EC asks Spain and Italy about investment voting rights

The European Commission has asked Spain and Italy for information about laws limiting voting rights of investments by state-owned companies in their energy sectors, the EC said. These laws act against investments made by companies such as France's state power company Electricite de France.
EdF owns a stake in generator Italenergia of Italy and, through its participation in Germany's EnBW, has a stake in Spain's Hidrocantabrico. The EC said it was concerned these laws may unduly restrict free movement of capital, which is protected by European Union treaty rules.

The EC is to send letters of formal notice, which are the first stage of infringement proceedings. If there are no satisfactory replies within two months, the Commission may issue requests asking for changes to the laws.