The owner of Scottish Power has sounded out rivals about a possible deal with its UK retail business as the sector grapples with high consumer debts and the rapid rise of Octopus Energy.
Iberdrola, the Spanish energy group, had spoken to several companies in the sector about a combination with Scottish Power as it reacts to the challenges facing the retail market, according to people familiar with the matter.
The talks, which have taken place since the start of the year, excluded Scottish Power’s networks and power generation businesses but no formal deal process was conducted and no partner had been found, they added.
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