IBERDROLA Ingeniería y Construcción obtained net profits of 24.6 million € between January and September 2006, a figure representing an 11.3% growth over that obtained over the same period of the previous financial year. The turnover of this subsidiary reached 468.6 million €, 27.7% more than the first nine months of 2005.

The Company has consolidated over the current financial year the targets of its new strategy, focussing on business in engineering and construction, mainly in electricity generation, distribution and control installations as well as winning contracts overseas and outside the Group.

In this sense, it should be pointed out that, of the 518.2 million € at which the contracts awarded to the company between January and September, 58% (301.7 million €) corresponded to projects outside the IBERDROLA Group, a 79% increase compared with the same period last year of 2005.

Moreover, IBERDROLA Ingeniería’s decided bid to internationalise has led its being adjudicated contracts worth 236 million € overseas in the first nine months of the year, 99% of which corresponds to non-Group companies.

So, at present, the Company has projects underway in more than 20 countries and has branches in Mexico, Brazil, Russia, Qatar, Greece, Poland, United Kingdom, the USA, Venezuela, Tunisia, Latvia, Kenya and Slovakia

Among the adjudications achieved up to September the following contracts stand out: the building of an open cycle 225 megawatt (MW) power plant in the United Arab Emirates for 114 million dollars, strengthening the Falcon State electricity infrastructure in Venezuela for nearly 80 million dollars, modernising the control system of the main Kenyan hydroelectricity plants, whose budget amounts to 5.5 million € or the construction of transmission lines in Bulgaria for 16.5 million €.

This IBERDROLA subsidiary, which has become Spain’s leading electrical engineering company by sales, celebrated its tenth anniversary last year. With a work force of over 1,000 employees, it currently has a project portfolio of about 2,000 million €.