I am pleased to address all of you in order to submit the IBERDROLA RENOVABLES’ Annual Report for Fiscal Year 2008, a year in which our Company has achieved quite positive results and reaffirmed its worldwide leadership in wind energy, despite the complicated international economic environment.

All of this has been possible thanks to a flexible business model that allows us to adjust the growth of the business to changes in the environment, a solid balance sheet to meet the continued expansion of the Company, and very geographically diversified assets giving us significant income stability.

One of the key points for IBERDROLA RENOVABLES in 2008 was the Company’s ability to maintain, and even to increase, its technical performance capacity. Expectations were exceeded with the construction of an additional 2,204 MW, increasing installed capacity by 31% to over 9,300 MW. This increase in capacity, together with a higher load factor, allowed production during the year to reach 17,000 GWh.

Thanks to increased production and to prices that were higher than the prior Fiscal Year, the Company’s Net Profits increased by a factor of 3.3 in 2008, reaching more than 390 million euros, while Gross Operating Income (EBITDA) grew by a factor of 2.1, to 1,185 million euros. In this regard, it should be noted that as a result of the Company’s internationalization, almost one-half of EBITDA already companies from business outside of Spain.

Furthermore, operating Cash Flow reached more than 873 million euros, increasing by a factor of 2.5 over 2007, which has facilitated the financing of future wind farms, while maintaining financial strength with leverage of only 22.4%.

In all, IBERDROLA RENOVABLES during this past Fiscal Year was able to exceed the growth plans established during its initial public offering in terms of both installed capacity and financial strength. This favorable situation allows us to propose for shareholder approval at the General Shareholders’ Meeting the distribution of the Company’s first dividend in the amount of 2.5 euro cents per share, a payout of 27%.