The Act also introduced major changes in the corporate structure of the company: Red Eléctrica was transformed into a holding, with Red Eléctrica Corporación, S.A. as the parent company. This new holding company owns 100% of the share capital of the new subsidiary, Red Eléctrica de España, S.A.U., and also runs the new business group which takes over the corporate head offices, properties not associated with regulated activities and holdings in other companies. On 1 July 2008 Red Eléctrica de España, S.A.'s regulated activities were officially transferred to its new subsidiary, Red Eléctrica de España, S.A.U.
Red Eléctrica de España, S.A.U. is in charge of regulated activities in Spain, which account for 98% of the Group's business and takes over all the transport and operation assets and human and financial resources associated with these activities. It will also take charge of the company's investment plan, presented in June 2008.
At the same time, the telecommunications branch of activity has been transferred to Red Eléctrica International (REI). REI is dependent on the parent company, and is in charge of the company's overseas investment and its international consultancy service.
Red Eléctrica de España Finance B.V., with head offices in the Netherlands, was set up to optimise financing of the acquisition of the power transmission assets in 2003. It is currently used as a vehicle for financing the various activities of the companies in the group.
This corporate restructuring was approved by the shareholders of Red Eléctrica de España, S.A. at the Shareholders General Meeting held on 22 May 2008, in compliance with Act 17/2007 and ratified by the board on 20 June.
