Iberdrola Renewables:A Leader in Execution

… with excellent growth prospects… with excellent growth prospects

A collection of exceptional assets…A collection of exceptional assets…

#2 developer in the U.S. with 3.1 GWs(1,337 MWs of new wind in 2008)

#2 developer in the U.S. with 3.1 GWs(1,337 MWs of new wind in 2008)

826 employees in 28 U.S. states,DC, India and Canada

826 employees in 28 U.S. states,DC, India and Canada

636 MW of CCGT & peaking capacity on the strategic CA-OR border

636 MW of CCGT & peaking capacity on the strategic CA-OR border

155 BCF of owned & contracted natural gas storage positioned for a volatile future

155 BCF of owned & contracted natural gas storage positioned for a volatile future

U.S. represents 1/3 of earningsU.S. represents 1/3 of earnings

40% of the industry’s largest development pipeline is in the U.S.

40% of the industry’s largest development pipeline is in the U.S.

US RenewablesUS Renewables

Corporate SupportCorporate Support

Wind Power Gas 2,876 MW in‘08 536 MW CCGT

100 MW peaking155 BCF Owned

& Contracted

1

Generation CapacityGeneration Capacity(52% emissions-free)(52% emissions-free)

Gas 19%

Nuclear8%

Traditional Thermal 18%

Hydro23%

Renewables21%

Gas Mexico12%

More than 43,300 MWs of installed capacity… More than 43,300 MWs of installed capacity…

About Us: Iberdrola Group

…that is flexible and economical…that is flexible and economical

33,000 employees in 44 countries33,000 employees in 44 countries

107-year history with roots in hydroelectric

107-year history with roots in hydroelectric

Leading wind producer worldwide with 9.6 GW installed, 55 GW pipeline

Leading wind producer worldwide with 9.6 GW installed, 55 GW pipeline

Strategic focus on US, UK, Latin America and Spain

Strategic focus on US, UK, Latin America and Spain

Installed wind represents 1/12 of the world’s total capacity

Installed wind represents 1/12 of the world’s total capacity

One of the lowest CO2 emissions levels in the electricity sector

One of the lowest CO2 emissions levels in the electricity sector

52%52%

Big Horn 200 MW Owned

Klondike 24 MW Owned

Klondike II 75 MW Owned

Klondike III 224 MW Owned

Klondike IIIa77 MW Owned

Stateline300 MW PPA

North American Wind Assets

Pleasant Valley144 MW PPA

Twin Buttes75 MW Owned

High Winds 162 MW PPA

Shiloh150 MW Owned

Mountain View III 25 MW Owned

Dillon45 MW Owned MID-CONTINENT MID-CONTINENT

REGIONREGION

MinnDakota150 MW Owned

Elk River150 MW Owned

WESTERN REGION

Casselman35 MW Owned

Locust Ridge26 MW Owned

Maple Ridge II45 MW Owned (91 MW Project)

NORTHEAST NORTHEAST REGIONREGIONFlying Cloud

44 MW Owned

Current as of September 1, 2009

Wind projects owned or controlled

Colorado Green81 MW Owned

(162 MW Project)

Winnebago 20 Owned

Providence Heights72 MW Owned

Top of Iowa II,80 MW OwnedMoraine

51 MW Owned

Trimont101 MW Owned

Lempster 24 MW Owned

Locust Ridge II102 MW Owned

Pebble Springs99 MW Owned

Buffalo Ridge50 MW Owned

Elm Creek

Hay Canyon 101 MW Owned

Maple Ridge 1116 MW Owned

(231 MW Project)

Moraine II50 MW Owned

Peñascal202 MW Owned

146 MW Owned

Barton Chapel120 MW Owned

Barton160 MW Owned

99 MW Owned

Farmers City

Dry Lake63 MW Owned