IBERDROLA PROJECTS €16 MILLION INVESTMENTS BETWEEN 2010-12

• The Group maintains its strategic objectives after recording €2.87 million profit last year
• The Company will invest €5.6 million in networks, excluding the €2.4 million acquisition of Brazilian distribution company Elektro, €5.3 million in renewables and €2.2 million in generation and retail
• Average annual EBITDA and recurring net earnings growth are projected between 5-9%, maintaining policy on shareholder returns

Last year’s results reinforce the strategy followed in recent years, founded on significant investments, particularly in international expansion. This has led to the Group achieving a presence in 40 countries with a focus on moreliberalised sectors and markets better placed to achieve economic recovery. It has also seen IBERDROLA become Spain’s leading energy group, as well as world leader in wind and one of the largest global utilities by market cap.

KEY OPERATING ASPECTS OF 2010

• Increased production and capacity with clean energy
• Spain: output rise of 11%
• Renewable Energy Business, increased wind production
• United Kingdom: higher capacity and production
• United States: IBERDROLA USA boosts contribution
• Latin America: greater contribution from Brazil