Via Reuters Finance

FILE PHOTO: The logo of French oil and gas company Total is seen in a petrol station in Paris, France February 6, 2020. REUTERS/Gonzalo Fuentes/File Photo

(Reuters) – France’s Total entering Spain’s electricity market through the purchase of assets from Portugal’s EDP shows how competition is increasing in the country, the Chief Executive of utility Naturgy said on Tuesday.

“This market is becoming very competitive,” Francisco Reynes told reporters on a conference call after a shareholders meeting. “Competitors with great financial muscle are starting to play.”

“New entrants are shaking us up and in a sense forcing us to make decisions, to react,” he said, when asked about Total’s purchase of a large client portfolio and two generation plants earlier this month.

Reporting by Isla Binnie, Editing by Inti Landauro

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