Enel Green Power: global leader in the Renewable Energy Sector Roberto Deambrogio Enel Green Power - Head of Italy and Europe Area Rome, November 17 th.

Enel Green Power: global leader in the Renewable Energy Sector

Roberto DeambrogioEnel Green Power - Head of Italy and Europe Area

Rome, November 17th 2010

2

Agenda

Overview of the RE Sector

EGP Key Figures

Competitive positioning and strategy

The IPO decision

Conclusions

3

620

1.030

407 maxmin

2009 2020

Strong fundamentals drive global growth

Source: Enel estimates based on WEO 2009; GWEC 2008; WEO 2009 reference scenario (2020 min) and industry reports/McKinsey (2020 max).

A growing industryExpected worldwide growth in renewables – by geography (GW)

North America

Latin America

Europe

Asia

Total World

Africa

330

550

243 max

min

2009 2020

1.820

3.020

1.225 maxmin

2009 2020

600

1.000

376 maxmin

2009 2020

70

110

35 maxmin

2009 2020

200

330

164max

min

2009 2020

4

Source: Enel estimates based on WEO 2009/GWEC 2008 (2008); WEO 2009 reference scenario (2020 min); industry reports/McKinsey (2020 max); Ren21 “Rapporto Renewables Global Status” 2009-2010.

A growing industryExpected worldwide growth in renewables – by technology

~ €175bn~1,147 GWTOTAL +79 GW~1,225 GW

2008-09 (GW) %

7.4%

~ 25Solar +8~21 56% 32%

n.m. Geothermal n.m. ~11 n.m. 9%

~ 50Wind +38 ~159 31% 16%

8.5%

~ 65Hydro +30~980 3% 2%

~ 35

~14

~10

~121

~950

~52Biomass +2~54 4% 22%

Strong growth in all technologies in 2009

2009 (€bn)CAGR 2009-20202009 (GW)2008 (GW)

TechnologyGlobal installed

baseGlobal installed

baseDelta capacity

EGP tech. presence

InvestmentsExpected growth

5

Annual Growth Rate ‘09 –‘20: 4,5% in produced energy

Annual Growth Rate ‘08–’09:+9,8% in capacity

+9,2% in produced energy

Annual Growth Rate ‘09 –‘20: 4,5% in produced energy

Annual Growth Rate ‘08–’09:+9,8% in capacity

+9,2% in produced energy

MW TWh MW TWh MW TWh

Wind 3.538 5,8 4.850 6,1 13.680 22,8

Solar PV 432 0,2 1.150 0,8

Solar CSP - - - -

Biomass/waste 1.555 6,0 1.905 6,3 3.675 14,7

Geothermal 711 5,5 711 5,3 964 7,5

Ocean - - - - 0 -

Hydro (no pump) 17.623 42,9 17.722 47,5 19.425 42,0

Total 23.859 60,4 26.338 66,0 45.488 97,1

Source GSE

2009

GSEFonte ERSE (ex

CESI) e Stime Enel

7.743 10,1

2008 2020

A growing industryRenewables in Italy – Outlook – 2009/2020

6

Agenda

Overview of the RE Sector

EGP Key Figures

Competitive positioning and strategy

The IPO decision

Conclusions

7

Source: Company information.Note: Presentation includes consolidated financial and operating data unless otherwise stated.

Capacity as of 30 June 2010 - Production end 2009 PF - Pipeline and in execution data as of 30 June 2010.(1) Includes ENEOP (Portugal), 137 MW in execution. Equity consolidated as of 30 June 2010; full consolidation is expected in 2013.(2) Ongoing disposal process of Bulgarian assets, which are included in the figures.

EGP presence

North America

Operating

788 MW

Production

2.4 TWh

In execution

0.3 GW

Pipeline

8.3 GW

Global leader in a growing industryEGP global footprint – H1 2010

Unrivalled footprint in 16 countries across all main renewable technologies

Iberia and Latin America

Operating

2,076 MW

Production

6.4 TWh

In execution

0.5 GW(1)

Pipeline

15.6 GW

Italy and Europe(2)

Operating

2,897 MW

Production

12.0 TWh

In execution

0.4 GW

Pipeline

5.8 GW

Enel Green Power

Operating

5,761 MW

Production

20.9 TWh

In execution

1.2 GW(1)

Pipeline

29.9 GW

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Pipeline by technologyH1 2010, GW

Installed capacity by technologyH1 2010, GW

2%13%

44%

41%

Production by technology2009 PF, TWh

Unique generation mix and diversified geographical presenceEGP portfolio overview

Source: Company information.(1) Including ENEOP.

Total = 5.8 GW

Well-balanced asset base

3%

52%

21%

25%

Total = 20.9 TWh

3%2%

90%

Total = 29.9 GW

In execution by technology(1)

H1 2010, GW

12%3% 3%

82%

Total = 1.2 GW

OtherWindGeothermalHydro

6%

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Low dependence on incentive frameworksEGP incentive exposure – 2009 PF

Source: Company information.(1) Percentage of production supported by incentive schemes.

SBU Italy and Europe

SBU Iberia and Latin America

2,859

2,020

SBU North America

788 PTC, ITC, MACRS

28%

31%

55%

Total 5,667 MW 39%

222 100%

• Italy

• Europe

2,637 Feed-in, Green Certificates

Feed-in, Green Certificates

26%

667 12%

1,353 100%

High share of not incentivised hydro and geothermal production

Fully incentivised production from wind assets

Mostly fully incentivised production from wind assets

Exploiting abundant hydro resources

High share of production sold through PPAs

• Iberia

• Latin America

Feed-in, Market +Premium

Auction, mandatory quota

CountryCapacity

(MW)Incentivized production(1) Incentive mechanism Comments

10

0,2 0,5

(3,0)

(2,0)(1,0)

0,0

1,0

Strong and sustainable cash flow generation

20092008

EBITDA net of capex (€bn)

Company 3

Company 2

Company 1

2009 ROACE(1)

Source: Company filings.(1) ROACE defined as operating profit divided by the sum of net debt, shareholder equity and minority interest. Net debt excludes

derivatives financial assets/liabilities. EGP’s operating profit does not include net income/(charges) from commodity risk management. Figures as per company filings.

(2) As of 30 Jun 2010.

10%

0%

5%

10%

15%

Company 2

Company 1

Company 3

H1 2010 net debt(2)/LTM EBITDA

2,5

0x

5x

10x

Company 3Company 2 Company 1

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Agenda

Overview of the RE Sector

EGP Key Figures

Competitive positioning and strategy

The IPO decision

Conclusions

12

Low dependence on incentive frameworks

Unique generation mix and diversified geographical presence

Strong and sustainable cash flow generation

Global leader in a growing industry

EGP competitive positioning

13

Energy production Energy production 0909

(TWh)

5,5

6,6

1,6

10,8

5,7

2,3

Load factor 09Load factor 0911Installed capacity 09Installed capacity 09

(GW)

10,9

11,8

4,4

21,5

20,9

n.a.n.a.

1. Load factor is calculated on average installed capacity between 2008 and 2009Source: Company reports

24%24%

47%47%

25%25%

25%25%

n.a.n.a.

34%34%

Comparables - Operational KPIsDecember 2009

Asset Diversification

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Comparables - Financial KPIsDecember 2009

543

629

126

1.325

1.331

334

110

119

88

132

235

170

1. EBITDA/MW is calculated on average installed capacity between 2008 and 20092. EBITDA margin from generation activities: 63%; EBITDA margin from other activities: 2%3. Average EBITDA margin includes both generation and development and sale of structured assets (DVAS), the last one

accounting for 42% of total revenuesSource: Company reports

EBITDA 09EBITDA 09

(M€)

EBITDA/MW 09EBITDA/MW 0911

(k€/MW)

Revenues 09Revenues 09

(M€)

245

2.009

2.109

648

1.248

1.173

EBITDA margin 09EBITDA margin 09

(%)

66%66%

63%63%

84%84%

50%50%22

28%28%33

51%51%

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• Consolidate and enhance presence in Italy

• Grow in Southern Europe (France and Greece)

• Exploit excellent combination of resources and Enel’s presence in the Romanian electricity distribution sector

Italy and Europe

EGP Growth Strategic guidelines

Enel.si• Capture growth in the distributed renewable generation market, in

particular solar PV

Iberia and Latin America

• Consolidate and enhance presence in Iberia

• Exploit synergies through the integration of ECyR’s activities

• Pursue growth in selected Latam countries with favourable environmental, macroeconomic and regulatory conditions (Brazil, Mexico and Chile)

• Leverage on the current technologically diversified footprint

• Pursue a target growth strategy in selected attractive StatesNorth America

Selective investments for profitable growth

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Agenda

Overview of the RE Sector

EGP Key Figures

Competitive positioning and strategy

The IPO decision

Conclusions

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IPO Stock Exchange Scenario

FTSE MIB Index (Italy)

IBEX 35 Index (Spain)

• 2009: Global Financial Crisis

• 2010: Still uncertainty in the markets

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IPO Enel Green Power Case

• Enel Green Power (EGPW) listed on November 4th on Italian MTA Market and Spanish Stock Exchanges

• With 2.6 billion Euro raised, the biggest IPO in Europe (UK included) since 2008.  

• With a share price of 1.6 euro, the capitalization of the company reaches around 8 billion euro.

• High presence of retail investors (1.260 million stocks requested from 340.000 people in Italy and Spain)

• 520 million stocks requested from institutional investors.

Figures confirm the success of the listing

19

Agenda

Overview of the RE Sector

EGP Key Figures

Competitive positioning and strategy

The IPO decision

Conclusions

20

The next evolution path…

•Renewables are already creating value for main stakeholders

• The sector will soon become mature and competitive

•Main value creation levers are:

• Pipeline management

• Enhanced projects execution capabilities and technological competencies

• Global synergies in procurement

• Excellence in O&M

Getting Ready for Real Competition

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Thanks for your attention!