1. Madrid, 21 st May 2008 MIBGAS

2. 2 1. Background 2. “Plan to reconcile the energy sector regulation between Spain and Portugal” 3. Conclusions INDEX

3. 3 Background  REN and Enagás have had a excellent cooperation and relationship since the early 90s when the GME project was launched.  As a result of the agreement between Spanish and Portuguese governments on 8 th March 2007, Enagás and REN prepared, in September 2007, a plan for strengthening the interconnections and the storage capacity of natural gas (see next slide).  In October 2007, within S-GRI scope: accomplishment, presentation and publication of the survey of existing and future interconnections between Enagás and REN for the period 2007 – 2015.

4. 4 “Plan to reconcile the energy sector regulation between Spain and Portugal” – Main Docs. 1.Statement of principles for the strategic agreement. 2.Comparison of the main regulatory framework features of the natural gas transmission network. 3.Capacity and reinforcement of the interconnection points. 4.Mutual assistance agreement REN – ENAGAS in situation of emergency or exceptional operation. 5.Detail analysis of the main operational aspects of management of the Gas System in Spain and Portugal.

5. 5 Conclusions  REN and Enagás are fully committed to the development of the MIBGAS and are actively contributing to its success.  It should be emphasized the high degree of collaboration, cooperation and understanding reached between Enagás and REN to advance in the creation of the MIBGAS.  REN and Enagás will continue working together, as they have been doing so far, to help with proposals, discussions or advice to development and compatibility of the regulatory frameworks.

6. Thank you for your attention