Spain's Red Electrica increases investment targets

MADRID, May 21 (Reuters) - Spanish power grid operator Red Electrica (REE.MC) increased its investment target for the 2008 to 2016 period on Wednesday to 8 billion euros ($12.6 billion) from 6.4 billion because of increased demand.

The group maintained its growth targets of annual increases of less than 15 percent in net profit until 2012.

The targets will be revised once the Spanish government approves a infrastructure plan which determines the investment obligations of players in Spain's electricity and gas market, the company said. (Reporting by Clara Vilar, Writing by Sonya Dowsett; Editing by Greg Mahlich)