COMPANY
PROFILE
Enel is a multinational power company and a leading integrated player in the world’s power and
gas markets, with a particular focus on Europe and Latin America. Enel Group operates in over 30
countries across 4 continents, producing energy through a net installed capacity of more than 89
GW and distributes electricity and gas through a network of approximately 1.9 million kilometers.
With over 61 million users worldwide, Enel has the largest customer base among European
competitors and figures among Europe’s leading power companies in terms of installed capacity
and reported EBITDA.
BUSINESS OVERVIEW
Enel’s 2014 revenue was approximately 76 billion euros. The Group reported an EBITDA of 15.7
billion euros, while its net ordinary income was approximately 3 billion euros; in the first nine
months of 2015 revenues amounted to 55,998 million euros - an increase of 1,923 million euros
(+3.6%) on the first nine months of 2014 – and the Group net ordinary income amounted to
2,641 million euros, up 781 million euros (+42.0%) compared with the same period of 2014.
As of September 30th, 2015, more than 68,000 people work for Enel. The concern manages a
highly diverse network of power plants: hydroelectric, thermoelectric, nuclear, geothermal, wind,
solar PV and other renewable sources. More than 47% of the electricity Enel produced in 2014
was free of carbon dioxide emissions, making it one of the world’s major producers of clean
energy.
Enel is deeply committed to the renewable energies sector and to researching and developing
new environmentally friendly technologies. Enel Green Power (EGP) is a publicly traded Enel
Group company dedicated to the production of energy from renewable sources that manages over
10 GW of installed capacity from hydro, wind and solar arrays and biomass and cogeneration
plants in Europe, the Americas and Africa. EGP has the highest level of technological
diversification among companies operating in the renewable energy sector.
Enel is the first utility in the world to replace conventional electromechanical meters with so-called
‘smart meters’, modern electronic meters that enable reading consumption levels in real time and
managing contracts remotely. Today, about 32 million Italian retail customers possess an
electronic meter developed and installed by Enel. The Group is also in the process of installing
another 13 million smart meters for customers in Spain and is implementing pilot projects in ‘smart
cities’ like Búzios (Brazil) and Santiago (Chile). This innovative measurement system is essential
to the development of smart grids, smart cities and electric mobility.
Safety is a top priority for the Enel Group, which has adopted a proactive approach in this area so
fundamental to its business, dedicating particular attention to prevention and promoting a culture
of safety.
SHAREHOLDING STRUCTURE
Listed on the Milan stock exchange since 1999, Enel has the highest number of shareholders of
any Italian company, with 1.1 million retail and institutional investors. The most important of
Enel‟s shareholders is the Italian Ministry of Economy and Finance, which holds 25.5% of the
Company‟s shares. In addition to Enel itself, another 13 Enel Group companies are traded on the
stock exchanges of Italy, Spain, Russia, Argentina, Brasil, Chile and Peru. Enel‟s commitment
to values embodied in its Code of Ethics, its Sustainability Report and the adoption of
international best practices promoting environmental protection, transparency and corporate
governance, have all attracted international investment funds, insurance companies, pension
funds and ethical funds to its shareholder register.
GLOBAL PRESENCE
As a global multi-national Group, Enel is actively engaged in consolidating its assets and further
integrating its businesses.
In Italy, Enel is the largest electricity company. It operates in the field of electricity generation
through thermoelectric and renewable plants with an installed capacity of nearly 31 GW. Of that
amount, more than 3 GW is from plants that generate energy from renewable sources, managed
through EGP. Furthermore, Enel runs much of Italy’s electricity distribution grid and offers an
integrated package of electricity and gas products and services to its 31 million Italian customers.
On the Iberian Peninsula, after placing on the Madrid Stock Exchange an additional 22% of the
share capital of its Spanish subsidiary Endesa, Enel now owns 70.1% of the leading power
company in Spain and the second largest power company in Portugal. Endesa has approximately
22 GW of installed capacity and a strong presence in the distribution sector and in the sale of
electricity and gas products, with around 13 million customers. Furthermore, EGP operates
renewable plants in Spain with a generation capacity of more than 2 GW.
In Europe, Enel is also present in Slovakia, where it owns 66% of Slovenské Elektrárne, the
largest electricity generator in the country and the second largest in Central & Eastern Europe,
with an installed capacity of approximately 5 GW. In Romania, the Group serves 2.7 million
customers through its distribution network, while EGP owns and operates renewable generation
plants in both Romania and Greece. In Russia, Enel operates in the generation sector - where its
subsidiary Enel Russia controls nearly 9 GW of installed thermoelectric capacity - as well as in
the retail sector, where the Group owns 49.5% of RusEnergoSbyt, one of the largest independent
suppliers in the country. In France, Enel is active in electricity and gas supply.
Enel is a major player in the Latin American power market, where its subsidiary Enersis is one of
the leading private sector utilities both in terms of installed capacity and number of customers.
Enersis’ subsidiaries operate in 5 countries, with nearly 17 GW of installed capacity from thermal,
hydro and other renewable power plants and serves 14.6 million customers. In the generation
sector, Enersis owns and operates 4.4 GW in Argentina, 1.0 GW in Brazil, 6.3 GW in Chile, more
than 3 GW in Colombia and 1.9 GW in Peru. In the distribution sector, the Group is present in the
Brazilian states of Cearà and Rio de Janeiro and in four of the largest cities in South America:
Bogota, Buenos Aires, Santiago and Lima. In the transmission sector, Enersis operates an
interconnection power line between Brazil and Argentina. In addition, Chile and Brazil, along with
Costa Rica, Guatemala, Panama, Uruguay and Mexico host over 2 GW of wind, PV and
hydroelectric plants operated by EGP Latin America.
In North America EGP North America owns and operates hydroelectric, geothermal, wind, solar
and biomass power plants with a total capacity of more than 2 GW.
In Africa Enel is present in the upstream gas sector, developing gas fields in Algeria and Egypt.
Through Endesa, Enel also operates a thermal power plant in Morocco. In South Africa, Enel
Green Power owns and operates Upington (10 MW), its first solar photovoltaic plant in the country,
and has started construction of the 111 MW Gibson Bay and 88 MW Nojoli wind farms, as well as
the Aurora, Paleisheweul (both 82.5 MW) and Tom Burke (66 MW) solar photovoltaic plants.
Enel operates also in the Asia-Pacific region through Enel Green Power, Enel Trade and Enel
Investment Holding B.V. .
Recent events
On November 26th, Enel Green Power S.p.A. (EGP) has closed the sale of the entire share capital
of Finerge Gestão de Projectos Energéticos, S.A., a wholly-owned subsidiary operating wind farms
in Portugal for a net installed capacity of 642 MW, to Portuguese company First State Wind
Energy Investments S.A.. The total consideration for the sale is 900 million euros. With this sale,
EGP has exited the Portuguese renewables market.
On November 25th, in Brazil, following the “Leilão de Concessões” public tender EGP has been
awarded a 30-year concession for two operating hydro power plants with a total installed
capacity of 40 MW.
On November 18th, in London, Enel presented its 2016–2019 strategic plan to the financial
markets. The new four year plan builds upon the 2015 – 2019 plan presented in March 2015, and
continues to focus on driving total shareholder return, leveraging the Group’s global scale,
leadership across all technologies, and diversification of business lines and geographies.
On November 17th, the Boards of Directors of Enel and Enel Green Power approved a project for
the integration of EGP into Enel.
On November 13th, Enel Produzione and Fedaia Holdings S.à.r.l., a Luxemburg-based subsidiary
of Macquarie European Infrastructure Fund 4 (“MEIF4”), signed an agreement for the sale of the
entire stake held by Enel Produzione in Hydro Dolomiti Enel S.r.l. ("HDE"), equal to 49% of
the share capital, for a consideration of about 335 million euros.
On November 12th, the Board of Directors of Enel discussed the advisability of using the electricity
grid operated in Italy by the subsidiary Enel Distribuzione S.p.A. to build a fibre optic network
accessible to all telecommunications operators and approved the formation of a specific joint stock
company in order to begin activities to operate in that sector.
On November 11th, Enel announced that the Boards of Directors of the Chilean subsidiaries
Enersis, Endesa Chile and Chilectra had called their respective extraordinary shareholders'
meetings for December 18th, 2015 to present the overall corporate restructuring aimed at
separating electricity generation and distribution operations in Chile from those in other Latin
American countries.
On October 16th, EGP announced that it had finalised an agreement with F2i S.p.A. to form an
equal joint venture to which they will transfer photovoltaic assets in Italy for a total of 210 MW.
In Colombia, on October 13th the local generation subsidiary Emgesa has started production at
the El Quimbo hydropower plant, with an installed capacity of 400 MW, located about 350
kilometres southwest of Bogota.
On September 24th, Enel Green Power announced the acquisition of a majority stake in BLP
Energy, one of the leading renewable energy companies in India, with a total capacity of 172 MW
and a total annual production of about 340 GWh..
(Unless otherwise indicated, this report relies on data from September 30th, 2015)