Iberdrola Open To M&A Approaches

Galan also said that Iberdrola expects to complete the acquisition of Maine- based U.S. rival Energy East Corp. (EAS) in the early summer, following a recent clash with the New York Public Service Commission, which is completing the last regulatory review of the $4.5 billion (EUR3.1 billion) deal.

Completion of the friendly deal has been slowed down after the New York commission called for a freeze of the review process until EdF clarifies its stance on Iberdrola. The case is now in the hands of an Albany-based judge.

Galan said that if the commission were to slap "unacceptable conditions" on the Energy East acquisition, Iberdrola may cancel the deal, and look for further opportunities in the U.S. energy sector with the cash it raised last year for the Energy East buy.

Iberdrola, based in Bilbao, northern Spain, is the world's biggest wind-power generator, and Spain's largest power utility by market value.