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IBEWATCH 4T 2015.xls IBE-WATCH FACT SHEET 12M 2015

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IBERDROLA's Net Electricity Production (provisional)

Oct-Dec 2015
TOTAL GROUP	GWh	% Weight	vs. 2014
Hydro	3,680	10.8%	-9.4%
Nuclear	5,353	15.7%	-16.3%
Coal	3,093	9.0%	3.9%
Combined Cycle	11,699	34.2%	5.9%
Cogeneration	1,960	5.7%	25.8%
Renewables	8,412	24.6%	-6.4%
TOTAL	34,196	100%	-2.3%
Demand	47,142	-1.6%

Year 2015
GWh	% Weight	vs. 2014
15,861	11.6%	-23.1%
23,142	16.9%	-5.3%
11,520	8.4%	-4.8%
46,746	34.2%	10.9%
6,711	4.9%	17.0%
32,812	24.0%	-3.1%
136,793	100%	-1.5%
190,167	0.6%

*Note: For operational purposes IFRS 11 is not being applied

Oct-Dec 2015
SPAIN	GWh	% Weight	vs. 2014
Hydro	2,619	19.9%	-19.9%
Nuclear	5,353	40.7%	-16.3%
Coal	1,086	8.3%	39.5%
Combined Cycle	809	6.2%	212.7%
Cogeneration	573	4.4%	14.6%
Renewables	2,697	20.5%	-21.0%
Wind	2,590	-20.1%
TOTAL	13,137	100%	-10.1%
Demand*	22,495	-0.6%
Hydro Reservoir levels at 31.12.15	53.1% (5,989 GWh)

Year 2015
GWh	% Weight	vs. 2014
12,366	22.3%	-30.3%
23,142	41.7%	-5.3%
3,642	6.6%	47.3%
2,288	4.1%	92.4%
2,179	3.9%	8.4%
11,896	21.4%	-9.9%
11,155	-9.0%
55,512	100%	-9.1%
92,676	2.1%

*DSO Distributed Energy (Energy Generated in Power Plants busbars - Transmission Network Losses)

U.K.	GWh	% Weight	vs. 2014
Hydro	235	5.0%	-3.6%
Coal	2,007	42.5%	-8.6%
Combined Cycle	1,461	30.9%	30.1%
Cogeneration	1	0.0%	0.0%
Renewables	1022	21.6%	-2.4%
TOTAL	4,726	100%	2.5%
Demand (managed)	9,548	-2.3%

GWh	% Weight	vs. 2014
708	3.8%	-1.1%
7,879	42.3%	-18.2%
6,333	34.0%	16.0%
4	0.0%	-22.2%
3,710	19.9%	19.3%
18,635	100%	-1.5%
36,213	-1.0%

USA	GWh	% Weight	vs. 2014
Hydro	88	1.8%	-1.7%
Combined Cycle	11	0.2%	-60.9%
Cogeneration	953	19.2%	37.7%
Renewables	3,910	78.8%	4.7%
TOTAL	4,961	100%	9.2%
Demand (managed)	7,497	-2.7%

GWh	% Weight	vs. 2014
366	2.1%	-7.3%
10.9	0.1%	-61.0%
2,780	16.0%	21.5%
14,261	81.9%	-4.1%
17,418	100%	-0.9%
31,337	0.1%

BRAZIL	GWh	% Weight	vs. 2014
Hydro	738	54.4%	61.1%
Combined Cycle	405	29.8%	3.4%
Cogeneration	44	3.2%	4.9%
Renewables	170	12.5%	-12.7%
TOTAL	1,357	100%	24.9%
Demand (managed)	7,603	-2.3%

GWh	% Weight	vs. 2014
2,422	50.4%	35.6%
1,554	32.4%	0.0%
180	3.8%	0.5%
645	13.4%	17.4%
4,802	100%	18.0%
29,941	-1.6%

MEXICO	GWh	% Weight	vs. 2014
Combined Cycle	9,013	93.4%	-2.5%
Cogeneration	390	4.0%	20.5%
Renewables	244	2.5%	24.4%
TOTAL	9,647	100%	-1.2%

GWh	% Weight	vs. 2014
36,559	94.1%	7.8%
1,569	4.0%	25.3%
738	1.9%	10.0%
38,866	100%	8.4%

RoW	GWh	% Weight	vs. 2014
Renewables	368	100%	-7.6%
TOTAL	368	100%	-7.6%

GWh	% Weight	vs. 2014
1,561	100%	7.4%
1,561	100%	7.4%

IBE-WATCH FACT SHEET 12M 2015

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IBERDROLA's Installed Capacity (Provisional)

12M 2015
GROUP	MW	% Weight
Hydro	11,076	23.8%
Nuclear	3,410	7.3%
Coal	3,178	6.8%
Combined Cycle	12,762	27.5%
Cogeneration	1,258	2.7%
Renewables	14,787	31.8%
TOTAL	46,471	100%

12M 2014
MW	% Weight
9,869	21.9%
3,410	7.6%
3,178	7.0%
12,722	28.2%
1,258	2.8%
14,652	32.5%
45,089	100%

*Note: Total MW under management. For operational purposes IFRS 11 is not being applied

SPAIN	MW	% Weight
Hydro	9,712	37.1%
Nuclear	3,410	13.0%
Coal	874	3.3%
Combined Cycle	5,695	21.7%
Cogeneration	390	1.5%
Renewables	6,106	23.3%
TOTAL	26,187	100%

MW	% Weight
8,807	34.8%
3,410	13.5%
874	3.5%
5,695	22.5%
388	1.5%
6,109	24.2%
25,283	100%

UK	MW	% Weight
Hydro	563	8.7%
Coal	2,304	35.6%
Combined Cycle	1,967	30.4%
Cogeneration	1	0.0%
Renewables	1,630	25.2%
TOTAL	6,465	100%

MW	% Weight
563	8.7%
2,304	35.7%
1,967	30.4%
1	0.0%
1,627	25.2%
6,462	100%

USA	MW	% Weight
Hydro	118	1.8%
Combined Cycle	9	0.1%
Cogeneration	636	9.8%
Renewables	5,695	88.2%
TOTAL	6,458	100%

MW	% Weight
118	1.8%
30	0.5%
636	9.8%
5,695	87.9%
6,479	100%

BRAZIL	MW	% Weight
Hydro	682	58.3%
Combined Cycle	211	18.0%
Cogeneration	31	2.6%
Renewables	246	21.0%
TOTAL	1,169	100%

MW	% Weight
381	44.2%
203	23.5%
32	3.8%
246	28.5%
862	100%

MEXICO	MW	% Weight
Combined Cycle	4,881	89.6%
Cogeneration	201	3.7%
Renewables	367	6.7%
TOTAL	5,449	100%

MW	% Weight
4,827	91.8%
201	3.8%
231	4.4%
5,259	100%

RoW	MW	% Weight
Renewables	744	100%
TOTAL	744	100%

MW	% Weight
744	100%
744	100%

IBERDROLA's Emissions Indicators (Provisional)

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Spanish Energy Balance (Provisional. Source: Red Eléctrica de España, S.A.)

Oct-Dec 2015
GWh	vs. 2014
Hydro	5,804	-13.5%
Nuclear	12,922	-9.0%
Coal	13,522	16.7%
Combined Cycle	6,795	12.0%
Renewables and cogeneration	21,253	-12.7%
NET PRODUCTION	60,296	-4.1%
Pumping consumption	-1,365	-0.5%
Balearic - Peninsula interconnection	-265	-1.1%
International Exchanges	1,781	-479.7%
DEMAND IN TRANSMISSION	60,447	-0.6%

12M 2015
C02 emissions over the period (gr. CO2 /KWh): Total	225
C02 emissions over the period (gr. CO2 /KWh): Spain	91
C02 emissions over the period (gr. CO2 /KWh): SPW	536
Emission-free production: Total (GWh)	71,815
Emission-free production: Spain (GWh)	47,404
Ratio emission-free production to total production: Total (%)	52%
Ratio emission-free production to total production: Spain (%)	85%
Emission-free installed capacity: Total (MW)	29,273
Emission-free installed capacity: Spain (MW)	19,228
Emission-free instaled capacity: Total (%)	63%
Emission-free instaled capacity: Spain (%)	73%
Ratio low-emission technologies production: Total (%)	39%

Provisional data

Year 2015
GWh	vs. 2014
30,785	-13.2%
54,745	-0.2%
50,935	23.8%
25,321	18.7%
92,254	-8.5%
254,040	0.2%
-4,565	-14.4%
-1,333	2.7%
-154	-95.5%
247,988	1.8%

IBE-WATCH FACT SHEET 12M 2015

IBE-WATCH FACT SHEET 12M 2015

[e-mail] T: + 34 91 784 28 04 F: + 34 91 784 20 64

Stock Market

Iberdrola Ibex 35 EuroStoxx Utilities
Oct-Dec 2015
Max (Date)	6.705 (03/12/2015)	10,631.50 (04/11/2015)	277.95 (04/11/2015)
Min (Date)	5.898 (02/10/2015)	9,352.00 (22/12/2015)	244.67 (01/10/2015)
Quarterly Change	10.14%	-0.16%	6.59%

Year 2015
Max (Date)	6.705 (03/12/2015)	11,883.60 (13/04/2015)	305.93 (15/04/2015)
Min (Date)	5.35 (15/01/2015)	9,231.70 (24/09/2015)	239.26 (24/09/2015)
Yearly Change	17.00%	-7.20%	-5.40%

RATIOS
Market Capitalization (31/12/15)	41,506
PER (price at 31/12/15 / EPS 14)	18.19
P/BV (price at 31/12/15 / Equity 14)	1.16

DIVIDENDS PAID
Gross Interim (19/12/14)	0.127
Gross Final (03/07/15 y 22/07/2015)*	0.144
Attendance premium	0.005
Dividend Yield (Div. Paid**/Close price 2015)	4.2%

(*) Scrip Dividend + 0.03 Eur in cash (**) Dividends paid in the last 12 months