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
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
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
2008 Results - Operational annexes
CoalCCGTOil & gas
NuclearOther renewablesHydro
Capacity (MW) Production (GWh)
243
105
Capacity (MW) Production (GWh)
3,720
602
Slovakia Greece
Bulgaria
4
Enel SpAInvestor Relations
4,560
3,623
10,214
12,282
Capacity (MW) Production (GWh)
Generation mix –Russia, North America & France
22,496
8,183
2008 Results - Operational annexes
CoalCCGTOil & gas
NuclearOther renewablesHydro
314
964435
905
Capacity (MW) Production (GWh)
1,869
749
Capacity (MW) Production (GWh)
Russia North America
France
12
7
5
Enel SpAInvestor Relations
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%
2008 Results - Operational annexes
1. Including assets held for sale
6
Enel SpAInvestor Relations
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
2008 Results - Operational annexes
7
Enel SpAInvestor Relations
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
2008 Results - Operational annexes
8
Enel SpAInvestor Relations
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
2008 Results - Operational annexes
9
Enel SpAInvestor Relations
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
2008 Results - Operational annexes
10
Enel SpAInvestor Relations
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
2008 Results - Operational annexes
11
Enel SpAInvestor Relations
Production mix
Group production mix
CoalCCGTOil & gas
NuclearOther renewablesHydro
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
2008 Results - Operational annexes
12
Enel SpAInvestor Relations
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
2008 Results - Operational annexes
13
Enel SpAInvestor Relations
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
2008 Results - Operational annexes
14
Enel SpAInvestor Relations
EBITDA evolution - Market Italy (€mn)
FY07 Regulatedmarket
FY08Freemarket
318
+107
+129 554
+74.2%
2008 Results
15
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
EBITDA evolution - Services & Holding1 (€mn)
1. Including Engineering and Innovation division
-13.1%
61
+49 -57
53
FY07 Import FY08Other
2008 Results
18
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
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
2008 Results - Financial annexes
20
Enel SpAInvestor Relations
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
2008 Results - Financial annexes
-
-
-
21
Enel SpAInvestor Relations
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
2008 Results - Financial annexes
22
Enel SpAInvestor Relations
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
2008 Results - Financial annexes
23
Enel SpAInvestor Relations
• 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
2008 Results - Financial annexes
24
Enel SpAInvestor Relations
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
2008 Results - Financial annexes
25
Enel SpAInvestor Relations
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
2008 Results - Financial annexes
26
Enel SpAInvestor Relations
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
2008 Results - Financial annexes
27
Enel SpAInvestor Relations
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
2008 Results - Financial annexes
28
Enel SpAInvestor Relations
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
2008 Results - Financial annexes
29
Enel SpAInvestor Relations
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
2008 Results - Financial annexes
30
Enel SpAInvestor Relations
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
2008 Results - Financial annexes
FY07
18,207
3,541
2,600
1,167
9,306
31
Enel SpAInvestor Relations
Market - Italy
FY07 pro-forma FY08 %€mn
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
Enel SpAInvestor Relations
FY07 pro-forma FY081 %€mn
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
2008 Results - Financial annexes
Infrastructure & Network - Italy
FY07
5,762
3,726
2,833
1,587
22,710
1. Excluding assets held for sale
33
Enel SpAInvestor Relations
International
FY07 pro-forma FY08 %€mn
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
2008 Results - Financial annexes
FY07
7,654
2,380
1,494
1,983
31,754
34
Enel SpAInvestor Relations
Iberia & Latam
FY08 %€mn
Revenues
EBITDA
EBIT
Capex
Headcount
15,805
4,647
2,848
2,382
17,827
-
-
-
-
-9.9
2008 Results - Financial annexes
FY07 pro-forma
4,517
1,420
884
1,255
19,786
35
Enel SpAInvestor Relations
Enel Green Power
FY07 pro-forma FY08 %€mn
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
2008 Results - Financial annexes
36
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
Services & Holding
FY07 pro-forma FY08 %€mn
Revenues
Holding
Services & other
Engineering & Innovation
EBITDA
Holding
Services & other
Engineering & Innovation
Other & Elisions
EBIT
Holding
Services & other
Engineering & Innovation
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
2008 Results - Financial annexes
FY07
2,097
950
1,147
-
51
-59
130
-
-20
-46
-75
49
-
-20
38
Enel SpAInvestor Relations
Services & Holding - Continued
FY07 pro-forma FY08 %€mn
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
2008 Results - Financial annexes
FY07
133
19
114
4,958
735
4,223
-
39
Enel SpAInvestor Relations
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%
2008 Results - Financial annexes
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
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
41
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
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
Generation and Energy Management - Italy
Clean coal stongly competitive even with very high CO2 prices2008-2012 CO2 position already hedged
43
Enel SpAInvestor Relations
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
Generation and Energy Management - Italy
44
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
45
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
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 SpAInvestor Relations
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
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
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
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
53
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
(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
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
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
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
62
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
IberiaMainland regulated and free market
2008-2013 consumptions (TWh)
Iberia & Latin America
101
171182
140
75 80
2008 2010 2013
Free market Regulated market
64
Enel SpAInvestor Relations
LatamElectricity demand 2008-2013 (TWh)
Iberia & Latin America
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
Enel SpAInvestor Relations
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)
Iberia & Latin America
22.924.5
Relating to Endesa 100%
66
Enel SpAInvestor Relations
Electricity sold (TWh)
0.91.0
Free marketCaptive market
Gas sold (bmc)
Customers(mn)
Iberia & Latin America
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)
Relating to Endesa 100%
67
Enel SpAInvestor Relations
135.3126.3
2010 2013
Electricity distributed (TWh)
Iberia & Latin America
Iberia – Endesa
Relating to Endesa 100%
68
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
69
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
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
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Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
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
Enel SpAInvestor Relations
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