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International presence

IBERDROLA, A GLOBAL ENERGY LEADER

IBERDROLA has undergone a deep transformation since the start of the century that has enabled it to grow to become the leading Spanish energy group, the fifth largest Spanish company on the Ibex 35 stock index by market capitalization, world leader in wind and one of the five biggest electricity companies in Europe.

This has been made possible by a strategic vision that anticipated emerging energy trends and involved investments of around €77.3 billion between 2001 and 2012. The achievements have been made in two stages:

2001-2006: planning focused on energy business growth principally in Spain and Latin America, with the company succeeding in doubling its size and profits by the end of the period. Installed capacity rose to 30,500 MW from 16,500 while net earnings came to €1.66 billion in 2006.
2007-2012: strategy has been marked by strong international expansion, with the integration of ScottishPower, Energy East (today Iberdrola USA) and Brazil’s Elektro, as well as the rapid growth of its renewable energy business which today accounts for 14,300 MW in capacity, the world’s largest. The Group has a total capacity of nearly 46,700 MW, making it one of the largest electricity groups in the world.

Thanks to this international diversification, IBERDROLA today combines a talent pool that brings together different cultures, languages and traditions, which faces the future as a single and great team.

Consolidation of international expansion

Now, IBERDROLA works on consolidating the international presence attained in recent years, mainly in the United Kingdom, the United States, Brazil and Mexico.

Moreover, the Company is focused on laying the foundations for future growth, based on the development of energy networks and renewables worldwide.

The objective is to continue maximising the Group's potential, securing benefits for shareholders, customers, employees, suppliers and society at large.

IBERDROLA will invest a gross €12.3 billion (€10.5 billion net) in the 2012-2014 period to consolidate its international expansion. By business areas, the investment will be distributed as follows:

59% will be allocated to electricity transmission and distribution networks;
25% to renewable energy;
13% to generation;
and 3% to other activities.

IBERDROLA will focus this new phase in the UK, which accounts for 42% of total investments, followed by Latin America, mainly Brazil which will receive nearly 23%, Spain with 19% and the with U.S 16%.

IBERDROLA will thus concentrate on the Atlantic area, tailoring its investments to economic and regulatory conditions in each country:

UK: a new growth phase in transmission and distribution and preparing traditional and renewable generation projects in the future.
US: growth scenario in networks, with new efficiency measures as well as geographical concentration for renewables businesses.
Spain: facing a new adjustment phase in costs and investments to reflect the new regulatory framework, optimising operations and maintenance in electricity production and maximizing efficiency.
Latin America: in Brazil, a period of growth is expected in transmission and distribution, as well as regulated generation: hydro and wind. In Mexico, the company is prepared for new opportunities that arise from collaboration between the public and private sectors.

Today, the main projects of the Group by geographical areas include:

United Kingdom: in April 2007, IBERDROLA completed its first major international purchase, ScottishPower, through a friendly takeover amounting to €17,200 million. This subsidiary has 3.4 million electricity customers and 2.2 million gas clients in the United Kingdom. Moreover, it also seeks to drive the gradual expansion of smart electricity grids, which offer benefits such as facilitating mass incorporation of electric vehicles, allowing homes that generate their own electricity to inject excess energy into the system, and reducing CO2 emissions, by encouraging energy efficiency. Meanwhile, the Renewable Business in the UnitedKingdom will continue developing onshore and offshore wind farms, including West of Duddon Sands offshore facility, which is due to begin operations in 2014.
United States: the integration of Energy East (now IBERDROLA USA) has afforded IBERDROLA a strong position in power transmission in the United States, while also paving the way for further expansion in the Atlantic region. The company, through IBERDROLA USA, is undertaking two first-class initiatives in the area of electric power distribution: the Maine Power Reliability Project, a new 800-kilometre transmission line that will boost interconnection between the United States and Canada, and the deployment of smart meters for 620,000 customers in the State of Maine.
Brazil: IBERDROLA is firmly committed to the grid business in this country, through the integration of the distribution company Elektro (*), which has 2.3 million customers. Thanks to this operation, IBERDROLA will become one of the largest utilities in this country, where it plans to continue developing major hydropower and wind power generation projects. (Baixo Iguaçu, Teles Pires, Belo Monte an wind farms.
Mexico: IBERDROLA is the leading private electric power generation company, with 4,987 MW of capacity, and its main goal is to achieve operational excellence at its plants. In addition, it is carrying out several wind power projects.