Exhibit 8



Investments in subsidiary undertakings



|Name and nature of business                                                   |  | Country of incorporation and registration |    |  | Type of share     |  | Percentage shareholding |  
|----------------------------------------------------------------------------- |  | ----------------------------------------- | -- |  | ----------------- |  | ----------------------- | -
|Hazelwood Finance Limited Partnership*(Financing company)                     |  | Australia                                 |    |  | Partners Capital |  | 75                      | %
|Hazelwood Power Partnership*(Power generation)                                |  | Australia                                 |    |  | Partners Capital |  | 92                      | %
|Elektrárny Opatovice A.S.*(Power generation)                                  |  | Czech Republic                            |    |  | Ordinary Shares   |  | 99                      | %
|International Power Global Developments Limited(Project
developmentoverseas) |  | England and Wales                         |    |  | Ordinary Shares   |  | 100                     | %
|Pelican Power Point Limited*(Power generation)                                |  | England and Wales                         |   |  | Ordinary Shares   |  | 100                     | %
|Rugeley Power Limited(Power generation)                                       |  | England and Wales                         |    |  | Ordinary Shares   |  | 100                     | %
|Deeside Power Development Company Limited(Power generation)                   |  | England and Wales                         |    |  | Ordinary Shares   |  | 100                     | %
|National Power International Holdings BV*(Investment holding
company)         |  | The Netherlands                           | ** |  | Ordinary Shares   |  | 100                     | %
|Synergen Power Pty Limited*(Power generation)                                 |  | Australia                                 |    |  | Ordinary Shares   |  | 100                     | %
|Thai National Power Company Limited*(Power generation)                        |  | Thailand                                  |    |  | Ordinary Shares   |  | 100                     | %
|Midlothian Energy Limited Partnership*(Power generation)                      |  | US                                        |    |  | Partners Capital |  | 100                     | %
|Milford Power Limited Partnership*(Power generation)                          |  | US                                        |    |  | Partners Capital |  | 100                     | %
|ANP Funding I, LLC*(Financing company)                                        |  | US                                        |    |  | Ordinary Shares   |  | 100                     | %
|International Power (Cayman) Limited(Financing company)                       |  | Cayman Islands                            | ** |  | Ordinary Shares   |  | 100                     | %
|International Power (Europe) Limited(Financing company)                       |  | England and Wales                         |    |  | Ordinary Shares   |  | 100                     | %
|ANP Blackstone Energy Company, LLC*(Power generation)                         |  | US                                        |    |  | Ordinary Shares   |  | 100                     | %
|ANP Bellingham Energy Company, LLC*(Power generation)                         |  | US                                        |    |  | Ordinary Shares   |  | 100                     | %
|Hays Energy Limited Partnership*(Power generation)                            |  | US                                        |    |  | Partners Capital |  | 100                     | %
|International Power Holdings Limited(Investment holding
company)              |  | England and Wales                         |    |  | Ordinary Shares   |  | 100                     | %
|Advanced Turbine Products LLC*(Manufacturer of turbine parts)                 |  | US                                        |    |  | Partners Capital |  | 82                      | %
|Al Kamil Power Company SAOC*(Power generation)                                |  | Oman                                      |    |  | Ordinary Shares   |  | 100                     | %

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All subsidiary undertakings operate in
their country of incorporation, except as indicated below.

All subsidiary undertakings have December year ends.

|* |  | Held by an intermediate subsidiary undertaking
|- |  | ----------------------------------------------

| |  | Operates in Australia
|- |  | ---------------------

|** |  | Operates in the UK
|-- |  | ------------------