EU approves one-billion-euro fast-charging business by BP and Iberdrola
In today’s statement, the Commission concluded that the notified transaction would not raise competition concerns, given its limited impact on competition in the markets where the companies are active and the presence of a sufficiently large number of alternative charging point operators.
These markets are Spain and Portugal, forming Iberia, which the EU expects to grow significantly over the next three years.
When Iberdrola and BP announced plans for a joint venture in July 2022, targets were already set. The goal is to install and operate 5,000 fast-charging points by 2025 and up to 11,000 by 2030, including existing installations.
Iberdrola operates over 2,500 points in Iberia and claims users can access over 100,000 charge points in Europe via its app.
BP offers access to over 10,000 charge points, mainly in the UK and Germany. In Spain and Portugal, the petrochemical company expects to utilise its 1,300 petrol stations to double as charging hubs under the agreement.
Iberdrola and BP also focused on joining forces in hydrogen refuelling infrastructure when announcing the charging JV last year. The partners intend to found another joint venture for the “large-scale integrated production of green hydrogen”. Hydrogen production is to take place in Iberia and Great Britain.