Iberdrola, the Spanish energy giant that owns ScottishPower, has sounded out rivals this year about a possible merger deal with its UK retail business, according to a report in London newspaper the Financial Times.

The report said the talks, which have taken place since the start of the year, excluded ScottishPower’s networks and power generation businesses — but no formal deal process was conducted and no partner was found.

Iberdrola spoke to several companies about a combination with ScottishPower’s UK retail business, the report said. Options reviewed included potential combinations that could have seen Iberdrola sharing control of the business, some of the people said.

ScottishPower told the London newspaper it “does not comment on market speculation.”

Iberdrola’s UK household supply division has about 4.4 million gas and electricity customers.

The report said ScottishPower’s UK retail unit produced net profits of £182 million in 2024 on revenue of £4.7 billion, according to accounts published this month.