Corporate Governance

Iberdrola Generación España, S.A.U. (the Company) is the head of business company for electricity generation from thermal origin and commercialization of the Iberdrola group in Spain. Iberdrola Generación España, S.A.U. groups together, directly or indirectly, the shares of companies that carry out liberalized electricity generation activities, developing and operating all types of infrastructures, mainly of nuclear and thermal origin, and carrying out the wholesale and retail marketing of electricity and natural gas and the provision of energy services and products in general in Spain, in strict compliance with the rules on the separation of regulated activities.

The aforementioned activities are carried out by the Company in Spain and are carried out either directly, in whole or in part, or through subsidiaries or affiliates.

In this regard, it exercises the corresponding executive responsibilities, taking care of the ordinary management and effective management of the aforementioned business, as well as its ordinary control, through its Board of Directors and its management bodies.

The Company is wholly owned by Iberdrola España S.A., a subholding company of the Iberdrola group in Spain, which groups together the stakes in the energy businesses in Spain. Iberdrola España, S.A. is wholly owned by Iberdrola S.A. In this sense, the Company's sole partner will decide on the matters attributed to the General Shareholders' Meeting by law or by its By-Laws.