanish grid operator Enagas SA for €241 million ($295.5 million), Enagas said Friday, following a European Commission directive to unbundle energy transmission from supply.

Enagas will acquire 90 percent of Naturgas, and the regional Basque government will keep its 10 percent stake. The deal includes 281 miles of high-pressure gas pipelines and the international connection at Irun, along the French border, where plans are underway to increase capacity more than tenfold....
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