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1 Annual Report 2003 Business Environmental Social

2 With the main targets of the Strategic Plan fulfilled and consolidated, with market recognition in the shape of the Company s inclusion in the select Euro Stoxx 50 index, IBERDROLA has updated its objectives for the period from 2004 to 2008, when it plans to invest 8,600 million E. The Company s ultimate objective remains the same: more risk-free growth, focused basically on the Spanish energy industry, to which it plans to allocate 6,300 million E. Between 2001 and 2008, IBERDROLA s accumulated investments will amount to 16,200 million E, 73% of which will be made in Spain. This commitment will strengthen its leadership in the introduction of new gas combined cycle plants and wind farms in line with the Energy Planning Document and the European Directive on emissions, consolidate the Company s high-level supply quality and reaffirm its position as a front-line operator in the liberalized electricity and gas markets.

3 Annual Report 2003 Business Environmental Social Annual Report 2003 submitted by the Board of Directors of IBERDROLA, S.A. to the General Meeting of Shareholders on 3 April 2004

4 2 Annual Report 2003

5 Letter to the Shareholders Dear Shareholder, It is a pleasure for me to present this Annual Report, which includes some highly satisfactory results for I would like to begin by stressing that this success is due to the work and the decisions taken by the Board of Directors, the Vice-Chairman and Chief Executive Officer and the Company s Management Team, backed by the unflagging efforts of everyone working at IBERDROLA. While 2002 was a key year, when we became the biggest investor in Spain s energy industry and we successfully met some very ambitious challenges, the Company ended 2003 with even better results. IBERDROLA s businesses have performed so well that our position as one of the leading companies in Europe s energy sector has been firmly consolidated. The Company is now in the best possible position to achieve, and possibly improve on, the goals set in our Strategic Plan. IBERDROLA s strategy is based on organic, profitable growth, with investments focused on what we know best, the energy industry, while ensuring amortizable goodwill is kept to minimum. We shall continue to make major efforts to improve efficiency to keep the Company at the forefront of competitiveness in the sector. We remain determined to ensure that all our corporate growth opportunities are profitable and to maintain and, if possible, improve our solid financial structure. The results of this determination can be seen in some of the lowest leverage levels in the sector and in the Company being held up as a strategic model by financial markets and competitors alike. One of the outstanding features of the year was undoubtedly the net profit of 1,060 million E, 10.1% up on 2002, a record figure achieved in a year marked by an investment effort topping 2,600 million E, continuing restrictions on operational costs and a 309 million E reduction in debt, which brought our financial leverage down from 57.1% in 2002 to 55.8% a year later. These results enable us to propose a 10.15% increase in the dividend to the General Meeting, which represents a payment of E gross per share. With accumulated growth of 36.3% in the last five years, the dividend places IBERDROLA firmly in the front rank of European power companies in terms of profitability for the shareholder. The proposed distribution is based on the policy adopted by the Board in 2003 of increasing the annual dividend in line with the increase in net profit. To comply with this undertaking, the Board took into account the satisfactory achievement of the targets set and the Management team s forecasts for low-risk growth. 3

6 Annual Report 2003 Total profitability for the IBERDROLA shareholder, including dividends paid, came to 22% and 2003 ended with market capitalization of 14,217 million E. The international financial markets were quick to acknowledge this situation and on 1 September the Company was included in Euro Stoxx 50, the exclusive stock index consisting of the top 50 firms quoted in the Eurozone. This development will undoubtedly benefit the future performance of our share. I would like to take this opportunity to stress IBERDROLA s point of view as regards compliance with the Kyoto Protocol for the reduction of greenhouse effect gases, which the European Union is to adopt through European Directive 2003/87/CE. We argue for a model in which electricity companies can make a decisive contribution towards achieving the objective of combating climate change in the best conditions for Spain. IBERDROLA has always led by example in the adoption of measures concerning good corporate governance, even when such measures were only recommendations. Initiatives introduced in this area include the creation some years ago of the Auditing and Compliance and the Appointments and Remunerations Committees, the introduction of regulations on conflicts of interest and the retirement of Board members for reasons of age, the Code of Professional Conduct, the Basic Internal Audit Regulation, the Auditing and Compliance Committee Activities Report (the first of its kind in Spain) and the creation of the Regulation Compliance Unit, entrusted with preventing the use of insider information. Last year we referred to a series of major Bills affecting companies, stock markets and transparency in management that the Government had forwarded to the Spanish Parliament. At the time we felt that it would be best to wait for their definitive approval as legislation before implementing IBERDROLA regulations. In the light of the proposed legislation, the recommendations contained in the Codes of Good Governance, the undertaking to protect shareholders rights and the development of our technical resources, the Board submits for approval to the General Meeting several improvements to the Bylaws and a new Regulation for the governing body. The Board has also adopted a new Regulation that includes and orders in a single text a series of regulations approved at different times and which adds compulsory stipulations and some timely recommendations. This report has been drafted in accordance with Global Reporting Initiative 2002 s Guide to Preparing Sustainability Reports and presents a rigorous, transparent, balanced and reasonable view of the most significant achievements of our Strategic Plan, together with the most relevant aspects of our economic, environmental and social management during the year. The Report also updates the information on our commitment to the United Nation s Global Compact. 4

7 Letter to the Shareholders This is a business with its eye very much on the future, which stands on the solid ground of a prosperous tradition, long experience and prestige earned over many years of providing a crucial service in the best possible way. It is a source of great satisfaction for the Company to have survived and grown over more than 100 years, with the support of generations of loyal shareholders and a constantly developing team of efficient, responsible workers. The Company s concern for the future is further reflected in its current, deeply held commitment to renewable energy, the protection of the environment and sustainable development. Self-satisfaction is not exactly a feature of this Company. We grow, we are always looking to improve, by combining the efforts of the three groups that together make IBERDROLA the business force it is today: our shareholders, employees and the management and Board of Directors. Iñigo de Oriol Ybarra Chairman 5

8 6 Annual Report 2003

9 Contents Board of Directors 8 Management : key figures 13 Highlights Business Report Strategic Plan: consolidation of targets achieved 25 The energy industry 31 Financial and economic information and the stock market 36 Business management: 50 Generation 50 Distribution 55 Retailing 59 Renewable Energy 62 International 65 Non-Energy business 68 Environmental Report 71 Environmental policy 72 Environmental organization 74 Environmental management 75 Environmental action programs 80 Policy and measures on climate change 85 Other significant measures 87 Environmental indicators 94 Definition and glossary of environmental terms 116 Social Report 119 A responsible commitment to interest groups 119 The team 123 Shareholders and the financial world 137 Regulatory bodies 140 Customers 143 Suppliers 148 The Media 151 Society 155 Resources assigned to corporate social accountability 167 Additional information 169 Contents according to Global Reporting Initiative (GRI) 185 7

10 Annual Report 2003 Board of Directors * At a meeting held on 25 June 2003, the Board of Directors of the Company, accepted the proposal of the Appointments and Remunerations Committee to appoint by cooption José Antonio Fernández Rivero, in a candidature promoted by the BBVA, as a Member of the Board of Directors and the Executive Committee of IBERDROLA, S.A., subject to the approval of the first General Meeting of Shareholders held subsequently. The appointment covers the vacancy left by Rafael de Icaza Zabálburu, also a domanial Board Member of the BBVA, who retired on the same date after reaching the regulatory age. At a meeting held on 29 October 2003, the Board of Directors of the Company also accepted the proposal of the Appointments and Remunerations Committee to appoint by cooption Julio Miguel de Aynat as a Member of the Board of Directors of IBERDROLA, S.A., subject to the approval of the first General Meeting of Shareholders held subsequently. Julio de Miguel Aynat covers the vacancy left by Juan de Basterra y Andersch, an external Board Member who retired on the same date after reaching the regulatory age. The Board wishes to take this opportunity to thank Messrs Icaza Zabálburu and Basterra y Andersch for the unstinting work done and their valuable contributions to the Company in the time they were Members of the Administration Bodies. (*) Additional information in the Corporate Governance Annual Report

11 Board of Directors* Consejo de Administración* Honorary Chairman Manuel Gómez de Pablos González Chairman Iñigo de Oriol Ybarra (1) (3) Vice-Chairman & Chief Executive Officer José Ignacio Sánchez Galán (1) Vice-Chairmen José Antonio Garrido Martínez (1) Javier Herrero Sorriqueta (1) Members Víctor de Urrutia Vallejo (1) (3) Ramón de Rotaeche y Velasco Javier Aresti y Victoria de Lecea (2) José Orbegozo Arroyo César de la Mora y Armada (2) José Luis Antoñanzas Pérez-Egea (3) Ignacio de Pinedo Cabezudo (2) Lucas María de Oriol López-Montenegro Antonio de Garay Morenés Ricardo Álvarez Isasi (2) Antonio María de Oriol y Díaz-Bustamante Mariano Ybarra y Zubiría José Ignacio Berroeta Echevarría (1) (3) Juan Luis Arregui Ciársolo (1) José Santiago Mayner Oyarbide Secretary & Legal Adviser José Antonio Fernández Rivero (1) Julio de Miguel Aynat Federico San Sebastián Flechoso (1) Executive Delegate Committee (2) Audit and Compliance Committee (3) Appointments and Retributions Committee The Executive Delegate Committee and the Appointments and Retributions Committee are chaired by Iñigo de Oriol Ybarra. The Audit and Compliance Committee is chaired by Ricardo Álvarez Isasi. (*) Additional information in the Corporate Governance Annual Report

12 10 Annual Report 2003

13 Management* Dirección Vice-Chairman & Chief Executive Officer Company Secretary (1) Deputy to Vice-Chairman & Chief Executive Officer José Ignacio Sánchez Galán Federico San Sebastián Flechoso Julián Martínez Simancas Corporate Chief Administration, Control & Regulation Officer Chief Financial Officer Chief Human Resources and Services Officer Chief Strategy & Development Officer Chief Internal Audit Officer (2) José Luis San Pedro Guerenabarrena José Sáinz Armada Fernando Becker Zuazua José Luis del Valle Doblado Luis Javier Aranaz Zuza Business Generation Director Distribution Director Retailing Director Renewable Energy Director Latin America Director Francisco Martínez Córcoles Javier Villalba Sánchez Salvador Font Estrany Pedro Barriuso Otaola Gonzalo Pérez Fernández (1) The Company Secretary, as Secretary of the Board, is answerable to the Board. (2) With functional dependence on the Audit and Compliance Committee of the Board. (*) Additional information in the Corporate Governance Annual Report

14 12 Annual Report 2003

15 2003: key figures Economic-financial data Million E Results % Variation 03/02 Net sales 9,488 9, EBITDA 2,617 2, EBIT 1,823 1, Ordinary profit 1,473 1, Net profit 1, Net operating expenses/gross margin 27.8% 29.0% -120 b.p. Sales per employee (thousand E)* * Business in Spain Million E Balance sheet % Variation 03/02 Total assets 24,636 23, Shareholders equity 8,225 8, Net financial debt 10,378 10, Return on equity (ROE) 12.9% 12.0% +90 b.p. Financial leverage (Net debt/net debt + Equity) 55.8% 57.1% -130 b.p. Funds from operations 1,812 1,

16 Annual Report 2003 Sales and clients in Spain Gross operating profit (EBITDA) (Million E) (Million E) +2.4% 9,419,653 9,192,464 Clients 9, % 9,488 2,617 2, % Net operating profit (EBIT) Net profit (Million E) (Million E) 1, % +10.1% 1, ,

17 2003: key figures Net operating expenses/gross margin Sales per employee* (%) (Thousand E) b.p % * Sales in Spain Total assets Funds from operations (Million E) (Million E) 1,812 23, % 24,636 1, % Return on equity (ROE) Net debt (Million E) and Leverage (%) (%) 10, (-130 b.p.) b.p % 10, %

18 Annual Report 2003 Operating data IBERDROLA Group % Variation 03/02 Installed capacity (MW) 22,788 20, Gas combined cycle 3,793 2, Renewable energy 2,257 1, Hydroelectric 8,969 8, Nuclear 3,331 3, Fuel oil 2,902 2, Coal 1,247 1, Cogeneration Gross production (GWh) 74,104 61, Gas combined cycle 12,091 4, Renewable energy 3,923 2, Hydroelectric 21,840 10, Nuclear 25,874 26, Fuel oil 2,437 8, Coal 6,058 8, Cogeneration 1,881 1, Total demand (GWh) 110, , Customers under management no. (million) Workforce (parent co.+ proportional) No. 11,503 11, IBERDROLA Group installed Capacity % IBERDROLA Group gross production % Hydroelectric: 40 Renewable: 10 Combined cycle: 17 Cogeneration: 1 Coal: 5 Fuel oil: 12 Nuclear: 15 Nuclear: 35 Fuel oil: 3 Coal: 8 Cogeneration: 3 Combined cycle: 16 Renewable: 5 Hydroelectric : 30 16

19 2003: key figures Operating data Spain % Variation 03/02 Installed capacity (MW) 20,288 18, Gas combined cycle 1,600 1, Renewable energy 2,257 1, Hydroelectric 8,662 8, Nuclear 3,331 3, Fuel oil 2,902 2, Coal 1,247 1,247 - Cogeneration Gross production (GWh) 65,598 57, Gas combined cycle 4, Renewable energy 3,923 2, Hydroelectric 20,860 10, Nuclear 25,874 26, Fuel oil 2,437 8, Coal 6,058 8, Cogeneration 1,881 1, Total demand (GWh) 87,614 82, Energy supplied to eligible customers 26,208 23, Gas market share (%) Gas supply (GWh) 22, End customers (GWh) 14,116 7, Gas combined cycle (GWh) 8,563 2, Customers under management no. (million) Workforce (parent co.) No. 8,869 9, IBERDROLA installed capacity in Spain % IBERDROLA gross production in Spain % Hydroelectric: 43 Renewable: 11 Combined cycle: 8 Cogeneration: 2 Coal: 6 Fuel oil: 14 Nuclear: 16 Nuclear: 39 Fuel oil: 4 Coal: 9 Cogeneration: 3 Combined cycle: 7 Renewable: 6 Hydroelectric: 32 17

20 Annual Report 2003 Operating data International % Variation 03/02 Installed capacity (MW) 2,500 1, Production (GWh) 8,506 4, Energy distributed (GWh) 23,264 21, Customers under management No. (million) Workforce (proportional) (No.) 2,634 2, IBERDROLA* on the stock market 2003 compared with Ibex-35, the electricity industry & Euro Stoxx Utilities (Base 100: /03) 110 IBERDROLA dec-01 feb-02 apr-02 jun-02 aug-02 oct-02 dec-02 feb-03 apr-03 jun-03 aug-03 oct-03 dec-03 IBERDROLA: 7.18% Electricity rating: -5.13% IBEX 35: -7.86% EURO STOXX: % * Start up of IBERDROLA Strategic Plan 18

21 2003: key figures Stock exchange Market capitalization (31/12) (million E) 14,127 12,036 Earnings per share (E) Net operating cash flow per share (E) P.E.R Price/Book value (Mkt. Cap. over Book Value as of 31/12) IBERDROLA share Number of shares 901,549, ,549,181 Closing price for the period (E) Average price for the period (E) Average daily volume (shares) 6,635,390 4,910,907 Highest volume (3 Jan 2003/17 Dec 2002) (shares) 45,602,957 80,847,195 Lowest volume (26 May 2003/21 Jan 2002) (shares) 1,370, ,456 Dividends paid (E) Interim (January) Additional (July) 0.38 (*) 0.35 Dividend yield (year end 2003/2002) 4.28% 4.57% (*) Pending approval of the proposed distribution of profit by the General Meeting of Shareholders. 19

22 20 Annual Report 2003

23 Highlights 2003 FIRST QUARTER SECOND QUARTER The Board of Directors of IBERDROLA analyzes the takeover bid presented by Gas Natural for the entire Company capital and unanimously declares the bid to be unfavorable to the shareholders interests, informing Spanish securities and investments board CNMV of its decision. In rejecting the bid, the Board says its terms destroy industrial and economic value and is far from reflecting the Company s real value. Spanish National Energy Commission CNE refuses to authorize the bid in a resolution dated 30 April The Spanish Cabinet approves IBERDROLA s acquisition, through its renewable energy subsidiary IbeRenova, of several wind farms from Gamesa with total capacity of 995 MW, for roughly 1,000 million E. IBERDROLA and the other shareholders of Energía Hidroeléctrica de Navarra (EHN) successfully implement the operation agreed in November 2002 designed to separate and distribute the assets of this company. IBERDROLA s internal audit area wins the international Commitment to Quality Award, granted by the Institute of Internal Auditors in Florida (USA). IBERDROLA launches a ten-year bond issue for 500 million E on the Euromarket, which enables it to reduce the cost of debt substantially and to continue with the investments included in the Strategic Plan. King Juan Carlos holds a reception at the Zarzuela Palace for all the members of the Board of Directors of IBERDROLA to mark the Company s centenary celebrations. IBERDROLA receives the 25th delivery by vessel of liquid natural gas (LNG) since it began its gas activity in October The gas tanker delivers 40,000 cubic meters to the Company at the regasification plant in Barcelona. The Biology Faculty at the University of Salamanca awards IBERDROLA the San Alberto Prize in recognition of the Company s cooperation with lecturers and students of the Faculty and its determined support for the protection and conservation of the environment. Addressing the General Meeting of Shareholders, IBERDROLA Chairman Iñigo de Oriol says the Company is entering a phase in which investments will increase to meet its obligations as a provider of a public service and that the financial markets have distinguished the Company with maximum credibility, as they see implementation of its Strategic Plan, in some cases, ahead of schedule. Vice-Chairman and Chief Executive Officer Ignacio Galán notes that IBERDROLA is now big enough to be a leading agent in the industry in Europe, that it has a Strategic Plan which is already creating value and has a brilliant future in store, with a strategy backed by the Energy Planning Document and the new regulatory frame. Second Vice-President of the Government and Minister of the Economy Rodrigo Rato, the President of Navarra, Miguel Sanz, the Chairman of IBERDROLA, Iñigo de Oriol, and the Vice-Chairman and Chief Executive Officer Ignacio Galán inaugurate IBERDROLA s 400 MW combined cycle plant at Castejón (Navarra). IBERDROLA receives million E for the sale of a 7% stake in Spain s electricity network Red Eléctrica de España, S.A. (REE) obtaining pre-tax capital gains of roughly 50 million E. The Company maintains a 3% stake in REE. Through its renewable energy subsidiary IberRenova, IBERDROLA completes the acquisition of six wind farms from Gamesa, with 182 MW capacity, an acquisition made in the frame of the agreement between the two companies in September The Company launches a commercial paper program on the Euromarket to a maximum outstanding balance of 1 billion E and a term of one year or less, helping to strengthen IBERDROLA s financial structure as it progressively implements the Strategic Plan. IBERDROLA is included in the FTSE Eurotop 100 Index of the largest European businesses in terms of market capitalization. The Company signs a liquid natural gas supply frame agreement with Onam LNG, which includes spot delivery of two loads totalling 260,000 cubic meters, 10% of IBERDROLA s annual gas consumption. 21

24 Annual Report 2003 The Government of Brazil approves an increase in the tariffs of two of IBERDROLA s electricity distribution companies, Coelba and Cosern. Prices rise by 31.4% and 11.4% respectively. IBERDROLA becomes the first Spanish electricity company to sell green energy in Europe, after signing an agreement to supply an Austrian company with 7,200 MWh of hydroelectric production. The Company inaugurates wind farms at Sil and Meda (Orense) and Escurrillo (La Rioja). These renewable energy facilities have 87 wind turbine and total installed capacity of MW. IBERDROLA increases its ten-year 500 million E bond issue on the Euromarket by 50 million E. The operation enables the Company to refinance its debt, following the financial prudence criterion. THIRD QUARTER IBERDROLA enters the Euro Stoxx 50 thanks to its fine performance on the stock market. The Company s inclusion in the top European index gives further backing to its Strategic Plan and ratifies the confidence of markets and analysts alike in the management, results and financial solidity of the Company. IBERDROLA informs the CNMV of its decision to ratify its firm commitment to reward the shareholder with progressive increases in dividends, in line with growth in the Company s net profit. The Board of Directors of IBERDROLA approves an organizational readjustment in Company management to stimulate and conclude the Strategic Plan. IBERDROLA becomes the first Spanish electricity company to sell its domestic customers green energy, an initiative in line with its commitment to the environment and sustainable development. The Company is included as the leading Spanish electricity company in the DJSI World and European DJSI Stoxx indexes, the main gauge for measuring the contributions of businesses to sustainable development. IBERDROLA successfully begins its Commercial Paper program on the Euromarket. The Company places paper worth 150 million E in the first issue. IBERDROLA engineering and consultancy subsidiary IBERINCO bids successfully for a new 20 million dollar contract to improve Mexico s electricity infrastructure. The Company finalizes work at two new minihydroelectric stations in Toledo. With total installed capacity of 5 MW, the stations are expected to produce some 24.5 GWh a year. Through its engineering and consultancy subsidiary IBERINCO, IBERDROLA receives ISO and ISO certification for its quality and environmental management systems. The Company and trade union representatives sign the conditions of the redundancy plan designed to improve business efficiency, one of the objectives established in the Strategic Plan. IBERDROLA acquires a 12% stake in the Medgaz gas project from ENI. The Company s stake in Medgaz, which plans to build a gas pipeline between Algeria and Spain, is a further step in its strategy designed to diversify and optimize natural gas supplies. 22

25 Highlights 2003 FOURTH QUARTER The Board of Directors of IBERDROLA approves the payment of a dividend charged to 2003 results of euros per share, 10% up on the dividend paid out the previous year. At the proposal of the Appointments and Remunerations Committee, the Board of Directors of IBERDROLA resolves to appoint, by cooption and depending on the ratification of the first General Shareholders Meeting held subsequently, Julio de Miguel Aynat as a Member of the Board of Directors of the Company. IBERDROLA and savings bank Cajamurcia agree to the entry of this financial institution in the capital of the Company. Cajamurcia acquires 0.5% of Company equity, to further strengthen the electricity company s shareholding base. On receiving authorization from the Board of Spanish national energy commission CNE, IBERDROLA is to receive 471 million E for the transfer of the rights of compensation due to the imbalance of the regulated activities revenues for IBERDROLA brings into service its fourth combined cycle plant in Spain, in Tarragona, with an installed capacity of 400 MW. The plant is a 50%-50% joint venture. The Company, Red Eléctrica de España (REE) and Inalta sign a four-year cooperation agreement to improve the transmission and distribution network. The plan involves building 47 substations of 220 kv and 277 kilometers of transmission lines, which also entails transformer capacity of 8,600 MVA. IBERDROLA is awarded the 1,121 MW Altamira V combined cycle plant in Mexico, the largest generation project tendered by independent producers in the country to date. IBERDROLA Vice-Chairman and Chief Executive Officer Ignacio Galán is ranked Best CEO for Investor relations by IR Magazine. The Company also ranks first out of all candidates, obtaining the award for the Company with best investor relations and the award for Best relations with investors during a takeover or merger bid. IBERDROLA brings into service the combined cycle plant of Altamira III and IV, in the state of Tamaulipas, Mexico, with installed capacity of 1,036 MW, making it the country s largest electricity plant in service. IBERDROLA inaugurates the 68 MW Millares hydroelectric plant in Valencia, with average annual production of 240 million kwh. The plant required an investment of 66 million E. IBERDROLA places a 7-year bond issue for 750 million E on the Euromarket. The operation enables the Company to refinance the debt maturing in 2004, following the criterion of financial prudence. IBERDROLA becomes the first Spanish electricity company to sell Internet access through the electricity grid based on the PLC (Power Line Communications) technology. PLC is an innovative technology that enables users to access the Net via any plug at home. IBERDROLA sells its head office in Valencia to property developers Naves y Viviendas (Navisa) and announces that it will relocate to a completely new building near Valencia s City of the Arts & Sciences in IBERDROLA is awarded Madrid Club of Marketing Executives 25th Alpha Prize for Excellence for the launch and management of its new corporate logo. The Company completes moves to transfer its offices in Madrid to a new corporate building. The building has a surface area of 30,700 square meters and will accommodate 1,160 employees in a more open, integrated atmosphere. 23

26 24 Annual Report 2003

27 Report 2003 Business STRATEGIC PLAN: CONSOLIDATION OF TARGETS ACHIEVED which has enabled the Company operating results to take off and continue to grow in the main branches of its core activity: generation, distribution and marketing. Besides doubling the size and results of the Company by 2006, the Plan seeks to maintain a policy of paying out dividends in line with net profit growth and to bring leverage to below 50%. To this end, IBERDROLA announced investments of 12 billion E in the period, 9 billion E of which will be spent in Spain. Generation Just over two years ago, IBERDROLA launched its Strategic Plan, which has paved the way for the electricity sector, concentrating its efforts for growth on the basic energy business, mainly in electricity generation using cleaner and more efficient sources such as renewable energy and gas combined cycle plants. Since its launch, the Plan has earned market recognition and faithfully follows the guidelines established by the Government s National Infrastructures Plan and the commitments to reduce emissions accepted by Spain as a signatory of the Kyoto Protocol. Centered on the national energy business, the Strategic Plan has enabled operating results to rocket In 2003, IBERDROLA consolidated its compliance with the objectives set in its Strategic Plan, In 2003, IBERDROLA brought 2,470 MW installed capacity into service, taking its total to 22,788 MW in all, a 12.2% increase over the installed capacity at year-end 2002 and 30% up from the introduction of the Strategic Plan. Of this new capacity 1,436 MW are in combined cycle plants, 843 MW in renewable energy and 191 MW in traditional generation. The largest combined cycle construction program In 2003, IBERDROLA continued its combined cycle construction program, which involves bringing into service plants totaling 4,000 MW in 2005 and 5,600 MW in 2007, making it the biggest and most advanced program of its kind in the Spanish electricity sector. At present, the Company has 1,600 MW operational at four combined cycle plants in Spain, in Castellón, Castejón (Navarra), Bahía de Bizkaia Electricidad (Vizcaya) and Tarragona, which together contribute 2,400 MW to the Spanish electricity system. In 2003, IBERDROLA brought combined cycle plants totaling 400 MW into service in Spain. The 800 MW Bahía de Bizkaia Electricidad (BBE) plant (200 MW of 25

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