The electricity utilities’ AGAP (RD 437/98) requires environmental disclosure in the notes to the financial statements. Note 4 requires the disclosure of accounting policy about environmental assets, expenses and liabilities. Note 18 involves the disclosure of expenses on energy saving and efficiency programs. Finally, Note 19 requires a description of the nature and the amount of environmental investments, expenses, provisions and contingent liabilities. The approach adopted by the Spanish standard is that environmental issues can be successfully integrated in the conventional accounting model.