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I N N O V A T I O N

R E P O R T

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Executive

summary

2.1

R&D at the Service of

Efficiency, Technology Strategy and Sustainability

page 12

2.2

I BERDROLA Ventures - PERSEO page 17

2.3

Summary of Awards for Innovation 2011-2013 page 19

2

3

Innovation

strategy

3.1

Vision page 22

3.2

IBERDROLA's Innovation Plan page 22

Introduction

1.1

CHAIRMAN’S LETTER page 6

1.2

Presentation page 8

1

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4

Benchmark

in R&D

management

4.1

R&D management system page 28

4.2

Open innovation page 30

5

IBERDROla Ventures

- PERSEO

5.1

Technologies of Interest page 50

5.2

Investment Portfolio page 51

5.3

INNVIERTE Programme page 52

5.4

Other IBERDROLA initiatives for investing in start-ups and promoting innovation and entrepreneurship page 53

annexes

7.1

R&D Policy page 148

7.2

Knowledge Management Policy page 149

7.3

Public funding of projects page 150

7

Projects

6.1

Generation Area page 63

6.2

Networks Area page 86

6.3

Renewable Energy Area

page 105

6.4

Supply Area page 122

6.5

IT Area page 126

6.6

Vehicle Area Electrical page 134

6.7

Environmental Area page 138

6.8

Security Area page 144

6

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It is a great pleasure for me to present a new edition of the IBERDROLA Innovation Report, which describes the Company's main activities and projects undertaken during 2011 and 2013 in the field of research, development and innovation (R&D).

Innovation undoubtedly ranks as one of IBERDROLA's greatest commitments. The complex economic landscape we are going through requires us to improve constantly and achieve higher efficiency. This is why now, more than ever, we need to shore up R&D and reshape it into the main tool for striving towards excellence in our systems, products and services, and, by doing so, guarantee the sustainability of our company.

The balance over these last few years has been very positive. Thanks to our international innovation model – common across all areas in the Company–, continual collaboration with technology suppliers and the driving spirit of innovation among our employees, we have become the most innovative utility in Spain and we are among the top five utilities in Europe according to the European Commission's ranking.

The 2012-2014 Innovation Plan is aligned with the Company's prospects for this period and aims to reinforce the Group's technology positioning even further while creating value by carrying out R&D projects in key Company areas.

This Plan, in which we will invest E450 million, will enable us to continue being leaders in R&D through the promotion of emerging and sustainable technologies.

In this regard, the key initiatives of IBERDROLA include the deployment of smart grids, the reduction of the environmental impact of certain activities and, most especially, projects related to offshore wind power. Turning to our support for entrepreneurs, we have launched several initiatives to promote the development and consolidation of new business projects, which are essential at the present socioeconomic juncture. These include the venture capital programme PERSEO, which invests in innovative technologies that ensure the sustainability of the energy model. PERSEO has already allocated E25 million to five companies that carry out activities in the fields of marine energy, solar energy and industrial CO2 applications.

To maintain and reinforce the activity carried out by PERSEO, an agreement was signed in July 2012 with the Centre for the Development of Industrial Technology (CDTI) within the framework of the Spanish government's INNVIERTE programme, through which more than 25 million additional euros will be invested over the next five years.

Looking forward, we will continue to reinforce our innovative activity, fully aware that it is essential to continue growing sustainably and creating jobs, wealth and well-being in all the societies where the Company operates.

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1.2. PRESEnTaTIOn

Governance Structure

IBERDROLA comprises a group of companies that in 2013 operated in 39 countries, most importantly: Spain, the United Kingdom, the United States, Mexico and Brazil. All these companies make up the group (the "IBERDROLA Group") whose parent company, as

defined by law, is Iberdrola, S.A. (the "Corporation” or “Company”).

The corporate and governance structure of the IBERDROLA Group is an essential part of the corporate governance system of the Corporation, which is based on the separation of two areas of decision and responsibility.

On the one hand, the Board of Directors of the Company, as the parent company of the Group, establishes the policies, strategies and general management guidelines for

the Group, supervises the implementation of these strategies and guidelines, and decides on matters of strategic relevance at the Group level.

On the other hand, the chairman of the Board of Directors and chief executive officer, the general managing director and the rest of the executive team handle the

organisation and coordination of the IBERDROLA Group and the dissemination and implementation of policies, strategies and management guidelines at the

Group level. This organisation and strategic coordination function also revolves around

subholding companies, which pool the stakes in each one of the parent companies of the

businesses with activities in the various countries where the IBERDROLA Group operates and centralise the provision of common services to those companies, always in accordance with applicable legislation and, particularly, with the regulations governing the separation of regulated activities. In turn, decentralised executive duties are handled by the parent companies of the businesses of the IBERDROLA Group for matters of ordinary

management and effective oversight of each business subgroup, including ordinary control, through the respective boards of directors and management bodies. This corporate and governance structure of the IBERDROLA Group operates in conjunction with the Group's business model, under which it is organised into global business areas (“Business Units”) with a single corporation that provides them with

various kinds of services (Single Corporation, Generation and Retail Business, Networks Business, Renewable Energy Business, Other Group Businesses).

This organisation entails the global integration of the businesses and aims to maximise operating efficiency through the exchange of best practices among the business units in the various companies of the Group.

Lastly, FUNDACIÓN IBERDROLA is a private cultural foundation founded by the Company which is separate from the corporate structure of the IBERDROLA Group. This non-profit foundation's mission is to carry out initiatives that effectively contribute to improving the quality of life of the people in the territories and countries where the Group operates, particularly in the areas of energy sustainability, art and culture, as well as solidarity and social action. The foundation is wholly independent to achieve its ends with full functions and autonomy. Notwithstanding its cooperation with other entities, Fundación Iberdrola coordinates and executes the Group's corporate social responsibility strategy insofar as it is consistent with the foundation's goals and is assigned by the Board of Directors, establishing, in particular, an appropriate framework for collaboration with the Company

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as its founding institution, with the IBERDROLA Group and with all other foundational entities linked to the IBERDROLA Group for the coordination of activities of general interest and corporate social responsibility that the foundation has been commissioned to undertake.

Innovation policy

The Company's Board of Directors, within its responsibility to design, assess and review on a permanent basis the Corporate Governance System of the Corporation, approves the Corporate policies that implement the principles set out in the corporate governance system and contain the guidelines governing the actions carried out by the Group, its directors, executives and employees. In this regard, the Board has approved an Innovation Policy, which has been included at the end of this Report in Annex 7.1.

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2.

EXECUTIVE SUMMARY

2.1 R&D aT ThE SERvICE Of EffICIEnCy, TEChnOlOGy STRaTEGy anD

SuSTaInaBIlITy

a strategic tool for creating value

The IBERDROLA Group (hereinafter “IBERDROLA” or “the Group”) is aware of the importance of innovation to continue developing an industrial project at the forefront of the sector. Our efforts in R&D seek to optimise operating conditions, improve safety, reduce the environmental impact and develop technologies that enable us to face the energy challenges of the future.

The 2012-2014 Innovation Plan presents the innovative strategy of the Company, which carries out projects in all its business areas in line with the future prospects of IBERDROLA. With a portfolio of more than 150 projects in 2013, E159 million have been allocated to the R&D area, distributed among the group's international subsidiaries with initiatives in the fields of smart Networks, clean generation, marine energy and electric vehicles.

As a result of its commitment to innovation, IBERDROLA has been recognised as the most innovative utility in Spain and fourth in Europe according to the European Commission's ranking.

Innovation at IBERDROLA is part of an open and decentralised international R&D management model that bolsters collaboration with technology suppliers and the drive for innovation among employees. This model entails partnerships with companies, universities, technology centres, industrial organisations and public institutions through programmes and agreements. This cooperation enhances the competitiveness of the companies while generating wealth at both community and national level.

A clear strategy laid out in the 2012-2014 Innovation Plan, for which 450 million euros of investment is earmarked, has converted innovation into the principal tool for guaranteeing the sustainability, efficiency and competitiveness of the Company, based on three axes:

- Efficiency, oriented towards the continuous optimization of operations,

management of the life of facilities and equipment, lower operation and maintenance costs, and reducing environmental impact.

- New products and services which respond to the needs of customers in an

increasingly global and competitive market. These are projects that employ existing technology and favour business models that aim to offer the most efficient and environmentally respectful supply of electricity, equipment and technologies. These include energy efficiency, electric vehicles, smart grids and distributed generation. - Disruptive technologies and business models, allowing the Group to tackle future

energy challenges. Through the Iberdrola Ventures PERSEO programme managing corporate risk capital, the Group invests in disruptive technologies and new businesses that ensure the sustainability of the energy system.

IBERDROLA is

aware of the

importance

of innovation

to continue

developing an

industrial project at

the forefront of the

sector.

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As proof of our commitment to excellence in management, the certification perimeter for the R&D management system was extended according to standard UNE 166002, already encompassing the main areas of the Company: Engineering, Generation, Renewable Energy, Networks and the Corporation.

The European Investment Bank (EIB) has granted a E200 million loan to IBERDROLA to fund part of its research, development and innovation programme in Spain and the United Kingdom.

The EIB will fund many activities in IBERDROLA’s R&D investment programme (2011-2014) in innovative technologies in the fields of: i) conventional energy generation; ii) energy transmission and distribution and iii) renewable energy. These investments are designed to diversify the company’s range of products and services while adapting existing products to new markets.

“Iberdrola Servicios de Innovación” was set up in 2012 with a view to driving, managing

and promoting R&D in the Group by providing assistance and support services in this field. In addition, this company will manage and exploit the results of the industrial and intellectual property obtained from the innovation projects carried out by IBERDROLA’s Business Units.

Some of the activities that provide reliable electricity and encourage sustainable development, grouped into future strategic areas at international level, are: renewable energy, clean generation technologies, smart grids, electric vehicles, energy storage, energy markets and other disruptive technologies in sustainable energy.

Renewable energies:

IBERDROLA carries out R&D projects for improving the efficiency of the various existing technologies and developing new generation technologies. The European TWENTIES

project, which seeks to demonstrate the feasibility of mass integration of wind power into the grid, has satisfactorily completed its second year.

The Company has become a global benchmark in the offshore sector, where it carries out

the most cutting-edge and innovative projects and has already applied for three patents in this area. The most relevant projects in this area include INNPACTO EMERGE and Etorgai FLOTTEK for developing deepwater floating platform technology. The CENIT AZIMUT

project addresses the technical knowledge needed for optimising the development of offshore wind farms, while the EERA DTOC project designs tools for large-scale offshore

wind farms. The LOW IMPACT project focuses on the development of a new gravity

foundation and on its installation at intermediate depths. The OWA (Offshore Wind

Accelerator) programme, backed by Carbon Trust (United Kingdom), brings together the efforts and know-how of specialised companies and engineering firms for providing solutions to reduce costs and risks in offshore technology with a view to streamlining its development in United Kingdom waters.

In the field of marine energy (waves and tides), projects have been initiated in Scotland

at the EMEC (European Marine Energy Centre), with full-scale demonstrations of wave

(PELAMIS) and tide (ANDRITZ HYDRO Hammerfest) technologies. The CENIT OCEAN

IBERDROLA

leads the

commitment

for offshore

generation

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In the wind power resource area, the SOFTCOMPUTING project has concluded

successfully and the OPENFOAM project continues, both aiming to improve resource

forecasting and analysis through the optimisation of models and the analysis of wind series. Also worth noting are the major projects for developing, evolving and improving

exploitation tools: CORE, DOMINA and METEOFLOW, which, due to their success, have

been implemented in the United Kingdom and the United States through a technology assignment agreement.

Clean generation technologies:

IBERDROLA's R&D efforts in the generation area seek to optimise operating efficiency, increase safety and decrease the environmental impact by reducing emissions or deploying new and more efficient power generation plants, always in line with existing needs.

In 2011, the second part of the COEBEN project was implemented at the Velilla plant,

aimed at reducing NOx levels through the integration of non-catalytic technologies and the adequacy of our facilities to increasingly stringent environmental requirements, offering an alternative to high-cost commercial solutions. Yet this is not an isolated project; the technical knowledge obtained is also being applied to Longannet coal power station in Scotland and will also later be transferred to the Lada coal plant in Asturias, Spain. The DESOx project, developed in the Lada power plant, aims to increase

the efficiency of the desulphurisation installation and to facilitate the recuperation of generated gypsum as a result of this process. Iberdrola Ingeniería participates in the

CENIT VIDA project, which researches active CO2 capture techniques, together with environmental modelling techniques and their application in urban settings. The coal-fired power plant in Longannet (Scotland) has a broad project portfolio for CO2 capture. In 2011, the CALDERE and HOREX projects were successfully completed, securing positive

results on the enhancement of the useful life and operational capacity of the plants. The first one developed a method for detecting faults and assessing the remaining life of steam generator pipes in thermal power plants, while the second one focused on methods for diagnosing, tracking and treating the phenomenon of chemical expansion in dam concrete.

GT-CONTROLFLEX and REJAS projects have already started. The first one, related to

thermal generation, aims to increase the operational flexibility of combined cycles, whose main role in the generation market has gone from base load operation to serve as a backup facility for renewable generation. The second one, hydraulic generation, involves the design and further development of a new model for stiffeners and grilles with a new hydraulic profile. With the improvement of the fluid dynamics of such gratings, the life cycle of the equipment is increased.

In the area of life and material management, the ECRIGEN and SIRO projects were

promoted. The first one seeks to enhance the reliability of critical systems in generation power plants, which are subject to highly demanding service conditions. The second project focuses on the development of an innovative robot capable of inspecting the condition of the entire fleet of electricity generators quickly, flexibly and reliably.

R&D in generation

optimises operating

efficiency, improves

safety and reduces

the environmental

impact by cutting

emissions or

through new and

more efficient

generation plants

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The most prominent projects in nuclear generation include AUTONUC (integrating new

technologies in control systems) and ACCIDENT PREVENTION (new models and methods

for preventing accidents at nuclear power plants).

With the aim of improving the efficiency of operation and maintenance, FUELTUBE and FOTONUC projects are being developed. The first one is a new solution for the control

system of the transfer tube of the nuclear fuel pools. The second one aims to develop a technological solution in order to simulate engineering processes, operation and maintenance, based on a photorealistic 3D model of the most important areas of the plant. In addition, various studies are currently underway concerning fusion technologies, as a clean and sustainable future form of generation. IBERDROLA remains firmly

committed to reducing the environmental impact of its generation plants in Spain and Scotland.

In the hydropower area, the ARRANCADOR project is particularly noteworthy. It is being

carried out in the Gabriel y Galán pumped-storage hydroelectric power station located on the Tajo river and will simplify the integration of renewable energy sources.

Smart grids:

The group's worldwide R&D activities in electric power distribution focus on improving the distribution network, particularly in the areas of occupational safety, environmental factors and Green Mobility.

IBERDROLA is leading the development of smart grids through different projects designed to implement modern electricity grids and develop grid intelligence both at the European level and in Spain. In Europe, Iberdrola Distribución Eléctrica, S.A.U. (“Iberdrola Distribución”) participates in the GRID4EU and iGREENGrid projects for developing

precise methods for integrating renewable energy sources into electricity distribution networks. Other recently approved European projects are DISCERN, which compares

various grid intelligence solutions and seeks the most optimised set of architectures, and

ADVANCED, which continues the work initiated during the ADDRESS project (finished in

2013) on the definition of an action plan for developing active management of demand in Europe.

In Spain, the Company has begun deploying smart grids in seven autonomous regions (Castile-La Mancha, Castile and León, Extremadura, Madrid, the Basque Country, Murcia and Navarre) following the completion of the first stage of the STAR project in Castellón

(Valencia Region). Along these same lines, the Bidelec-Sareak project is underway in

Vizcaya and the PRICE project is being carried out in the Henares Corridor (east of the

Madrid Region and Guadalajara).

Moreover, IBERDROLA is also about to conclude its first smart grid projects in the United States, where over 550,000 smart meters have been installed in the state of Maine, and in Scotland, where 30,000 clients in Glasgow will also benefit from this technology. Within the framework of safety, environment and regulation, the SUARO project is

completed and two new proposals have been presented: SAGRID, for the development of

personal protective equipment, and GAIA, which is the European proposal to improve the

IBERDROLA

is leading the

development of

smart grids

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Finally, to enhance the traditional distribution networks, the Company is working on various projects like DIBADIS and ENDS, within the area of quality of service, POSTMORTEM in asset management, SAREBAT in distributed generation and PROINVER,

in protection.

IBERDROLA is building an R&D Technology Centre for smart grids in Qatar. A study will be conducted with the Qatar state-owned electricity company Kahramaa to analyse the feasibility of implementing a smart grid system and a pilot project will be launched to prepare the final deployment of smart grids in Qatar. Additionally, a Memorandum of Understanding with Siemens has been signed with the aim of forming a strategic alliance to develop smart grid infrastructures in Qatar and the Middle East.

Electric vehicle:

IBERDROLA has carried out various projects through agreements with different public administrations, primarily town councils, and a number of R&D programmes. From these projects, we have obtained significant knowledge of aspects related to electrical mobility, primarily in connection with charging systems and technologies, and this has resulted in new agreements with companies that supply charging systems, IT firms and even electric vehicle manufacturers.

Meanwhile, and with the experience obtained from these pilot and demonstration projects, we have continued to develop commercial solutions adapted to the various potential users of electric vehicles, whether private owners or company fleets, car parks, motorbikes, etc., so that these users can benefit from zero-emission charging that is competitive in both price and service.

The foregoing, coupled with a gradual improvement in the standardisation of charging systems and interoperability agreements between the various agents, will allow us to continue evolving business models and to lay the foundations for an imminent development of electric mobility, which IBERDROLA will support as a leading company in sustainability and energy efficiency.

Among new services a new web customer area has been launched in order to facilitate the use of new technologies such as electric cars (GREEN mobility). In 2013, Iberdrola

has continued the development of various projects under collaboration agreements signed with different public administrations, as well as various programs of R&D (GREEN eMOTION, Dispenser, ICT4, Mugielec). IBERDROLA began its commitment to electric

mobility more than 10 years ago and in 2010 launched the Iberdrola Green Mobility Plan, the first comprehensive solution for electric mobility in Spain. Now, the Company

goes one step further with the launch of the Iberdrola Green charging system, through

which the most advanced charging points are installed. A Web platform enables charging station customers to interact with the infrastructure, with 24 hour technical support, in order not to worry about anything. Moreover, in case of hiring Iberdrola Green Energy,

they may move with zero emissions.

Retail:

Innovation is one of the essential elements and one of the main characteristics of retail activities.

The IBERDROLA

Green Mobility Plan

is a comprehensive

zero-emission

mobility solution

that combines

electric vehicles,

green charging and

its funding, and

green energy.

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In recent years, projects have been carried out to improve customer support and service, one of which, for instance, focused on the creation of an IBERDROLA customer Call Line Forecast Model.

We have also been working on improving our processes and management and retail administration systems with a view to increasing customer satisfaction while keeping

efficient operating costs.

Another key element in retail activities is understanding the market and our customers.

To this end, a project has been carried out to create a comprehensive knowledge and high-value customer characterisation record.

Significant efforts have also been made to develop new solutions and business models

that seek to grow the portfolio of products and services at IBERDROLA and meet the needs of our customers. The results obtained are particularly notable in services such as electrical emergencies, gas maintenance, home and SME support, which already have over a million users.

Energy markets:

Facing an increasingly global and competitive market, the Global Energy Management area-led INTEGRA project was launched with a view to unifying decision-making criteria

by developing advanced management tools for energy trading and securing an in-depth understanding of operations in international markets so as to simplify decision-making regarding investment in energy technologies.

Systems department:

In 2013, in the Systems area, innovation projects and pilots in different geographies and businesses have been fostered. In ELEKTRO, the SCADA Elipse project incorporates

advanced features of real-time control of the facilities and equipment of the network. In Engineering, the OSIAL project has developed applications to support the logistics of

offshore renewable projects. In the commercial area, the integration of a new customer portal is relevant as this will improve and increase in a more efficient way the transactions with them. In Distribution, the STAR project should be highlighted, with the design of a

new storage system data from smart meters. In Generation, the CESAR system has been

launched for managing technical recommendations and good practices in Spain, Mexico and the UK. In Iberdrola USA, information and payment kiosks have been implemented

in customer service centres in New York.

2.2 IBERDROla Ventures - PERSEO

Disruptive innovation in sustainable energy

In addition to carrying out internal R&D projects, IBERDROLA is committed to supporting technology-based entrepreneurs and companies through the PERSEO corporate venture capital programme. The programme, with E70 million, invests in innovative technologies for renewable electricity generation and reducing the environmental impact of existing

Supporting

technology-based

entrepreneurs

and companies

through the PERSEO

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This programme has become the vehicle through which over E40 million have already been invested since 2008 in technology start-ups in a wide range of sectors such as marine energy, third-generation solar power and bioenergy from algae. IBERDROLA thus seeks to promote research in the energy sector and the sustainability of our future investments, developing the technology value chain and positioning IBERDROLA squarely therein. The main technology lines that define the PERSEO investment portfolio are:

Renewable energy sources: solar (photovoltaic & thermal), wind power (e.g., offshore),

marine (tides and waves), etc.

Distributed Energy Resources (DER): customer-side technologies including energy

efficiency, demand response, distributed generation and storage, green mobility,...

Technologies for O&M: new technologies for operation and maintenance in energy

infrastructures.

Other energy technologies: emission reduction, energy storage, etc.

PERSEO holds stakes in the following companies: marine power (Oceantec and Hammerfest

Strom), solar power (Morgan Solar) and industrial applications for CO2 (AlgaEnergy and

WESTEC Environmental Solutions).

In 2013 two companies have been added to the investment portfolio:

The Californian company Stem develops solutions which combine predictive analytics techniques, cloud computing and big data, including batteries to improve energy efficiency in commercial and industrial customers’ facilities.

The company from Salamanca (Spain) Arborea Intellbird, focuses on the manufacture of UAVs for various professional uses, among them inspecting production facilities and electricity distribution. It is the first investment in the Energy and Environment area of the INNVIERTE programme from the Government of Spain.

To maintain and reinforce the activity carried out by the PERSEO programme, an agreement was signed in July 2012 with the Centre for the Development of Industrial Technology (CDTI) within the framework of the Spanish government's INNVIERTE programme, through which we will invest over 25 million additional euros in new technologies for the energy sector over the next five years.

Over

E

40 million

have been allocated

to sectors as diverse

as marine energy,

solar power and

bioenergy

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2.3 SummaRy Of awaRDS fOR InnOvaTIOn 2011-2013

Acknowledge Granted by

Most innovative Spanish utility and fourth in Europe R&D Scoreboard 2013- European Commission Best Ideas in 2011 for the Hammerfest Tidal Power Plant "Actualidad Económica" magazine

“Cinco Días 2012” Most Innovative Business Project Award

to OCEANTEC/ECOCEANTEC Cinco Días financial daily

Award for the Best Electric Mobility Company in 2012 The New Economy. Smart Grid Awards

Award to the ALGAEFIX CO2 project for being among the

“Ten Best Ideas to Save Nature” Red Life magazine and Fundación Caja Sur

Roll Out Innovation Award for ScottishPower European Smart Metering Awards EPRI Generation Technology Transfer Award in 2011 Project

Leader of Fuel and Market Program EPRI – Electric Power Research Institute

Sans 2012 Innovation and Leadership Award SANS National Cybersecurity Innovation Conference

Best Ideas in 2010 for the IBERDROLA Green Mobility Plan "Actualidad Económica" magazine

Best Project Contributing to Innovation International Process Quality and Productivity Centre (IQPC) of Process Excellence "Pernambuco Inovador" Award to Celpe in the Market

category for “Desenvolvimento de Técnica Preditiva para Manutenção de Subestações e Linhas de Transmissão e Distribuição”

Brazilian journal "Jornal do Commercio e do Porto Digital", with the support of "Confederação Nacional da Indústria (CNI)/ Federação das Indústrias de Pernambuco (Fiepe)" and the Brazilian Ministry of Science and Technology

“Innovative Company” Inventor Award to Coelba Brazilian Federal University of Bahia (UFBA)-P&D

Oracle Business Innovation 2013 Award Oracle

2013 New Energy Leadership Award Energy Intelligence

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3.

INNOVATION STRATEGY

3.1 vISIOn

At IBERDROLA we are convinced that innovation is one of the pillars that will enable us to progress towards a flexible, cheaper, balanced, more sustainable and less polluting energy model, while also creating jobs. Additionally, innovation as an investment in human and technology capital is essential for the economic growth and development of society and has a clear and direct impact on the competitiveness of the global economy.

It would seem that any progress towards the new energy sector paradigm calls for a substantial transformation of the current energy sector. And this is where innovation plays a fundamental role: new technologies and improvements on existing ones are necessary so as to continue producing environmentally-friendly energy cheaply while promoting energy efficiency. However, not only technology is important. Innovation also needs to address operations and business models.

3.2 IBERDROla'S InnOvaTIOn Plan

The new IBERDROLA R&D Plan for 2012-2014 consolidates the research, development and innovation plans for the various Business Units during this period. In line with the Group’s prospects, the Plan reinforces the commitment to sustainable development, promotion of renewable energy sources and emerging technologies.

Two basic pillars have been established with a view to becoming world leaders in R&D in the energy sector:

R&D Management Benchmark, with a unique and global management model for

all the countries in which the Company operates, with a view to providing a common framework for promoting innovation and making the most of the results. The following goals have been set:

Maintain our leadership in innovation management

Consolidation of the international organisation and management model (open and decentralised)

Leaders in Innovation: positioning in indices.

The technology positioning of the IBERDROLA Group through the creation of value

at an international level by launching R&D initiatives and projects in key technology areas. The following goals are sought:

Creation of value in the various areas of the Company by carrying out R&D projects in key technology areas.

Consolidation of PERSEO

Setting up of a Technology Centre in Qatar.

Innovation is one

of the pillars that

will enable us to

progress towards a

new energy model

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IBERDROLA's major innovation projects and internationalisation have multiplied the figure allocated to R&D over the last three years, with E159 million distributed among subsidiaries in 2013.

This demonstrates IBERDROLA's commitment to R&D, an aspect of its activity that will enable the company to confront challenges such as new business models in the energy sector and increased demand for energy, focusing on promoting the development of the strategic areas of its Business Units to create value, improve efficiency and strengthen its pledge to sustainable development.

The Company has become a benchmark in the field of innovation, having been recognised as the most innovative Spanish utility and the fourth in Europe, according to the ranking compiled by the European Comission.

EffORTS In R&D (in millions of euros)

0 40 80 120 160 54 56 65 73 90,5 136 145 159 130 2005 2006 2007 2008 2009 2010 2011 2012 2013

From a technical point of view, strategic R&D areas have been addressed with

international initiatives and projects, essentially in Spain, the United Kingdom, the U.S., Brazil and Mexico. The chart shows the expected percentages allocated to each technology area:

networks R&D EffORT DISTRIBuTIOn By STRaTEGIC aREa (%) (2011-2013) 17 18

E

159 million

invested in

R&D in 2013

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The project portfolio for Research, Development and Innovation (R&D) at IBERDROLA comprises activities in four main areas, reflecting the company's strong commitment to sustainable development and the promotion of emerging technologies:

Non-renewable sustainable generation.

Clean generation.

Energy efficiency.

Networks for the future.

Renewable energy sources.

Cross-sector technologies: ICT, environment, electric mobility, energy storage.

Non-renewable sustainable generation

With lines aimed at improving operating conditions and reducing environmental impact by cutting emissions or deploying new and more efficient generation plants.

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Networks of the future

With activities designed to improve electricity distribution operations across its three main components: safety, the environment and supply quality.

Renewable Energies

With projects aimed at improving the use and development of new technologies.

Cross-sector technologies

Including activities related to information and communications technologies (ICT), engineering and other cross-cutting areas such as electric vehicles and storage.

It is worth pointing out that all IBERDROLA's R&D initiatives have been and will continue to be in line with its commitment to sustainability and care for the environment. They thus take into account protection of biodiversity and reduction of environmental impact.

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4.

R&D MANAGEMENT

BENCHMARK

4.1 R&D manaGEmEnT SySTEm

IBERDROLA is aware that innovation should be planned to ensure coordinated and structured R&D activities throughout all the Business Units in the Group. For this reason, an R&D Management System was implemented in mid-2007 in accordance with UNE 166002:2006 standard and certified by AENOR. This provides systematised and standardised criteria for R&D activities that can be implemented on an overall and efficient basis. This model has been extended to Iberdrola, S.A. (Iberdrola), Iberdrola Ingeniería y Construcción, S.A.U. (Iberdrola Ingeniería), Iberdrola Generación S.A.U. (Iberdrola Generación), Iberdrola Renovables Energía S.A.U. (Iberdrola Renovables) and Iberdrola Distribución Eléctrica S.A.U. (Iberdrola Distribución).

IBERDROLA has organised its R&D Management System so that the Innovation Department can provide the Business Units with a global model, since we believe that there should be a single, standard and systematic innovation process for the entire organisation. The development of a specific specialised management structure, such as the R&D committees, has been fundamental for developing the innovation process with a closer relationship with each business.

In short, the R&D Management System enables us to view innovation as a basic activity of a consistently and effectively managed organisation, according to a set of well-defined and well-documented processes with owners assigned to the various activities and a proper allocation of resources. The chart below shows the international process map for R&D management across the IBERDROLA Group.

PROCESS MAP - R&D MANAGEMENT

Strategic R&D Plan

2012 - 2 014 Technology Monitoring Analysis and selection of Ideas R&D Planning Protection and exploitation of results R&D Project Management • Project Development • Public Funding • Tax Deductions

Knowledge Technology and Management

INTERES

T GR

OUPS

Relations with the public innovation system (Universitites, Government, etc.)

Innovation initiatives (PERSEO)

Cross-sector work groups (international)

Innovation Report

Innovation Budget

Internal and external Innovation Memos

Global Process Global model/management local

PROCESS maP - R&D management

Iberdrola, Iberdrola

Ingeniería, Iberdrola

Generación,

Iberdrola Renovables

and Iberdrola

Distribución have

R&D Management

System certifications

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IBERDROLA understands innovation as a decentralised and open process.

Decentralised because the process is carried out independently in each Business Unit

with support and coordination from the Innovation Department.

Open, because IBERDROLA prides itself as a technology-driven company and, as such,

seeks to involve Group technology suppliers such as universities, technology centres and equipment manufacturers in the innovation process.

The chart below shows the different internal and external agents that form part of innovation at IBERDROLA on a day-to-day basis.

Legal Services IBERDROLA Corporate University Fundación IBERDROLA PERSEO Brussels Office Communication Tax Experts Delegates Quality Training Accounting and Control

IT Customers Universities and technology centres Public Administration Private Funding Manufacturers Partners

Support for Innovation

European project coordination R&D communication plan Curses and Dissemination

Tools for R&D Identification and Reporting Industrial Property Management

Special Initiatives

Innovation Network Nodes Innovation Classroom in CU PERSEO Committee *PERSEO technical management

Knowiedge management Scientific Advisory Board

R&D System

Agreernents with Universities and Technology Centrs Dialogue with Public Administrations Management of tax incentives for R&D Promotion of project consortia

Value chain

Innovation Network Technology platforms Innovation forurns R&D Management Partners

Benchmarking EPRI, CIGRE, etc

Sp Inn Inn Inn *PERS Kn Sc Management of tax incentives foment ot of tax i Promotion of project consortromotiomotion of p ovation forurnsation foorurn

nagement Partnersement PartPartners enchmarkingking PRI, CIGRE, etc

Innovation Department (R&D Management) R&D Coordinator Committee Business Units R&D Committees R&D Coordinators Innovation Managers

R&D at IBERDROLA Business Units

R&D Committee Generation & Retail R&D at IB R&D Committee Networks BERDROLA Busine R&D Committee Engineering ess Units R&D Committee IT R&D Committee Renewables Corporate Social Responsibility

The Innovation Department manages the IBERDROLA Group’s innovation capacity

rigorously and efficiently, providing it with the tools, resources and structures required for creating a suitable environment for cultivating innovation.

The R&D Coordinator Committee: responsible for innovation at the IBERDROLA

Business Units, sharing best practices at an executive level and monitoring compliance with the R&D Plan.1

IBERDROLA

understands

innovation as a

decentralised and

open process

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Business Units: these are a fundamental part of the decentralised innovation model.

They carry out R&D activities and projects. The Innovation Committees have been set up as a support and management structure. The work carried out by the Innovation Coordinators is very relevant at management level, while the Innovation Manager provides support to all R&D promotion activities.

Support for innovation: internal areas at IBERDROLA for fostering innovation.

Special initiatives: IBERDROLA Corporate University, Fundación IBERDROLA and

IBERDROLA Ventures-PERSEO (corporate venture capital programme).

Value chain: the Company's stakeholders, clients, manufacturers and external

partners.

R&D System: Universities and technological centres, government.

4.2 OPEn InnOvaTIOn

Open innovation represents management of collaboration that contributes to maintain and renew structures for innovation and is essential for large collaborative groups as is the case of IBERDROLA, with 30,000 employees in 40 countries. This management provides a communication environment for the Group together with the right tools to ensure that collaboration is successful and objectives are met.

4.2.1

Technology platforms, associations and institutes

Technology platforms are made up of a group of entities interested in a specific sector, headed by the industry, with a view to defining a research agenda on subjects of strategic or great social relevance, in which objectives for growth, competitiveness and sustainability depend on technological progress and research in the medium and long term.

IBERDROLA is present and highly active in a large number of platforms in Europe and Spain. This lets us unite our efforts, ascertain future trends and incorporate our point of view in the results.

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4.2.1.1 European Platforms

NAME PURPOSES

European SmartGrids Technology Platform

Coordination and monitoring of the implementation of the goals set out in the strategic documents for smart grid development.

IBERDROLA participates actively in this platform as a member of the SmartGrids ETP Forum.

Sustainable Nuclear Energy Technology

Platform (SNE-TP) Preparation of a strategic research agenda and a development strategy for nuclear technology.

IBERDROLA has been a member of this technology platform since its creation in September 2007. It is a member of the Steering Committee.

European Wind Energy Technology Platform (TPWIND)

Identify areas for boosting innovation, as well as existing and new research and development tasks.

As a founding member, Iberdrola Renovables currently sits on both the Executive Committee and the Management Committee, and actively participates in 4 of the 5 established work groups.

European Technology Platform on Industrial Safety

The objectives of this platform are: to boost innovation for swifter progress in environmental health and safety through coordinated and integrated research and implementation; to assess, exploit and implement results from research on industrial safety; to improve safety so as to ensure the growth of a sustainable industry in Europe; and to combine the different aspects of “industrial safety”.

European Hydrogen & Fuel Cell JTI (Joint Technology Initiative)

Manage technological development and demonstration programmes related to hydrogen and fuel cells promoted by the Fuel Cell and Hydrogen Joint Undertaking.

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4.2.1.2 Spanish Platforms

NAME PURPOSES

Plataforma Española de Seguridad Industrial (PESI - Spanish Industrial Safety Platform)

The basic objective of PESI is to provide a global and comprehensive vision of industrial safety. It works on the following areas: safety of products and facilities; health and safety at work; environmental safety; and company asset safety.

IBERDROLA chairs this platform and coordinates the work group in charge of advanced technologies for risk prevention, reduction and management.

Wind Technology Platform: REOLTEC.net

Integration and coordination of various research, development and innovation actions to meet the needs of the Spanish wind power sector.

Consolidate the technological positioning of the Spanish wind power industry through the strengthening and selective coordination of the scientific/technological stages and the selective dissemination of the results and experience obtained.

Spanish Fusion Technology Platform

(PTF) Provide Spain with the industrial technologies and processes needed to participate

competitively in both national and international fusion projects. IBERDROLA is a member of the platform's Executive Committee.

Spanish Fission Platform (CEIDEN)

Coordinate the various domestic R&D plans and programmes, as well as the participation in international programmes, seeking to direct in a consistent manner the efforts of the organisations involved.

IBERDROLA is a member of the Management Board and an active participant in the Nuclear Industry Capabilities Project.

Spanish Electrical Grid Platform

(FUTURED) Integrate all the agents involved in the electricity sector to define and boost strategies at a national level to consolidate a more advanced grid capable of responding to future challenges.

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NAME PURPOSES

Spanish Energy Efficiency Platform

Innovation in energy efficiency technology, generating new solutions through the promotion of research and development of new techniques, products and services that contribute to the reduction of energy demand through energy efficiency.

IBERDROLA is a member of the Management Board of this platform and is actively involved in the coordination of its work groups.

UNEF: Unión Española Fotovoltaica (Spanish

Photovoltaics Union) The Spanish Photovoltaics Union (UNEF) is an association resulting from the merger of

three Spanish photovoltaics associations: the Asociación Empresarial Fotovoltaica (AEF), Sección Fotovoltaica de la Asociación de Productores de Energías Renovables (APPA Fotovoltaica) and Asociación de la Industria Fotovoltaica (ASIF).

UNEF was founded to act as an institutional representative and to promote growth of the solar photovoltaic sector both nationally and internationally. Additionally, the UNEF strives for regulatory stability and legal certainty in the sector so as to preclude retroactive changes in standards.

4.2.1.3 EIT and KIC Innoenergy

The European Institute of Innovation and Technology (EIT) seeks to strengthen and make the most of the innovative capabilities and resources present in Europe, in both industry and in research centres and universities.

To achieve these objectives, three consortia have been set up to focus on various areas of innovation: energy, ICT (information and communications technologies) and climate change.

IBERDROLA is a member of the energy KIC (Knowledge and Innovation Communities), known as KIC Innoenergy. This was launched in September 2010 under a 7-year agreement with the EIT. Its mission is to promote and fund innovation projects in the areas defined by the SET Plan: renewable energy sources, smart grids, energy efficiency, biofuels, clean coal and the integration of nuclear power with renewable energy. Six regional nodes have been established, each one tasked with coordinating the activities in one of the aforementioned areas.

The Iberian node, to which IBERDROLA belongs, coordinates the activities related to renewable energy sources carried out by the partners in Spain and Portugal. However, IBERDROLA may participate in projects in any of these areas.

IBERDROLA participates in two projects in connection with Smart Grids. The Electric Energy Storage project is based on the implementation of technologies that enable

the integration of renewable energy sources into smart grids (new equipment, control systems and the integration of storage systems). The Smart Power project develops and

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SmartGrid and electricity storage

CC. SWEDEN

Clean coal energy

CC. POLAND PLUS

Chemical fuel energy

CC. GERMANY

Smart and energy-efficient buildings and cities

CC. BENELUX

Renewable energy (wind power, concentrated solar energy, photovoltaic, tidal and wave energy)

CC. IBERIA

Sustainable nuclear power and convergence with renewable energy

CC. ALPS

SmartGrid and electricity storage

CC. SWEDEN

Clean coal

CC. POLAND PLUS

Chemical fuel energy

CC. GERMANY

Smart and energy-efficient buildings and cities

CC. BENELUX

Renewable energy sources (wind power, concentrated solar energy, photovoltaics, tidal and wave energy)

CC. IBERIA

Sustainable nuclear power and convergence with renewable energy

CC. ALPS

4.2.1.4 IBerDrOLA AnD ePrI (electric Power research Institute)

The American electricity research institute EPRI is an independent non-profit public interest organisation established in 1973 to conduct research in energy and the environment. Its mission is to carry out collaborative R&D work by its members, who are electricity companies and other organisations in the energy sector.

IBERDROLA is an international member and since 1999 has participated in EPRI activities, in both its nuclear and non-nuclear Generation Divisions, and has been a member of the Generation and Nuclear Committees. It also participates in EPRI programmes related to electricity distribution, transmission and trading (Power Delivery and Utilisation Division), in addition to Renewable Energy programmes.

The innovations in the (non-nuclear) Generation area focus on:

Maintenance of IBERDROLA's conventional thermal and combined-cycle plants, contributing to the reduction of operation and maintenance costs, improvement in the reliability of equipment and extension of their service life.

Optimisation and improvement in planning and actions in energy markets through market analysis, forecasting of fundamental variables and optimisation and improvement of contracting models.

Clean combustion technologies (clean coal, emission control, advanced coal plants, CO2 capture and storage) and efficient operation of generation plants.

Reliability of the main plant components (structural materials, advanced automation, gas turbines, heat recovery steam generators, etc.) and matters related to cybernetic security in order to ensure physical and energy information protection in generation plants.

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The R&D activities at EPRI in the electricity distribution area focus on:

Tools and technologies for meeting demand: focused on energy efficiency. This entails defining the technologies needed to adapt demand during peak periods to reduce the need for grids and especially the needs for generation to meet demand.

New distribution system configurations and advanced distribution automation: grid automation poses new challenges and opportunities for grids and the IT systems that manage them. This project provides tools for managing the future development of advanced automation for distribution networks.

Intelligrid, technology transfer and information systems: provides information on the

future evolution of technology in distribution networks through the integration of traditional electricity distribution with the opportunities afforded by computing and sensors, thanks to new advances in communications via electricity grids (PLC) and other technologies. This is closely linked to the new smart meters (digital), which will become mandatory for all customers in Spain beginning in 2018. This is the most important project of the three and the foundation of the future of electricity distribution. The innovation activities in the renewable energy area focus on solar technology-based

projects (basically photovoltaics and concentrated power).

Particularly successful has been our participation in the Global Nuclear Programme, which has been managed by the Spanish Electricity Industry Association (UNESA) since 2006 within the framework of a global agreement between the Spanish nuclear sector and EPRI, resulting in a cost/benefit ratio of nearly 20 for Spanish nuclear power plants over the last ten years. This agreement has resulted in a very high number of engineering activities at IBERDROLA's nuclear power plants through Iberdrola Ingeniería y Construcción and in projects related to material degradation, fuel reliability, nuclear asset management, advanced nuclear technology, waste, spent fuel, etc.

IBERDROLA has also participated in some of the EPRI product user groups providing technical assistance by EPRI specialists for problems at plants and the acquisition of significant technical material that enables its products to be applied. This activity is reflected in more than 20 specific projects applied to the facilities.

IBERDROLA has kept its technology training up to date with the EPRI agreement, which has involved access to over 300 technical reports a year, individual training for technical staff through webcasts, specialised seminars and report reading, estimated at more than 20,000 hours of training in three years and an intangible value of over 30 million dollars. International recognition has also been obtained with 6 EPRI Technology Transfer Awards conferred to several members of the Company staff.

IBERDROLA has worked closely with EPRI in corporate and strategic innovation in the electricity sector through participation in drawing up "Strategic Science and Technology" and "Technology Innovation" reports such as Electricity Road Map 2030-2050, Reshaping

the Electricity Industry in the Future, Intelligent Grid Program, Clean Coal Technology: “New Generation Fleet for tomorrow”, Innovation Technology within the Electricity Industry, Distributed Resources Program, Emission Control Abatement Strategy, Role of Renewable

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IBERDROLA is a member of the EPRI Generation and Distributed Resources Board, has full voting rights in the preparation of the various annual and 3-year Generation, Distribution and Nuclear Portfolios, and participates with a director as METT (Manager EPRI Technology Transfer) at the meetings held by the Technology Council (TCM), the international METTs and the International Advisory Council (IAC).

The following activities are also worth noting:

EPRI works with Cofrentes in its upgrading and modernisation

EPRI has worked with IBERDROLA in the modernisation of the Cofrentes nuclear power plant, providing recommendations ranging from improvements of

organisational aspects to the management of tasks with potential radioactive risks, the planning and management of documentation, the implementation of new technologies, excellence in security for plant control systems and the identification of a series of solutions for protecting critical infrastructures.

EPRI applies its software for maintaining IBERDROLA combined cycle plants

The IBERDROLA Centre for Monitoring, Diagnosis and Simulation (CMDS) supervises all of the Company's combined cycle gas turbine plants worldwide in real time. EPRI has used the software Gas Turbine Overhaul Plan (GTOP) for GE 9F to document inspections on combustion turbines. This has enabled IBERDROLA to plan and manage the documentation related to the maintenance of its fleet of advanced gas turbines more directly.

Joint EPRI and IBERDROLA market research on generation in Spain

The joint research conducted by EPRI and IBERDROLA analyses the changes in electricity generation that have recently taken place in Spain, such as increased capacity and regulation changes. This study has earned IBERDROLA the EPRI Technology Transfer Award.

Velilla power plant repowering study; cost and feasibility analysis

IBERDROLA has proposed a study to EPRI that considers the construction of a new coal unit to repower unit 1 at the Velilla electric power plant with pulverised coal, including a CO2 post-combustion storage and capture system to achieve near-zero emissions. Moreover, the study examines the best way to demolish the current unit and build its replacement.

IBERDROLA-developed wireless application for monitoring fossil fuel plants

IBERDROLA and EPRI have worked together to increase the capacity for detecting plant equipment damage by defining, developing and demonstrating detection, monitoring and diagnostic techniques and control systems through the use of less-intrusive wireless digital technologies.

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Infrastructure assessment of IBERDROLA's advanced metering system.

IBERDROLA is currently implementing an ambitious Advanced Metering Infrastructure (AMI) in Spain. EPRI has assisted IBERDROLA in identifying and analysing

vulnerabilities in the proposed AMI system by assessing its architecture and specifying the applicable security controls.

IBERDROLA implements the specifications for lithium-ion energy storage systems for supporting grids

An EPRI study has identified a storage device for supporting grid substations as a key application in electrical services using lithium-ion batteries. This study resulted in the development of an initiative to implement and expedite the adoption of grid-scale energy storage solutions. IBERDROLA intends to use the developed specifications for future projects in Spain and other locations.

4.2.1.5 IBERDROla and CIGRÉ

CIGRÉ (International Council on Large Electric Systems) is a global non-profit organisation founded in France in 1921 to promote the exchange of technical knowledge among countries within the scope of high-voltage electricity production and transmission. This organisation includes electric utilities, electrical equipment manufacturers, engineering firms, universities and technology centres.

IBERDROLA is the secretary of Study Committee A1 - “Rotating Electrical Machines" and member representing Spain in the work groups for protection and automation, rotating electrical machines, substations, electricity markets and regulation, distribution systems and distributed generation.

4.2.2

IBERDROla Chairs

The IBERDROLA endowed chairs are a vehicle for realising the Company's commitment to investment in R&D and, particularly, its involvement in promoting research, training and collaboration with the world of science and university, especially in those regions where it operates.

The objectives sought with the creation of the various chairs include:

To promote University-Business technology transfer.

To establish a framework for collaboration in the launch of R&D projects and training initiatives in common areas of interest.

To promote specialised training in fields of greater interest to IBERDROLA.

Social commitment.

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4.2.2.1 IBERDROla Chair at the university of Salamanca

This Chair emerged in 2008 as an action framework that formalises the collaboration between both organisations and promotes education, research and innovation in fields of knowledge of special interest to both parties.

The main objective of this Chair is to promote University-Business technology transfer and become a framework for collaboration in the launch of R&D projects and training initiatives in common areas of interest. The Chair also seeks to promote specialised training in fields of knowledge which are of greater interest to IBERDROLA, and to carry out other social and cultural activities.

In 2011-2013, the research activities focused on three main areas:

Projects in the Environment and Renewable Energy area:

EMBECO: ecological study of the Villalcampo and Castro dams.

ZEBRA MUSSEL: monitoring and control of the zebra mussel in electric power

production plants.

ULTRASOUND: study to analyse the potential of ultrasound to keep birds from

nesting on overhead power lines.

WILD FAUNA/LADDER SNAKE: study of incidents caused in the electricity

distribution network by wild animals (e.g., ladder snake).

DEPOLIGEN: energy efficiency in "zero-emission" buildings through the

improvement of energy demand, polygeneration and comprehensive energy management.

CASTEJÓN BIODIVERSITY: characterisation of the Ebro river's biodiversity as

it flows through the facilities of the Castejón Combined Cycle Power Plant in Navarre, including inventorying the main species and conducting a census of biotic populations (fauna and flora) present on the banks of the Ebro river around the Castejón Plant.

SIGMA: Atmospheric separation through electric / photonic ionisation in magnetic

fields, for finding new ways of CO2 abatement.

Study of Furan oils by Ultraviolet–visible spectroscopy at electrical facilities.

Study of Biodiversity at the Arribes del Duero Park.

Projects in the Grid Engineering area:

ARENAL: forecasting of underground power line behaviour.

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3D Substation Design Automation: substation design automation based on laser

data and digital images.

TOMADATOS: Electric substation capture and 3D interpretation systems for

automating their design.

Projects in other ACTIVITIES:

Technology Monitoring: project for the carrying out of technological monitoring

and competitive intelligence activities.

Document management of the IBERDROLA historical archive: a study

for analysing the various options available for using new technologies in the management of the IBERDROLA historical archive.

Study of alternatives for enhancing document management at the Cofrentes Nuclear Power Plant.

Drawing up Technology Maps for establishing a stable observatory in the

Electricity Sector.

The following training and sponsorship activities have also been carried out:

CAD design course for substations in Ávila. Several students were also given a

scholarship with IBERDROLA.

Sponsorship of the biodiversity course organised by the School of Biology:

“Biodiversity in Castile and León: inventory, management and conservation”. The exhibition associated with the course was on display in the various provinces of Castile and León during 2011 (natural park lodges).

IBERDROLA Chair's support for the EMPIRIKA Trade Fair.

Official presentation ceremony of the IBERDROLA Chair

IBERDROLA Chair support for the S3F Festival organised by FEDEA

Organisation by the IBERDROLA Chair of the Future Energy and Energy Efficiency Workshops.

Support for the 2012 SEFI Conference of the European Society for Engineering

Education

IBERDROLA Chair support for the 4th Industrial Microbiology and

Biotechnology Conference (CMIBM’12). The IBERDROLA Chair sponsors a session

devoted to bioenergy, with particular attention given to biofuels from microalgae and cyanobacteria and the production of bioethanol.

References

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