Rule 8.3- Iberdrola, S.A.

Banco Bilbao Vizcaya Argentaria SA
18 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                          January 17, 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                         10,376,185
                                                1.151%

(2) Derivatives (other than options)            99,800  FUT
                                                0.011%

(3) Options and agreements to purchase/sell


Total                                            10,475,985
                                                1.162%




(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                                    4,110                        32.05                  17/01/2007

PURCHASE                                     250                         32.56                  17/01/2007

SALE                                          52                         32.59                  17/01/2007

SALE                                         250                         32.85                  17/01/2007

SALE                                         260                         32.85                  17/01/2007

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 to Exercise   Type, e.g.      Expiry    Option money
                 purchasing,        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 18, 2007

Contact name                                                      Ignacio Rebollo Aladro

                                                                  Fernando Lazaro Vaca
Telephone number                                                  34 91 537 76 94

                                                                  34 91 537 87 67
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.


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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