FINANCIAL MANAGEMENT IN TURBULENT TIMES Given the new macroeconomic environment, IBERDROLA’s fi nancial management has focused on readjusting to meet the Group’s new situation (the consolidation of ScottishPower, the agreement to acquire Energy East and the fl otation of have typifi ed the Company, i.e., reducing volatility in fi nancial expenditures, engaging in asset and liability management, increasing liquidity levels, and extending the average life of debt.