The decision culminates the integration process with Iberdrola guided by Group Chairman Ignacio Galán and ScottishPower Chief Executive José Luis del Valle

Iberdrola Chairman and Chief Executive, Ignacio Galán, announced the creation of a new ScottishPower Executive Committee of the Board including José Luis del Valle as Vice-Chairman and the appointment of a new ScottishPower Chief Executive, Nick Horler.

Galán will be the Chairman of this new five-member Executive Committee, which in addition to José Luis del Valle and Nick Horler, will also include ScottishPower Board members Francisco Javier Morras Zuazo and José Miguel Alcolea. Del Valle will maintain his dual role as Strategy and Development Director at Iberdrola and Director of Group Operations in both the UK and the U.S.

The new executive structure and appointments follow the highly successful integration of ScottishPower and Iberdrola, during which Galán as Chairman of both companies has set a high priority on encouraging shared experiences and best practices across the Group while at the same time supporting local management. Del Valle has also played a central role in piloting the integration of the two businesses as Chief Executive of ScottishPower since April last year.

Under the new structure, the Executive Committee is appointed by and reports to the Board of Directors of ScottishPower, and will permanently operate as its representative. The Committee will meet at least twice a month, and in the absence of the Chairman of the Board will be chaired by the Vice-Chairman.

Commenting on this new structure, Galán said. “I would like to thank José Luis for his success in leading the ScottishPower team through the model integration, as well as all those who work in the Company for their contribution to this process. ScottishPower has played a vital part the Iberdrola Group’s success over the last 12 months and as the combined Group continues to expand, this new Executive Structure will ensure ScottishPower remains at the very centre of our business.”

Nick Horler was previously the Managing Director of Powergen Retail Ltd, part of E.On UK Plc, and has held other senior executive positions in that Group for more than 10 years. Prior to this he was the Sales and Marketing Director for ConocoPhillips in the UK and has worked in the United States in that company’s supply and trading arm.

Galán added: "I am delighted to be able to welcome Nick to ScottishPower and the Iberdrola Group as a whole. He has an excellent track record in delivering growth and profitability within the highly competitive UK energy sector.  This appointment, within our planned schedule, marks the completion of our successful integration process”. Galán also called on all Company employees to give their full support to Nick Horler, just as they have with José Luis del Valle from the very start of its integration in the Iberdrola Group.

Commenting on his new appointment, Nick Horler said: “Joining the combined Iberdrola and ScottishPower Group at this exciting time of growth represents a tremendous opportunity. I look forward to working with the Executive Committee and Executive Management Team in delivering Iberdrola’s challenging strategic plan for ScottishPower”.

Further Contact:  Simon McMillan 0141 566 4875 / 07753 622 257

Note To Editors

José Luis del Valle

José Luis del Valle, who joined Iberdrola in 2002, has most recently served as Chief Executive of ScottishPower and continues as Iberdrola Director of Strategy and Development. A member of the Iberdrola Management Commitment, he is also head of Risk, Environment, Quality and Gas Business Development. He has served as General Manager of Andaluza de Piritas, Senior Vice President of Banco Central, Executive Vice President of Banco Central Hispanoamericano, and at Santander Central Hispano, where he was Executive Vice President, member of the Management Committee and Finance Director at the banking group.

José Luis del Valle graduated in mining engineering from the Universidad Politécnica de Madrid and is Master of Science and Nuclear Engineer from the Massachusetts Institute of Technology (MIT). He also holds a Master in Business Administration with Great Honor by Harvard University.

Nick Horler

Nick Horler who joined E.ON UK Plc in 1996, has held a number of senior strategic roles  within the Group including Managing Director, Energy Trading Division and latterly Managing Director, Powergen Retail.

In a 12 year career with Conocophilips, Nick worked in a number of senior roles including Business Planning and Development, Supply and Trading and Sales and Marketing Director.

Nick is 49 years old, married with three children and lives in the UK. He was educated at the University of Newcastle Upon Tyne and subsequently gained an MBA from Warwick University.