Spainish utility giant Iberdrola has reportedly announced plans to control 15 – 20% of the Portuguese energy market within the next five years.

The move followed a deal to break into the 5.9 million customer residential market of Portugal with the state postal company Correiros de Portugal (CTT) allowing the Spanish group to sell electricity in its branches.

Exact terms of the deal have not been finalised but Iberdrola apparently plans to expand its customer base from some 1,000 currently to around 1 million within five years.