IAN RUSSELL, chief executive of Scottish Power, is determined to survive the sale of Pacificorp, its American subsidiary, but investors doubt he will stay for more than a year.

Russell, who shocked the City with the $9.4 billion (£5.2 billion) sale to a Warren Buffett company last week, told The Sunday Times that whether he survived was not his call. “It’s for other people to decide,” he said.

“If I have the chance to lead the company to deliver on the success that I think we have opportunity to enjoy, then I would be very proud to do that,” he said.

Scottish Power is now seen as a likely takeover target. Potential predators include the company’s bitter rival, Scottish and Southern Energy, and the German utility giant Eon. Centrica is also likely to be interested. Last year it shied away from an approach because of the “American problem” — Pacificorp.

One insider close to Scottish and Southern said it would wait before making any move. “Just because the man in the hole has stopped digging doesn’t mean you jump in after him.”

One of Scottish Power’s leading shareholders said: “Russell bought (Pacificorp) and he sold it. Maybe he has another 12 to 18 months left, after which I expect him to make an elegant exit. If he doesn’t, I think shareholders would be looking to make the push.”

• The European Commission is to launch the largest investigation ever into possible abuse of the continental gas and electricity market.

  Sir John Mogg, chairman of the gas and electricity regulator Ofgem, who has personally lobbied for the move, said: “I think they will identify distortions in competition.

  “I expect abuse to be found. You do not need to be a genius to look at the European market and find problems. There are enormous problems to be found.”

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