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1 UPCOMING EVENTS 2007 FIRST HALF RESULTS: JULY 25th, IBERDROLA s Net Electricity Production (provisional) (1) April Year 2007 TOTAL GROUP GWh % Weight Vs 2006 GWh % Weight Vs 2006 Hydro 3, % 29.2% 8, % 62.9% Nuclear 4, % -25.0%, % -12.8% Coal 5, % 458.6% 6, % 144.5% Fuel-Oil % -81.7% % -93.0% Combined Cycle 12, % 43.0% 21, % 19.6% Cogeneration % 3.3% 1, % 54.9% Renewables 3, % 0.6% 6, % 55.6% TOTAL 29, % 45.8% 54, % 25.2% Demand 40,8 31.9% 74, % April Year 2007 SPAIN GWh % Weight Vs 2006 GWh % Weight Vs 2006 Hydro 3, % 23.8% 7, % 64.3% Nuclear 4, % -25.0%, % -12.8% Coal 1, % 82.2% 2, %.8% Fuel-Oil % -81.7% % -93.0% Combined Cycle 2, % -16.1% 5, % -25.4% Cogeneration % 19.1% % 16.8% Renewables 1, % 11.7% 4, % 16.9% Wind 1, % 4, % TOTAL 14, % -3.3% 32, % -0.2% Demand 24, % 51, % Hydro Reservoir levels at % (7,531 GWh) U.K. (SPW) (2) GWh % Weight Vs 2006 GWh % Weight Vs 2006 Hydro % N/A % N/A Coal 3, % N/A 3, % N/A Combined Cycle 1, % N/A 1, % N/A Cogeneration % N/A % N/A Renewables % N/A % N/A TOTAL 6, % N/A 6, % N/A Demand 8,664 N/A 8,664 N/A USA (SPW- PPM) (2) GWh % Weight Vs 2006 GWh % Weight Vs 2006 Cogeneration (3) % N/A % N/A Renewables (4) 1, % N/A 1, % N/A TOTAL 1, % N/A 1, % N/A LATIN AMERICA GWh % Weight Vs 2006 GWh % Weight Vs 2006 Hydro % -11.1% % 0.2% Combined Cycle 7, % 42.2% 13, % 32.5% Cogeneration % 6.1% % 2.1% TOTAL 7, % 38.7% 14, % 30.3% Demand (managed) 7, % 14, % (1) Production acorded to the consolidation method used (2) For 2006, SPW data not included. For 2007 included April-June quarter. (3) Includes 47% of production from Klamath cogeneration plant and from 0 MW of single gas cycle operated together. Production from the other 200 MW of the single gas cycle, leased to PacifiCorp is not included. (4) Includes production from PPAs with Florida Power & Light (442 GWh) 1

2 Spanish Energy Balance (Provisional. Source: Red Eléctrica de España, S.A.) April Year 2007 GWh vs GWh vs Hydro 7, % 16, % Nuclear 11, % 27, % Coal 18, % 35, % Fuel-Oil % % Combined Cycle 14, % 28, % GROSS PRODUCTION O. Regime 52, % 8, % Own consumption -2, % -4, % Special Regime 12, % 28,303.3% NET PRODUCTION 63, % 132, % Pumping consumption -1, % -2, % International Exchanges -994 N/A -1,387 N/A DEMAND IN TRANSMISSION 61, % 129, % Wholesale Market data April Year 2007 Total Markets average price ( / MWh) (*) Iberdrola's total market share (**) 22.86% 24.74% (*) Capacity payments not included. (**)Iberdrola s total Production over Total Demand in Spain IBERDROLA s Emissions Indicators (provisional) 1H H 2007 C02 emissions over the period (gr. CO2 /KWh): Total C02 emissions over the period (gr. CO2 /KWh): Spain Emission-free production: Total (GWh) 21,685 25,631 Emission-free production: Spain (GWh) 21,167 23,313 Ratio of emission-free production to total production (%) 49.6% 46.9% Ratio of emission-free production in Spain to total production (%) 64.8% 71.5% Total emission-free installed capacity: Total (MW) 16,376 19,882 Total emission-free installed capacity: Spain (MW) 16,167 16,907 Emission-free installed capacity: Total (%) 58.7% 49.1% Emission-free installed capacity: Spain (%) 65.5% 64.4% 2

3 IBERDROLA s Installed Capacity (provisional) 1H 2006 (1) 1H 2007 GROUP MW % Weight MW % Weight Hydro 9, % 9,712 24,0% Nuclear 3, % 3,344 8,3% Coal 1, % 4,709 11,6% Fuel-Oil 2,889.3% 2,889 7,1% Combined Cycle 6, % 12,168 30,1% Cogeneration % 837 2,1% Renewables 4, % 6,826 16,9% TOTAL 27, % 40,485 0% SPAIN MW % Weight MW % Weight Hydro 8, % 8, % Nuclear 3, % 3, % Coal 1, % 1, % Fuel-Oil 2, % 2, % Combined Cycle 4, % 4, % Cogeneration % % Renewables (2) 4, % 4, % TOTAL 24, % 26, % UK (SPW) MW % Weight Hydro 563 8,8% Coal 3,456 54,0% Combined Cycle 1,915 29,9% Cogeneration 2 1,6% Renewables 364 5,7% TOTAL 6,400 0% USA (SPW- PPM) MW % Weight Single cycle Gas % Cogeneration (PPM) % Renewables (PPM) 4 1, % TOTAL 2,279 0% LATIN AMERICA MW % Weight MW % Weight Hydro % % Combined Cycle 2, % 5, % Cogeneration % % TOTAL 3, % 5,553 0% (1) For 2006, SPW data not included. (2) Includes for MW of international installed capacity, with 502 GWh of production. For 2006, 308 MW with 281 GWh production. (3) Includes 47% of Klamath cogeneration plant. (4) Includes 606 MW of capacity corresponding to PPA with Florida Power & Light 3

4 Stock Market Iberdrola Ibex 35 EuroStoxx Utilities April- Max (Date) (06/15/07) 15, (06/02/07) (06/02/07) Min (Date) (04/01/07) 14, (05/01/07) (04/01/07) Quartely Change 17.35% 1.71% 9.44% Year 2007 Max (Date) 45,20 (06/15/07) 15, (06/01/07) (06/01/07) Min (Date) 31,93 (01/18/07) 13,602.4 (03/14/07) (03/05/07) Yearly Change 25.39% 5.27% 11.76% Iberdrola, Ibex35 & EuroStoxx Utilities in 2007 (January 1 - June 30) Iberdrola IBEX 35 EUROSTOXX Utilities Ratios Dividend Information Market Capitalization (06/30/07) 51,848 Gross Interim (01/02/07) P/E (price at 06/30/07 / EPS 06) 22.6 Gross Final (02/07/07) (*) P/BV (price at 06/30/07 / Equity 06) 4.9 Dividend Yield (Div. paid / Close price 06) 3.21% (*) Includes attendance premium of

5 Financials Q (SPW not included) G Wh MM vs (%) Gross Margin 1, % EBITDA 1, % EBIT % Profit before taxes % Net profit % MM vs Total Assets 34, Equity,564-3 Net Debt 13, Capex (1) Includes the amounts corresponding to the tariff insufficiency: 606 million at March 2007 and 1,583 million corresponding to G Wh EPS CFPS Gearing (2) 55.3% 57.9% (2) Net debt/(net debt + Shareholders equity). Includes financing of the tariff insufficiency. Not including this issue, leverage as at March 2007 would stand at 54.1% and 54.7% at March Senior Unsecured Debt Credit Rating Outlook S&P A Credit watch negative Moody's A2 Credit watch negative Fitch AA- Credit watch negative NOTE: Since the asset acquisition agreement signed with Gas Natural, S&P, Moody s and Fitch put the ratings of IBERDROLA's Senior Debt on credit watch with negative implications, review for a possible downgrade and credit watch negative (RWN), respectively. In February 2006, Fitch upgraded IBERDROLA's rating from A+ to AA- as a result of a change in its method of analysis, and S&P downgraded it in December 2006 from A+ to A, following the announcement of the transaction with ScottishPower. Sustainability Rating / Situación??? Sustainability Dow Jones Sustainability World Index points / Sustainability Leaders Group Dow Jones Sustainability Stoxx Index points / Sustainability Leaders Group Climate Leadership Index Only utility in Spain to be included in the index Storebrand Investment SRI Best in Class, 2nd global utility OEKOM B- / Group of leaders: Top Spanish company. Top 3 in the Worldwide Utilities Global 0 Most Sustainable Corporations in the Wo IBERDROLA among the 0 most sustainable companies in the world Global Roundtable on Climate Change IBERDROLA one of the developers Pacific Sustainability Index (PSI) Group of leaders: Among the top 3 in the Energy & Utilities Sectors category Business Week, Climate Group Group of leaders: Among the top 3 in the ranking of most outstanding companies INNOVEST Included in group 5 Best in Class in the utilities industry. VIGEO Ranking of from neutral to positive in the main categories CR- Risk. University Hamburg & SRI Deutsche Bank 30.5 points. IBERDROLA in leading Group in utilities Corporate reputation MERCO Ranked 8 th. Leader in the energy, gas, and water industry Corporate governance FTSE ISS Corporate Governance Index (CGI) Index Ranking Industry Ranking

6 LEGAL NOTE " This communication does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities. The shares of Iberdrola S.A. may not be offered or sold in the United States except pursuant to an effective registration statement under the Securities Act or pursuant to a valid exemption from registration." 6

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