Revenues increased by 12% year-on-year to €756m, on the backof a 8% increase in output to 10.7 TWh, with average load factors increasing to33% from 32% a year earlier and average power sale prices increasing by 5%.

USoperations represented 52% of total production (down from 57% in 1H 2012),while European operations represented 47%, (up from 43%), with Brazilaccounting for the rest.

However,