During 2008, IBERDROLA Engineering & Construction consolidated its internationalisation and contracts awarded by third parties, key elements of its strategic plan. Turnover was around 1,512 euro million, an increase of 29% on the previous year, with profits after tax up by 44% at 79 euro million. At present, 79% of the Company's turnover is generated from business with third parties, i.e. clients that do not belong to the IBERDROLA Group, and 81% of the Company's project portfolio is located abroad.

This strategy has meant that production at the Company during the last five years has multiplied of 4.5, with the project portfolio increasing during that time to more than three and a half times its size, totalling 2,314 euro million in 2008. IBERDROLA Engineering is now the second largest energy engineering company in the world as a result of its international presence in the electricity sector, with projects in more than 25 countries.

Contracts awarded by the Company's third clients came to a total value of 1,068 million last year, with projects in the Company's fourmain business divisions: Generation, Renewals, Nuclear and Network. These contracts were awarded in Spain, Algeria, Mexico, France, Belgium, Brazil, Slovakia, Italy, Sweden, Switzerland, Ukraine, the USA and Poland. Of these new contracts, almost 20% were in Spain with the remainder abroad, an indication of the Company's ability to win contracts on the international market.