Fruit of investments totalling more than €25 billion in 2007.

• Ends 2007 as world’s 4th largest electricity company by market capitalization (nearly €51.3 billion) and close to €28 billion in shareholder funds

• ScottishPower successfully integrated, now accounting for 24% of Group Ebitda (€1,351.6 million)
• Iberdrola Renovables IPO completed and world leadership in wind power* reinforced, with renewables capacity of over 7,700 MW and a project pipeline of more than 42,000 MW
• Friendly acquisition of Energy East (U.S.) to strengthen presence in this market
• 2008-2010 Strategic Plan sets investments at €24.2 billion in Spain and abroad

• Electricity production up 34.2% at 123,460 million kWh, driven by cleaner technology
• CO₂ emissions in Spain reduced (to 187 gr/kWh), confirming company as one of the cleanest energy producers
• Continued growth amid an environment in Spain of low tariffs (-26%) and modest demand growth (+3%), with a positive contribution from international business

• IBERDROLA Group Ebitda rose 42.4% to €5,538.2 millones, helped by business in the UK and U.S.
• Efficiency ratio improved 6 percentage points, with strong performance in gross margin (+ 42.9%) compared to costs

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