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Enel SpA
                       Investor Relations




2008 Interim Results



August 1st, 2008
Enel SpA
                                      Investor Relations



Agenda



   • 2008 Interim Results   L. Ferraris

   • Questions & Answers

   • Annexes




                                          1
Enel SpA
                       1H2008 results                                          Investor Relations



    Financial highlights: consolidated




             €mn                                           1H07      1H08      %


             Revenues                                    18,857    29,316    55.5

             EBITDA                                       4,462     7,405    66.0

             EBIT                                         3,134     5,285    68.6

             Group net income                             1,982     2,851    43.8

             Net debt                                  55,7911,2   51,2912   -8.1




1. Figures as of 12.31.2007
                                                                                    2
2. Not including net debt of discontinued activities
Enel SpA
             1H2008 results                                              Investor Relations



From EBIT to net income


€mn                                                      1H07    1H08      %

EBIT                                                     3,134   5,285   68.6
Net financial charges                                     (87)   1,446
  Interest charges                                         358   1,543         -
  Fair value of Acciona put option                           -   (113)         -
  Other                                                  (445)      16         -

Net income from equity investments using equity method      1      27          -

EBT                                                      3,222   3,866    20

Income tax                                               1,174    819 (30.2)

Net income (continuing operations)                       2,048   3,047   48.8

Net income (discountinued operations)                             226          -

Net income (including third parties)                     2,048   3,273   59.8

Minorities                                                (66)   (422)         -

Group net income                                         1,982   2,851   43.8

EPS (€)                                                   0.32    0.46   43.8
                                                                           3
Enel SpA
                     1H2008 results                                                                         Investor Relations



   Group EBITDA evolution (€mn)

                                                                 +2,943


                                                                       +2,251       +136   +38     7,405
                                                                                                           69
                                                                                                    580




                                                                                                   2,436
                                             +226          +176
                    4,462       +116
                     31
                     444                                                                            291
                     185
                     115
                                                              S&H
                                                              International
                                                                                                   2,008
                    1,782                                     Ib&Latam
                                                              Market
                                                              I&N
                                                              G&EM

                    1,905                                                                          2,021




                    1H07        G&EM           I&N        Market       Ib&Latam Intern.     S&H1   1H08


1. Including the Engineering and Innovation division and intercompany adjustments                               4
Enel SpA
           1H2008 results                           Investor Relations



Group EBITDA by business area(€mn)




                       4,462 €mn     7,405 €mn




                               42%            41%
                      58%            59%




                            1H07           1H08



           WELL BALANCED PORTFOLIO OF ACTIVITIES

 Generation & sales
 Networks



                                                      5
Enel SpA
             1H2008 results                                     Investor Relations



 Forward electricity sales: focus on Italy


                 Level of total production hedged (%)


                       ~100 %             100 %         100 %

                                           20%
                                                         60%




                                          ~80%          ~40%

Non Hedged
Hedged                  2008               2009         2010




   Latest sale campaign at a baseload price of 106.5 €/MWh



                                                                  6
Enel SpA
       1H2008 results                                                   Investor Relations



EBITDA evolution: domestic G&EM division (€mn)


                                    +116


                   +165
                              -46           +37         -40     2,021
        1,905




         1H07    Generation   Trading      Fair value   Other   1H08
                  margin      margin

                                                                          7
Enel SpA
                    1H2008 results                                                                             Investor Relations



     Domestic G&EM division: fuel cost evolution


                                                               +24%

                                                                         55.1
                                                      44.5
                Average fuel
                cost (€/MWh)



                                                     1H07               1H08

               +29%                                           +19%                                           +51%

                         360.7                                           29.7                                          95.0
       279.3                                          25.0                                           63.1




       1H07              1H08                         1H07              1H08                        1H07               1H08

            Oil (€/ton)                                   Gas (c€/mc)1                                   Coal (€/ton)1




1. Fuel costs do not include the impact of hedging contracts; gas cost does not include Nigerian gas stranded costs
                                                                                                                 8
Enel SpA
        1H2008 results                                      Investor Relations



EBITDA evolution: domestic market division (€mn)



                                     +176



                                            +96      291



                          +80



             115




            1H07         Regulated           Free    1H08
                          market            market



                                                              9
Enel SpA
       1H2008 results                                                  Investor Relations



EBITDA evolution: domestic I&N division (€mn)



                                         +226



                                         +114         -17      2,008
                        +129
         1,782




                                         1.911        2.008
                        1.782




                                      Non recurring
           1H07                          items        Gas     1H08

                                Electricity
                                                                         10
Enel SpA
                   1H2008 results                                              Investor Relations



  EBITDA evolution: international division (€mn)


                                               +136

                                                                             580
                                        +5      +6       +41        +3        7
                              +81                                             27
                     444                                                      28
                      4                                                       95
                      22
                      90




                                                                             423
                      342
Centrel
SEE
North America
Russia
France & Belgium     -14

                    1H07      Centrel   SEE    North     France     Russia   1H08
                                              America   & Belgium


                                                                                   11
Enel SpA
                      1H2008 results                                                             Investor Relations



     Focus on Russia
                                               Unit price   1   (€/MWh)

                                                                +18.7%


                                                                          15.9
                                                     13.4




                                                     1H07                 1H08

                           Coal spark spread (€/MWh)                Gas spark spread (€/MWh)


                                           +89.5%                                +45.4%


                                                    7.2

                                  3.8                                                     3.2
                                                                          2.2


                                 1H07               1H08                 1H07             1H08
1. Unit price excluding capacity payment                                                           12
Enel SpA
                      1H2008 results                                                                Investor Relations



   EBITDA evolution: Iberia & Latam division (€mn)

                                                                  +2,251



                                      +2,366                 +8        -143   (1)
                                                                                    +20     2,436




                       185



                    1H07                Endesa               Eufer         Viesgo    Enel    1H08
                                                                                    Latam


1. Including 109 €mn of capital loss for Viesgo Group disposal                                        13
Enel SpA
                    1H2008 results                                             Investor Relations



   EBITDA evolution: focus on Endesa1
                                                        +263

                                                               118     3,487
                                                154
                       3,224




                       1H07                    Iberia          Latam   1H08

1. 100% Endesa Results under Spanish GAAP method.                                14
Enel SpA
                    1H2008 results                                    Investor Relations



   EBITDA evolution: services & holding1 (€mn)



                                                 +37


                                                       +6      64
                                        +31




                          27




                        1H07            Import         Other   1H08


1. Including intercompany adjustments                                   15
Enel SpA
                  1H2008 results                                                                                        Investor Relations



     Net debt evolution (€mn)

                                                              +6,014

               December       Cash-flow       Capex           Extra-          Net            Dividends         June
               31, 2007         from                         ordinary      financial                         30, 2008
                              operations                     activities    charges




                                                                                                            -51.291
               -55.791




                                                                                                                            Discontinued

Discontinued                                                                                                                   operations
                                                                                                              -211
operations
                -1.725
               -57,516      +5,630          -3,207(1)        +7,138(2) -1,543          (3)   -2,004   (4)   -51,502


                (1)   Includes Viesgo and Endesa Europa Investments for 613 mn €.
                (2)   Includes net debt deconsolidation for 1.689 mn €.
                (3)   Current net interest charges
                (4)   Includes 210 mn € of dividends to minorities                                                        16
Enel SpA
                    1H2008 results                                                      Investor Relations



  Focus on renewables1


Capacity (MW)                                                            Production (GWh)

              +15.72%                    Other        Wind
                                         Geothermal                                  +14.79%
                                                      Mini-hydro
                           3,269                                                               6,999
      2,825                                                                  6,097               157
                              51
                             678                                              151
        49                                                                                      2.681
       678                                                                   2.628
                            1002
                                                                                                1.037
       622                            EBITDA evolution (€mn)                  671


      1476                  1538                                             2.647              3.124


                                                  +1.15%
     1H07                  1H08                                              1H07               1H08


                                                       +39         441
                                               -34
                                      436




                                      1H07    Italy   Interna-   1H08
                                                       tional
1. Excluding large hydro and Endesa                                                       17
Enel SpA
                            Investor Relations



Agenda



   • Opening remarks

   • 2008 Interim Results

   • Questions & Answers

   • Annexes




                              18
Enel SpA
                            Investor Relations



Agenda



   • Opening remarks

   • 2008 Interim Results

   • Questions & Answers

   • Annexes




                              19
Enel SpA
                    Operational annexes                                                                             Investor Relations



    Operational data



          North America
            0.6 GW
            1.0 TWh                                                                          Russia
                                                                                           8.2 GW
                                                                                           2.8 TWh
                                                                                           8.7 TWh
                            Central America
                              0.5 GW
                              1.2 TWh
    Colombia
      1.9 GW
      4.0 TWh                         Brazil                           France              Slovakia
      2.4 TWh                         0.8 GW                         0.5TWh               5.6 GW
                                      1.3 TWh                                                              Romania
                                                                                          11.6 TWh
                Peru                  4.7 TWh
                                                                                                           2.8TWh
              1.1 GW
                                                        Iberia1
              2.9 TWh                                  18.7 GW
              1.7 TWh                                  31.1 TWh                                                  Bulgaria
                                                       39.4 TWh                                                 0.6 GW
                                 Argentina                                                                      2.0 TWh
                Chile                                                           Italy
                                    3.0 GW
              3.6 GW                5.3 TWh                                    40.3 GW
              6.8 TWh               4.5 TWh                                    46.4 TWh                Greece
              2.2 TWh                                                          68.9 TWh               0.1 GW
                                                                                                      0.1 TWh
Inst. Cap. (GW)
Net. prod. (TWh)                             Total installed capacity: 85 GW
Tot Sales to final customers (TWh)
                                            Total net production: 116.5 TWh
                                                                                                                      20
    1. Including Marocco capacity of 0.1GW and Marocco production of 0.3 TWh
Enel SpA
          Operational annexes                              Investor Relations


Operational Data – Generation Mix
Italy


                                         46,438 (TWh)
                                             2929
                      40,300 (MW)
                          1005
                          4948               14,758




                          13,982             3,519


                                             12,513

                          14,419


                                             12,719
                          5,946



                    Capacity (MW)       Production (GWh)




Other renewables   Coal     Oil & gas
Hydro              CCGT



                                                             21
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                 Operational annexes                                                                Investor Relations



 Operational Data – Generation Mix
 Iberia & Latam

       Iberia - Endesa                                                                    19,872
                                      29,3502                Latam - Endesa
                                       1,025                                                898       9

                                       8,933                                               3,858
         16,0391                                                 10,223
                                       2,636                       12
          987                          3,009                      360                     10,452
         3,892                                                    1,447
         2,633                         9,472                     5,788
         3,724
         2,441                                                                             4,656
         2,362                         4,275                     2,616

    Capacity (MW)                Production (GWh)              Capacity (MW)           Production (GWh)


     Iberia - Enel                                          Latam - Enel
        2,611                                                                             1,622
                                                                                           40
          348


          794
                                     1,710
                                        364
                                                                 664
                                                                                          1,582
          697                                                     24
                                        707

                                                                 640
          772                           497
                                        142

    Capacity (MW)              Production (GWh)               Capacity (MW)          Production (GWh)

                                                    Other renewables       Coal         Oil & gas
1. Including Marocco capacity of 82 MW                                                                22
2. Including Marocco production of 288 GWh          Hydro                  Nuclear      CCGT
Enel SpA
         Operational annexes                                                         Investor Relations


Operational Data – Generation Mix
Centrel – South Eastern Europe

     Slovakia            11,641                      Greece
                          1,510
                                                      105                       106

                          2,311

       5,635
                                                       98                       105
       1,254
                          7,820
       2,329

       2,052
                                                           7                     1
   Capacity (MW)     Production (GWh)              Capacity (MW)         Production (GWh)


   Bulgaria
                         1,974




                         1,974
       592


       592


   Capacity (MW)    Production (GWh)

                                        Other renewables       Coal      Oil & gas
                                                                                       23
                                        Hydro                  Nuclear   CCGT
Enel SpA
               Operational annexes                                                      Investor Relations



Operational Data – Generation Mix
Russia – North America – France

 Russia                                               North America                1,031
          8,220

          3,606                                                                     445
                                                            573

                                2,783                       259

                                                                                    586
          4,614                 1,560
                                                            314
                                1,223

   Capacity (MW)           Production (GWh)              Capacity (MW)      Production (GWh)


 France

           8




                                 3




   Capacity (MW)          Production (GWh)

                                              Other renewables    Coal      Oil & gas
                                                                                           24
                                              Hydro               Nuclear   CCGT
Enel SpA
             Operational annexes                                     Investor Relations



  Operational Data – Electricity and gas distribution


                             Electricity (TWh)           Gas (bcm)
                                        2.1%              17.2%


Volumes Distributed:         32.3%
Breakdown by country                             65.6%                  82.8%




                             Electricity (TWh)           Gas (bcm)

                                    2.1% 6.4%
                                  0.4%
Sales                                                    27.4%
Breakdown by country
                             40.4%               50.7%
                                                                       72.6%




   Russia              Iberia&Latam
   Italy               SEE            Centrel                          25
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                      Operational annexes                                                           Investor Relations



     Italian market overview: electricity1 and gas consumption2


           Electricity consumption (TWh)                           Gas consumption (bcm)


                                  -0.0%

                                                                                  +7.8%
                    168.7                      168.6

                      25.3                       20.5
                                                                                            45.8
                                                                          42.5        1
                                                                   1
                                                                                             17.1
                                                105.4                     16.2
                      101.2

                                                                                             10.4
                                                                          10.3


                        46                       46.4                      15                17.3

                       -3.8                      -3.7

                     1H07                      1H08                      1H07               1H08

               Import                                                  Other
               Net production: other                                   Thermoelectric
               Net production: Enel                                    Industrial
               Pumped storage consumption                              Residential & commercial
1. Source: Terna electricity statistical data
                                                                                                      26
2. Source: Ministry of Economic development and Enel’s estimates
Enel SpA
                       Operational annexes                                                                 Investor Relations



     Italian market overview: electricity sales1


           Regulated market (TWh)                                   Free market2 (TWh)        Enel’s free customers3 (thousand)


                                                                              +11.5%
                        -18.3%                                                                                    1,858.0

                                                                     96.6 +40.2% 107.7
                                                                                       25.8
               61.3                                                   18.4
                        -28.6%
                                     50.1                                     +4.7%
                                                                                                     668.0

               51.5                                                   78.2             81.9
                                     43.1
                        -16.3%
                9.8                    7
                                                                    1H07               1H08          1H07          1H08
             1H07                   1H08
   Enel
   Other                                         Total sales (TWh)
                                               157.9                    157.8




                                               1H07                       1H08
1. Excluding losses on the grid. Other operators’ data are Enel’s estimates
2. Including self-consumption and sales to protected customers                                               27
3. Including dual energy customers
Enel SpA
            Operational annexes                                 Investor Relations



Enel’s gas sales



     Volumes sold (bcm)           Customers (thousand)


                +87.5%                        +29.5%


                                                       3,084
                         4.5
                                      2,381              498
                          1.2

          2.4

                                       2381              2586
                          3.3
          2.4



         1H07            1H08         1H07             1H08




Italy
International


                                                                  28
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                      Operational annexes                                                          Investor Relations



     1H2008 Group installed capacity: breakdown by source and location

      MW                 Hydro             RES         Nuclear     Coal     CCGT    Oil & gas    TOTAL
                                        - other                                     ST/OCGT

      Italy            14,419            1,005              -     4,948    5,946     13,982     40,300


     Iberia              4,422           1,334          2,441     4,686    3,1342      2,633    18,650


    Centrel              2,329                   -      2,052     1,254         -          -     5,635


       SEE                      7          1061             -       592         -          -       705


   Americas              6,742              295             -       360    2,616       1,447    11,460


     Russia                      -               -          -     3,606         -      4,614     8,220


    TOTAL             27,919            2,740          4,493     15,446   11,696    22,676      84,970
1. Including 8 MW other renewable capacity in France
2. Including 82 MW of Marocco installed capacity                                                     29
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                     Operational annexes                                                    Investor Relations



     1H2008 Group net production: breakdown by source and location

      TWh                Hydro             RES        Nuclear   Coal   CCGT   Oil & gas   TOTAL
                                        - other                               ST/OCGT

      Italy                12.5                 2.9        -    14.8   12.7        3.5     46.4


     Iberia                  3.5                1.4      9.5     9.6   4.41        2.6     31.0


    Centrel                  2.3                  -      7.8     1.5      -          -     11.6


       SEE                      -               0.1        -     2.0      -          -      2.1


   Americas                12.6                 0.5        -     0.9    4.7        3.9     22.6


     Russia                     -                 -        -     1.6      -        1.2      2.8


    TOTAL                 30.9              4.9         17.3    30.4   21.8      11.2     116.5
1. Including 0.3TWh of Marocco net production
                                                                                              30
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              Operational annexes                                                        Investor Relations



  Production mix
                                                                       +0,9%


                                                             46.0 (TWh)          46.4 (TWh)

                                                               15.0%              7.6%
Group production mix                                                             27.4%
                                                               24.2%

                                            Domestic                             31.8%
            +82.6%                           Domestic          30.6%
                                                               6.2%               6.3%
 63.8 (TWh)          116.5 (TWh)
                                                               24.0%             26.9%
    10.8%              9.7%
    17.4%             18.7%                                    1H07               1H08

    30.0%             26.0%                                            +293.8%

    11.8%             14.8%
     5.4%              4.2%                                  17.8 (TWh)          70.1 (TWh)
    24.6%             26.6%
                                                                                 11.0%
                                                              28.6%              13.0%
    1H07                 1H08
                                                                                 22.2%
                                            International
                                             International     42.3%
                                                                                 24.7%
                                                                3.3%             2.8%
Other renewables     Coal       Oil & gas
Hydro                Nuclear    CCGT                           25.8%             26.3%

                                                              1H07                1H08
                                                                                              31
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CO2 emissions vs. allowances


              Domestic generation CO2 emissions (mton)


                                                   Allowances
                                                   Deficit



                  1H
                                21,1    1,2 22,2
                 2007




                  1H
                         -1,0   22,2        21,3
                 2008




                                                                  32
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                       Operational annexes                                                                 Investor Relations



     Enel’s electricity and gas distribution

   Volumes distributed in Italy1 (TWh)                                       Volumes distributed abroad (TWh)

                        -0.1%                                                            +985.5%


                                    128.5                                                          67.3
           128.6



                                                                                  6.2


            1H07                     1H08                                         1H07             1H08

   Volumes distributed (bcm)                                                 End users (thousand)

                                                                                         +11.2%


                       +38.9%                                                    2,040             2,268


             1.8                       2.5
                                       0.4

              1.8                      2.1
                                                             Italy
                                                             International
            1H07                     1H08                                         1H07             1H08
1. 2007 figures updated. Net of energy dispatched in previous years                                          33
Enel SpA
       Financial annexes                       Investor Relations



EBIT by business area (€mn)

                              +68.6%


                                       5,285
             S&H
             Iberia&Latam
                                        22
             Mkt
             Intl                      1637
             I&N
                      3,134             149
             GEM
                                        355
                       127
                       246

                                       1,539
                      1,362




                      1,441            1,583

                        -23
              -19
                      1H07              1H08




                                                 34
Enel SpA
                       Financial annexes                        Investor Relations



     Balance sheet




               €mn                          20071    1H08       %

               Net financial debt          55,791   51,291   -8.07

               Shareholders’ equity        23,789   25,089   5.46

               Net capital employed        79,580   76,380   -4.02




1. Figures as of 31.12.2007                                       35
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                    Financial annexes                                                                       Investor Relations



     Financial Debt evolution


Millions of Euro                                               12.31.2005   12.31.2006    12.31.2007    06.30.2008

-   Bank Loans - maturities > 12 months                             2,782         3,677       28,343        28,478
-   Bonds - maturities > 12 months                                  8,043         8,375       22,365        20,416
-   Other loans - maturities > 12 months                              142           142        1,447         1,568
-   Financial receivables - maturities > 12 months                    -63        -1,090       -1,339        -1,270

T otal net long term financial debt - maturities > 12 months       10,904       11,104        50,816       49,192

-   Bank Loans - maturities < 12 months                               399          233            461          497
-   Bonds - maturities < 12 months                                    487           59          2,033        3,650
-   Other loans - maturities < 12 months                               49           31            235          212
-   Financial receivables - maturities < 12 months                     -3          -30         -1,402         -936
T otal net long term financial debt - maturities < 12 months
                                                                      932          293         1,327        3,423

- Other short term bank debt                                          970          542         1,280           867
- Commercial Paper                                                    275          531         3,893         5,261
- Other short term financial debt                                     116           13           112           322
Short term debt                                                     1,361        1,086         5,285        6,450

- Factoring receivables                                              -374         -211          -205          -253
- Other short term financial receivables                               -3          -10           -97          -159
- Cash at banks and marketable securities                            -508         -572         -1,335       -7,362
T otal net short term debt (including current maturities)           1,408          586         4,975        2,099

NET FINANCIAL DEBT                                                 12,312       11,690        55,791       51,291

Net Equity                                                         19,416       19,025        23,789       25,089
Debt/Equity Ratio                                                   0.63         0.61          2.35         2.04
Average cost of debt                                                4.3%         4.6%          5.1%          5.3%

                                                                                                              36
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   Debt evolution

                 Average cost of debt                                             Average residual maturity
6.2%5.9%
           5.5%                                                                                               7:7   7:7
               5.2%                         5.3%
                   4.7%            4.6% 5.1%                                                            6:4               5:10
                       4.4%4.4%4.3%                                5:4
                                                                                                  5:2                            5:3
                                                                         4:1          4:9   4:4
                                                                               3:11




1998 1999 2000 2001 2002 2003 2004 2005 2006 2007            IH    1998 1999 2000 2001 2002 2003 2004 2005 2006 2007              IH
                                                            2008                                                                 2008

             Net financial debt (€bn)                                             Fixed + Hedged/Total debt
                                                     55.8
                                                            51.3
                                                                                                              81% 80%

                                                                         61%                      60%
                                                                   53%         54%                      53%                      50%
                             24.2 24.5                                                42% 44%                             47%
                 21.9 24.5
 12.712.1 13.4                           12.3 11.7



1998 1999 2000 2001 2002 2003 2004 2005 2006 2007            IH    1998 1999 2000 2001 2002 2003 2004 2005 2006 2007              IH
                                                            2008                                                                 2008




                                                                                                                 37
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                        Financial annexes                                            Investor Relations



     Debt structure


            • Average debt maturity: 5 years and 3 months

            • Average cost of debt: 5.3%3

            • (Fixed+hedged)/Total long-term debt: 47%

            • (Fixed+hedged)/Total net debt: 50%

            • Rating:             S&P’s = A-/A-2 Outlook negative; Moody’s = A2/P-1 Outlook
                                  negative
               €mn                                      2007    IH2008                %

                           Long-term                   50,816   49,192      -3.2%

                           Short-term1                  8,014   10,809     34.9%

                           Cash2                       -3,039   -8,710    186.6%

                           Net debt                    55,791   51,291      -8.1%

1. Including current maturities of long-term debt
2. Including factoring and other current receivables
3. Including Endesa cost of debt equal to 6.2%
                                                                                       38
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 Long-term debt maturity profile as of June 30, 2008




                                                               8,081


Floating rate
Fixed rate



                                     14,351
                                                      10,684   12,061

                1,127

                3,232       981               1,106
                            140       356     1,404   1,118

         <12months        2° half    2010     2011    2012     After
                           2009                                2012




                                                                          39
Enel SpA
                   Financial annexes                                                                            Investor Relations



    Financial debt as of June 30, 2008



                                                               Enel
                                             Enel Finance                               Enel         Enel
                   Enel SpA       Endesa                   Investment   Slovenske                               Other       Total
                                             International                           Produzione Distribuzione
                                                           Holding BV



Bond                 14,726         6,075          2,324         572         194           -             -         175       24,066

Bank Loans           13,583         3,909          7,711         -           110         1,020         1,783       859       28,975

Preferred shares        -             970            -           -           -             -             -              -       970

Other Loans                 (3)    (1,411)           -           -               9         -             -              9    (1,396)

Commercial Paper        -           1,666          3,595         -           -             -             -              -     5,261

Other                   512        (5,138)           (13)        (53)        (68)          (62)         (227)    (1,535)     (6,585)


Total               28,818         6,070         13,618         518          244          958         1,556      (492)      51,291




                                                                                                                  40
Enel SpA
                     Financial annexes                        Investor Relations



  Domestic Market




          €mn                             1H07     1H08       %


           Revenues                      10,620   11,139     4.9

           EBITDA                          115      291    153.0

           EBIT                            (23)     149        -



           Capex                            17       22     29.4

           Headcount                     4,7721    4,585    -3.9




1. As of December 31, 2007                                         41
Enel SpA
                     Financial annexes                       Investor Relations



  Domestic Generation & Energy Management




          €mn                             1H07     1H08      %


           Revenues                      7,710    10,865   40.9

           EBITDA                        1,905     2,021    6.1

           EBIT                          1,441     1,583    9.9



           Capex                           489      527     7.8

           Headcount                     8,4321    8,206   -2.7




1. As of December 31, 2007                                        42
Enel SpA
                     Financial annexes                              Investor Relations



  Domestic Infrastructure & Network


      €mn                                  1H07     1H08       %

      Revenues                            2,741     3,302   20.5
      Power                                2,572    3,148   22.4
      Gas                                    169      154    -8.9

      EBITDA                              1,782     2,008   12.7
      Power                                1,683    1,926   14.4
      Gas                                     99       82   -17.7

      EBIT                                1,362     1,539     13
      Power                                1,308    1,504     15
      Gas                                     54       35   -35.2



      Capex                                 665      672    -1.1

      Headcount                          22,7101   22,048   -2.9

1. As of December 31, 2007                                            43
Enel SpA
                       Financial annexes                        Investor Relations



     Iberia & Latam




             €mn                             1H07     1H08      %


              Revenues                        614     8,361      -

              EBITDA                          185     2,436      -

              EBIT                            127     1,637      -



              Capex                           170      949       -

              Headcount                    20,2261   18,254   -9.7




1. Figure as of December 31, 2007                                    44
Enel SpA
                       Financial annexes                         Investor Relations



     International activities




             €mn                             1H07     1H08       %


              Revenues                      1,442     2,020    40.1

              EBITDA                          444      580     30.6

              EBIT                            246      355     44.3



              Capex                           143      390    172.7

              Headcount                    11,5281   17,446    51.3




1. Figure as of December 31, 2007                                     45
Enel SpA
                    Financial annexes                                                                      Investor Relations



   Services & Holding



      €mn                                                1H07                       1H08              %

       Revenues                                        1,376                      1,431              3.9
       Holding                                             449                        337          -24.9
       Services & other                                    546                        554            1.5

       Engineering & Innovation                            381                        540           41.7

       EBITDA1                                               31                         69         122.6
       Holding                                            (65)                       (21)              -
       Services & other                                      62                         81         30.65

       Engineering & Innovation                                4                          5           25

       EBIT                                                -19                          22          200
       Holding                                            (73)                       (24)              -
       Services & other                                      56                         38         -85.7

       Engineering & Innovation                                3                          4           33

1. Excluding intercompany adjustments equal to +4€mn in 1H2008 and -5€mn in 1H2007, respectively             46
Enel SpA
                       Financial annexes                            Investor Relations



     Services & Holding - Continued



         €mn                                1H07    1H08       %

         Capex                                36      33    -8.31
         Holding                              11        5   -54.5
         Services & other                     25       28    12.0

         Headcount                         5,8321   6,173   +5.8
         Holding                             728      714    -1.9
         Services & other                   5,104   5,459     7.0

         Engeneering & Innovation            881      952    8.06




1. Figure as of December 31, 2007                                     47
Enel SpA
                 Financial annexes                                     Investor Relations



 Capex by business area (€mn)

                                       +70.6%


                                                2,593        -8.3%
S&H                                              33     22
Market                                                       +29.4%
Iberia & Latam
International
I&N                                              949         +458.2%
G&EM
                               1,520

                        17     36
                               170               390         +172.7%
                               143

                                                 672         +1,0%
                               665



                               489               527         +7.8%



                               2006             2007



                                                                         48
Enel SpA
                                                                               Investor Relations



Disclaimer


THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE DURING THE CONFERENCE
CALL OF ENEL 1H2008 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 MEETINGS.

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 CONFERENCE
CALL 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.



                                                                                 49
Enel SpA
                                                               Investor Relations



Contact us



       Investor Relations Team (investor.relations@enel.it)

     • Luca Torchia   (Head of IR)                   +39 06 83053437

     • Pedro Cañamero                                +39 06 83055292
     • Elisabetta Ghezzi                             +39 06 83052708
     • Donatella Izzo                                +39 06 83057449
     • Federica Todaro
                                                     +39 06 83059502
     • Angela Tretola
                                                     +39 06 83052062


                             Visit our website at:

                      www.enel.it (Investor Relations)


                                                                 50

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2008 Interim Results

  • 1. Enel SpA Investor Relations 2008 Interim Results August 1st, 2008
  • 2. Enel SpA Investor Relations Agenda • 2008 Interim Results L. Ferraris • Questions & Answers • Annexes 1
  • 3. Enel SpA 1H2008 results Investor Relations Financial highlights: consolidated €mn 1H07 1H08 % Revenues 18,857 29,316 55.5 EBITDA 4,462 7,405 66.0 EBIT 3,134 5,285 68.6 Group net income 1,982 2,851 43.8 Net debt 55,7911,2 51,2912 -8.1 1. Figures as of 12.31.2007 2 2. Not including net debt of discontinued activities
  • 4. Enel SpA 1H2008 results Investor Relations From EBIT to net income €mn 1H07 1H08 % EBIT 3,134 5,285 68.6 Net financial charges (87) 1,446 Interest charges 358 1,543 - Fair value of Acciona put option - (113) - Other (445) 16 - Net income from equity investments using equity method 1 27 - EBT 3,222 3,866 20 Income tax 1,174 819 (30.2) Net income (continuing operations) 2,048 3,047 48.8 Net income (discountinued operations) 226 - Net income (including third parties) 2,048 3,273 59.8 Minorities (66) (422) - Group net income 1,982 2,851 43.8 EPS (€) 0.32 0.46 43.8 3
  • 5. Enel SpA 1H2008 results Investor Relations Group EBITDA evolution (€mn) +2,943 +2,251 +136 +38 7,405 69 580 2,436 +226 +176 4,462 +116 31 444 291 185 115 S&H International 2,008 1,782 Ib&Latam Market I&N G&EM 1,905 2,021 1H07 G&EM I&N Market Ib&Latam Intern. S&H1 1H08 1. Including the Engineering and Innovation division and intercompany adjustments 4
  • 6. Enel SpA 1H2008 results Investor Relations Group EBITDA by business area(€mn) 4,462 €mn 7,405 €mn 42% 41% 58% 59% 1H07 1H08 WELL BALANCED PORTFOLIO OF ACTIVITIES Generation & sales Networks 5
  • 7. Enel SpA 1H2008 results Investor Relations Forward electricity sales: focus on Italy Level of total production hedged (%) ~100 % 100 % 100 % 20% 60% ~80% ~40% Non Hedged Hedged 2008 2009 2010 Latest sale campaign at a baseload price of 106.5 €/MWh 6
  • 8. Enel SpA 1H2008 results Investor Relations EBITDA evolution: domestic G&EM division (€mn) +116 +165 -46 +37 -40 2,021 1,905 1H07 Generation Trading Fair value Other 1H08 margin margin 7
  • 9. Enel SpA 1H2008 results Investor Relations Domestic G&EM division: fuel cost evolution +24% 55.1 44.5 Average fuel cost (€/MWh) 1H07 1H08 +29% +19% +51% 360.7 29.7 95.0 279.3 25.0 63.1 1H07 1H08 1H07 1H08 1H07 1H08 Oil (€/ton) Gas (c€/mc)1 Coal (€/ton)1 1. Fuel costs do not include the impact of hedging contracts; gas cost does not include Nigerian gas stranded costs 8
  • 10. Enel SpA 1H2008 results Investor Relations EBITDA evolution: domestic market division (€mn) +176 +96 291 +80 115 1H07 Regulated Free 1H08 market market 9
  • 11. Enel SpA 1H2008 results Investor Relations EBITDA evolution: domestic I&N division (€mn) +226 +114 -17 2,008 +129 1,782 1.911 2.008 1.782 Non recurring 1H07 items Gas 1H08 Electricity 10
  • 12. Enel SpA 1H2008 results Investor Relations EBITDA evolution: international division (€mn) +136 580 +5 +6 +41 +3 7 +81 27 444 28 4 95 22 90 423 342 Centrel SEE North America Russia France & Belgium -14 1H07 Centrel SEE North France Russia 1H08 America & Belgium 11
  • 13. Enel SpA 1H2008 results Investor Relations Focus on Russia Unit price 1 (€/MWh) +18.7% 15.9 13.4 1H07 1H08 Coal spark spread (€/MWh) Gas spark spread (€/MWh) +89.5% +45.4% 7.2 3.8 3.2 2.2 1H07 1H08 1H07 1H08 1. Unit price excluding capacity payment 12
  • 14. Enel SpA 1H2008 results Investor Relations EBITDA evolution: Iberia & Latam division (€mn) +2,251 +2,366 +8 -143 (1) +20 2,436 185 1H07 Endesa Eufer Viesgo Enel 1H08 Latam 1. Including 109 €mn of capital loss for Viesgo Group disposal 13
  • 15. Enel SpA 1H2008 results Investor Relations EBITDA evolution: focus on Endesa1 +263 118 3,487 154 3,224 1H07 Iberia Latam 1H08 1. 100% Endesa Results under Spanish GAAP method. 14
  • 16. Enel SpA 1H2008 results Investor Relations EBITDA evolution: services & holding1 (€mn) +37 +6 64 +31 27 1H07 Import Other 1H08 1. Including intercompany adjustments 15
  • 17. Enel SpA 1H2008 results Investor Relations Net debt evolution (€mn) +6,014 December Cash-flow Capex Extra- Net Dividends June 31, 2007 from ordinary financial 30, 2008 operations activities charges -51.291 -55.791 Discontinued Discontinued operations -211 operations -1.725 -57,516 +5,630 -3,207(1) +7,138(2) -1,543 (3) -2,004 (4) -51,502 (1) Includes Viesgo and Endesa Europa Investments for 613 mn €. (2) Includes net debt deconsolidation for 1.689 mn €. (3) Current net interest charges (4) Includes 210 mn € of dividends to minorities 16
  • 18. Enel SpA 1H2008 results Investor Relations Focus on renewables1 Capacity (MW) Production (GWh) +15.72% Other Wind Geothermal +14.79% Mini-hydro 3,269 6,999 2,825 6,097 157 51 678 151 49 2.681 678 2.628 1002 1.037 622 EBITDA evolution (€mn) 671 1476 1538 2.647 3.124 +1.15% 1H07 1H08 1H07 1H08 +39 441 -34 436 1H07 Italy Interna- 1H08 tional 1. Excluding large hydro and Endesa 17
  • 19. Enel SpA Investor Relations Agenda • Opening remarks • 2008 Interim Results • Questions & Answers • Annexes 18
  • 20. Enel SpA Investor Relations Agenda • Opening remarks • 2008 Interim Results • Questions & Answers • Annexes 19
  • 21. Enel SpA Operational annexes Investor Relations Operational data North America 0.6 GW 1.0 TWh Russia 8.2 GW 2.8 TWh 8.7 TWh Central America 0.5 GW 1.2 TWh Colombia 1.9 GW 4.0 TWh Brazil France Slovakia 2.4 TWh 0.8 GW 0.5TWh 5.6 GW 1.3 TWh Romania 11.6 TWh Peru 4.7 TWh 2.8TWh 1.1 GW Iberia1 2.9 TWh 18.7 GW 1.7 TWh 31.1 TWh Bulgaria 39.4 TWh 0.6 GW Argentina 2.0 TWh Chile Italy 3.0 GW 3.6 GW 5.3 TWh 40.3 GW 6.8 TWh 4.5 TWh 46.4 TWh Greece 2.2 TWh 68.9 TWh 0.1 GW 0.1 TWh Inst. Cap. (GW) Net. prod. (TWh) Total installed capacity: 85 GW Tot Sales to final customers (TWh) Total net production: 116.5 TWh 20 1. Including Marocco capacity of 0.1GW and Marocco production of 0.3 TWh
  • 22. Enel SpA Operational annexes Investor Relations Operational Data – Generation Mix Italy 46,438 (TWh) 2929 40,300 (MW) 1005 4948 14,758 13,982 3,519 12,513 14,419 12,719 5,946 Capacity (MW) Production (GWh) Other renewables Coal Oil & gas Hydro CCGT 21
  • 23. Enel SpA Operational annexes Investor Relations Operational Data – Generation Mix Iberia & Latam Iberia - Endesa 19,872 29,3502 Latam - Endesa 1,025 898 9 8,933 3,858 16,0391 10,223 2,636 12 987 3,009 360 10,452 3,892 1,447 2,633 9,472 5,788 3,724 2,441 4,656 2,362 4,275 2,616 Capacity (MW) Production (GWh) Capacity (MW) Production (GWh) Iberia - Enel Latam - Enel 2,611 1,622 40 348 794 1,710 364 664 1,582 697 24 707 640 772 497 142 Capacity (MW) Production (GWh) Capacity (MW) Production (GWh) Other renewables Coal Oil & gas 1. Including Marocco capacity of 82 MW 22 2. Including Marocco production of 288 GWh Hydro Nuclear CCGT
  • 24. Enel SpA Operational annexes Investor Relations Operational Data – Generation Mix Centrel – South Eastern Europe Slovakia 11,641 Greece 1,510 105 106 2,311 5,635 98 105 1,254 7,820 2,329 2,052 7 1 Capacity (MW) Production (GWh) Capacity (MW) Production (GWh) Bulgaria 1,974 1,974 592 592 Capacity (MW) Production (GWh) Other renewables Coal Oil & gas 23 Hydro Nuclear CCGT
  • 25. Enel SpA Operational annexes Investor Relations Operational Data – Generation Mix Russia – North America – France Russia North America 1,031 8,220 3,606 445 573 2,783 259 586 4,614 1,560 314 1,223 Capacity (MW) Production (GWh) Capacity (MW) Production (GWh) France 8 3 Capacity (MW) Production (GWh) Other renewables Coal Oil & gas 24 Hydro Nuclear CCGT
  • 26. Enel SpA Operational annexes Investor Relations Operational Data – Electricity and gas distribution Electricity (TWh) Gas (bcm) 2.1% 17.2% Volumes Distributed: 32.3% Breakdown by country 65.6% 82.8% Electricity (TWh) Gas (bcm) 2.1% 6.4% 0.4% Sales 27.4% Breakdown by country 40.4% 50.7% 72.6% Russia Iberia&Latam Italy SEE Centrel 25
  • 27. Enel SpA Operational annexes Investor Relations Italian market overview: electricity1 and gas consumption2 Electricity consumption (TWh) Gas consumption (bcm) -0.0% +7.8% 168.7 168.6 25.3 20.5 45.8 42.5 1 1 17.1 105.4 16.2 101.2 10.4 10.3 46 46.4 15 17.3 -3.8 -3.7 1H07 1H08 1H07 1H08 Import Other Net production: other Thermoelectric Net production: Enel Industrial Pumped storage consumption Residential & commercial 1. Source: Terna electricity statistical data 26 2. Source: Ministry of Economic development and Enel’s estimates
  • 28. Enel SpA Operational annexes Investor Relations Italian market overview: electricity sales1 Regulated market (TWh) Free market2 (TWh) Enel’s free customers3 (thousand) +11.5% -18.3% 1,858.0 96.6 +40.2% 107.7 25.8 61.3 18.4 -28.6% 50.1 +4.7% 668.0 51.5 78.2 81.9 43.1 -16.3% 9.8 7 1H07 1H08 1H07 1H08 1H07 1H08 Enel Other Total sales (TWh) 157.9 157.8 1H07 1H08 1. Excluding losses on the grid. Other operators’ data are Enel’s estimates 2. Including self-consumption and sales to protected customers 27 3. Including dual energy customers
  • 29. Enel SpA Operational annexes Investor Relations Enel’s gas sales Volumes sold (bcm) Customers (thousand) +87.5% +29.5% 3,084 4.5 2,381 498 1.2 2.4 2381 2586 3.3 2.4 1H07 1H08 1H07 1H08 Italy International 28
  • 30. Enel SpA Operational annexes Investor Relations 1H2008 Group installed capacity: breakdown by source and location MW Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 14,419 1,005 - 4,948 5,946 13,982 40,300 Iberia 4,422 1,334 2,441 4,686 3,1342 2,633 18,650 Centrel 2,329 - 2,052 1,254 - - 5,635 SEE 7 1061 - 592 - - 705 Americas 6,742 295 - 360 2,616 1,447 11,460 Russia - - - 3,606 - 4,614 8,220 TOTAL 27,919 2,740 4,493 15,446 11,696 22,676 84,970 1. Including 8 MW other renewable capacity in France 2. Including 82 MW of Marocco installed capacity 29
  • 31. Enel SpA Operational annexes Investor Relations 1H2008 Group net production: breakdown by source and location TWh Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 12.5 2.9 - 14.8 12.7 3.5 46.4 Iberia 3.5 1.4 9.5 9.6 4.41 2.6 31.0 Centrel 2.3 - 7.8 1.5 - - 11.6 SEE - 0.1 - 2.0 - - 2.1 Americas 12.6 0.5 - 0.9 4.7 3.9 22.6 Russia - - - 1.6 - 1.2 2.8 TOTAL 30.9 4.9 17.3 30.4 21.8 11.2 116.5 1. Including 0.3TWh of Marocco net production 30
  • 32. Enel SpA Operational annexes Investor Relations Production mix +0,9% 46.0 (TWh) 46.4 (TWh) 15.0% 7.6% Group production mix 27.4% 24.2% Domestic 31.8% +82.6% Domestic 30.6% 6.2% 6.3% 63.8 (TWh) 116.5 (TWh) 24.0% 26.9% 10.8% 9.7% 17.4% 18.7% 1H07 1H08 30.0% 26.0% +293.8% 11.8% 14.8% 5.4% 4.2% 17.8 (TWh) 70.1 (TWh) 24.6% 26.6% 11.0% 28.6% 13.0% 1H07 1H08 22.2% International International 42.3% 24.7% 3.3% 2.8% Other renewables Coal Oil & gas Hydro Nuclear CCGT 25.8% 26.3% 1H07 1H08 31
  • 33. Enel SpA Operational annexes Investor Relations CO2 emissions vs. allowances Domestic generation CO2 emissions (mton) Allowances Deficit 1H 21,1 1,2 22,2 2007 1H -1,0 22,2 21,3 2008 32
  • 34. Enel SpA Operational annexes Investor Relations Enel’s electricity and gas distribution Volumes distributed in Italy1 (TWh) Volumes distributed abroad (TWh) -0.1% +985.5% 128.5 67.3 128.6 6.2 1H07 1H08 1H07 1H08 Volumes distributed (bcm) End users (thousand) +11.2% +38.9% 2,040 2,268 1.8 2.5 0.4 1.8 2.1 Italy International 1H07 1H08 1H07 1H08 1. 2007 figures updated. Net of energy dispatched in previous years 33
  • 35. Enel SpA Financial annexes Investor Relations EBIT by business area (€mn) +68.6% 5,285 S&H Iberia&Latam 22 Mkt Intl 1637 I&N 3,134 149 GEM 355 127 246 1,539 1,362 1,441 1,583 -23 -19 1H07 1H08 34
  • 36. Enel SpA Financial annexes Investor Relations Balance sheet €mn 20071 1H08 % Net financial debt 55,791 51,291 -8.07 Shareholders’ equity 23,789 25,089 5.46 Net capital employed 79,580 76,380 -4.02 1. Figures as of 31.12.2007 35
  • 37. Enel SpA Financial annexes Investor Relations Financial Debt evolution Millions of Euro 12.31.2005 12.31.2006 12.31.2007 06.30.2008 - Bank Loans - maturities > 12 months 2,782 3,677 28,343 28,478 - Bonds - maturities > 12 months 8,043 8,375 22,365 20,416 - Other loans - maturities > 12 months 142 142 1,447 1,568 - Financial receivables - maturities > 12 months -63 -1,090 -1,339 -1,270 T otal net long term financial debt - maturities > 12 months 10,904 11,104 50,816 49,192 - Bank Loans - maturities < 12 months 399 233 461 497 - Bonds - maturities < 12 months 487 59 2,033 3,650 - Other loans - maturities < 12 months 49 31 235 212 - Financial receivables - maturities < 12 months -3 -30 -1,402 -936 T otal net long term financial debt - maturities < 12 months 932 293 1,327 3,423 - Other short term bank debt 970 542 1,280 867 - Commercial Paper 275 531 3,893 5,261 - Other short term financial debt 116 13 112 322 Short term debt 1,361 1,086 5,285 6,450 - Factoring receivables -374 -211 -205 -253 - Other short term financial receivables -3 -10 -97 -159 - Cash at banks and marketable securities -508 -572 -1,335 -7,362 T otal net short term debt (including current maturities) 1,408 586 4,975 2,099 NET FINANCIAL DEBT 12,312 11,690 55,791 51,291 Net Equity 19,416 19,025 23,789 25,089 Debt/Equity Ratio 0.63 0.61 2.35 2.04 Average cost of debt 4.3% 4.6% 5.1% 5.3% 36
  • 38. Enel SpA Financial annexes Investor Relations Debt evolution Average cost of debt Average residual maturity 6.2%5.9% 5.5% 7:7 7:7 5.2% 5.3% 4.7% 4.6% 5.1% 6:4 5:10 4.4%4.4%4.3% 5:4 5:2 5:3 4:1 4:9 4:4 3:11 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 IH 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 IH 2008 2008 Net financial debt (€bn) Fixed + Hedged/Total debt 55.8 51.3 81% 80% 61% 60% 53% 54% 53% 50% 24.2 24.5 42% 44% 47% 21.9 24.5 12.712.1 13.4 12.3 11.7 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 IH 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 IH 2008 2008 37
  • 39. Enel SpA Financial annexes Investor Relations Debt structure • Average debt maturity: 5 years and 3 months • Average cost of debt: 5.3%3 • (Fixed+hedged)/Total long-term debt: 47% • (Fixed+hedged)/Total net debt: 50% • Rating: S&P’s = A-/A-2 Outlook negative; Moody’s = A2/P-1 Outlook negative €mn 2007 IH2008 % Long-term 50,816 49,192 -3.2% Short-term1 8,014 10,809 34.9% Cash2 -3,039 -8,710 186.6% Net debt 55,791 51,291 -8.1% 1. Including current maturities of long-term debt 2. Including factoring and other current receivables 3. Including Endesa cost of debt equal to 6.2% 38
  • 40. Enel SpA Financial annexes Investor Relations Long-term debt maturity profile as of June 30, 2008 8,081 Floating rate Fixed rate 14,351 10,684 12,061 1,127 3,232 981 1,106 140 356 1,404 1,118 <12months 2° half 2010 2011 2012 After 2009 2012 39
  • 41. Enel SpA Financial annexes Investor Relations Financial debt as of June 30, 2008 Enel Enel Finance Enel Enel Enel SpA Endesa Investment Slovenske Other Total International Produzione Distribuzione Holding BV Bond 14,726 6,075 2,324 572 194 - - 175 24,066 Bank Loans 13,583 3,909 7,711 - 110 1,020 1,783 859 28,975 Preferred shares - 970 - - - - - - 970 Other Loans (3) (1,411) - - 9 - - 9 (1,396) Commercial Paper - 1,666 3,595 - - - - - 5,261 Other 512 (5,138) (13) (53) (68) (62) (227) (1,535) (6,585) Total 28,818 6,070 13,618 518 244 958 1,556 (492) 51,291 40
  • 42. Enel SpA Financial annexes Investor Relations Domestic Market €mn 1H07 1H08 % Revenues 10,620 11,139 4.9 EBITDA 115 291 153.0 EBIT (23) 149 - Capex 17 22 29.4 Headcount 4,7721 4,585 -3.9 1. As of December 31, 2007 41
  • 43. Enel SpA Financial annexes Investor Relations Domestic Generation & Energy Management €mn 1H07 1H08 % Revenues 7,710 10,865 40.9 EBITDA 1,905 2,021 6.1 EBIT 1,441 1,583 9.9 Capex 489 527 7.8 Headcount 8,4321 8,206 -2.7 1. As of December 31, 2007 42
  • 44. Enel SpA Financial annexes Investor Relations Domestic Infrastructure & Network €mn 1H07 1H08 % Revenues 2,741 3,302 20.5 Power 2,572 3,148 22.4 Gas 169 154 -8.9 EBITDA 1,782 2,008 12.7 Power 1,683 1,926 14.4 Gas 99 82 -17.7 EBIT 1,362 1,539 13 Power 1,308 1,504 15 Gas 54 35 -35.2 Capex 665 672 -1.1 Headcount 22,7101 22,048 -2.9 1. As of December 31, 2007 43
  • 45. Enel SpA Financial annexes Investor Relations Iberia & Latam €mn 1H07 1H08 % Revenues 614 8,361 - EBITDA 185 2,436 - EBIT 127 1,637 - Capex 170 949 - Headcount 20,2261 18,254 -9.7 1. Figure as of December 31, 2007 44
  • 46. Enel SpA Financial annexes Investor Relations International activities €mn 1H07 1H08 % Revenues 1,442 2,020 40.1 EBITDA 444 580 30.6 EBIT 246 355 44.3 Capex 143 390 172.7 Headcount 11,5281 17,446 51.3 1. Figure as of December 31, 2007 45
  • 47. Enel SpA Financial annexes Investor Relations Services & Holding €mn 1H07 1H08 % Revenues 1,376 1,431 3.9 Holding 449 337 -24.9 Services & other 546 554 1.5 Engineering & Innovation 381 540 41.7 EBITDA1 31 69 122.6 Holding (65) (21) - Services & other 62 81 30.65 Engineering & Innovation 4 5 25 EBIT -19 22 200 Holding (73) (24) - Services & other 56 38 -85.7 Engineering & Innovation 3 4 33 1. Excluding intercompany adjustments equal to +4€mn in 1H2008 and -5€mn in 1H2007, respectively 46
  • 48. Enel SpA Financial annexes Investor Relations Services & Holding - Continued €mn 1H07 1H08 % Capex 36 33 -8.31 Holding 11 5 -54.5 Services & other 25 28 12.0 Headcount 5,8321 6,173 +5.8 Holding 728 714 -1.9 Services & other 5,104 5,459 7.0 Engeneering & Innovation 881 952 8.06 1. Figure as of December 31, 2007 47
  • 49. Enel SpA Financial annexes Investor Relations Capex by business area (€mn) +70.6% 2,593 -8.3% S&H 33 22 Market +29.4% Iberia & Latam International I&N 949 +458.2% G&EM 1,520 17 36 170 390 +172.7% 143 672 +1,0% 665 489 527 +7.8% 2006 2007 48
  • 50. Enel SpA Investor Relations Disclaimer THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE DURING THE CONFERENCE CALL OF ENEL 1H2008 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 MEETINGS. 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 CONFERENCE CALL 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. 49
  • 51. Enel SpA Investor Relations Contact us Investor Relations Team (investor.relations@enel.it) • Luca Torchia (Head of IR) +39 06 83053437 • Pedro Cañamero +39 06 83055292 • Elisabetta Ghezzi +39 06 83052708 • Donatella Izzo +39 06 83057449 • Federica Todaro +39 06 83059502 • Angela Tretola +39 06 83052062 Visit our website at: www.enel.it (Investor Relations) 50