Technical and economic responsibility

The responsibility of Red Eléctrica is to provide a quality service to society, by means of an efficient management of the electricity system operation and a sustainable development of the transmission grid. The commitment we undertake in the performance of these functions drives us to:

Permanently create value for our stakeholders.
- The after tax result grew to 390.2 million euros which represented an increase of 18.1% on that achieved during the previous fiscal year.
- The gross dividend proposed to be allocated for the 2010 fiscal year is 1.8751 euros per share.
- The Red Eléctrica Group has maintained its stable credit ratings.
Working towards the achievement of a sustainable energy model.
- During 2010, investments are focused both on strengthening the grid with the goal of achieving an increasingly secure supply. These activities, which have signified a record investment of 865 million euros, a total of 839 km of circuit of new line and 164 new busbars in substations have been commissioned.
- Transmission grid quality indicators have been highly satisfactory in terms of availability and continuity of supply in 2010.
- Red Eléctrica has maintained the reinforcement of international interconnections and Peninsula-Balearic Islands electrical interconnection. Rómulo Project.
- We facilitate the development of clean energies, safely integrating them into the electricity system.
- We continue working actively on the development and disclosure of demand side management initiatives oriented to encouraging a sustainable use of energy and therefore contributes to a greater efficiency for the electricity system as a whole.
Driving technological development and innovation.
- The investment in R&D&i projects during 2010 reached 5 million euros, which represents 0.39% of Red Eléctrica's regulated income.

Economic value generated and distributed (Group)

Economic value generated and distributed (Group) in millions of euros
Economic value in millions of euros	2006	2007	2008	2009	2010
N.B.: Data obtained from the Consolidated Annual Accounts. ¹ Includes: Other operating income / Net results by equivalence / Non-current assets transfer results / Capital Grants / Other incomes. Other deferred income transferred to the result for the year / work carried out by the company on its assets. ² Supplies and Other operating expenses (excluding investment in the community). ³ Includes interim dividend paid and complementary dividend. ⁴ Includes: Amortizations / Depreciations (it includes mainly provisions for deterioration in assets value).
Economic value generated (VEG)	960.9	1,065.6	1,160.7	1,239.2	1,441.9
Net turnover	949.3	1,030.9	1,125.9	1,200.1	1,397.3
Other net gains and losses ¹	11.7	40.1	34.8	39.1	44.6
Economic value distributed to interest groups (VED)	(600.7)	(705.8)	(792.2)	(798.6)	(981.6)
Employees: Personnel costs	(84.9)	(92.6)	(93.9)	(104.2)	(112.7)
Company: Tax on earnings	(80.7)	(118.5)	(128.9)	(130.7)	(170.3)
Company: Investment in the community	(1.8)	(2.7)	(2.7)	(2.1)	(7.5)
Suppliers: Other operating expenses ²	(215,7)	(243,9)	(283,8)	(277,3)	(308,4)
Shareholders: Dividends ³	(121.0)	(146.9)	(172.8)	(199.8)	(253.6)
Other providers of capital: Net financial costs	(96.7)	(107.2)	(110.1)	(84.5)	(129.1)
Retained economic value (VER)	360.2	359.8	368.5	440.6	460.3
Reserves	79.2	96.1	113.3	130.6	136.6
Amortizations and depreciations ⁴	281.0	263.7	255.2	310.0	323.7