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• During the 2012-14 period, Iberdrola will invest in projects related to electricity transmission networks and renewable energy, both onshore and offshore.  The budget  for these to key areas will be €8.82 billion, representing 84% of total investments (€10.5 billion). Some of the key projects:

Major projects 2012-2014:

• Electricity transmission: in addition to smart grid implementation in different markets, Iberdrola will continue developing major transmission and distribution infrastructure in the US, including the inter-connection with Canada through the Maine Power Reliability Program, and in the UK including the first subsea cable between Scotland and England.
• Renewable energy: the Group expects to bring 1,450 megawatts (MW) of new capacity on stream through offshore wind farms including West of Duddon Sands which is due to begin operations in 2014, and at least 10 onshore installations in Brazil to add to the Rio do Fogo wind farm that is already operational.
• Hydro generation: the company has 2.4 GW in projects under way in Brazil: the Teles Pires plant, through Neoenergia, whose 900 MW is projected to come on stream in 2014, and Baixo Iguaçu and Belo Monte plants amounting to 1,500 MW which will start up between 2015 and 2016.

After 2015:

From 2015, and in addition to the networks projects referred to as well as others in the US and UK, and the hydro projects in Brazil, Iberdrola will advance with offshore and onshore wind projects in the UK, Germany, France, Mexico and Brazil. It also plans to develop 1,900 MW of combined cycle gas capacity in the UK.