• achieve organic growth in our generation portfolio by building technologically advanced, climate-friendly generating units in Europe, Russia, and North America
• establish a generation position in Spain, Italy, and France by acquiring Viesgo and certain Endesa assets and strengthen these positions going forward
• expand our renewables business worldwide, particularly in wind power
• enlarge our gas production portfolio and our strategic gas infrastructure (gas transport pipelines, LNG terminals, gas storage reservoirs)
• enter adjacent markets (Russia, Turkey, Southeastern Europe).

Growth program ahead of schedule

In 2007, we made important progress on all five growth objectives of our investment program.

We acquired:

• wind farms in Spain, Portugal, and North America with an aggregate installed capacity of 470 megawatts and with 1,400 megawatts under construction or development
• a majority stake in OGK-4, a Russian power producer with 8,600 megawatts of installed capacity in fast-growing regions of Russia
• 28 percent of Skarv und Idun, two important natural gas fields in the Norwegian See.

We reached agreements or made decisions to:

• develop natural gas storage reservoirs in northern Germany
• build a technologically advanced 1,100 megawatt coal-fired power plant in the harbor area of Antwerp; the unit will have an impressive thermal efficiency of 46 percent
• acquire outstanding shares in E.ON Sverige and become its sole owner, enabling us to strengthen our position in the Nordic market.

All of these acquisitions meet our strict strategic and financial investment criteria, offer significant potential for value creation, and expand our platform for further growth