MADRID, March 6 Spanish electricity grid
operator Red Electrica (REE.MC) said on Tuesday it had agreed to
buy 5 percent of Portugal's network Redes Energeticas Nacionais
(REN), part of a strategic agreement between the two.
Last month Red Electrica said it had been in preliminary
contact with Energias de Portugal (EDP) (EDP.LS) about the
possibility of buying a minority stake in REN.
They aim to invest together in developing electricity
networks in Portugal and Spain, and eventually participate
jointly in international projects.
Red Electrica said the price of the stake would be linked to
the market value given to REN in an initial public offering
which is to be decided later this year.