POWER 
One of Repsol YPF strategic goals is to participate in power generation projects permitting the monetisation of the company�s own natural gas reserves. Spain and Latin America are the main areas of interest.

   
Spain

Repsol YPF currently has a gross installed capacity in Spain of 300 MW, entirely made up of cogeneration plants.

The target for 2005 is to participate in projects to obtain an installed gross power of 4,200 MW (2,600 net MW), via the construction of four combined cycle plants (Cadiz, Barcelona, Cartagena and Bilbao) with an overall gross capacity of 2,800 MW.  Gross cogeneration capacity will be increased to 600 MW and an IGCC plant (power generation from refinery residues) with an 800MW capacity will be constructed in Bilbao.

 As part of the Strategic Alliance between BP Amoco and Repsol YPF, signed in June 1998, the two companies have an equal partnership joint venture in Cartagena, and a 25% stake each in the combined cycle project at Bilbao,

where the remaining 50% belongs to other shareholders. BP Amoco is, then, Repsol YPF�s major partner in Spain when it comes to power generation projects. The Barcelona and Cadiz projects will be carried out by Gas Natural alone.

Latin America

In Argentina, Repsol YPF has 1,450 MW of installed gross power, basically at power generation plants.

The target for 2005 is to increase gross capacity to 1,800 MW.

In Northeast Brazil, Repsol YPF and BP Amoco are undertaking a 50-50 joint venture for a combined cycle power station with a 500MW capacity.

In March 2000, Repsol YPF and Petrobras signed a co-operation agreement for the study of joint ventures to develop new natural gas markets in the Southern Cone, involving gas supply and power generation. In the future, this general agreement will result in precise undertakings.