2. Index
3. Director’s Letter 11. Social Corporate Responsibility
Mission, vision, values
4. Grupo Nexus Energía Economic, environmental and social dimension diagnosis
Nexus Energía
Quality Policy
Nexus Energie
Internal Communication
Nexus Renovables
Nexus Green
Axon Time
14. Significant Data
Electronosis
18. Domestic Expansion
6. What do we do?
Electricity Supply
19. Internationalisation
Gas Supply
Germany
Producer Services
Portugal, France and Italy
Energy Efficiency Services
Brazil
10. Innovation
TTR, PPS, Peaje Express and MIA 22. Shareholders, Directors, and the Management Team
3. Director’s Letter
Our understanding of the business, our know how, the relations between the employees of the group and
the spirit of growth that drives us to cross new frontiers have helped make Nexus Energía what it is today:
A company with talent and great people who guide it.
On June 15th, 2011, the company celebrated It has been ten years of frenetic activity Nexus Energía will form part of this
its 10th anniversary, an important milestone and challenges to overcome day after revolution and will continue working to
that is a source of pride for both the day, culminating in record results for 2011: give customers and producers an excellent
shareholders and the team that forms the turnover was increased 75% to €940 service at competitive prices and, of course,
group of companies led by Nexus Energía. million, with managed energy increasing innovating with regard to new products
But it’s also a major milestone for the 44% to 10,000 GWh/year. 2011 will also be and services.
Spanish energy sector, that a company remembered as the year when the company
developed with the contributions of small went international, with the acquisition in
businesses has been able to consolidate February of a German trading company,
itself in a sector traditionally dominated by since renamed Nexus Energie GmbH.
large energy groups.
Although the economic situation we are
We like to say that Nexus Energía is proof
living in can demoralize even the most
that the liberalisation of energy markets
optimistic, our company maintains the
in Spain is a reality, but we also need to
strength and enthusiasm of our first day,
remember that there is still a long way to
with new challenges ahead of us. In the
go. The market power of the large energy
coming years we expect a real energy
groups is a major threat and requires more
revolution, with new concepts such as
regulation by the authorities to ensure
smart grids, decentralised generation,
that the separation of activities such as
electric vehicles, grid parity and energy
generation, distribution, and trading is real
efficiency slowly gaining weight in our
and effective, allowing smaller projects
society.
like ours to compete under the same Jordi Sarrias Prats
conditions. Managing Director
Director’s Letter p. 3
4. Grupo Nexus Energía
“Nexus Energía is a comprehensive supplier of tailored electricity,
natural gas, and related services for all types of end users
(domestic, SME’s, large companies and multi-site clients),
producers, traders and distributors”
It stands for innovation, proximity, adaptation, service, and quality customer care. Nexus Energía represents freedom of choice.
The company was founded in Spain in 2000 with the liberalisation of the electricity market, from the start counting on the capital
support of more than forty electricity distribution companies that have been present in the Spanish market for almost a century.
Nexus Energía is the parent company of Grupo Nexus Energía, a group of companies related to the energy sector, each focused on a
different activity.
- Nexus Energie, GmbH; A German subsidiary acquired by Nexus Energía in February
2011, specializing in the trading of electricity and natural gas to SME’s in Germany.
Annual report 2011
5. - Nexus Renovables, S.L.U.; Dedicated to the commercialization of green energy and
products related to energy efficiency in Spain.
- Nexus Green, GmbH; A company homonymous with Nexus Renovables, but operating
in Germany.
- Axon Time, S.L.U.; Specialising in computer systems and services to improve management
capacity, providing greater control, economy, and reliability to the processes of producers,
traders, and distributors.
- Electronosis (Energías Intensivas, S.L.); Experts in the installation and maintenance of
facilities and technical equipment for the energy sector.
In 2011, Grupo Nexus Energía managed more than 10,000 GWh (+44% vs. 2010) while
achieving a turnover close to €940 million (+74% vs. 2010). It also advanced its process
of internationalisation, gaining permits in Portugal, France, and Italy.
For profitability, service, and dynamism, Nexus Energía is the alternative to the sector´s
large companies. Together with the rest of the companies in the group, it is now a leading
company that works so everyone, large or small, can choose their own energy supplier.
Grupo Nexus Energía p. 5
6. What do we do?
“Nexus Energía has established itself as a very competitive
Electricity Supply alternative in both price and service for customers in the corporate
sphere, a fact confirmed by our high rate of client renewals”
In 2011 Nexus Energía faced two major with Grupo Nexus Energía, especially the to our competitive price, but especially to
challenges: Renewing a portfolio of more banking sector. Mergers in this sector, our excellent service. The next goal is the
than 30,000 clients and managing major far from harming the company, actually cross-selling of new products to this client
price increases, which stood well above allowed it to considerably increase the base, such as measurement services
2009 and 2010 values. Not only did more number of offices supplied. This was and capacitor banks etc.
than 90% of clients renew their contract, thanks not only to keeping the majority
but Nexus Energía also continued to of the merged entities as clients, but also
increase its market share and the volume due to new acquisitions betting on Grupo
of electricity sold. This was in spite of Nexus Energía on the advice of those who
the prioritisation of renewals above the were already clients.
acquisition of new customers, a policy
designed to ensure the consolidation of In the domestic market, the number of
internal and service improvements. clients remained stable, with only a slight
decrease of 1%.
In the business sector, we ended 2011 with
approximately 17,500 clients, representing In 2011 it created a dedicated VIP
an increase of 9% over 2010, coupled Management line for multi-site clients,
with an annual energy growth of 14%. In something that has been highly valued
addition to renewing their contracts, many by them and positively influenced
clients increased their volume of business renewals. This loyalty is due in part
Annual report 2011
7. Gas Supply
During 2011 the number of ongoing remaining 26% Last Resource Electricity GROWTH OF SUPPLIED VOLUME
TO END USERS DURING 2011
40 (in millions of kWh)
contracts for the supply of Natural Supplier (CUR), positioning ourselves as a
Gas was around 130, each assuming an solid alternative to current operators. 35
average volume of 3.000MWh per year 30
In 2011 Nexus Energía renewed access
per client. This business line was further
contracts with ENAGAS increasing 25
consolidated with projected annual sales
both AOC contracted capacity
of around 360,000 MWh per 20
(Storage Operating Transportation) and
year, of which 74% 15
underground storage. The company is
is to supply to
already prepared for the exploitation of 10
end users
contracted capacity on the Larrau pipeline 5
and the
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and with which Nexus Energía will supply Nexus Energía also consolidated the
gas to its clients during 2012. diversification of gas purchasing with
different operators through different
Nexus Energía participated in the different
contract forms, whether fixed price or
auctions that took place in the Spanish
variable price, natural gas or liquefied
gas system, being present in the Capacity
natural gas, in order to obtain an optimal
Auctions of the Underground Storage
supply mix in our purchasing. It poses a
and TUR Auctions. The latter is aimed at
new challenge for 2012: Ensuring synergies
fixing the last resort tariff (TUR) of gas
with the German subsidiary, Nexus Energie,
through the sale of raw materials to the
which will allow the Group to optimise the
Last Resource Electricity Supplier (CUR).
supply of gas.
What do we do? p. 7
8. Producer Services
“Nexus Energía consolidated its leadership in the representation
of photovoltaic producers with a 38% market share of settled
production at National level”
Nexus Energía continues to increase its market share of representation and also as the
leader in the number of represented power plants in the free market, with more than
17,000 installations with a capacity of 2,400 MW giving a total power of 5.900GWh per
year. This ranks Nexus Energía at number one in representing photovoltaic
power plants, with a 38% market share of settled production at
National level.
During 2011 the energy sector was influenced by important 17.000 installations
regulatory changes such as real-time telemetry, representated power plants
payment of tolls to the distributor and the limitation
of premium-entitled production hours. Nexus 2.400 MW
Energía, in its quest to adapt to these changes power capacity
and meet the needs of its clients, dedicated
significant resources in 2011 to adapting
5.900 GWh/año
systems and developing new products managed power
that facilitate the activities of producers
under this new regulatory framework. Nexus Energía has the systems, infrastruc-
Nexus Energía is collaborating with ture and the employees to represent,
producers in order to comply with with guarantees, a large number of
current regulations and not risk their power plants. Thousands of installations
economic returns, giving them the already entrust Nexus Energía, achieving
option to insure their income from major cost savings and the simplification
the sale of their energy. of their processes.
Annual report 2011
9. Energy Efficiency Services
“Grupo Nexus Energía offers solutions that can help reduce client´s energy consumption, lower
their bill, and contribute to environmental improvements”
Through its subsidiary Nexus Renovables, renewable energy facilities to Nexus Measurement (MIA) which, using an
Nexus Energía offers clients products Renovables which ensures the technical intelligent digital counter and customized
and solutions to reduce their energy and economic viability of projects. Projects software, allows clients to receive ongoing
falling into this category include thermal information about their consumption on
use, trades green energy, and acts
biomass projects, efficient lighting, any computer connected to the internet,
proactively to identify potential areas for
capacitor banks, and high-efficiency enabling control of electricity consumption
improvement relating to clients’ energy cogeneration. In a similar vein, in 2012 Nexus and the ability to optimise habits.
supply: optimization of supplied power, Renovables will act as an energy manager
elimination of reactive power, energy of 150 homes utilizing a centralized heating Nexus Energía has always shown a strong
audits, and feasibility studies to implement and hot water system, with high -efficiency and determined commitment to energy
measures to reduce consumption or to and renewable generation systems such as efficiency, and in 2012 plans to continue
generate power by renewable sources micro-cogeneration and solar thermal. developing products and services
(such as cogeneration, biomass, etc.). that help clients consume
Nexus Renovables is investing in a new less, and consume
In 201 1 N exus Re novables se r ve d better.
manufacturing plant for wood pellets
approximately 4,000 renewable energy
near Barcelona, with the capacity to
installations, designing and engineering
produce 13,000 tons per year. Production
their real-time telemetry systems (TTR).
is expected to begin in 2013, allowing
Nexus Renovables to extend its range
Nexus Renovables also serves as an Energy
of energy products with efficient and
Services Company. This formula allows
environmentally friendly fuel.
access to energy discounts from day one,
without any initial investment, outsourcing During 2011, Grupo Nexus Energía has
the management and maintenance of consolidated its Assisted Intelligent
What do we do? p. 9
10. “2011 marked a milestone in the Group’s ability to innovate by
Innovation taking advantage of regulatory changes”
TTR, PPS, Peaje Express and MIA PPS
Several regulatory changes in the field premium-entitled production hours, and Convinced that, especially in the energy
of energy production triggered the rapid Peaje Express, which automates the sector, the future lies in innovation, Grupo
reaction of Grupo Nexus Energía to meet payment of tolls to distributors to avoid Nexus Energía is committed to keeping
the needs of its clients with the creation possible penalties for delays, were created abreast of new developments, and betting
of interdisciplinary teams offering effective in a short space of time and showed, once on new opportunities.
solutions. again, the agility and creativity of the
professionals who form Nexus Energía.
With the TTR project (Real-Time
Telemetry), Nexus Energía has been a With Smart Grids and other intelligent
leader in the market and has gained a large networks on the horizon, Axon Time
number of customers. The Nexus Energía created a new department focused on the
Control Centre manages more than 10,000 development Tele-Management Systems.
power plants that represent approximately The MIA Project (Assisted Intelligent
50% of the photovoltaic solar power that is Measurement) gives remote measurement
sent in real time to the Spanish Electricity information to electricity consumers, and
Grid System Operator (REE). was one of the first systems to allow its
clients to access detailed consumption
The PPS project (Solar Price Protection), data (active/reactive, power historical
which offers a guaranteed price to minimize etc.) and a predefined analysis that
the uncertainty of photovoltaic producers helps make decisions to optimise
once they calculate they will reach their consumption.
Annual report 2011
11. Social Corporate Responsibility
“Creation of the Corporate Social Responsibility group”
In 2011, Nexus Energía hired an external consultant and established a multidisciplinary working group in order to
understand the vision of employees and identify both strengths and aspects that could be improved upon.
This work was developed under the three dimensions of CSR: economic, environmental and social.
In addition, in 2011 Nexus Energía redefined the Mission, Vision and Values of Grupo Nexus Energía.
The Group’s mission is to be a comprehensive supplier of energy and related services,
with the ability and willingness to provide personalised attention and to innovate by
adapting to both the client and the market, providing returns to shareholders and
always acting on the basis of sustainability criteria.
With a wide experience in the market and its presence in the representative
segments, the Group has focused its vision on growing and positioning itself
as a benchmark supplier of flexible energy services with which clients can
identify.
To achieve these objectives, Grupo Nexus Energía is based, along
with technical excellence, on a range of values: flexibility, experience,
innovation, the pursuit of excellence, closeness, enthusiasm, collaboration,
professionalism, results orientated, integrity, humanity, creativity,
independence and sustainability.
Innovation / Social Corporate Responsibility p. 11
12. Social Business Responsibility:
commitment to the people
“Nexus Energía aims to be at the forefront of social welfare”
A survey was conducted to all staff of Grupo Environmental Dimension - Work / Life balance. The Group applies
Nexus Energía in order to know the current on a daily basis a relaxed, hands-off policy
Strengths in this area highlight the
situation and the strategies needed in both and shows trust in its employees.
control and reduction of emissions and
the medium and long term. The main results - Social Action. Employees have the option
consumption, as well as waste management.
emerging from the initial diagnosis are: to participate in various voluntary schemes.
Nexus Energía removed individual bins
For example, during Christmas 2011, they
from their offices and replaced them
Economic Dimension conducted a campaign to collect food for
with waste-specific recycling containers.
the Spanish Red Cross.
Furthermore, to minimize the use of
The strengths in this dimension were:
printed paper, it was decided not install
- Good governance and transparency. drawers in the offices, in order to avoid the
Grupo Nexus Energía complies with the law accumulation of unnecessary printouts.
and works with a criteria of transparency,
auditing and publishing their accounts in
the Annual Report. Social dimension
- Investment Policy. Plans, invests and acts Standout strengths include:
consistently.
- Diversity management. Grupo Nexus
The areas for improvement are client Energía has a high degree of equal
satisfaction, on which Nexus Energía opportunity between men and women,
is already working on through surveys as well as a multicultural workforce
which have yielded positive results, and represented by over 12 nationalities which
the remuneration policy, which is being improves the working environment and
optimised from the beginning of 2012. increases the efficiency and competence
of the organization.
Annual report 2011
13. As something to improve, it should be QUALITY POLICY DATA
noted that the participatory system,
In late 2010, Nexus Energía began a process
although always under the CSR action plan,
of continuous improvement that took place
has already made the following progress:
throughout 2011. It defined a quality policy
- Selection of the logo, slogan and the through external consultancy, reflecting in
Nexus Energía website by opinion polls written form the procedures to be followed
and an employee vote. by the organization to facilitate the transfer
- Annual meeting of all professionals of of knowledge. In addition, it also improved
Grupo Nexus Energía. instructions for the annual appraisal that
applies to all staff of Grupo Nexus Energía
- Development of a Code of Best Practice.
and created templates that facilitate the
continuous improvement of processes.
During 2011 an event was organized to celebrate The workforce of Grupo Nexus Energía
the tenth anniversary of Nexus Energía and, is composed of 52.59% men and 47.41%
INTERNAL COMMUNICATION women, with an average age of 35.
in the preparation as well as the
attendance, employees Gr u p o N ex u s E n e rg í a cor p orate
were highly headquarters contain screens that display
participatory. interesting and relevant information for
staff which branch employees can also view
through Nexus’ Intranet. Moreover, within
the quality policy, it defined an internal
communication process that facilitates the
flow of information in all directions and
continues to work to find ways to improve
communication even more and increase
employee participation in the Group.
In terms of employment contracts, 88.31%
of staff have a permanent contract, with
11.68% on a temporary contract.
Social Corporate Responsibility p. 13
14. Relevant Data
Grupo Nexus Energía, at the end of 2011, consists of 17 companies, representation of producers in the wholesale electricity market, as
all located in Spain and Germany, among which we have highlighted well as asset investment in renewable and highly efficient energy
Nexus Energía, S.A., Nexus Energie, GmbH, Nexus Renovables, production. As of the 31st December 2011, Grupo Nexus Energía
S.L.U., Axon Time, S.L.U. and Energías-Intensivas, S.L. had a total staff of 291 people.
Net sales have continued to grow organically outstripping the
previous year´s growth, reaching record highs.
Consolidated Turnover Growth
The total increase was 74.7%. 1000
800
Grupo Nexus Energía’s
main activities focus
600
on the trading
of electricity
and gas, the 400
(millions of euro)
200
0
2006 2007 2008 2009 2010 2011
This graph shows the dramatic growth of Grupo Nexus Energía,
which has risen from a turnover of €19.3 million in 2006 to €939.7
million in 2011, representing almost a 50-fold increase in turnover in
just five years and during the world-wide economic crisis.
Annual report 2011
15. The most significant figures are the following:
• €939.7million.
Consolidated Turnover
• €10.1 million.
Consolidated EBITDA
• €12.4 million.
Consolidated Operating Cash Flow
• €5.2 million.
Consolidated Net Profit
• €23.0 million.
Grupo Nexus Energía Consolidated Funds
It is significant that in 2011, besides acquiring the German company, Grupo Nexus Energía raised a further
€3.5 million in working capital, in part to cover some of the needs of Nexus Energie in Germany, and also to
consolidate growth in Spain.
Relevant Data p. 15
16. Turnover Growth
2010 2011 Increase % Increase
537.8 939.7 +401.9 +74.7%
(Millions of euros)
Growth of Consolidated Results
EBITDA in 2011 amounted to €10.1 million, representing 1% of net
sales.
Cash flow amounted to €12.4 million.
Net profit was €5.2 million.
2010 2011
Net Sales 537.8 939.7
EBITDA 15.5 10.1
Cash Flow 17.9 12.4
Net Profit 9.5 5.2
(Millions of euros)
Annual report 2011
17. Breackdown of sales by business line
Electricity trading 447.3
Power Plants Representation 446.8
Gas trading 41.1 Principal ratios
Trading 3.8 ROA 4% NFD/ EBITDA 0.98
Energy production 0.2 ROE 28.26% NFD / Equity 0.43
Others 0.5 Fin.Debt / Equity 3.07 NTD / EBITDA 4.92
(Millions of euros) CAPEX (MM€) 1.106 EBITDA / FE 5.05
Per profit earning ratio 4.62
Financial structure Financial Debt / Equity includes off balance sheet debt
2010 2011 NFD refers to net financial debt (bank debt minus cash) and the
Equity 16.2 23.0 NTD includes bank debt off-balance sheet.
Financial Debt 16.8 31.4
(Millions of euros) ROA_Return of Assets
ROE_Return of Equity
The increase in debt was due in part to the acquisition of the CAPEX_Capital Expenditures
German subsidiary, and also to fund the working capital increase NFD_Refers to net financial debt (bank debt minus cash)
NTD_Includes bank debt off-balance sheet
required for the strong growth in trading activity during 2010 and FE_Financial Expenses
2011.
Relevant Data p. 17
18. Domestic Expansion
“Two new branches in Spain: Malaga and Las Palmas”
In early 2011 Nexus Energía opened two new offices in Spain,
located in Malaga and Las Palmas, expanding its presence in
Spain to a total of 14 branches located throughout the country.
Nexus Energía comes to Las Palmas with the aim of offering
its services to all the Canary Islands. This new physical location
allows both prospective and existing customers in the area to
receive closer, and more personalised attention.
The Malaga branch is the second to be opened in Andalusia,
after Seville, which allows greater proximity and closeness to our
clients, especially those located in eastern Andalusia.
In both Malaga and Las Palmas, the presence of a salesforce
allows direct contact with clients, in both electricity and gas
supply and the representation of renewable energy producers.
The ongoing territorial expansion of Nexus Energía in Spain,
together with the work done to expand product and service
knowledge of the salesforce, has allowed the company to
improve its adaptation to client needs, as well as a more efficient
customer service, one of the keys to its success.
Annual report 2011
19. Internationalisation
“Nexus Energie: Germany, the first step towards the
internationalisation of Grupo Nexus Energía”
Germany. In early 2011, Nexus Energía The creation of a new management team
acquired PCC Energie GmbH, a German at the German subsidiary was a major
supplier of gas and electricity based in turning point in the company and marks
Duisburg. the beginning of an intense process of
After this operation, Nexus Energía initiated integration into the Spanish parent.
the integration process and The main activity of Nexus Energie is
renamed the company the provision of electricity and gas to
Nexus Energie. small and medium-sized enterprises
throughout Germany, and the added value
is a permanent and personalized customer
service through its 13 regional branch
offices.
Nexus Green GmbH was also created
during 2011, whose aim is the trading
of renewable energy to its clients. Group’s parent. In the short term, through
Moreover, the legislative changes its German subsidiaries, Grupo Nexus
that will take effect in 2012 in Energía aims to lay the foundations for a
Germany will allow Nexus Green profitable business in Germany, and expand
to develop its representation its client base and products. Within that
of sales for renewable energy same strategy, it is planning to move the
producers (such as wind, biogas, Nexus Energie headquarters to Düsseldorf
solar etc.) in the same way that during 2012.
has happened in Spain with the
Domestic Expansion /Internationalisation p. 19
20. “Europe: moving towards a common energy market”
Portugal, France and Italy: the creation of a national branch will be it is possible to make power transactions
investing in the future considered in due course. between these countries using the
The liberalized market already represents connections between them.
Thinking of clients with a presence in the
50% of the total energy sold in Portugal, To exploit this possibility in 2011 Nexus
Iberian Peninsula who required the services
and in the coming years this figure is Energía processed the permits required to
of Grupo Nexus Energía in Portugal as
expected to gradually increase, forcing buy and sell power in the French wholesale
well as in Spain, the idea of extending
clients to migrate to the free market. market. It also started the
operations to this country was born, taking
This will facilitate the creation of even same process in Italy.
advantage of the fact that both countries
more interesting opportunities for energy
make up the Iberian Electricity Market
traders.
(MIBEL). The similarity and synergy in the
Therefore the already initiated expansion
markets of both countries allows the use of
into Portugal is an investment for the future,
Nexus Energía’s existing Spanish structure
focused on supplying energy to clients
to develop operations in the neighboring
based in both countries, allowing Nexus
country.
Energía to learn more about the Portuguese
In 2011 it completed all the relevant
market and prepare a strategy for
administrative paperwork required to
increased future penetration.
sell energy to end users in Portugal.
Although the markets of Spain, France
Depending on the evolution of Nexus
and Italy are not a common market,
Energía’s acceptance in this new market,
Annual report 2011
21. “America: analyzing new intercontinental opportunities”
Acting on the interconnections between
Brazil: a large market with for energy trading. In addition, the Group’s
Spain-France and France-Italy will allow
great potential experience in European markets will translate
Nexus Energía to expand the market for well into a market which, until now, has
buying and selling maximizing profits and Within the framework of Nexus Energía’s consisted solely of local operators.
reducing costs as it will be possible to international expansion, and considering the
buy and sell power in whichever of the The initial numbers show that the creation of a
strong growth of the Brazilian economy in
three markets offer the most electrical energy trader acting in the Brazilian
2011, the company explored the possibilities
competitive prices. free market is a good opportunity. For this
for business development in the Brazilian
reason, in 2012 Grupo Nexus Energía has set
energy sector.
a strategy to take the first steps enabling it to
The choice of country was motivated by two operate in this promising market.
main reasons: first of all, Brazil clearly presents
itself as an emerging economy, undergoing
strong and sustainable economic growth,
which will obviously result in a significant
increase in energy consumption. On the other
hand, the market, which is currently heavily
regulated, will have to undergo further
liberalisation in the coming years, resulting
in a progressive increase in opportunities
Internationalisation p. 21
22. Shareholders, Directors, and the Management Team
Nexus Energía, S.A. was founded in June 2000, backed by The shareholders of Grupo Nexus Energía have changed little since
capital from over forty electricity distribution companies spread its inception and since the beginning its members have provided
throughout the Spanish territory, some of whom had been their trust and support to the business. For Grupo Nexus Energía it
operating in the market for almost a century. is vital to continue fostering such a climate of confidence with the
shareholders.
Shareholders Madrid Board of directors Nexus Energie
Aragon Coop. Eléctrica Popular Managing Directors:
Ildefonso Serrano García
Coop. Eléctrica del Pozo
Aguas de Barbastro Electricidad Carlos Frontera Beccaria Alfredo Huertas Rubio
Navarro Generación
Asturias Albert Xalabarder Miramanda
Candin Energía
Castilla y León Luis Díaz Díaz Marc Ehry
Juan de Frutos García Manuel Mas Sebastià
Balearics Islands Pablo Bravo Vidal
El Gas
Melilla Nexus renovables
Gaselec Diversificación Raimundo Fernández-Montenegro
Catalunya Iglesias Energy Services Director:
Agri-Energia Inversions
Valencia
Jordi Sarrias Prats Marc Pahissa Deulofeu
El Progreso Energía Eléctrica Dist. de Fuerza y Alum.
Electra del Cardener Casablanca Executive Team
Eléctrica del Ebro Eléctrica Algimia Alfara axon time
Eléctrica Vaquer Eléctrica Benéfica Catralense Nexus energía Managing Director:
Energuix Eléctrica de Callosa de Segura
Managing Director: Ivan Solé Martínez
Estabanell y Pahisa Eléctrica de Castellar
Jordi Sarrias Prats
Hidroeléctrica Bausen Eléctrica de Chera
Eléctrica de Guadassuar International Business Director:
Icasa Distribución Energía
Eléctrica de Meliana Alfredo Huertas Rubio
La Eléctrica de Ripoll
Selga Energía Eléctrica de Vinalesa Energy and Operations Director:
Hijos de José Bassols Eléctrica del Maestrazgo Josep Pratdesaba Rovira
Easy Energy Solutions Eléctrica Ntra. Sra. De Gracia
Finance Director:
Fluido Eléctrico Museros
Galicia Albert Rams Foncuberta
Covaersa Energías
Hca. De Laracha Energía Sales and Marketing Director:
Sum. Especiales Alginetenses
CE Energía Cartera
Elec. Benef. Albaterense Carles Leg Clos
Annual report 2011
