Rule 8.3- Iberdrola, S.A.

Banco Bilbao Vizcaya Argentaria SA
15 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    IBERDROLA  (ES0144580018)
the dealings being disclosed relate
(Note 2)

Date of dealing                        January 10-11-12, 2007






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                          10,396,687           1.153%


(2) Derivatives (other than options)             100,800  FUT        0.011%


(3) Options and agreements to purchase/sell


Total                                             10,497,487            1.164%





(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 (Note 5)   TRADE  DATE


PURCHASE                                       3,791                           32.3                10/01/2007

PURCHASE                                        750                           32.54                10/01/2007

TRANSFER*                                      1,200                            -                  10/01/2007

TRANSFER*                                       120                             -                  10/01/2007

SALE                                             50                           32.32                10/01/2007

SALE                                             50                           32.32                10/01/2007

SALE                                            115                           32.32                10/01/2007

SALE                                            185                           32.34                10/01/2007

SALE                                            290                           32.39                10/01/2007

SALE                                             60                            32.4                10/01/2007

SALE                                            215                           32.44                10/01/2007

SALE                                            235                           32.45                10/01/2007

SALE                                             95                           32.45                10/01/2007

SALE                                            210                           32.45                10/01/2007

SALE                                            265                           32.45                10/01/2007

SALE                                           14,674                          32.3                10/01/2007

SALE                                            500                           32.34                10/01/2007

TRANSFER*                                       101                             -                  11/01/2007

SALE                                            135                           32.05                11/01/2007

SALE                                            100                           32.06                11/01/2007

PURCHASE                                       7,119                           32.3                11/01/2007

PURCHASE                                        575                           32.32                12/01/2007

PURCHASE                                       2,000                           32.1                12/01/2007

SALE                                             85                           32.35                12/01/2007

SALE                                           2,300                          32.34                12/01/2007

SALE                                            200                           32.35                12/01/2007

SALE                                             85                           32.28                12/01/2007

SALE                                            154                           32.57                12/01/2007



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                                                     January 15, 2007

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


FUTURE IBERDROLA     20.03.06         100                     NA                NA              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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