4,016

2,551

Kevin Walker

Chief Operating Officer

Iberdrola USA

4,016

2,551

“Why Can’t We All Just Get Along” - Create expanded coalitions that promote collaboration and shared value propositions.

People

“Go Beyond the Usual Suspects and Solutions” - Create an environment that leverages the strengths and talents of all employees and one that embraces non-traditional ideas as much as traditional ones.

“Do Take It Personal” – Create flexible, adaptable and customized solutions through mobility, rewards & recognition and holistic approaches.

4,016

2,551

Take long-term and short-term approach to business model sustainability.

Profit

Change the customer discussion from Price to Value.

Recognize the global economic impacts and mitigate them for all stakeholders.

Create new revenue streams through traditional and non-traditional means.

Operational excellence is key!

4,016

2,551

Right thing to do from an employment perspective!

Planet

Right thing to do for our environment!

Higher cost impacts in the short run!

Government framework!

Focus on markets with stable regulatory environments and growth potential, future generation mix biased to wind, hydro and nuclear.

United States•Onshore wind energy•Networks (T&D)

Latin America•Operational excellence in gas combined cycles•New hydro capacity•Networks (T&D)

United Kingdom•Onshore/offshore wind•Clean coal•Nuclear•Networks (T&D)

Spain/Portugal•Hydro and wind generation•Networks

Continental Europe•Wind generation

Best practices•Leveraging global skills base• Promoting mobility

Iberdrola’s Global Footprint

17

• Installed capacity: 43,667 MW end 2009• 2010-2012: Gross investments €18 billion (39% U.S., 25% UK, 24% Spain)• 50% of investments in renewables

IBR

6,425**

ANA

5,491

EDPR

7,459

FPL

2,257

EEN

MW as of 2006 MW added in 2007-2009

4,0162,862*2,551

770

3,443

2,6293,874

1,487

10,752

Installed Capacity end 2009Installed Capacity end 2009

World’s largest renewable company…

* As of 2007YE.** As of 3Q09.*** As of 1H09.

… … growing an average of 2,106 MW per year since 2006growing an average of 2,106 MW per year since 2006

A leader in electric vehicle development

Leader in Clean Technologies and Energy Efficiency Programs

Committed to holding emissions 20% below European power sector average in 2020. More than 50% of production emissions-free (31.3.2010)

Pioneering new generation technologies

Promoting smart grids

• Carbon capture and storage -CCS (Longannet UK)• Offshore wind - 10,000 MW pipeline• Wave and tidal power – prototypes in UK

• Urban implementation: Alicante (Spain), Glasgow (UK)• U.S.: Central Maine Power - $96mm US Treasury grant

Public Authorities Agreements: Spain - regional governments and City Halls. UK - Glasgow

Vehicle manufacturers: agreements with GME, Renault, SEAT

Large international pipeline

• World’s largest wind project pipeline - 61,200 MW (31.3.10)• Major hydro development in Europe – 3,000 MW• New nuclear build in UK - in consortium with GDF Suez