Iberdrola, the second largest energy supplier in Spain completed its takeover of ScottishPower yesterday creating the third largest utility group in Europe. This news follows a number of high profile takeovers and mergers between UK and European energy suppliers in recent years.

ScottishPower has assured its customers that it will continue to provide the same level of service and there are no plans to change prices. The existing ScottishPower brand will also be maintained in all UK operations.

The news of the takeover comes at a time when Ofgem has critisised ScottishPower for failing to cut prices to domestic customers despite a huge fall in wholesale gas prices. EDF were also named in the same report.

Iberdrola is the world's largest producer of wind power and has operations worldwide.