1 Table of Contents
1 Table of Contents 2
1.1 List of Tables 6
1.2 List of Figures 7
2 Executive Summary 8
2.1 Thermal Technology, Slow Growth in Thermal Power Installed Capacity in Spain 8
2.2 Thermal Power Domination to be Replaced by Renewable Energy in the Power Mix in the Future 9
2.3 The Global Thermal Power Market Scenario - Robust Growth to Continue 10
3 Introduction 11
3.1 Thermal Power Markets: Technology Types 11
3.1.1 Coal Fired Power Plants 11
3.1.2 Gas Fired Power Plants 12
3.1.3 Oil Fired Power Plants 12
3.1.4 Co-Firing Power Plant 12
3.1.5 Supercritical and Ultra-supercritical Generation 13
4 Global Thermal Power Market Scenario: 2000-2020 14
4.1 Global Thermal Power Market, Installed Capacity and Generation, 2000-2020 14
5 Spain Power Market Scenario 17
5.1 Overview 17
5.2 Spain Power Market, Cumulative Installed Capacity and Generation by Fuel Type, MW, 2000-2020 17
6 Spain Thermal Power Market, 2000-2020 22
6.1 Spain Thermal Power Market, Historical and Forecast Installed Capacity and Power Generation, 2000-2020 22
7 Spain Thermal Power Market, Market Share of Top Power Equipment Manufacturing Companies, 2010 27
7.1 Spain Thermal Power Market, Market Share of Steam Turbine Manufacturing Companies, 2010 27
7.2 Spain Thermal Power Market, Market Share of Gas Turbine Manufacturing Companies, 2010 27
7.3 Spain Thermal Power Market, Market Share of Power Boiler Manufacturing Companies, 2010 27
7.4 Spain Thermal Power Market, Market Share of Heat Recovery Steam Generator (HRSG) Manufacturing Companies, 2010 27
8 Spain Thermal Power Plants 28
8.1 Spain Thermal Power Market, Leading Thermal Power Plants (Active), 2011 28
8.2 Spain Thermal Power Market, Leading Thermal Power Plants (Upcoming), 2011 28
9 Spain Thermal Power Market, Regulatory Scenario 30
9.1 Spain, Thermal Power Market, Regulatory Scenario, Overview 30
9.2 Spain Thermal Power Market, Regulatory Scenario, Major Policies 30
9.3 Spain, Thermal Power Market, Regulatory Scenario, Energy Taxation 30
9.4 Spain, Thermal Power Market, Regulatory Scenario, Renewable Energy Policies 31
9.5 Spain, Thermal Power Market, New Regulatory Initiatives 32
10 Spain Thermal Power Market – Deals Scenario 33
10.1 Spain Thermal Power Market Deals Volume versus Value Analysis, 2004-2012 33
10.2 Spain Thermal Power Market, Deals by Type, 2011 - 2012 34
10.3 Power Market, Spain, Major Deals, 2009-2012 36
10.3.1 Debt Offerings 36
10.3.2 Asset Finance 43
10.3.3 Equity Offerings 50
10.3.4 Acquisitions 55
11 Iberdrola, S.A., Company Snapshot 59
11.1 Key Information 59
11.2 Company Overview 59
11.3 Iberdrola, S.A., Business Overview 60
11.4 Iberdrola, S.A., Major Products and Services 61
11.5 Iberdrola, S.A., SWOT Analysis 61
11.5.1 Iberdrola, S.A., Strengths 62
11.5.2 Iberdrola, S.A., Weaknesses 63
11.5.3 Iberdrola, S.A., Opportunities 63
11.5.4 Iberdrola, S.A., Threats 65
11.6 Iberdrola, S.A., Locations and Subsidiaries 66
11.6.1 Head Office 66
11.6.2 Other Locations & Subsidiaries 67
12 Endesa, S.A., Company Snapshot 68
12.1 Key Information 68
12.2 Company Overview 68
12.3 Endesa, SA, Business Overview 69
12.4 Endesa, SA, Major Products and Services 70
12.5 Endesa,S.A., SWOT Analysis 70
12.5.1 Endesa, SA Strengths 71
12.5.2 Endesa, SA Weaknesses 72
12.5.3 Endesa, SA Opportunities 72
12.5.4 Endesa, SA Threats 74
12.6 Endesa, SA – Locations and Subsidiaries 75
12.6.1 Head Office 75
12.6.2 Other Locations & Subsidiaries 75
13 Gas Natural Fenosa, Company Snapshot 76
13.1 Key Information 76
13.2 Company Overview 76
13.3 Gas Natural Fenosa, Business Overview 76
13.4 Gas Natural Fenosa, Major Products and Services 78
13.5 Gas Natural Fenosa, SWOT Analysis 78
13.5.1 Gas Natural Fenosa, Strengths 79
13.5.2 Gas Natural Fenosa, Weaknesses 80
13.5.3 Gas Natural Fenosa, Opportunities 80
13.5.4 Gas Natural Fenosa, Threats 81
13.6 Gas Natural Fenosa, Locations and Subsidiaries 83
13.6.1 Head Office 83
13.6.2 Other Locations & Subsidiaries 83
14 E.ON AG – Company Snapshot 84
14.1 Key Information 84
14.2 Company Overview 84
14.3 E.ON AG, Business Overview 85
14.4 E.ON AG, Major Products and Services 86
14.5 E.ON AG, SWOT Analysis 87
14.5.1 E.ON AG, Strengths 87
14.5.2 E.ON AG Weaknesses 88
14.5.3 E.ON AG Opportunities 89
14.5.4 E.ON AG Threats 91
14.6 E.ON AG – Locations and Subsidiaries 92
14.6.1 Head Office 92
14.6.2 Other Locations & Subsidiaries 92
15 Appendix 95
15.1 Abbreviations 95
15.2 Market Definitions 95
15.2.1 Power 95
15.2.2 Installed Capacity 95
15.2.3 Electricity Generation 95
15.2.4 Electricity Consumption 95
15.2.5 Thermal Power Plant 95
15.2.6 Hydropower Plant 95
15.2.7 Nuclear Power 95
15.2.8 Renewable Energy Resources 96
15.3 Coverage 96
15.4 GlobalData’s Methodology 96
15.5 Contact Us 97
15.6 Disclaimer 97

List of Tables
1.1 List of Tables
Table 1: Thermal Power Market, Global, Thermal Installed Capacity (MW) and Thermal Power Generation (GWh), 2000-2020 16
Table 2: Power Market, Spain, Cumulative Installed Capacity by Fuel Type, MW, 2000-2020 19
Table 3: Power Market, Spain, Annual Power Generation by Fuel Type, GWh, 2000-2020 21
Table 4: Thermal Power Market, Spain, Cumulative Thermal Installed Capacity, MW, 2000-2020 24
Table 5: Thermal Power Market, Spain, Cumulative Thermal Power Generation, GWh,2000-2020 26
Table 6: Power Market, Spain, Leading Active Thermal Power Projects (MW) 28
Table 7: Thermal Power Market, Spain, Leading Upcoming Thermal Power Projects, 2011 29
Table 8: Thermal Power Market, Spain, Financing Trends, Deal Value ($m) and Volume (Number), 2004-Q1 2012 34
Table 9: Thermal Power Market, Spain, Deals by Type (%), 2011-2012 35
Table 10: Iberdrola Prices Offering Of 4.75% Bonds Due 2016 for $509 Million 36
Table 11: Iberdrola Prices Public Offering Of 3% Bonds for $269.3 Million 37
Table 12: Iberdrola Completes Private Placement Of 4.625% Bonds Due 2017 for $1,056.7 Million 38
Table 13: Iberdrola Completes Private Placement Of 3.875% Bonds for $1,020.8 Million 39
Table 14: Iberdrola Completes Private Placement Of 4.75% Bonds for $822.9 Million 40
Table 15: Gas Natural Completes Public Offering $2.79 Billion Bonds Due 2014 41
Table 16: Iberdrola Completes Debt Offering Of 5-Year Bonds for $1,894.83 Million 42
Table 17: Gas Natural to Invest $669 Million in Natural Gas Fired Power Plant in Barcelona, Spain 43
Table 18: Alpiq Holding Acquires 100% Equity Stake In Unit I Of Plana del Vent Gas Fired Combined Cycle Power Project For $283 Million From Gas Natural Fenosa 44
Table 19: Alpiq Acquires Gas-Fired Combined Cycle Power Station for $253 Million from Gas Natural 45
Table 20: EdP Completes Project Financing Of $200 Million For Combined Cycle Gas Turbine (CCGT) Plant, Spain 47
Table 21: EDP Energias De Completes Project Financing Of $200 Million for Soto CCGT Power Plant 48
Table 22: Planta De Regasificacion De Sagunto Completes Project Financing Of $88 Million for Sagunto LNG Power Plant-III, Spain 49
Table 23: Gas Natural SDG Completes Rights Offering Of $4,429 Million 50
Table 24: Iberdrola Completes Private Placement Of $1,839 Million 54
Table 25: GDF SUEZ Sells Its Stake In Gas Natural Fenosa 55
Table 26: Hertz Acquires Rent One 57
Table 27: Iberdrola, S.A., Key Facts 59
Table 28: Iberdrola, S.A., Major Products and Services 61
Table 29: Iberdrola, S.A., SWOT Analysis 61
Table 30: Iberdrola, S.A., Other Locations 67
Table 31: Iberdrola, S.A., Subsidiaries 67
Table 32: Endesa, S.A., Key Facts 68
Table 33: Endesa, SA , Major Products and Services 70
Table 34: Endesa, S.A., SWOT Analysis 70
Table 35: Endesa, S.A., Subsidiaries 75
Table 36: Gas Natural Fenosa, Key Facts 76
Table 37: Gas Natural Fenosa, Major Products and Services 78
Table 38: Gas Natural Fenosa, SWOT Analysis 79
Table 39: GAS NATURAL FENOSA, S.A., Subsidiaries 83
Table 40: E.ON AG, Key Facts 84
Table 41: E.ON AG, Major Products and Services 86
Table 42: E.ON AG, SWOT Analysis 87
Table 43: E.ON AG, Subsidiaries 92
Table 44: Abbreviations 95

List of Figures
1.2 List of Figures
Figure 1: Thermal Power Market, Spain, Cumulative Thermal Installed Capacity, MW, 2000, 2011, 2020 8
Figure 2: Power Market, Spain, Cumulative Installed Capacity by Fuel Type, GWh, 2000, 2011, 2020 9
Figure 3: Thermal Power Market, Global, Thermal Power Generation, GWh, 2000, 2011, 2020 10
Figure 4: How a Thermal Power Plant Works 11
Figure 5: Thermal Power Market, Global, Thermal Installed Capacity (MW) and Thermal Power Generation (GWh), 2000-2020 15
Figure 6: Power Market, Spain, Cumulative Installed Capacity by Fuel Type, MW, 2000-2020 18
Figure 7: Power Market, Spain, Annual Power Generation by Fuel Type, GWh, 2000-2020 20
Figure 8: Thermal Power Market, Spain, Cumulative Thermal Installed Capacity, MW, 2000-2020 23
Figure 9: Thermal Power Market, Spain, Cumulative Thermal Power Generation, GWh,2000-2020 25
Figure 10: Thermal Power Market, Spain, Financing Trends, Deal Value ($m) and Volume (Number), 2004-2012 33
Figure 11: Thermal Power Market, Spain, Deals by Type (%), 2011-2012 35