http://www.enel.it/azienda/it/investor_relations/presentazioni/doc/2007_04/2007_interim_results.pdf

1. 2007 Interim Results
September 6, 2007

2. Enel SpA
Investor Relations
Agenda
2007 Interim result
Q&A
Annexes
2

3. Enel SpA
1H2007 Results Investor Relations
Financial highlights: Consolidated
€mn 1H06 1H07 %
Revenues 19,065 18,857 -1.1%
EBITDA 4,361 4,462 2.3%
EBIT 3,565 3,134 -12.1%
Group net income 1,978 1,982 0.2%
(1)
Net debt 11,690 25,069 114.4%
1. As of December 31, 2006 3

4. Enel SpA
1H2007 Results Investor Relations
Enel’s electricity sales
Volumes sold (TWh)
+10.8%
+10.8%
84.3
76.1
International 14.4
5.0
Italy
71.1 69.9
1H06 1H07
4

5. Enel SpA
1H2007 Results Investor Relations
Italian electricity market overview (TWh)
+0.2%
+0.2%
167.8 168.1
Import 20.6 25.2
Net production 98.5
100.7
Enel Net
production
53.1 46.0
Pumped storage -4.4 -3.8
consumption
1H06 1H07
5

6. Enel SpA
1H2007 Results Investor Relations
Enel’s domestic electricity sales (TWh)
Electricity – Total market sales1 Free customers2 (thousand)
157.1 +0.1%
+0.1% 157.3 668.0
71.2 69.9
+85.9%
free 9.9 +85.9% 18.4
Enel
eligible3 61.3 -16.0% 51.5
-16.0%
72.6
85.9 87.4
1H06 1H07
62.9 +1.4%
+1.4% 63.8
free
Other
eligible3 23.0 +2.6%
+2.6% 23.6
1H06 1H07
1. Excluding losses on the grid. Data relating to other operators are Enel’s estimates
2. Including Dual Energy
3. Sales to the eligible market including self-consumption
6

7. Enel SpA
1H2007 Results Investor Relations
Enel’s net production (TWh)
+1.4%
+1.4%
62.9 63.8
International 9.8
17.8
Italy 53.1
46.0
1H06 1H07
7

8. Enel SpA
1H2007 Results Investor Relations
Group production mix (%)
+1.4%
+1.4%
62.9 TWh 63.8 TWh
10.8%
24.3%
17.4%
Oil & Gas
ST/OCGT 14.1%
Gas CCGT 30.0%
Coal
27.7%
Nuclear
11.8%
Other renewables 4.0%
5.6% 5.4%
Hydro
24.3% 24.6%
1H06 1H07
8

9. Enel SpA
1H2007 Results Investor Relations
Enel’s electricity distribution (TWh)
-0.3%
-0.3%
132.5 132.1
International 6.2 6.2
Italy 1
126.3 125.9
1H06 1H07
1. Net of energy dispatched in the previous years
9

10. Enel SpA
1H2007 Results Investor Relations
Italian gas market overview (bcm)
-7.6%
-7.6%
1.1
46.1
Other 1.1
42.6
Thermoelectric 15.6
16.7
Industrials 10.4
9.7
Residential &
Commercial 19.0
15.1
1H06 1H07
Source: Ministry of the Economic Development and Enel estimates 10

11. Enel SpA
1H2007 Results Investor Relations
Enel’s gas sales
Volumes sold (bcm) Customers (thousand)
-11.1%
-11.1% +6.5%
+6.5%
2,381
2.7 2,235
2.4
1H06 1H07 1H06 1H07
11

12. Enel SpA
1H2007 Results Investor Relations
Enel’s gas distribution
Volumes distributed (bcm) End users (thousand)
-21.7%
-21.7% +3.4%
+3.4%
1,973 2,040
2.3
1.8
1H06 1H07 1H06 1H07
12

13. Enel SpA
1H2007 Results Investor Relations
EBITDA evolution (€mn)
+101
+101
+254 -213
4,361 -39 +53 +46 4,462
115
154
1,911
1,858
Market
G&EM
N&I
1,736 1,782
International
1
S&H
373
627
240
27
1H06 Market G&EM I&R International S&H 1H07
1. Including intercompany adjustments 13

14. Enel SpA
1H2007 Results Investor Relations
EBITDA evolution: domestic market division (€mn)
-39
-39
+82 -88
154 -33
115
1H06 Regulated Free 1H07
Other
market market
14

15. Enel SpA
1H2007 Results Investor Relations
EBITDA evolution: domestic G&EM division (€mn)
+53
+53
+101 -92 1,911
1,858 +44
1H06 Generation Fair value Non 1H07
margin Bilateral recurring
contracts
with SB 15

16. Enel SpA
1H2007 Results Investor Relations
Fuel cost evolution
-15.9%
-15.9%
52.9
Average fuel cost 44.5
(€/MWh)
1H06 1H07
-8.1%
-8.1% -9.3%
-9.3% +7.2%
+7.2%
304.0 27.51 58.9 63.1
279.4 24.95
1H06 1H07 1H06 1H07 1H06 1H07
Oil (€/ton)
Oil (€/ton) Gas (c€/mc)
Gas (c€/mc) Coal (€/ton)
Coal (€/ton)
16

17. Enel SpA
1H2007 Results Investor Relations
EBITDA evolution: domestic I&N division (€mn)
+46
+46
+116 +15 -85
1,782
1,736
1,852 1,782
1,736
1H06 Electricity Gas Other 1H07
17

18. Enel SpA
1H2007 Results Investor Relations
EBITDA evolution: international division (€mn)
+254
+254
-30
+19 -14 627
+273 +4
79 4
373 -18 -10 343
60
70
Iberia
99 South-Eastern Europe
Centrel 89
Russia
America
144 France & Belgium 126
-14
Iberia South- Centrel Russia Americas France and
Eastern Belgium 1H07
1H06 Europe
18

19. Enel SpA
1H2007 Results Investor Relations
EBITDA evolution: services & holding1 (€mn)
-213
-213
240 -156
-23
-34
27
1H06 Import Non Other 1H07
recurring
1. Including intercompany adjustments 19

20. Enel SpA
1H2007 Results Investor Relations
Net debt evolution (€mn)
-13,379
-13,379
Cash flow Extra- Net
FY06 from Capex ordinary financial Taxes Dividends 1H06
operations activities charges
-1,520
-11,690 +3,751
-12,715 1
-308
-789
-1,798 -25,069
1. Including net debt of acquisitions 20

21. Enel SpA
1H2007 Results Investor Relations
2007 Interim dividend (€c/share)
20 20
Paid on 23 November 2006 22 November 2007
21

22. Enel SpA
Investor Relations
Agenda
2007 Interim result
Q&A
Annexes
22

23. Enel SpA
Annexes – 1H2007 Results Investor Relations
Net Production : Geographical breakdown
(GWh) 1H06 1H07 %
Italy 53,144 46,038 -13.4
Spain 3,253 3,044 -6.4
Bulgaria 1,329 1,607 20.9
Slovakia 4,023 11,126 176.6
N America 764 721 -5.6
S America 422 1,308 210.0
Total 62,935 63,844 1.4
23

24. Enel SpA
Annexes – 1H2007 Results Investor Relations
Net production : source breakdown
Oil & Gas Other
(GWh) Gas CCGT Coal Nuclear Hydro
ST/OCGT renewables
Italy 6,911 11,121 14,075 - 2,861 11,070
Iberia 4 - 1,978 - 337 725
South-Eastern Europe - - 1,607 - - -
Centrel - - 1,500 7,532 - 2,094
Americas - - - - 251 1,778
Total 6,915 11,121 19,160 7,532 3,449 15,667
24

25. Enel SpA
Annexes – 1H2007 Results Investor Relations
Domestic production mix (%)
-13.4%
-13.4%
53.1 TWh 46.0 TWh
15.0%
28.6%
Oil & Gas 24.2%
ST/OCGT
16.7%
Gas CCGT
Coal
30.6%
Other renewables 25.6%
Hydro
5.2% 6.2%
23.9% 24.0%
1H06 1H07
25

26. Enel SpA
Annexes – 1H2007 Results Investor Relations
International production mix (%)
+81.6%
+81.6%
9.8 TWh 17.8 TWh
1.0%
28.6%
39.2%
Oil & Gas
ST/OCGT
Coal
Nuclear
42.3%
25.8%
Other renewables
Hydro
7.3%
3.3%
26.7% 25.8%
1H06 1H07
26

27. Enel SpA
Annexes – 1H2007 Results Investor Relations
Domestic G&EM division: CO2 emissions vs. allowances
CO2 Emissions (Mt)
Allowances
Deficit
1H06 22.7 3.9 26.5
1H07 21.0 1.2 22.2
27

28. Enel SpA
Annexes – 1H2007 Results Investor Relations
International sales (TWh)
+188%
+188%
14.4
5.0
1H06 1H07
28

29. Enel SpA
Annexes – 1H2007 Results Investor Relations
Domestic electricity distribution (TWh)
-0.3%
-0.3%
126.3 125.9
1H06 1H07
Net of energy dispatched in the previous years
29

30. Enel SpA
Annexes – 1H2007 Results Investor Relations
Income statement
€ mn 1H06 1H07 %
Operating revenues 19,065 18,857 -1.1%
Operating costs 14,340 14,365 0.2%
EBITDA 4,361 4,462 2.3%
% of revenues 22.9% 23.7%
EBIT 3,565 3,134 -12.1%
% of revenues 18.7% 16.6%
30

31. Enel SpA
Annexes – 1H2007 Results Investor Relations
From EBIT to EPS
€ mn 1H06 1H07 %
EBIT 3,565 3,134 -12.1%
Net financial charge - 289 88
EBT 3,276 3,222 -1.6%
Net income (including third parties) 2,027 2,048 1.0%
Group net income 1,978 1,982 0.2%
EPS (€) 0.32 0.32
31

32. Enel SpA
Annexes – 1H2007 Results Investor Relations
Balance sheet
€ mn FY06 1H07 %
Net financial debt 11,690 25,069 114.4%
Shareholders' equity 19,025 19,713 3.6%
Net capital employed 30,715 44,782 45.8%
32

33. Enel SpA
Annexes – 1H2007 Results Investor Relations
Debt structure
Average debt maturity: 6 years and 9 months
Average cost of debt: 4.8%
(Fixed+hedged)/Total long-term debt: 76%
(Fixed+hedged)/Total net debt: 57%
Rating:
S&P’s = A/A-1 C.W. negative; Moody’s = A1/P-1 C.W. negative
€ mn FY06 1H07 %
Long-term 11,104 19,801 78.3%
Short-term1 1,409 7,089 403.1%
Cash2 -823 -1,821 121.3%
Net debt 11,690 25,069 114.4%
1 Including current maturities of long-term debt
2 Including factoring and other current receivables
33

34. Enel SpA
Annexes – 1H2007 Results Investor Relations
Debt evolution
Average cost of debt Average residual maturity
6.2% 5.9%
7:7 7:7
5.5%
5.2% 4.8% 6:4
4.7% 4.6%
4.4% 4.4% 4.3% 5:4 5:2 6:9
4:1 4:9 4:4
3:11
1 1
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Net financial debt (€bn) Fixed + Hedged/Total debt
24.5 24.2 24.5 25.1 81% 80%
21.9
61% 60% 57%
53% 54% 53%
12.7 13.4 42% 44%
12.1 12.3 11.7
1 1
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
1. As of June 30, 2007 34

35. Enel SpA
Annexes – 1H2007 Results Investor Relations
Financial debt evolution
€m 12.31.2005 06.30.2006 12.31.2006 06.30.2007
Bank loans – maturities > 12 months 2,782 2,975 3,677 6,428
Bonds – maturities > 12 months 8,043 8,293 8,375 13,399
Other loans – maturities > months 142 219 142 119
Long-term financial credits – maturities > 12 months -63 -201 -1,090 -145
Total net long-term financial debt - Maturities > 12 months 10,904 11,286 11,104 19,801
Bank loans – maturities < 12 months 399 340 233 261
Bonds – maturities < 12 months 487 487 59 45
Other loans – maturities < 12 months 49 33 31 28
Long-term financial credits – maturities < 12 months -3 0 -30 -994
Total net long-term financial debt - Maturities < 12 months 932 860 293 -660
Other short-term bank debt 970 1,442 542 2,937
Commercial paper 275 1,194 531 3,684
Other short-term financial debt 116 40 13 134
Short-term debt 1,361 2,676 1,086 6,755
Factoring receivables -374 -212 -211 -188
Other short-term financial receivables -3 -12 -10 -11
Cash at banks and marketable securities -508 -521 -572 -628
Total net short-term debt (including current maturities) 1,408 2,791 586 5,268
Net financial debt 12,312 14,077 11,690 25,069
Net equity 19,416 18,995 19,025 19,713
Debt/Equity ratio 0.63 0.74 0.61 1.27
Average cost of debt 4.3% 4.5% 4.6% 4.8%
35

36. Enel SpA
Annexes – 1H2007 Results Investor Relations
EBIT by business area (€mn)
-431mn -12.1%
3,565
3,134
1,421
gem
1,446 +1.8%
in
intl
sh 1,334
mkt
1,362 +2.1%
251
454
371 +47.8%
105
-22
1H06 1H07
-23
36

37. Enel SpA
Annexes – 1H2007 Results Investor Relations
Domestic Market division details
€ mn 1H06 1H07 %
Revenues 10,776 10,617 -1.5%
EBITDA 154 115 -25.3%
EBIT 105 -23 -121.9%
Capex 14 17 21.4%
Headcount 5,176 1 5,026 -2.9%
1. As of December 31, 2006 37

38. Enel SpA
Annexes – 1H2007 Results Investor Relations
Domestic Generation & Energy Management division details
€ mn 1H06 1H07 %
Revenues 7,905 7,824 -1.0%
EBITDA 1,858 1,911 2.9%
EBIT 1,421 1,446 1.8%
Capex 316 489 54.7%
Headcount 9,573 1 9,483 -0.9%
1. As of December 31, 2006 38

39. Enel SpA
Annexes – 1H2007 Results Investor Relations
Domestic Infrastructure & Network division details
€ mn 1H06 1H07 %
Revenues 2,767 2,744 -0.8%
Power 2,603 2,575 -1.1%
Gas 164 169 3.0%
EBITDA 1,736 1,782 2.6%
Power 1,652 1,683 1.9%
Gas 84 99 17.9%
EBIT 1,334 1,362 2.1%
Power 1,287 1,308 1.6%
Gas 47 54 14.9%
Capex 648 665 2.6%
Headcount 24,701 1 23,077 -6.6%
1. As of December 31, 2006 39

40. Enel SpA
Annexes – 1H2007 Results Investor Relations
International activities details
€ mn 1H06 1H07 %
Revenues 1,264 2,056 62.7%
EBITDA 373 627 68.1%
EBIT 251 371 47.8%
Capex 130 313 140.8%
1
Headcount 13,861 13,683
1 -1.3%
1. As of December 31, 2006 40

41. Enel SpA
Annexes – 1H2007 Results Investor Relations
Services & Holding details
€ mn 1H06 1H07 %
Revenues 1,092 995 -8.9%
Holding 582 449 -22.9%
Services and other 510 546 7.1%
1
EBITDA 231 32 -86.1%
Holding 134 -65 -148.5%
Services and other 97 97 0.0%
1
EBIT 445 -17 -103.8%
Holding 390 -73 -118.7%
Services and other 55 56 1.8%
1. Excluding inter-company adjustments equal to €-5mn in 1H07 and €9mn in 1H06 respectively
41

42. Enel SpA
Annexes – 1H2007 Results Investor Relations
Services & Holding details - Continued
€ mn 1H06 1H07 %
Capex 29 36 24.1%
Holding 2 11 450.0%
Services and other 27 25 -7.4%
1
Headcount 5,237 5,141 -1.8%
Holding 652 701 7.5%
Services and other 4,585 4,440 -3.2%
1. As of December 31, 2006 42

43. Enel SpA
Annexes – 1H2007 Results Investor Relations
Capex by business area (€mn)
+383mn +33.7%
1,520 17 +21.4%
Market
G&M
I&N 489 +54.7%
14 1,137
International
Services & Holding
316
665 +2.6%
648
313 +140.8%
130
+24.1%
29 36
1H06 1H07
43

44. Enel SpA
Investor Relations
Disclaimer
THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE DURING THE CONFERENCE CALL ON ENEL’S
2007 INTERIM RESULTS.
THE INFORMATION CONTAINED HEREIN HAS NOT BEEN INDEPENDENTLY VERIFIED. NONE OF THE COMPANY OR
REPRESENTATIVES SHALL HAVE ANY LIABILITY WHATSOEVER IN NEGLIGENCE OR OTHERWISE FOR ANY LOSS HOWSOEVER
ARISING FROM ANY USE OF THESE SLIDES OR THEIR CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THESE
SLIDES OR ANY MATERIAL DISCUSSED DURING THE ABOVE CONFERENCE.
THIS DOCUMENT IS BEING FURNISHED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR
REDISTRIBUTED TO ANY OTHER PERSON.
THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED DURING THE ABOVE CONFERENCE MAY
INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE
COMPANY’S BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES, PROJECTIONS
AND PROJECTS, AND THEREFORE YOU SHOULD NOT PLACE UNDUE RELIANCE ON THEM.
FORWARD LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES. WE CAUTION YOU THAT A NUMBER OF
IMPORTANT FACTORS COULD CAUSE ACTUAL RESUTLS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY
FORWARD-LOOKING STATEMENT. SUCH FACTORS INCLUDE, BUT ARE NOT LIMITED TO: TRENDS IN ENEL’S CORE ENERGY
BUSINESS, ITS ABILITY TO IMPLEMENT COST-CUTTING PLANS, CHANGES IN THE REGULATORY ENVIRONMENT AND FUTURE
CAPITAL EXPENDITURE.
PURSUANT TO ARTICLE, 154-BIS, PARAGRAPH 2, OF THE UNIFIED FINANCIAL ACT OF FEBRUARY 24, 1998, THE EXECUTIVE
IN CHARGE OF PREPARING THE CORPORATE ACCOUNTING DOCUMENTS AT ENEL, LUIGI FERRARIS, DECLARES THAT THE
ACCOUNTING INFORMATION CONTAINED HEREIN CORRESPOND TO DOCUMENT RESULTS, BOOKS AND ACCOUNTING
RECORDS.
44

45. Enel SpA
Investor Relations
Contact us
Investor Relations Team (investor.relations@enel.it)
Luca Torchia (Head of IR) +39 06 83053437
Massimiliano Bevignani (Stock analysis and IR reporting) +39 06 83057023
Donatella Izzo (Buy-side) +39 06 83057449
Fausto Sblandi (Sell-side) +39 06 83052226
Visit our website at:
www.enel.it (Investor Relations)
45