Rule 8.3- Iberdrola, S.A.

Banco Bilbao Vizcaya Argentaria SA
02 January 2007



   FORM 8.3

    DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE

                        (Rule 8.3 of the Takeover Code)





1.         KEY INFORMATION


Name of person dealing  (Note 1)               Asset Management Business of BANCO BILBAO VIZCAYA ARGENTARIA
Company dealt in                                IBERDROLA, S.A.
Class of relevant security to which the        IBERDROLA  (ES0144580018)
dealings being disclosed relate (Note 2)

Date of dealing                                December 29, 2006






2.            INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE



(a)            Interests and short positions (following dealing) in the class of
relevant security dealt in (Note 3)


                                                             Long                              Short


                                               Number                           Number
                                                          (%)                              (%)

(1) Relevant securities                        10,566,625
                                               1.17%

(2) Derivatives (other than options)           16,008  FUT
                                               0.0018%

(3) Options and agreements to purchase/sell                                     -12,000 PUT


Total





(b)            Interests and short positions in relevant securities of the
company, other than the class dealt in (Note 3)


Class of relevant security:                                  Long                              Short


                                               Number                           Number
                                                          (%)                              (%)

(1) Relevant securities


(2) Derivatives (other than options)


(3) Options and agreements to purchase/sell


Total





(c)        Rights to subscribe (Note 3)


Class of relevant security:                    Details











3.            DEALINGS (Note 4)



(a)            Purchases and sales


Purchase/sale                          Number of securities                  Price per unit      TRADE  DATE
                                                                             (Note 5)

SALE                                                    945                         33.12             29/12/06

SALE                                                    483                         33.12             29/12/06

PURCHASE                                               1,386                        33.12             29/12/06

PURCHASE                                                134                         33.12             29/12/06

PURCHASE                                                60                          33.1              29/12/06

PURCHASE                                                90                          33.12             29/12/06

SALE                                                   1,607                        33.28             29/12/06



(b)            Derivatives transactions (other than options)


Product name,          Long/short (Note 6) Number of securities (Note 7)  Price per unit (Note 5) TRADE DATE
e.g. CFD






(c)            Options transactions in respect of existing securities

(i)            Writing, selling, purchasing or varying


Product name,        Writing, selling, Number of securities Exercise   Type, e.g.     Expiry     Option money
                       purchasing,     to which the option             American,
e.g. call option     varying etc.      relates (Note 7)     price      European etc.  date       paid/received per
                                                                                                 unit (Note 5)





 (ii)            Exercising


Product name, e.g. call option         Number of securities                  Exercise price per unit (Note 5)








(d)        Other dealings (including new securities) (Note 4)


Nature of transaction (Note 8)         Details                               Price per unit (if applicable) (Note 5)










4.            OTHER INFORMATION



Agreements, arrangements or understandings relating to options or derivatives


Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating
to the voting rights of any relevant securities under any option referred to on this form or relating to the voting
rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is
referenced.  If none, this should be stated.










Is a Supplemental Form 8 attached? (Note 9)             YES/NO




Date of disclosure                                                December 29, 2006

Contact name                                                      Ignacio Rebollo Aladro

                                                                  Fernando Lazaro Vaca
Telephone number                                                  34 91 537 87 67

                                                                  34 91 537 76 94
If a connected EFM, name of offeree/offeror with which connected
If a connected EFM, state nature of connection (Note 10)






Notes



The Notes on Form 8.3 can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk




SUPPLEMENTAL FORM 8





                           DETAILS OF OPEN POSITIONS

   (This form should be attached to Form 8.1, Form 8.1(b)(ii) or Form 8.3, as
                                  appropriate)









OPEN POSITIONS (Note 1)


Product name,        Written or      Number of securities   Exercise price   Type, e.g.     Expiry date
                     purchased       to which the option or (Note 2)         American,
e.g. call option                     derivative relates                      European etc.


FUTURO IBERDROLA     20.03.06        100                    NA               NA             16.03.2007
0307
FUTURO IBERDROLA     20.03.06        100                    NA               NA             16.03.2007
EUREX 0307
PUT IBERDROLA 34.00  01.06.06        100                    34.00            Americana      16.03.2007
0307
PUT IBERDROLA 33.00  01.06.06        100                    33.00            Americana      16.03.2007
0307



Notes



1. Where there are open option positions or open derivative positions (except
for CFDs), full details should be given.  Full details of any  existing
agreements to purchase or to sell  should also be given on this form.



2. For all prices and other monetary amounts, the currency must be stated.



For details of the Code's dealing disclosure requirements, see Rule 8 and its
Notes which can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk








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