Annexes To 2008 Results And 2009 2013 Business Plan

1

Enel SpAInvestor Relations

Annexes

• 2008 results annexes

• 2009-2013 plan annexes

– Generation & Energy Management - Italy

– Market - Italy

– Infrastructure & Network - Italy

– International

– Iberia & Latin America

– Enel Green Power

2


HydroCoalCCGT

Oil & gas1Other renewables

25,973

29,440

25,799

14,424

1,0375,650

5,575

5,946

9,415

13,341

96,22740,323

2008 Results - Operational annexes

Generation mix - Italy

Production (GWh)Capacity (MW)

1. Including turbogas

3


2,3294,065

2,122

15,412

3,050

1,254

Capacity (MW) Production (GWh)

Generation mix - Centrel & South Eastern Europe

22,527

5,705


CoalCCGTOil & gas

NuclearOther renewablesHydro


243

105


3,720

602

Slovakia Greece

Bulgaria

4


4,560

3,623

10,214

12,282


Generation mix –Russia, North America & France

22,496

8,183


CoalCCGTOil & gas


314

964435

905


1,869

749


Russia North America

France

12

7

5


Electricity and gas distribution

Volumes distributed:

Breakdown by country

Sales:

Breakdown by country

Electricity (TWh) Gas (bcm)

Electricity (TWh) Gas (bcm)

Iberia&LatamSEE

RussiaItaly

65.5%

31.7%

2.8%

92.3%1

7.7%

69.5%

30.5%

50.7%39.6%

3.3% 6.4%


1. Including assets held for sale

6


Italian market overview - electricity1 and gas consumption2

94.2 96.3

209.2

39.6

-7.5-7.7

207.1

46.3

-0.7%

337.6339.9

FY07

Net production: otherImport

Pumped storage consumptionNet production: Enel

Electricity consumption (TWh)

28.2 29.4

19.1

34.2

19.9

34.3

2.12.5

-0.1%

84.884.9

Gas consumption (bcm)

IndustrialThermoelectricOther

Residential

1. Source: Terna electricity statistical data2. Source: Ministry of Economic development and Enel’s estimates

FY08FY07 FY08


7


157.8 164.6102.5

81.7

39.955.5

14.218.7

EnelOther

FY08FY07

-20.3%

-24.1%

+4.3%

+39.1%

95.9121.2

197.7

Italian market overview - electricity sales1

Total sales (TWh)

-20.9%

Regulated market (TWh) Free market2 (TWh)

+11.3%

220.1

316.0318.9

1. Excluding losses on the grid. Other operators’ data are Enel’s estimates based on Single Buyer figures2. Including self-consumption and, since May 2008, sales to “salvaguardia” customers3. Including dual energy customers

Enel’s free customers3 (thousand)

1,226

2,034

FY08FY07FY08FY07

FY08FY07


8


Enel’s gas sales

4.95.7

0.6

2.5

FY07 FY08

5.5

8.2

Volumes sold (bcm)

+49.1%

2,462 2,644

450612

2,9123,256

+11.8%

Customers (thousand)

FY07 FY08

ItalyInternational


9


RES- other

1,037

1,603

-

1122

471

3,223

FY2008 group installed capacity: breakdown by source and location

MW Hydro

14,424

3,792

2,329

5

6,757

27,307

Nuclear

-

2,442

2,122

-

-

4,564

Coal

5,575

3,892

1,254

602

360

15,306

Oil & gas ST/OCGT

13,341

3,524

-

-

1,447

22,872

Iberia

Centrel

Italy

SEE

Americas

TOTAL

CCGT

5,946

1,4731

-

-

2,628

10,047

1. Including 82 MW of installed capacity in Morocco2. Including 12 MW other renewable capacity in France

-- - 3,623 4,560Russia -

TOTAL

40,323

16,726

5,705

719

11,663

8,183

83,319


10


RES- other

5.6

2.8

-

0.22

1.0

9.6

FY2008 group net production: breakdown by source and location

TWh Hydro

26.0

6.0

4.1

-

28.3

64.4

Nuclear

-

17.5

15.4

-

-

32.9

Coal

29.5

20.0

3.0

3.7

1.5

67.9

Oil & gas ST/OCGT

9.4

5.5

-

-

7.0

34.2

Iberia

Centrel

Italy

SEE

Americas

TOTAL

CCGT

25.8

10.11

-

-

8.3

44.2

1. Including 0.6TWh of net production in Morocco2. Including 7 GWh of net production in France

-- - 10.2 12.3Russia -

TOTAL

96.3

61.9

22.5

3.9

46.1

22.5

253.2


11


Production mix

Group production mix

CoalCCGTOil & gas


24.1% 25.4%

13.0%

26.8%

18.0% 17.5%

11.9% 13.5%

3.8%4.7%11.8%

29.5%

FY07 FY08

253.2 (TWh)153.5 (TWh)

+65.0%

22.5% 27.0%

30.6%

24.6%26.8%

16.6% 9.8%

5.8%6.0%

30.3%

FY07 FY08

96.3 (TWh)94.2 (TWh)

+2.2%

26.7% 24.5%

21.0%

24.4%

11.7%

2.6%2.5%

30.6%

28.2%

7.6%4.4% 15.8%

156.9 (TWh)59.3 (TWh)

+164.6%

DomesticDomestic

InternationalInternational

FY07 FY08


12


CO2 emissions vs allowances

Domestic generation CO2 emissions (mton)

Deficit/SurplusAllowances

41.3

40.8 6.0

3.2

FY 2007

FY 2008

46.8

44.5


13


Enel’s electricity and gas distribution

1. 2007 figures updated. Net of energy dispatched in previous years2. Including held for sale

FY07 FY08

259.0 257.9

Volumes distributed in Italy1 (TWh)

-0.4%

FY07 FY08

43.3

135.6

+213.2%

Volumes distributed abroad (TWh)

3.5 3.6

0.1 0.3

FY07 FY08

3.63.9

Volumes distributed (bcm)2

+8.3%

2,032 2,100

186 214

FY07 FY08

2,218 2,314

+4.3%

Gas end users (thousand)2

ItalyInternational


14


EBITDA evolution - Market Italy (€mn)

FY07 Regulatedmarket

FY08Freemarket

318

+107

+129 554

+74.2%

2008 Results

15


3,543 3,608 3,574 3,574

EBITDA evolution - I&N Italy (€mn)

+5.0%

3,543 +65-168 3,719

FY07 Energymargin

FY08Service quality

premium

+134

Non recurring items

2008 Results

+145

Other

16


580724

190

185

55

-13

75

16

EBITDA evolution - International (€mn)

+36.3%

CentrelSEERussiaFrance & Belgium

766

+5+144+70

1,044+60

FY07 FY08RussiaSEECentrel France& Belgium

2008 Results

-15

17


EBITDA evolution - Services & Holding1 (€mn)

1. Including Engineering and Innovation division

-13.1%

61

+49 -57

53

FY07 Import FY08Other

2008 Results

18


1,918 2,259

2,7422,844

354556884

2,848818

981

115104

FY07 FY08

+40.7%

6,781

9,541

EBIT by business area (€mn)

MarketI&N

S&H

G&EM

Iberia & LatamInternational

-39 -62

2008 Results - Financial annexes

EGP

19


Purchase Price Allocation of Endesa acquisition – impact on P&L

FY08€mn

Δ Depreciation and Amortization

Δ EBT

Δ Taxes

Δ Net income (including minorities)

Δ Minorities

Δ Group net income

+653

-653

+201

-452

-121

-331


20


2007 results restatement

2007 restated

P&L (€mn)

Revenues

EBITDA

EBIT

Group net income

43,688

9,840

6,781

3,916

2007actual PPA

Enel Rete Gas

15

-183

-91

-

-

-

-118

-61

43,673

10,023

6,990

3,977

2007 restated

Balance sheet (€mn)

Net capital employed

Net debt

Equity

82,424

55,791

26,633

2007actual PPA Enel

Rete Gas

2,844

-

2,844

79,580

55,791

23,789


-

-

-

21


Income taxes analysis

2008incometaxes

One-off impact of substitute

taxes 08

2008pro-forma

income taxes

1,857

585

-290 2,152

2008 normalized tax rate 33.7%

Additional taxes 08(1)

1. Higher taxes on current income for Italian generation and sales activities


22


Balance sheet

2007 2008 %€mn

Net financial debt

Shareholders’ equity

Net capital employed

55,791

26,633

82,424

49,967

26,295

76,262

-10.4

-1.3

-7.5


23


• Average debt maturity: 4 years and 11 months

• Average cost of debt: 5.5%1

• (Fixed+hedged)/Total long-term debt: 56%

• (Fixed+hedged)/Total net debt: 58%

• Rating: S&P’s = A-/A-2 CW negative; Moody’s = A2/P-1 CW negative

1. Including Endesa cost of debt equal to 6.5%2. Including current maturities of long-term debt3. Including factoring and other current receivables

2007 %€mn 2008

Debt structure

50,816

8,014

-3,039

55,791

50,816

8,014

-3,039

55,791

Long-term

Short-term2

Cash3

Net debt

Long-term

Short-term2

Cash3

Net debt

48,154

8,577

-6,764

49,967

48,154

8,577

-6,764

49,967

-5.2

+7.0

+122.6

-10.4

-5.2

+7.0

+122.6

-10.4


24


Enel’s group financial debt evolution as of December 31, 2008

€mn

Bank loans – maturities > 12mBonds – maturities > 12mPreferred shares > 12mOther loans – maturities > 12mFinancial receivables – maturities > 12m

Total net LT debt - maturities > 12m

Bank loans – maturities < 12mBonds – maturities < 12mPreferred shares < 12mOther loans – maturities < 12mFinancial receivables – maturities < 12mTotal net LT debt - maturities < 12m

Other ST bank debtCommercial paperOther ST financial debtST debt

Factoring receivablesOther ST financial receivablesCash at banks and marketable securitiesTotal net ST debt (incl. current maturities)

Net financial debt

Bank loans – maturities > 12mBonds – maturities > 12mPreferred shares > 12mOther loans – maturities > 12mFinancial receivables – maturities > 12m

Total net LT debt - maturities > 12m

Bank loans – maturities < 12mBonds – maturities < 12mPreferred shares < 12mOther loans – maturities < 12mFinancial receivables – maturities < 12mTotal net LT debt - maturities < 12m

Other ST bank debtCommercial paperOther ST financial debtST debt

Factoring receivablesOther ST financial receivablesCash at banks and marketable securitiesTotal net ST debt (incl. current maturities)

Net financial debt

Enel Group (excluding Endesa)

25,86716,604

-158

-373

42,256

281431

-24

-11725

1,4102,425

973,932

-367-402

-1,9691,919

44,175

25,86716,604

-158

-373

42,256

281431

-24

-11725

1,4102,425

973,932

-367-402

-1,9691,919

44,175

12.31.2007 12.31.2008

23,63116,946

-95

-146

40,526

2871,139

-26

-966486

1,1802,350

1123,642

-205-13

-6253,285

43,811

23,63116,946

-95

-146

40,526

2871,139

-26

-966486

1,1802,350

1123,642

-205-13

-6253,285

43,811

Endesa – 67.05%

12.31.2007 12.31.2008

4,7125,419

966386

-1,193

10,290

174894

-209

-436841

1001,543

-1,643

--84

-7101,690

11,980

4,7125,419

966386

-1,193

10,290

174894

-209

-436841

1001,543

-1,643

--84

-7101,690

11,980

3,5253,644

973274

-2,518

5,898

3091,933

-132

-5131,861

1681,367

-1,535

--292

-3,210-106

5,792

3,5253,644

973274

-2,518

5,898

3091,933

-132

-5131,861

1681,367

-1,535

--292

-3,210-106

5,792

Group - Total

12.31.200829,39220,248

973432

-2,891

48,154

5902,364

-156

-5242,586

1,5783,792

975,467

-367-694

-5,1791,813

49,967

29,39220,248

973432

-2,891

48,154

5902,364

-156

-5242,586

1,5783,792

975,467

-367-694

-5,1791,813

49,967


25


Enel’s group financial debt by subsidiary as of December 31, 2008

Enel SpA Slovenské€mn

Bonds

Bank loans

Preferred shares

Other loans

Commercial paper

Other

Total

13,498

14,947

-

(6)

-

690

29,129

193

85

-

-

-

(76)

202

EFI

2,656

7,502

-

-

2,425

(2)

12,581

Other

166

1,132

-

(171)

-

(1,450)

(323)

Total

22,612

29,982

973

(2,827)

3,792

(4,565)

49,967

Endesa

5,577

3,834

973

(2,625)

1,367

(3,334)

5,792

EIH

522

-

-

-

-

(153)

369

EP

-

766

-

(8)

-

1

759

ED

-

1,716

-

(17)

-

(241)

1,458


26


58.0%47.0%

80.0%81.0%

53.0%60.0%

44.0%42.0%

2001 2002 2003 2004 2005 2006 2007 2008

50.055.8

11.712.3

24.524.224.521.9

2001 2002 2003 2004 2005 2006 2007 2008

2001 2002 2003 2004 2005 2006 2007 2008

5.2%4.7%

4.4% 4.4% 4.3%4.6%

5.1%5.5%

2001 2002 2003 2004 2005 2006 2007 2008

4:4

7:7

4:9

7:7

5:105:2

6:4

4:11

Average cost of debt Average residual maturity

Net financial debt (€bn) Fixed + Hedged/Total net debt

Enel’s group financial debt


27


Enel’s Group long-term maturity profile (€mn)

735

15,239

1,527

9,215

1,965

14,683

2,375 886

2,316

866

3,592756

2009 2010 2011 2012 2013 After 2013

3,110

15,995

18,275

2,413

11,531

2,381

Endesa1

Enel

1. Relating to Endesa proportionally consolidated debt (67.05%) acccording to Enel’s GAAP


28


Enel Group liquidity analysis excluding Endesa (€mn)

36M credit facility for Endesa acquisition

60M credit facility for Endesa acquisition

Other committed credit lines1

Total committed credit lines

Other short-term bank debt – uncommitted lines

Total credit lines

Commercial paper issued by EFI SA

Total credit lines + CP

Cash and cash equivalents

Total liquidity

10,866

7,828

8,375

27,069

387

27,456

4,000

31,456

31,456

Amount AvailableOutstanding

December 31, 2008

1. Including 1,375€mn relating to a committed line pertaining to Slovenske Elektrarne

10,866

7,828

4,850

23,544

304

23,848

2,445

26,293

(1,969)

24,324

-

-

3,525

3,525

83

3,608

1,555

5,163

1,969

7,132


29


Endesa liquidity analysis1 (€mn)

Total committed credit lines

Other short-term bank debt – uncommitted lines

Total credit lines

Commercial paper issued by the Endesa Group

Total credit lines + CP

Cash and cash equivalents

Total liquidity

9,905

1,268

11,173

4,000

15,173

15,173

Amount AvailableOutstanding

December 31, 2008

1. Relating to Endesa 100%

1,813

525

2,338

2,055

4,393

(4,787)

(394)

8,092

743

8,835

1,945

10,780

4,787

15,567


30


Generation & Energy Management - Italy

FY07 pro-forma FY08 %€mn

Revenues

EBITDA

EBIT

Capex

Headcount

17,062

2,743

1,918

900

6,931

22,143

3,113

2,259

887

6,829

29.8

13.5

17.8

-1.4

-1.5


FY07

18,207

3,541

2,600

1,167

9,306

31


Market - Italy


Revenues

EBITDA

EBIT

Capex

Headcount

22,179

318

104

59

4,669

22,609

554

115

72

4,170

1.9

74.2

10.6

22.0

-10.7

2008 Results- Financial annexes

FY07

22,271

325

109

59

4,772

32



Revenues

EBITDA

EBIT

Capex

Headcount

5,457

3,543

2,742

1,587

22,710

6,537

3,719

2,844

1,407

20,394

19.8

5.0

3.7

-11.3

-10


Infrastructure & Network - Italy

FY07

5,762

3,726

2,833

1,587

22,710

1. Excluding assets held for sale

33


International


Revenues

EBITDA

EBIT

Capex

Headcount

2,794

766

354

332

11,259

4,708

1,044

556

681

16,865

68.5

36.3

57.1

105.1

49.8


FY07

7,654

2,380

1,494

1,983

31,754

34


Iberia & Latam

FY08 %€mn

Revenues

EBITDA

EBIT

Capex

Headcount

15,805

4,647

2,848

2,382

17,827

-

-

-

-

-9.9


FY07 pro-forma

4,517

1,420

884

1,255

19,786

35


Enel Green Power


Revenues

EBITDA

EBIT

Capex

Headcount

1,536

989

818

663

2,313

1,852

1,188

981

951

2,432

+20.6

+20.1

+19.9

+43.4

+5.1


36


212

771

559

286

0

24

Wind Hydro Geo Solar Othertechn.

Otherrevenues

2008

1,2

2,5

0,7 0,00,05

Wind Hydro Geo Solar Other 2008

Production(TWh)

4,5

Installed capacity(GW)

Revenues(€mn)

EBITDA(€mn)

1.852

11% 42% 30% 1%0% 15% 46% 39% 0% 1%

2,1

9,6

5,20,0 0,3

Wind Hydro Geo Solar Other 2008

173

543

459

0 13

Wind Hydro Geo Solar Othertechn.

2008

17,2

1.188

15% 100% 100%

12% 56% 30% 2%0% 100% 28% 56% 15% 1%0% 100%

380 17 0 0 0 397

2008 additional capacity (MW)

Enel Green Power - Key indicators

2008 Results - Annexes

37


Services & Holding


Revenues

Holding

Services & other

Engineering & Innovation

EBITDA

Holding

Services & other


Other & Elisions

EBIT

Holding

Services & other


Other & Elisions

3,027

950

1,147

930

61

-59

130

11

-21

-39

-75

49

8

-21

2,901

727

1,169

1,005

53

-71

116

14

-6

-62

-94

27

11

-6

-4.2

-23.5

1.9

8.1

13.1

-20.3

-10.8

27.3

+71.4

-59.0

-25.3

-44.9

37.5

71.4


FY07

2,097

950

1,147

-

51

-59

130

-

-20

-46

-75

49

-

-20

38


Services & Holding - Continued


Capex

Holding

Services & other

Headcount

Holding

Services & other

Engeneering & Innovation

133

19

114

5,832

728

4,223

881

122

13

109

6,175

749

4,406

1,020

-8.3

-31.6

-4.4

5.9

2.9

4.3

15.8


FY07

133

19

114

4,958

735

4,223

-

39


900 887

1,587 1,407

332 681

1,255

2,382663

951

59 72

122

133

4,929

Capex by business area (€mn)

+43.4%

+31.9%

+105.1%

+89.8%

-11.3%

+22.0%

+8.3%


1. Excluding investment of Viesgo, Endesa Europe, Ecyr and Enel Rete Gas equal to 895 €mn

-1.4%

FY07 FY081

MarketI&N

S&H

G&EM

Iberia & LatamInternational

EGP

6,502

40


Annexes




– Market - Italy


– International



41


Market scenario

Additional CCGT capacity (GW)

1.9

3.5

6.6

0.8

0.4

1.11.1

2008 2009 2010-11 underconstruction

Total

GreenfieldRepowering

2.7

3.9

1.1 7.7

Generation and Energy Management - Italy

42


Expectedemissions

Allocations Shortage

CO2

Variable costs1 (€/MWh)

28

508

4

Clean Coal CCGT

CO2 costsVariable costs

36

54

Enel’s balance 2008-2012 (mton CO2e)

29

1. Based on forward 2012 (average February 11– 24 2009), Brent = 62,8 $/bbl, API2 = 90,6 $/ton, CO2 = 10,6 €/ton; €/$ = 1.28


Clean coal stongly competitive even with very high CO2 prices2008-2012 CO2 position already hedged

43


Coal and shipping sourcing strategy

Coverage of sourcing needs (%)

2009 2010

~100

75

Coal Shipping

2009 2010

~ 100

65

Coal sourcing diversification

Indonesia

South Africa

Colombia

Russia

Others


44


Annexes




– Market - Italy


– International



45


199.8 214.8 246.8

67.2

-41.9 -41.6 -43.1

83.095.9

2008 2010 2013

Electricity market evolution 2008-20131

296

14.8

22.9

8.34.1

31.7 28.3

2008 2010 2013

31435.8 36.7 37.7

Number of Customers (mn)Electricity Consumption (TWh)

Free marketEligible market

Self consumption and losses

1. Source: 2008 volumes = Terna/AU; 2008 customers = Enel’s estimates

~61%~88%

~77%

~21%~33%

~28%

298

Market - Italy

46


2008-2013 gas market evolution1,2 (bcm)

17.8 18.5

29.6 31.0

19.1

29.4

1.11.11.1

1. Excluding technical losses and gas burnt for thermal generation

2. Source: Ministry of Economic Development and Enel’s estimates

49.6

2008 2010 2013

48.5 50.6Other uses

Residential market

Industrialmarket

Market - Italy

47


15.4 8.0 8.0

38.8 51.663.2

2008 2010 2013

Gas (bcm)

2008 2010 2013

6.5

8.2

5.7

• Selection of market segment consistent with strategy in power market

• Dual energy offer sustains customer retention

Enel’s targets in 2013

Electricity free market1 (TWh)

54.2

Retail & BusinessEnergy intensive

• Strong increase in SME and residential portfolio

• Reduced sales to Single Buyer

• Excellence in service quality

Electricity regulated market2 (TWh)

2008 2010 2013

73.0

52.0

94.8

• Volume decline in free market in line with Enel’s increase on the

59.6

71.2

1. Including technical losses and excluding “Salvaguardia” customers2. Including technical losses and “Salvaguardia” customers

Market - Italy

48


Enel forward selling 2009-20111

TWh

1. Including technical losses and churn rate. Total portfolio as of 28 February 20092. Including “Salvaguardia” customers

Mass Market

Corporate2

TOTAL SALES

2009 2010 2011

19.4

45.7

65.1

18.3

18.0

36.3

17.0

11.6

28.6

Market - Italy

49


Annexes




– Market - Italy


– International



Uso: Ristretto

2013

Market share 80% 80%Market share 80% 80%

Electricity distributed (TWh)

1. Net of network losses, including self-generation

Customers (mn)

2008-2013 CAGR+0,8%

31.1

31.5

32.2

2008-2013 CAGR+0,7%

Market share 87% 85%Market share 87% 85%

Evolution of Enel electricity distributed and customers

2007 2010

255 258259

269

2007 2008 2010 2013 2008

30.8

Infrastucture & Network - Italy

Uso: Ristretto

Cost leadership and operational excellence

Opex (€/customer)

Quality of service(min interruption/year)

2002

20042003

2005

2006

2001 (128 min ; 80 €/customer)80

60

30

2008 (561 min ; 49 €/customer)

40

80130

2007

1. From 2008 introduced new regulatory calculation system for the quality of service

Infrastucture & Network - Italy

52


Annexes




– Market - Italy


– International



53


Net capacity installed (GW)

International

Coal

CCGT

Oil & gas

Nuclear

Hydro

0.8 1.2 1.2 1.22.3 2.3

2.3 2.3 2.3 2.3

4.8 4.8 4.8 4.8

5.1 5.35.3 4.5 4.5 4.5

2.11.8 1.8 2.2 2.6

5.05.0

1.7

2008 2009 2010 2011 2012 2013

14.5 14.3 15 14.6 15 15.4

54


Demand

• Consumption driven by economic growth and higherstandard of life

• Change in consumption mix: increase in residentialand commercial consumptions vs industrials

Government forecast1

Enel forecast

+4,0%2

+1,2%2

1. RAO UES forecast; 2. 2008-2013 CAGR

Reserve margin

1,200

1,100

1,000

900

1,300

1,400

1,500

(TWh)

Europe/Urals Siberia

20082013

15% 18%

45% 45%

Russia – Demand evolution and reserve margin

2008 2013

International

55


18% 20%25%

35%40%

60%

70%

90%

New capacity addition 2006-2020(GW/year)

Liberalization rate2

(% of the production sold to free market)

• Liberalization thresholds goes ahead asplanned (30% free market share from Jan 2009)

• As of August 2008 capacity market

in operation

Jan-07

Jul-07

Jan-08

Jul-

08Jan-09

Jul-

09

Jan-

10

Jul-

10Jan-11

7.2

16.3

13.7 Mandatoryinvestment

plan1

2006-2010 2011-15 2016-20

Market rulesTransitional period

1. Government asked all the buyers of the OGKs and TGKs to commit to investing in new capacity2. It excludes the residential consumers consumption equal to about 15% of total demand3. Source: RAO UES

• Mandatory investment plans defined by the Government for the 2006-10 period

• Implementation of the plan is strictly linked todemand projections and the liberalization rate

Russia – Market liberalization and capacity development

Actual %

New estimates

100%

International

56


Net installed capacity (GW) Production (TWh)

8.8 8.8

CoalCCGT Oil&gas

39.2

46.0

4.4 4.4

0.8 0.8

3.63.6 18.2 21.7

21.0

19.4

• Plant availability and sales increased by 8.2% and 10.5% respectively vs 2007

• Focus on coal plant: increased availability and efficiency. Improvedenvironmental performances thanks to Dry Ash removal system

• Capacity addition: two CCGT units (2x410MW) operational in 2011

-2010 2013-2010 2013

Russia – OGK5 operational forecasts

International

4.8

57


(TWh)

2008 2013

55.5 59.1

+1.3%

Slovakia

2008 2013

29.831.6

+1.1%

2008 2013

34.536.6

+1.2%

Romania

Bulgaria

(TWh)

(TWh)

Eastern Europe – Demand evolution

International

58


Slovakia – SE operational forecasts

Net installed capacity (GW) Production (TWh)

HydroNuclear Coal

21.0

25.6

2.32.3

-2010 2013-2010 2013

Oil&gas

1.82.6

0.80.80.40.45.46.2

4.1 4.1

13.018.8

3.9

2.7

• Improvement in nuclear plants availability thanks to the optimization of outages and maintenance activities

• Thermal plant: optimization of O&M activities

• Hydro plant management in line with Enel group benchmark

• Capacity addition: two nuclear units of Mochovce plant (2x472MW) to beoperational in 2012-2013

International

59


Romania - Electricity distributed & sold

2010 2013

Energy distributed (TWh)

2010 2013

Energy sold (TWh)

3.3

19.2

Free market Regulated market

Free customers (thousand)

International

60


France & Belgium - Electricity sold to big clients (TWh)

4.3

7.5

2010 2013

Energy sold (TWh)

• 1,200 MW of anticipatedcapacity from EPR in 2011

• New CCGT capacity: Marcinelle410 MW operational from 2011

• 1,200 MW of anticipatedcapacity from EPR in 2011

• New CCGT capacity: Marcinelle410 MW operational from 2011

International

61


Annexes




– Market - Italy


– International



62


55 5558

46 4749

2008 2010 2013

Available capacity at peakPeak demand

IberiaElectricity generation market

28 32 38

1818

1977

82123

261111

93 1

2008 2010 2013

Renewables HydroNuclear CCGTCoal Oil and Gas

92100

Installed capacity 2008-2013 (GW)Reserve Margin

+4.4%

+1.1%

CAGR 08 -13

+6.3%

-3,9%

+2.7%

88

18% 17%20%

Iberia & Latin America

63


IberiaMainland regulated and free market

2008-2013 consumptions (TWh)


101

171182

140

75 80

2008 2010 2013

Free market Regulated market

64


LatamElectricity demand 2008-2013 (TWh)


Argentina

2008

2010

2013

Brazil

Chile

Colombia

Peru

59

58

35

119

70

65

40

138

495

563

453

55

54

29

110

+4.5%

+4.9%

+3.9%

+6.5%

+4.5%

CAGR 2008-2013

2008

2010

2013

2008

2010

2013

2008

2010

2013

2008

2010

2013

65


Iberia - Endesa

0.8 0.8

4.7 5.1

3.7 3.7

2.9 3.7

5.15.1

5.26.1

0.5

2010 2013

Extra-peninsular

Oil and Gas

Coal

CCGT

Nuclear

Hydro

Renewables

Net installed capacity (GW)


22.924.5

Relating to Endesa 100%

66


Electricity sold (TWh)

0.91.0

Free marketCaptive market

Gas sold (bmc)

Customers(mn)


121.6

49.3 47.4

74.264.6

2010 2013

113.9 4.1

4.7

2010 2013

12.4 13

Iberia - Endesa

Customers(mn)


67


135.3126.3

2010 2013

Electricity distributed (TWh)


Iberia – Endesa


68


Annexes




– Market - Italy


– International



69


Net production (TWh)Net installed capacity (GW)

• + 1.9 GW of installed capacity (+42% vs. 2008) and + 5,5 TWh of production in 2013 (+32% vs. 2008)

• High load factor (vs. pure wind portfolio) thanks to diversified mix

• Development focused mainly on wind, causing load factor to slightly decrease

Enel Green Power

Load Factor 44% 42%

Capex (€bn)

wind59%hydro

14%

geo18%

solar6%

other3%

Capex 09-13 = €3.7 bn

Enel Green Power - Overview

2.6

0.8

2.5

1.9 2.8

0.8

5.3 6.30.10.1

2010 2013

0.1

9.9

5.7

9.7

4.2 6.5

5.8

2010 2013

19.9 22.70.3

0.1

0.4

hydro

othersolar

wind

geo

70


390620

1030

330

550

150

200

330

350

600

1000

230

30

70

110

2008 2020 min 2020 max

AsiaAfricaLatin AmericaNorth AmericaEurope

Fundamentals of renewable energies remain solid despite current macroeconomic environment

Global renewable capacity (GW)

700 – 1,900GW of renewable capacity additionGrowth in all geographies thanks to political and regulatory support

1.150

1.820

Δ capacity CAGR

+670 GW

+250 GW

+50 GW

+100 GW

+230 GW

4%

5%

2%

3%

4%

+40 GW 7%

3.020 +1.870 GW

+650 GW

+180 GW

+320 GW

+640 GW

+80 GW

min max min max

8%

9%

7%

8%

8%

12%

Enel Green Power

71


Pipeline

1.63.5

11.0

16.7

0.6

Un

der

con

stru

ctio

n(1

00

%)

Hig

hly

con

fid

en

t(9

0%

)

Lik

ely

(50

%)

Po

ten

tial

(20

%)

To

tal

A solid pipeline…

3.4

2.72.3

5.5

2.8

16,7

Italy

Iberia

Eu

rop

e

North

Am

erica

Latin

Am

erica

Tota

l

…evenly split among geographies

2.4 0.4 0.91.4 0.55.6 GW 5.6 GWof which

• 5.6 GW of solid pipeline plus over 11,0 GW of back-up options

• Financial discipline: geographies and technologies compete for capital allocation on the base of profitability

Enel Green Power

72


Production (TWh) Load factor (%) Incentivized production1 (%)

69%

22%

Hydro

Geo

Wind

Other

99%

95%

88% 34%

44% 7%

High load factor and low dependence on incentive schemes

1. Includes production from plants entitled to PTCs (North America)

17.2

Key ratios – Proforma 2008

Enel Green Power

Avg. 46% Avg. 27%

5.2

2.1

9.6

0.3

2008

73


Latin America

667 MW

Diversified geographies with low dependence on incentive schemes

Country

Italy

Spain

Capacity

2.547 MW

399 MW

France

Greece

12 MW

91 MW

NorthAmerica

748 MW

76 €/MWh

Avg. remuneration2

95 €/MWh

104 €/MWh

82 €/MWh

81 €/MWh

42 €/MWh

Green Certificates, Fiscal Incentives

Regulatory framework

Green Certificates, Feed-in

Feed-in,Market+Premium

Feed-in

Feed-in, Grants

PTC, ITC

0%

Incentivizedproduction1

24%

100%

100%

100%

59%

Total 4.464 MW 86 €/MWh27%

1. Includes production from plants entitled to PTCs (North America)2. Net of effects of hedging policy

Regulatory and market outlook

Enel Green Power

74


Shared Services optimization

International best practice sharing

Other

Customer managementLean operations

1,400

2009 – 2013 plan

Cash flow generation: Zenith efficiency programme

Cumulativeimpact on Working Capital

Cumulativeimpact on EBITDA1

200

200

250

300

450

(€ mn)

1,300

250

150

250

300

350

1. Figures do not include Endesa

Credit management

Other

Inventory management

Procurement

International best practice sharing

75


Disclaimer

This presentation contains certain statements that are neither reported financial results nor other historical information (“forward-looking statements”). These forward-looking statements are based on Enel S.p.A.’s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Enel S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price and availability of fuel and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Enel S.p.A. does not undertake any obligation to publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.

THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER OF SECURITIES IN THE UNITED STATES OR ANY OTHER JURISDICTION. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. ANY PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES WOULD BE MADE ONLY BY MEANS OF A PROSPECTUS TO BE OBTAINED FROM ENEL S.P.A., WHICH WOULD CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND ITS MANAGEMENT, AS WELL AS FINANCIAL STATEMENTS. THERE IS NO INTENTION TO REGISTER ANY OFFERING OF SECURITIES BY ENEL S.P.A. IN THE UNITED STATES OR TO CONDUCT A PUBLIC OFFERING OF SECURITIES OF THE COMPANY IN THE UNITED STATES. ANY NON-PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES WOULD BE MADEONLY BY MEANS OF AN OFFERING MEMORANDUM CONTAINING INFORMATION SIMILAR TO THAT IN A PROSPECTUS; NO SUCH OFFERING MEMORANDUM HAS BEEN PREPARED AND NO OFFER OF SECURITIES OF THE COMPANY, PUBLIC OR OTHERWISE, HAS BEEN MADE IN ANY JURISDICTION, INCLUDING THE UNITED STATES. THIS PRESENTATION IS NOT FOR DISSEMINATION OR PUBLICATION IN THE UNITED STATES.

76


Contact us

Investor Relations Team ([email protected])

Visit our website at:

www.enel.it (Investor Relations)

Visit our website at:

www.enel.it (Investor Relations)

• Luca Torchia (Head of IR)

• Pedro Cañamero

• Elisabetta Ghezzi

• Donatella Izzo

• Federica Todaro

• Angela Tretola

+39 06 83053437

+39 06 83055292

+39 06 83052708

+39 06 83057449

+39 06 83059502

+39 06 83052062

+39 06 83053437

+39 06 83055292

+39 06 83052708

+39 06 83057449

+39 06 83059502

+39 06 83052062

Annexes To 2008 Results And 2009 2013 Business Plan

Business

results annexes

gwh of net production

twh of net production

mw of installed capacity

renewable capacity

group production mix

gas distribution volumes

net of energy