All of our energy for a better world

2

Our history, the story of modern Italy

Retracing the history of Enel is a recapitulation of key events in Italian history, starting with the effort to satisfy a primary need: bringing electricity to all Italians.

At the start of the 1960s, not all Italians had electricity in their homes, and per capita consumption was still well below that in the other major European countries.

2

3

November 27, 1962: Italy’s Chamber of Deputies

approved the nationalisation of the electricity

system in order to respond to rising demand for

electricity and ensure that all Italians would have

access to electricity on the same conditions.

December of that year saw the creation of

Enel, the Italian National Electricity Agency.

It was charged with the task of performing

all activities connected with the generation,

import, export, transport, transformation,

distribution and sale of electricity.

Enel took its first steps in a highly fragmented

environment, with the industry’s 1,270 companies

to be absorbed, rationalised and coordinated. It was

also necessary to create a single, comprehensive grid

to distribute electricity throughout the country.

In response to this need, the National Dispatching

Centre was set up in Rome to serve as the “brain”

of the system, coordinating delivery of power

to customers and provisioning from abroad.

By the end of 1971, 98.8% of the country had been electrified, with just 656,000 people lacking service to their homes. This is only half the level estimated in 1965.

Between the late 1960s and early 1970s, Enel

grew to become Italy’s second-largest company by

revenue, behind only Fiat.

The first major energy crisis erupted in 1973,

when the Arab countries slashed oil production

and the world’s governments implemented

a variety of emergency measures to reduce

electricity consumption. In Italy, the National

Energy Plan for 1975 was designed to reduce the

country’s dependence on oil, looking favourably

on nuclear power.

“Car-free Sundays” began, shops cut their hours and TV broadcasts signed off at 10:45 p.m.

4

During the years of austerity, Enel accelerated its research into nuclear power and upgraded its hydroelectric plants. It also helped to promote the more rational use of electricity by providing families with simple guidelines on how to save energy.

The updated National Energy Plan for 1986

provided for the construction, among other

options, of nuclear power plants with a total

capacity of 12,000 MW. But in April of that year,

the Chernobyl nuclear power plant exploded in

Ukraine, leading to a referendum in Italy the next

year calling for the immediate suspension of Italy’s

nuclear power programme.

In 1991, Italy began liberalising the electricity

generation industry and, in 1992, Enel became

a joint-stock company. The 1999 Bersani Decree

liberalised the electricity industry, and Enel was

required to dispose of at least 15,000 MW of

capacity by 2002.

5

In the following years, the Group moved into the international

market, devoting careful attention to issues such as sustainability

and developing emissions-reducing technologies. This investment

has grown over the years, with the goal of continually improving the

Group’s environmental performance.

Enel’s expansion abroad was consolidated with major acquisitions

in Eastern Europe, the United States and Canada, France, the Iberian

peninsula and Latin America, giving it a presence in 40 countries.

This has been the cornerstone of Enel’s strategy to become

a multinational company that represents a global benchmark

in the industry.

Enel’s strategic geographical positioning makes it an engine for

economic development in many of the countries in which it operates.

The Group has continued its commitment to renewables and the

consolidation of expertise in the nuclear power sector, participating

in the construction of new power plants and forging international

accords.

Enel’s share capital is held by the Italian Ministry for the Economy

and Finance, Cassa Depositi e Prestiti, major international investment

funds, insurance companies, pension funds, ethical funds and 1.5

million retail investors.

6

Identity, Mission, Objectives

7

Our mission is to create and distribute value in the international energy market, to the benefit of our customers’ needs, our shareholders’ investment, the competitiveness of the countries in which we operate and the expectations of all those who work with us.

We serve the community, respecting the environment and the safety of individuals, with a commitment to creating a better world for future generations.

8

Business plan In its 2012-2016 business plan Enel continues along the same

path and defines a set of industrial priorities that map out the lines

of development for the entire sector:

• consolidation of market positions;

• integration of acquired entities and businesses;

• research and innovation along the entire production chain;

• industrial growth, especially in developing countries;

• development of carbon-free technologies;

• financial stability.

The Group plans to invest 27.2 billion euros by 2016.

An expanding business Enel is now an international Group that operates in 40 countries

across four continents.

Enel operates along the entire energy value chain, with a balanced

generation mix, from the provisioning of fuels to the generation,

distribution and sale of electricity and gas to end users.

The Group continues to grow and generate value for its shareholders,

fully respecting the rights of its stakeholders and the balance

between economic, environmental and social concerns, continually

raising its international profile.

9

To Enel sustainability means producing,

distributing and selling electricity and gas by

innovating and respecting the environment,

employees, customers, communities and investors.

Sustainability guides the corporate strategy, and

business is conducted on a foundation of rigorous

principles. The Code of Ethics, adopted in 2002

and updated constantly thereafter, establishes 16

principles of conduct. The Group’s commitment is

reinforced by the contribution of Endesa, which has

taken up the challenges of corporate responsibility,

developing a 5-year sustainability plan.

Enel seeks to nurture a new culture of global

responsibility: Sustainability Day is an annual

opportunity for an international exchange of

new ideas and effective practices for managing

business responsibly. Since 2002, Enel has issued

a Sustainability Report to accompany its financial

statements. In it, we provide a comprehensive and

understandable picture of the Group’s efforts

in the area of sustainability.

Present for the ninth consecutive year in the Dow

Jones Sustainability Index (DJSI), in addition to

the FTSE4Good and Carbon Disclosure Project,

Enel’s engagement to sustainability has been

rewarded through the trust of Socially Responsible

Investors (SRI) who represent 13.9% of the

institutional shareholders (as of December 2011).

Enel and Endesa are also long-time participants

in the Global Compact, the forum sponsored

by the United Countries that brings together

governments, corporations, international agencies

and civil society organisations to address critical

issues associated with globalisation.

Enel and Endesa also take part in the Global

Compact LEAD programme, which brings together

the top 100 companies worldwide, selected with

the goal of promoting the UN’s global model for

business sustainability.

Responsible business: sustainability and ethics

Electricity is a necessity for everyone. Enel is responsible for ensuring sustainable, affordable and accessible energy.

10

Group profile

11

The Group operates in 40 countries, serving over 60 million residential and business customers and has one million three hundred thousand investors.

Enel is one of the largest utilities in the world, the biggest electricity company in Italy, Spain and Slovakia, and the largest private operator in Latin America.

12

Energy in figures

13

Countries

Customers

Ebitda

Extension of electricity lines

distribution of electricity to end users

Millions

Billion euros

TWh/year

km

People

Billion euros

Continents

Human resources

investments

40 1)

60.8

17.7 5)

434.13)

4 98,036

74,877

27.2 4)

Millions

Shareholders

1.3

1,826,800

Value as of 30.09.2012

Data source: Enel

Please refer to Notes on inside back cover

MW

total renewable installed capacity

MW TWh/year

total production

291.2 2)35,508

total net installed capacity

14

A commitment without borders

15

Today, Enel is working to consolidate its businesses in the areas in which it operates and to further integrate its operations, becoming a global leader in the energy industry.

From Canada to Argentina, Morocco and Russia, over the years Enel has pursued a strategy of international expansion, achieving a presence on four continents.

16

Canada125 MW

USa1,113 MW

Mexico127 MW

HondurasTransmission power line SIEPAC

El Salvador*

161 MW

Guatemala163 MW

Panama300 MW

Costa Rica55 MW

NicaraguaGeothermal exploration licenseTransmission power line SIEPAC

Colombia2,866 MW2.7 million customers

Peru1,748 MW1.2 million customers

brazil1,065 MW5.9 million customers

argentina4,403 MW2.4 million customers

Chile5,646 MW1.6 million customers

Enel in the world

17

italy39,813 MW31.5 million customers

Germany Commercial company/Gas and power trading

NetherlandsFinancial holding/Gas and power trading

belgium405 MW

France166 MW

United KingdomGas and power trading licence

ireland1,013 MW

Russia9,007 MW0.1 million customers

Slovakia5,401 MW

Czech Republic Branch/Energy sells and trading

Poland Branch/Energy sells

turkeyRepresentative Office

CroatiaEnergy trading

bulgaria42 MW

Romania292 MW 2.6 million customers

indonesiaBayan 10% Representative Office

Philippines Endesa Carbono Office/CDMprojects

ChinaRepresentative Office/CDM projects

South africaPhotovoltaic projects Helios Gauteng

Saudi arabiaBranch/Power plants

EgyptExploration license upstream gas

algeriaBranch/Exploration license upstream gas

Morocco123 MW

Portugal418 MW

Spain23,449 MW12.8 million customers

Greece246 MW

*Non-consolidated partnership with LaGeo

18

Sources of power

Today, Enel generates electricity from fossil fuels, renewable resources and nuclear technology.

19

Energy is touched by magic. It is born out of fossilised material buried deep in the earth for thousands of years, from the force of the natural elements, from a controlled nuclear reaction. This magic is unleashed through applied science: Enel’s advanced technology.

291.2TWh/year

total production

*Cycle Combined Gas Turbine

CoalOil and gas

Renewables

28.7%13%

28.4%

CCGt*

Nuclear

16.3%

13.6 %

20

Fossil and nuclear fuels: energy from our planet’s heart

Enel and natural gas:

Italy

Algeria

Spain

Egypt

Russia

Chile

Enel is participating in two regasification terminals (Reganosa and Gascan) and is a long-term capacity holder in the Huelva, Barcelona and Sagunto terminals.

Enel has a stake in a gas portfolio that includes about 700 million m3 in reserves in the Longanesi gas field in Emilia Romagna. It is also developing a regasification terminal at Porto Empedocle (Sicily) with a capacity of 8 billion m3/year.

Enel has a 19.6% stake in the SeverEnergia consortium that has proved and probable reserves of 6 billion barrels of oil equivalent.

The consortium operates four fields in the Yamal-Nenets region of western Siberia.

Enel has a stake in the construction of two gas pipelines (Galsi and Medgaz). It also takes part in two exploration and development licenses of gas fields at Southwest of the Country.

Enel holds an exploration license for the Nile delta area in a joint venture with Total.

The Group holds a stake in a regasification terminal (Quintero).

21

Gas

The low environmental impact of electricity

generation from gas makes this resource the basis

of a balanced and sustainable energy mix.

Enel is now one of Europe’s largest natural gas

operators, providing gas both to its own power

plants and to 4.5 million end users.

Enel is an active player in the gas industries of Italy,

Spain, Russia, Algeria, Egypt and Chile.

The Group’s strategy is to develop a

vertically-integrated presence at all levels

of the gas market, from research, extraction

and transformation to sale and distribution.

The new combinedcycle plants (CCGT)

For over a decade Enel has been implementing a

major plan to reconvert old oil-fuelled plants into

new combined-cycle plants fuelled by natural gas.

Its investment in Italy has involved the installation

of 4,573 MW of capacity and an annual reduction

of 10 million tonnes in CO2 emissions.

The 11 new combined-cycle plants have a global

efficiency of 56%, compared with the 39% of a

traditional plant. Enel also operates CCGT plants in

the Iberian Peninsula, with an installed capacity of

4,559 MW. Two new plants, each with an installed

power of 410 MW, are in operation in Russia since

July 2011. A CCGT plant with similar characteristics

has been recently completed in Belgium.

22

Coal is the world’s most commonly used resource

for generating electricity, accounting more than

40% of electricity generated. Enel has an installed

capacity of over 17,000 MW and an annual

production of 83.5 TWh, providing for the energy

requirements of over 30 million families.

Enel has coal-fired plants in Italy (8 plants with

over 6,746 MW of capacity), Spain (10 plants

with a capacity of 5,533 MW), Russia (one 3,623

MW plant that is among the largest coal-fired

plants in the world), Slovakia (849 MW) and Latin

America (488 MW). Enel also plans to strengthen

its presence in the sector by investing in power

generation in Romania with the construction of

two clean-coal plants in Braila and Galati.

The Group is also involved in coal provisioning.

When it acquired a 10% stake in the Indonesian

company Bayan, Enel also signed an agreement for

the supply of a specified amount of coal through

December 2019.

Coal

Clean-coal plants without CO2: the technological marvel of Torrevaldaliga Nord

structures and equipment employed to improve

generation efficiency and reduce environmental

impact by cutting CO2 emissions by 18%.

Once operating at full capacity, the plant

will generate around 12,000 GWh per year,

meeting half the electricity needs of the entire

Lazio region.

Finally, the emissions that make coal use harmful

to the environment have been cut dramatically,

and “clean coal” has become a reality.

Enel is proud to be on the cutting-edge of this

development: the Torrevaldaliga Nord (Italy) plant

at Civitavecchia is one of the most advanced coal

plants in the world thanks to the technologies,

23

Nuclear

In Slovakia Enel owns two plants for an overall

installed capacity which amounts to 1,816 MW

and is involved in the construction of units 3

and 4 of the Mochovce power station.

Approximately 14% of the electricity produced by

the Group is generated using nuclear sources of

energy.

Enel is one of the major nuclear operators

in Europe , with an installed capacity of

approximately 5,351 MW and roughly 1,000 MW

currently being developed.

Through Endesa in Spain, the Group manages six

pressurized-water reactors and one boiling-water

reactor in collaboration with the Country’s main

utilities for an installed capacity of 3,535 MW.

The new frontier of CCS and international agreements

oxycombustion technology at its coal-fired

plant in Compostilla (Spain). Enel is also involved

in the Clean Development Mechanism (CDM),

with a portfolio of more than 100 projects and

participation in numerous international funds,

giving it total potential emission credits of over 200

million tonnes of CO2 equivalent through 2020.

By creating a new carbon unit for the Group, Enel

and Endesa have become leaders of CDM projects

with around 13% of all credits already certified

by the United Countries, for an equivalent of 50

million tonnes of CO2.

Enel has long been a participant in the European

effort to develop zero-emission thermoelectric

plants, with intensive research into the leading

carbon capture and storage (CCS) technologies.

These activities include the following projects: the

plant to be developed at Porto Tolle (Rovigo - Italy),

one of the most advanced in the world, for the pre-

commercial demonstration of post-combustion

capture technology with off-shore storage;

the pilot plant, built at the Brindisi power plant,

for CO2 capture using post-combustion

technology and Endesa’s projects using

24

Sustainable energy Water, Earth, Sun and Wind

Generating electricity from renewable resources allows Enel to

meet two very important needs: the growing demand for electricity

and reducing emissions. Renewable resources also help reduce

dependence on the countries that produce fossil fuels.

35,508MW

total net installed renewable capacity

total renewable energy capacity by sources

30,407* MW

31%*Hydroelectric*It includes large hydropower plants

4,002 MW

4.1%Wind

769 MW

0.8%Geothermal

330MW

0.2%Others

Renewable resources: Enel’s international commitment

Enel is one of the world’s leading players in the

renewables sector, both in terms of installed capacity

and output.

25

Between 2012 and 2016 Enel Green Power is planning

a comprehensive investment plan of approximately

6.1 billion euros in renewable energy sources,

generating growth with a net installed capacity of

up to 11.4 GW by 2016. The plan confirms a multi-

technological approach with wind taking the lion’s

share to support the medium-term growth and the

other tecnologies collectively prevailing in the outer

years of the plan.

The combined investments in emerging markets

and the multi-technological approach are still the

distinctive traits and strong points for strengthening

international leadership in Enel Green Power.

Outlook for growth

In 2008, the Enel Group created Enel Green Power, a company wholly dedicated to developing the

latest renewable energy technologies. It is already among the world leaders in the generation of

green power. With more than 650 plants either in operation or under construction in 16 countries,

and an installed capacity of over 7,600 MW, Enel Green Power generates 22.5 TWh every year and

supplies electricity to almost 8 million households, avoiding the emission of 16 million tonnes of CO2

into the atmosphere.

Enel Green Power’s goal is to develop a geographically and technologically balanced portfolio, with

installed capacity in the countries in which it operates to be expanded by leveraging the specific

characteristics of the territories involved and the expertise acquired in these technologies.

26

In addition, the agreement with Sharp and

STMicroelectronics envisages the construction

of the largest manufacturing facility in Italy for

triple-junction thin-film photovoltaic panels at

Catania, in Sicily. Panel production at the plant

started in the second half of 2011.

On the research front, Enel is involved in innovation

and testing of thermal solar technologies,

of which the Archimede plant at Priolo Gargallo,

near Siracusa, in Sicily, is a prime example.

Archimede is based on a technology developed

in collaboration with Enea and is the first instance

in the world of integration between a gas

combined cycle plant and a solar concentration

plant. It is also the first plant in the world to use

molten salts as the thermal vector in the system.

Wind

Enel is a global leader in the development of wind-

based power. In Italy, Enel Green Power has total

installed capacity of 532 MW.

It also has a significant, rapidly expanding presence

on the world stage, with a total of 3,779 MW

of capacity in Spain, Portugal, Greece, France,

Romania, Bulgaria, the United States, Canada and

Costa Rica. Technological innovation is a major

focus, with studies into off-shore plants and

reducing the impact of facilities on the landscape.

Enel’s development has focused on high-value

projects in the countries with the greatest

potential.

Sun

Enel has been active in the solar power sector,

and especially in photovoltaics, right from the

early development of these technologies.

Enel Green Power is heir to Enel’s long-standing

tradition in this sector and seeks to expand the

number of photovoltaic systems installed and

develop the related know-how.

This effort includes its partnership with Sharp,

created to develop new photovoltaic fields by

2016 with a total installed capacity of more than

500 MW in the Mediterranean region.

Enel Green Power’s activities in the photovoltaic and thermal solar sector are continually evolving, including in the retail market through its Enel Green Power Retail franchising network. Comprising over 700 affiliates throughout Italy, EGP Retail plays a leading role in the domestic market for energy solutions and distributed generation.

27

Earth

With an installed capacity of 769 MW, Enel Green

Power is among the world leaders in geothermal

power. Italy is one of the main producers of

geothermal electricity, with 5 TWh per year.

Enel Green Power also operates in the United

States, El Salvador and Chile, with plants

in operation or under construction and exploration

projects.

The company is a leader in innovation and research

into low enthalpy technologies. Examples of this

are the applications for the construction of the

Stillwater and Salt Walls plants in Nevada (USA).

Water

Among all renewable energy resources,

hydroelectric power is the oldest and most widely

used. It meets 16%* of world electricity demand,

with even higher peaks in some geographical areas.

Enel Green Power operates almost 300 mini-hydro

plants with an installed capacity of 1,513 MW

in Italy and 1,121 MW in the rest of the world.

Enel’s total installed capacity from large-scale

hydroelectric plants is 27,773 MW. It is seeking to

grow further in this sector by developing innovative

projects in high-potential countries.

*Source: WEO 2012

Biomass and Fuelfrom Waste

Biomass energy is generated from the combustion

of wood, agricultural waste and other organic

materials. Enel Green Power’s biomass operations

were performed by Enel Green Power North

America (Canada, St. Felicien) and 3 Enel Green

Power España plants with a total capacity of 44 MW.

Moreover, in collaboration with the University

of Pisa, Enel is developing a power farm to

experiment innovative crops for the production

of biomasses with a high content of energy and

develop processes and technologies for the

generation of alternative, low-cost biofuels.

28

The grid: efficient, extensive, innovative

The efficiency of electricity supply services

is largely the responsibility of the distribution

network. Designing, building and operating power

transmission infrastructures and keeping them in

working order are fundamentally important duties,

and these activities require appropriate skills.

29

1,826,800 434.1km TWh/year

Extension of electricity lines distribution of electricity to end users

In Italy, the implementation of an advanced system of remote

monitoring and control in recent years has made it possible to

significantly reduce both the number and duration of service

interruptions. Today, Italy’s electrical system is one of the world’s best in

terms of service quality. In order to optimise the response to problems,

Enel technicians working in the field are equipped with mobile devices

that supplement the data gathered on site with the data stored centrally,

thereby minimising response times and boosting effectiveness.

Enel’s people possess a wealth of knowledge that helps us provide our customers with excellent service, fully complying with the quality standards set by the competent authorities.

30

The electronic meter: accessing the grid of the future

Enel’s route to an intelligent power grid began 11

years ago when it was the first energy company

in the world to promote remote management

and install electronic meters. Today Enel is the

world leader in digital metering, having installed

34 million meters in Italy. These systems make it

possible to carry out many operations quickly and

remotely using remote reading and management

systems, operations that once required much

more time and on-site visits by technicians. Over

the next five years, Endesa will be installing some

13 million meters in Spain. They will use remote

management technology developed by Enel based

on the excellent performance the company has

already achieved. With the contribution of Spain,

the Enel Group will reach a total of some 50 million

meters installed in Europe, including 4 million

installed by other utility companies in Italy and 1

million provided by Enel to utility companies in the

Netherlands, Montenegro and Malta.

From Smart Grids to Smart Cities

Smart Grids represent the primary element for the

development of Smart Cities that are environmentally

friendly, energetically efficient and sustainable.

Infrastructures, services and technologies are

gathered to create welcoming cities, where citizens,

local administrations and companies continuously

take into account energy savings, emissions and

energy consumption. In Smart Cities, generators from

renewable sources are integrated in the distribution

grid, public lighting and buildings save energy using

automation, and electric mobility is widespread.

The Enel Group has a major role in experimenting

this new model in the first pilot cities Genoa, Bari

and Turin in Italy, Màlaga and Barcelona in Spain,

Búzios in Brazil and Santiago in Chile.

With the aim of showcasing innovative solutions for

the cities of the future the Enel Group can bring, the

company will be an official partner of Expo 2015 to

be held in Milan. Enel will create a smart grid and

lighting system inside the exhibition area.

31

Smart grids represent a revolution.

Tomorrow’s power grid will work like the Internet,

enabling producers and consumers to communicate and flexibly

adapt power generation.

• Address, financed by the European Community

and coordinated by Enel, works to develop

technical and commercial solutions which promote

the active participation of the customer in the

energy market. Universities, research centres and

companies in 11 European countries participate.

• Green eMotion, financed by the European

Community, aims to define the reference scenario

for electric mobility in Europe. The initiative involves

42 partners including industries, universities,

research centres.

New frontiers

Following the signing of a memorandum of

understanding, Enel and the Russian firm IDGC

Holding will be working together to develop and

implement innovative technologies for smart

grids in Russia, including digital metering and

management of the assets connected to the grid.

Through Endesa, Enel also has a presence in

Nicaragua and Honduras with the SIEPAC power

transmission system, which will facilitate energy

trading among Central American countries.

Enel participates with a leadership role in

numerous European projects for the

development of these innovative technologies:

• EDSO for Smart Grids (European Distribution

System Operator for Smart Grids)

is a non-profit organisation of which the main

distribution companies in Europe are members

with the intent of researching, developing

and building demonstrative projects on

Smart Grids.

32

Listening to customers

The value of experience

Enel’s experience and culture of service have given

the Group a position of leadership in Italy only a

few short years after liberalisation of the market,

as well as a significant presence abroad, both in

Europe and in Latin America.

33

In Italy today, thanks to a range of services designed to meet the real needs of consumers, 6 million households and more than 1.5 million businesses have placed their trust in Enel on the free markets for electricity and gas. Some 1.6 million households and 600,000 businesses have also opted for the free-market offerings of Endesa Energia.

56.3 4.5Millions in 11 countries Millions

Electricity customers Natural gas customers

Enel has always listened carefully

to customers and sought to

meet their needs with targeted

products and services provided

through 3,500 agents, more

than 130 PuntoEnel offices and

more than 700 Enel Green Power

Retail affiliates. Over 1,500 call

centre operators help customers

through the toll-free number,

available 24 hours a day,

and all of these services are also

available through the website

www.enelenergia.it.

On the Spanish market, Endesa has

1,500 operators and 440 customer

support centres. In addition,

at www.endesaonline.com

customers can access a range

of services and sign up

for the various product offerings

through an easy-to-use interface.

34

Simple, ecological billing

Easy-to-read utility bills promote an image of clarity

and transparency with our customers.

In Italy, the introduction of online billing has helped

eliminate the printing of nearly two million utility

bills, thereby avoiding 40 tonnes of CO2.

Endesa customers are constantly informed of the

quantity of CO2 avoided with electronic billing.

contributing to the development of the energy

market with the introduction of new payment

methods and new PuntoEnel offices dedicated to

serving customers, providing customised consulting

and other services. A new online help centre is also

coming soon.

With Endesa, the Enel Group is the largest

operator in Latin America, with 13.8 million

customers served. On the Iberian peninsula,

Endesa has some 13 million customers, providing

affordable, customised rates for the residential

market.

Enel for the family

Enel’s services for households are designed to

meet individual needs. In Italy, Enel Energia’s offers

its revolutionary new flat-rate product, “Energia

Tutto Compreso Green”, which is the first of its kind

based entirely on renewable energy. There are

four consumption levels to choose from, as well as

a bonus for up to two months free of charge for

households whose consumption does not exceed

their selected level. The “Gas Tutto Compreso“

offering operates along the same lines.

In Romania, where the Group has a significant

presence in the consumer market, Enel is

35

A friend of the environment

Italian businesses that switch to renewable energy

also receive renewable energy certificates (RECS)

issued by an international system established

to finance generation from renewable energy

resources.

Households can receive energy certifications too.

For new customers that sign up for one of the new

electricity and gas offerings, Enel Energia makes

specialist technicians available to certify their

homes.

Enel’s services for businesses go beyond the mere

provision of electricity.

They are all designed with the goal of boosting

productivity, thereby contributing to the country’s

economic development and competitiveness.

For example, we offer products that enable

businesses to minimise the effects of changes in

energy costs due to fluctuations in fuel prices.

Attractive rates for businesses are already available

on the Italian, Spanish, French, Romanian and

Slovakian energy markets.

Enel for businesses and professionals

Endesa offers high-efficiency energy solutions for

lighting, climate control and the use of renewable

energy. The company also provides consulting

services for home energy certification.

Pittogramma Efficienza energeticaVersione positiva a coloriColore Pantone® 197 EC

With RusEnergoSbyt, the Enel Group is one of

Russia’s leading independent electricity sellers, with

important small, medium and large customers and

a presence in the main regions of the country.

36

Energy for the people

For Enel, business goals are important, but of even

greater importance is the manner in which these

goals are reached.

74,877

149.16)

3,389,000 6)

-14.8 7)

People

Million euros

Hours (Italy and Abroad)

Per cent (2011 vs 2010)

Human resources

Safety investements

training

Lost-time injuries Frequency Rate

37

The cultural challenge has coloured the experience

of recent years, representing a shift in the way

people live and work within the company and in all

of the contexts in which Enel operates.

Nearly two-thirds of all employees have been with

the company for fewer than ten years, which has

given the organisation the opportunity to forge

an innovative business culture, one that is open

to change and ready to seek out new challenges.

From Enel employee to citizen

Over the last decade, the face of Enel has changed profoundly. In 2000, the company had just 200 employees outside of Italy. Today, almost 75 thousand people, more than half are of nationalities other than Italian.

38

Employee satisfaction promotes

competitiveness and growth,

and the strong sense of

belonging among those who

work at Enel increases their

awareness of working in a field

that is of strategic importance

to both society and the economy.

39

Striving for excellence

For Enel, operational excellence is a dynamic

objective. There are over 300 projects under

way to improve the efficiency of processes

and services in order to consolidate the

Group’s leadership in our markets. All areas

of the organisation throughout the world are

involved, and the results achieved are constantly

monitored and recalibrated.

This process is a decisive response to a

competitive global marketplace that only

rewards the best.

Safety as a value

At Enel, achieving the goal of workplace safety

touches all areas of the organisation.

Enel’s dedication always produces good results:

between 2008 and 2011 the frequency index

of accidents in the workplace regarding Enel

personnel was reduced by 40%; severe and fatal

accidents decreased by 80% for Enel personnel and

by 56% for employees in contracting companies.

But the challenge of achieving our “zero injury”

goal remains. For this reason, every year Enel

invests in training and in the establishment of

safety units, with more than a million hours of

safety training being provided last year.

The plan to improve safety management sets out

a clear strategy for the future. It is organised into

nine areas of action in order to put this strategy

into practice: culture; contractors and suppliers;

communication and awareness; event response;

training; planning, indicators and targets; structural

prevention in the workplace; organisation; sharing

experience.

Because safety is a priority for all of us.

40

Our other energy...

Enel continues to generate energy in areas that

might appear far removed from our core business.

Because enabling the highest expressions of art,

culture and sport is one way of staying in touch

with the community and leaving a tangible sign

of our commitment.

41

... is yet another way to illuminate a better future

Enel supports a variety of projects and initiatives

and devotes resources to the creation of new

approaches to forging a culture of values.

42

Room for young ideas

Learning by playing is easier. PlayEnergy is a science

and energy training programme that Enel has

designed for the very young. Spain now joins the 11

countries taking part in the initiative, participating

in PlayEnergy this year with the Endesa Educa

project. Meetings with prominent authorities of

science and technology, visits to power stations,

online quizzes for testing scientific knowledge and

eco-idea competitions aimed at making the city

children-friendly – these are the methods Enel uses

to encourage younger generations to discover the

world of energy and, most importantly, to convey

the value of sustainable development.

The metaphor of sport

In addition to science, music, culture and education,

Enel’s commitment also extends to the world

of sport, establishing major partnerships over

the years, such as sponsorship of the 13th World

Swimming Championships in Rome and the

Volleyball World Championships. The association

of the Enel brand with values such as healthy

competition, sportsmanship and playing by the

rules also underpins the renewed partnership with

Ducati Corse in the MotoGP motorcycling series.

Other important sponsorship agreements include:

ATP Tennis; the Maratona des Dolomites for

cycling enthusiasts; and the Italian beach soccer

championships promoted by the Figc-Lega

Nazionale Dilettanti.

Reading science

With the periodical Oxygen (4 issues per year and

7,500 copies each issue), Enel underscores the

Group’s commitment to promoting science.

Its clear but never simplistic style is one of the

strengths of the magazine, enabling it to hold fast

to one of its main objectives: to be “science for

everyone”. Oxygen is a great way to keep abreast

of all of the latest news from the world of science

and energy.

43

Enel’s charitable heart

Solidarity has been granted full citizenship in

Enel. The Enel Cuore non-profit organisation

was established to support solidarity initiatives

promoted by other non-profit organisations in the

fields of welfare services and healthcare, education,

sports and recreation, with a special focus on

children, the ill and disabled, and the elderly.

Between 2004 and 2011, Enel Cuore has given

40 million euros to 487 projects both in Italy and

abroad. In Eastern Europe and in Latin America,

this commitment has focused on children’s right to

health, education and play.

Enel 5.0

Thanks to the success of the previous project

Incredibile Enel, in 2012 Enel launched an updated

version of his energy tour. With the most advanced

display technologies, Enel 5.0 told the story of the

Company’s extraordinary journey in the last 50

years and its projects for constructing the future

of eletricity.

With a monthly schedule in the main urban centres

of interest, the projects created a place for meetings

and discussions, open to schools and local public,

to promote knowledge of energy and science and

the unexpected relationships between electricity

and social and economic development.

44

Growing the future

Enel is working towards the goal of “zero

emissions” for a world in which respect for the

environment and sustainable development

are core values.

3 180Research centres Researchers

Research People

3Test areas

testing

40Patents

innovation

2Chemistry labs

analysis

45

180 researchers, 3 specialist centres, research and innovation projects totalling 600 million euros over the next five years, and involvement in a range of international projects make Enel an innovation-focused group.

Growing the future

Enel is constantly working to:

• increase the efficiency of renewable energy resources in order to make the energy generated from the sun, wind, water and the earth truly competitive;

• provide innovative solutions to meeting the energy needs of individuals, businesses and communities.

46

A technological marvel

Diamante is a next-generation power plant whose

architectural features make it a harmonious

addition to even the most beautiful landscapes.

The first prototype can be seen at Pratolino Park,

near Florence (Tuscany).

Clean energy with hydrogen

Enel’s Fusina plant is a great example of innovative

technology that has been designed with the future

in mind. The first of its kind in the world, Fusina

is a hydrogen-fuelled combined-cycle plant that

generates both electricity and heat.

The energy produced will be able to meet the

annual needs of 20,000 households, while avoiding

more than 17,000 tonnes of CO2 emissions per year.

TOB

Through the world, there are still plenty of isolated

areas where the local populations do not have

access to electricity and essential services. The

TOB (Triangle-based Omni-purpose Building)

concept represents a response to this problem:

with a system capable of providing off-grid energy,

the structure is a liveable, independent solution

easy to assemble, transportable and integrating

photovoltaic modules and storage systems.

The name “Diamante” (Diamond) is inspired by

its shape: an eight-meter, multifaceted sphere

featuring 38 polycrystalline silicon photovoltaic

panels.

Diamante can store energy and make it available

even when there is no sun using innovative system

to store renewable energy which employs

new-generation batteries. The electricity generated

can meet the needs of a small apartment building.

47

Electric mobility for more sustainable cities

Thanks to Smart Grids, electric mobility is becoming

a reality. Since 2010, with e-mobility Italy, Enel has

been involved in the first electric mobility national

project, in Rome, Milan, Bologna and Pisa. Enel

has signed important agreements in Italy, focused

on smart charging infrastructure development,

with local authorities, other electricity distribution

operators and major car manufacturers.

Moreover, Enel is committed to the promotion

of Interoperability of electric vehicles charging

infrastructures, which shall ensure all customers the

chance of charging their vehicles throughout Italy

A revolution in public lighting

For street lighting Enel Sole has developed the LED

Archilede system: a big step forward in replacing

traditional lighting technology, offering a 50-80%

saving in energy costs – cutting CO2 emissions at

the same time – while still maintaining the same

level of performance. For this reason Archilede has

been chosen by around 1,600 municipal authorities

in Italy since its launch, with a total of 98,600 street

lamps installed. In 2011, in Barcelona an important

project with Archilede has been realized and the

Brazilian ‘smart city’ Buzios has been provided with

60 Archilede devices, to increase the efficiency of

street lighting, save energy and ensure public safety.

regardless of their energy supplier as well as the

Distribution network.

In 2011, Endesa installed over 300 electric vehicles

charge points in Spain and 20 in Latin America.

In Spain, agreements have been signed by local

administrations and Endesa is fully involved in

the government’s E-mobility Plan (MOVELE) and

is leader of the Zem2All (Zero Emissions Mobility

to All) project, a four-year programme Spanish/

Japanese that involves the introduction on a

massive scale of new services and the benefits of

e-mobility. Elsewhere in Europe, Enel Group is also

active in demonstration projects, such as Elvire

and Green eMotion and in collaborative research

projects, such as G4V.

Editorial designInarea

ProductionAleteia Communication - Rome

Photos Enel ArchivesGetty ImagesiStockphoto PrintedTipografia Varigrafica Altolazio

1000 copies

Printed in January 2013

Not for sale

By External Relations Department© Enel SpA00198 Rome, Viale Regina Margherita 137Italy

1) It includes all countries in which at least one MW is present or in which sales activities are performed. Furthermore, it includes Countries in wich Enel operates with projects in

pipeline or commercial partnerships or with representative office.2) Value as of 31.12.2011. It does not include 2,6 TWh for closing transaction with ContourGlobal LP for the sale of Maritza stake.3) Value as of 31.12.2011. It does not include 0,9 TWh for closing transaction with CVA Spa for the sale Deval stake.4) Cumulative investments planned in the period 2012-2016, of which 10.3 billion Euros in development. Total capex not includes connection fees.5) Ebitda consolidated as of 31.12.2011 by Enel Group.6) Figure drawn from the 2010 Sustainability Report.7) Compared figures of Lost-Time Injuries Frequancy Rate, (LTIFR) of the years 2010-2011, -57% with reference to 2007.