Iberdrola to Invest $8 Billion in U.S. Renewable Energy Sector Between 2008-2010

Iberdrola President, Ignacio Galán, recently announced at the XIII Forum of the US-Spain Council that the company will invest $8,000 million in the U.S. renewable energy sector between 2008- 2010.

Galán affirmed, during the event that was held in Houston (Texas), that the objective of Iberdrola is to more than double the wind power capacity of the Company in the U.S., where at the end of the first quarter of 2008 it already had almost 2,400 MW of power and plans to finish the year with 3,600 MW.

By 2010 the company has set the target of its installations being responsible for 15% of growth in the wind power market in North America, where it has already invested $9,000 million in recent years, having some 700 direct employees spread out over 27 States and in Canada and has become the second largest operator in terms of capacity.

Iberdrola is a world leader in wind power, with an installed power of almost 8,200 MW, operating in 22 countries and has some 1,400 employees. In order to fulfil its ambitious plans in this sector in the U.S. it has a portfolio of projects of around 22,100 MW there, which is half of the total amount.

The Company has also become the third biggest independent operator of gas storage in North America, with a capacity of 3.4 bcm (billion cubic metres) and new installations under construction that will contribute an additional 0.7 bcm.

Galán stressed that this firm commitment of Iberdrola to the development of renewable energies in the U.S. requires an improvement of the regulatory framework, which must be predictable, sufficient and provide stability. He also stressed that barriers such as the lengthy and complex administrative process involved in the construction of the new and necessary electricity networks are being eliminated.

The President of the Company emphasized the importance of the role played by renewable energies in the current context of global energy, given that not only are they indigenous and clean sources, but they also represent a great opportunity for industrial development at a global level and economic and social development at a local level where they are found.

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