Annual Report 2011

Index

3. Director’s Letter

4. Grupo Nexus EnergíaNexus Energía

Nexus Energie

Nexus Renovables

Nexus Green

Electronosis

Axon Time 14. Significant Data

19.Germany

Portugal, France and Italy

Brazil

Internationalisation

22. Shareholders, Directors, and the Management Team

Electricity Supply

Gas Supply

Producer Services

Energy E�ciency Services

6. What do we do?

10. Innovation

TTR, PPS, Peaje Express and MIA

18. Domestic Expansion

11. Social Corporate Responsibility

Mission, vision, values

Economic, environmental and social dimension diagnosis

Quality Policy

Internal Communication

3p.

Our understanding of the business, our know how, the relations between the employees of the group and the spirit of growth that drives us to cross new frontiers have helped make Nexus Energía what it is today: A company with talent and great people who guide it.

On June 15th, 2011, the company celebrated its 10th anniversary, an important milestone that is a source of pride for both the shareholders and the team that forms the group of companies led by Nexus Energía. But it’s also a major milestone for the Spanish energy sector, that a company developed with the contributions of small businesses has been able to consolidate itself in a sector traditionally dominated by large energy groups.

We like to say that Nexus Energía is proof that the liberalisation of energy markets in Spain is a reality, but we also need to remember that there is still a long way to go. The market power of the large energy groups is a major threat and requires more regulation by the authorities to ensure that the separation of activities such as generation, distribution, and trading is real and effective, allowing smaller projects like ours to compete under the same conditions.

It has been ten years of frenetic activity and challenges to overcome day after day, culminating in record results for 2011: turnover was increased 75% to €940 million, with managed energy increasing 44% to 10,000 GWh/year. 2011 will also be remembered as the year when the company went international, with the acquisition in February of a German trading company, since renamed Nexus Energie GmbH.

Although the economic situation we are living in can demoralize even the most optimistic, our company maintains the strength and enthusiasm of our first day, with new challenges ahead of us. In the coming years we expect a real energy revolution, with new concepts such as smart grids, decentralised generation, electric vehicles, grid parity and energy efficiency slowly gaining weight in our society.

Nexus Energía will form part of this revolution and will continue working to give customers and producers an excellent service at competitive prices and, of course, innovating with regard to new products and services.

Director’s Letter

Director’s Letter

Jordi Sarrias PratsManaging Director

Annual report 2011

Grupo Nexus Energía

It stands for innovation, proximity, adaptation, service, and quality customer care. Nexus Energía represents freedom of choice.

The company was founded in Spain in 2000 with the liberalisation of the electricity market, from the start counting on the capital support of more than forty electricity distribution companies that have been present in the Spanish market for almost a century.

Nexus Energía is the parent company of Grupo Nexus Energía, a group of companies related to the energy sector, each focused on a different activity.

“Nexus Energía is a comprehensive supplier of tailored electricity, natural gas, and related services for all types of end users (domestic, SME’s, large companies and multi-site clients), producers, traders and distributors”

- Nexus Energie, GmbH; A German subsidiary acquired by Nexus Energía in February 2011, specializing in the trading of electricity and natural gas to SME’s in Germany.

5p.

- Nexus Renovables, S.L.U.; Dedicated to the commercialization of green energy and products related to energy efficiency in Spain.

- Nexus Green, GmbH; A company homonymous with Nexus Renovables, but operating in Germany.

- Axon Time, S.L.U.; Specialising in computer systems and services to improve management capacity, providing greater control, economy, and reliability to the processes of producers, traders, and distributors.

- Electronosis (Energías Intensivas, S.L.); Experts in the installation and maintenance of facilities and technical equipment for the energy sector.

In 2011, Grupo Nexus Energía managed more than 10,000 GWh (+44% vs. 2010) while achieving a turnover close to €940 million (+74% vs. 2010). It also advanced its process of internationalisation, gaining permits in Portugal, France, and Italy.

For profitability, service, and dynamism, Nexus Energía is the alternative to the sector´s large companies. Together with the rest of the companies in the group, it is now a leading company that works so everyone, large or small, can choose their own energy supplier.

Grupo Nexus Energía

Annual report 2011

In 2011 Nexus Energía faced two major challenges: Renewing a portfolio of more than 30,000 clients and managing major price increases, which stood well above 2009 and 2010 values. Not only did more than 90% of clients renew their contract, but Nexus Energía also continued to increase its market share and the volume of electricity sold. This was in spite of the prioritisation of renewals above the acquisition of new customers, a policy designed to ensure the consolidation of internal and service improvements.

In the business sector, we ended 2011 with approximately 17,500 clients, representing an increase of 9% over 2010, coupled with an annual energy growth of 14%. In addition to renewing their contracts, many clients increased their volume of business

with Grupo Nexus Energía, especially the banking sector. Mergers in this sector, far from harming the company, actually allowed it to considerably increase the number of offices supplied. This was thanks not only to keeping the majority of the merged entities as clients, but also due to new acquisitions betting on Grupo Nexus Energía on the advice of those who were already clients.

In the domestic market, the number of clients remained stable, with only a slight decrease of 1%.

In 2011 it created a dedicated VIP Management line for multi-site clients, something that has been highly valued by them and positively influenced renewals. This loyalty is due in part

to our competitive price, but especially to our excellent service. The next goal is the cross-selling of new products to this client base, such as measurement services and capacitor banks etc.

What do we do? “Nexus Energía has established itself as a very competitive alternative in both price and service for customers in the corporate sphere, a fact confirmed by our high rate of client renewals”

Electricity Supply

7p.

During 2011 the number of ongoing

contracts for the supply of Natural

Gas was around 130, each assuming an

average volume of 3.000MWh per year

per client. This business line was further

consolidated with projected annual sales

of around 360,000 MWh per

year, of which 74% is to supply to

end users and the

remaining 26% Last Resource Electricity Supplier (CUR), positioning ourselves as a

solid alternative to current operators.

In 2011 Nexus Energía renewed access

contracts with ENAGAS increasing

both AOC contracted capacity

(Storage Operating Transportation) and

underground storage. The company is

already prepared for the exploitation of

contracted capacity on the Larrau pipeline

that will connect Spain to Northern Europe,

and with which Nexus Energía will supply

gas to its clients during 2012.

Nexus Energía participated in the different

auctions that took place in the Spanish

gas system, being present in the Capacity

Auctions of the Underground Storage

and TUR Auctions. The latter is aimed at

fixing the last resort tariff (TUR) of gas

through the sale of raw materials to the

Last Resource Electricity Supplier (CUR).

Nexus Energía also consolidated the

diversification of gas purchasing with

different operators through different

contract forms, whether fixed price or

variable price, natural gas or liquefied

natural gas, in order to obtain an optimal

supply mix in our purchasing. It poses a

new challenge for 2012: Ensuring synergies

with the German subsidiary, Nexus Energie,

which will allow the Group to optimise the

supply of gas.

Gas Supply

5

10

15

20

25

30

35

40

Jan-

11

Feb-11

Mar-11

Apr-11

May-11

June

-11

July-

11

Aug-11

Sept-1

1

Oct-11

Nov-11

Dec-11

GROWTH OF SUPPLIED VOLUMETO END USERS DURING 2011

(in millions of kWh)

What do we do?

Annual report 2011

Nexus Energía continues to increase its market share of representation and also as the leader in the number of represented power plants in the free market, with more than 17,000 installations with a capacity of 2,400 MW giving a total power of 5.900GWh per

year. This ranks Nexus Energía at number one in representing photovoltaic power plants, with a 38% market share of settled production at

National level.

During 2011 the energy sector was influenced by important regulatory changes such as real-time telemetry,

payment of tolls to the distributor and the limitation of premium-entitled production hours. Nexus

Energía, in its quest to adapt to these changes and meet the needs of its clients, dedicated

significant resources in 2011 to adapting systems and developing new products

that facilitate the activities of producers under this new regulatory framework. Nexus Energía is collaborating with producers in order to comply with current regulations and not risk their economic returns, giving them the option to insure their income from the sale of their energy.

Producer Services

Nexus Energía has the systems, infrastruc-ture and the employees to represent, with guarantees, a large number of power plants. Thousands of installations already entrust Nexus Energía, achieving major cost savings and the simplification of their processes.

“Nexus Energía consolidated its leadership in the representation of photovoltaic producers with a 38% market share of settled production at National level”

17.000 installations representated power plants

2.400 MW power capacity

5.900 GWh/año managed power

9p.

Measurement (MIA) which, using an intelligent digital counter and customized software, allows clients to receive ongoing information about their consumption on any computer connected to the internet, enabling control of electricity consumption and the ability to optimise habits.

Nexus Energía has always shown a strong and determined commitment to energy efficiency, and in 2012 plans to continue developing products and services that help clients consume less, and consume better.

renewable energy facilities to Nexus Renovables which ensures the technical and economic viability of projects. Projects falling into this category include thermal biomass projects, efficient lighting, capacitor banks, and high-efficiency cogeneration. In a similar vein, in 2012 Nexus Renovables will act as an energy manager of 150 homes utilizing a centralized heating and hot water system, with high -efficiency and renewable generation systems such as micro-cogeneration and solar thermal.

Nexus Renovables is investing in a new manufacturing plant for wood pellets near Barcelona, with the capacity to produce 13,000 tons per year. Production is expected to begin in 2013, allowing Nexus Renovables to extend its range of energy products with efficient and environmentally friendly fuel.

During 2011, Grupo Nexus Energía has consolidated its Assisted Intelligent

Energy Efficiency Services

Through its subsidiary Nexus Renovables,

Nexus Energía offers clients products and solutions to reduce their energy use, trades green energy, and acts

proactively to identify potential areas for improvement relating to clients’ energy supply: optimization of supplied power, elimination of reactive power, energy audits, and feasibility studies to implement measures to reduce consumption or to generate power by renewable sources (such as cogeneration, biomass, etc.).

In 201 1 Nexus Renovab les ser ved approximately 4,000 renewable energy

installations, designing and engineering their real-time telemetry systems (TTR).

Nexus Renovables also serves as an Energy Services Company. This formula allows access to energy discounts from day one, without any initial investment, outsourcing the management and maintenance of

“Grupo Nexus Energía offers solutions that can help reduce client´s energy consumption, lower their bill, and contribute to environmental improvements”

What do we do?

Annual report 2011

PPS

Innovation “2011 marked a milestone in the Group’s ability to innovate by

taking advantage of regulatory changes”

Several regulatory changes in the field of energy production triggered the rapid reaction of Grupo Nexus Energía to meet the needs of its clients with the creation of interdisciplinary teams offering effective solutions.

With the TTR project (Real-Time Telemetry), Nexus Energía has been a leader in the market and has gained a large number of customers. The Nexus Energía Control Centre manages more than 10,000 power plants that represent approximately 50% of the photovoltaic solar power that is sent in real time to the Spanish Electricity Grid System Operator (REE).

The PPS project (Solar Price Protection), which offers a guaranteed price to minimize the uncertainty of photovoltaic producers once they calculate they will reach their

premium-entitled production hours, and Peaje Express, which automates the payment of tolls to distributors to avoid possible penalties for delays, were created in a short space of time and showed, once again, the agility and creativity of the professionals who form Nexus Energía.

With Smart Grids and other intelligent networks on the horizon, Axon Time created a new department focused on the development Tele-Management Systems. The MIA Project (Assisted Intelligent Measurement) gives remote measurement information to electricity consumers, and was one of the first systems to allow its clients to access detailed consumption data (active/reactive, power historical etc.) and a predefined analysis that helps make decisions to optimise consumption.

Convinced that, especially in the energy sector, the future lies in innovation, Grupo Nexus Energía is committed to keeping abreast of new developments, and betting on new opportunities.

TTR, PPS, Peaje Express and MIA

11p.

Social Corporate Responsibility

“Creation of the Corporate Social Responsibility group”

In 2011, Nexus Energía hired an external consultant and established a multidisciplinary working group in order to understand the vision of employees and identify both strengths and aspects that could be improved upon.

This work was developed under the three dimensions of CSR: economic, environmental and social.

In addition, in 2011 Nexus Energía redefined the Mission, Vision and Values of Grupo Nexus Energía.

The Group’s mission is to be a comprehensive supplier of energy and related services, with the ability and willingness to provide personalised attention and to innovate by

adapting to both the client and the market, providing returns to shareholders and always acting on the basis of sustainability criteria.

With a wide experience in the market and its presence in the representative

segments, the Group has focused its vision on growing and positioning itself as a benchmark supplier of flexible energy services with which clients can identify.

To achieve these objectives, Grupo Nexus Energía is based, along

with technical excellence, on a range of values: flexibility, experience, innovation, the pursuit of excellence, closeness, enthusiasm, collaboration, professionalism, results orientated, integrity, humanity, creativity, independence and sustainability.

Innovation / Social Corporate Responsibility

Annual report 2011

A survey was conducted to all staff of Grupo Nexus Energía in order to know the current situation and the strategies needed in both the medium and long term. The main results emerging from the initial diagnosis are:

Economic Dimension

The strengths in this dimension were:

- Good governance and transparency. Grupo Nexus Energía complies with the law and works with a criteria of transparency, auditing and publishing their accounts in the Annual Report.

- Investment Policy. Plans, invests and acts consistently.

The areas for improvement are client satisfaction, on which Nexus Energía is already working on through surveys which have yielded positive results, and the remuneration policy, which is being optimised from the beginning of 2012.

Environmental Dimension

Strengths in this area highlight the control and reduction of emissions and consumption, as well as waste management. Nexus Energía removed individual bins from their offices and replaced them with waste-specific recycling containers. Furthermore, to minimize the use of printed paper, it was decided not install drawers in the offices, in order to avoid the accumulation of unnecessary printouts.

Social dimension

Standout strengths include:

- Diversity management. Grupo Nexus Energía has a high degree of equal opportunity between men and women, as well as a multicultural workforce represented by over 12 nationalities which improves the working environment and increases the efficiency and competence of the organization.

- Work / Life balance. The Group applies on a daily basis a relaxed, hands-off policy and shows trust in its employees.

- Social Action. Employees have the option to participate in various voluntary schemes. For example, during Christmas 2011, they conducted a campaign to collect food for the Spanish Red Cross.

“Nexus Energía aims to be at the forefront of social welfare”

Social Business Responsibility: commitment to the people

13p.

As something to improve, it should be noted that the participatory system, although always under the CSR action plan, has already made the following progress:

- Selection of the logo, slogan and the Nexus Energía website by opinion polls and an employee vote.

- Annual meeting of all professionals of Grupo Nexus Energía.

- Development of a Code of Best Practice.

During 2011 an event was organized to celebrate the tenth anniversary of Nexus Energía and,

in the preparation as well as the attendance, employees

w e r e h i g h l y participatory.

QUALITY POLICY

In late 2010, Nexus Energía began a process of continuous improvement that took place throughout 2011. It defined a quality policy through external consultancy, reflecting in written form the procedures to be followed by the organization to facilitate the transfer of knowledge. In addition, it also improved instructions for the annual appraisal that applies to all staff of Grupo Nexus Energía and created templates that facilitate the continuous improvement of processes.

INTERNAL COMMUNICATION

Grupo Nexus Energía corporate headquarters contain screens that display interesting and relevant information for staff which branch employees can also view through Nexus’ Intranet. Moreover, within the quality policy, it defined an internal communication process that facilitates the flow of information in all directions and continues to work to find ways to improve communication even more and increase employee participation in the Group.

DATA

The workforce of Grupo Nexus Energía is composed of 52.59% men and 47.41% women, with an average age of 35.

In terms of employment contracts, 88.31% of staff have a permanent contract, with 11.68% on a temporary contract.

Social Corporate Responsibility

Annual report 2011

Relevant Data

Grupo Nexus Energía, at the end of 2011, consists of 17 companies, all located in Spain and Germany, among which we have highlighted Nexus Energía, S.A., Nexus Energie, GmbH, Nexus Renovables, S.L.U., Axon Time, S.L.U. and Energías-Intensivas, S.L.

Net sales have continued to grow organically outstripping the previous year´s growth, reaching record highs.

The total increase was 74.7%.

Grupo Nexus Energía’s main activities focus

on the trading of electricity

and gas, the

representation of producers in the wholesale electricity market, as well as asset investment in renewable and highly efficient energy production. As of the 31st December 2011, Grupo Nexus Energía had a total staff of 291 people.

This graph shows the dramatic growth of Grupo Nexus Energía, which has risen from a turnover of €19.3 million in 2006 to €939.7 million in 2011, representing almost a 50-fold increase in turnover in just five years and during the world-wide economic crisis.

Consolidated Turnover Growth

0

200

400

600

800

1000

2006 2007 2008 2009 2010 2011

(m

illio

ns

of

euro

)

15p.

• €939.7million.

Consolidated Turnover

• €10.1 million.

Consolidated EBITDA

• €12.4 million.

Consolidated Operating Cash Flow

• €5.2 million.

Consolidated Net Profit

• €23.0 million.

Grupo Nexus Energía Consolidated Funds

Relevant Data

The most significant figures are the following:

It is significant that in 2011, besides acquiring the German company, Grupo Nexus Energía raised a further €3.5 million in working capital, in part to cover some of the needs of Nexus Energie in Germany, and also to consolidate growth in Spain.

Annual report 2011

Turnover Growth

2010 2011 Increase % Increase

537.8 939.7 +401.9 +74.7%(Millions of euros)

Growth of Consolidated Results

EBITDA in 2011 amounted to €10.1 million, representing 1% of net sales.

Cash flow amounted to €12.4 million.

Net profit was €5.2 million.

2010 2011

Net Sales 537.8 939.7

EBITDA 15.5 10.1

Cash Flow 17.9 12.4

Net Profit 9.5 5.2

(Millions of euros)

17p.Relevant Data

Breackdown of sales by business line

Electricity trading 447.3

Power Plants Representation 446.8

Gas trading 41.1

Trading 3.8

Energy production 0.2

Others 0.5(Millions of euros)

Financial structure

2010 2011

Equity 16.2 23.0

Financial Debt 16.8 31.4(Millions of euros)

The increase in debt was due in part to the acquisition of the German subsidiary, and also to fund the working capital increase required for the strong growth in trading activity during 2010 and 2011.

Principal ratiosROA 4% NFD/ EBITDA 0.98

ROE 28.26% NFD / Equity 0.43

Fin.Debt / Equity 3.07 NTD / EBITDA 4.92

CAPEX (MM€) 1.106 EBITDA / FE 5.05

Per profit earning ratio 4.62

Financial Debt / Equity includes off balance sheet debt

NFD refers to net financial debt (bank debt minus cash) and the NTD includes bank debt off-balance sheet.

ROA_Return of AssetsROE_Return of EquityCAPEX_Capital ExpendituresNFD_Refers to net financial debt (bank debt minus cash)NTD_Includes bank debt off-balance sheetFE_Financial Expenses

Annual report 2011

Domestic Expansion

In early 2011 Nexus Energía opened two new offices in Spain, located in Malaga and Las Palmas, expanding its presence in Spain to a total of 14 branches located throughout the country.

Nexus Energía comes to Las Palmas with the aim of offering its services to all the Canary Islands. This new physical location allows both prospective and existing customers in the area to receive closer, and more personalised attention.

The Malaga branch is the second to be opened in Andalusia, after Seville, which allows greater proximity and closeness to our clients, especially those located in eastern Andalusia.

In both Malaga and Las Palmas, the presence of a salesforce allows direct contact with clients, in both electricity and gas supply and the representation of renewable energy producers.

The ongoing territorial expansion of Nexus Energía in Spain, together with the work done to expand product and service knowledge of the salesforce, has allowed the company to improve its adaptation to client needs, as well as a more efficient customer service, one of the keys to its success.

“Two new branches in Spain: Malaga and Las Palmas”

19p.Domestic Expansion /Internationalisation

Internationalisation

“Nexus Energie: Germany, the first step towards the internationalisation of Grupo Nexus Energía”Germany. In early 2011, Nexus Energía acquired PCC Energie GmbH, a German supplier of gas and electricity based in Duisburg.

After this operation, Nexus Energía initiated the integration process and

renamed the company Nexus Energie.

The creation of a new management team at the German subsidiary was a major turning point in the company and marks the beginning of an intense process of integration into the Spanish parent.

The main activity of Nexus Energie is the provision of electricity and gas to small and medium-sized enterprises throughout Germany, and the added value is a permanent and personalized customer service through its 13 regional branch offices.

Nexus Green GmbH was also created during 2011, whose aim is the trading

of renewable energy to its clients. Moreover, the legislative changes

that will take effect in 2012 in Germany will allow Nexus Green to develop its representation of sales for renewable energy producers (such as wind, biogas, solar etc.) in the same way that has happened in Spain with the

Group’s parent. In the short term, through its German subsidiaries, Grupo Nexus Energía aims to lay the foundations for a profitable business in Germany, and expand its client base and products. Within that same strategy, it is planning to move the Nexus Energie headquarters to Düsseldorf during 2012.

Annual report 2011

Portugal, France and Italy: investing in the future Thinking of clients with a presence in the Iberian Peninsula who required the services of Grupo Nexus Energía in Portugal as well as in Spain, the idea of extending operations to this country was born, taking advantage of the fact that both countries make up the Iberian Electricity Market (MIBEL). The similarity and synergy in the markets of both countries allows the use of Nexus Energía’s existing Spanish structure to develop operations in the neighboring country. In 2011 it completed all the relevant administrative paperwork required to sell energy to end users in Portugal. Depending on the evolution of Nexus Energía’s acceptance in this new market,

the creation of a national branch will be considered in due course. The liberalized market already represents 50% of the total energy sold in Portugal, and in the coming years this figure is expected to gradually increase, forcing clients to migrate to the free market. This will facilitate the creation of even more interesting opportunities for energy traders.Therefore the already initiated expansion into Portugal is an investment for the future, focused on supplying energy to clients based in both countries, allowing Nexus Energía to learn more about the Portuguese market and prepare a strategy for increased future penetration. Although the markets of Spain, France and Italy are not a common market,

it is possible to make power transactions between these countries using the connections between them. To exploit this possibility in 2011 Nexus Energía processed the permits required to buy and sell power in the French wholesale market. It also started the same process in Italy.

“Europe: moving towards a common energy market”

21p.Internationalisation

Acting on the interconnections between Spain-France and France-Italy will allow Nexus Energía to expand the market for buying and selling maximizing profits and reducing costs as it will be possible to buy and sell power in whichever of the

three markets offer the most competitive prices.

Brazil: a large market with great potentialWithin the framework of Nexus Energía’s international expansion, and considering the strong growth of the Brazilian economy in 2011, the company explored the possibilities for business development in the Brazilian energy sector.

The choice of country was motivated by two main reasons: first of all, Brazil clearly presents itself as an emerging economy, undergoing strong and sustainable economic growth, which will obviously result in a significant increase in energy consumption. On the other hand, the market, which is currently heavily regulated, will have to undergo further liberalisation in the coming years, resulting in a progressive increase in opportunities

for energy trading. In addition, the Group’s experience in European markets will translate well into a market which, until now, has consisted solely of local operators.

The initial numbers show that the creation of a electrical energy trader acting in the Brazilian free market is a good opportunity. For this reason, in 2012 Grupo Nexus Energía has set a strategy to take the first steps enabling it to operate in this promising market.

“America: analyzing new intercontinental opportunities”

Annual report 2011

ShareholderS

aragon

Aguas de Barbastro Electricidad

aSturiaS

Candin Energía

BalearicS iSlandS

El Gas

catalunya

Agri-Energia InversionsEl Progreso EnergíaElectra del CardenerEléctrica del EbroEléctrica VaquerEnerguixEstabanell y PahisaHidroeléctrica BausenIcasa Distribución EnergíaLa Eléctrica de RipollSelga EnergíaHijos de José BassolsEasy Energy Solutions

galicia

Hca. De Laracha EnergíaCE Energía Cartera

Madrid

Coop. Eléctrica PopularCoop. Eléctrica del PozoNavarro Generación

caStilla y león

Juan de Frutos García

Melilla

Gaselec Diversificación

Valencia

Eléctrica Dist. de Fuerza y Alum. CasablancaEléctrica Algimia AlfaraEléctrica Benéfica CatralenseEléctrica de Callosa de SeguraEléctrica de CastellarEléctrica de CheraEléctrica de GuadassuarEléctrica de MelianaEléctrica de VinalesaEléctrica del MaestrazgoEléctrica Ntra. Sra. De GraciaFluido Eléctrico MuserosCovaersa EnergíasSum. Especiales AlginetensesElec. Benef. Albaterense

Board of directorS

Ildefonso Serrano GarcíaCarlos Frontera BeccariaAlbert Xalabarder MiramandaLuis Díaz DíazManuel Mas SebastiàPablo Bravo VidalRaimundo Fernández-Montenegro Iglesias Jordi Sarrias Prats

executiVe teaM

Nexus eNergía

Managing director: Jordi Sarrias Prats international BuSineSS director: Alfredo Huertas Rubio

energy and operationS director: Josep Pratdesaba Rovira

finance director: Albert Rams Foncuberta

SaleS and Marketing director: Carles Leg Clos

Nexus eNergie

Managing directorS:

Alfredo Huertas Rubio

Marc Ehry

Nexus reNovables

energy SerViceS director: Marc Pahissa Deulofeu

axoN time

Managing director: Ivan Solé Martínez

Shareholders, Directors, and the Management TeamNexus Energía, S.A. was founded in June 2000, backed by capital from over forty electricity distribution companies spread throughout the Spanish territory, some of whom had been operating in the market for almost a century.

The shareholders of Grupo Nexus Energía have changed little since its inception and since the beginning its members have provided their trust and support to the business. For Grupo Nexus Energía it is vital to continue fostering such a climate of confidence with the shareholders.