Interim / Quarterly Report • Aug 11, 2020
Interim / Quarterly Report
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WE EMPOWER SUSTAINABLE PROGRESS.
HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2020
5
| Enel is Open Power | 6 |
|---|---|
| Highlights | 8 |
| Enel organizational model | 9 |
| Corporate boards | 11 |
| Reference scenario | 13 |
| - Developments in the main market indicators |
13 |
| - Economic and energy conditions in the 1st Half of 2020 |
15 |
| - Electricity and natural gas markets | 18 |
| Risk management | 20 |
| Signficant events in the 1st Half of 2020 | 29 |
| Group performance and operations | 37 |
| Analysis of the Group's financial position and financial structure |
47 |
| People centricity | 52 |
| Results by business area | 54 |
| - Thermal Generation and Trading | 61 |
| - Enel Green Power | 67 |
| - Infrastructure and Networks | 75 |
| - End-user Markets | 81 |
| - Enel X | 85 |
| - Services and Other | 89 |
| Definition of performance indicators | 91 |
| Outlook | 106 |
| Consolidated Income Statement | 110 |
|---|---|
| Statement of Consolidated Comprehensive Income |
111 |
| Consolidated Balance Sheet | 112 |
| Statement of Changes in Consolidated Shareholders' Equity |
114 |
| Consolidated Statement of Cash Flows | 116 |
| Explanatory notes | 117 |
| Declaration of the Chief Executive Officer and the officer responsible for the preparation of the corporate financial documentation |
167 |
| Reports | 168 |
| - Report of the Audit Firm | 169 |
| Attachments | 172 |
| - Subsidiaries, associates and other significant equity investments of the Enel Group at June 30, 2020 |
172 |
PC Purpose Open Power for a brighter future. We empower sustainable progress.
V
V Vision Open Power to tackle some of the world's biggest challenges.
Proactivity Responsibility
Innovation
PC pro-actively to improve conditions for health, safety and well-being. • Work for the integration of all, recognizing and
leveraging individual diversity (culture, gender, age, disabilities, personality etc.). • Work focusing on satisfying customers and/or
V
| 1st Half | ||||
|---|---|---|---|---|
| SDG | 2020 | 2019 | Change | |
| Revenue (millions of euro) (1) | 33,375 | 40,967 | -18.5% | |
| Gross operating margin (millions of euro) | 8,645 | 8,907 | -2.9% | |
| Ordinary gross operating margin (millions of euro) | 8,794 | 8,763 | 0.4% | |
| Net income attributable to the shareholders of the Parent Company (millions of euro) |
1,947 | 2,215 | -12.1% | |
| Ordinary net income attributable to the shareholders of the Parent Company (millions of euro) |
2,405 | 2,277 | 5.6% | |
| Net financial debt (millions of euro) | 50,411 | 45,175 (2) | 11.6% | |
| Cash flows from operating activities (millions of euro) | 2,042 | 4,619 | -55.8% | |
| Capital expenditure on property, plant and equipment and intangible assets (millions of euro) |
4,137 | 4,167 (3) | -0.7% | |
| Total net efficient installed capacity (GW) | 82.7 | 84.3 (2) | -1.9% | |
| 7 | Net efficient installed renewable capacity (GW)) | 42.9 | 42.1 (2) | 1.9% |
| 7 | Net efficient installed renewable capacity (%) | 51.9% | 50.0% (2) | 3.8% |
| 7 | Additional efficient installed renewable capacity (GW) | 0.76 | 0.76 | - |
| Net electricity generation (TWh) | 97.6 | 112.9 | -13.6% | |
| 7 | Net renewable electricity generation (TWh) | 51.1 | 47.1 | 8.6% |
| 9 | Electricity distribution and transmission grid (km) | 2,236,038 | 2,230,029 (2) | 0.3% |
| 9 | Electricity transported on Enel's distribution grid (TWh) (4) | 228.7 | 249.5 | -8.3% |
| End users (no.) (5) | 74,035,488 | 73,718,567 | 0.4% | |
| 9 | End users with active smart meters (no.) | 44,736,784 | 44,165,543 | 1.3% |
| Electricity sold by Enel (TWh) (6) | 145.0 | 158.1 | -8.3% | |
| Retail customers (no.) (5) | 70,013,654 | 71,019,124 | -1.4% | |
| - of which free market | 23,139,223 | 22,477,894 | 2.9% | |
| 11 | Storage (MW) (7) | 110.0 | 110.0 (2) | - |
| 11 | Charging points (no.) | 89,301 | 63,352 | 41.0% |
| 11 | Demand response (MW) | 6,128 | 6,023 | 1.7% |
| No. of employees | 66,825 | 68,253 (2) | -2.1% |
(1) The figures for the 1st Half of 2019 have been adjusted to take account of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) contained in the Agenda Decision of 2019, which involved changes in the classification, with no impact on margins, of the effects of purchase and sales contracts for commodities measured at fair value through profit or loss (for more details, see note 4 to the condensed interim consolidated financial statements at June 30, 2020).
(2) At December 31, 2019.
(3) Does not include €4 million regarding units classified as "held for sale" in the 1st Half of 2019.
(4) The figures for 2019 reflect a more accurate calculation of quantities transported.
(5) The figures for 2019 reflect a more accurate calculation of the numbers.
(6) Volumes include sales to large customers by generation companies in Latin America. The figure for the 1st Half of 2019 has consequently been adjusted to ensure comparability.
(7) The figure includes 14 MW of storage ready for connection to the grid in Peru.
The Enel Group structure is organized into a matrix that comprises:
Global Business
Regions and Countries
Lines
The Global Business Lines are responsible for managing and developing assets, optimizing their performance and the return on capital employed in the various geographical areas in which the Group operates. The Business Lines are also tasked with improving the efficiency of the processes they manage and sharing best practices at the global level. The Group, which also draws on the work of an Investment Committee,1 benefits from a centralized industrial vision of projects in the various Business Lines. Each project is assessed not only on the basis of its financial return but also in relation to the best technologies available at the Group level, which reflect the new strategic line adopted, explicitly integrating the SDGs within our financial strategy and promoting a low-carbon business model. Furthermore, each Business Line contributes to guiding Enel's leadership in the energy transition and in the fight against climate change, managing the associated risks and opportunities in its area of competence. In 2019, Global Power Generation was created with the merger of Enel Green Power and Global Thermal Generation to confirm the Enel Group's leading role in the energy transition, pursuing an integrated process of decarbonization and the sustainable development of renewable capacity. In addition, the Grid Blue Sky project was launched. Its objective is to innovate and digitalize infrastructures and networks in order to make them an enabling factor for the achievement of the Climate Action objectives, thanks to the progressive transformation of Enel into a platform-based group.
Regions and Countries are responsible for managing relationships with institutional bodies and regulatory authorities, as well as selling electricity and gas, in each of the countries in which the Group is present, while also providing staff and other service support to the Business Lines. They are also charged with promoting decarbonization and guiding the energy transition towards a low-carbon business model within their areas of responsibility. In 2019, the Group's geographical organization in the Americas was revised with the creation of the North America Region, which includes Mexico, and the integration of Costa Rica, Guatemala and Panama into the Latin America Region.
The following functions provide support to Enel's business operations:
Global Service Functions The Global Service Functions are responsible for managing information and communication technology activities and procurement at the Group level. They are also responsible for adopting sustainability criteria in managing the supply chain and developing digital solutions to support the development of enabling technologies for the energy transition and the fight against climate change. Holding Company Functions The Holding Company Functions are responsible for managing governance processes at the Group level. The Administration, Finance and Control function is also responsible for consolidating scenario analysis and managing the strategic and financial planning process aimed at promoting the decarbonization of the energy mix and the electrification of energy demand, key actions in the fight against climate change.
(1) The Group Investment Committee is made up of the heads of Administration, Finance and Control, Innovability, Legal and Corporate Affairs, Global Procurement, the heads of the Regions and the Business Lines.
Europe | S. Mori
Africa, Asia and Oceania | A. Cammisecra
North America | E. Viale
Latin America | M. Bezzeccheri
| 灾 | 只 | ╬╟┙ | Х |
|---|---|---|---|
| 灾 | 只 | ╬╟┙ | X |
| ቫ፫ | 凵 | ╬╟┙ | X |
| 只 | ╬╟┙ | X | |
| 只 | ╬╟┙ | Х | |
| 灾 | ロ | 41 M | Х |
Chief Executive Ofcer and General Manager Francesco Starace
Secretary Silvia Alessandra Fappani
Cesare Calari Costanza Esclapon de Villeneuve Samuel Leupold Alberto Marchi Mariana Mazzucato Mirella Pellegrini Anna Chiara Svelto
Auditors Romina Guglielmetti Claudio Sottoriva
Maurizio De Filippo Francesca Di Donato Piera Vitali
KPMG SpA
| Board of Directors | The Board is vested by the bylaws with the broadest powers for the ordinary and extraordinary management of the Company, and specifically has the power to carry out all the actions it deems advisable to implement and attain the corporate purpose. |
|---|---|
| Chairman of the Board of Directors |
The Chairman is vested by the bylaws with the powers to represent the Company and to sign on its behalf, presides over Shareholders' Meetings, convenes and presides over the Board of Directors, and ascertains that the Board's resolutions are carried out. Pursuant to a Board resolution of May 15, 2020, the Chairman has been vested with a number of additional non-executive powers. |
| Chief Executive Officer |
The Chief Executive Officer is also vested by the bylaws with the powers to represent the Company and to sign on its behalf, and in addition is vested by a Board resolution of May 15, 2020 with all powers for managing the Company, with the exception of those that are otherwise assigned by law or the bylaws or that the aforesaid resolution reserves for the Board of Directors. |
| 1st Half | ||
|---|---|---|
| 2020 | 2019 | |
| Market indicators | ||
| Average IPE Brent oil price (\$/bbl) | 42.2 | 66.0 |
| Average price of coal (\$/ton CIF ARA) (1) | 45.9 | 64.9 |
| Average price of gas (€/MWh) (2) | 7.5 | 15.7 |
| Average price of CO2 (€/ton) |
22.0 | 23.8 |
| Average US dollar/euro exchange rate | 1.10 | 1.13 |
| Six-month Euribor (average for the period) | -0.270% | -0.241% |
(1) API#2 index.
(2) TTF index.
| % | 1st Half | ||
|---|---|---|---|
| 2020 | 2019 | Change | |
| Italy | 0.04 | 0.96 | -0.92 |
| Spain | -0.12 | 1.10 | -1.22 |
| Russia | 3.95 | 5.08 | -1.13 |
| Argentina | 47.61 | 53.42 | -5.81 |
| Brazil | 2.99 | 4.20 | -1.21 |
| Chile | 3.32 | 2.03 | 1.30 |
| Colombia | 3.29 | 3.23 | 0.06 |
| Peru | 1.80 | 2.33 | -0.54 |
| 1st Half | |||
|---|---|---|---|
| 2020 | 2019 | Change | |
| Euro/US dollar | 1.10 | 1.13 | -2.49% |
| Euro/British pound | 0.87 | 0.87 | 0.19% |
| Euro/Swiss franc | 1.06 | 1.13 | -6.12% |
| US dollar/Japanese yen | 108.26 | 110.06 | -1.66% |
| US dollar/Canadian dollar | 1.36 | 1.33 | 2.27% |
| US dollar/Australian dollar | 1.52 | 1.42 | 7.03% |
| US dollar/Russian ruble | 69.57 | 65.25 | 6.21% |
| US dollar/Argentine peso | 64.59 | 41.48 | 35.78% |
| US dollar/Brazilian real | 4.92 | 3.84 | 21.85% |
| US dollar/Chilean peso | 813 | 676 | 16.93% |
| US dollar/Colombian peso | 3.693 | 3.189 | 13.65% |
| US dollar/Peruvian sol | 3.42 | 3.32 | 2.82% |
| US dollar/Mexican peso | 21.66 | 19.15 | 11.57% |
| US dollar/Turkish lira | 6.49 | 5.62 | 13.38% |
| US dollar/Indian rupee | 74.15 | 70.02 | 5.58% |
| US dollar/South African rand | 16.67 | 14.20 | 14.81% |
In the 1st Half of 2020, the effects of the COVID-19 pandemic were reflected in the economic activity and aggregate demand of all economies, producing a sharp contraction in international trade in April and May. Current conditions remain heavily influenced by the persistence of the pandemic, especially in certain areas of the globe, and the consequent containment measures that are impacting the economy on a global level. Starting in the 2nd Half of May, we witnessed a gradual reopening of economies, particularly in Europe, and a consequent recovery in consumption in almost all sectors, including those most severely affected such as services. In parallel, the virus continues to expand rapidly in North and South America. The United States and Brazil are currently the first and second countries in the world by number of infections, with a sharp increase in the speed of contagion, not particularly stringent or uniform containment measures and very tense political and social situations. In response to the spread of the pandemic and the related economic-health crisis, the authorities (governments and central banks) have acted swiftly and very effectively. In the euro area, direct and indirect fiscal stimulus measures (in the form of state guarantees on bank loans) amounted to about 15% of GDP, while in the United States they exceeded 20% of GDP, and the government also implemented stimulus measures totaling over \$3 trillion. In order to stave off another liquidity crisis, the world's four main central banks (Federal Reserve, European Central Bank, Bank of Japan, Bank of England) deployed a major program of (i) purchases of public and private securities (adding total assets to their balance sheet in the amount of about €18 trillion) in order to stimulate demand; and (ii) targeted interventions (FX swap lines). The huge volume of liquidity injected into the system and the confidence in the unlimited support ("whatever it takes") of the central banks have enabled equity markets to reverse the downward slide begun at the end of February and post new highs, although economic conditions have not yet matured into a solid recovery. The mature countries were the hardest hit by the pandemic. This is attributable in part to the early imposition of restrictive measures, which have been in place since the beginning of March, to the strong connection of these economies with the rest of the world, as well as to the larger "weight" of the services they produce. In its early stages, the impact of the pandemic was less severe on the
emerging economies. However, their more limited economic resources and the lower quality of their healthcare systems increased the vulnerability of these countries, a circumstance that was reflected in a sharp drop in activity in the 2nd Quarter, with the situation regarding new infections still critical. At the moment, the world economy is estimated to be in recession, with a contraction of GDP of about 4% on an annual basis in 2020.
The United States, the country hitherto most severely affected by the virus, recorded a drop in output of 4.8% and a much larger one in the 2nd Quarter, at between 30-40%. Furthermore, the much more flexible labor market in the United States caused the unemployment rate to rise from an estimated 3.5% in February (a historic low) to around 15% in April, before falling to 11.1% in June with the reopening of economic activity. Inflationary pressures, which were close to the Federal Reserve's target in the 1st Quarter, have subsided considerably, reaching around 0.4% year on year in the 2nd Quarter of 2020.
Preliminary data on GDP developments in the 1st Quarter of the year show that Italy, the first European country to introduce restrictive measures to contain the spread of COVID-19, recorded a contraction of 5.4%, revised downwards from the preliminary figures giving a decline of 4.7% in the 1st Quarter of 2020. The Bank of Italy expected an even more significant contraction in the 2nd Quarter of 2020, with values close to 10% quarter on quarter. Growth is expected to rebound in the 3rd Quarter of 2020 and then proceed at a much slower and more gradual pace from 2021. The labor market in Italy suffered a severe blow as a result of the pandemic with an unemployment rate of 7.8% in May, up 1.2 percentage points from April. Average inflation since the beginning of the year has been close to 0%, well below the target (2%) of the European Central Bank, with preliminary data indicating negative values in May and June, mainly due to the reduction in prices of energy goods.
In this 1st Half of the year, the Spanish economy has experienced its first recession since 2013, although there is optimism for the 2nd Half of 2020. The Spanish national statistical institute has confirmed a contraction of GDP of 4.1% year on year in the 1st Quarter, forecasting an even more marked slowdown in the 2nd Quarter (about -20% year on year), with economic growth expected to resume starting in the 3rd Quarter of 2020. After suffering huge losses in April and May, the labor market is showing signs of a gradual recovery in June. During the 1st Half of 2020, inflationary pressure was slightly below 0% on average, driven downwards by the results for the 2nd Quarter, in which inflation is put at -0.6%, well below the monetary policy target (2%) of the European Central Bank.
Russia's economy grew 1.8% year on year in the 1st Quarter before experiencing a sharp contraction in the second, dropping by close to 9%. Domestic consumption and investments are slowing and the pace of growth in external demand has decreased significantly compared with 2019 due to the entire macroeconomic context. Due to the devaluation of the currency, inflation is expected to increase in the 2nd Half of the year, although for all of 2020 it is forecast to average less than the 4% target set by the Russian central bank. For the 1st Half of the year, inflation is expected to be around 2.8% year on year, after registering 2.4% year on year in the 1st Quarter.
In Latin America and Central America, the economic impacts have lagged but clear signs are now emerging with the closure of all non-essential activities and the imposition of social distancing restrictions. The area will be in economic recession, with the most affected countries being Peru, Brazil, Chile and Argentina (due in part to the weakness of the commodities market). Chile and Peru, having adopted more responsible economic and fiscal policies in the past, are however better positioned to take advantage of the post-lockdown recovery, and by 2021 they will recoup lost output levels. South America is expected to see a general recovery from the 4th Quarter of this year, with a marked improvement in 2021 when the virus containment measures will have produced their effects and fiscal stimuli have reached their maximum level.
If managed effectively, the crisis could be temporary, without the prolonged effects of the previous financial crisis. Compared with the latter, the banking sector is now much more solid and capable of withstanding strong financial shocks, and there is no risk of an asset price bubble (such as the real estate bubble) or excessive debt in the private sector. The open-ended commitment of the central banks also represents an important guarantee, increasing confidence in a rapid recovery starting next year.
As noted earlier, Brazil currently has the second-largest number of COVID-19 cases in the world after the United States and is also second in number of deaths, but both numbers are rising faster than any other country in the world. The Brazilian government did not impose a national lockdown and initially minimized the risk associated with the pandemic. Although it has revised its position in recent weeks, the country has been left in a critical situation. From an economic point of view, Brazil will be impacted primarily by the sharp deterioration in its fiscal position (with an expected deficit above 10% of GDP, and a debt level around 90%). The current climate of political uncertainty could also compromise the achievement of important structural reforms, slowing the path of recovery.
Argentina is in a deep recession and has a large budget deficit and a still significant external deficit, with high inflation, an unstable currency vulnerable to international contagion and a growing debt. The stringent COVID-19 containment measures implemented led to a contraction in GDP of 5.5% year on year in the 1st Quarter, triggering even more negative expectations for the 2nd Quarter, when the contraction is expected to be 15% compared with the 2nd Quarter of 2019. Inflation remained above 40% in the 1st Half of 2020, with the Argentine government seeking to lower this rate by increasing control over prices and reducing the indexing of rates.
The Chilean economy grew by 0.46% year on year in the 1st Quarter of 2020, driven mainly by exports and investment. The effects of the pandemic began to make themselves felt from May, generating a contraction of GDP in the 2nd Quarter of around 12% year on year. The COVID-19 pandemic appears to being generating deflationary trends in many Latin American countries. In Chile, the decline in energy prices and the appreciation of the Chilean peso in recent months have been the main factors in the reduction in inflation, which in June was 0.2% lower than in May, averaging close to 3.3% year on year for the 1st Half as a whole.
In the last two months, Peru has positioned itself in second place among the countries most affected by the pandemic in Latin America. In the 1st Quarter of 2020, GDP contracted by around 3% year on year, with a much steeper decline in the 2nd Quarter, when GDP is expected to have contracted by about 9% year on year. Since March, inflation has hovered around 1.8% year on year, despite the relative resilience of the Peruvian sol, with disinflation held back by supply chain disruptions in the economy. However, the deep economic crisis should exert greater downward pressure on domestic prices over the remainder of the year. Accordingly, inflation is expected to end the year at around 1.3% on an annual basis, close to the lower limit of the central bank's target range (1-3%).
The Colombian economy suffered a significant contraction in the 1st Quarter of 2020, with GDP decreasing by 2.4% on the previous quarter, mainly due to the collapse of exports and the reduction in inventories. GDP is expected to drop sharply for the half-year as a whole, with a more significant deceleration in the 2nd Quarter, contracting by around 15% quarter on quarter. In Colombia, inflation has followed the deflationary path driven by the pandemic, falling to close to 2.2% in June compared with 2.8% year on year in May. Inflation rate is expected to average 3.3% year on year in the 1st Half.
During the 2nd Quarter of 2020 the oil market was characterized by a gradual rebalancing of fundamentals from the lows recorded in April, driven both by the recovery in demand as soon as certain countries eased the restrictive measures and by a reduction in supply thanks to stronger compliance by OPEC+ with agreed output cuts.
After hitting a low close to \$18 a barrel last April, a level not seen since the late 1990s, Brent prices gradually rose to above \$40 a barrel in the final weeks of June.
During the 1st Half of 2020, global spot gas benchmarks reached historic lows. Asian LNG and European prices have in fact fallen by about 70% from the highs posted in the 4th Quarter of 2019, performing even worse than Brent. It is important to note that the collapse of the gas market in these first two quarters of 2020 is due both to the demand shock induced by COVID-19, slowing its growth in Asia and Europe, and to the increase in LNG supplies to Europe, which systematically exceeded demand, exacerbating the surplus and filling up storage in almost all the main countries.
Although the outlook for the ETS market remains weak for this year, the price of CO2 has increased considerably (+58% since the beginning of April) in recent months, deviating from the fundamentals and completely eliminating the impact of COVID-19.
If we compare the performance since the beginning of the year of the main energy commodities, we find that CO2 has posted the strongest gains, rising by 11%, while oil has decreased by 38% and natural gas (PSV) by 40% this year. There are three reasons for the rise in prices: the low liquidity of the auction market, an increase in speculative positions and, finally, a probable increase in the climate ambitions of the European Union.
| 2nd Quarter | GWh | 1st Half | ||||
|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |
| 67 | 77 | -13.0% Italy | 143 | 158 | -9.5% | |
| 52 | 59 | -11.9% Spain | 114 | 124 | -8.1% | |
| 13 | 15 | -13.3% Romania | 29 | 31 | -6.5% | |
| 175 | 185 | -5.4% Russia | 389 | 403 | -3.5% | |
| 30 | 32 | -6.3% Argentina | 65 | 65 | - | |
| 133 | 145 | -8.3% Brazil | 286 | 299 | -4.3% | |
| 19 | 19 | - Chile | 39 | 38 | 2.6% | |
| 16 | 18 | -11.1% Colombia | 35 | 35 | - |
Source: national TSOs.
In the 1st Half of 2020, electricity demand decreased by 9.5% and 8.1% in Italy and Spain respectively. In the early months of the year the decline was mainly attributable to temperatures exceeding their seasonal averages, followed by steep fall deriving from the lockdowns imposed to counter the worldwide spread of the COVID-19 pandemic. The situation was similar in Eastern Europe, where there was a 3.5% decrease in Russia and 6.5% in Romania.
As far as Latin America is concerned, the acute phase of the pandemic lagged that in Europe by a couple of months. As a result, in the 1st Half of the year Argentina and Colombia recorded a level of electricity demand in line with that of last year. Brazil, the country that has experienced the worst health impacts in South America, registered a 4.3% drop compared with the same period last year. Chile is the only country to have seen demand increase (+2.6%) compared with 2019, mainly due to the fact that the lockdown measures were initially imposed only on Santiago and the surrounding areas, which did not restrict industrial activities, in particular mining, which is the main source of the country's energy demand.
| Average baseload price H1 2020 (€/MWh) |
Change in average baseload price H1 2020 - H1 2019 |
Average peakload price H1 2020 (€/MWh) |
Change in average peakload price H1 2020 - H1 2019 |
|
|---|---|---|---|---|
| Italy | 32.2 | -41.5% | 36.4 | -40.4% |
| Spain | 29.0 | -47.3% | 31.4 | -43.9% |
| Russia | 14.6 | -14.0% | 17.1 | -10.1% |
| Brazil | 14.4 | -24.6% | 35.0 | -32.0% |
| Chile | 38.1 | -33.1% | 55.6 | -45.5% |
| Colombia | 81.7 | 108.0% | 126.9 | 73.7% |
| 2nd Quarter | Millions of m3 1st Half |
|||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 12 | 14 | (2) | -14.3% Italy | 35 | 39 | (4) | -10.3% | |
| 6 | 8 | (2) | -25.0% Spain | 15 | 17 | (2) | -11.8% |
Demand for natural gas in the 1st Half of 2020 dropped sharply compared with the same period of 2019 both in Italy and Spain, which registered decreases of 10.3% and 11.8% respectively. In both countries, gas demand was driven by higher-than-average temperatures in the 1st Quarter, which did not support demand, while in the 2nd Quarter the lockdown measures adopted in response to the COVID-19 pandemic and the closure of all industrial activities and services suppressed demand even further.
| 2nd Quarter | Millions of m3 | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| Distribution | ||||||||
| 4 | 5 | (1) | -20.0% | networks | 17 | 19 | (2) | -10.5% |
| 3 | 3 | - | - Industry | 6 | 7 | (1) | -14.3% | |
| Thermal | ||||||||
| 5 | 6 | (1) | -16.7% | generation | 11 | 12 | (1) | -8.3% |
| - | - | - | - Other (1) | 1 | 1 | - | - | |
| 12 | 14 | (2) | -14.3% Total | 35 | 39 | (4) | -10.3% |
(1) Includes other consumption and losses.
Source: Enel based on data from the Ministry for Economic Development and Snam Rete Gas.
Natural gas demand in Italy in the 1st Half of 2020 amounted to 35 million cubic meters, a decrease of 10.3% on the same period of 2019. The decrease was generalized across all sectors owing to warmer temperatures than last year and the slowdown in economic activity, which reduced industrial demand by 14.3% and that for distribution networks by 10.5%.
Due to the nature of its business, the Group is exposed to a variety of risks, notably financial risks, industrial and environmental risks, strategic risk connected with the evolution of markets and risks connected with sustainability and climate change.
In order to effectively deal with such risks, Enel has adopted an internal control and risk management system (ICRMS). This system is the set of rules, procedures, and organizational structures aimed at identifying, measuring, monitoring and managing the main risks applicable to the Group.
The Board of Directors performs a policy-setting role and is committed to developing guidelines to ensure that decisions at all levels of the Group are made in an informed manner consistent with the associated risks (including those connected with climate change). To this end, the Board draws on the expertise of the Control and Risk Committee, which issues prior opinions on a variety of matters, including the guidelines of the ICRMS.
The Group also has specific internal committees composed of senior management personnel that are responsible for governing and overseeing risk management, monitoring and control.
The following discusses the main types of risks facing the Group.
By now, more than 50% of the Enel Group's total revenue is generated abroad. The substantial internationalization of the Group – which among other regions operates in South America, North America, Africa and Russia – requires Enel to consider and assess country risk, which consists of the macroeconomic, financial, regulatory, market, social and geopolitical risks whose manifestation could have an adverse impact on income or threaten corporate assets. Enel has therefore adopted a model for assessing country risk in the countries in which it operates. In order to mitigate country risk, the model supports capital allocation and investment evaluation processes.
In the 1st Half of 2020, the global economy, due to the outbreak of the COVID-19 pandemic, contracted by about 5% on an annual basis, with economic, political and health risks linked to the evolution of the virus and the related political responses.
The global recession, in Europe as elsewhere in the world, has led to a significant increase in sovereign debt, which in this initial phase appears to have been supported by the Central Bank and the European Commission, although the risks associated with the lack of approval of the announced support measures remain substantial. A reduction in the securities purchase programs of the ECB (PEPP and APP) starting from the 3rd Quarter of next year, and any delays in the disbursement of grants under the Recovery Plan to the peripheral countries connected with more complex governance arrangements could compromise the prospects for recovery and the stability of the countries in which Enel operates in Europe.
Considering the economic and political environment, the threat that the implementation of additional protectionist policies could further impact world trade as well as the emergence of new tensions between the United States and China should not be overlooked.
Brazil and Argentina, which are among the countries analyzed in the model, present economic and socio-political risk factors that must be considered. Argentina experienced a deep recession in the 1st Half of the year, after having given positive signs of recovery before the spread of the pandemic, which still seems to have no end. Further risk factors are linked to inflation, which remains very high (well above 40% year on year), an unstable currency vulnerable to international contagion and a growing debt due to the response measures implemented by the government to support the economy. Again on the debt front, negotiations between the Argentine government and international creditors have stalled over the conditions for restructuring debt worth \$65 billion. The final deadline for accepting the offer of the Argentine government is August 4, but the parties are still far apart. Another default, the ninth in Argentinian history, cannot be ruled out.
Brazil, currently the second country in the world by number of infected people after the United States and second in terms of the number of deaths (with both indicators still rising steeply, outpacing all other countries in the world), risks a sharp deterioration in its fiscal position (with an expected deficit above 10% of GDP, and a debt level around 90%), consequently threatening the sustainability of the public finances and the country's growth potential in the medium term. The current climate of political uncertainty could also compromise the achievement of important structural reforms, slowing the path of recovery.
The Group operates in regulated markets, and changes in the rules governing operations in such systems, and the associated instructions and requirements with which the Group must comply, impact our operations and performance.
In order to mitigate the risks that regulatory factors can en-
gender, Enel has forged closer relationships with local government and regulatory bodies, adopting a transparent, collaborative and proactive approach in tackling and eliminating sources of instability in regulatory arrangements.
As part of its operations, Enel is exposed to a variety of financial risks that, if not appropriately mitigated, can directly impact our performance. These include commodity risk, exchange rate risk, interest rate risk, credit risk and liquidity risk. The financial risk governance arrangements adopted by Enel establish specific internal committees, composed of top management and chaired by the Chief Executive Officers of the companies involved (including Enel SpA), which are responsible for policy setting and supervision of risk management, as well as the definition and application of specific policies at the Group and individual Region, Country and Global Business
Line levels that establish the roles and responsibilities for risk management, monitoring and control processes, ensuring compliance with the principle of organizational separation of units responsible for operations and those in charge of monitoring and managing risk.
The financial risk governance system also defines a system of operating limits at the Group and individual Region, Country and Global Business Line levels for each risk, which are monitored periodically by risk management units. For the Group, the system of limits constitutes a decision-making tool to achieve its objectives.
Enel operates in energy markets and for this reason is exposed to changes in the prices of fuel and electricity, which can have a significant impact on results if not managed effectively.
To mitigate this exposure, the Group has developed a strategy of stabilizing margins by contracting for supplies of fuel and the delivery of electricity to end users or wholesalers in advance.
Enel has also implemented a formal procedure that provides for the measurement of the residual commodity risk, the specification of a ceiling for maximum acceptable risk and the implementation of a hedging strategy using derivatives on regulated markets and over-the-counter (OTC) markets. The commodity risk control process limits the impact of unexpected changes in market prices on margins and, at the same time, ensures an adequate margin of flexibility that makes it possible to seize shortterm opportunities.
In order to mitigate the risk of interruptions in fuel supplies, the Group has diversified fuel sources, using suppliers from different geographical areas.
Thanks to the mitigation strategies it has adopted, the Group was able to minimize the effects of commodity price volatility on the results for the 1st Half of 2020.
The risk of changes in commodity prices is mainly associated with the purchase and sale of electricity and fuels at variable prices (e.g. indexed bilateral contracts and transactions on the spot electricity market, etc.).
The exposures in respect of indexed contracts are quantified by breaking down the contracts that generate exposure into the underlying risk factors.
As regards electricity sold by the Group, Enel uses fixed-price contracts in the form of bilateral physical contracts and financial contracts (e.g. contracts for differences, VPP contracts, etc.) in which differences are paid to the counterparty if the market electricity price exceeds the strike price and to Enel in the opposite case.
The residual exposure in respect of the sale of energy on the spot market not hedged with such contracts is aggregated on the basis of uniform risk factors that can be hedged in the market. For industrial portfolios, proxy hedging techniques have been adopted where the hedge instruments for the specific risk factors that generate the exposure are not available on the market or are not sufficiently liquid. In addition, Enel also uses portfolio hedging techniques to assess netting opportunities among intercompany exposures.
The hedging instruments used by the Group are largely plain vanilla derivatives (specifically, forwards, swaps, commodity options, futures, contracts for differences).
Enel also engages in proprietary trading in order to maintain a presence in the Group's reference energy commodity markets. These operations consist in taking on exposures in energy commodities (oil products, gas, coal, CO2 certificates and electricity) using financial derivatives and physical contracts traded on regulated and OTC markets, optimizing profit thanks to transactions conducted on the basis of expected market developments.
In view of their geographical diversification, access to international markets for the issuance of debt instruments and transactions in commodities, Group companies are exposed to the risk that changes in exchange rates between the currency of account and other currencies could generate unexpected changes in the performance and financial aggregates in their respective financial statements.
Given the current structure of Enel, the exposure to exchange rate risk is mainly linked to the US dollar and is attributable to:
cash flows in respect of the purchase or sale of fuel or electricity;
cash flows in respect of investments, dividends from foreign subsidiaries or the purchase or sale of equity investments;
cash flows connected with commercial relationships;
financial assets and liabilities.
The Group's consolidated financial statements are also exposed to the exchange rate risk deriving from the conversion into euros of the items relating to investments in companies whose currency of account is not the euro (translation risk).
The exchange rate risk management policy is based on systematically hedging the exposures to which the Group companies are exposed, with the exception of translation risk.
Appropriate operational processes ensure the definition and implementation of appropriate hedging strategies, which typically employ financial derivatives obtained on OTC markets.
Risk control through specific processes and indicators enables us to limit possible adverse financial impacts and, at the same time, to optimize the management of cash flows on the managed portfolios. During the 1st Half of 2020, exchange rate risk was managed through compliance with the risk management policies, encountering no difficulties in accessing the derivatives market.
The volatility that characterized the financial markets during the initial phase of the pandemic has in many cases returned to pre-COVID-19 levels and was offset by risk mitigation actions using derivative financial instruments.
An analysis of the Group's financial debt shows that 53% of long-term gross debt (52% at December 31, 2019) is denominated in currencies other than the euro, which declines to 18% (18% at December 31, 2019) taking account of the associated hedging transactions.
The overall exposure of the financial debt of Group companies to exchange rate risk is negligible, taking account of the share of debt denominated in the currency of account of the Group company holding the debtor position as well as the effect of any natural hedges of operational flows denominated in a foreign currency.
At June 30, 2020, assuming a 10% appreciation of the euro against all currencies, all other variables being equal, shareholders' equity would have been €3,223 million lower (€2,929 million at December 31, 2019) as a result of the decrease in the net fair value of CFH derivatives on exchange rates. Conversely, assuming a 10% depreciation of the euro at the same date, all other variables being equal, shareholders' equity would have been €3,937 million higher (€3,580 million at December 31, 2019) as a result of the increase in the net fair value of CFH derivatives on exchange rates.
The Group is exposed to the risk that changes in the level of interest rates could produce unexpected changes in net financial expense or the value of financial assets and liabilities measured at fair value.
The exposure to interest rate risk derives mainly from the variability of the terms of financing, in the case of new debt, and from the variability of the cash flows in respect of interest on floating-rate debt. The interest rate risk management policy seeks to contain financial expense and its volatility by optimizing the Group's portfolio of financial liabilities and using OTC derivatives.
Risk control through specific processes and indicators enables us to limit possible adverse financial impacts and, at the same time, to optimize the structure of debt with an adequate degree of flexibility. The volatility that characterized the financial markets during the initial phase of the pandemic has in many cases returned to pre-COVID-19 levels and was offset by risk mitigation actions using derivative financial instruments.
At June 30, 2020, 32% of gross financial debt was floating rate (27% at December 31, 2019). Taking into account the hedge accounting of interest rates considered effective pursuant to the IFRS-EU, 24% of the debt was exposed to interest rate risk at June 30, 2020 (20% at December 31, 2019).
If interest rates had been 25 basis points higher at June 30, 2020, all other variables being equal, shareholders' equity would have been €147 million higher (€166 million at December 31, 2019) as a result of the increase in the fair value of CFH derivatives on interest rates. Conversely, if interest rates had been 25 basis points lower at that date, all other variables being equal, shareholders' equity would have been €147 million lower (€166 million at December 31, 2019) as a result of the decrease in the fair value of CFH derivatives on interest rates.
An equivalent increase (decrease) in interest rates, all other variables being equal, would have a negative (positive) impact on the income statement in terms of higher (lower) annual interest expense on the portion of gross debt not hedged against interest rate risk of about €20 million (€21 million at December 31, 2019).
The Group's commercial, commodity and financial operations expose it to credit risk, i.e. the possibility that a deterioration in the creditworthiness of a counterparty has an adverse impact on the expected value of the creditor position or, for trade receivables only, increase average collection times. Accordingly, the exposure to credit risk is attributable to the following types of operations:
the sale and distribution of electricity and gas in free and regulated markets and the supply of goods and services (trade receivables);
trading activities that involve the physical exchange of assets or transactions in financial instruments (the commodity portfolio);
trading in derivatives, bank deposits and, more generally, financial instruments (the financial portfolio).
The policy for managing credit risk associated with commercial activities and transactions in commodities provides for a preliminary assessment of the creditworthiness of counterparties and the adoption of mitigation instruments, such as obtaining guarantees.
The control process based on specific risk indicators and, where possible, limits ensures that the economic and financial impacts associated with a possible deterioration in credit standing are contained within sustainable levels. At the same time, this approach preserves the necessary flexibility to optimize portfolio management.
In addition, the Group undertakes transactions to assign receivables without recourse, which results in the complete derecognition of the corresponding assets involved in the assignment.
Finally, with regard to financial and commodity transactions, risk mitigation is pursued through the diversification of the portfolio (giving preference to counterparties with a high credit rating) and the adoption of specific standardized contractual frameworks that contain risk mitigation clauses (e.g. netting arrangements) and possibly the exchange of cash collateral.
The deterioration in macroeconomic conditions associated with the COVID-19 emergency has not had a significant impact on the creditworthiness of our counterparties. The results of specific internal analyses have shown that there are no significant statistical correlation between the main economic indicators (GDP, unemployment rate, etc.) and creditworthiness. However, we have found a deterioration in the collection status of certain customer segments, which was taken into consideration in determining impairment of trade receivables.
Credit risk
Liquidity risk is the risk that the Group, while solvent, would not be able to discharge its obligations in a timely manner or would only be able to do so on unfavorable terms owing to situations of tension or systemic crises (credit crunches, sovereign debt crises, etc.) or changes in the perception of Group riskiness by the market.
Among the factors that define the risk perceived by the market, the credit rating assigned to Enel by rating agencies plays a decisive role, since it influences its ability to access sources of financing and the related financial terms of that financing. A deterioration in the credit rating could therefore restrict access to the capital market and/or increase the cost of funding, with consequent negative effects on the performance and financial situation of the Group.
At June 30, 2020, Enel's ratings from the rating agencies Moody's, Standard & Poor's and Fitch did not change. Accordingly, at June 30, 2020, Enel's rating was: (i) "BBB+" with a stable outlook for Standard & Poor's; (ii) "A-" with a stable outlook for Fitch; and (iii) "Baa2" with a positive outlook for Moody's.
Liquidity risk
Enel's liquidity risk management policies are designed to maintain a level of liquidity sufficient to meet its obligations over a specified time horizon without having recourse to additional sources of financing as well as to maintain a prudential liquidity buffer sufficient to meet unexpected obligations. In addition, in order to ensure that the Group can discharge its medium and long-term commitments, Enel pursues a borrowing strategy that provides for a diversified structure of financing sources to which it can turn and a balanced maturity profile.
In order to manage liquidity efficiently, treasury activities have largely been centralized at the holding company level, meeting liquidity requirements primarily by drawing on the cash generated by ordinary operations and managing any cash surpluses appropriately.
In the 1st Half of 2020, the Group carried out bond issues totaling €5 million.
At June 30, 2020, the Enel Group has a total of about €5.9 billion in cash and cash equivalents, as well as available committed credit lines of €20.6 billion with about €21.6 billion under contract.
In addition, the Group has outstanding commercial paper programs totaling €12.8 billion (€4.5 billion drawn).
The profound transformations of the energy sector, which has experienced sweeping technological developments, require companies in the industry to recruit people with new experience and professional skills, as well as imposing the need for major cultural and organizational changes. Organizations must move to adopt new, agile and flexible business models. Policies to enhance diversity and to manage and promote talent have become key factors for companies that are managing the transition and have a widespread geographical presence.
Enel places the people who work for it at the center of its business model: the management of human capital is a priority for which specific objectives have been established. The main goals include: the development of the digital capabilities and skills made necessary by the Fourth Industrial Revolution, as well as the promotion of reskilling and upskilling programs for employees in order to support the energy transition; the effective involvement of employees in the pursuit of the corporate purpose, which ensures the achievement of better results while offering greater satisfaction to our people; the development of systems for evaluating the working environment and performance; the dissemination of diversity and inclusion policies to all countries in which the Group operates, as well as instilling an inclusive organizational culture based on the principles of non-discrimination and equal opportunity, a key driver in ensuring that everyone can make an effective contribution. In addition, Enel is developing specific initiatives to foster the diffusion of agile working methods in business processes.
The speed of technological developments that constantly generate new challenges, the ever increasing frequency and intensity of cyber attacks and the attraction of critical infrastructures and strategic industrial sectors as targets underscore the potential risk that, in extreme cases, the normal operations of companies could grind to a halt. Cyber attacks have evolved dramatically in recent years: their number has grown exponentially, as has their complexity and impact, making it increasingly difficult to promptly identify the source of threats. In the case of the Enel Group, this exposure reflects the many environments in which it operates (data, industry and people), a circumstance that accompanies the intrinsic complexity and interconnection of the resources that over the years have been increasingly integrated into the Group's daily operating processes.
The Group has adopted a holistic governance approach to cyber security that is applied to all the sectors of IT (Information Technology), OT (Operational Technology) and IoT (Internet of Things). The framework is based on the commitment of top management, on global strategic management, on the involvement of all business areas as well as on the units involved in the design and management of our systems. It seeks to use cutting edge technologies, to design ad hoc business processes, to strengthen people's IT awareness and to implement regulatory requirements for IT security.
In addition, the Group has developed an IT risk management methodology founded on "risk-based" and "cyber security by design" approaches, thus integrating the analysis of business risks into all strategic decisions. Enel has also created its own Cyber Emergency Readiness Team (CERT) in order to proactively respond to any IT security incidents.
Finally, in 2019, the Group also took out an insurance policy for cyber security risks in order to mitigate IT threats.
All of these measures enabled the Group to respond effectively to a ransomware attack on June 7, 2020 without suffering interruptions of service or normal Group operations with the exception of a slight and temporary degradation of IT services supporting customer care activities.
The Group is carrying out a complete digital transformation of how it manages the entire energy value chain, developing new business models and digitizing its business processes. A consequence of this digital transformation is that the Group is increasingly exposed to risks related to the functioning of the IT systems implemented throughout the Company, which could lead to service interruptions or data losses.
Digitalization, IT effectiveness and service continuity
Cyber attacks
These risks are managed using a series of internal measures developed by the Global Digital Solutions unit, which is responsible for guiding the Group's digital transformation. It has set up an internal control system that introduces control points along the entire IT value chain, enabling us to prevent the emergence of risks engendered by such issues as the creation of services that do not meet business needs, the failure to implement adequate security measures and service interruptions. The internal control system of the Global Digital Solutions unit oversees both the activities performed in-house and those outsourced to external associates and service providers. Furthermore, Enel is promoting the dissemination of a digital culture and digital skills within the Group in order to successfully guide the digital transformation and minimize the associated risks.
The collection and processing of personal data represents one of the biggest challenges in the era of digitalization and globalization of markets. The Group has taken up this challenge by accelerating the digital transformation process while rapidly expanding the number of customers and geographical scope of operations at the global level. This naturally increases our exposure to the risks connected with the protection of personal data, an issue that must also take account of the substantial growth in privacy legislation: implementing these regulations inappropriately can cause financial losses and reputational harm.
In order to manage and mitigate this risk, Enel has adopted a structure designed to fully protect the personal data of all the individuals with whom we interact. This effort is sustained by our Data Protection Officers, who are responsible for supporting the business areas in the adoption of a "privacy by design" approach, in which the protection of personal data is a key element of the design of any initiative or business process.
Last year saw the continuation of the growth in the sensitivity of the entire community to risks connected with development models that generate environmental impacts and exploit scarce natural resources (including many raw materials and water).
In response to these needs, governments have imposed increasingly restrictive environmental regulations, placing ever more stringent constraints on the development of new industrial initiatives and, in the most impactful industries, incentivizing or requiring the elimination of technologies no longer considered sustainable.
In this context, companies in every sector, and above all industry leaders, are ever more aware that environmental risks are increasingly economic risks. As a result, they are called upon to increase their commitment and accountability for developing and adopting innovative and sustainable technical solutions and development models.
Enel has made the effective prevention and minimization of environmental impacts and risks a foundational element of each project across its entire life cycle.
The adoption of ISO 14001-certified environmental manage-
ment systems across the entire Group ensures the implementation of structured policies and procedures to identify and manage the environmental risks and opportunities associated with all corporate activities.
Also contributing are the multitude of actions to achieve the challenging environmental improvement objectives set by Enel, such as, for example, those regarding atmospheric emissions, waste production and water consumption, especially in areas with high water stress.
The risk of water scarcity is directly mitigated by Enel's development strategy, which is based on the growth of generation from renewable sources that are essentially not dependent on the availability of water for their operation. Special attention is also devoted to assets in areas with a high level of water stress, in order to develop technological solutions to reduce consumption.
Finally, ongoing collaboration with local river basin management authorities enables us to adopt the most effective shared strategies for the sustainable management of hydroelectric generation assets.
Petroleo Brasileiro SA - Petrobras, the gas supplier for the Fortaleza plant (Central Geradora Termelétrica Fortaleza or CGTF) in Brazil, has notified its intention to terminate the contract signed in 2003 between those parties on the basis of an alleged financial imbalance in consideration of current market conditions.
Accordingly, on January 27, 2020, Petrobras filed two different types of extraordinary appeal before, respectively, the Supreme Court and the Federal Court of Brasilia, which are currently pending, in order to contest the precautionary measures taken by the courts in favor of CGTF.
After a series of meetings of the Comisión Negociadora del V Convenio Colectivo Marco de Endesa (Comisión Negociadora) which began in October 2017 and continued throughout 2018, in view of the impossibility of reaching an agreement, Endesa notified the workers and their union representatives that, with effect from January 1, 2019, the 4th Endesa Collective Bargaining Agreement must be considered terminated in the same way as the "framework guarantee contract" and the "agreement on voluntary measures to suspend or terminate employment contracts in the period 2013-2018", applying from that date the provisions of general labor law, as well as the legal criteria established in the matter.
Despite the resumption of negotiations within the Comisión Negociadora in February 2019, the interpretative differences between Endesa and the trade union representatives concerning the effects of the termination of the 4th Endesa Collective Bargaining Agreement with regard to, in particular, the social benefits granted to retired personnel led to the initiation of a suit by the unions having representation in the company. On March 13, 2019 a hearing was held before the court of first instance, which on March 26, 2019 issued a ruling in favor of Endesa. The unions have appealed this decision before the Supreme Court, while the initial ruling remains provisionally enforceable. On June 19, 2019, Endesa submitted its defense. In December 2019, Endesa's largest union agreed to waive its appeal pending before the Supreme Court to voluntarily participate in an arbitration proceeding before the Servicio Interconfederal de Mediación y Arbitraje (SIMA) to resolve the key issues concerning the V Convenio Colectivo Marco de Endesa (5th Endesa Collective Bargaining Agreement). As a prerequisite to the arbitration proceeding, in December 2019, Endesa's largest union had agreed to waive its appeal pending before the Supreme Court against the judgment of the court of first instance of March 26, 2019, which was favorable to Endesa, finding that the company's interpretation was legitimate as regards the appropriateness of the elimination of certain social benefits for retired staff as a consequence of the termination of the 4th Endesa Collective Bargaining Agreement. The other trade unions had refused to join the arbitration proceeding, electing to go ahead with the proceedings before the Supreme Court.
On January 21, 2020, the arbitration ruling was issued. It was then used as the basis for amending the corresponding sections of the 5th Endesa Collective Bargaining Agreement, which was subsequently signed by the social partners and took effect on January 23, 2020. On the same date, Endesa also signed two further collective bargaining agreements (a "framework guarantee contract" and an "agreement on voluntary measures to suspend or terminate employment contracts") with all the unions present in the company. On April 1, 2020, three unions ("Comisiones Obreras", "SIE" and "CIG") notified Endesa that they had appealed the arbitration ruling of January 21, 2020, with the conciliation hearing being set for June 24, 2020. On June 17, 2020, the 5th Endesa Collective Bargaining Agreement was published in the Spanish Official Journal (Boletín Oficial del Estado), taking full effect. Therefore, at the conciliation hearing of June 24, 2020, the three unions that had contested the award of January 21, 2020 acknowledged that the substance of the award had been fully incorporated into the 5th Endesa Collective Bargaining Agreement and that the latter took full effect following its publication, leaving the award without effect. Therefore, the appeal proceeding against the award had been extinguished and is no longer pending.
In view of the foregoing, the proceedings before the Supreme
Court continue at the request of the three minority unions that had initially initiated the action together with the most representative union.
In parallel, numerous individual actions have been filed by retired staff and former employees who had agreed to participate in termination incentive agreements in order to obtain judicial confirmation that the termination of the 4th Endesa Collective Bargaining Agreement did not affect them. Currently, the majority of these proceedings have been suspended or are being suspended, pending the definition of the collective action pending before the Supreme Court, on whose outcome these proceedings depend.
With regard to the criminal investigation initiated by the Public Prosecutor's Office of the Court of Lecce in 2017 concerning the use of fly ash, in the cement industry, on August 1, 2018, the Lecce Public Prosecutor lifted its seizure of the plant, with the termination of the judicial custody/administration of the facility and the restitution of about €523 million to Enel Produzione. However, the preliminary investigation is continuing both against the accused individuals and the company pursuant to Legislative Decree 231/2001. On October 10, 2018, the Definitive Technical Report was filed. On December 6, 2018, the investigating magistrate of the Court of Lecce, at the request of the Public Prosecutor, scheduled a hearing for January 22, 2019, to receive testimony from the experts on the report. The investigating magistrate then postponed the hearing until April 15, 2019. Following this hearing, the experts reiterated the accuracy of the assessment and the non-hazardous nature of the ash produced by the thermoelectric plant and the possibility of using that ash in the production of cement.
With a notice communicated on June 7, 2019, the Lecce Public
Prosecutor announced the completion of the preliminary investigation (pursuant to Article 415-bis of the Code of Criminal Procedure) in relation to the criminal proceedings in question. On July 1, 2019, the brief pursuant to Article 415-bis of the Code of Criminal Procedure was filed jointly by all the defendants, requesting that the case against the defendants and the company be dismissed, given the clear conclusions of the expert testimony, which fully confirmed the appropriateness of the ash management process adopted at the Brindisi plant.
On January 9, 2020, the original notices of the preliminary hearing set for January 29, 2020 were received. Due to a number of irregularities in the notices, the preliminary hearing was initially postponed until April 8, 2020; however, owing to the measures imposed to counter the COVID-19 pandemic, the hearing was again postponed until June 10, 2020 and then again until November 20, 2020, as a result of the impossibility of conducting the argument phase with the necessary guarantees provided for in health and safety guidelines.
With regard to the Pietrafitta thermal generation plant, the Perugia Public Prosecutor had started an investigation involving a number of officers of Enel Produzione SpA, as well as certain third parties who are today owners of the land adjacent to the plant – formerly Enel's – on which ash was found. This discovery was followed by a series of inspections by control entities and the competent authorities, leading on September 21, 2018 to the closure of the investigations and the filing of charges against six officers of the company and a number of the third-party owners of the sites under investigation.
The alleged offenses are as follows: failure to restore the site (Article 452-terdecies of the Italian Criminal Code) for the failure to restore and recover the areas located in the town of Piegaro (Perugia) affected by the spillage of ash produced up to the 1980s by the Pietrafitta power plant (as well as ash from other company plants), and other areas where contamination with polychlorinated biphenyls (PCBs) was found associated with mining equipment owned by Enel Produzione SpA and used in the past for lignite excavation, which had remained deposited on the third-party sites under investigation; environmental pollution pursuant to Article 452-bis of the Italian Criminal Code, for having caused a "significant and measurable deterioration" in managing the mining equipment, consisting in the PCB contamination of the area, with respect to which Enel Produzione SpA was also charged with administrative liability pursuant to Legislative Decree 231/2001.
In the summer of 2019, Enel Produzione SpA filed a petition for dismissal, which was accepted by the prosecutor for the crime of environmental pollution pursuant to Article 452-bis of the Italian Criminal Code, with consequent dismissal of the charge pursuant to Legislative Decree 231/2001.
A number of environmental associations filed an objection to the dismissal, and on February 21, 2020 a hearing was held before the investigating magistrate that ended with dismissal of the charges (May 28, 2020), which, in brief, accepted all of Enel's defenses and confirmed the dismissal of any other possible charges – even if not brought by the Prosecutor's Office – relating to the possible health effects of the presence of the ashes.
Accordingly, the criminal proceedings are continuing with sole regard to the crime of failure to restore the site, with respect to which in December 2019 Enel Produzione SpA presented an application for a stay of proceedings with probation, consisting in the implementation of a program agreed with the Prosecutor's Office for proportionate and fair restoration with respect to the complaints filed against the defendants. The probation hearing is set for October 29, 2020.
With Law 20416 of February 5, 2019, the state of Goiás shortened from January 27, 2015 to April 24, 2012 the period of operation of the Funac fund (established with Law 17555 of January 20, 2012) and the tax benefit system (created with Law 19473 of November 3, 2016) that allowed Celg Distribuição SA - Celg-D (now Enel Distribuição Goiás) to offset payment obligations in respect of the ICMS - Imposto sobre Circulação de Mercadorias e Serviços (tax on the circulation of goods and services). On February 25, 2019, Celg-D appealed the provisions of Law 20416 before the Court of the state of Goiás, filing a writ of mandamus and an accompanying petition for a precautionary suspension, which was denied on a preliminary basis on February 26, 2019. Celg-D appealed this ruling and the Court of the state of Goiás allowed the appeal on June 11, 2019. On October 1, 2019, the Court of the state of Goiás issued an order revoking the precautionary measure previously granted in favor of Celg-D and, accordingly, the effects of the law were restored as from that date. Celg-D filed an appeal against this decision, claiming that the right to guarantee tax credits has both a legal and contractual basis and that, therefore, the actions that the state of Goiás has taken in order to fully suspend the application of these laws are patently unfounded. On October 2, 2019, the appeal filed by Celg-D was denied. On November 21, 2019, Celg-D challenged this decision before the Superior Tribunal de Justiça (STJ). On February 27, 2020, the Tribunal de Justiça (TJ) declared inadmissible the appeal by Celg-D, which on May 5, 2020 appealed this decision before the STJ. These proceedings are under way. It is important to note that the coverage of the Funac fund is provided for in the agreement for the acquisition of Celg-D by Enel Brasil SA.
On April 26, 2019, Law 20468 was promulgated. With the law, the state of Goiás fully revoked the tax relief referred to above. On May 5, 2019, Celg-D filed an ordinary petition and a request for a precautionary suspension against the state of Goiás to contest this law. On September 16, 2019, the Court of the state of Goiás denied the petition for precautionary relief, citing the absence of any danger in delay, a requirement for the granting of precautionary relief. On September 26, 2019, Celg-D filed an appeal (agravo de instrumento) before the Court of the state of Goiás against the decision denying the precautionary suspension, claiming that the repeal of the tax credit law is unconstitutional to the extent that these credits were established in accordance with applicable law and constitute acquired rights. The proceeding is under way.
An action for a ruling on constitutionality is currently pending before the Constitutional Court of Brazil (Supremo Tribunal Federal) with regard to Laws 20416 and 20468, filed at the request of the Brazilian association of electricity distribution companies (ABRADEE). On June 3, 2020, the Brazilian Constitutional Court, in an individual Decision by the judge-rapporteur, preliminarily denied the action for lack of formal requirements. On June 24, 2020, the ABRADEE filed an appeal (agravo regimental) against the decision.
On January 13, 2020 Enel Green Power Brasil Participações Ltda (EGPB) started operations to connect the 475 MW section of São Gonçalo photovoltaic plant, located in São Gonçalo do Gurguéia, in Brazil's northeastern state of Piauí, to the grid. The construction of the 475 MW section of the solar plant involved an investment of around 1.4 billion Brazilian real, equivalent to approximately \$390 million. Once fully up and running, the 475 MW section of the plant will be able to generate over 1,200 GWh per year while avoiding the emission of over 600,000 metric tons of CO2 into the atmosphere.
On May 21, 2020, Enel, acting through its US renewables subsidiary Enel Green Power North America, began operating a 50 MW expansion of the High Lonesome wind farm in Upton and Crockett counties, in Texas, increasing the largest operational wind farm in the Group's global renewables portfolio to 500 MW. The company also connected to the grid its 105 MW Riverview and 29.4 MW Castle Rock Ridge II wind farms in Alberta, Canada. The investment in the construction of the High Lonesome wind farm in Texas amounts to around \$720 million, while the total investment for the two Canadian projects amounts to over 210 million Canadian dollars.
On May 28, 2020, Enel increased its shareholding in its Chilean subsidiary Enel Américas SA (Enel Américas) to 62.3% following settlement of two share swap transactions entered into in June 2019 with a financial institution for the acquisition of up to 5% of the share capital of Enel Américas.
Consistent with the Enel Group's objective announced to investors of reducing the presence of minority shareholders in the Group's South American companies, Enel also entered into two new share swap transactions with a financial institution that enable Enel to acquire, on dates that are expected to occur by the end of 2020, additional shares of Enel Américas' common stock and American Depositary Shares (ADSs), up to an additional 2.7%, which would bring Enel's stake to 65%.
On May 28, 2020, Italy's Ministry of Economic Development gave Enel the green light for the early closure of Unit 2 of the Federico II thermal power plant in Brindisi as from January 1, 2021, following the company's request presented in January 2020. This is the first of the plant's four coal-fired generation units set to be closed definitively. In line with Enel's strategy to decarbonize its electricity generation mix and with the objectives of Italy's Integrated National Energy and Climate Plan, in recent months the company has started the permitting process for the conversion of the site into a high efficiency gas-fired plant. This process is necessary to ensure the complete closure of the Brindisi coal plant by 2025, while also guaranteeing the security of the national electricity grid. In addition, Enel is developing projects for the installation of photovoltaic capacity within the site, as part of the broader development initiative for the installation of new renewables capacity throughout Italy.
The early closure of Unit 2 of the Federico II plant in Brindisi is part of Enel's commitment to the energy transition towards an increasingly sustainable model.
In line with its decarbonization strategy, the Enel Group expects to close Unit I of the Bocamina plant by December 31, 2020 and Unit II of the same plant by May 31, 2022, simultaneously planning the completion of 2 GW of renewables capacity in the country through Enel Green Power Chile. More specifically, on May 28, 2020 Enel SpA ("Enel") announced that its Chilean subsidiaries Enel Chile SA ("Enel Chile") and Enel Generación Chile SA ("Enel Generación Chile") had informed the market of the decision of their respective Boards of Directors to expedite the closure of the Bocamina coal-fired plant located in Coronel. Specifically, Enel Generación Chile will ask the Chilean National Energy Commission (CNE) to authorize the termination of operations at Unit I (128 MW) and II (350 MW) of the plant by the scheduled dates. The closure, which is subject to that authorization, has been accelerated compared with the original plans of Enel Generación Chile in the national decarbonization plan signed with the Ministry of Energy of Chile on June 4, 2019, a plan that provided for the closure of Bocamina I by the end of 2023 and of Bocamina II by 2040. The Enel Group will ensure the re-employment of the workers at Bocamina within the Group, and at the same time will evaluate the possible conversion of the plant's structures.
On June 10, 2020, the Board of Directors of Enel SpA ("Enel" or the "Company"), meeting under the chairmanship of Michele Crisostomo, authorized the issue by Enel, by December 31, 2021, of one or more hybrid non-convertible subordinated bonds in the maximum amount of €1.5 billion, to be placed exclusively with EU and non-EU institutional investors, including through private placements. The new issues are intended to refinance outstanding hybrid bonds for which early repayment options may be exercised as from this year, thus allowing the Enel Group to maintain a financial structure that is consistent with the assessment criteria of rating agencies and to actively manage maturities and the cost of debt.
The Board of Directors has also delegated the Chief Executive Officer with the task of deciding the issue of the new bonds and their respective characteristics, and therefore to establish, for each issue, times, amount, currency, interest rate and further terms and conditions, as well as placement methods and any listing on regulated markets or multilateral trading facilities, taking account of developments in market conditions.
On June 17, 2020, Enel was included for the first time in the MSCI ESG Leaders Indexes following the annual review carried out by the leading Environmental, Social and Governance (ESG) research and index provider MSCI of its sustainability indexes. This capitalization-weighted index series provides exposure to companies with high ESG performance relative to their sector peers. In addition, Enel has been confirmed in the prestigious FTSE4Good Index series and Euronext Vigeo-Eiris 120 indexes.
The indexes, designed for institutional investors willing to integrate ESG factors into investment decision processes, uses a best-in-class approach by only selecting companies with the highest MSCI ESG ratings, which measure a company's resilience to long-term, financially-relevant ESG risks. In 2019 Enel received for the first time the highest MSCI ESG rating ("AAA"), paving the way for the Company's inclusion this year in the MSCI ESG Leaders Indexes, the most prestigious among MSCI's index series measuring companies' sustainability performance. In addition, the inclusion is attributable to Enel's continued investments in renewables and to its ambitious carbon emissions reduction target aligned with the Paris Agreement, under which the Company commits to a 70% reduction in its direct greenhouse gas emissions per kWh by 2030 with respect to 2017 levels.
Enel's sustainability leadership is also extended to other listed Enel Group companies, such as its Spanish subsidiary Endesa, which renewed its position in the FTSE4Good index and in all the three indexes of Vigeo-Eiris. In addition, Enel Américas and Enel Chile, Enel subsidiaries operating in Latin America, were also confirmed in the FTSE4Good Index series.
On June 18, 2020, Enel Green Power started construction on the 199 MW expansion of the Cimarron Bend wind farm in Clark County, Kansas. The expansion, consisting of 74 turbines, will require an investment of more than \$281 million and will increase the wind farm's capacity to 599 MW from the current 400 MW, making it the largest wind farm in Enel's North American portfolio. Construction is expected to be completed by the end of 2020. The electricity is being sold under a 150 MW power purchase agreement (PPA) with Evergy and a 30 MW PPA with the Missouri Public Utility Alliance (MPUA).
The novel coronavirus (COVID-19) epidemic began in Wuhan, China, and was first reported by national authorities to the World Health Organization on December 30, 2019.
In the early weeks of 2020, despite the considerable concern expressed by international organizations, the epidemic appeared to be limited to certain areas of Southeast Asia and the Middle East, affecting only a number of regions in China, South Korea and Iran. In the 2nd Half of February, the first sporadic full-blown cases of COVID-19 in Italy started a second phase of the epidemic, with a rapid escalation of its spread throughout Europe.
The World Health Organization declared that the health emergency linked to COVID-19 has risen to the level of a pandemic and, just over two months after its initial reporting, the number of cases identified outside China exceeded those reported within the country in which the epidemic first occurred. This is due to the growing spread of the virus in Europe, where Italy and Spain have the largest number of infections, and the rapid growth of cases in the United States, as well as the spread of the first hot spots in Latin America and Africa.
To contain the effects of the disease, pending medical trials to develop a vaccine that can be administered to humans, governments have adopted numerous containment measures, essentially intended to restrict the free movement of people. In the 2nd Quarter of 2020, the European countries gradually eased restrictions as the virus was progressively contained, although at the same time other countries (especially the United States and the South American nations) have seen the situation deteriorate, prompting them to adopt more restrictive measures at the local level.
Already during the 1st Quarter, the Group had issued guidelines aimed at ensuring compliance with the measures introduced at the local level and taken numerous steps to adopt the most suitable procedures to prevent and/or mitigate the effects of contagion in the workplace.
In particular, business continuity is managed thanks above all to:
the use of smart working for all employees whose jobs can be done remotely in the countries where the Group has its largest presences, an approach introduced some years ago that, thanks to investments in digitalization, allows our people to work remotely at the same level of efficiency and effectiveness;
the use of digitalized infrastructures, which ensure the normal operation of our generation assets, the continuity of electricity service and the remote management of all activities relating to the market and our relationship with customers.
An Enel Global Task Force is also operational at the Country level, which is charged with coordinating and directing the actions to be undertaken in the countries where the Group operates, in synergy with the global technological business lines.
The figures in this Half-Year Financial Report concerning the 2nd Quarter of 2020, which are compared with the corresponding figures for the 2nd Quarter of 2019, did not undergo an audit or limited review.
Half-Year Financial Report at June 30, 2020
The operations and performance of the Group are discussed below.
| 1st Half | ||||
|---|---|---|---|---|
| SDG | 2020 | 2019 | Change | |
| Net electricity generation (TWh) | 97.6 | 112.9 | (15.3) | |
| of which: | ||||
| 7 | - renewable (TWh) | 51.1 | 47.1 | 4.0 |
| Total net efficient installed capacity (GW) | 82.7 | 84.3 (1) | (1.6) | |
| 7 | Net efficient installed renewable capacity (GW)) | 42.9 | 42.1 (1) | 0.8 |
| 7 | Net efficient installed renewable capacity (%) | 51.9% | 50.0% (1) | - |
| 7 | Additional efficient installed renewable capacity (GW) | 0.76 | 0.76 | - |
| 9 | Electricity transported on Enel's distribution grid (TWh) (2) | 228.7 | 249.5 | (20.8) |
| 9 | End users with active smart meters (no.) | 44,736,784 | 44,165,543 | 571,241 |
| 9 | Electricity distribution and transmission grid (km) | 2,236,038 | 2,230,029 (1) | 6,009 |
| End users (no.) (3) | 74,035,488 | 73,718,567 | 316,921 | |
| Electricity sold by Enel (TWh) (4) | 145.0 | 158.1 | (13.1) | |
| Gas sold to end users (billions of m3 ) |
5.3 | 6.0 | (0.7) | |
| Retail customers (no.) (3) | 70,013,654 | 71,019,124 | (1,005,470) | |
| - of which free market | 23,139,223 | 22,477,894 | 661,329 | |
| 11 | Demand response capacity (MW) | 6,128 | 6,023 | 105 |
| 11 | Charging points (no.) | 89,301 | 63,352 | 25,949 |
| 11 | Storage (MW) (5) | 110.0 | 110.0 (1) | - |
(1) At December 31, 2019.
(2) The figures for 2019 reflect a more accurate calculation of quantities transported.
(3) The figures for 2019 reflect a more accurate calculation of the numbers.
(4) Volumes include sales to large customers by generation companies in Latin America. The 2019 figure has been adjusted to ensure comparability.
(5) The figure includes 14 MW of storage ready for connection to the grid in Peru.
Net electricity generation in the 1st Half of 2020 decreased by 15.3 TWh compared with the same period of 2019 (-13.6%). The decline reflected a contraction in thermal generation (-18.8 TWh), mainly due to a reduction on coal-fired output (-16.0 TWh) in Italy, Spain and Russia, partly offset by an
increase in renewables generation (+4.0 TWh), including +1.9 TWh of wind generation, +1.3 TWh of hydro generation and +0.8 TWh of solar and geothermal output. Nuclear generation fell slightly compared with the 1st Half of 2019 (-0.5 TWh).
Net efficient installed capacity by source at June 30, 2020 Enel's total net efficient installed capacity decreased by 1.6 GW in the 1st Half of 2020, mainly reflecting the closure of 2.1 GW of coal-fired plants in Spain.
Electricity transported on Enel's distribution grid in the 1st Half of 2020 amounted to 228.7 TWh, down 20.8 TWh (-8.3%) compared with the same period of 2019, mainly in Italy (-12.1 TWh), Spain (-3.6 TWh) and Brazil (-3.2 TWh).
The number of Enel end users with active smart meters showed an increase of 571,241 in the 1st Half of 2020, mainly in Spain (+293,829) and Romania (+275,244).
Electricity sold by Enel in the 1st Half of 2020 amounted to 145.0 TWh, a decrease of 13.1 TWh (-8.3%) compared with the year-earlier period. Quantities sold decreased in Italy (-4.5 TWh), Spain (-4.1 TWh) and Latin America (-4.0 TWh), mainly in Brazil (-2.3 TWh).
Gas sold in the 1st Half of 2020 amounted to 5.3 billion cubic meters, with a reduction compared with the same period of 2019, mainly reflecting a decline in consumption in Italy and Spain.
Enel charging points increased by 25,949 in the 1st Half of 2020 compared with the same period of 2019.
Charging points sold to private citizens posted an increase of 22,457, mainly in North America, while public charging points increased by 3,492, mainly in Italy.
| Millions of euro | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Revenue (1) | 33,375 | 40,967 | (7,592) | -18.5% |
| Costs (1) | 24,129 | 31,872 | (7,743) | -24.3% |
| Net income/(expense) from commodity risk management (1) |
(601) | (188) | (413) | - |
| Gross operating margin | 8,645 | 8,907 | (262) | -2.9% |
| Depreciation, amortization and impairment losses | 4,102 | 3,694 | 408 | 11.0% |
| Operating income | 4,543 | 5,213 | (670) | -12.9% |
| Financial income | 2,084 | 1,798 | 286 | 15.9% |
| Financial expense | 3,203 | 3,039 | 164 | 5.4% |
| Total net financial income/(expense) | (1,119) | (1,241) | 122 | 9.8% |
| Share of income/(losses) from equity | ||||
| investments accounted for using the equity method |
13 | (85) | 98 | - |
| Income before taxes | 3,437 | 3,887 | (450) | -11.6% |
| Income taxes | 1,034 | 994 | 40 | 4.0% |
| Net income from continuing operations | 2,403 | 2,893 | (490) | -16.9% |
| Net income from discontinued operations | - | - | - | - |
| Net income (Group and non-controlling | ||||
| interests) | 2,403 | 2,893 | (490) | -16.9% |
| Net income attributable to the shareholders of | ||||
| the Parent Company | 1,947 | 2,215 | (268) | -12.1% |
| Net income attributable to non-controlling | ||||
| interests | 456 | 678 | (222) | -32.7% |
(1) The figures for the 1st Half of 2019 have been adjusted to take account of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) contained in the Agenda Decision of 2019, which involved changes in the classification, with no impact on margins, of the effects of purchase and sales contracts for commodities measured at fair value through profit or loss (for more details, see note 4 to the condensed interim consolidated financial statements at June 30, 2020).
In compliance with recent recommendations of ESMA and CONSOB, the Group has initiated internal analyses to assess the real and potential impacts of COVID-19 on business activities, on the financial situation and on performance.
In light of the macroeconomic scenario discussed earlier, the impact of COVID-19 is most significant for the Business Lines most closely involved with the market such as End-user Markets and Enel X, taking account of the fact that they have been affected by a significant reduction in demand and a general slowdown in the acquisition of new customers. More specifically, End-user Markets are affected by the overcontracting of electricity as demand and the related volumes decline, as well as the slowdown in collections on accounts receivable, due both to the effects of the crisis and the lockdowns that affected the timeliness of payments and the practices adopted in certain countries that suspended the possibility of cutting off electricity supply to defaulting customers. Enel X, on the other hand, has experienced a general slowdown in the development of its portfolio of new businesses, even if a positive rebound is expected, especially in Italy, in light of the measures adopted by the government to encourage the revival of economic activity. The other Business Lines have been affected by a reduction in demand and a slight slowdown in investment activities due to lockdowns.
Bearing in mind the current climate of uncertainty and based on the best information available to date, the estimated financial impact of COVID-19 on the gross operating margin, the ordinary gross operating margin, operating income, ordinary operating income, Group net income and Group ordinary net income are reported below. For further information, please see the discussion in section "COVID-19" of the note 1 to the condensed interim consolidated financial statements at June 30, 2020.
| Impairment of | ||||
|---|---|---|---|---|
| Millions of euro | Demand | COVID costs | receivables | Total |
| Gross operating margin | (273) | (82) | - | (355) |
| Operating income | (273) | (82) | (133) | (488) |
| Group net income | (108) | (52) | (59) | (219) |
| Ordinary gross operating margin | (273) | - | - | (273) |
| Ordinary operating income | (273) | - | (133) | (140) |
| Group ordinary net income | (108) | - | (59) | (167) |
The gross operating margin was affected by the COVID-19 emergency mainly in terms of a decrease of €273 million in demand for electricity, with a decrease in sales volumes and the related margins, mainly in End-user Markets of Italy and Spain and in Distribution in Latin America. This figure was determined by using benchmark prices to measure the reduction in quantities distributed and sold, as observed during the peak of the COVID-19 pandemic in the various countries in which the Group operates.
Another factor impacting the gross operating margin was the direct cost of the health emergency (€82 million) for workplace sanitization activities, personal protective equipment and donations. These costs do not impact the determination of the ordinary gross operating margin.
At the same time, taking into account the most recent collection status and the results of the valuation model used to measure the recoverability of receivables, the Group recognized an increase in impairment losses on receivables of about €133 million at the marketing companies, in particular in Italy and Spain.
Taking account of tax effects and minority interests, the overall impact of COVID-19 on the Group's net income at June 30, 2020 was a negative €219 million (€167 million on Group ordinary net income).
| Millions of euro | 1st Half | ||||
|---|---|---|---|---|---|
| 2020 | 2019 | Change | |||
| Sale of electricity (1) | 16,699 | 19,747 | (3,048) | -15.4% | |
| Transport of electricity | 5,177 | 5,208 | (31) | -0.6% | |
| Fees from network operators | 458 | 450 | 8 | 1.8% | |
| Transfers from institutional market operators | 711 | 789 | (78) | -9.9% | |
| Sale of gas | 1,682 | 2,482 | (800) | -32.2% | |
| Transport of gas | 353 | 380 | (27) | -7.1% | |
| Sale of fuels (1) | 301 | 488 | (187) | -38.3% | |
| Fees for connection to electricity and gas networks | 347 | 376 | (29) | -7.7% | |
| Revenue from construction contracts | 369 | 335 | 34 | 10.1% | |
| Sale of commodities under contracts with physical delivery (IFRS 9) (1) |
5,666 | 8,468 | (2,802) | -33.1% | |
| Other revenue (1) | 1,612 | 2,244 | (632) | -28.2% | |
| Total | 33,375 | 40,967 | (7,592) | -18.5% |
(1) The figures for the 1st Half of 2019 have been adjusted to take account of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) contained in the Agenda Decision of 2019, which involved changes in the classification, with no impact on margins, of the effects of purchase and sales contracts for commodities measured at fair value through profit or loss (for more details, see note 4 to the condensed interim consolidated financial statements at June 30, 2020).
In the 1st Half of 2020 revenue experienced a significant reduction due to:
a decrease in the volume of electricity sold to end users in Italy (€657 million) and Spain (€700 million);
a contraction in volumes and average prices applied to sales in Latin America and the impact of the depreciation of Latin American currencies against the euro (€841 million);
a decrease in volumes of gas sales (€800 million), mainly in in Spain and Italy.
The change also reflected lower revenues from commodities contracts with physical delivery (IFRS 9), due to the reduction in volumes handled and prices applied (€2,802 million), partially offset by an increase in revenue from Distribution operations in Italy as a result of the application of the Regulatory Authority for Energy, Networks and the Environment (ARERA) Resolutions nos. 50/2018 and 568/2019 regarding the agreement reached with a trader in bankruptcy proceedings (€156 million) and the increase posted by Enel Green Power North America as a result of income from tax partnership agreements of €46 million and other revenue of €50 million from indemnities and disputes.
Revenue in the 1st Half of 2019 included other revenue in respect of:
the agreement between Edesur (€246 million, of which
€215 million in respect of the Distribution Business Line and €31 million for End-user Markets) and the Argentine government settling reciprocal disputes originating between 2006 and 2016;
the gain on the disposal of Mercure Srl (€108 million);
negative goodwill (€106 million) from the definitive allocation of the purchase price, performed by independent experts, in the acquisition by Enel North America (formerly Enel Green Power North America) of a number of companies sold by Enel Green Power North America Renewable Energy Partners LLC (EGPNA REP) in the 1st Quarter of 2019;
the contractual indemnity received following the exercise of the option to withdraw from an electricity supply contract by a major industrial customer of Enel Generación Chile (€160 million, of which €80 million pertaining to the Thermal Generation and Trading Business Line and €80 million pertaining to the Enel Green Power Business Line);
the adjustment of the price for the acquisition of eMotorWerks in 2017 following application of a number of contractual clauses (€58 million);
the fee of €50 million provided for in the agreement reached by e-distribuzione with F2i and 2i Rete Gas for the early all-inclusive settlement of the second indemnity connected with the sale in 2009 of the interest held in Enel Rete Gas.
| Millions of euro | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Electricity purchases (1) | 7,260 | 10,470 | (3,210) | -30.7% |
| Consumption of fuel for electricity generation | 1,332 | 2,181 | (849) | -38.9% |
| Fuel for trading and gas for sale to end users (1) | 5,291 | 7,841 | (2,550) | -32.5% |
| Materials (1) | 766 | 772 | (6) | -0.8% |
| Personnel | 1,855 | 2,338 | (483) | -20.7% |
| Services, leases and rentals | 7,452 | 7,973 | (521) | -6.5% |
| Other operating expenses | 1,089 | 1,315 | (226) | -17.2% |
| Capitalized costs | (916) | (1,018) | 102 | 10.0% |
| Total | 24,129 | 31,872 | (7,743) | -24.3% |
(1) The figures for the 1st Half of 2019 have been adjusted to take account of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) contained in the Agenda Decision of 2019, which involved changes in the classification, with no impact on margins, of the effects of purchase and sales contracts for commodities measured at fair value through profit or loss (for more details, see note 4 to the condensed interim consolidated financial statements at June 30, 2020).
| Millions of euro | 1st Half | ||||
|---|---|---|---|---|---|
| 2020 | 2019 | Change | |||
| Thermal Generation and Trading | 1,001 | 905 | 96 | 10.6% | |
| Enel Green Power | 2,291 | 2,274 | 17 | 0.7% | |
| Infrastructure and Networks | 3,816 | 3,971 | (155) | -3.9% | |
| End-user Markets | 1,582 | 1,661 | (79) | -4.8% | |
| Enel X | 23 | 72 | (49) | -68.1% | |
| Services | 10 | 82 | (72) | -87.8% | |
| Other, eliminations and adjustments | (78) | (58) | (20) | -34.5% | |
| Total | 8,645 | 8,907 | (262) | -2.9% |
The gross operating margin amounted to €8,645 million, a decrease of €262 million (-2.9%) compared with the 1st Half of 2019.
The decrease in gross operating margin is essentially attributable to:
Infrastructure and Networks in the amount of €155 million, reflecting:
Plan de Salida on the basis of the changes made with the "agreement on voluntary measures to suspend or terminate employment contracts" (€91 million net of additional updates in the period);
These factors were partly offset by:
the partial reversal of the provision;
End-user Markets in the amount of €79 million as a result of the adverse impact on electricity demand of the COV-ID-19 health emergency, which caused volumes to contract, especially on the free markets in Italy and Spain in business-to-business transactions, and the effect of the indemnity received in the 1st Half of 2019 from Edesur (€31 million). These effects were partly offset by a reduction in the provisioning costs of commodities, primarily in Spain;
Enel X, where operating improvements despite the effects of the pandemic were more than offset by the effect of the recognition in 2019 of an indemnity of €58 million received in application of contractual clauses connected with the disposal of eMotorWerks.
These reductions were partly offset by increases at:
Enel Green Power (€17 million), mainly due to:
Enel Green Power North America Renewable Energy Partners LLC (EGPNA REP);
These positive effects were partially offset by the effect of the recognition in the 1st Half of 2019 of income deriving from an indemnity for early withdrawal on an electricity supply contract in Chile (€80 million) and by the lower margins in Brazil deriving from the sale in 2019 of a number of wind farms, as well as adverse exchange rate developments during the 1st Half of 2020;
Thermal Generation and Trading, which benefitted from the positive effects of:
These positive factors were partially offset by:
| Millions of euro | 1st Half 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Other, | ||||||||
| Thermal | eliminations | |||||||
| Generation and | Enel Green | Infrastructure | End-user | and | ||||
| Trading | Power | and Networks | Markets | Enel X | Services | adjustments | Total | |
| Gross operating margin | 1,001 | 2,291 | 3,816 | 1,582 | 23 | 10 | (78) | 8,645 |
| Writedowns of fuels and spare | ||||||||
| parts inventories of certain | ||||||||
| coal-fired plants in Italy, Spain | ||||||||
| and Chile | 67 | - | - | - | - | - | - | 67 |
| COVID-19 | 5 | 5 | 33 | 9 | 2 | 27 | 1 | 82 |
| Ordinary gross operating | ||||||||
| margin | 1,073 | 2,296 | 3,849 | 1,591 | 25 | 37 | (77) | 8,794 |
| Millions of euro | 1st Half | |||||||
|---|---|---|---|---|---|---|---|---|
| Thermal | Other, eliminations |
|||||||
| Generation and Trading |
Enel Green Power |
Infrastructure and Networks |
End-user Markets |
Enel X | Services | and adjustments |
Total | |
| Gross operating margin | 905 | 2,274 | 3,971 | 1,661 | 72 | 82 | (58) | 8,907 |
| Disposal of interest in Mercure | ||||||||
| Srl | (94) | - | - | - | - | - | - | (94) |
| Disposal of e-distribuzione | ||||||||
| interest in Enel Rete Gas | - | - | (50) | - | - | - | - | (50) |
| Ordinary gross operating | ||||||||
| margin | 811 | 2,274 | 3,921 | 1,661 | 72 | 82 | (58) | 8,763 |
| Millions of euro | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Thermal Generation and Trading | (184) | (202) | 18 | 8.9% |
| Enel Green Power | 1,665 | 1,673 | (8) | -0.5% |
| Infrastructure and Networks | 2,346 | 2,650 | (304) | -11.5% |
| End-user Markets | 929 | 1,171 | (242) | -20.7% |
| Enel X | (48) | (8) | (40) | - |
| Services | (70) | (2) | (68) | - |
| Other, eliminations and adjustments | (95) | (69) | (26) | -37.7% |
| Total | 4,543 | 5,213 | (670) | -12.9% |
Operating income amounted to €4,543 million, with a decrease of €670 million (-12.9%) compared with the same period in 2019. The reduction in operating income was affected not only by the decrease in the gross operating margin, but also by an increase in depreciation, amortization and impairment losses (€408 million). This change is mainly attributable to the early decommissioning of the Bocamina II plant, which led to the recognition of impairment losses of €741 million in June 2020 following the Group's decision to accelerate the energy transition process in order to reduce the environmental impact of generation plants and support the various actions to combat climate change, which are strategic pillars of the Enel Group.
These effects were partially offset by the impairment losses recognized in 2019 on plants in Chile in the amount of €364 million (Bocamina I and Tarapacá) and in Russia in the amount of €120 million (Reftinskaya), as well as the reduction in depreciation recognized on coal-fired plants in Italy, Spain, Chile and Russia, on which impairment losses were recognized in 2019.
Finally, there was an increase of €292 million in writedowns of receivables, especially in the Distribution segment in Italy, mainly following the agreement between e-distribuzione and a trader (€156 million) for which associated income had been recognized, as commented above. The remaining increase in writedowns of receivables (€136 million) was due to the deterioration in the collection status of certain customer segments, mainly due to the COVID-19 health emergency, which prompted an update of the estimates of the recoverability of the receivables.
| Millions of euro | 1st Half 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Thermal Generation and Trading |
Enel Green Power |
Infrastructure and Networks |
End-user Markets |
Enel X | Services | Other, eliminations and adjustments |
Total | |
| Operating income | (184) | 1,665 | 2,346 | 929 | (48) | (70) | (95) | 4,543 |
| Writedown of Funac receivable of Enel Distribuição Goiás |
- | - | - | 6 | - | - | - | 6 |
| Writedown of CIS Interporto di Nola |
- | 14 | - | - | - | - | - | 14 |
| Writedown of fuel and spare parts inventories of certain coal-fired plants in Italy, Spain and Chile |
67 | - | - | - | - | - | - | 67 |
| Writedown of a number of coal fired plants in Italy, Spain and Chile |
743 | - | - | - | - | - | - | 743 |
| COVID-19 | 5 | 5 | 33 | 9 | 2 | 27 | 1 | 82 |
| Ordinary operating income | 631 | 1,684 | 2,379 | 944 | (46) | (43) | (94) | 5,455 |
| Millions of euro | 1st Half 2019 | |||||||
|---|---|---|---|---|---|---|---|---|
| Thermal Generation and Trading |
Enel Green Power |
Infrastructure and Networks |
End-user Markets |
Enel X | Services | Other, eliminations and adjustments |
Total | |
| Operating income | (202) | 1,673 | 2,650 | 1,171 | (8) | (2) | (69) | 5,213 |
| Disposal of interest in Mercure Srl |
(94) | - | - | - | - | - | - | (94) |
| Disposal of e-distribuzione interest in Enel Rete Gas |
- | - | (50) | - | - | - | - | (50) |
| Writedown of Reftinskaya plant | 120 | - | - | - | - | - | - | 120 |
| Writedown of coal-fired plants in Chile (Tarapacá and Bocamina I) |
364 | - | - | - | - | - | - | 364 |
| Ordinary operating income | 188 | 1,673 | 2,600 | 1,171 | (8) | (2) | (69) | 5,553 |
Group net income in the 1st Half of 2020 amounted to €1,947 million, a decrease of €268 million on the €2,215 million posted in the same period of the previous year (-12.1%). The decline is mainly attributable to the decrease in operating income noted above, as well as an increase in taxes due to the tax effects recognized in 2019, namely:
the "revalúo" at a number of generation companies in Argentina;
the preferential tax treatment (PEX) applied to the gain on the disposal of Mercure Srl;
the reversal of deferred tax liabilities of EGPNA in connection with the acquisition of a number of companies from EGPNA REP.
Group ordinary net income
These factors were partly offset by:
a reduction in net financial expense in Latin America, primarily in Brazil, due to the depreciation of local currencies against the euro;
a decrease in charges connected with equity investments accounted for using the equity method as a result of the effect recognized in the 1st Quarter of 2019 in connection with the repurchase of a number of companies from the EGPNA REP joint venture, which led to the recognition of a capital loss on EGPNA REP;
a decrease in non-controlling interests compared with the 1st Half of 2019.
| Millions of euro | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | |||
| Group net income | 1,947 | 2,215 | ||
| Writedown of Funac receivable of Enel Distribuição Goiás | 3 | - | ||
| Writedown of certain assets held by Slovak Power Holding BV | 22 | - | ||
| Writedown of CIS Interporto di Nola | 9 | - | ||
| Writedown of a number of coal-fired plants and inventories in Italy, Spain and Chile |
372 | - | ||
| COVID-19 | 52 | - | ||
| Disposal of interest in Mercure Srl | - | (97) | ||
| Disposal of e-distribuzione interest in Enel Rete Gas | - | (49) | ||
| Writedown of Reftinskaya plant | - | 54 | ||
| Writedown of coal-fired plants in Chile (Tarapacá and Bocamina I) | - | 154 | ||
| Group ordinary net income (1) | 2,405 | 2,277 |
(1) Taking account of taxes and non-controlling interests.
Group ordinary net income amounted to €2,405 million in the 1st Half of 2020, an increase of €128 million compared with the €2,277 million posted in the same period of 2019. The table above reconciles Group net income and Group ordinary net income in the 1st Half of 2020, reporting the extraordinary items and their respective effects on performance, net of the related tax effects and non-controlling interests.
The following schedule shows the composition of and changes in net capital employed.
| Millions of euro | ||||
|---|---|---|---|---|
| at June 30, 2020 | at Dec. 31, 2019 | Change | ||
| Net non-current assets: | ||||
| - property, plant and equipment and intangible assets | 95,791 | 99,010 | (3,219) | -3.3% |
| - goodwill | 14,115 | 14,241 | (126) | -0.9% |
| - equity investments accounted for using the equity method | 1,732 | 1,682 | 50 | 3.0% |
| - other net non-current assets/(liabilities) | (4,504) | (5,022) | 518 | 10.3% |
| Total net non-current assets | 107,134 | 109,911 | (2,777) | -2.5% |
| Net current assets: | ||||
| - trade receivables | 11,308 | 13,083 | (1,775) | -13.6% |
| - inventories | 2,629 | 2,531 | 98 | 3.9% |
| - net receivables due from institutional market operators | (2,605) | (3,775) | 1,170 | 31.0% |
| - other net current assets/(liabilities) | (7,126) | (7,282) | 156 | 2.1% |
| - trade payables | (9,348) | (12,960) | 3,612 | 27.9% |
| Total net current assets | (5,142) | (8,403) | 3,261 | 38.8% |
| Gross capital employed | 101,992 | 101,508 | 484 | 0.5% |
| Provisions: | ||||
| - employee benefits | (2,780) | (3,771) | 991 | 26.3% |
| - provisions for risks and charges and net deferred taxes | (5,436) | (5,722) | 286 | 5.0% |
| Total provisions | (8,216) | (9,493) | 1,277 | 13.5% |
| Net assets held for sale | 3 | 98 | (95) | -96.9% |
| Net capital employed | 93,779 | 92,113 | 1,666 | 1.8% |
| Total shareholders' equity | 43,368 | 46,938 | (3,570) | -7.6% |
| Net financial debt | 50,411 | 45,175 | 5,236 | 11.6% |
Net capital employed at June 30, 2020 amounted to €93,779 million and was funded by shareholders' equity attributable to the shareholders of the Parent Company and non-controlling interests in the amount of €43,368 million and net financial debt of €50,411 million.
The increase in net financial debt amounted to €5,236 million (+11.6%) and was associated with (i) funding requirements connected with investment in the period (€4,137 million), (ii) payment of dividends for a total of €2,629 million, and (iii) extraordinary transactions in non-controlling interests connected with the acquisitions of additional equity in Enel Américas and Enel Chile (€973 million).
The positive cash flow from operations (€2,042 million) and favorable developments in the exchange rates applicable to debt denominated in foreign currency (1,184 million) partly offset the cash requirements of the developments indicated above.
As a result of the foregoing, at June 30, 2020, the debt/equity ratio was 1.16 (0.96 at December 31, 2019).
One notable development was the decrease in property, plant and equipment and intangible assets associated with the writedown of the Bocamina II coal-fired plant in Chile, as well as depreciation and amortization for the period and, above all, the adverse developments in exchange rates in Latin America net of investment for the period. This decrease in net capital employed was more than offset by the change in net current assets, reflecting normal developments in accounts receivable/payable in the COVID-19 environment and the general decline in operating costs, especially for fuels.
Finally, shareholders' equity declined in particular as a result of the dividend distribution and adverse exchange rate developments, especially in Latin America.
The Enel Group's net financial debt and changes in the period are detailed in the table below.
Millions of euro
| at June 30, 2020 | at Dec. 31, 2019 | Change | ||
|---|---|---|---|---|
| Long-term debt: | ||||
| - bank borrowings | 8,830 | 8,407 | 423 | 5.0% |
| - bonds | 42,299 | 43,294 | (995) | -2.3% |
| - other borrowings | 2,494 | 2,473 | 21 | 0.8% |
| Long-term debt | 53,623 | 54,174 | (551) | -1.0% |
| Long-term financial receivables and securities | (3,166) | (3,185) | 19 | 0.6% |
| Net long-term debt | 50,457 | 50,989 | (532) | -1.0% |
| Short-term debt | ||||
| Bank borrowings: | ||||
| - short-term portion of long-term bank borrowings | 1,458 | 1,121 | 337 | 30.1% |
| - other short-term bank borrowings | 1,214 | 579 | 635 | - |
| Short-term bank borrowings | 2,672 | 1,700 | 972 | 57.2% |
| Bonds (short-term portion) | 932 | 1,906 | (974) | -51.1% |
| Other borrowings (short-term portion) | 348 | 382 | (34) | -8.9% |
| Commercial paper | 4,495 | 2,284 | 2,211 | 96.8% |
| Cash collateral on derivatives and other financing | 1,418 | 750 | 668 | 89.1% |
| Other short-term financial payables (1) | 96 | 351 | (255) | -72.6% |
| Other short-term debt | 7,289 | 5,673 | 1,616 | 28.5% |
| Long-term financial receivables (short-term portion) | (1,472) | (1,585) | 113 | 7.1% |
| Financial receivables - cash collateral | (2,326) | (2,153) | (173) | -8.0% |
| Other short-term financial receivables | (286) | (369) | 83 | 22.5% |
| Cash and cash equivalents with banks and short term securities | (5,923) | (9,080) | 3,157 | 34.8% |
| Cash and cash equivalents and short-term financial receivables | (10,007) | (13,187) | 3,180 | 24.1% |
| Net short-term debt | (46) | (5,814) | 5,768 | - |
| NET FINANCIAL DEBT | 50,411 | 45,175 | 5,236 | 11.6% |
| Net financial debt of "Assets held for sale" | - | - | - | - |
(1) Includes current financial payables included in Other current financial liabilities.
Net financial debt amounted to €50,411 million at June 30, 2020, an increase of €5,236 million on December 31, 2019, due mainly to the change in net short-term debt.
At June 30, 2020, gross financial debt amounted to €63,584 million, an increase of €2,037 million on December 31, 2019.
| Millions of euro | at June 30, 2020 | at Dec. 31, 2019 | ||||
|---|---|---|---|---|---|---|
| Gross long-term debt |
Gross short-term debt |
Gross debt | Gross long-term debt |
Gross short-term debt |
Gross debt | |
| Gross financial debt | 56,361 | 7,223 | 63,584 | 57,583 | 3,964 | 61,547 |
| of which: | ||||||
| Debt connected with achievement of sustainability goals |
14,577 | 3,527 | 18,104 | 13,758 | - | 13,758 |
| Debt connected with achievement of sustainability goals/Total gross debt (%) |
28% | 22% |
More specifically, gross long-term financial debt (including the short-term portion) amounted to €56,361 million, of which €14,577 million in respect of financing linked to sustainability goals. It breaks down as follows:
bonds in the amount of €43,231 million, of which €7,274 million in respect of bonds linked to sustainability goals. More specifically, bonds decreased by €1,969 million compared with December 31, 2019, mainly reflecting repayments of bonds in the period and exchange rate gains;
bank borrowings of €10,288 million, of which €7,303 million in respect of loans linked to sustainability goals. That financing increased by a total of €760 million compared with December 31, 2019, mainly reflecting new loans, only partly offset by exchange rate gains and repayments in the period;
other borrowings of €2,842 million, essentially unchanged compared with December 31, 2019.
In the first six months of 2020 the following credit lines con-
nected with the achievement of sustainability goals were signed. At June 30, 2020 they had not been drawn:
€5,000 million granted to Enel SpA by a pool of banks maturing in May 2021, with a renewal option for an additional 12 months;
€250 million granted to Endesa by a pool of banks maturing in April 2022.
Gross short-term financial debt amounted to €7,223 million, an increase of €3,259 million compared with December 31, 2019. It mainly includes commercial paper of €4,495 million, cash collateral on derivatives of €1,418 million and other short-term bank borrowings of €1,214 million.
In the 1st Half of 2020, Enel Finance International and Endesa structured commercial paper programs linked to sustainability objectives and at June 30, 2020 total issues amounted to €3,527 million.
| Millions of euro | 1st Half | ||||
|---|---|---|---|---|---|
| 2020 | 2019 | Change | |||
| Cash and cash equivalents at the beginning of the period (1) | 9,080 | 6,714 | 2,366 | ||
| Cash flows from operating activities | 2,042 | 4,619 | (2,577) | ||
| Cash flows from investing/disinvesting activities | (4,119) | (4,012) | (107) | ||
| Cash flows from financing activities | (706) | (1,551) | 845 | ||
| Effect of exchange rate changes on cash and cash equivalents | (374) | 31 | (405) | ||
| Cash and cash equivalents at the end of the period (2) | 5,923 | 5,801 | 122 |
(1) Of which cash and cash equivalents equal to €9,029 million at January 1, 2020 (€6,630 million at January 1, 2019), short-term securities equal to €51 million at January 1, 2020 (€63 million at January 1, 2019) and cash and cash equivalents pertaining to assets held for sale in the amount of €21 million at January 1, 2019. (2) Of which cash and cash equivalents equal to €5,840 million at June 30, 2020 (€5,747 million at June 30, 2019) and short-term securities equal to €83 million at
June 30, 2020 (€54 million at June 30, 2019).
Cash flows from operating activities in the 1st Half of 2020 were a positive €2,042 million, down €2,577 million on the corresponding period of the previous year, largely reflecting the increase in cash requirements connected with the change in net current assets.
Cash flows from investing/disinvesting activities in the 1st Half of 2020 absorbed funds in the amount of €4,119 million, compared with €4,012 million in the 1st Half of 2019.
Investments in property, plant and equipment, intangible assets and non-current assets from contracts with customers amounted to €4,137 million in the 1st Half Quarter of 2020, essentially unchanged on the same period of the previous year. Please see the next section for more information.
Disposals of entities and business units, net of cash and cash equivalents sold, amounted to €88 million, mainly in respect of the disposal by Enel Green Power North America of a number of companies owning hydroelectric plants that had been accounted for using the equity method and the disposal by Endesa of 80% of its stake in Endesa Soluciones. The positive impact of that disposal was partly offset by the payment of VAT connected with the sale last year of the Russian coal-fired plant of Reftinskaya. In the 1st Half of 2019, the item amounted to €454 million, mainly reflecting the disposal of 100% of three solar plants in Brazil and the sale of the Mercure generation plant business unit.
Liquidity absorbed by other investing/disinvesting activities in
the 1st Half of 2020 amounted to €63 million, essentially regarding the capital contribution to the OpEn Fiber joint venture, partly offset by the liquidity generated by small disinvestments, mainly in Italy, Latin America and Iberia.
Cash flows from financing activities showed funds absorbed in the amount of €706 million, while in the 1st Half of 2019 financing activities had absorbed cash of €1,551 million. The flow in the 1st Half of 2020 essentially reflected:
the payment of dividends in the amount of €2,629 million;
the cash requirements generated by transactions in non-controlling interests in the amount of €973 million. These mainly included the increase in the stake held in Enel Américas and Enel Chile through a number of share swap agreements with a leading financial institution;
an increase of €2,896 million in net financial debt (the balance of repayments, new borrowing and other changes), primarily reflecting commercial paper issues.
In the 1st Half of 2020, cash flows from operating activities in the amount of €2,042 million only partly funded the cash needs for financing activities totaling €706 million and for investment activities in the amount of €4,119 million. The difference was reflected in a decrease in cash and cash equivalents, which at June 30, 2020 amounted to €5,923 million, compared with €9,080 million at the end of 2019. This also reflected the effects of adverse developments in the exchange rates of the various local currencies against the euro in the amount of €374 million.
Capital expenditure in the 1st Half of 2020 amounted to €4,137 million, essentially unchanged on the previous year (-€30 million). The main developments were as follows:
the decrease in capital expenditure on Infrastructure and Networks in Argentina (€54 million) and Italy (€40 million) mainly reflects the slowdown in the mass replacement of meters due to the COVID-19 emergency. This factor was only partly offset by an increase in expenditure in other countries in Latin America and Romania;
the decrease in capital expenditure on plants in the Thermal Generation and Trading area was mainly registered in Argentina (€20 million), Iberia (€16 million) and Russia (€7
million), primarily due to the Group's strategic choices to give preference to clean low-emission technologies that strengthen the Group's commitment to pursuing the fight against climate change;
these contractions were offset by an increase in capital expenditure by Enel Green Power, primarily in the United States (€230 million), South Africa (€136 million), Brazil (€134 million) and Chile (€127 million). Conversely, investment in renewables declined in Spain (€262 million), Mexico (€128 million) and Greece (€74 million), above all owing to the entry into service of plants and projects begun in previous years.
| Millions of euro | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Thermal Generation and Trading | 239 | 292 | (53) | -18.2% |
| Enel Green Power | 1,912 | 1,816 (1) | 96 | 5.3% |
| Infrastructure and Networks | 1,668 | 1,726 | (58) | -3.4% |
| End-user Markets | 182 | 187 | (5) | -2.7% |
| Enel X | 103 | 105 | (2) | -1.9% |
| Services | 19 | 31 | (12) | -38.7% |
| Other, eliminations and adjustments | 14 | 10 | 4 | 40.0% |
| Total | 4,137 | 4,167 | (30) | -0.7% |
(1) The figure does not include €4 million regarding units classified as "held for sale" in the 1st Half of 2019.
The Enel Group workforce at June 30, 2020 numbered 66,825, of whom 56.3% were employed in companies outside of Italy. The following table provides a breakdown:
| No. | ||
|---|---|---|
| at June 30, 2020 | at Dec. 31, 2019 | |
| Thermal Generation and Trading | 8,541 | 9,432 |
| Enel Green Power | 7,996 | 7,957 |
| Infrastructure and Networks | 34,485 | 34,822 |
| End-user Markets | 6,373 | 6,336 |
| Enel X | 2,901 | 2,808 |
| Services | 5,670 | 6,013 |
| Other | 859 | 885 |
| Total | 66,825 | 68,253 |
Compared with December 31, 2019, the Group's workforce decreased by 1,428 during the period, reflecting the negative balance between new hires and terminations (-447) and changes in the scope of consolidation (-981) due to:
the disposal of hydro plants in the United States;
the disposal of the Reftinskaya plant in Russia.
The changes break down by geographical area as follows: 22% of new hires came in Italy, while the remaining 78% were distributed among other countries. About 28% of terminations came in Italy, encouraged by the application of the procedure provided for under Article 4 of Law 92/2012 governing early retirement, while the remaining 72% were registered abroad.
| No. | |
|---|---|
| Balance at December 31, 2019 | 68,253 |
| Hirings | 1,182 |
| Terminations | (1,629) |
| Change in the scope of consolidation | (981) |
| Balance at June 30, 2020 | 66,825 |
Enel responded with various actions to the emergency linked to the spread of coronavirus (COVID-19) in all the countries in which it operates.
It has adopted remote flexible working practices by gradually extending it to new groups of personnel and new countries (Peru, South Africa, Canada and Enel X Europe), involving over 50% of our people (from over 17,000 at the end of 2019 to around 36,000 at the end of the 1st Half of 2020).
To protect human health and ensure business continuity, a specific task force was also set up to monitor developments in the emergency, defining appropriate responses and sharing best practices in the various countries. Finally, in all countries numerous initiatives and services have been launched within the #iolavorodacasa ("I work from home") project to keep people constant updated, support remote work and guarantee personal and family well-being.
| at June 30, 2020 | at Dec. 31, 2019 | |
|---|---|---|
| Injury frequency rate (FR) - Enel i |
0.681 | 0.899 |
| Injury frequency rate (FR) - Contractors i |
0.473 | 0.653 |
| Fatal injuries at Enel no. |
1 | 1 |
| Fatal injuries at contractors no. |
3 | 7 |
In the 1st Half of 2020, the injury frequency rate (FR) for Enel employees declined to 0.68 injuries for every million hours worked (0.90 in 2019), while the FR for the personnel of contractors also decreased to 0.47 injuries per million hours worked (0.65 in 2019), in line with the trend in recent years and confirming the effectiveness of the safety strategy and policies implemented in the Group.
In the 1st Half of 2020, 1 fatal accident occurred involving an employee of the Enel Group, and 3 fatal accidents involving contractors.
In the wake of the novel coronavirus pandemic (COVID-19), Enel promptly took a range of actions in all the geographical areas in which the Group operates to reduce the risk of contagion to a minimum and, at the same time, to guarantee the delivery of the essential electricity services. In addition to the adoption of flexible working practices, specific prevention and reaction measures (shift work, organization of work team into cells, preventive home isolation, etc.) have been implemented for essential operations.
A Global Task Force and specific Local Task Forces have also been created, consisting of the People and Organization, Health, Safety, Environment and Quality, Security and Real Time Communications units. In all countries, the Local Task Force coordinates the associated activities and determines the actions necessary.
The representation of performance by business area presented here is based on the approach used by management in monitoring Group performance for the two periods under review, taking account of the operational model adopted by the Group as described above.
With regard to disclosures for operating segments, beginning with the close of the accounts at September 30, 2019, the Enel Group has changed its primary and secondary reporting segments in accordance with the provisions of IFRS 8. Specifically, bearing in mind that in 2019 management began to report performance by business area, the Group has therefore adopted the following reporting sectors:
primary sector: business area;
secondary sector: geographical area.
The business area is therefore the main discriminant in the analyses performed and decisions taken by the management of the Enel Group, and is fully consistent with the internal reporting prepared for these purposes since the results are measured and evaluated first and foremost for each business area and only thereafter are they broken down by country.
The following chart outlines these organizational arrangements.
| Regions and Countries |
Global Business Lines Local Businesses |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Thermal Generation |
End-user Markets |
Services | ||||||||||||
| Italy | ||||||||||||||
| Iberia | ||||||||||||||
| Europe | ||||||||||||||
| Africa, Asia and Oceania |
||||||||||||||
| North America | ||||||||||||||
| Latin America |
Holding
The organization continues to be based on a matrix of Business Lines (Thermal Generation and Trading, Enel Green Power, Infrastructure and Networks, End-user Markets, Enel X, Services and Holding/Other) and geographical areas (Italy, Iberia, Europe, Latin America, North America, Africa, Asia and Oceania, Central/Holding). It should be noted that, with effect from September 2019, the Latin America area connected with the Enel Green Power Business Line also includes the countries Panama, Costa Rica, Guatemala, El Salvador and Nicaragua, which had previously been reported in the North and Central America geographical area (now renamed North America and consisting of the following countries: United
States, Canada and Mexico). In addition, as from March 31, 2020, in Latin America the data pertaining to large customers managed by the generation companies have been reallocated to the End-user Markets Global Business Line. In order to ensure full comparability of the figures commented here in the light of the new breakdown of the primary and secondary reporting sectors for IFRS 8 disclosure purposes, the reallocation of countries in the Enel Green Power segment and the reallocation of large customers to the End-user Markets Global Business Line, the comparative figures for the 1st Half of 2019 have been adjusted appropriately.
| Millions of euro | Thermal Generation and Trading |
Enel Green Power |
Infrastructure and Networks |
End-user Markets |
Enel X | Services | Other, eliminations and adjustments |
Total |
|---|---|---|---|---|---|---|---|---|
| Revenue and other income from third parties |
3,354 | 1,712 | 4,218 | 3,486 | 209 | 397 | 14 | 13,390 |
| Revenue and other income from transactions with other |
||||||||
| segments | 348 | 44 | 368 | 2,570 | 31 | 32 | (3,393) | - |
| Total revenue and other | ||||||||
| income | 3,702 | 1,756 | 4,586 | 6,056 | 240 | 429 | (3,379) | 13,390 |
| Net income/(expense) from commodity risk management |
(71) | 48 | - | 215 | - | 1 | (2) | 191 |
| Gross operating margin | 309 | 1,153 | 1,871 | 649 | 16 | (13) | (48) | 3,937 |
| Depreciation, amortization and impairment losses |
968 | 314 | 788 | 347 | 38 | 40 | 8 | 2,503 |
| Operating income | (659) | 839 | 1,083 | 302 | (22) | (53) | (56) | 1,434 |
(1) Revenue and other income includes both revenue from third parties and revenue flows between the segments. An analogous approach was taken for other income and costs for the period.
| Other, | ||||||||
|---|---|---|---|---|---|---|---|---|
| Thermal | eliminations | |||||||
| Generation and | Enel Green | Infrastructure | End-user | and | ||||
| Millions of euro | Trading | Power | and Networks | Markets | Enel X | Services | adjustments | Total |
| Revenue and other income from | ||||||||
| third parties | 6,026 | 1,692 | 5,038 | 4,694 | 269 | 501 | (8) | 18,212 |
| Revenue and other income | ||||||||
| from transactions with other | ||||||||
| segments | 352 | 126 | 398 | 2,864 | 30 | 13 | (3,783) | - |
| Total revenue and other | ||||||||
| income | 6,378 | 1,818 | 5,436 | 7,558 | 299 | 514 | (3,791) | 18,212 |
| Net income/(expense) from | ||||||||
| commodity risk management | 103 | (9) | - | 50 | - | (45) | (1) | 98 |
| Gross operating margin | 310 | 1,026 | 2,145 | 800 | 69 | 38 | (29) | 4,359 |
| Depreciation, amortization and | ||||||||
| impairment losses | 812 | 298 | 635 | 285 | 50 | 40 | 7 | 2,127 |
| Operating income | (502) | 728 | 1,510 | 515 | 19 | (2) | (36) | 2,232 |
(1) Revenue and other income includes both revenue from third parties and revenue flows between the segments. An analogous approach was taken for other income and costs for the period.
| Millions of euro | Thermal Generation and Trading |
Enel Green Power |
Infrastructure and Networks |
End-user Markets |
Enel X | Services | Other, eliminations and adjustments |
Total |
|---|---|---|---|---|---|---|---|---|
| Revenue and other income from | ||||||||
| third parties | 11,588 | 3,468 | 8,809 | 8,333 | 398 | 774 | 5 | 33,375 |
| Revenue and other income | ||||||||
| from transactions with other | ||||||||
| segments | 688 | 107 | 739 | 6,084 | 65 | 50 | (7,733) | - |
| Total revenue and other | ||||||||
| income | 12,276 | 3,575 | 9,548 | 14,417 | 463 | 824 | (7,728) | 33,375 |
| Net income/(expense) from | ||||||||
| commodity risk management | (797) | 57 | - | 140 | - | (4) | 3 | (601) |
| Gross operating margin | 1,001 | 2,291 | 3,816 | 1,582 | 23 | 10 | (78) | 8,645 |
| Depreciation, amortization and | ||||||||
| impairment losses | 1,185 | 626 | 1,470 | 653 | 71 | 80 | 17 | 4,102 |
| Operating income | (184) | 1,665 | 2,346 | 929 | (48) | (70) | (95) | 4,543 |
| Capital expenditure | 239 | 1,912 | 1,668 | 182 | 103 | 19 | 14 | 4,137 |
(1) Revenue and other income includes both revenue from third parties and revenue flows between the segments. An analogous approach was taken for other income and costs for the period.
| Thermal Generation and |
Enel Green | Infrastructure | End-user | Other, eliminations and |
||||
|---|---|---|---|---|---|---|---|---|
| Millions of euro | Trading | Power | and Networks | Markets | Enel X | Services | adjustments | Total |
| Revenue and other income from third parties |
15,834 | 3,576 | 9,890 | 10,362 | 430 | 870 | 5 | 40,967 |
| Revenue and other income from transactions with other |
||||||||
| segments | 612 | 259 | 797 | 6,479 | 62 | 33 | (8,242) | - |
| Total revenue and other | ||||||||
| income | 16,446 | 3,835 | 10,687 | 16,841 | 492 | 903 | (8,237) | 40,967 |
| Net income/(expense) from commodity risk management |
(167) | (18) | - | (2) | - | - | (1) | (188) |
| Gross operating margin | 905 | 2,274 | 3,971 | 1,661 | 72 | 82 | (58) | 8,907 |
| Depreciation, amortization and impairment losses |
1,107 | 601 | 1,321 | 490 | 80 | 84 | 11 | 3,694 |
| Operating income | (202) | 1,673 | 2,650 | 1,171 | (8) | (2) | (69) | 5,213 |
| Capital expenditure | 292 | 1,816 (2) | 1,726 | 187 | 105 | 31 | 10 | 4,167 |
(1) Revenue and other income includes both revenue from third parties and revenue flows between the segments. An analogous approach was taken for other income and costs for the period.
(2) Does not include €4 million regarding units classified as "held for sale".
In addition to the above, the Group monitors performance by geographical area, classifying performance by Region/Country. In the table below, gross operating margin is shown for
the two periods under review with the goal of providing a view of performance not only by Business Line, but also by Region/Country.
| Millions of euro | Thermal Generation and Trading |
Enel Green Power | Infrastructure and Networks | End-user Markets | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1st Half | 1st Half | 1st Half | 1st Half | |||||||||
| 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | Change | |
| Italy | 180 | 176 | 4 | 745 | 615 | 130 | 1,873 | 1,824 | 49 | 1,134 | 1,167 | (33) |
| Iberia | 605 | 309 | 296 | 216 | 183 | 33 | 1,121 | 974 | 147 | 305 | 324 | (19) |
| Latin America | 125 | 321 | (196) | 953 | 1,132 | (179) | 773 | 1,138 | (365) | 105 | 173 | (68) |
| Argentina | 50 | 70 | (20) | 18 | 26 | (8) | 23 | 242 | (219) | (3) | 16 | (19) |
| Brazil | 20 | 53 | (33) | 118 | 187 | (69) | 384 | 487 | (103) | 55 | 83 | (28) |
| Chile | (3) | 121 | (124) | 366 | 462 | (96) | 83 | 116 | (33) | 15 | 19 | (4) |
| Colombia | (4) | 10 | (14) | 314 | 310 | 4 | 185 | 185 | - | 27 | 39 | (12) |
| Peru | 62 | 67 | (5) | 63 | 70 | (7) | 98 | 108 | (10) | 11 | 16 | (5) |
| Panama | - | - | - | 54 | 58 | (4) | - | - | - | - | - | - |
| Other countries | - | - | - | 20 | 19 | 1 | - | - | - | - | - | - |
| Europe | 77 | 114 | (37) | 80 | 69 | 11 | 55 | 47 | 8 | 39 | (6) | 45 |
| Romania | - | (1) | 1 | 42 | 42 | - | 55 | 47 | 8 | 39 | (6) | 45 |
| Russia | 76 | 115 | (39) | (2) | - | (2) | - | - | - | - | - | - |
| Other countries | 1 | - | 1 | 40 | 27 | 13 | - | - | - | - | - | - |
| North America | 10 | (5) | 15 | 305 | 297 | 8 | - | - | - | (1) | 3 | (4) |
| United States and Canada |
9 | (5) | 14 | 260 | 250 | 10 | - | - | - | - | - | - |
| Mexico | 1 | - | 1 | 45 | 47 | (2) | - | - | - | (1) | 3 | (4) |
| Africa, Asia and Oceania |
- | - | - | 22 | 28 | (6) | - | - | - | - | - | - |
| South Africa | - | - | - | 24 | 27 | (3) | - | - | - | - | - | - |
| India | - | - | - | 2 | 5 | (3) | - | - | - | - | - | - |
| Other countries | - | - | - | (4) | (4) | - | - | - | - | - | - | - |
| Other | 4 | (10) | 14 | (30) | (50) | 20 | (6) | (12) | 6 | - | - | - |
| Total | 1,001 | 905 | 96 | 2,291 | 2,274 | 17 | 3,816 | 3,971 | (155) | 1,582 | 1,661 | (79) |
| Enel X | Services | Other | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1st Half | 1st Half | 1st Half | 1st Half | |||||||
| 2020 2019 |
Change | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | Change |
| 9 - |
9 | 33 | 81 | (48) | - | - | - | 3,974 | 3,863 | 111 |
| 25 23 |
2 | 2 | 44 | (42) | - | - | - | 2,274 | 1,857 | |
| 23 19 |
4 | (54) | (49) | (5) | - | - | - | 1,925 | 2,734 | (809) |
| - - |
- | - | (2) | 2 | - | - | - | 88 | 352 | (264) |
| (3) (2) |
(1) | (19) | (23) | 4 | - | - | - | 555 | 785 | (230) |
| 4 3 |
1 | (35) | (24) | (11) | - | - | - | 430 | 697 | (267) |
| 23 18 |
5 | - | - | - | - | - | - | 545 | 562 | (17) |
| (1) - |
(1) | - | - | - | - | - | - | 233 | 261 | (28) |
| - - |
- | - | - | - | - | - | - | 54 | 58 | (4) |
| - - |
- | - | - | - | - | - | - | 20 | 19 | 1 |
| 3 - |
3 | 2 | 2 | - | - | - | - | 256 | 226 | |
| 4 3 |
1 | 2 | 2 | - | - | - | - | 142 | 87 | |
| - - |
- | - | - | - | - | - | - | 74 | 115 | (41) |
| (1) (3) |
2 | - | - | - | - | - | - | 40 | 24 | |
| (20) 43 |
(63) | (1) | - | (1) | - | - | - | 293 | 338 | 16 (45) |
| (20) 43 |
(63) | (1) | - | (1) | - | - | - | 248 | 288 | (40) |
| - - |
- | - | - | - | - | - | - | 45 | 50 | (5) |
| (1) (3) |
2 | - | - | - | - | - | - | 21 | 25 | (4) (3) |
| - - |
- | - | - | - | - | - | - | 24 | 27 | |
| - - |
- | - | - | - | - | - | - | 2 | 5 | |
| (1) (3) |
2 | - | - | - | - | - | - | (5) | (7) | |
| (16) (10) |
(6) | 28 | 4 | 24 | (78) | (58) | (20) | (98) | (136) | |
| 23 72 |
(49) | 10 | 82 | (72) | (78) | (58) | (20) | 8,645 | 8,907 | (262) |
| Millions of kWh | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Coal-fired plants | 6,131 | 22,130 | (15,999) | -72.3% |
| Fuel-oil and turbo-gas plants | 8,706 | 10,349 | (1,643) | -15.9% |
| Combined-cycle plants | 19,002 | 20,131 | (1,129) | -5.6% |
| Nuclear plants | 12,672 | 13,212 | (540) | -4.1% |
| Total net generation | 46,511 | 65,822 | (19,311) | -29.3% |
| - of which Italy | 6,997 | 10,979 | (3,982) | -36.3% |
| - of which Iberia | 20,178 | 25,453 | (5,275) | -20.7% |
| - of which Latin America | 11,008 | 11,780 | (772) | -6.6% |
| - of which Europe | 8,328 | 17,610 | (9,282) | -52.7% |
The decrease in net generation was essentially due to a sharp decrease in coal generation in the amount of 15,999 million kWh, primarily in Russia (8,431 million kWh), due to the disposal of the Reftinskaya GRES coal-fired plant on October 1, 2019, Iberia (4,332 million kWh) and Italy (2,551 million kWh) due to the acceleration of the decarbonization process. In general, generation from other high-emissions plants declined to the benefit of generation from renewables. More specifically, in the 1st Half of 2020, decreases were registered in fuel-oil generation in the amount of 1,643 million kWh and combined-cycle generation (1,129 million kWh), mainly in Italy.
(1) At December 31, 2019.
Net efficient thermal installed capacity decreased by 2,396 MW in the 1st Half of 2020, mainly reflecting the decommissioning of 2,061 MW of coal-fired capacity in Spain.
| Millions of euro | 1st Half | Change | |
|---|---|---|---|
| Revenue | 2020 | 2019 | |
| Revenue from thermal generation | 3,497 | 5,333 | -34.4% |
| - of which: coal generation | 853 | 1,527 | -44.1% |
| Revenue from nuclear generation | 646 | 632 | +2.2% |
| Revenue from thermal generation as a percentage of total revenue | 10.5% | 13.0% | |
| - of which: revenue from coal generation as a percentage of total revenue | 2.6% | 3.7% | |
| Revenue from nuclear generation as a percentage of total revenue | 1.9% | 1.5% |
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 3,702 | 6,378 | (2,676) | -42.0% Revenue (1) | 12,276 | 16,446 | (4,170) | -25.4% | |
| Gross operating | ||||||||
| 309 | 310 | (1) | -0.3% | margin | 1,001 | 905 | 96 | 10.6% |
| Ordinary gross | ||||||||
| operating margin | 1,073 | 811 | 262 | 32.3% | ||||
| (659) | (502) | (157) | -31.3% Operating income | (184) | (202) | 18 | 8.9% | |
| Capital | ||||||||
| expenditure | 239 | 292 | (53) | -18.2% |
(1) The figures for the 1st Half of 2019 have been adjusted to take account of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) contained in the Agenda Decision of 2019, which involved changes in the classification, with no impact on margins, of the effects of purchase and sales contracts for commodities measured at fair value through profit or loss (for more details, see note 4 of the condensed interim consolidated financial statements at June 30, 2020).
The following tables show a breakdown of performance by Region/Country in the 2nd Quarter and the 1st Half of 2020.
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 2,094 | 4,489 | (2,395) | -53.4% | Italy | 8,763 | 12,279 | (3,516) | -28.6% |
| 1,047 | 1,332 | (285) | -21.4% | Iberia | 2,519 | 2,859 | (340) | -11.9% |
| 272 | 408 | (136) | -33.3% | Latin America | 674 | 1,001 | (327) | -32.7% |
| 24 | 63 | (39) | -61.9% | - of which Argentina | 88 | 164 | (76) | -46.3% |
| 24 | 58 | (34) | -58.6% | - of which Brazil | 68 | 126 | (58) | -46.0% |
| 168 | 191 | (23) | -12.0% | - of which Chile | 336 | 493 | (157) | -31.8% |
| 46 | 26 | 20 | 76.9% | - of which Colombia | 95 | 45 | 50 | - |
| 10 | 70 | (60) | -85.7% | - of which Peru | 87 | 173 | (86) | -49.7% |
| (157) | 4 | (161) | - | North America | 8 | 5 | 3 | 60.0% |
| 277 | 229 | 48 | 21.0% | Europe | 277 | 495 | (218) | -44.0% |
| (165) | 5 | (170) | - | - of which Romania | - | 14 | (14) | - |
| 275 | 224 | 51 | 22.8% | - of which Russia | 275 | 481 | (206) | -42.8% |
| 2 | - | 2 | - | - of which other countries | 2 | - | 2 | - |
| 231 | 11 | 220 | - | Other | 62 | 26 | 36 | - |
| (8,601) | (95) | (8,506) | - | Eliminations and adjust ments |
(27) | (219) | 192 | 87.7% |
| 3,702 | 6,378 | (2,676) | -42.0% | Total | 12,276 | 16,446 | (4,170) | -25.4% |
(1) The figures for the 1st Half of 2019 have been adjusted to take account of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) contained in the Agenda Decision of 2019, which involved changes in the classification, with no impact on margins, of the effects of purchase and sales contracts for commodities measured at fair value through profit or loss (for more details, see note 4 of the condensed interim consolidated financial statements at June 30, 2020).
Revenue (1)
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 50 | 42 | 8 | 19.0% Italy | 180 | 176 | 4 | 2.3% | |
| 177 | 151 | 26 | 17.2% Iberia | 605 | 309 | 296 | 95.8% | |
| 49 | 85 | (36) | -42.4% Latin America | 125 | 321 | (196) | -61.1% | |
| 9 | 26 | (17) | -65.4% | - of which Argentina |
50 | 70 | (20) | -28.6% |
| 7 | 7 | - | - - of which Brazil | 20 | 53 | (33) | -62.3% | |
| 10 | 13 | (3) | -23.1% - of which Chile | (3) | 121 | (124) | - | |
| (2) | 7 | (9) | - | - of which Colombia |
(4) | 10 | (14) | - |
| 25 | 32 | (7) | -21.9% - of which Peru | 62 | 67 | (5) | -7.5% | |
| 4 | (5) | 9 | - North America | 10 | (5) | 15 | - | |
| 28 | 43 | (15) | -34.9% Europe | 77 | 114 | (37) | -32.5% | |
| - | (1) | 1 | - | - of which Romania |
- | (1) | 1 | - |
| 27 | 44 | (17) | -38.6% - of which Russia | 76 | 115 | (39) | -33.9% | |
| 1 1 |
- (6) |
1 7 |
- | - of which other countries - Other |
1 4 |
- (10) |
1 14 |
- - |
| 309 | 310 | (1) | -0.3% Total | 1,001 | 905 | 96 | 10.6% |
The increase in the gross operating margin in the 1st Half of 2020 mainly reflects:
an increase in the margin posted in Iberia, essentially attributable to:
a decrease in the margin in Latin America, reflecting:
2019 of an indemnity of €80 million received from Anglo American for having exercised the early withdrawal option as well as a decrease in volumes sold;
a decrease of €37 million in the margin posted in Europe, especially in Russia, essentially as a result of the disposal of the Reftinskaya GRES coal-fired plant;
the margin in Italy was virtually unchanged on that in the 1st Half of 2019, as the increase in operating efficiency in the 1st Half of 2020 was entirely offset by writedowns of fuel inventories at the power plants for which impairment losses were recognized and the effect of the capital gain on the disposal of Mercure Srl in the 1st Half of 2019.
The ordinary gross operating margin increased by €262 million in the 1st Half of 2020. In addition to the changes already noted in the comments on the gross operating margin, the rise was attributable to the impact of the following non-recurring items:
an increase in writedowns recognized in the 1st Half of 2020 on the fuel inventories of plants that suffered impairment losses (€67 million, of which €44 million in Italy, €14 million in Chile and €9 million in Spain);
costs for addressing the COVID-19 pandemic (€5 million) for the sanitization of workplaces, personal protective equipment and donations.
In the same period of 2019, the only extraordinary item was the income from the sale of the Valle del Mercure biomass plant (€94 million net of the contractually agreed site restoration costs).
| 2nd Quarter | Millions of euro | 1st Half | |||||
|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | ||
| 16 | (25) | 41 | - Italy | 102 | 46 | 56 | - |
| 34 | (27) | 61 | - Iberia | 356 | (35) | 391 | - |
| (734) | (345) | (389) | - Latin America | (708) | (158) | (550) | - |
| (4) | 2 | (6) | - of which - Argentina |
19 | 37 | (18) | -48.6% |
| 4 | 8 | (4) | -50.0% - of which Brazil | 15 | 47 | (32) | -68.1% |
| (747) | (381) | (366) | -96.1% - of which Chile | (776) | (292) | (484) | - |
| (5) | 4 | (9) | - of which - Colombia |
(12) | 2 | (14) | - |
| 18 | 22 | (4) | -18.2% - of which Peru | 46 | 48 | (2) | -4.2% |
| 5 | (6) | 11 | - North America | 11 | (6) | 17 | - |
| 19 | (91) | 110 | - Europe | 52 | (37) | 89 | - |
| - | - | - | - of which - Romania |
- | - | - | - |
| 19 | (91) | 110 | - - of which Russia | 52 | (37) | 89 | - |
| - | - | - | - of which other - countries |
- | - | - | - |
| 1 | (8) | 9 | - Other | 3 | (12) | 15 | - |
| - | - | - | Eliminations and - adjustments |
- | - | - | - |
| (659) | (502) | (157) | -31.3% Total | (184) | (202) | 18 | 8.9% |
The improvement in the operating result was attributable to the developments noted in the comments on the gross operating margin and despite the increase in depreciation, amortization and impairment in the amount of €78 million. Note that in the 1st Half of 2020 the impairment recognized on the Bocamina II coal-fired plant (€741 million) following the Group's decision to accelerate the energy transition process
in Chile towards zero-emission technologies more than offset the writedowns recognized in the 1st Half of 2019 on the Bocamina I and Tarapacá plants in Chile (in the total amount of €364 million) and the Reftinskaya GRES plant in Russia (€120 million), net of a decline in depreciation and amortization on plants for which impairment losses were recognized in 2019 in Italy, Spain, Chile and Russia.
| Millions of euro | 1st Half | ||||
|---|---|---|---|---|---|
| 2020 | 2019 | Change | |||
| Italy | 55 | 59 | (4) | -6.8% | |
| Iberia | 116 | 132 | (16) | -12.1% | |
| Latin America | 45 | 71 | (26) | -36.6% | |
| Europe | 23 | 30 | (7) | -23.3% | |
| Other | - | - | - | - | |
| Total | 239 | 292 | (53) | -18.2% |
Capital expenditure in the 1st Half of 2020 amounted to €239 million, a decrease of €53 million compared with the same period of the previous year, essentially reflecting the reduction in certain environmental upgrading works in Spain at coal-fired plants, a decrease in investment in Colombia and changes in the programming of expenditure in Argentina.
Half-Year Financial Report at June 30, 2020
| Millions of kWh | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Hydroelectric | 30,522 | 29,266 | 1,256 | 4.3% |
| Geothermal | 3,127 | 3,040 | 87 | 2.9% |
| Wind | 14,684 | 12,752 | 1,932 | 15.2% |
| Solar | 2,763 | 1,988 | 775 | 39.0% |
| Other sources | 1 | 20 | (19) | -95.0% |
| Total net generation | 51,097 | 47,066 | 4,031 | 8.6% |
| - of which Italy | 11,919 | 11,794 | 125 | 1.1% |
| - of which Iberia | 7,397 | 4,905 | 2,492 | 50.8% |
| - of which Latin America | 21,353 | 22,492 | (1,139) | -5.1% |
| - of which Europe | 1,174 | 1,003 | 171 | 17.0% |
| - of which North America | 8,531 | 6,118 | 2,413 | 39.4% |
| - of which Africa, Asia and Oceania | 723 | 754 | (31) | -4.1% |
(1) These figures have been adjusted for the purposes of comparison with those for the 1st Half of 2019 to take account of the fact that Panama, Costa Rica, Guatemala, El Salvador and Nicaragua, which were previously included in the North and Central America geographical area, are now included within Latin America.
In the 1st Half of 2020, net electricity generation mainly increased due to greater hydroelectric and wind output.
More specifically, hydroelectric output increased in Italy (+191 million kWh) and Iberia (+1,883 million kWh) and decreased in Latin America (-788 million kWh). In the latter area, developments in hydroelectric generation differed by country, with increases in Peru (+123 million kWh), Argentina (+175 million kWh) and Guatemala (+40 million kWh) and decreases in Colombia (-237 million kWh), Chile (-805 million kWh), Brazil (-71 million kWh) and Panama (-16 million kWh).
The most significant changes in wind generation came in North America, with increases of 1,530 million kWh in the United States, 133 million kWh in Canada and 127 million kWh in Mexico, and in Iberia, with an increase of 365 million kWh. Wind generation expanded in Greece (149 million kWh), mainly reflecting the start-up of the new Kafireas wind farms. By contrast, wind output in Brazil decreased by 255 million kWh, partly reflecting the sale of eight companies in the 2nd Quarter of 2019 (the Gamma operation).
Solar generation increased mainly in the United States (+368 million kWh), Mexico (+231 million kWh) and Iberia (+244 million kWh), partly offset by lower output in Brazil (-122 million kWh) as a result of the change in the scope of operations noted above.
| MW | 1st Half | ||||||
|---|---|---|---|---|---|---|---|
| 2020 | 2019 (1) | Change | |||||
| Hydroelectric | 27,832 | 27,830 | 2 | - | |||
| Geothermal | 880 | 878 | 2 | 0.2% | |||
| Wind | 10,661 | 10,327 | 334 | 3.2% | |||
| Solar | 3,514 | 3,094 | 420 | 13.6% | |||
| Other sources | 5 | 5 | - | - | |||
| Total | 42,892 | 42,134 | 758 | 1.8% | |||
| - of which Italy | 13,977 | 13,972 | 5 | - | |||
| - of which Iberia | 7,405 | 7,391 | 14 | 0.2% | |||
| - of which Latin America | 13,852 | 13,676 | 176 | 1.3% | |||
| - of which Europe | 1,037 | 1,037 | - | - | |||
| - of which North America | 5,792 | 5,282 | 510 | 9.7% | |||
| - of which Africa, Asia and Oceania | 829 | 776 | 53 | 6.8% |
(1) At December 31, 2019.
The increase in net efficient capacity was recorded mainly in the United States with the Roadrunner Ph II, Roadrunner Ph III and Roadrunner Ph IV solar plants, Mexico, with the Dolores Wind SA de Cv and Parque Amistad III SA de Cv wind farms, and in Brazil, as a result of the increase in installed capacity in respect of the São Gonçalo photovoltaic plants.
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 1,756 | 1,818 | (62) | -3.4% Revenue | 3,575 | 3,835 | (260) | -6.8% | |
| Gross operating | ||||||||
| 1,153 | 1,026 | 127 | 12.4% | margin | 2,291 | 2,274 | 17 | 0.7% |
| Ordinary gross | ||||||||
| operating margin | 2,296 | 2,274 | 22 | 1.0% | ||||
| 839 | 728 | 111 | 15.2% Operating income | 1,665 | 1,673 | (8) | -0.5% | |
| Capital | ||||||||
| expenditure | 1,912 | 1,816 (3) | 96 | 5.3% |
(1) The figures have been adjusted for the purposes of comparison with those for the 1st Half of 2019 to take account of the fact that Panama, Costa Rica, Guatemala, El Salvador and Nicaragua, which were previously included in the North and Central America geographical area, are now included within Latin America.
(2) The figures have been adjusted to take account of the fact that in Latin America the figures pertaining to large customers managed by the generation companies have been reallocated to the End-user Markets Global Business Line.
(3) The figure does not include €4 million regarding units classified as "held for sale".
The following tables show a breakdown of performance by Region/Country in the 2nd Quarter and the 1st Half of 2020.
| Revenue (1) (2) |
|---|
| ----------------- |
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 550 | 520 | 30 | 5.8% Italy | 1,092 | 957 | 135 | 14.1% | |
| 176 | 149 | 27 | 18.1% Iberia | 390 | 329 | 61 | 18.5% | |
| 682 | 896 | (214) | -23.9% Latin America | 1,432 | 1,930 | (498) | -25.8% | |
| - of which | ||||||||
| 10 | 17 | (7) | -41.2% | Argentina | 23 | 32 | (9) | -28.1% |
| 83 | 162 | (79) | -48.8% - of which Brazil | 233 | 360 | (127) | -35.3% | |
| 323 | 363 | (40) | -11.0% - of which Chile | 587 | 839 | (252) | -30.0% | |
| 202 | 244 | (42) | -17.2% | - of which Colombia |
422 | 492 | (70) | -14.2% |
| 17 | 47 | (30) | -63.8% - of which Peru | 66 | 89 | (23) | -25.8% | |
| 31 | 45 | (14) | -31.1% - of which Panama | 71 | 86 | (15) | -17.4% | |
| - of which other | ||||||||
| 16 | 18 | (2) | -11.1% | countries | 30 | 32 | (2) | -6.3% |
| 249 | 167 | 82 | 49.1% North America | 459 | 447 | 12 | 2.7% | |
| - of which United | ||||||||
| 224 | 150 | 74 | 49.3% | States and Canada | 407 | 371 | 36 | 9.7% |
| 25 | 17 | 8 | 47.1% - of which Mexico | 52 | 76 | (24) | -31.6% | |
| 72 | 66 | 6 | 9.1% Europe | 164 | 132 | 32 | 24.2% | |
| 46 | 47 | (1) | -2.1% | - of which Romania |
109 | 92 | 17 | 18.5% |
| 24 | 17 | 7 | 41.2% - of which Greece | 49 | 35 | 14 | 40.0% | |
| 2 | 2 | - | - - of which Bulgaria | 6 | 5 | 1 | 20.0% | |
| - of which other | ||||||||
| - | - | - | - | countries | - | - | - | - |
| Africa, Asia and | ||||||||
| 19 | 26 | (7) | -26.9% | Oceania | 44 | 49 | (5) | -10.2% |
| 59 | 22 | 37 | - Other | 99 | 52 | 47 | 90.4% | |
| (51) | (28) | (23) | -82.1% | Eliminations and adjustments |
(105) | (61) | (44) | -72.1% |
| 1,756 | 1,818 | (62) | -3.4% Total | 3,575 | 3,835 | (260) | -6.8% |
(1) The figures have been adjusted for the purposes of comparison with those for the 1st Half of 2019 to take account of the fact that Panama, Costa Rica, Guatemala, El Salvador and Nicaragua, which were previously included in the North and Central America geographical area, are now included within Latin America.
(2) The figures have been adjusted to take account of the fact that in Latin America the figures pertaining to large customers managed by the generation companies have been reallocated to the End-user Markets Global Business Line.
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 386 | 347 | 39 | 11.2% Italy | 745 | 615 | 130 | 21.1% | |
| 109 | 77 | 32 | 41.6% Iberia | 216 | 183 | 33 | 18.0% | |
| 436 | 510 | (74) | -14.5% Latin America | 953 | 1,132 | (179) | -15.8% | |
| 9 | 16 | (7) | -43.8% | - of which Argentina |
18 | 26 | (8) | -30.8% |
| 43 | 82 | (39) | -47.6% - of which Brazil | 118 | 187 | (69) | -36.9% | |
| 179 | 169 | 10 | 5.9% - of which Chile | 366 | 462 | (96) | -20.8% | |
| 146 | 161 | (15) | -9.3% | - of which Colombia |
314 | 310 | 4 | 1.3% |
| 27 | 37 | (10) | -27.0% - of which Peru | 63 | 70 | (7) | -10.0% | |
| 22 | 35 | (13) | -37.1% - of which Panama | 54 | 58 | (4) | -6.9% | |
| 10 | 10 | - | - | - of which other countries |
20 | 19 | 1 | 5.3% |
| 189 | 78 | 111 | - North America | 305 | 297 | 8 | 2.7% | |
| 161 | 73 | 88 | - | - of which United States and Canada |
260 | 250 | 10 | 4.0% |
| 28 | 5 | 23 | - - of which Mexico | 45 | 47 | (2) | -4.3% | |
| 31 | 31 | - | - Europe | 80 | 69 | 11 | 15.9% | |
| 14 | 18 | (4) | -22.2% | - of which Romania |
42 | 42 | - | - |
| (2) | - | (2) | - - of which Russia | (2) | - | (2) | - | |
| 18 | 13 | 5 | 38.5% - of which Greece | 37 | 26 | 11 | 42.3% | |
| 2 | 1 | 1 | - - of which Bulgaria | 5 | 3 | 2 | 66.7% | |
| (1) | (1) | - | - | - of which other countries |
(2) | (2) | - | - |
| 8 | 11 | (3) | -27.3% | Africa, Asia and Oceania |
22 | 28 | (6) | -21.4% |
| (6) | (28) | 22 | -78.6% Other | (30) | (50) | 20 | -40.0% | |
| 1,153 | 1,026 | 127 | 12.4% Total | 2,291 | 2,274 | 17 | 0.7% |
(1) The figures have been adjusted for the purposes of comparison with those for the 1st Half of 2019 to take account of the fact that Panama, Costa Rica, Guatemala, El Salvador and Nicaragua, which were previously included in the North and Central America geographical area, are now included within Latin America.
(2) The figures have been adjusted to take account of the fact that in Latin America the figures pertaining to large customers managed by the generation companies have been reallocated to the End-user Markets Global Business Line.
The change in the gross operating margin for the 1st Half of 2020 is essentially attributable to:
an increase in the margin in Italy, mainly reflecting an improvement in the performance of hydro plants;
an increase in the margin in Spain thanks to the expansion in installed wind capacity in 2019;
an increase in the margin posted by Europe, especially Greece (€11 million) following the start of operations by the Kafireas wind farms, which were not operational in 2019;
an increase in the margin posted in North America, mainly in the United States as a result of an increase in sales and an improvement in the electricity margin (€40 million), which mainly reflected plants acquired in 2019, an increase in income from tax partnership agreements (€46 million) in the 1st Half of 2020 following the entry into service of new plants by Enel North America (formerly Enel Green Power North America), notably High Lonesome, Cimarron and Roadrunner, and an increase in income from indemnities and disputes (€50 million).
These effects were largely offset by the impact of the recognition in the 1st Quarter of 2019 of negative goodwill in the amount of €106 million following the acquisition by Enel North America (formerly Enel Green Power North America) of 13 companies from Enel Green Power North America Renewable Energy Partner LLC (EGPNA REP);
the decline in the margin in Latin America, mainly due to:
The ordinary gross operating margin amounted to €2,296 million (€2,274 million in the 1st Half of 2019). It reflected extraordinary costs incurred in Italy (€5 million) in responding to the COVID-19 pandemic for the sanitization of workplaces, personal protective equipment and donations.
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 300 | 272 | 28 | 10.3% Italy | 585 | 467 | 118 | 25.3% | |
| 64 | 37 | 27 | 73.0% Iberia | 122 | 102 | 20 | 19.6% | |
| 342 | 419 | (77) | -18.4% Latin America | 765 | 930 | (165) | -17.7% | |
| - of which | ||||||||
| 7 | 13 | (6) | -46.2% | Argentina | 16 | 23 | (7) | -30.4% |
| 28 | 63 | (35) | -55.6% - of which Brazil | 85 | 140 | (55) | -39.3% | |
| 138 | 136 | 2 | 1.5% - of which Chile | 283 | 380 | (97) | -25.5% | |
| 133 | 145 | (12) | -8.3% | - of which Colombia |
287 | 281 | 6 | 2.1% |
| 18 | 27 | (9) | -33.3% - of which Peru | 45 | 50 | (5) | -10.0% | |
| 15 | 30 | (15) | -50.0% - of which Panama | 43 | 50 | (7) | -14.0% | |
| 3 | 5 | (2) | -40.0% | - of which other countries |
6 | 6 | - | - |
| 123 | 12 | 111 | - North America | 170 | 170 | - | - | |
| - of which United | ||||||||
| 103 | 13 | 90 | - | States and Canada | 141 | 136 | 5 | 3.7% |
| 20 | (1) | 21 | - - of which Mexico | 29 | 34 | (5) | -14.7% | |
| 19 | 15 | 4 | 26.7% Europe | 52 | 46 | 6 | 13.0% | |
| - of which | ||||||||
| 9 | 12 | (3) | -25.0% | Romania | 32 | 32 | - | - |
| (1) | (1) | - | - - of which Russia | (2) | (1) | (1) | - | |
| 10 | 6 | 4 | 66.7% - of which Greece | 21 | 16 | 5 | 31.3% | |
| 1 | - | 1 | - - of which Bulgaria | 3 | 2 | 1 | 50.0% | |
| - of which other | ||||||||
| - | (2) | 2 | - | countries | (2) | (3) | 1 | -33.3% |
| Africa, Asia and | ||||||||
| (2) (6) |
1 (28) |
(3) 22 |
- -78.6% Other |
Oceania | 3 (32) |
8 (50) |
(5) 18 |
-62.5% -36.0% |
| Eliminations and | ||||||||
| (1) | - | (1) | - | adjustments | - | - | - | - |
| 839 | 728 | 111 | 15.2% Total | 1,665 | 1,673 | (8) | -0.5% |
(1) The figures have been adjusted for the purposes of comparison with those for the 1st Half of 2019 to take account of the fact that Panama, Costa Rica, Guatemala, El Salvador and Nicaragua, which were previously included in the North and Central America geographical area, are now included within Latin America. (2) The figures have been adjusted to take account of the fact that in Latin America the figures pertaining to large customers managed by the generation companies
have been reallocated to the End-user Markets Global Business Line.
The decrease in operating income, which reflects the developments discussed in the section on the gross operating margin, is also attributable to an increase of €25 million in depreciation, amortization and impairment, of which €14 million in impairment losses on the Interporto di Nola solar plant.
| Millions of euro | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Italy | 80 | 82 | (2) | -2.4% |
| Iberia | 221 | 483 | (262) | -54.2% |
| Latin America | 572 | 313 (2) | 259 | 82.7% |
| North America | 739 | 655 | 84 | 12.8% |
| Europe | 68 | 119 | (51) | -42.9% |
| Africa, Asia and Oceania | 217 | 155 | 62 | 40.0% |
| Other | 15 | 9 | 6 | 66.7% |
| Total | 1,912 | 1,816 | 96 | 5.3% |
(1) The figures have been adjusted for the purposes of comparison with those for the 1st Half of 2019 to take account of the fact that Panama, Costa Rica, Guatemala, El Salvador and Nicaragua, which were previously included in the North and Central America geographical area, are now included within Latin America.
(2) The figure does not include €4 million regarding units classified as "held for sale".
Capital expenditure in the 1st Half of 2020 increased by €96 million compared with the same period of 2019. The rise is attributable to:
an increase in expenditure in Latin America of €259 million, mainly on wind farms (€92 million), photovoltaic plants (€186 million) and geothermal facilities (€12 million), partly offset by a decline in investment in hydroelectric plants (€42 million). The largest investments were mainly located in Brazil (€134 million) and Chile (€127 million);
an increase in expenditure in North America of €84 million, primarily in the United States (€230 million) thanks to greater investment in wind and solar plants in the first part of 2020, offset by the reduction registered in Mexico as a result of the start of operations at numerous plants constructed in 2019;
an increase in expenditure in Africa, Asia and Oceania of €62 million, mainly associated with the development of wind plants in South Africa (€136 million), in particular regarding developments in Round 4, partly offset by a decline in expenditure in India (€50 million);
a decrease in expenditure in Europe of €51 million, notably in Greece (€74 million) following the entry into service of projects developed in 2019;
a decrease in expenditure in Iberia of €262 million, mainly for wind plants (€255 million) and solar plants (€14 million) due to the fact that most of the projects in the pipeline were built in 2019.
Half-Year Financial Report at June 30, 2020
| Millions of kWh | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Electricity transported on Enel's distribution grid (1) | 228,720 | 249,486 | (20,766) | -8.3% |
| - of which Italy | 98,719 | 110,864 | (12,145) | -11.0% |
| - of which Iberia | 58,788 | 62,346 | (3,558) | -5.7% |
| - of which Latin America | 63,845 | 68,492 | (4,647) | -6.8% |
| - of which Europe | 7,368 | 7,784 | (416) | -5.3% |
| End users with active smart meters (no.) | 44,736,784 | 44,165,543 | 571,241 | 1.3% |
(1) The figure for 2019 reflects a more accurate measurement of amounts transported.
The decrease of 8.3% in electricity transported on the grid in the 1st Half of 2020 generally reflected the effects of the COVID-19 health emergency, with the following main impacts by geographical area:
Italy (-11.0%), mainly due to the decline in demand for electricity distributed to low-voltage customers, especially power for non-residential use (-1.36 TWh), and medium-voltage customers (-1.18 TWh). The demand for electricity from high- and very high-voltage customers also fell slightly (-0.49 TWh);
Iberia (-5.7%), due essentially to the decline in power transported by Edistribución Redes Digitales SL;
Latin America (-6.8%), largely due to the decline in wheeling volumes, mainly in Brazil;
Europe (-5.3%), owing to the decline in electricity distributed in Romania.
| 1st Half | |||||||
|---|---|---|---|---|---|---|---|
| SAIFI (average no.) | 2020 | 2019 (1) | Change | ||||
| Italy | 1.7 | 1.9 | (0.2) | -10.5% | |||
| Iberia | 1.4 | 1.4 | - | - | |||
| Argentina | 5.1 | 6.0 | (0.9) | -15.0% | |||
| Brazil | 5.4 | 5.8 | (0.4) | -6.9% | |||
| Chile | 1.5 | 1.6 | (0.1) | -6.3% | |||
| Colombia | 6.7 | 6.8 | (0.1) | -1.5% | |||
| Peru | 2.6 | 2.8 | (0.2) | -7.1% | |||
| Romania | 3.6 | 4.1 | (0.5) | -12.2% |
(1) At December 31, 2019.
| 1st Half | ||||
|---|---|---|---|---|
| SAIDI (average min.) | 2020 | 2019 (1) | Change | |
| Italy | 44.6 | 48.5 | (3.9) | -8.0% |
| Iberia | 72.3 | 75.8 | (3.5) | -4.6% |
| Argentina | 1,052.0 | 1,214.1 | (162.1) | -13.4% |
| Brazil | 646.2 | 728.8 | (82.6) | -11.3% |
| Chile | 174.0 | 184.1 | (10.1) | -5.5% |
| Colombia | 617.5 | 666.6 | (49.1) | -7.4% |
| Peru | 414.0 | 418.9 | (4.9) | -1.2% |
| Romania | 137.8 | 169.6 | (31.8) | -18.8% |
(1) At December 31, 2019.
As indicated in the table, the most significant service interruptions occurred in Argentina, due in particular to faults in high-voltage transmission systems not operated by the Group.
| 1st Half | ||||
|---|---|---|---|---|
| Grid losses (average %) | 2020 | 2019 (1) | Change | |
| Italy | 4.7 | 4.7 | - | - |
| Iberia | 7.4 | 7.5 | (0.1) | -0.9% |
| Argentina | 15.9 | 15.5 | 0.4 | 2.7% |
| Brazil | 13.2 | 12.8 | 0.4 | 3.4% |
| Chile | 5.2 | 5.0 | 0.2 | 4.4% |
| Colombia | 7.5 | 7.7 | (0.2) | -3.0% |
| Peru | 8.3 | 8.2 | 0.1 | 1.0% |
| Romania | 9.4 | 9.7 | (0.3) | -3.4% |
(1) At December 31, 2019.
Revenue
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 4,586 | 5,436 | (850) | -15.6% Revenue | 9,548 | 10,687 | (1,139) | -10.7% | |
| Gross operating | ||||||||
| 1,871 | 2,145 | (274) | -12.8% | margin | 3,816 | 3,971 | (155) | -3.9% |
| Ordinary gross | ||||||||
| operating margin | 3,849 | 3,921 | (72) | -1.8% | ||||
| 1,083 | 1,510 | (427) | -28.3% Operating income | 2,346 | 2,650 | (304) | -11.5% | |
| Capital | ||||||||
| expenditure | 1,668 | 1,726 | (58) | -3.4% |
The following tables show a breakdown of performance by Region/Country in the 2nd Quarter and the 1st Half of 2020.
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 1,878 | 1,848 | 30 | 1.6% Italy | 3,633 | 3,680 | (47) | -1.3% | |
| 627 | 657 | (30) | -4.6% Iberia | 1,252 | 1,310 | (58) | -4.4% | |
| 1,990 | 2,844 | (854) | -30.0% Latin America | 4,463 | 5,518 | (1,055) | -19.1% | |
| 158 | 503 | (345) | -68.6% - of which Argentina | 363 | 750 | (387) | -51.6% | |
| 1,216 | 1,597 | (381) | -23.9% - of which Brazil | 2,801 | 3,320 | (519) | -15.6% | |
| 291 | 394 | (103) | -26.1% - of which Chile | 614 | 739 | (125) | -16.9% | |
| 147 | 155 | (8) | -5.2% - of which Colombia | 303 | 309 | (6) | -1.9% | |
| 178 | 195 | (17) | -8.7% - of which Peru | 382 | 400 | (18) | -4.5% | |
| 89 | 90 | (1) | -1.1% Europe | 191 | 185 | 6 | 3.2% | |
| 90 | 8 | 82 | - Other | 145 | 24 | 121 | - | |
| Eliminations and | ||||||||
| (88) | (11) | (77) | - | adjustments | (136) | (30) | (106) | - |
| 4,586 | 5,436 | (850) | -15.6% Total | 9,548 | 10,687 | (1,139) | -10.7% |
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 1,016 | 931 | 85 | 9.1% Italy | 1,873 | 1,824 | 49 | 2.7% | |
| 478 | 498 | (20) | -4.0% Iberia | 1,121 | 974 | 147 | 15.1% | |
| 343 | 696 | (353) | -50.7% Latin America | 773 | 1,138 | (365) | -32.1% | |
| 14 | 230 | (216) | -93.9% - of which Argentina | 23 | 242 | (219) | -90.5% | |
| 149 | 254 | (105) | -41.3% - of which Brazil | 384 | 487 | (103) | -21.1% | |
| 38 | 63 | (25) | -39.7% - of which Chile | 83 | 116 | (33) | -28.4% | |
| 91 | 97 | (6) | -6.2% - of which Colombia | 185 | 185 | - | - | |
| 51 | 52 | (1) | -1.9% - of which Peru | 98 | 108 | (10) | -9.3% | |
| 40 | 31 | 9 | 29.0% Europe | 55 | 47 | 8 | 17.0% | |
| (6) | (11) | 5 | 45.5% Other | (6) | (12) | 6 | 50.0% | |
| 1,871 | 2,145 | (274) | -12.8% Total | 3,816 | 3,971 | (155) | -3.9% |
The gross operating margin declined for the following reasons:
in Latin America, reflecting the decline in wheeling volumes as a result of COVID-19 and adverse exchange rate developments, especially in Brazil;
in Argentina, reflecting the effect of the recognition in the 1st Half of 2019 of the agreement between Edesur and the Argentine government settling reciprocal disputes originated between 2006 and 2016 (€215 million).
The factors were partly offset by:
an increase in the margin in Iberia of €147 million, reflecting in particular the signing in the 1st Half of 2020 of the 5th Endesa Collective Bargaining Agreement, which modified the electricity discount benefit for employees and former employees and thereby led to the reversal of the associated provision in the total amount of €269 million. This positive effect was only partly offset by the provision of €91 million for the voluntary early termination of employment and the adverse effect of the application of the new regulatory framework in Spain, which entered force for 2020-2025;
an increase in the margin in Italy, due essentially to the income associated with the application of the Regulatory Authority for Energy, Networks and the Environment (ARERA) Resolutions nos. 50/2018 and 568/2019 for the agreement reached with a trader in bankruptcy proceedings (€156 million). This factor was partly offset by the indemnity for the disposal of Enel Rete Gas (€50 million) and the decline in the margin as a result of the decrease in wheeling volumes due to the COVID-10 emergency.
The ordinary gross operating margin decreased by €72 million compared with 2019. Extraordinary items generated an increase of €83 million in the ordinary gross operating margin, bearing in mind that the figures for 2020 include costs of €33 million incurred mainly in Italy and Brazil in responding to the COVID-19 pandemic for the sanitization of workplaces, personal protective equipment and donations, while in the previous year they had included the additional indemnity (€50 million) connected with the disposal of Enel Rete Gas in 2009.
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 591 | 676 | (85) | -12.6% Italy | 1,169 | 1,308 | (139) | -10.6% | |
| 297 | 334 | (37) | -11.1% Iberia | 752 | 618 | 134 | 21.7% | |
| 180 | 504 | (324) | -64.3% Latin America | 418 | 737 | (319) | -43.3% | |
| - of which | ||||||||
| 11 | 222 | (211) | -95.0% | Argentina | 13 | 226 | (213) | -94.2% |
| 44 | 122 | (78) | -63.9% - of which Brazil | 152 | 202 | (50) | -24.8% | |
| 26 | 50 | (24) | -48.0% - of which Chile | 60 | 92 | (32) | -34.8% | |
| - of which | ||||||||
| 66 | 73 | (7) | -9.6% | Colombia | 131 | 139 | (8) | -5.8% |
| 33 | 37 | (4) | -10.8% - of which Peru | 62 | 78 | (16) | -20.5% | |
| 21 | 7 | 14 | - Europe | 14 | - | 14 | - | |
| (6) | (11) | 5 | 45.5% Other | (7) | (13) | 6 | 46.2% | |
| 1,083 | 1,510 | (427) | -28.3% Total | 2,346 | 2,650 | (304) | -11.5% |
Operating income, including depreciation, amortization and impairment of €1,470 million (€1,321 million in the 1st Half of 2019), essentially reflects the developments discussed for the gross operating margin for the period and an increase in depreciation and amortization recognized in Italy following the entry into service of investments carried out in 2019 as well as the increase in writedowns of receivables in Italy. In particular, e-distribuzione wrote down its receivable due from a trader (€156 million) under the provisions of an agreement reached in bankruptcy proceedings for which under the provisions of ARERA Resolutions nos. 50/2018 and 568/2019 the Group recognized associated revenue in the same amount.
| Millions of euro | 1st Half | |||||
|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | ||||
| Italy | 803 | 843 | (40) | -4.7% | ||
| Iberia | 242 | 234 | 8 | 3.4% | ||
| Latin America | 537 | 579 | (42) | -7.3% | ||
| Europe | 85 | 69 | 16 | 23.2% | ||
| Other | 1 | 1 | - | - | ||
| Total | 1,668 | 1,726 | (58) | -3.4% |
Capital expenditure decreased by a total of €58 million on the year-earlier period. More specifically, the decline was mainly registered in Argentina and in Italy as a result of the lockdowns imposed in response to the COVID-9 pandemic.
| Millions of kWh | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Free market | 76,780 | 83,779 | (6,999) | -8.4% |
| Regulated market | 68,218 | 74,370 | (6,152) | -8.3% |
| Total (1) | 144,998 | 158,149 | (13,151) | -8.3% |
| - of which Italy | 43,198 | 47,681 | (4,483) | -9.4% |
| - of which Iberia | 39,038 | 43,134 | (4,096) | -9.5% |
| - of which Latin America (1) | 58,373 | 62,394 | (4,021) | -6.4% |
| - of which Europe | 4,389 | 4,940 | (551) | -11.2% |
(1) Volumes include sales to large customers by generation companies in Latin America. The figure for the 1st Half of 2019 has consequently been adjusted to ensure comparability.
The decline in electricity sold in the 1st Half of 2020 substantially reflects the lower quantities sold in Italy and Spain. In Italy, the decrease was due to smaller sales on both the regulated market and free market, mainly attributable to the effects of the COVID-19 pandemic, which for the free market produced a decrease in volumes sold in business-to-business (B2B) transactions, partly offset by an increase in quantities sold in Italy to residential customers (B2C - "business to consumer"). In the regulated market, the decline was attributable to a contraction in the number of customers compared with the same period of 2019. In Spain, the change is mainly due to the decrease in consumption connected with the decline in the demand for electricity in the country.
| Millions of m3 | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Business to consumer | 2,191 | 2,353 | (162) | -6.9% |
| Business to business | 3,122 | 3,692 | (570) | -15.4% |
| Total | 5,313 | 6,045 | (732) | -12.1% |
| - of which Italy | 2,659 | 2,945 | (286) | -9.7% |
| - of which Iberia | 2,588 | 3,090 | (502) | -16.2% |
| - of which Europe | 66 | 10 | 56 | - |
The reduction in natural gas sales in the first six months of 2020 compared with the same period of 2019 mainly reflects a reduction in consumption in Italy and Spain.
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 6,056 | 7,558 | (1,502) | -19.9% Revenue | 14,417 | 16,841 | (2,424) | -14.4% | |
| Gross operating | ||||||||
| 649 | 800 | (151) | -18.9% | margin | 1,582 | 1,661 | (79) | -4.8% |
| Ordinary gross | ||||||||
| operating margin | 1,591 | 1,661 | (70) | -4.2% | ||||
| 302 | 515 | (213) | -41.4% Operating income | 929 | 1,171 | (242) | -20.7% | |
| Capital | ||||||||
| expenditure | 182 | 187 | (5) | -2.7% |
The following tables show a breakdown of performance by Region/Country in the 2nd Quarter and the 1st Half of 2020.
| Revenue | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2nd Quarter | Millions of euro | 1st Half | ||||||
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 2,928 | 3,538 | (610) | -17.2% Italy | 7,148 | 8,222 | (1,074) | -13.1% | |
| 2,490 | 3,341 | (851) | -25.5% Iberia | 5,931 | 7,244 | (1,313) | -18.1% | |
| 379 | 417 | (38) | -9.1% Latin America | 759 | 814 | (55) | -6.8% | |
| 1 | 34 | (33) | -97.1% - of which Argentina | 2 | 36 | (34) | -94.4% | |
| 66 | 102 | (36) | -35.3% - of which Brazil | 158 | 209 | (51) | -24.4% | |
| 60 | 71 | (11) | -15.5% - of which Chile | 140 | 144 | (4) | -2.8% | |
| 167 | 195 | (28) | -14.4% - of which Colombia | 361 | 395 | (34) | -8.6% | |
| 85 | 15 | 70 | - - of which Peru | 98 | 30 | 68 | - | |
| (1) | 3 | (4) | - North America | (1) | 3 | (4) | - | |
| 260 | 259 | 1 | 0.4% Europe | 580 | 558 | 22 | 3.9% | |
| - | - | - | - | Eliminations and adjustments |
- | - | - | - |
| 6,056 | 7,558 | (1,502) | -19.9% Total | 14,417 | 16,841 | (2,424) | -14.4% |
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 515 | 484 | 31 | 6.4% Italy | 1,134 | 1,167 | (33) | -2.8% | |
| 64 | 195 | (131) | -67.2% Iberia | 305 | 324 | (19) | -5.9% | |
| 47 | 102 | (55) | -53.9% Latin America | 105 | 173 | (68) | -39.3% | |
| (1) | 20 | (21) | - - of which Argentina | (3) | 16 | (19) | - | |
| 23 | 40 | (17) | -42.5% - of which Brazil | 55 | 83 | (28) | -33.7% | |
| 4 | 10 | (6) | -60.0% - of which Chile | 15 | 19 | (4) | -21.1% | |
| 16 | 25 | (9) | -36.0% - of which Colombia | 27 | 39 | (12) | -30.8% | |
| 5 | 7 | (2) | -28.6% - of which Peru | 11 | 16 | (5) | -31.3% | |
| (1) | 3 | (4) | - North America | (1) | 3 | (4) | - | |
| 24 | 16 | 8 | 50.0% Europe | 39 | (6) | 45 | - | |
| 649 | 800 | (151) | -18.9% Total | 1,582 | 1,661 | (79) | -4.8% |
The gross operating margin in the 1st Half of 2020 decreased, essentially reflecting the effect of COVID-19, which reduced sales volumes in Italy, Spain and Brazil, as well as adverse developments in the exchange rates of the South American currencies against the euro, especially the Brazilian real.
In Argentina, the change in the margin mainly reflected the effect of the recognition in the 1st Half of 2019 of the settlement agreement between Edesur and the Argentine government resolving outstanding disputes originated between 2006 and 2016 (€31 million).
These factors were partly offset by a reduction in costs for provisioning energy commodities, above all in Spain (price effect) and an increase in margins on the regulated and free markets in Romania.
The ordinary gross operating margin decreased by €70 million compared with the 1st Half of 2019. The only extraordinary item present in 2020 is represented by costs incurred (€9 million) in responding to the COVID-19 pandemic for the sanitization of workplaces, personal protective equipment and donations.
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 319 | 320 | (1) | -0.3% Italy | 758 | 883 | (125) | -14.2% | |
| (14) | 156 | (170) | - Iberia | 186 | 247 | (61) | -24.7% | |
| (17) | 26 | (43) | - Latin America | (36) | 53 | (89) | - | |
| (2) | 5 | (7) | - - of which Argentina | (16) | (10) | (6) | -60.0% | |
| (21) | (14) | (7) | -50.0% - of which Brazil | (44) | 6 | (50) | - | |
| (3) | 7 | (10) | - - of which Chile | 3 | 13 | (10) | -76.9% | |
| 7 | 22 | (15) | -68.2% - of which Colombia | 15 | 31 | (16) | -51.6% | |
| 2 | 6 | (4) | -66.7% - of which Peru | 6 | 13 | (7) | -53.8% | |
| (2) | 3 | (5) | - North America | (2) | 3 | (5) | - | |
| 16 | 10 | 6 | 60.0% Europe | 23 | (15) | 38 | - | |
| - | - | - | - | Eliminations and adjustments |
- | - | - | - |
| 302 | 515 | (213) | -41.4% Total | 929 | 1,171 | (242) | -20.7% |
Operating income, including the effect of depreciation, amortization and impairment of €653 million (€490 million in the 1st Half of 2019), declined above all due to the factors discussed for the gross operating margin. The increase in depreciation, amortization and impairment reflected capital expenditure on projects that entered service last year and an increase in writedowns of trade receivables in Italy and Spain following the deterioration in the profile of collections as a result of COVID-19.
| Millions of euro 1st Half |
||||||
|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | ||||
| Italy | 135 | 144 | (9) | -6.3% | ||
| Iberia | 43 | 36 | 7 | 19.4% | ||
| Latin America | - | - | - | - | ||
| Europe | 4 | 7 | (3) | -42.9% | ||
| Total | 182 | 187 | (5) | -2.7% |
Capital expenditure was essentially unchanged on the same period of the previous year.
| 1st Half | |||||||
|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | |||||
| Demand response capacity (MW) | 6,128 | 6,023 | 105 | 1.7% | |||
| Lighting points (no.) | 2,360 | 2,400 | (40) | -1.7% | |||
| Storage (MW) (1) | 63.6 | 62.4 | 1.2 | 1.9% | |||
| Charging points (no.) | 89,301 | 63,352 | 25,949 | 41.0% |
(1) Does not include Storage on Plant. The 2019 figure is at December 31.
In the 1st Half of the year, the Group further expanded charging infrastructure for electric vehicles: charging points sold to private buyers increased by 22,457, mainly in North America, while public charging points expanded by 3,492, mainly in Italy.
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 240 | 299 | (59) | -19.7% Revenue | 463 | 492 | (29) | -5.9% | |
| Gross operating | ||||||||
| 16 | 69 | (53) | -76.8% | margin | 23 | 72 | (49) | -68.1% |
| Ordinary gross | ||||||||
| operating margin | 25 | 72 | (47) | -65.3% | ||||
| (22) | 19 | (41) | - Operating income | (48) | (8) | (40) | - | |
| Capital | ||||||||
| expenditure | 103 | 105 | (2) | -1.9% |
The following tables show a breakdown of performance by Region/Country in the 2nd Quarter and the 1st Half of 2020.
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 81 | 69 | 12 | 17.4% Italy | 153 | 128 | 25 | 19.5% | |
| 58 | 65 | (7) | -10.8% Iberia | 113 | 122 | (9) | -7.4% | |
| 35 | 33 | 2 | 6.1% Latin America | 72 | 71 | 1 | 1.4% | |
| - | - | - | - | - of which Argentina |
1 | - | 1 | - |
| 2 | 4 | (2) | -50.0% - of which Brazil | 5 | 7 | (2) | -28.6% | |
| 16 | 12 | 4 | 33.3% - of which Chile | 27 | 29 | (2) | -6.9% | |
| 16 | 16 | - | - | - of which Colombia |
37 | 33 | 4 | 12.1% |
| 1 | 1 | - | - - of which Peru | 2 | 2 | - | - | |
| 42 | 121 | (79) | -65.3% North America | 68 | 145 | (77) | -53.1% | |
| 12 | 8 | 4 | 50.0% Europe | 22 | 14 | 8 | 57.1% | |
| 8 | 8 | - | - | Africa, Asia and Oceania |
28 | 23 | 5 | 21.7% |
| 27 | 13 | 14 | - Other | 49 | 21 | 28 | - | |
| (23) | (18) | (5) | -27.8% | Eliminations and adjustments |
(42) | (32) | (10) | -31.3% |
| 240 | 299 | (59) | -19.7% Total | 463 | 492 | (29) | -5.9% |
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 6 | 3 | 3 | - Italy | 9 | - | 9 | - | |
| 10 | 11 | (1) | -9.1% Iberia | 25 | 23 | 2 | 8.7% | |
| 12 | 9 | 3 | 33.3% Latin America | 23 | 19 | 4 | 21.1% | |
| (1) | (1) | - | - - of which Brazil | (3) | (2) | (1) | -50.0% | |
| 4 | 2 | 2 | - - of which Chile | 4 | 3 | 1 | 33.3% | |
| 10 | 8 | 2 | 25.0% | - of which Colombia |
23 | 18 | 5 | 27.8% |
| (1) | - | (1) | - - of which Peru | (1) | - | (1) | - | |
| (5) | 54 | (59) | - North America | (20) | 43 | (63) | - | |
| 2 | (1) | 3 | - Europe | 3 | - | 3 | - | |
| (3) (6) |
(2) (5) |
(1) (1) |
-50.0% -20.0% Other |
Africa, Asia and Oceania |
(1) (16) |
(3) (10) |
2 (6) |
-66.7% -60.0% |
| 16 | 69 | (53) | -76.8% Total | 23 | 72 | (49) | -68.1% |
The decrease in the gross operating margin mainly reflected the effect of the recognition in 2019 of non-recurring revenue of €58 million in respect of the price adjustment for the acquisition of eMotorWerks in 2017, in application of a number of contractual clauses. Enel X experienced a sharp slowdown, especially in Italy and in the United States, in the development of its innovative businesses as a result of the restrictive measures adopted by governments in response to the COVID-19 health emergency.
The ordinary gross operating margin amounted to €25 million, a decrease of €47 million compared with the year-earlier period. The only extraordinary item in 2020 is represented by costs of €2 million incurred for the sanitization of workplaces, personal protective equipment and donations in connection with the COVID-19 pandemic.
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| (8) | (7) | (1) | -14.3% Italy | (15) | (17) | 2 | 11.8% | |
| 4 | (5) | 9 | - Iberia | 10 | (1) | 11 | - | |
| 10 | 7 | 3 | 42.9% Latin America | 19 | 13 | 6 | 46.2% | |
| (2) | (2) | - | - - of which Brazil | (4) | (2) | (2) | - | |
| 3 | 2 | 1 | 50.0% - of which Chile | 2 | 3 | (1) | -33.3% | |
| 10 | 7 | 3 | 42.9% | - of which Colombia |
22 | 12 | 10 | 83.3% |
| (1) | - | (1) | - - of which Peru | (1) | - | (1) | - | |
| (18) | 35 | (53) | - North America | (42) | 15 | (57) | - | |
| - | - | - | - Europe | - | (1) | 1 | - | |
| (3) (7) |
(4) (7) |
1 - |
25.0% | Africa, Asia and Oceania - Other |
(2) (18) |
(4) (13) |
2 (5) |
-50.0% -38.5% |
| (22) | 19 | (41) | - Total | (48) | (8) | (40) | - |
Developments in the operating loss are broadly in line with the decrease in the gross operating margin.
| Millions of euro | 1st Half | |||||
|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | ||||
| Italy | 27 | 23 | 4 | 17.4% | ||
| Iberia | 22 | 23 | (1) | -4.3% | ||
| Latin America | 7 | 10 | (3) | -30.0% | ||
| North America | 23 | 23 | - | - | ||
| Europe | - | 2 | (2) | - | ||
| Africa, Asia and Oceania | 2 | - | 2 | - | ||
| Other | 22 | 24 | (2) | -8.3% | ||
| Total | 103 | 105 | (2) | -1.9% |
Capital expenditure decreased slightly overall, but developments in the various countries were in line with the same period of 2019.
Half-Year Financial Report at June 30, 2020
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 497 | 578 | (81) | -14.0% Revenue | 951 | 1,026 | (75) | -7.3% | |
| Gross operating | ||||||||
| (61) | 9 | (70) | - | margin | (68) | 24 | (92) | - |
| Ordinary gross | ||||||||
| operating margin | (40) | 24 | (64) | - | ||||
| (109) | (38) | (71) | - Operating income | (165) | (71) | (94) | - | |
| Capital | ||||||||
| expenditure | 33 | 41 | (8) | -19.5% |
The tables below show a breakdown of performance by Region/Country in the 2nd Quarter and the 1st Half of 2020.
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 188 | 327 | (139) | -42.5% Italy | 359 | 620 | (261) | -42.1% | |
| 95 | 182 | (87) | -47.8% Iberia | 212 | 263 | (51) | -19.4% | |
| 1 | 10 | (9) | -90.0% Latin America | 3 | 17 | (14) | -82.4% | |
| 5 | 4 | 1 | 25.0% Europe | 12 | 12 | - | - | |
| 251 | 72 | 179 | - Other | 459 | 142 | 317 | - | |
| Eliminations and | ||||||||
| (43) | (17) | (26) | - | adjustments | (94) | (28) | (66) | - |
| 497 | 578 | (81) | -14.0% Total | 951 | 1.026 | (75) | -7.3% |
Revenue
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 21 | 40 | (19) | -47.5% Italy | 33 | 81 | (48) | -59.3% | |
| (16) | 17 | (33) | - Iberia | 2 | 44 | (42) | -95.5% | |
| (31) | (21) | (10) | -47.6% Latin America | (54) | (49) | (5) | -10.2% | |
| (1) | - | (1) | - North America | (1) | - | (1) | - | |
| 1 | - | 1 | - Europe | 2 | 2 | - | - | |
| (35) | (27) | (8) | -29.6% Other | (50) | (54) | 4 | 7.4% | |
| (61) | 9 | (70) | - Total | (68) | 24 | (92) | - |
The deterioration in the gross operating margin in the 1st Half of 2020 mainly reflects the decrease in the margin in Italy of €48 million, mainly owing to the decrease in revenue from services and customer contracts with other Group companies. This factor was only partly offset by the decrease in costs for services and personnel costs. These developments were mainly attributable to the demerger of the Global Procurement and Global Digital Solutions units, which are now reported in part under "Other", whose gross operating margin improved by €4 million. The reduction of the margin in Spain is mainly due to an increase in costs for the provision for the Plan de Salida on the basis of the changes made with the "agreement on voluntary measures to suspend or terminate employment contracts", partly offset by the reversal of the provision for the electricity discount benefit following the signing of the 5th Endesa Collective Bargaining Agreement. The margin in both Italy and Spain was reduced by costs for COVID-19 donations.
The ordinary gross operating margin decreased by €64 million compared with the 1st Half of 2019. The only extraordinary item present in 2020 is represented by costs incurred (€28 million) in responding to the COVID-19 pandemic for the sanitization of workplaces, personal protective equipment and donations.
| 2nd Quarter | Millions of euro | 1st Half | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||
| 3 | 7 | (4) | -57.1% Italy | (1) | 20 | (21) | - | |
| (24) | 13 | (37) | - Iberia | (16) | 25 | (41) | - | |
| (30) | (23) | (7) | -30.4% Latin America | (54) | (52) | (2) | -3.8% | |
| - | - | - | - North America | (1) | - | (1) | - | |
| 1 | (1) | 2 | - Europe | 1 | 1 | - | - | |
| (59) | (34) | (25) | -73.5% Other | (94) | (65) | (29) | -44.6% | |
| (109) | (38) | (71) | - Total | (165) | (71) | (94) | - |
The operating loss in the 1st Half of 2020 broadly reflects the reduction in the gross operating margin.
| Millions of euro | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Italy | 5 | 21 | (16) | -76.2% |
| Iberia | 5 | 10 | (5) | -50.0% |
| Other | 23 | 10 | 13 | - |
| Total | 33 | 41 | (8) | -19.5% |
The decrease in capital expenditure in the first six months of 2020 is attributable to a decline in spending in Italy.
In order to present the results of the Group and analyze its financial structure, in the condensed interim consolidated financial statements Enel has prepared separate reclassified schedules that differ from the schedules envisaged under the IFRS-EU adopted by the Group. These reclassified schedules contain different performance indicators from those obtained directly from the condensed interim consolidated financial statements, which management believes are useful in monitoring the performance of the Group and representative of the financial performance of our business.
With regard to those indicators, on December 3, 2015, CON-SOB issued Communication no. 92543/15, which gives force to the Guidelines issued on October 5, 2015, by the European Securities and Markets Authority (ESMA) concerning the presentation of alternative performance measures in regulated information disclosed or prospectuses published as from July 3, 2016. These Guidelines, which update the previous CESR Recommendation (CESR/05-178b), are intended to promote the usefulness and transparency of alternative performance indicators included in regulated information or prospectuses within the scope of application of Directive 2003/71/EC in order to improve their comparability, reliability and comprehensibility.
Accordingly, in line with the regulations cited above, the criteria used to construct these indicators are the following.
Gross operating margin: an operating performance indicator, calculated as "Operating income" plus "Depreciation, amortization and impairment losses".
Ordinary gross operating margin: it is calculated by adjusting the "Gross operating margin" for all items generated by non-recurring transactions, such as acquisitions or disposals of businesses (for example, capital gains and losses), with the exception of those transactions carried out in the renewable segment, related to the new "Build, Sell and Operate" business model launched in the 4th Quarter of 2016, where the income from the disposal (or repurchase) of projects represents an ordinary activity for the Group. As a result of the COVID-19 emergency, as from the 1st Quarter of 2020 extraordinary items also include costs incurred in responding to the COVID-19 pandemic (such as, for example, for the sanitization of workplaces, personal protective equipment and donations).
Ordinary operating income: it is calculated by adjusting the "Operating income" for the effects of the non-recurring transactions referred to with regard to the ordinary gross operating margin, as well as significant impairment losses on assets, including following impairment testing or classification under "Assets held for sale".
Group ordinary net income: it is defined as "Group net income" generated by Enel's core business and is equal to "Group net income" excluding the impact on it (and therefore net of any tax effects and non-controlling interests) of the items discussed under "Ordinary operating income".
Net non-current assets: calculated as the difference between "Non-current assets" and "Non-current liabilities" with the exception of:
"Deferred tax assets";
"Securities" and "Other financial receivables" included in "Other non-current financial assets";
"Long-term borrowings";
"Employee benefits";
"Provisions for risks and charges (non-current portion)";
"Deferred tax liabilities".
Net current assets: calculated as the difference between "Current assets" and "Current liabilities" with the exception of:
"Current portion of long-term financial receivables", "Factoring receivables", "Securities", "Cash collateral" and "Other financial receivables" included in "Other current financial assets";
"Cash and cash equivalents";
"Short-term borrowings" and the "Current portion of longterm borrowings";
"Provisions for risks and charges (current portion)";
"Other financial payables" included in "Other current liabilities".
Net assets held for sale: calculated as the algebraic sum of "Assets held for sale" and "Liabilities held for sale".
Net capital employed: calculated as the sum of "Net non-current assets" and "Net current assets", "Provisions for risks and charges", "Deferred tax liabilities" and "Deferred tax assets", as well as "Net assets held for sale".
Net financial debt: a financial structure indicator, determined by:
"Long-term borrowings" and "Short-term borrowings and the current portion of long-term borrowings", taking account of "Short-term financial payables" included in "Other current liabilities";
net of "Cash and cash equivalents";
net of the "Current portion of long-term financial receivables", "Factoring receivables", "Cash collateral" and
"Other financial receivables" included in "Other current financial assets";
net of "Securities" and "Other financial receivables" included in "Other non-current financial assets".
More generally, the net financial debt of the Enel Group is calculated in accordance with paragraph 127 of Recommendation CESR/05-054b implementing Regulation (EC) no. 809/2004 and in line with the CONSOB instructions of July 28, 2006, net of financial receivables and long-term securities.
Compared with the consolidated financial statements at December 31, 2019, which readers are invited to consult for a more detailed discussion of developments, the following
section reports the main changes in the period with regard to regulatory and rate issues in the countries in which Enel operates.
To contribute to the revitalization of the European economy following the pandemic, in May 2020 the European Commission proposed a Recovery Plan with a total value of €1,850 billion. It provides for reinforcing the multiannual financial framework for 2021-2027 by €1,100 billion to rapidly direct investment where it is most needed (strengthening the Single Market, driving the green and digital transition and intensifying cooperation in areas such as health and crisis management) and establishes a new instrument – Next Generation EU – worth a total of €750 billion (€500 billion in the form of grants and guarantees and €250 billion in loans) to temporarily (2021-2024) increase the resources available in the EU budget and support an immediate response to the crisis by kick-starting the European economy through sustainable and resilient growth.
With particular regard to Next Generation EU, the most significant resources (around 85%) are focused on supporting Member States to support investments and reforms. In particular, the Recovery and Resilience Facility is the largest instrument. It provides for the allocation of €560 billion (€310 billion in the form of grants and €250 billion in loans) to support investments and essential reforms for a lasting recovery (with a focus on investments connected with the green and digital transitions). In addition, the program would significantly increase the resources of the Just Transition Fund, adding €32.5 billion to bring the resources available to this program to €40 billion.
The second pillar of Next Generation EU is made up of instruments to kick-start the economy and help private investment in key sectors and technologies, and to provide urgent support to viable companies threatened by the crisis. It will provide €55 billion in EU guarantees to ensure support for healthy businesses affected by the pandemic and address any solvency problems (Solvency Support Instrument), and strengthen the investment capacity of companies and build strategic autonomy in the vital European value chain (Invest EU program - Strategic Investment Facility).
The third pillar of Next Generation EU consists of measures to learn the lessons from the crisis and respond to the strategic challenges facing Europe. This represents about €40 billion in additional resources to strengthen health security and prepare for future health crises: EU4Health; reinforced RescEU, the EU Civil Protection Mechanism to respond to the large-scale emergencies; and strengthening other programs to enable them fully play their role in making the Union more resilient and address the challenges posed by the pandemic and its consequences (Horizon Europe, Digital Europe, neighborhood instruments, development cooperation and international cooperation, humanitarian aid, etc.).
Following the European Green Deal communication presented at the end of 2019, in the 1st Half of 2020 the European Commission published a series of legislative and non-legislative initiatives aimed at implementing the principles set out in the communication.
The proposal for a European Regulation, presented by the Commission on March 4, 2020 and currently under discussion in the European Parliament and the Council, would make the objective set in the European Green Deal to make the European economy and society climate neutral by 2050 legally binding. This means achieving net zero greenhouse gas emissions (balance between emissions and absorption) for EU countries as a whole, mainly by cutting emissions, investing in green technologies and protecting the natural environment. Once approved, this would incorporate the objective of climate neutrality for 2050 in Union legislation for the first time.
The European Commission proposal also includes the goal of reducing greenhouse gas emissions by 50-55% by 2030, while a more ambitious reduction target of 65% has been proposed in the European Parliament.
To pursue this objective, the proposal for an EU Regulation also provides that all European policies should be revised to ensure they contribute to achieving climate neutrality, so that all sectors of the European economy do their part. By 2021, the European Commission will propose a review of all policy instruments necessary to achieve the additional reductions planned for 2030.
The new Industrial Strategy was presented on March 10, 2020. It is intended to maintain the global competitiveness of European industry, make Europe climate neutral by 2050 and shape Europe's digital future. The strategy proposes a series of initiatives (legislative and non-legislative) to support all the players in European industry, from large to small businesses, research centers and start-ups. Actions include comprehensive measures to modernize and decarbonize energy-intensive industries, to support sustainable and intelligent mobility industries, to promote energy efficiency and to ensure a sufficient and secure supply of low-carbon energy at competitive prices. The Industrial Strategy also envisages the launch of a series of new alliances, such as the European Clean Hydrogen Alliance, to accelerate the decarbonization of industry and maintain industrial leadership, followed by an alliance for low-carbon industries, one for industrial clouds and platforms and one for raw materials. In addition to a complete series of actions, both horizontal and in favor of specific technologies, the Commission will systematically analyze the risks and needs of the various industrial ecosystems. In performing this analysis, the Commission will work in close collaboration with an open and inclusive industrial forum, which will be set up by September 2020.
On February 19, 2020, the Commission presented strategies for data and artificial intelligence (AI). This communication introduces a series of legislative and non-legislative initiatives, with the aim of developing technology at the service of citizens and creating a fair and competitive digital economy. The areas involved in these initiatives are manifold: creation of digital skills, regulation of competition and platforms (through a proposal for a Digital Services Act) and climate neutrality by 2050.
In more detail, the aim of the European data strategy is to ensure that the EU takes on the role of model and guide for companies made more autonomous thanks to data. The strategy essentially aims to create a true European data space and a single market for data, in order to unlock so far unused data to enable their free movement within the European Union in all sectors, thus benefiting businesses, researchers and governments. The Commission proposes to establish a regulatory framework for data governance, access to data and reuse of data between businesses, between businesses and governments and within governments. The Commission intends to support the development of technological systems and the next generation of infrastructure, which will allow the EU and all operators to take advantage of the opportunities offered by the data economy.
In the White Paper on Artificial Intelligence, the Commission called for a reliable framework based on excellence and trust. In a partnership between the public and private sectors, the goal is to mobilize resources along the entire value chain and create the right incentives to accelerate the adoption of solutions based on AI. The document calls for clear rules to govern high-risk AI systems without imposing excessive burdens on less risky ones. The White Paper also underscores the fact that strict EU rules must continue to apply to protect consumers, to address unfair commercial practices and to protect personal data and privacy.
The Just Transition Fund (JTF) is a funding instrument included within the Just Transition Mechanism (JTM), aimed at supporting Member States in reducing the economic and social impacts of the transition to a climate-neutral economy. The total resources (2021-2027) at Community level proposed for the JTF, initially equal to €7.5 billion, were increased to €40 billion following the proposal of the Recovery Plan. Currently, the Commission regulation is under discussion in the European Parliament while the European Council reached a partial agreement on June 25 and is ready for negotiations with the European Parliament.
In March 2020, the Taxonomy Expert Group presented its final taxonomy report and a guide on recommendations for a European Green Bond standard. With reference to the taxonomy, in June the European Parliament approved the EU Taxonomy Regulation. The European Parliament's approval followed the adoption of the text by the Council on June 10, 2020. In the
4th Quarter of 2020, the Commission is expected to adopt a delegated regulation on taxonomy which will establish the technical screening criteria for determining whether a specific economic activity substantially contributes to achievement of one or more of the EU's environmental goals.
On March 19, 2020 and subsequently on April 3, May 8 and June 29, 2020, the European Commission adopted a temporary framework for addressing the impact of the COVID-19 pandemic in order to support Member States with regard to the use of State aid to provide the necessary liquidity to the economic system, including SMEs, to facilitate its application to all sectors and types of business affected by the crisis (with the exception of the financial sector and for companies already in difficulty at the end of 2019) and to help stabilize the European economy while preserving the single market. On May 28, 2020, the European Commission approved a support scheme for the generation of electricity in the Canary Islands, Balearic Islands, Ceuta and Melilla within the State aid framework for the provision of services of general economic interest (SGEI).
The Commission approved the scheme until the end of 2029 for the Canary Islands, Ceuta and Melilla and 2025 for the Balearic Islands. In order to ensure the long-term security of supply, Spain has undertaken to build a second subsea connection between the mainland and Majorca by 2025. The mechanism will compensate electricity generators fulfilling a public service obligation for the additional cost of providing these services and ensure the establishment of competitive procedures for the development of new generation plants and/or decarbonized solutions.
The essential plants of Assemini and Portoferraio have been declared eligible for cost reimbursement for 2020.
The Brindisi Sud and Sulcis plants were declared eligible for 2019-2020.
The Porto Empedocle plant is eligible for long-term cost reimbursement until 2025.
For 2020, the remaining part of essential capacity was contracted under alternative contracts which under current regulations require the supply of capacity to the Ancillary Services Market (ASM) for a fixed premium.
The Enel Produzione plants located in the smaller islands identified on an annual basis as plants essential for the security of grids not interconnected to the NTG are eligible admitted by right to the cost compensation regime.
During the 1st Half of 2020, the Regulatory Authority for Energy, Networks and the Environment (ARERA) adopted a series of measures for the reimbursement of production costs to essential plants, shown below:
adjustments for plants on non-interconnected islands for 2011 and 2012;
payments on account for plants on non-interconnected islands for 2016 to 2018;
adjustments for the Anapo and Guadalami plants for 2015.
On June 28, 2019, the Minister for Economic Development issued a decree approving the definitive rules governing the capacity remuneration mechanism (the capacity market). On November 6 and November 28, 2019 two auctions were held with delivery in 2022 and 2023 respectively: Enel was awarded capacity for both years. A number of operators and a sectoral trade association contested the decree and the results of the two auctions before the Milan Regional Administrative Court. Two operators also challenged the European Commission decision approving the Italian mechanism before the EU Court. Both proceedings are under way.
ARERA has confirmed the transitional capacity payment mechanism for 2020 and 2021 in order to ensure continuity with the new capacity market, which will produce a financial impact starting from 2022.
As part of the dispatching reform initiated with Resolution no. 393/2015/R/eel aimed at expanding the pool of entities and resources eligible for the ASM and testing new services needed by the electric system, with Resolution no. 200/2020/R/ eel ARERA approved the Fast-Reserve pilot project for the forward procurement of a new ultra-rapid frequency regulation service necessary to safely manage the electric system. The project provides for Terna to use a competitive auction procedure to award five-year supply contracts with payment of a fixed premium awarded following the auction in return for ensuring the availability of capacity. The schedule of the tender will be announced subsequently by Terna.
Order TEC/1260/2019 of December 26, 2019 revised the technical and financial parameters of the remuneration of generation units in the electrical systems of the non-peninsular territories for the second regulatory period (2020-2025). With regard to fuel prices, the Order established that within three months product prices will be reviewed by the ministerial order, with effect from January 1, 2020.
On February 28, 2020, Order TED/171/2020 of February 24, 2020 was published, updating the values applicable in the second regulatory period (2020-2025) for the various parameters that determine the remuneration of existing renewable generation plants with a specific remuneration regime.
The government issued emergency order 74/2020 to allow new generation capacity commissioned after June 1, 2020 to sign long-term bilateral contracts (PPAs) outside the centralized market, thereby increasing the bankability of these new projects.
In December 2019, the Federal Antimonopoly Service established the rates for capacity and electricity provided under regulated contracts in 2020. The new rates so established are lower than planned in the 2020 budget of the Nevinnomysskaya GRES plant.
On May 1, 2020, the Market Surveillance Board adopted temporary wholesale market rules valid during the period of the COVID-19 emergency. They offer the possibility for generators to extend and postpone scheduled maintenance without incurring penalties if this is attributable to the state of emergency.
On November 2, 2019, the Ministry of Energy published Law 21.185 introducing a transitional mechanism for stabilizing the price of electricity for customers subject to rate regulation ("regulated" customers). Under the provisions of this law, between July 1, 2019 and December 31, 2020, the rate applied to regulated customers will remain fixed at the level for the 1st Half of 2019 (Decree 20T/2018) and will be called the "Stabilized Price for Regulated Customers" (PEC). Starting from January 1, 2021 and until the end of the stabilization mechanism, prices will be those defined in the semi-annual fixing of the rate provided for in Article 158 of the Electricity Law, which however cannot be greater than the PEC adjusted by the consumer price index as of January 1, 2021 (adjusted PEC). The billing differences between the actual rate and the stabilized rate (PEC) will generate a receivable in favor of the generation companies with a limit of \$1,350 million until 2023. The balance in favor of these companies will be recovered by them in rates by December 31, 2027 at the latest.
Under the provisions of the law governing electricity auctions, three tender processes have been held in Chile: tenders for the supply of electricity of 2015/01, 2015/02 and 2017/01. In 2019, the National Energy Commission (CNE) announced a fourth public tender for the supply of electricity denominated "Licitación Suministro 2019/01".
The latter provides for the delivery of 5.6 TWh/year from 2026 to 2040. The deadline for submitting bids is November 18, 2020.
The Ministerial Decree of July 4, 2019 provided for competitive procedures based on Dutch auctions and registers, depending on the installed capacity and by technology groups, including photovoltaic systems. In particular, up to September 2021, seven procedures will be held with:
Dutch auctions for plants with a capacity of more than 1 MW;
registers for plants with a capacity of less than 1 MW.
Unlike previous decrees, the Ministerial Decree of July 4,
2019 provides for a new method for supporting renewable sources through two-way contracts for differences under which the successful tenderer returns any positive differences between the zonal price and the auction price. The winner of the capacity benefits from the incentive mechanism over the entire useful life of the plant (20, 25 or 30 years depending on the technology involved).
These incentive mechanisms will terminate when an indicative cumulative annual cost of the incentives reaches €5.8 billion. At March 31, 2020 the indicative annual cumulative cost was around €5.3 billion.
Enel Green Power participated in the first (October 2019) and second (February 2020) auctions held by the Energy Services Operator (GSE), with the award of total renewables capacity of 128 MW for new wind projects and 36 MW for renovations of existing renewable plants (wind and hydroelectric).
At the end of June the government published the basis for the granting, through a competitive tender, of subsidies for the investment of FEDER funds (European Regional Development Fund) for photovoltaic systems in the Canary Islands. The development of around 150 MW is expected.
The government has postponed the auctions for the award of renewable energy supply contracts scheduled for June to November 2020. With a decree of April 22, the volumes up for auction were increased from 182 to 214 MW for wind plants and from 99.5 MW to 240 MW for photovoltaic plants.
Greece has approved an ambitious national energy and climate plan, which sets new targets for the development of renewable sources equal to 35% of final gross energy consumption by 2030 and includes a plan for the closure of coal-fired plants by 2023.
The Greek Parliament recently approved a number of measures to support the development of renewable sources in the country. In particular, the use of bilateral contracting (so-called power purchase agreements or PPA) to sell the power generated by renewable energy plants was approved. Furthermore, a series of measures have been introduced to reduce permitting times for renewables plants.
On February 6, 2020, the interruptibility service provided by industrial customers and remunerated through resources from the revenue of generators came to an end. The service will likely be extended.
Romania has approved an ambitious national energy and climate plan, which sets new targets for the development of renewable resources by 2030 (with renewable energy as a proportion of gross final energy consumption ≥30.7%). It also envisages the installation of 2,300 MW of new wind farms and 3,700 MW of photovoltaic.
To enable greater development of renewable resources, the Romanian government has introduced the use of PPAs to sell the power generated by renewable energy plants. The decision is awaiting ratification by Parliament.
The government has announced that the next YEKA (Renewable Energy Resources Areas) auctions will take place in the autumn of 2020 and will cover 40 regions with volumes between 10 and 50 MW.
The French Ministry for Ecological Transition (MEIT) published two decrees last April to implement the long-term energy plan through 2028 (Programmation pluriannuelle de l'énergie - PPE), which defines the strategy for reducing CO2 emissions, including a renewable auction plan through 2024. According to the strategic energy and climate plan, renewable energy generation capacity is expected to double by 2028 compared with 2017, and the share of renewable energy in final energy consumption is expected to increase to 33% by 2030.
The strategy also provides for the complete elimination of petrol and diesel cars by 2040 and, by 2028, the use of renewable hydrogen in industry for a share of between 20% and 40% of total gas consumption.
Germany recently published its final national energy and climate plan. The CO2 reduction target for 2030 has been set at 52% compared with 1990. The renewable energy target for 2030 has been confirmed at 30% of energy consumption (it is currently less than 20%). Onshore wind power generation capacity will grow to 71 GW from the current 53 GW. Off-shore wind power will contribute an additional 20 GW, while photovoltaic power should reach 98 GW of installed capacity. The German government has also approved a law (Kohleausstiegsgesetz) which sets out the phases for the closure of coal plants by 2038. Compensation will be paid to the owners of the plants, and economic and social support measures are envisaged for the areas affected by the plant closures.
In June, the German government published the national hydrogen strategy. The document plans to use hydrogen to substantially reduce CO2 emissions and at the same time create a strong industrial sector linked to the production of renewable hydrogen. The measures envisaged will involve the energy sector, transport and industrial consumption, as well as significant investments in research and development.
The Independent Bulgarian Energy Exchange (IBEX), the only electricity trading platform in Bulgaria, has changed the rules for trading in long-term products. Following this change, trading of products related to renewable electricity will only be possible on the short-term day-ahead and intraday platforms and excluded from the long-term platform, which guaranteed greater predictability of cash flows.
Enel Green Power Cachoeira Dourada SA (CDSA) has been authorized, since June 2, 2020, to export electricity to Argentina and Uruguay. The authorization will remain in force until December 31, 2022.
In May, the United States Treasury Department amended the administrative guide for renewable energy tax credits, giving projects two more years to be completed and maintain eligibility under the "continuity requirement". The guide was published to take account of construction and supply chain delays caused by the COVID-19 emergency. Wind projects that began construction in 2016 can now be put into service until 2022, receiving 100% of the associated tax credit, while projects that started construction in 2017 can now be put into service until 2023, receiving 80% of the tax credit.
Legislative sessions and significant political changes have been suspended due to the COVID-19 pandemic. Looking ahead, incentives for the production of green energy create opportunities for the clean energy sectors, while budgetary challenges (driven by tax revenues and higher expenditure induced by COVID-19) threaten to cause cuts in funding programs.
The Enel Green Power Cohuna plant has suffered connection delays since the beginning of 2019, due in part to regulatory changes imposing stricter technical standards. These changes occurred in 2019 and their lost revenue effects continued to unfold in the 1st Half of 2020.
The Australian Energy Market Commission (AEMC) has established that all renewables generators must maintain control over the Primary Frequency Response, while exempting them from the need to maintain storage capacity. This is an interim provision, which will be in effect from October 2020 until June 2023.
The government has declared that the COVID-19 emergency represents a case of force majeure, allowing the postponement of contract deadlines and the avoidance of penalties for delays, containing potential financial losses.
Renewable energy projects saw their must-run status confirmed during the COVID-19 emergency, thus avoiding curtailments.
Distribution companies (i.e. the buyers of the electricity generated by renewable energy projects) had the opportunity to defer payments to generators.
The exemption from "Inter-State Transmission Charges and Losses" has been extended to projects that will come into operation by December 31, 2022 (previously, it was the end of March 2022), with positive financial effects.
Positive economic effects will also result from the fact that the national CER regulator (Centre for Energy Regulation) has established that a bank guarantee will not be required for the construction of projects that connect through the Central Transmission Utility if the power purchase agreement (PPA) is signed directly by the generation company with the distribution company. If the PPA is signed with an intermediary agency (such as Solar Energy Corporation of India - SECI, in the case of Enel Green Power), then that agency must have a back-to-back sales contract with the distribution company.
The rate for the fifth regulatory period (2016-2023) is governed by the Regulatory Authority for Energy, Networks and the Environment (ARERA) Resolution no. 654/2015/R/eel. This period lasts eight years and is divided into two sub-periods of four years each (NPR1 for 2016-2019 and NPR2 for 2020-2023).
With regard to the NPR2 period, on December 27, 2019 ARE-RA published Resolution no. 568/2019/R/eel, with which it updated rates for distribution and metering services in force in the 2020-2023 period, publishing the new integrated texts (TIT 2020-2023 and TIME 2020-2023), substantially confirming the pre-existing regulatory framework regarding the return on capital and depreciation and making only a few changes to the methods for recognizing operating costs.
With Resolution no. 639/2018/R/com, ARERA set the value of the WACC for distribution and metering activities, valid for the 2019-2021 period, at 5.9%.
As for distribution and metering rates, with Resolution no. 144/2020/R/eel ARERA approved the definitive reference rates for 2019, which represent the level of revenue recognized for each operator, based on the final balance sheet data for the year 2018 and the other relevant parameters (level of productivity gains, inflation, etc.).
With Resolution no. 162/2020/R/eel ARERA published the provisional reference rates for 2020, based on the preliminary balance sheet data for 2019 and the other relevant parameters (productivity gains, inflation, etc.).
With Resolution no. 190/2020/R/eel ARERA established urgent measures to implement the provisions of Decree Law 34 of May 19, 2020 (the so-called Revival Decree), containing urgent measures in the field of health, support for workers and economy, and social policies connected with the CO-VID-19 emergency for the reduction of costs for low-voltage electricity users other than domestic use for May, June and July 2020, impacting the utility bill items "transport and meter management" and "general system charges".
ARERA has postponed to a subsequent measure the activation of an extraordinary equalization advance payment for distribution companies to mitigate the financial effects produced by this provision on collections.
As regards service quality, ARERA, with Resolution no. 566/2019/R/eel, established new rules for the quality of transmission, distribution and metering services for the second regulatory semi-period for 2020-2023, introducing innovative regulatory tools to improve grid performance and narrow the gap between the North and South of Italy.
With Resolution no. 534/2019/R/eel, ARERA published the list of interventions in the 2019-2021 Resilience Plan of e-distribuzione eligible for the bonus-penalty mechanism envisaged under the provisions of Resolution no. 668/2019/R/eel, which introduced an incentive mechanism for investments to increase the resilience of distribution grids in terms of resistance to loads deriving from extreme weather events.
Revenue from the regulated market connected with Distribution operations in the 1st Half of 2020 declined by about 4.4% on the same period of the previous year, essentially reflecting the application of new remuneration parameters, which entered force for the 2020-2025 regulatory period.
The regulatory authority (ANRE) revised the calculated regulated rate of return (RRR) as equal to the WACC. The previous year, the regulator had approved a rate of 5.66%, while the government approved a rate of 6.9% with the aim of increasing investments in the grid. In May 2020, ANRE revised the calculations and approved a new value of 6.39%. In addition, with the aim of encouraging investments in grids, a 1% bonus is granted for new investments. Further collaboration is planned between distribution system operators (DSOs) and ANRE to clarify how to implement the new incentive.
On March 10, 2020, the Electricity Regulatory Agency (ANE-EL) approved the rate revision for Enel Distribuição Rio, starting from March 15, 2020, following which the average effect for consumers will be an increase of 2.71%, given by a rise of 3.38% for high-voltage customers and one of 2.48% for low-voltage customers.
On April 14, 2020, ANEEL approved the rate revision for Enel Distribuição Ceará, following which the average effect for end users will be an increase of 3.94%. The rate increase was proposed by the regulator in response to the economic emergency resulting from the COVID-19 crisis with the aim of protecting the most vulnerable categories of customer. Rates have been frozen until June 30, 2020 and as of July 1, 2020 are subject to further revisions.
Note also that the decrease in revenue due to the suspension of the new rates in the above period will be offset by the payment of CDE (Energy Development Account) allowances for May, June and July 2020. These payments will be duly adjusted for the Selic rate and the redefinition of the CDE fund for Enel Distribuição Ceará in order to be rescheduled over a maximum of five equal installments starting from August 2020. Finally, the difference between the newly approved rate and that applied can be adjusted until June 30, 2020 and will in any case be considered in subsequent rate revisions.
On June 30, 2020, ANEEL approved the rate revision for Enel Distribuição São Paulo, starting from that date, following which the average effect for consumers will be an increase of 4.23%, given by a rise of 6.00% for high-voltage customers and one of 3.58% for low-voltage customers.
ANEEL took measures to ensure the distribution of electricity during the COVID-19 emergency with effect from March 24, 2020, including:
banning the interruption of service to residential customers in urban and rural areas;
granting permission for the suspension of delivery of invoices issued to consumers, replacing them with the issue of electronic invoices or barcodes;
giving priority to emergency and essential services to contribute to social isolation measures and ensuring the continuous and reliable supply of electricity.
In the wake of the COVID-19 pandemic, ANEEL exceptionally and temporarily suspended, with effect from June 1, 2020, application of the Bandeiras Tarifarias until December 31, 2020.
As part of the regulatory response to the global COVID-19
pandemic, the government established the following:
March 17 DNU 287/2020 Declaration of health emergency from March 12 for one year;
March 20 DNU 297/2020 Preventive and mandatory social isolation (lockdown);
March 31 DNU 325/2020 Extension until April 12;
April 11 DNU 355/2020 Extension until April 26;
March 20 DNU 298/2020 Suspension of administrative deadlines during the lockdown;
March 25 DNU 311/2020 Limitations on the possibility of suspensions/strikes involving basic services.
As part of the same regulatory framework, the National Electricity Regulator (ENRE) announced the creation of a virtual working group to access information and send reports known to the regulator and at the same time made official the following resolutions:
ENRE Resolution 0003 of March 21, 2020 suspending the customer management services provided in designated offices, implementing a system for customer management through call centers;
ENRE Resolution 0006 of March 24, 2020 calling for greater efficiency in processes and ensuring the operation of the control, management and distribution centers for highand low-voltage electricity supply.
On June 19, 2020, an official bulletin was published concerning Emergency Decree no. 543, which first established a 180-day extension from the expiry date of the last rate revision established with Article 5 of Law no. 27541 (the Solidarity and Economic Reactivation Act). Consequently, the new deadline for performing the rate review will be December 17, 2020. Secondly, the measure extends the benefits established under DNU 311/20 (limitations on suspensions of electricity supply) in the event of late payment or non-payment by customers up to a maximum of six consecutive or alternate invoices falling due after March 1, 2020.
The Energy and Gas Regulation Commission (CREG) determines the remuneration methodology for the distribution network. Distribution rates are set every five years and updated monthly based on the producer price index.
In response to the national and global impact of the COVID-19 pandemic, in March 2020 the Colombian government declared a state of economic, social and ecological emergency for the entire country and ordered mandatory preventive isolation for all inhabitants. These measures led to the issue of a
range of transitional rules and regulations by Colombian authorities that govern public services, including electricity supply, in order to ensure the continuity of the delivery of public domestic services and to mitigate financial and social effects in the electricity and natural gas sector.
CREG has issued Resolutions CREG.ADM 050/2020 and CREG.ADM 052/2020 temporarily suspending (until April 12, 2020) deadlines for its administrative actions.
The rules issued by the Ministry of Mining and Energy (MME) and by CREG in the 2nd Quarter of 2020 in response to CO-VID-19 include:
new regulations extending the state of economic emergency and adoption of new measures: Decrees 417, 637 and 798, Resolutions 131 and 132;
mandatory preventive isolation, Decrees 457, 531, 593, 636 and 749;
MME Resolution 517: deferred payment extract 1 and 2; credit lines and grants for businesses;
CREG Resolutions 058, 108 and 104: transitional measures for the payment of invoices on the wholesale market;
CREG Resolution 056.061, CREG Circular 036 and CREG Resolution 107: financing options in the wholesale market;
CREG Resolution 043: transitional rules on the limitation of supply and withdrawal from the market;
Decree 581: new credit line Findeter;
Decree D.C. 123 and Resolution 157: the mayor of Bogota awards grant of 10% of energy consumption to category 1, 2, 3 and 4 users;
MME Resolution 40130: contribution mechanism for customers in categories 4, 5 and 6, and commercial and industrial customers.
On June 24, 2020, CREG issued CREG Resolution 122/2020, which approved the distribution rates of Enel Codensa.
With Decreto Supremo no. 044-2020-PCM, published on March 15, 2020 a state of national emergency was declared for 15 days. This period has since been repeatedly extended and is now in place until at least July 31 due to the COVID-19 pandemic. During this period, some social distancing measures were taken to prevent the spread of COVID-19. In particular, Decreto Supremo no. 044-2020-PCM establishes that the government shall guarantee access to public services and essential goods and services with no restrictions.
Vice-ministerial Resolution no. 001-2020-MINEM/VME, publi-
shed on March 19, 2020, established that electricity generation, transmission and distribution companies shall:
activate safety protocols to safeguard staff, contractors and third parties;
take all necessary actions to ensure the continuity of electricity service;
send their emergency plans to OSINERGMIN and MINEM (Ministry of Energy and Mining).
Emergency Decree no. 029-2020, published on March 20, 2020, introduced a 30-day suspension on the calculation of time limits for the activation of administrative procedures and proceedings of any kind, including those regulated by laws and special provisions, that are subject to deadlines.
Emergency Decree no. 035-2020, published on April 3, 2020, established that distribution companies can allow customers with invoices issued in March 2020 or that include amounts consumed during the national emergency by "vulnerable" users (those with a consumption of up to 100 kWh/month) to pay in instalments over as many as 24 months. The government will pay compensatory interest on the installments, which will be paid to electricity companies using the Fondo de Inclusión Social Energético. The measure also establishes that electricity companies will not be liable for compensation or penalties for failure to comply with the technical quality standards for electricity service. Various commercial measures have also been introduced, such as the suspension of the obligation to read meters, of the delivery of paper invoices (digital delivery has been introduced), and of the obligation to physically assist customers at customer care centers, while customers may be billed using their average consumption over the last six months until an actual meter reading is possible.
Emergency Decree no. 062-2020, published on May 28, 2020, expanded the category of customers who can pay their electricity bills in instalments to include those consuming up to 300 kWh/month. In this case, the measure establishes that invoices for May or that include amounts consumed during the national emergency are eligible for the instalment plan. The compensatory interest to be paid to electricity companies will be partly borne by the government and partly by customers. Finally, the measure also establishes that electricity companies will not be liable for compensation or penalties for violation of technical quality standards for up to 60 calendar days after the emergency period.
Decreto Supremo no. 101-2020-PCM, published on June 4, 2020, authorized the reopening of economic activities included in "Phase II". Businesses included in this phase must submit a plan for "the surveillance, prevention and control of COVID-19 in the workplace and work activities" to the competent authorities.
Decreto Supremo no. 117-2020-PCM, published on June 30, 2020, authorized the reopening of economic activities included in "Phase III". Businesses included in this phase must submit a plan for "the surveillance, prevention and control of COVID-19 in the workplace and work activities" to the competent authorities.
On December 21, 2019, the Ministry of Energy published Law no. 21.194 which lowered the remuneration of distribution companies and enhanced the process for setting electricity distribution rates. The law changes the discount rate for the calculation of annual investment costs, which went from 10% to a rate that must be between 6% and 8% post tax. The post-tax remuneration rate for electricity distribution companies must not be more than two points above or three points below the remuneration rate set by the CNE (National Energy Commission). Finally, from January 2021 the distribution companies will have to operate exclusively in the distribution field.
On June 9, 2020, CNE Resolution no. 176 was published, specifying the substance of the obligation of exclusive activity and separate accounting in the provision of public electricity distribution services in accordance with the provisions of Law 21.194.
Under the provisions of the resolution, companies holding concessions for the public electricity distribution service operating in the Chilean national electricity system will have to set up as companies exclusively engaged in distribution activities and will only be able to exercise economic activities involved in the provision of the public distribution service, in compliance with applicable legislation. The rules established in the resolution shall apply from January 1, 2021. Where a company is unable to comply by that date for legitimate reasons, subject to notifying the CNE the application of the resolution may be postponed, but in any case not later than January 1, 2022.
At the reporting date, a bill on essential (basic) services is being discussed in the National Congress. It envisages measures that most distribution companies are already voluntarily adopting. The measures provided for in the bill include the suspension of service interruptions for late payment and the possibility for "vulnerable" customers to pay electricity bills in installments.
The end-user rates applied in 2020 were determined on the basis of the following decrees and resolutions:
Decree no. 11T/2016, which established the rate formulas applicable to the supply of electricity at regulated prices, published in the official journal on August 24, 2017;
Decree no. 2T/2018, which established the methods for adjusting the power factor in rates applicable to electricity supply at regulated prices, published in the official journal on June 27, 2018 and valid until November 2020;
Decree no. 5T/2018, which established the rate formulas applicable to the supply of electricity at regulated prices set with the Ministry of Energy Decree no. 11T of 2016, published in the official journal on September 28, 2018;
Oficio Ordinario SEC no. 15699/2019, which established the procedure for rate adjustments based on Oficio Ordinario no. 490/2019, which is valid until November 3, 2020;
Decree no. 6T/2017, which determined the annual value of transmission systems, which is valid until December 31, 2019;
price decrees.
On October 5, 2019, the Ministry of Energy published Decree no. 7T/2019 in the official journal, setting the "bare price" for the supply of electricity and set adjustments and loads for the application of the Residential Rate Equity Mechanism, with retroactive effect from July 1, 2019. On November 2, 2019 the Ministry of Energy published Law no. 21.185, which introduced a transitory mechanism for stabilizing the price of electricity for customers subject to regulated rates.
On October 23, 2019, the Ministry of Energy published Decree no. 9T/2019, setting the "bare price" for the supply of electricity with effect from October 1, 2019.
On April 7, 2020, the Ministry of Energy published Decree no. 2T/2020, which sets the "bare price" for the supply of electricity, valid from April 1, 2020.
With Resolution no. 24 of 21 January 2020, the CNE published the preliminary technical bases for the calculation of the components of the aggregate distribution value for the 2020- 2024 period and the study of the service costs associated with the supply of electricity, initiating the process of determining distribution rates.
Following the stages of the process established under applicable legislation, the companies submitted their comments and on June 11, 2020 the CNE published the definitive technical bases with Resolution no. 195.
As part of the process of determining 2020-2023 transmission rates, the following processes are being developed:
qualification of transmission plants and systems;
determination of the useful life of transmission plants;
definition of the technical and administrative basis for the determination of transmission rates.
In this context, on June 5, 2018, the CNE approved a definitive technical document determining the useful life of transmission systems (Resolution no. 412).
With Resolution no. 576/2019/R/eel, ARERA updated for 2020 the rate component covering the marketing costs of the operators of the enhanced protection service (RCV) and the levels of the PCV fee, which represents the reference price for sellers on the free market.
With Resolution no. 119/2019/R/eel, ARERA introduced measures to enhance the efficiency of managing fraudulent withdrawals of power by end users in the enhanced protection market and amended the existing compensation mechanism for the amounts not collected in respect of such withdrawals. In connection with a suit filed by Servizio Elettrico Nazionale, the Milan Regional Administrative Court issued sentence no. 565 of March 27, 2020 voiding the part of resolution in which it provided for the application of the mechanism for reducing the amounts to be reimbursed in relation to the billing activities performed in the period prior to the entry into force of that resolution.
The measures connected to the COVID-19 emergency adopted by ARERA include Resolution no. 116/2020/R/com, which established temporary exceptions for the period April-June 2020 to the rules governing payments by sellers to distributors in order to mitigate the impact on the value chain of the freeze on customer disconnections during the emergency period for low-voltage end users (Resolution no. 60/2020/R/ com). The reduction in payments made by sellers will be recouped by distributors through a special mechanism provided for in Resolution no. 248/2020/R/com, which will enable their recovery by the end of the year.
With regard to rules governing customers in arrears, Resolution no. 219/2020/R/com implemented the new rules established with the 2020 Budget Act (Article 1, paragraph 291) concerning the timing and procedures for suspending supply in the event of customer default. Concomitantly, it provided for an upgrade of the indemnity system (compensation paid to sellers in the event customers leave unpaid receivables when they change supplier).
With Resolution no. 89/2020/R/gas, ARERA has initiated a procedure aimed at complying with ruling 38/2020 concerning the revision of the scope of application and the consequent recalculation of prices to be applied to end users in order to settle financial items between sellers and end users for the 2010-2012 period with regard to the gas commodity for the safeguard service. With Resolution no. 247/2020/R/ gas, ARERA temporarily confirmed the fees applied pending their redetermination and extension of the scope of application starting from January 2021.
With Resolution no. 577/2019/R/gas, ARERA updated the QVD component of the financial conditions of the natural gas safeguard service for 2020.
Law 8 of February 28, 2020, which ratified the "Milleproroghe" omnibus extension decree (Decree Law 162 of December 30, 2019), amended the text of the Competition Act (Law 124/2017), providing for the elimination of price protection regimes for small companies that do not fall under the definition of "micro-enterprises" starting from January 1, 2021 and for micro-enterprises, and January 1, 2022 for residential customers.
On December 28, 2019, Order TEC/1258/2019 of December 20 was published, establishing access rates for 2020. Under the provisions of the order, the rates shall remain unchanged until the rates established by the National Markets and Competition Commission enter force (CNMC). As for natural gas, Order TEC/1259/2019 of December 20 was published on December 28, 2019, establishing access rates for the gas sector in 2020.
On December 30, 2019, the resolution of the Directorate-General for Energy Policy and Mining of December 23 was published, establishing the rate of last resort (TUR) for natural gas to be applied from January 1, 2020, giving rise – thanks to the decline in commodity prices – to an average reduction of 3.3% (for the Last Resort 1 rate - TUR1) or 4.2% (for Last Resort 2 - TUR2).
Order TED/28/2020 of March 23 set Endesa's contribution to the National Energy Efficiency Fund at €28 million for 2020.
Order TEC/1080/2019 of October 23 established the distribution percentage of the 2019 social rate, with Endesa SA's share set at 36.26%, compared with 37.15% the previous year. The preparation of the order establishing the distribution of the financing obligation for the 2020 social rate began in January 2020, with the percentage proposed for Endesa SA being set at 35.57%.
On March 14, 2020, Royal Decree 463/2020 was published, proclaiming a state of emergency for the management of the COVID-19 health crisis. In order to counter the economic and social impact of this exceptional situation, the Spanish government has approved a series of legislative measures to address the emergency. The most significant measures for the electricity sector are as follows.
The validity of the social rate was extended until September 15, 2020 for all beneficiaries whose eligibility would have expired before this date. At the same time, the right to the social rate was extended to holders of supply points or any member of their household who qualify as professionals or self-employed who comply with certain income thresholds and who, due to the emergency, have ceased trading or whose turnover has been reduced significantly. The measure is limited to the emergency period, with a maximum duration of six months.
During the month following the entry into force of Royal Decree 8/2020 of March 17, the supply of electricity, water and natural gas to consumers identified as vulnerable consumers (in accordance with the criteria of Royal Decree 897/2017) cannot be cut off. Royal Decree 11/2020 of March 31 extended this guarantee, establishing that for the duration of the entire state of emergency the supply of electricity, water, natural gas and other oil derivatives to natural persons at their habitual residence cannot be suspended except for security of supply reasons.
During the state of emergency, professionals and companies can suspend or modify their contracts to contract an alternative offer with their energy supplier that is more appropriate with current consumption and power requirements without charge or penalty. At the end of the state of emergency, there is a period of three months to reactivate the contract or modify available power without charge except in certain situations. To compensate the electricity sector for the reduction in revenue that these initiatives entail, measures will be introduced in the next Budget Act (PGE) after the entry into force of Royal Decree Law 11/2020 of March 31. Similar measures are envisaged for the natural gas sector.
During the state of emergency, self-employed workers and small and medium-sized enterprises can ask their supplier (or distributor) for a suspension of payment for billing periods in which the state of emergency applies. In this case, the supplier is exempt from paying the transport and distribution rates until the customer has fully paid the invoice. The supplier is also exempted from paying VAT, the special electricity tax and the special hydrocarbon tax for the generation of electricity until the balance of the invoice is paid by the customers or within six months of end of the state of emergency. Once the state of emergency has ended, the balance will be settled in equal instalments over the billing periods in the following six months. Similarly, suppliers or distributors whose revenue is reduced can request the activation of the guarantees specified in Royal Decree Law 8/2020 of March 17 or any other such relief.
Access rights expiring on March 31, 2020 have been extended to the new deadline of two months after the end of the state of emergency.
In this context, Order SND/260/2020 of March 19 suspended activation of the demand management service of interruptibility for economic reasons.
The regulatory authority (ANRE) has defined wholesale and retail commercial agreements for the regulated market in two tranches. For each half-year and for each Last Resort supplier, ANRE has approved a portfolio of regulated bilateral contracts with the least expensive generators and a series of regulated rates for end users, which should guarantee sufficient margin to enable the recovery of losses incurred in past years. While the provisions for the 1st Half of 2020 were approved in December 2019, the provisions for the 2nd Quarter of 2020 were approved on June 29, 2020.
On April 17, 2020, Enel Trading Brasil SA (Enel Trading), a company set up by the Group for the sale of electricity, was authorized to operate as an Electricity Marketing Agent in Brazil.
The energy transition that is progressively transforming the utilities industry underpins the 2020-2022 Strategic Plan presented in November 2019, which is founded on a sustainable and fully integrated business model. It is designed to enable Enel to seize the opportunities linked to the global trends of decarbonization of generation and electrification of energy consumption. The digitalization of grids and the adoption of platforms for all customer-related activities are enablers of the Group's strategy, which aims to accelerate the growth of renewables while at the same time reducing thermal generation, first and foremost coal generation. More specifically, the 2020-2022 Investment Plan envisages that:
investments in decarbonization will amount to about €14.4 billion (50% of total capex), aimed at developing new renewables capacity and gradually replacing conventional generation assets. Decarbonization's contribution to EBITDA growth will be equal to €1.4 billion over the plan period. Renewables capacity is expected to reach 60% of total capacity in three years, driving the increase in the profitability of plant assets and increasing output with zero CO2 emissions to 68% of the total in 2022. The 2020-2022 Strategic Plan provides for a rapid and progressive withdrawal from coal-fired generation, which will mainly be replaced by new renewables capacity. The sharp acceleration in the growth of renewables will support the Group's pursuit of the goal of reducing emissions of greenhouse gases in line with the Paris Agreement and achieving total decarbonization of the generation mix by 2050;
about €1.2 billion of investment will be dedicated to the electrification of energy consumption, leveraging the growth and diversification of the retail customer base and the efficiencies associated with the transfer of activities to platforms. The expected contribution of these investments to the Group's EBITDA growth amounts to €0.4 billion;
some €13 billion will be invested in the factors enabling the energy transition, i.e. infrastructure, to adapt distribution grids to a generation system based on renewable energy, and ecosystems and platforms, to develop new services, such as electric mobility and demand response services, which will play an increasing role in the energy transition. The expected contribution to EBITDA growth is about €1.1 billion.
The Group expects to invest €28.7 billion over the course of the plan. Investments will directly impact three main UN Sustainable Development Goals (SDGs): SDG 7 (Affordable and Clean Energy), SDG 9 (Industry, Innovation and Infrastructure) and SDG 11 (Sustainable Cities and Communities), thus contributing to SDG 13 for climate action.
Under our dividend policy, over the plan period Enel will continue to pay out a dividend equal to the greater of 70% of consolidated ordinary net income and a guaranteed minimum dividend per share (DPS), with a compound annual growth rate of 8.6% for the implicit DPS and 7.7% for the minimum DPS. For 2020 the Plan envisages:
an acceleration of investment in renewable energy, especially in Latin America and North America, in support of industrial growth to drive decarbonization;
further progress in the digitalization of distribution grids, mainly in Italy and Latin America, with the aim of improving the service quality and increasing grid flexibility and resilience;
an increase in investment devoted to the electrification of energy consumption, with the aim of leveraging the expansion of the customer base, and to continuous efficiency enhancement, supported by the creation of global business platforms.
With regard to the ongoing COVID-19 pandemic that began earlier this year, the Group has issued guidelines aimed at preventing and/or mitigating the effects of contagion in the workplace and at the same time ensuring business continuity. The Group has also implemented constant monitoring of the impact of the emergency on macroeconomic and business variables in order to produce real-time estimates of potential impacts on the Group and enable mitigation of the effects with response or contingency plans.
Thanks to the geographical diversification of the Group, its integrated business model along the value chain, a sound financial structure and the level of digitalization achieved, which makes it possible to ensure the continuity of operations with the same level of service, the Group has displayed considerable resilience, which has been reflected in our strong performance and financial position in the 1st Half of 2020.
Nevertheless, the depreciation of the Latin American currencies against the euro, the negative impact of the pandemic on the volume of electricity consumption and the suspension of dunning processes have prompted us to revise a number of the targets established in the 2020-2022 Strategic Plan, as shown in the following table:
| Billions of euro | 2020-2022 Strategic Plan | 2020-2022 Strategic Plan |
|---|---|---|
| 2020 targets announced in November 2019 |
New targets for 2020 | |
| Ordinary EBITDA | 18.6 | about 18.0 |
| Ordinary net income | 5.4 | 5.0-5.2 |
| Net financial debt | 46.8 | 48.0-49.0 |
For a detailed discussion of transactions with related parties, please see note 32 to the condensed interim consolidated financial statements at June 30, 2020.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS 2.
Xxxxxxxxx Xxxxxxxxxxx 109
| Millions of euro | Notes | 1st Half | |||
|---|---|---|---|---|---|
| 2020 | 2019 | ||||
| of which with related parties |
of which with related parties |
||||
| Revenue | 6 | ||||
| Revenue from sales and services (1) | 32,520 | 1,933 | 39,492 | 2,477 | |
| Other revenue | 855 | 6 | 1,475 | 5 | |
| [Subtotal] | 33,375 | 40,967 | |||
| Costs | 7 | ||||
| Electricity, gas and fuel purchases (1) | 13,769 | 2,306 | 20,388 | 4,093 | |
| Services and other materials (1) | 8,332 | 1,308 | 8,849 | 1,512 | |
| Personnel | 1,855 | 2,338 | |||
| Net impairment/(reversals) of trade receivables and other receivables | 637 | 347 | |||
| Depreciation, amortization and other impairment losses | 3,465 | 3,347 | |||
| Other operating expenses | 1,089 | 109 | 1,315 | 138 | |
| Capitalized costs | (916) | (1,018) | |||
| [Subtotal] | 28,231 | 35,566 | |||
| Net income/(expense) from commodity risk management (1) | 8 | (601) | (1) | (188) | 12 |
| Operating income | 4,543 | 5,213 | |||
| Financial income from derivatives | 9 | 937 | 595 | ||
| Other financial income | 10 | 928 | 31 | 847 | 49 |
| Financial expense from derivatives | 9 | 759 | 665 | ||
| Other financial expense | 10 | 2,255 | 29 | 2,103 | 15 |
| Net income/(expense) from hyperinflation adjustments | 10 | 30 | 85 | ||
| Share of income/(losses) of equity investments accounted for using the equity method |
11 | 13 | (85) | ||
| Income before taxes | 3,437 | 3,887 | |||
| Income taxes | 12 | 1,034 | 994 | ||
| Net income from continuing operations | 2,403 | 2,893 | |||
| Net income from discontinued operations | - | - | |||
| Net income for the period (shareholders of the Parent Company and non-controlling interests) |
2,403 | 2,893 | |||
| Attributable to shareholders of the Parent Company | 1,947 | 2,215 | |||
| Attributable to non-controlling interests | 456 | 678 | |||
| Basic earnings/(loss) per share attributable to shareholders of the Parent Company (euro) |
13 | 0.19 | 0.22 | ||
| Diluted earnings/(loss) per share attributable to shareholders of the Parent Company (euro) |
13 | 0.19 | 0.22 | ||
| Basic earnings/(loss) per share from continuing operations attributable to shareholders of the Parent Company (euro) |
13 | 0.19 | 0.22 | ||
| Diluted earnings/(loss) per share from continuing operations attributable to shareholders of the Parent Company (euro) |
13 | 0.19 | 0.22 |
(1) The figures for the 1st Half of 2019 have been adjusted to take account of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) contained in the Agenda Decision of 2019, which involved changes in the classification, with no impact on margins, of the effects of purchase and sales contracts for commodities measured at fair value through profit or loss (for more details, see note 4 in these condensed interim consolidated financial statements at June 30, 2020).
| Millions of euro | 1st Half | |
|---|---|---|
| 2020 | 2019 | |
| Net income for the period | 2,403 | 2,893 |
| Other comprehensive income recyclable to profit or loss (net of taxes) | ||
| Effective portion of change in the fair value of cash flow hedges | 811 | 26 |
| Change in fair value of hedging costs | (154) | 10 |
| Share of the other comprehensive income of equity investments accounted for using the equity method |
(2) | (34) |
| Change in the fair value of financial assets at FVOCI | - | 6 |
| Change in translation reserve | (3,319) | 352 |
| Other comprehensive income not recyclable to profit or loss (net of taxes) | ||
| Remeasurement of net liabilities/(assets) for employee benefits | 33 | (176) |
| Change in fair value of equity investments in other entities | (1) | - |
| Total other comprehensive income/(loss) for the period | (2,632) | 184 |
| Total comprehensive income/(loss) for the period | (229) | 3,077 |
| Attributable to: | ||
| - shareholders of the Parent Company | 544 | 2,259 |
| - non-controlling interests | (773) | 818 |
| Millions of euro | Notes | ||||
|---|---|---|---|---|---|
| ASSETS | at June 30, 2020 | at Dec. 31, 2019 | |||
| of which with related parties |
of which with related parties |
||||
| Non-current assets | |||||
| Property, plant and equipment | 14 | 78,418 | 79,809 | ||
| Investment property | 108 | 112 | |||
| Intangible assets | 15 | 17,265 | 19,089 | ||
| Goodwill | 16 | 14,115 | 14,241 | ||
| Deferred tax assets | 17 | 8,789 | 9,112 | ||
| Equity investments accounted for using the equity method | 18 | 1,732 | 1,682 | ||
| Derivatives | 19 | 2,877 | 27 | 1,383 | 15 |
| Non-current contract assets | 20 | 401 | 487 | ||
| Other non-current financial assets | 21 | 5,376 | 6,006 | ||
| Other non-current assets | 22 | 2,642 | 2,701 | ||
| [Total] | 131,723 | 134,622 | |||
| Current assets | |||||
| Inventories | 2,629 | 2,531 | |||
| Trade receivables | 23 | 11,308 | 927 | 13,083 | 896 |
| Current contract assets | 20 | 173 | 166 | ||
| Tax receivables | 1,040 | 409 | |||
| Derivatives | 19 | 6,059 | 3 | 4,065 | 8 |
| Other current financial assets | 24 | 4,328 | 49 | 4,305 | 27 |
| Other current assets | 22 | 3,890 | 203 | 3,115 | 183 |
| Cash and cash equivalents | 5,840 | 9,029 | |||
| [Total] | 35,267 | 36,703 | |||
| Assets classified as held for sale | 26 | 5 | 101 | ||
| TOTAL ASSETS | 166,995 | 171,426 |
| Millions of euro | Notes | ||||
|---|---|---|---|---|---|
| LIABILITIES AND SHAREHOLDERS' EQUITY | at June 30, 2020 | at Dec. 31, 2019 | |||
| of which with related parties |
of which with related parties |
||||
| Equity attributable to the shareholders of the Parent Company |
|||||
| Share capital | 10,167 | 10,167 | |||
| Treasury share reserve | (1) | (1) | |||
| Other reserves | (250) | 1,130 | |||
| Retained earnings/(loss carried forward) | 19,264 | 19,081 | |||
| [Total] | 29,180 | 30,377 | |||
| Non-controlling interests | 14,188 | 16,561 | |||
| Total shareholders' equity | 27 | 43,368 | 46,938 | ||
| Non-current liabilities | |||||
| Long-term borrowings | 25 | 53,623 | 670 | 54,174 | 715 |
| Employee benefits | 28 | 2,780 | 3,771 | ||
| Provisions for risks and charges (non-current portion) | 29 | 4,981 | 5,324 | ||
| Deferred tax liabilities | 17 | 8,160 | 8,314 | ||
| Derivatives | 19 | 2,958 | 2,407 | ||
| Non-current contract liabilities | 20 | 6,257 | 181 | 6,301 | 151 |
| Other non-current liabilities | 22 | 3,419 | 3,706 | ||
| [Total] | 82,178 | 83,997 | |||
| Current liabilities | |||||
| Short-term borrowings | 25 | 7,196 | 3,917 | ||
| Current portion of long-term borrowings | 25 | 2,738 | 89 | 3,409 | 89 |
| Provisions for risks and charges (current portion) | 29 | 1,084 | 1,196 | ||
| Trade payables | 9,348 | 2,730 | 12,960 | 2,291 | |
| Income tax payable | 997 | 209 | |||
| Derivatives | 19 | 5,381 | 5 | 3,554 | 8 |
| Current contract liabilities | 20 | 1,249 | 46 | 1,328 | 39 |
| Other current financial liabilities | 750 | 754 | |||
| Other current liabilities | 22 | 12,704 | 32 | 13,161 | 30 |
| [Total] | 41,447 | 40,488 | |||
| Liabilities included in disposal groups classified as held | |||||
| for sale | 26 | 2 | 3 | ||
| Total liabilities | 123,627 | 124,488 | |||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 166,995 | 171,426 |
| Millions of euro | Share capital | Share premium reserve |
Treasury share reserve |
Legal reserve | Other reserves |
Reserve from translation of financial statements in currencies other than euro |
Reserve from measurement of cash flow hedge financial instruments |
|---|---|---|---|---|---|---|---|
| At January 1, 2019 | 10,167 | 7,489 | - | 2,034 | 2,262 | (3,317) | (1,745) |
| Distribution of interim dividends | - | - | - | - | - | - | - |
| Reclassifications | - | 7 | - | - | - | - | - |
| Monetary revaluation | - | - | - | - | - | - | - |
| Transactions in non-controlling interests |
- | - | - | - | - | - | - |
| Change in scope of consolidation | - | - | - | - | - | (98) | 41 |
| Comprehensive income/(loss) for the period |
- | - | - | - | - | 193 | (12) |
| of which: | |||||||
| - other comprehensive income/(loss) | - | - | - | - | - | 193 | (12) |
| - net income/(loss) for the period | - | - | - | - | - | - | - |
| At June 30, 2019 | 10,167 | 7,496 | - | 2,034 | 2,262 | (3,222) | (1,716) |
| At January 1, 2020 | 10,167 | 7,487 | (1) | 2,034 | 2,262 | (3,802) | (1,610) |
| Distribution of interim dividends | - | - | - | - | - | - | - |
| Reserve for share-based payments | |||||||
| (LTI bonus) | - | - | - | - | 2 | - | - |
| Reclassification for curtailment of certain defined-benefit plans (IAS 19) following signing of 5th Endesa Collective Bargaining Agreement |
- | - | - | - | - | - | - |
| Monetary revaluation | - | - | - | - | - | - | - |
| Transactions in non-controlling interests |
- | - | - | - | - | (257) | (13) |
| Comprehensive income/(loss) for the period |
- | - | - | - | - | (2,120) | 854 |
| of which: | |||||||
| - other comprehensive income/(loss) | - | - | - | - | - | (2,120) | 854 |
| - net income/(loss) for the period | - | - | - | - | - | - | - |
Share capital and reserves attributable to the shareholders of the Parent Company
| Reserve | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| from | Reserve | ||||||||
| Equity | Reserve | disposal | Reserve from | from equity | Reserve from | ||||
| attributable | Retained | from | of equity | remeasurement | investments | Reserve from | measurement | ||
| Total | earnings | acquisitions | interests | of net liabilities/ | accounted | measurement | of costs of | ||
| shareholders' | and loss carried |
of non controlling |
without loss of |
(assets) of defined benefit |
for using the equity |
of financial instruments |
hedging financial |
||
| equity | interests | Company | forward | interests | control | plans | method | FVOCI | instruments |
| to the shareholders Non of the Parent controlling 31,720 16,132 (1,423) (677) - - 51 92 47 (130) (65) 1 2,259 818 44 140 2,215 678 32,589 16,236 30,377 16,561 (1,708) (981) 2 - - - 52 74 (87) (693) 544 (773) |
19,853 | (1,623) | (2,381) | (714) | (63) | 16 | (258) | ||
| (2,100) | (1,423) | - | - | - | - | - | - | ||
| - | (7) | - | - | - | - | - | |||
| 51 | - | - | - | - | - | - | |||
| - | 47 | - | - | - | - | - | |||
| (2) | (1) | - | (5) | - | - | - | |||
| 2,215 | - | - | (124) | (32) | 6 | 13 | |||
| - | - | - | (124) | (32) | 6 | 13 | |||
| 2,215 | - | - | - | - | - | - | |||
| 20,694 | (1,584) | (2,381) | (843) | (95) | 22 | (245) | |||
| 19,081 | (1,572) | (2,381) | (1,043) | (119) | 21 | (147) | |||
| (1,708) | - | - | - | - | - | - | |||
| - | - | - | - | - | - | - | |||
| (106) | - | - | 106 | - | - | - | |||
| 52 | - | - | - | - | - | - | |||
| (2) | 213 | - | (28) | - | - | - | |||
| 1,947 | - | - | 23 | (1) | (1) | (158) | |||
| (1,229) | (1,403) | - | - | - | 23 | (1) | (1) | (158) | |
| 456 | 1,947 | 1,947 | - | - | - | - | - | - | |
| 43,368 | 14,188 | 29,180 | 19,264 | (1,359) | (2,381) | (942) | (120) | 20 | (305) |
| Millions of euro | Notes | 1st Half | |||
|---|---|---|---|---|---|
| 2020 | 2019 | ||||
| of which with | of which with | ||||
| related parties | related parties | ||||
| Income before taxes for the period | 3,437 | 3,887 | |||
| Adjustments for: | |||||
| Net impairment/(reversals) of trade receivables and other receivables | 7 | 637 | 347 | ||
| Depreciation, amortization and other impairment losses | 7 | 3,465 | 3,347 | ||
| Financial (income)/expense | 9-10 | 1,119 | 1,241 | ||
| Net income of equity investments accounting for using the equity method | 11 | (13) | 85 | ||
| Changes in net working capital: | (3,831) | (2,229) | |||
| - inventories | (196) | (242) | |||
| - trade receivables | 660 | (31) | (251) | 91 | |
| - trade payables | (3,142) | 439 | (2,605) | 145 | |
| - other contract assets (1) | (7) | (95) | |||
| - other contract liabilities (1) | (118) | (1) | |||
| - other assets/liabilities | (1,028) | (13) | 965 | (94) | |
| Accruals to provisions | (199) | 398 | |||
| Utilization of provisions | (515) | (625) | |||
| Interest income and other financial income collected | 810 | 31 | 684 | 49 | |
| Interest expense and other financial expense paid | (1,859) | (29) | (1,767) | (15) | |
| Net (income)/expense from measurement of commodities | (122) | 55 | |||
| Income taxes paid | (891) | (589) | |||
| Capital (gains)/losses | 4 | (215) | |||
| Cash flows from operating activities (A) | 2,042 | 4,619 | |||
| Investments in property, plant and equipment | 14 | (3,466) | (3,503) | ||
| Investments in intangible assets | 15 | (361) | (461) | ||
| Investments in non-current contract assets | 20 | (310) | (207) | ||
| Investments in entities (or business units) less cash and cash equivalents acquired |
(7) | (249) | |||
| Disposals of entities (or business units) less cash and cash equivalents sold |
88 | 454 | |||
| (Increase)/Decrease in other investing activities | (63) | (46) | |||
| Cash flows from investing/disinvesting activities (B) | (4,119) | (4,012) | |||
| Financial debt (new long-term borrowing) | 25 | 1,884 | 3,824 | ||
| Repayments of financial debt (1) | 25 | (1,941) | (2,917) | ||
| Other changes in net financial debt (1) | 25 | 2,953 | (45) | 165 | (45) |
| Receipts from disposal of equity investments without loss of control (1) | - | - | |||
| Payments for acquisitions of equity investments without change of control and other transactions with non-controlling interests (1) |
(973) | (449) | |||
| Ancillary charges in disposal of equity investments without loss of control | - | - | |||
| Sale/(Purchase) of treasury shares | - | - | |||
| Dividends and interim dividends paid | (2,629) | (2,174) | |||
| Cash flows from financing activities (C) | (706) | (1,551) | |||
| Impact of exchange rate fluctuations on cash and cash equivalents (D) | (374) | 31 | |||
| Increase/(Decrease) in cash and cash equivalents (A+B+C+D) | (3,157) | (913) | |||
| Cash and cash equivalents at the beginning of the period (2) | 9,080 | 6,714 | |||
| Cash and cash equivalents at the end of the period (3) | 5,923 | 5,801 |
(1) In order to improve the presentation of these items, they have been broken down to a greater extent than in the past, making it necessary to reclassify the figures for 2019 in order to ensure the uniformity and comparability of the data with the previous year.
(2) Of which cash and cash equivalents equal to €9,029 million at January 1, 2020 (€6,630 million at January 1, 2019), short-term securities equal to €51 million at January 1, 2020 (€63 million at January 1, 2019) and cash and cash equivalents pertaining to "Assets held for sale" in the amount of €21 million at January 1, 2019.
(3) Of which cash and cash equivalents equal to €5,840 million at June 30, 2020 (€5,747 million at June 30, 2019) and short-term securities equal to €83 million at June 30, 2020 (€54 million at June 30, 2019).
Enel SpA, which operates in the energy utility sector, has its registered office in Viale Regina Margherita 137, Rome, Italy. The Half-Year Financial Report for the period ended June 30, 2020 comprises the financial statements of the Company, its subsidiaries and the Group's share in associated companies and joint ventures, as well as its share of the assets, liabilities, costs and revenue of joint operations ("the Group"). A list of the subsidiaries, associated companies, joint ventures and joint operations included in the scope of consolidation is reported in the attachments.
For a discussion of the main activities of the Group, please see the interim report on operations.
This Half-Year Financial Report was approved for publication by the Board on July 29, 2020.
The Half-Year Financial Report of the Group at and for the six months ended at June 30, 2020 has been prepared pursuant to Article 154-ter of Legislative Decree 58 of February 24, 1998 as amended by Legislative Decree 195 of November 6, 2007 and Article 81 of the Issuers Regulation as amended.
The condensed interim consolidated financial statements for the six months ended at June 30, 2020 included in the Half-Year Financial Report have been prepared in compliance with the international accounting standards (International Accounting Standards - IAS and International Financial Reporting Standards - IFRS) issued by the International Accounting Standards Board (IASB) as well as the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC), recognized by the European Union pursuant to Regulation (EC) no. 1606/2002 and in effect at the same date. All of these standards and interpretations are hereinafter referred to as "IFRS-EU".
More specifically, the financial statements have been drafted in compliance with "IAS 34 – Interim financial reporting" and consist of the consolidated income statement, the statement of consolidated comprehensive income, the consolidated balance sheet, the statement of changes in consolidated equity, the consolidated statement of cash flows, and the related explanatory notes.
The Enel Group has adopted the half-year as the reference interim period for the purposes of applying IAS 34 and the definition of interim financial report specified therein.
The accounting standards adopted, the recognition and measurement criteria and the consolidation criteria and methods used for the condensed interim consolidated financial statements at June 30, 2020 are the same as those adopted for the consolidated financial statements at December 31, 2019 (please see the related report for more information), with the exception of the new accounting standards adopted for the first time and management's assumptions concerning certain areas of the financial statements as a result of the COVID-19 pandemic, which are discussed below.
These condensed interim consolidated financial statements may therefore not include all the information required to be reported in the annual financial statements and must be read together with the financial statements for the period ended December 31, 2019.
In addition to the accounting standards applied in preparing the consolidated financial statements at December 31, 2019, the following standards, interpretations and amendments of existing standards relevant to the Enel Group took effect as from January 1, 2020.
"Amendments to IFRS 3 – Definition of a Business", issued in October 2018, is intended to assist companies in determining whether a set of activities and assets is a business. More specifically, the amendments clarify that a business, considered as an integrated set of activities and assets, must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. Accordingly, the amendments clarify that a business cannot exist without including the inputs and substantive processes necessary to produce outputs. The definition of "output", as modified by these amendments, focuses on the goods and services delivered to customers, on investment income and other revenue and excludes returns in the form of lower costs or other economic benefits.
"Amendments to IFRS 9, IAS 39 and IFRS 7 Interest Rate Benchmark Reform", issued in September 2019. The amendments: (i) provide for temporary exceptions that enable hedging relationships to continue during the period of uncertainty until alternative risk-free rates are established with the interbank offered rates (IBORs) reform; and (ii) require additional disclosures on hedging relationships directly affected by the uncertainty. In this regard, note that the reform will impact fair value measurement, the effects of hedge accounting and the net financial results when the alternative rates are defined.
"Amendments to IAS 1 and IAS 8 Definition of Material", issued in October 2018, to align the definition of "material" between the accounting standards and the Conceptual Framework for Financial Reporting and clarify a number of aspects. The definition of material is as follows: "information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity." More specifically, the amendments clarify that:
"materiality" depends on the nature or magnitude of information, or both. An entity assesses whether information, either individually or in combination with other information, is material in the context of its financial statements taken as a whole. A misstatement of information is material if it could reasonably be expected to influence decisions made by the primary users of the financial statements.
"Amendments to References to the Conceptual Framework in IFRS Standards", issued in March 2018. The document sets out the amendments to affected standards in order to update references to the revised Conceptual Framework. These amendments accompany the latest version of the Revised Conceptual Framework for Financial Reporting, issued in March 2018 and in effect as from January 1, 2020, which includes some new concepts, provides updated definitions and recognition criteria and clarifies some important concepts. The main amendments include:
In line with the recommendations of ESMA in the public statements2 published in March, May and July 2020, and of CONSOB in its warning notices nos. 6/20 of April 9, 2020 and 8/20 of July 16, 2020, the Group has carefully monitored the evolution of the COVID-19 pandemic with regard to the main areas and countries in which we operate, based on the analytical dimensions indicated in the section "Events after the reporting period" in the notes to the 2019 consolidated financial statements.
The Half-Year Financial Report at June 30, 2020 provides an update of the information concerning the COVID-19 pandemic, based on the specific company circumstances and the availability of reliable information, in order to highlight its im-
(2) ESMA 71-99-1290 of March 11 2020, ESMA 32-63-951 of March 25, 2020, ESMA 31-67-742 of March 27, 2020, ESMA 32-63-972 of May 20, 2020 and ESMA 32-61-417 of July 21, 2020.
pact on our business, on the financial position and on Group performance at that date, also identifying the main risks and uncertainties to which the Group is exposed. With regard to the impact on performance of COVID-19, see the discussion of the Group's performance in the interim report on operations in this Half-Year Financial Report at June 30, 2020.
With regard to the assessment of the impacts of COVID-19, the forecasts for the future evolution of the macroeconomic, financial and business context in which the Group operates are in any event characterized by a high degree of uncertainty, which could be reflected in the assessments and estimates made by management of the carrying amounts of the assets and liabilities affected by the greatest volatility. At June 30, 2020, the areas of the financial statements that, based on the information available at that date and considering the constantly evolving situation, are most affected by estimates and judgments are the following:
measurement of non-financial assets: assessments of the existence of any evidence of impairment and the methods and assumptions used to estimate the recoverable value of such assets pursuant to "IAS 36 – Impairment of assets", including the sensitivity analyses, confirm the full recoverability at June 30, 2020 of the carrying amounts of the cash generating units (CGUs). Accordingly, no impairment losses have been recognized in respect of those assets for reasons associated with COVID-19. Please see note 16 for more details regarding impairment losses and writebacks on non-financial assets;
measurement of financial assets: in some cases, in order to take account of the effects of COVID-19 on the impairment of trade receivables, specific adjustments have been made to the results of the impairment model adopted by the Group on the basis of "IFRS 9 – Financial instruments" (so-called post-model adjustments) determined mainly on the basis of an expert credit judgment based on the deterioration in the collection status of certain customer segments. These adjustments prompted the recognition of certain writedowns based on the information available.
Please see note 23 for more details regarding impairment losses and writebacks on financial assets;
employee benefits: as a result of COVID-19, some significant actuarial assumptions used to determine the present value of the employee benefit obligation defined pursuant to "IAS 19 – Employee benefits" have been updated. Certain benefits have been remeasured where necessary in the light of the sensitivity analysis performed. Please see note 28 for more details;
provisions for risks and charges: the assumptions underlying the assessment of the possible presence of onerous contracts have been updated. This analysis found no situations for which it would be necessary to recognize additional provisions as a result of COVID-19, pursuant to "IAS 37 – Provisions, contingent liabilities and contingent assets". Please see note 29 for more details;
income taxes: where required, any tax relief has been recognized and the timing of the reversal of deductible temporary differences and the recoverability of deferred tax assets have been monitored pursuant to "IAS 12 – Income taxes". See note 12 for more details.
The turnover and performance of the Group could be impacted, albeit slightly, by developments in weather conditions. More specifically, in warmer periods of the year, gas sales decline, while during periods in which factories are closed for holidays, electricity sales decline. Similarly, hydroelectric generation performance is particularly high during the winter and early spring given the more favorable seasonable water conditions. In view of the slight financial impact of these variations, further mitigated by the fact that the Group's operations are spread across both hemispheres and, therefore, the impact of weather-related factors tends to be uniform throughout the year, no additional disclosure (required under IAS 34.21) for developments in the 12 months ended June 30, 2020 is provided.
At June 30, 2030, the scope of consolidation had changed with respect to June 30, 2019 and December 31, 2019, as a result of the following main transactions:
Disposal, on March 1, 2019, of 100% of Mercure Srl, a company to which the business unit consisting of the Mercure biomass plant and the related legal relationships had been previously transferred. As provided for in the preliminary sale contract signed on May 30, 2018, the provisional price received for the transaction was €162 million, corresponding to the value of the business unit at January 1, 2018. At June 30, 2019 that price was adjusted on the basis of a number of specified variables;
acquisition, on March 14, 2019, by Enel Green Power SpA, acting through its US renewables subsidiary Enel North America (formerly Enel Green Power North America), of 100% of 13 companies that own seven operating renewable generation plants from Enel Green Power North America Renewable Energy Partners (EGPNA REP), a joint venture 50% owned by Enel North America (formerly Enel Green Power North America) and 50% by General Electric Capital's Energy Financial Services;
acquisition, on March 27, 2019, by Enel Green Power SpA (EGP), acting through its US renewables subsidiary Enel North America (formerly Enel Green Power North America), of Tradewind Energy, a renewable energy project development company based in Lenexa, Kansas. EGP has incorporated the entire Tradewind development platform, which includes 13 GW of wind, solar and storage projects located in the United States. The agreement also provided for the sale, which took place in June, of Savion, a wholly owned subsidiary of Tradewind;
acquisition, on April 30, 2019, by Enel X Italia of 100% of YouSave SpA, an Italian company operating in the energy services sector, providing assistance to large electricity consumers;
finalization, on May 31, 2019, through the renewables subsidiary Enel Green Power Brasil Participações Ltda, of the disposal of 100% of three renewables plants in Brazil. The total price of the transaction was about R\$2.7 billion, the equivalent of about €603 million.
In January 2020, the Wild Plains project company, 100% owned by Tradewind, was sold. The sale did not have an impact on profit or loss;
on May 11, 2020 Endesa Energía sold 80% of Endesa Soluciones for €21 million. The interest, which had previously been consolidated on a line-by-line basis, is now accounted for using the equity method.
In addition to the above changes in the scope of consolidation, the following transactions, which although they do not represent transactions involving the acquisition or loss of control, gave rise to a change in the interest held by the Group in the investees:
disposal, in January 2020, of a number of 50% owned joint ventures in Enel North America's hydroelectric portfolio. In December 2019, the entire portfolio had been classified as held for sale in accordance with IFRS 5. The gain recognized in profit or loss was €4 million;
in the 1st Half of 2020, Enel SpA increased its interest in Enel Américas by 5.03% under the provisions of share swaps entered into with a financial institution. The Group's total stake is therefore now 65%;
Enel SpA increased its interest in Enel Chile by 2.89% under the provisions of two share swaps entered into with a financial institution. The Group's total stake is therefore now 64.93%.
The figures presented in the comments and tables of the notes to these condensed interim consolidated financial statements at June 30, 2020 are consistent and comparable. In this regard, note that it was necessary to adjust the income statement figures at June 30, 2019 for the following items: 1) in the light of the introduction of the new accounting policy following the IFRIC 2019 Agenda Decision, for the recognition of contracts for the sale and purchase of non-financial items that are accounted for at fair value through profit or loss in accordance with IFRS 9 and settled with physical delivery, analogous reclassifications of the comparative balances for 2019 have been performed to ensure the uniformity and comparability of the figures. These reclassifications had no impact on margins or on shareholders' equity. Please see note 4 for further details;
2) with regard to disclosures for operating segments, beginning with the close of the accounts at September 30, 2019, the Enel Group has changed its primary and secondary reporting segments in accordance with the provisions of IFRS 8. Specifically, bearing in mind that in 2019 management has begun to report performance by business area, the Group has therefore adopted the following reporting sectors:
primary sector: business area; and
secondary sector: geographical area.
The business area is therefore the main discriminant in the analyses performed and decisions taken by the management of the Enel Group, and is fully consistent with the internal reporting prepared for these purposes since the results are measured and evaluated first and foremost for each business area and only thereafter are they broken down by country. The new business structure is organized as follows: Thermal Generation and Trading, Enel Green Power, Infrastructure and Networks, End-user Markets, Enel X, Services and Holding/ Other;
3) with effect from September 30, 2019, the Latin America area connected with the Enel Green Power Business Line also includes the countries Panama, Costa Rica, Guatemala, El Salvador and Nicaragua, which had previously been reported in the North and Central America geographical area (now renamed North America and consisting of the following countries: United States, Canada and Mexico);
4) with effect from March 31, 2020, in Latin America the figures for the large customers managed by the generation companies have been reallocated to the End-user Markets Global Business Line.
The changes in segment reporting referred to in points 2), 3) and 4) had no impact on the overall figures for the Group, although amounts were reclassified within the various Business Lines.
In its Agenda Decision of March 2019, the IFRS Interpretations Committee (IFRIC) clarified the proper recognition of contracts entered into to buy or sell fixed-price non-financial items, accounted for at fair value through profit or loss under IFRS 9 and physically settled, including energy commodities. Based on that measure, the Group changed its accounting policy for the year ended December 31, 2019, with no impact on net income or equity.
Past practice was based on the recognition in:
"Net income/(expense) from commodity contracts measured at fair value" of changes in the fair value of outstanding derivatives as well as of the effects in profit or loss, at the settlement date, of the derecognition of derivative assets/liabilities deriving from the fair value measurement of those contracts;
"Revenue from sales and services" and "Electricity, gas and fuel purchases" of revenue and costs on the settlement date. The current treatment of such contracts for non-financial items that do not meet the requirements for the own use exemption envisages recognition:
under "Revenue" of changes in fair value on outstanding sale contracts as well as, at the settlement date, of the revenue together with the effects in profit or loss from the derecognition of assets/liabilities deriving from the fair value measurement of those contracts;
under "Costs":
Consequently the income statement line "Net income/(expense) from commodity contracts measured at fair value" has been renamed as "Net income/(expense) from commodity risk management", which currently includes only changes in fair value and settlement effects of energy commodity derivatives without physical settlement.
| Millions of euro | Notes | 1st Half | ||
|---|---|---|---|---|
| 2019 | Effect of IFRIC | 2019 | ||
| application | ||||
| Revenue | 6 | |||
| Revenue from sales and services | 37,516 | 1,976 | 39,492 | |
| Other income | 1,475 | - | 1,475 | |
| [Subtotal] | 38,991 | 1,976 | 40,967 | |
| Costs | 7 | |||
| Electricity, gas and fuel purchases | 18,729 | 1,659 | 20,388 | |
| Services and other materials | 8,824 | 25 | 8,849 | |
| Personnel | 2,338 | - | 2,338 | |
| Net impairment/(reversals) of trade receivables and other receivables | 347 | - | 347 | |
| Depreciation, amortization and other impairment losses | 3,347 | - | 3,347 | |
| Other operating expenses | 1,315 | - | 1,315 | |
| Capitalized costs | (1,018) | - | (1,018) | |
| [Subtotal] | 33,882 | 1,684 | 35,566 | |
| Net income/(expense) from commodity risk management | 8 | 104 | (292) | (188) |
| Operating income | 5,213 | - | 5,213 | |
| Financial income from derivatives | 9 | 595 | - | 595 |
| Other financial income | 10 | 847 | - | 847 |
| Financial expense from derivatives | 9 | 665 | - | 665 |
| Other financial expense | 10 | 2,103 | - | 2,103 |
| Net income/(expense) from hyperinflation adjustments | 10 | 85 | - | 85 |
| Share of income/(losses) of equity investments accounted for using the | ||||
| equity method | 11 | (85) | - | (85) |
| Income before taxes | 3,887 | - | 3,887 | |
| Income taxes | 12 | 994 | - | 994 |
| Net income from continuing operations | 2,893 | - | 2,893 | |
| Net income from discontinued operations | - | - | - | |
| Net income for the period (shareholders of the Parent Company | ||||
| and non-controlling interests) | 2,893 | - | 2,893 | |
| Attributable to shareholders of the Parent Company | 2,215 | - | 2,215 | |
| Attributable to non-controlling interests | 678 | - | 678 | |
| Basic earnings/(loss) per share attributable to shareholders of the Parent Company (euro) |
13 | 0.22 | - | 0.22 |
| Diluted earnings/(loss) per share attributable to shareholders of the | ||||
| Parent Company (euro) | 13 | 0.22 | - | 0.22 |
| Basic earnings/(loss) per share from continuing operations attributable | ||||
| to shareholders of the Parent Company (euro) | 13 | 0.22 | - | 0.22 |
| Diluted earnings/(loss) per share from continuing operations attributable to shareholders of the Parent Company (euro) |
13 | 0.22 | - | 0.22 |
With regard to the details in notes 6 and 7 on revenue and costs, respectively, the following tables give a breakdown of the effects of the application of the interpretation on contracts in commodities with physical delivery that fall within the scope of IFRS 9.
| Millions of euro | Notes | 1st Half | ||
|---|---|---|---|---|
| 2019 | Effect of IFRIC application |
2019 | ||
| Revenue from sales and services | ||||
| Sale of energy commodities under contracts with physical delivery (IFRS 9): |
||||
| - sale of electricity | 6 | 2,248 | (217) | 2,031 |
| - sale of fuels | 6 | 4,240 | (725) | 3,515 |
| - sale of environmental certificates | 6 | 4 | - | 4 |
| - gain/(loss) on derivatives on sale of commodities with physical delivery |
6 | - | 2,918 | 2,918 |
| Total | 6,492 | 1,976 | 8,468 | |
| Millions of euro | Notes | 1st Half | ||
| 2019 | Effect of IFRIC application |
2019 | ||
| Purchase of electricity, gas and fuel | ||||
| Purchase of energy commodities under contracts with physical delivery (IFRS 9): |
||||
| - electricity | 7 | 1,971 | (165) | 1,806 |
| - gas | 7 | 4,502 | (767) | 3,735 |
| - gain/(loss) on derivatives on purchase of commodities with physical delivery |
7 | - | 2,591 | 2,591 |
| Total | 6,473 | 1,659 | 8,132 | |
| Costs for services and other materials | ||||
| Purchase of CO2 allowances under contracts with physical delivery (IFRS 9) |
7 | 391 | 38 | 429 |
| Gain/(Loss) on derivatives on purchase of CO2 allowances with physical delivery |
7 | - | (13) | (13) |
| Total | 391 | 25 | 416 | |
| Net income/(expense) from commodity risk management | 8 | 104 | (292) | (188) |
| Total impact of IFRIC application on profit or loss | (268) | - | (268) | |
As from July 1, 2018, the Argentine economy has been considered hyperinflationary based on the criteria established by "IAS 29 – Financial reporting in hyperinflationary economies". This designation is determined following an assessment of a series of qualitative and quantitative circumstances, including the presence of a cumulative inflation rate of more than 100% over the previous three years.
For the purposes of preparing these condensed interim consolidated financial statements and in accordance with IAS 29, certain items of the balance sheets of the investees in Argentina have been remeasured by applying the general consumer price index to historical data in order to reflect changes in the purchasing power of the Argentine peso at the reporting date for those companies.
Bearing in mind that the Enel Group acquired control of the Argentine companies on June 25, 2009, the remeasurement of the non-monetary balance-sheet figures was conducted by applying the inflation indices starting from that date. In addition to being already reflected in the opening balance sheet, the accounting effects of that remeasurement also include changes during the period. More specifically, the effect of the remeasurement of non-monetary items, the components of equity and the components of the income statement recognized in the 1st Half of 2020 was recognized in a specific line of the income statement under financial income and expense. The associated tax effect was recognized in taxes for the period.
In order to also take account of the impact of hyperinflation on the exchange rate of the local currency, the income statement balances expressed in the hyperinflationary currency have been translated into the Group's presentation currency (euro) applying, in accordance with IAS 21, the closing exchange rate rather than the average rate for the period in order to adjust these amounts to current values.
The cumulative changes in the general price indices at December 31, 2018, December 31, 2019 and June 30, 2020 are shown in the following table:
| Periods | Cumulative change in general consumer price index |
|---|---|
| From July 1, 2009 to December 31, 2018 | 346.30% |
| From January 1, 2019 to December 31, 2019 | 54.46% |
| From January 1, 2020 to June 30, 2020 | 13.05% |
In the 1st Half of 2020, the application of IAS 29 generated net financial income (gross of tax) of €30 million.
The following tables report the effects of IAS 29 on the balance at June 30, 2020 and the impact of hyperinflation on the main income statement items for the 1st Half of 2019, differentiating between that concerning the revaluation on the basis of the general consumer price index and that due to the application of the closing exchange rate rather than the average exchange rate for the period, in accordance with the provisions of IAS 21 for hyperinflationary economies.
| Cumulative hyperinflation effect at Dec. 31, 2019 |
Hyperinflation effect for the period |
Exchange differences |
Cumulative hyperinflation effect at June 30, 2020 |
|
|---|---|---|---|---|
| Total assets | 857 | 152 | (125) | 884 |
| Total liabilities | 164 | 54 | (48) | 170 |
| Shareholders' equity | 693 | 98 (1) | (77) | 714 |
(1) The figure includes the net loss for the 1st Half of 2019, equal to €28 million.
| Millions of euro | 1st Half 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| IAS 29 effect | IAS 21 effect | Total effect | ||||||
| Revenue | 23 | (74) | (51) | |||||
| Costs | 57 (1) | (45) (2) | 12 | |||||
| Operating income | (34) | (29) | (63) | |||||
| Net financial income/(expense) | 1 | (1) | - | |||||
| Net income/(expense) from hyperinflation adjustments | 30 | - | 30 | |||||
| Income before taxes | (3) | (30) | (33) | |||||
| Income taxes | 25 | (8) | 17 | |||||
| Net income for the period (shareholders of the Parent Company | ||||||||
| and non-controlling interests) | (28) | (22) | (50) | |||||
| Attributable to shareholders of the Parent Company | (7) | (12) | (19) | |||||
| Attributable to non-controlling interests | (21) | (10) | (31) |
(1) Includes impact on depreciation, amortization and impairment losses of €27 million.
(2) Includes impact on depreciation, amortization and impairment losses of €(4) million.
The presentation of performance and financial position by business area presented here is based on the approach used by management in monitoring Group performance for the two periods being compared. For more information on the
developments in performance and financial position that characterized the period under review, please see the appropriate section of this Half-Year Financial Report.
| Millions of euro | Thermal Generation and Trading |
Enel Green Power |
Infrastructure and Networks |
End-user Markets |
Enel X | Services | Other, eliminations and adjustments |
Total |
|---|---|---|---|---|---|---|---|---|
| Revenue and other income from | ||||||||
| third parties | 11,588 | 3,468 | 8,809 | 8,333 | 398 | 774 | 5 | 33,375 |
| Revenue and other income from | ||||||||
| transactions with other segments | 688 | 107 | 739 | 6,084 | 65 | 50 | (7,733) | - |
| Total revenue | 12,276 | 3,575 | 9,548 | 14,417 | 463 | 824 | (7,728) | 33,375 |
| Total costs | 10,478 | 1,341 | 5,732 | 12,975 | 440 | 810 | (7,647) | 24,129 |
| Net income/(expense) from commodity risk management |
(797) | 57 | - | 140 | - | (4) | 3 | (601) |
| Depreciation and amortization | 444 | 624 | 1,316 | 169 | 66 | 81 | 17 | 2,717 |
| Impairment losses | 756 | 15 | 175 | 546 | 6 | 1 | (1) | 1,498 |
| Reversals of impairment losses | (15) | (13) | (21) | (62) | (1) | (2) | 1 | (113) |
| Operating income | (184) | 1,665 | 2,346 | 929 | (48) | (70) | (95) | 4,543 |
| Capital expenditure | 239 | 1,912 | 1,668 | 182 | 103 | 19 | 14 | 4,137 |
(1) Segment revenue includes both revenue from third parties and revenue flows between the segments. An analogous approach was taken for other income and costs for the period.
| Millions of euro | Thermal Generation and Trading |
Enel Green Power |
Infrastructure and Networks |
End-user Markets |
Enel X | Services | Other, eliminations and adjustments |
Total |
|---|---|---|---|---|---|---|---|---|
| Revenue and other income from | ||||||||
| third parties | 15,834 | 3,576 | 9,890 | 10,362 | 430 | 870 | 5 | 40,967 |
| Revenue and other income from | ||||||||
| transactions with other segments | 612 | 259 | 797 | 6,479 | 62 | 33 | (8,242) | - |
| Total revenue | 16,446 | 3,835 | 10,687 | 16,841 | 492 | 903 | (8,237) | 40,967 |
| Total costs | 15,374 | 1,543 | 6,716 | 15,178 | 420 | 821 | (8,180) | 31,872 |
| Net income/(expense) from | ||||||||
| commodity risk management | (167) | (18) | - | (2) | - | - | (1) | (188) |
| Depreciation and amortization | 616 | 602 | 1,320 | 158 | 69 | 83 | 11 | 2,859 |
| Impairment losses | 494 | 6 | 47 | 448 | 14 | 2 | - | 1,011 |
| Reversals of impairment losses | (3) | (7) | (46) | (116) | (3) | (1) | - | (176) |
| Operating income | (202) | 1,673 | 2,650 | 1,171 | (8) | (2) | (69) | 5,213 |
| Capital expenditure | 292 | 1,816 (5) | 1,726 | 187 | 105 | 31 | 10 | 4,167 |
(1) Segment revenue includes both revenue from third parties and revenue flows between the segments. An analogous approach was taken for other income and costs for the period.
(2) The figures for "Revenue and other income" and "Net income/(expense) from commodity risk management" for the 1st Half of 2019 have been adjusted to take account of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) contained in the Agenda Decision of 2019, which involved changes in the classification, with no impact on margins, of the effects of purchase and sales contracts for commodities measured at fair value through profit or loss (for more details, see note 4 in these condensed interim consolidated financial statements at June 30, 2020).
(3) The figures have been restated to ensure comparability with results for the 1st Half of 2019, which are presented using business area as the primary reporting segment.
(4) The figures have been adjusted to take account of the fact that in Latin America the figures pertaining to large customers managed by the generation companies have been reallocated to the End-user Markets Global Business Line.
(5) Does not include €4 million regarding units classified as "held for sale".
| Thermal Generation |
Enel Green | Infrastructure and |
End-user | Other, eliminations and |
||||
|---|---|---|---|---|---|---|---|---|
| Millions of euro | and Trading | Power | Networks | Markets | Enel X | Services | adjustments | Total |
| Property, plant and equipment | 10,583 | 30,401 | 36,146 | 151 | 438 | 692 | 11 | 78,422 |
| Intangible assets | 126 | 4,691 | 21,789 | 3,667 | 632 | 443 | 32 | 31,380 |
| Current and non-current contract assets |
5 | 2 | 421 | - | 43 | 27 | 76 | 574 |
| Trade receivables | 2,416 | 1,827 | 6,375 | 3,291 | 701 | 742 | (4,044) | 11,308 |
| Other | 1,706 | 1,415 | 2,831 | 595 | 233 | 1,098 | (954) | 6,924 |
| Operating assets | 14,836 (1) | 38,336 (2) | 67,562 | 7,704 | 2,047 | 3,002 | (4,879) | 128,608 |
| Trade payables | 2,174 | 1,599 | 4,531 | 3,602 | 303 | 753 | (3,614) | 9,348 |
| Current and non-current contract liabilities |
112 | 192 | 7,209 | 22 | 1 | 6 | (36) | 7,506 |
| Sundry provisions | 3,140 | 806 | 3,398 | 428 | 31 | 571 | 472 | 8,846 |
| Other | 1,187 | 1,449 | 7,528 | 2,566 | 442 | 1,047 | 34 | 14,253 |
| Operating liabilities | 6,613 | 4,046 (3) | 22,666 | 6,618 | 777 | 2,377 | (3,144) | 39,953 |
(1) Of which €4 million regarding units classified as "held for sale".
(2) Of which €1 million regarding units classified as "held for sale".
(3) Of which €2 million regarding units classified as "held for sale".
| Millions of euro | Thermal Generation and Trading |
Enel Green Power |
Infrastructure and Networks |
End-user Markets |
Enel X | Services | Other, eliminations and adjustments |
Total |
|---|---|---|---|---|---|---|---|---|
| Property, plant and equipment | 11,863 | 30,351 | 36,333 | 160 | 442 | 663 | 11 | 79,823 |
| Intangible assets | 134 | 4,697 | 23,782 | 3,624 | 605 | 466 | 29 | 33,337 |
| Current and non-current contract assets |
- | - | 482 | - | 53 | 75 | 43 | 653 |
| Trade receivables | 3,219 | 1,726 | 7,649 | 3,838 | 607 | 676 | (4,632) | 13,083 |
| Other | 1,426 | 1,421 | 1,654 | 543 | 1,098 | 1,283 | (1,350) | 6,075 |
| Operating assets | 16,642 (1) | 38,195 (2) | 69,900 (3) | 8,165 | 2,805 | 3,163 | (5,899) | 132,971 |
| Trade payables | 3,383 | 2,192 | 5,411 | 5,028 | 414 | 949 | (4,417) | 12,960 |
| Current and non-current contract liabilities |
199 | 167 | 7,271 | 75 | 5 | 16 | (104) | 7,629 |
| Sundry provisions | 3,410 | 903 | 4,412 | 494 | 34 | 578 | 459 | 10,290 |
| Other | 1,074 | 1,843 | 8,867 | 2,642 | 415 | 1,451 | (503) | 15,789 |
| Operating liabilities | 8,066 | 5,105 | 25,961 (4) | 8,239 | 868 | 2,994 | (4,565) | 46,668 |
(1) Of which €4 million regarding units classified as "held for sale".
(2) Of which €7 million regarding units classified as "held for sale".
(3) Of which €10 million regarding units classified as "held for sale".
(4) Of which €3 million regarding units classified as "held for sale".
The following table reconciles segment assets and liabilities and the consolidated figures.
| at June 30, 2020 | at Dec. 31, 2019 | |
|---|---|---|
| Total assets | 166,995 | 171,426 |
| Equity investments accounted for using the equity method | 1,732 | 1,682 |
| Other non-current financial assets | 5,376 | 6,006 |
| Long-term tax receivables included in "Other non-current assets" | 1,599 | 1,587 |
| Other current financial assets | 4,328 | 4,305 |
| Derivatives | 8,936 | 5,448 |
| Cash and cash equivalents | 5,840 | 9,029 |
| Deferred tax assets | 8,789 | 9,112 |
| Tax receivables | 1,787 | 1,206 |
| Financial and tax assets of "Assets held for sale" | - | 80 |
| Segment assets | 128,608 | 132,971 |
| Total liabilities | 123,627 | 124,488 |
| Long-term borrowings | 53,623 | 54,174 |
| Non-current financial liabilities | - | - |
| Short-term borrowings | 7,196 | 3,917 |
| Current portion of long-term borrowings | 2,738 | 3,409 |
| Other current financial liabilities | 750 | 754 |
| Derivatives | 8,339 | 5,961 |
| Deferred tax liabilities | 8,160 | 8,314 |
| Income tax payable | 997 | 209 |
| Other tax payables | 1,871 | 1,082 |
| Financial and tax liabilities of "Liabilities held for sale" | - | - |
| Segment liabilities | 39,953 | 46,668 |
| Millions of euro | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Sale of electricity (1) | 16,699 | 19,747 | (3,048) | -15.4% |
| Transport of electricity | 5,177 | 5,208 | (31) | -0.6% |
| Fees from network operators | 458 | 450 | 8 | 1.8% |
| Transfers from institutional market operators | 711 | 789 | (78) | -9.9% |
| Sale of gas | 1,682 | 2,482 | (800) | -32.2% |
| Transport of gas | 353 | 380 | (27) | -7.1% |
| Sale of fuels (1) | 301 | 488 | (187) | -38.3% |
| Connection fees to electricity and gas networks | 347 | 376 | (29) | -7.7% |
| Construction contracts | 369 | 335 | 34 | 10.1% |
| Sale of environmental certificates (1) | 16 | 26 | (10) | -38.5% |
| Sale of value-added services | 82 | 128 | (46) | -35.9% |
| Other sales and services | 646 | 615 | 31 | 5.0% |
| Total IFRS 15 revenue | 26,841 | 31,024 | (4,183) | -13.5% |
| Sale of energy commodities under contracts with physical delivery (IFRS 9) (1) |
3,163 | 5,550 | (2,387) | -43.0% |
| Gain/(Loss) on derivatives on sale of commodities with physical delivery (IFRS 9) (1) |
2,501 | 2,918 | (417) | -14.3% |
| Grants for environmental certificates | 182 | 278 | (96) | -34.5% |
| Sundry reimbursements | 141 | 325 | (184) | -56.6% |
| Gain on sale of subsidiaries, associates, joint ventures, joint operations and non-current assets held for sale |
7 | 213 | (206) | -96.7% |
| Gain on sale of property, plant and equipment and intangible assets | 9 | 19 | (10) | -52.6% |
| Other revenue and income | 531 | 640 | (109) | -17.0% |
| Total revenue | 33,375 | 40,967 | (7,592) | -18.5% |
(1) The figures for the 1st Half of 2019 have been adjusted to take account of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) contained in the Agenda Decision of 2019, which involved changes in the classification, with no impact on margins, of the effects of purchase and sales contracts for commodities measured at fair value through profit or loss (for more details, see note 4 in these condensed interim consolidated financial statements at June 30, 2020).
Revenue from the "sale of electricity" came to €16,699 million in the 1st Half of 2020, down €3,048 million on the same period of the previous year (-15.4%). The decline is essentially attributable to:
the reduction in volumes sold in Italy (€657 million) and Spain (€700 million), primarily due to the effects of CO-VID-19;
a significant decline in volumes sold in Latin America (€1,437 million) due to COVID-19 and the depreciation of local currencies against the euro;
a decline in revenue in Russia (€202 million), mainly due to the sale of the coal-fired Reftinskaya plant in October 2019.
The decrease of €800 million in revenue from the sale of gas (-32.2%) compared with the 1st Half of 2019, which was largely registered in Spain and Italy, reflected the decline in volumes sold as a result of the closure of retailers and factories in response to COVID-19.
Revenue from the sale of fuels contracted by €187 million as a result of a decline in volumes handled by Enel Global Trading.
Revenue from the sale of energy commodities under contracts with physical delivery (IFRS 9) and the results of the fair value measurement of those contracts decreased by a total
of €2,804 million, reflecting the contraction in volumes traded and a decline in spot prices.
"Sundry reimbursements" decreased in reflection of the effect of the recognition in 2019 of a contractual indemnity from a major industrial customer for exercising its option to withdraw from an electricity supply contract with Enel Generación Chile (€160 million, of which €80 million regarding the Thermal Generation and Trading Business Line and €80 million regarding the Enel Green Power Business Line).
Gains from the sale of entities declined by €206 million on the 1st Half of 2019, primarily reflecting the effects of the recognition in 2019 of:
the capital gain on the sale of Mercure Srl, a vehicle company to which Enel Produzione had previously transferred the Valle del Mercure biomass plant (€108 million);
the negative goodwill (€106 million) deriving from the definitive allocation by independent experts of the purchase price for the acquisition by Enel North America (formerly Enel Green Power North America) of a number of companies from Enel Green Power North America Renewable Energy Partners LLC (EGPNA REP) in the 1st Quarter of 2019.
"Other revenue and income" shows a decrease of €109 mil-
lion, mainly reflecting the effect of the recognition in 2019 of income for:
the early all-inclusive settlement of the second indemnity connected with the disposal in 2009 of the interest held by e-distribuzione in Enel Rete Gas (€50 million);
the agreement reached between Edesur and the Argentine government to settle reciprocal outstanding claims originating between 2006 and 2016 (€246 million);
the adjustment of the price for the acquisition of eMotorWerks in 2017 in application of a number of contractual clauses (€58 million).
These effects were partly offset by:
the recognition by e-distribuzione of €156 million in the 1st Half of 2020 for the reimbursement of system charges and network fees in respect of receivables included in the restructuring plan agreed with a trader;
an increase of €46 million in income from tax partnerships for Enel Green Power North America and €50 million in other revenue from indemnities and disputes.
Revenue from contracts with customers (IFRS 15) for the 1st Half of 2020 amounted to €26,841 million, and break down into "point in time" and "over time" revenue as indicated in the following table:
| Millions of euro | 1st Half of 2020 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Other, eliminations |
||||||||||||||||
| Africa, Asia | and | |||||||||||||||
| Italy | Iberia | Latin America | Europe | North America | and Oceania | adjustments | Total | |||||||||
| Over time |
Point in time |
Over time |
Point in time |
Over time |
Point in time |
Over time |
Point in time |
Over time |
Point in time |
Over time |
Point in time |
Over time |
Point in time |
Over time |
Point in time |
|
| Total IFRS 15 revenue |
10,225 | 174 | 7,973 | 378 | 6,533 | 161 | 709 | 288 | 265 | 23 | 68 | 2 | 15 | 27 | 25,788 | 1,053 |
| Millions of euro | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Electricity (1) | 7,260 | 10,470 | (3,210) | -30.7% |
| Fuel and gas (1) | 6,509 | 9,918 | (3,409) | -34.4% |
| Total purchases of electricity, fuel, and gas | 13,769 | 20,388 | (6,619) | -32.5% |
| Wheeling | 4,741 | 5,054 | (313) | -6.2% |
| Leases and rentals | 196 | 170 | 26 | 15.3% |
| Other services | 2,629 | 2,853 | (224) | -7.9% |
| Raw materials (1) | 766 | 772 | (6) | -0.8% |
| Total services and other materials | 8,332 | 8,849 | (517) | -5.8% |
| Personnel | 1,855 | 2,338 | (483) | -20.7% |
| Depreciation | 2,121 | 2,259 | (138) | -6.1% |
| Amortization | 596 | 600 | (4) | -0.7% |
| Impairment losses and reversals | 1,385 | 835 | 550 | 65.9% |
| Total depreciation, amortization and impairment losses | 4,102 | 3,694 | 408 | 11.0% |
| Charges for environmental certificates | 322 | 589 | (267) | -45.3% |
| Other operating expenses | 767 | 726 | 41 | 5.6% |
| Total other operating expenses | 1,089 | 1,315 | (226) | -17.2% |
| Capitalized materials costs | (334) | (372) | 38 | 10.2% |
| Capitalized personnel costs | (357) | (371) | 14 | 3.8% |
| Other capitalized costs | (225) | (275) | 50 | 18.2% |
| Total capitalized costs | (916) | (1,018) | 102 | 10.0% |
| TOTAL COSTS | 28,231 | 35,566 | (7,335) | -20.6% |
(1) The figures for the 1st Half of 2019 have been adjusted to take account of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) contained in the Agenda Decision of 2019, which involved changes in the classification, with no impact on margins, of the effects of purchase and sales contracts for commodities measured at fair value through profit or loss (for more details, see note 4 in these condensed interim consolidated financial statements at June 30, 2020).
"Electricity" purchases contracted significantly due to a decline in volumes purchased. The item includes purchases under contracts with physical settlement (IFRS 9) and the results of the measurement at fair value of those contracts, which contracted by €585 million compared with the same period of the previous year.
The decline in costs for "fuel and gas" reflects a decrease in volumes traded and those used in electricity generation. The item includes purchases of gas under contracts with physical settlement (IFRS 9) and the results of the measurement at fair value of those contracts, which decreased by €288 million compared with the 1st Half of 2019.
Costs for "services and other materials" in the 1st Half of 2020 decreased by €517 million compared with the 1st Half of 2019, mainly reflecting:
a decline in costs for wheeling, primarily in Spain, Brazil and Chile as a result of a decrease in volumes transported, caused by the COVID-19 pandemic;
a decrease of €67 million in costs for services connected with the electric and gas business, mainly in Chile and Argentina;
a decline of €54 million in costs for maintenance and repair services in Italy.
"Personnel" costs in the 1st Half of 2020 amounted to €1,855 million, a decrease of €483 million (-20.7%). The change mainly reflects:
a decline in costs in Spain, due to the modification of the electricity discount benefit for employees following the contract renewal and the entry into force of the 5th Endesa Collective Bargaining Agreement, which led to the reversal of the associated provision in the amount of €515 million;
a decrease in costs in Latin America, mainly in Brazil, where efficiency gains reduced the average work force compared with the same period of 2019.
These factors were only partly offset by an increase in costs in Spain due mainly to an additional provision of €159 million for the Plan de Salida fund as result of the elimination of the extinguishment option of the individual agreement concerning the suspension of employment relationships for certain individual contracts as a result of the signing of the new collective bargaining agreement cited earlier.
(68,253 at December 31, 2019). The decrease of 1,428 compared with December 31, 2019 reflected the negative effect of the balance between new hires and terminations in the period (-447) and changes in the scope of consolidation (-981) connected with the disposal of hydro plants in the United States and the disposal of the Reftinskaya plant in Russia.
"Depreciation, amortization, and impairment losses" in the 1st Half of 2020 increased, mainly reflecting greater impairment losses on property, plant and equipment and trade receivables, only partly offset by a decline in depreciation and amortization due to the impairment losses recognized on coal-fired plants in 2019 in Italy, Spain, Chile and Russia.
Impairment losses for the 1st Half of 2020 (net of associated reversals) increased by €550 million, as reported in the following table:
| Millions of euro | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Impairment losses: | ||||
| - property, plant and equipment | 759 | 367 | 392 | - |
| - investment property | - | - | - | - |
| - intangible assets | - | 8 | (8) | - |
| - goodwill | - | - | - | - |
| - trade receivables | 729 | 510 | 219 | 42.9% |
| - impairment of net contract assets | 1 | - | 1 | - |
| - other assets | 9 | 127 | (118) | -92.9% |
| Total impairment losses | 1,498 | 1,012 | 486 | 48.0% |
| Reversals: | ||||
| - property, plant and equipment | (7) | (7) | - | - |
| - investment property | - | - | - | - |
| - intangible assets | (2) | - | (2) | - |
| - trade receivables | (85) | (165) | 80 | 48.5% |
| - assets classified as held for sale | (4) | - | (4) | - |
| - other assets | (15) | (5) | (10) | - |
| Total reversals | (113) | (177) | 64 | 36.2% |
| TOTAL IMPAIRMENT LOSSES AND REVERSALS | 1,385 | 835 | 550 | 65.9% |
At June 30, 2020 Enel Group employees totaled 66,825
Impairment losses on property, plant and equipment increased despite the recognition in the 1st Half of 2019 of impairment losses relating to the Bocamina I and Tarapacá plants in Chile (€364 million) and the Reftinskaya plant in Russia (€120 million), reflecting the writedown of the Bocamina II coal-fired plant in Chile in the amount of €741 million. These actions are part of the effort to accelerate the Group's energy transition towards decarbonization. Furthermore, during the 1st Half of 2020 estimates of the recoverability of trade receivables were
revised in reflection of the impact of the COVID-19 pandemic, especially in Italy and Spain, where impairment losses increased by €136 million to take account of the deterioration in the collection status of certain customer segments. Finally, the same item includes the writedown by e-distribuzione of the receivable in respect of a trader on the basis of an agreement in bankruptcy proceedings, for which ARERA Resolutions nos. 50/2018 and 568/2019 made it possible to recognize income in the same amount, as discussed in note 6.
"Other operating expenses" declined as a result of a decrease in charges for environmental certificates, only partially offset by an increase in taxes and duties of €65 million, which reflected the impact of the suspension in 2019 in Spain of the application of taxes on hydrocarbons used in electricity generation (the IVPEE) and on nuclear generation under the provisions of Royal Decree 15/2018 of October 5, 2018.
In the 1st Half of 2020 capitalized costs decreased by €102 million compared with the same period of the previous year, mainly attributable to e-distribuzione as a result of the slowdown in various investment projects caused by the COVID-19 emergency.
Net expense from commodity risk management amounted to €601 million (net expense of €188 million in the 1st Half of 2019) and breaks down as follows:
net income from derivatives designated as hedging instruments of €38 million (net income of €96 million in the 1st Half of 2019);
net expense from derivatives measured at fair value through profit or loss of €639 million (net expense of €284 million in the 1st Half of 2019).
| Millions of euro | 1st Half | |||||
|---|---|---|---|---|---|---|
| 2020 | 2019 | Change | ||||
| Income: | ||||||
| - income from cash flow hedge derivatives | 51 | 104 | (53) | -51.0% | ||
| - income from derivatives at fair value through profit or loss (1) | 3,353 | (1,491) | 4,844 | - | ||
| Total income | 3,404 | (1,387) | 4,791 | - | ||
| Expense: | ||||||
| - expense on cash flow hedge derivatives | (13) | (8) | (5) | 62.5% | ||
| - expense on derivatives at fair value through profit or loss (1) | (3,992) | 1,207 | (5,199) | - | ||
| Total expense | (4,005) | 1,199 | (5,204) | - | ||
| Net income/(expense) from commodity risk management | (601) | (188) | (413) | - |
(1) The figures for the 1st Half of 2019 have been adjusted to take account of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) contained in the Agenda Decision of 2019, which involved changes in the classification, with no impact on margins, of the effects of purchase and sales contracts for commodities measured at fair value through profit or loss (for more details, see note 4 in these condensed interim consolidated financial statements at June 30, 2020).
| Millions of euro | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Income: | ||||
| - income from cash flow hedge derivatives | 523 | 394 | 129 | 32.7% |
| - income from derivatives at fair value through profit or loss | 367 | 198 | 169 | 85.4% |
| - income from fair value hedge derivatives | 47 | 3 | 44 | - |
| Total income | 937 | 595 | 342 | 57.5% |
| Expense: | ||||
| - expense on cash flow hedge derivatives | (423) | (371) | (52) | -14.0% |
| - expense on derivatives at fair value through profit or loss | (318) | (289) | (29) | -10.0% |
| - expense on fair value hedge derivatives | (18) | (5) | (13) | - |
| Total expense | (759) | (665) | (94) | -14.1% |
| NET FINANCIAL INCOME/(EXPENSE) FROM DERIVATIVES | 178 | (70) | 248 | - |
Net income on financial derivatives amounted to €178 million (net expense of €70 million in the 1st Half of 2019) and largely regards the hedging strategy for exchange rate risk. It breaks down as follows:
ments of €129 million (net income of €21 million in the 1st Half of 2019);
net income on derivatives at fair value through profit or loss of €49 million (net expense of €91 million in the 1st Half of 2019).
net income on derivatives designated as hedging instru-
| Millions of euro | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Interest and other income from financial assets | 110 | 162 | (52) | -32.1% |
| Exchange gains | 691 | 488 | 203 | 41.6% |
| Income from equity investments | 2 | 2 | - | - |
| Income from hyperinflation adjustments | 219 | 356 | (137) | -38.5% |
| Other income | 125 | 195 | (70) | -35.9% |
| Total other financial income | 1,147 | 1,203 | (56) | -4.7% |
| Interest and other expense on financial debt | (1,202) | (1,293) | 91 | 7.0% |
| Exchange losses | (910) | (432) | (478) | - |
| Accretion of post-employment and other employee benefits | (59) | (93) | 34 | 36.6% |
| Accretion of other provisions | (49) | (103) | 54 | 52.4% |
| Expense from hyperinflation adjustments | (189) | (271) | 82 | 30.3% |
| Other expenses | (35) | (182) | 147 | 80.8% |
| Total other financial expense | (2,444) | (2,374) | (70) | -2.9% |
| TOTAL OTHER NET FINANCIAL INCOME/(EXPENSE) | (1,297) | (1,171) | (126) | -10.8% |
Other financial income amounted to €1,147 million, a decrease of €56 million compared with the year-earlier period. The decline mainly reflected:
condensed interim consolidated financial statements at June 30, 2020;
a decline in income from hyperinflation adjustments (€137 million) in relation to the application of IAS 29 at the Argentine companies. For more information, see note 4 in these > a decrease in other income (€70 million), mainly regarding income on financial assets in respect of public concession arrangements at the Brazilian companies and default interest;
a decline of €52 million in interest and other income from financial assets, essentially connected with a fall in interest on financial investments and short-term securities (€56 million), mainly at Enel Américas (€51 million). This essentially reflected a decline in the rate of return and the amount of short-term investments.
These factors were partly offset by an increase of €203 million in exchange gains, mainly reflecting developments in the exchange rates against the euro of the currencies in which net debt is denominated. The increase mainly involved Enel SpA (€116 million), Enel Finance International (€113 million) and Enel Chile (€50 million), partly offset by a decrease in such gains at Enel Green Power Brasil (€52 million) and Enel Américas (€33 million).
Other financial expense amounted to €2,444 million, an increase of €70 million compared with the 1st Half of 2019, due essentially to an increase of €478 million in exchange losses, primarily involving Enel Américas (€235 million), Enel Green Power Brasil (€117 million), Enel Chile (€40 million), Enel Finance International (€21 million), Enel Green Power México (€13 million) and Enel SpA (€10 million).
This effect was partly offset by:
a reduction of €147 million in other expense, mainly reflecting:
a reduction in financial expense connected with the assignment of receivables (€18 million) and the issue of guarantees (€14 million);
a contraction of €91 million in interest on financial debt, mainly regarding medium/long-term bank borrowings (€59 million) and bonds (€39 million), essentially reflecting the combined effect of exchange rate developments in South America, especially in Brazil, and financial optimization strategies involving the negotiation of lower interest rates;
a decline in charges for hyperinflation adjustments (€82 million) connected with the application of IAS 29 to the Argentine companies;
a decrease in financial expense from the discounting of liabilities for employee benefits (€34 million), mainly in Spain, and of the provision for risks and charges (€54 million), largely accounted for by Enel Américas, where Edesur reduced the discounting of provisions following the settlement agreement with the Argentine government resolving reciprocal claims originating between 2006 and 2016.
The share of income and losses of equity investments accounted for using the equity method in the 1st Half of 2020 showed net income of €13 million. The improvement of €98 million mainly reflected the effect of the recognition in the 1st Quarter of 2019 of a capital loss on Enel Green Power North America Renewable Energy Partners (EGPNA REP) as a result of the repurchase by Enel North America (formerly Enel Green Power North America – EGPNA) of control over 13 companies previously owned by it.
Other changes reflect the Group's pro-rated share of the results of companies accounted for using the equity method.
| Millions of euro 1st Half |
||||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Current taxes | 1,154 | 1,174 | (20) | -1.7% |
| Adjustments for income tax relating to prior years | (43) | (99) | 56 | 56.6% |
| Total current taxes | 1,111 | 1,075 | 36 | 3.3% |
| Deferred tax liabilities | 265 | (174) | 439 | - |
| Deferred tax assets | (342) | 93 | (435) | - |
| TOTAL | 1,034 | 994 | 40 | 4.0% |
Income taxes for the 1st Half of 2020 amounted to €1,034 million, an increase of €40 million despite the decrease in income before tax.
The effective income tax rate for the 1st Half of 2020 was 30.1%, compared with 25.6% in the 1st Half of 2019. The increase in the effective rate in the 1st Half of 2020 on the same period of 2019 essentially reflects the effect of the following items recognized in 2019:
a reduction in taxes in Italy following an agreement with the tax authorities concerning the optional "patent box" mechanism, which allows the application of a preferential tax regime for income from the use of intellectual property (+€53 million);
a decrease in taxes (€40 million) recognized in Argentina in the 1st Quarter of 2019 by the generation companies Enel Generación Costanera and Central Dock Sud following their election to participate in the preferential "revalúo impositivo" mechanism. Subject to payment of a tax in lieu, this mechanism permits the monetary revaluation for tax
purposes of certain tangible assets, with the consequent recognition of deferred tax assets and an increase in the deductibility of depreciation in the future;
the reversal of deferred tax liabilities at EGPNA, the ancillary effect of the acquisition of a number of companies from EGPNA REP.
It should also be noted that, as at June 30, 2020, the Group had not recognized any significant impact from the fiscal measures taken by the governments of the various countries in which it operates to mitigate the effects of the COVID-19 health emergency and boost the economic recovery.
Both values are calculated on the basis of the average number of ordinary shares in the period, equal in the 1st Half of 2020 to 10,165,130,794 shares.
| Millions of euro | 1st Half | |||
|---|---|---|---|---|
| 2020 | 2019 | Change | ||
| Net income from continuing operations attributable to shareholders of the Parent Company (millions of euro) |
1,947 | 2,215 | (268) | -12.1% |
| Net income from discontinued operations attributable to shareholders of the Parent Company (millions of euro) |
- | - | - | - |
| Net income for the period attributable to shareholders of the Parent Company (millions of euro) |
1,947 | 2,215 | (268) | -12.1% |
| Average number of ordinary shares | 10,165,130,794 | 10,166,679,946 | (1,549,152) | - |
| Dilutive effect of stock options | - | - | - | - |
| Basic and diluted earnings per share (euro) | 0.19 | 0.22 | (0.03) | -13.6% |
| Basic and diluted earnings from continuing operations per share (euro) | 0.19 | 0.22 | (0.03) | -13.6% |
| Basic and diluted earnings from discontinued operations per share (euro) |
- | - | - | - |
No events have occurred from the end of the period to the issuance of these condensed interim consolidated financial statements that would have changed the actual or potential number of ordinary shares outstanding at period-end.
Changes in property, plant and equipment during the 1st Half of 2020 were as follows:
| Millions of euro | |
|---|---|
| Total at December 31, 2019 | 79,809 |
| Capital expenditure | 3,466 |
| Exchange rate differences | (2,253) |
| Changes in the scope of consolidation | (11) |
| Depreciation | (2,120) |
| Impairment losses and reversals | (752) |
| Reclassification from/to "Assets held for sale" | - |
| Disposals and other changes | 279 |
| Total at June 30, 2020 | 78,418 |
Capital expenditure for the 1st Half of 2020 totaled €3,466 million, down €33 million from the 1st Half of 2019. The table below summarizes investments made during the 1st Half of 2020 by type of plant.
| Millions of euro | 1st Half | ||
|---|---|---|---|
| 2020 | 2019 | ||
| Power plants: | |||
| - thermal | 151 | 205 | |
| - hydroelectric | 113 | 143 | |
| - geothermal | 59 | 59 | |
| - nuclear | 57 | 46 | |
| - alternative energy resources | 1,693 | 1,577 | |
| Total power plants | 2,073 | 2,030 | |
| Electricity distribution networks | 1,359 | 1,402 | |
| Land, buildings, and other goods and equipment | 34 | 67 | |
| TOTAL | 3,466 | 3,499 |
Capital expenditure on power plants amounted to €2,073 million, an increase of €43 million on the same period of 2019, largely reflecting an increase in investment in wind and solar plants in North America, Brazil and Chile.
Capital expenditure on the distribution grid amounted to €1,359 million, a decrease of €43 million on the 1st Half of 2019. The decline was due to a reduction in investment on distribution grids in South America and Italy as a result of the slowdown in the mass replacement of meters caused by the COVID-19 emergency.
The adverse impact of exchange rate developments (€2,253 million) was connected with the general depreciation of the South America currencies against the euro.
"Changes in the scope of consolidation" essentially concern the sale of an interest held in the Spanish company Endesa Soluciones SLU, in which the residual holding is now 14%, as well as the acquisition of control of a number of renewables companies by Enel Green Power Italia.
"Impairment losses and reversals" on property, plant and equipment amounted to €752 million and mainly reflected the decarbonization process begun by the Group, which will be completed in 2025 at the latest and which in the 1st Half of 2020 involved the writedown of the Bocamina II plant.
"Disposals and other changes" showed a positive balance of €279 million, most of which (€238 million) regarding new leases.
Changes in intangible assets during the 1st Half of 2020 were as follows:
| Millions of euro | |
|---|---|
| Total at December 31, 2019 | 19,089 |
| Capital expenditure | 361 |
| Exchange rate differences | (1,844) |
| Change in the scope of consolidation | 8 |
| Amortization | (601) |
| Impairment losses and reversals | 2 |
| Other changes | 250 |
| Total at June 30, 2020 | 17,265 |
The change for the period in intangible assets showed an overall decrease of €1,824 million, essentially reflecting exchange rate losses in the Latin American countries, especially Brazil.
Changes in goodwill during the 1st Half of 2020 were as follows:
| Millions of euro | |
|---|---|
| Total at December 31, 2019 | 14,241 |
| Exchange rate differences | (126) |
| Total at June 30, 2020 | 14,115 |
The change in goodwill, as already indicated in the previous note, mainly reflects exchange rate losses at the Brazilian companies.
Goodwill breaks down as follows:
| Thermal | Infrastructure | ||||||
|---|---|---|---|---|---|---|---|
| Millions of euro | Generation and Trading |
Enel Green Power |
and Networks |
End-user Markets |
Enel X | Services | Total |
| Italy | - | 20 | - | 579 | 19 | - | 618 |
| Enel Green Power Italia | - | 20 | - | - | - | - | 20 |
| Enel Energia | - | - | - | 579 | - | - | 579 |
| Other | - | - | - | - | 19 | - | 19 |
| Iberia | - | 1,190 | 5,788 | 1,807 | - | - | 8,785 |
| Latin America | 43 | 1,961 | 1,884 | - | - | - | 3,888 |
| Argentina | - | 40 | 236 | - | - | - | 276 |
| Brazil | - | 397 | 892 | - | - | - | 1,289 |
| Chile | - | 996 | 213 | - | - | - | 1,209 |
| Colombia | - | 307 | 223 | - | - | - | 530 |
| Peru | 43 | 198 | 320 | - | - | - | 561 |
| Panama | - | 23 | - | - | - | - | 23 |
| Europe | 3 | - | 338 | 58 | - | - | 399 |
| Romania | - | - | 338 | 58 | - | - | 396 |
| Other countries | 3 | - | - | - | - | - | 3 |
| North America | - | 89 | - | - | 336 | - | 425 |
| United States and Canada | - | 70 | - | - | 336 | - | 406 |
| Mexico | - | 19 | - | - | - | - | 19 |
| Total | 46 | 3,260 | 8,010 | 2,444 | 355 | - | 14,115 |
The assessment of the recoverability of the assets, in accordance with the provisions of IAS 36, was conducted as at June 30, 2020 in the presence of evidence of impairment (so-called internal and external indicators). In the current environment, the analysis of trigger events has become even more important as it also sought to determine whether the impact of the COVID-19 emergency could have reduced the carrying amount of certain assets as at June 30, 2020.
Taking account of the macroeconomic scenario and the economic-financial impacts on the Group described in previous sections, certain considerations drawn from the assessment of the recoverability of the assets within the Enel Group are detailed below.
From our analysis, we can briefly state that the impact of the COVID-19 pandemic on the Group's performance and financial position are so far relatively insignificant, underscoring the limited exposure of the Group to the crisis (especially when compared with companies operating in other industries).
The impacts estimated to date essentially regard shortterm effects deemed to be transitory and non-permanent, reflecting Enel's low vulnerability to the effects of the crisis in the medium term and the resilience of our ability to generate income in the long term. This aspect further underscores the weight of terminal value in estimating value in use.
In fact, the estimate of the terminal value has a significant importance in the determination of enterprise value (EV) with respect to the value deriving from the cash flows of the business plan. Based on the different terminal value calculation methods, for each business the following impacts are observed with respect to the EVs at December 31, 2019.
| Generation | Generation | |||
|---|---|---|---|---|
| Enel X | Retail | Distribution | (Renewables) | (Traditional) |
| • LH: Perpetuity | ||||
| Perpetuity | Annuity | Perpetuity | • EGP: Annuity + Salvation | Annuity + Salvation Value |
| Value | ||||
| ~100% | ~80% | ~90% | ~85% | ~50% |
It follows that even considering the adverse impact on shortterm cash flows, the long-term cash flows considered for terminal value purposes remain unchanged, lending robustness to the results deriving from the assessments performed for the Consolidated Annual Report at December 31, 2019.
The Group calculates EV as the present value of the cash flows and is therefore influenced by the discount rate used.
The discount rates used for the impairment test are based on the WACC formula as applied in the Capital Asset Pricing Model (CAPM).
Accordingly, analyzing the divergence of the main parameters considered in the calculation of the WACC (risk free, country risk premium, market risk premium and beta) it is evident that, despite the COVID-19 crisis, the rates have not undergone significant increases, with the exception of limited cases mainly relating to the Latin American countries (which have been most affected by the pandemic in recent months) and the retail businesses. In this regard, it should be noted that sensitivity analyses had already been performed at the annual closing (2019), simulating a 5% change in the WACC, which had demonstrated the full recoverability of the carrying amounts.
In light of the above considerations, there are no potential critical issues regarding the recoverability of the carrying amounts of the Group's cash generating units (CGUs) with the exception of the traditional generation businesses in Argentina and Brazil, reflecting the negative impact of CO-VID-19. At the same time there is a small difference between value in use and net invested capital at December 31, 2019, as well as an increase in the WACC for Argentina.
With regard to the traditional generation businesses in Argentina and Brazil, a sensitivity analysis was performed to verify the related carrying amounts, taking account of the effects of the current environment. In this regard, the value in use at June 30, 2020 was determined based on:
short-term economic and financial projections consistent with the half-year flow of the 2020 forecast, which take account of COVID-19 impacts estimated to date and described previously;
medium/long-term economic and financial projections (2021-2024) consistent with the 2020-2024 Business Plan (the most recent);
discount rates updated to June 30, 2020 using the same methodology adopted at the closure at December 31, 2019;
long-term growth rates, which were not changed from those adopted in the impairment tests carried out at December 31, 2019, consistent with the long-term plan assumptions, which have so far been confirmed, in light of the fact that the effects from COVID-19 are considered transitory and not permanent.
Based on the results of the sensitivity analyses carried out for the traditional generation businesses in Argentina and Brazil, no events were found that prompted the performance of impairment testing at June 30, 2020.
| at June 30, 2020 | at Dec. 31, 2019 | Change | |
|---|---|---|---|
| 8,789 | 9,112 | (323) | -3.5% |
| 8,160 | 8,314 | (154) | -1.9% |
| 6,090 | 4,743 | 1,347 | 28.4% |
| 4,029 | 3,054 | 975 | 31.9% |
| 1,432 | 891 | 541 | 60.7% |
The change in deferred tax assets and liabilities essentially reflects exchange rate losses, mainly recognized in Brazil, an increase in derivative assets held by Enel Finance International and the release of the electricity discount provision in Spain. These adverse factors were partly offset by an increase in deferred tax assets in respect of the impairment losses recognized on the coal-fired Bocamina II plant in Chile.
Deferred tax assets mainly originate from provisions for risks and from differences in the tax and accounting values of assets and derivatives. In addition, only deferred tax assets that are reasonably certain to be recovered on the basis of coherent forecasting plans and current estimates of future taxable income have been recognized.
Deferred taxes are also mainly generated by adjustments to the fair value, for accounting purposes only, of certain assets following extraordinary transactions, derivatives and accelerated depreciation.
The table below shows the changes in the main investments in associated companies accounted for using the equity method.
| Change in | ||||||||
|---|---|---|---|---|---|---|---|---|
| scope of | ||||||||
| Millions of euro | at Dec. 31, | % holding | Income effect | consolidation | Dividends Other changes | at June 30, | % holding | |
| 2019 | 2020 | |||||||
| Joint ventures | ||||||||
| Slovak Power Holding | 504 | 50.0% | 11 | - | - | (1) | 514 | 50.0% |
| EGPNA Renewable Energy | ||||||||
| Partners | 137 | 20.0% | 4 | (16) | - | (6) | 119 | 50.0% |
| OpEn Fiber | 384 | 50.0% | (34) | - | - | 82 | 432 | 50.0% |
| Zacapa Topco Sàrl | 133 | 20.6% | (2) | - | - | (9) | 122 | 20.6% |
| Kino project companies | 60 | 20.0% | (9) | - | - | (8) | 43 | 20.0% |
| Tejo Energia Produção e | ||||||||
| Distribução de Energia Elétrica | 58 | 43.8% | 4 | - | - | (1) | 61 | 43.8% |
| Rocky Caney Holding | 46 | 20.0% | 3 | - | - | - | 49 | 20.0% |
| Drift Sand Wind Project | 36 | 50.0% | 2 | - | - | - | 38 | 50.0% |
| Front Marítim del Besòs | 37 | 61.4% | - | - | - | - | 37 | 61.4% |
| Enel Green Power Bungala | - | 51.0% | (1) | - | - | 21 | 20 | 51.0% |
| Rusenergosbyt | 40 | 49.5% | 24 | - | (19) | 1 | 46 | 49.5% |
| Energie Electrique de Tahaddart | 26 | 32.0% | - | - | (2) | 1 | 25 | 32.0% |
| Transmisora Eléctrica de Quillota | 7 | 50.0% | - | - | - | 1 | 8 | 50.0% |
| Associates | ||||||||
| CESI | 61 | 42.7% | (2) | - | - | - | 59 | 42.7% |
| Tecnatom | 30 | 45.0% | 1 | - | - | - | 31 | 45.0% |
| Suministradora Eléctrica de | ||||||||
| Cádiz | 11 | 33.5% | 1 | - | - | - | 12 | 33.5% |
| Compañía Eólica Tierras Altas | 9 | 37.5% | - | - | - | - | 9 | 37.5% |
| New Cogenerazione.Si | 11 | 20.0% | 1 | - | - | - | 12 | 20.0% |
| Other | 92 | 10 | 6 | (8) | (5) | 95 | ||
| Total | 1,682 | 13 | (10) | (29) | 76 | 1,732 |
Changes in the period mainly reflect:
an increase in OpEn Fiber due to a shareholder capital increase (€85 million) and OCI reserves for cash flow hedge derivatives (-€3 million);
the positive impact of €21 million posted by the Enel Green Power Bungala companies in Australia from the fair value measurement of PAAs with customers following a downward adjustment of prices on the Australian forward market.
These effects were only minimally offset by dividends and changes in the scope of consolidation involving North America, owing to the sale of a number of companies, and Spain, thanks to the reduction in the interest held by Endesa Energía SA in Endesa Soluciones SLU, which had previously been consolidated on a line-by-line basis.
The "income effect" reports the profits and losses recognized by the companies, in proportion to the Enel Group's stake in them.
| Millions of euro | Non-current | Current | ||
|---|---|---|---|---|
| at June 30, 2020 | at Dec. 31, 2019 | at June 30, 2020 | at Dec. 31, 2019 | |
| Derivative financial assets | 2,877 | 1,383 | 6,059 | 4,065 |
| Derivative financial liabilities | 2,958 | 2,407 | 5,381 | 3,554 |
For more information on these derivatives, please see notes 30.1 et seq.
Non-current assets deriving from contracts with customers (€401 million) refer mainly to assets under development resulting from public-to-private service concession arrangements recognized in accordance with IFRIC 12 and which have an expiration of beyond 12 months (€394 million). It should also be noted that the figure at June 30, 2020 includes investments for the period in the amount of €310 million.
Current assets deriving from contracts with customers (€173 million) mainly concern assets in respect of construction contracts (€141 million) relating to contracts that are still open, payment of which is subject to satisfaction of a performance obligation.
Non-current liabilities deriving from contracts with customers concern contract liabilities in respect of revenue from electricity grid connections, which had previously been recognized in profit or loss at the moment of the connection. They amounted to €6,257 million at June 30, 2020. That figure is mainly attributable to Italy (€3,447 million), Spain (€2,395 million) and Romania (€415 million).
Current liabilities deriving from contracts with customers (€1,249 million) include the contract liabilities related to revenue from electricity grid connections expiring within 12 months in the amount of €886 million recognized in Italy and Spain, as well as liabilities for construction work in progress (€363 million).
| at June 30, 2020 | at Dec. 31, 2019 | Change | ||
|---|---|---|---|---|
| Equity investments in other companies measured at fair value | 73 | 72 | 1 | 1.4% |
| Receivables and securities included in net financial debt (see note 25.3) | 3,166 | 3,185 | (19) | -0.6% |
| Service concession arrangements | 2,094 | 2,702 | (608) | -22.5% |
| Non-current prepaid financial expense | 43 | 47 | (4) | -8.5% |
| Total | 5,376 | 6,006 | (630) | -10.5% |
"Other non-current financial assets" decreased by €630 million in the 1st Half of 2020, mainly due to the decline in the value of financial assets in respect of service concession arrangements in Brazil (-€608 million). Also contracting were receivables and securities included in net financial debt, which are discussed in note 25.3.
"Other non-current/current assets" and "other non-current/ current liabilities" mainly reflect the outcome of the PIS/CO-FINS dispute in Brazil. Following notification of the rulings, at the close of the 1st Half of 2020, tax receivables of €2,131 million and a regulatory liability of €1,612 million were recognized in Brazil.
"Other non-current liabilities" include the amount of €113 million connected with the closure of the dispute between Enel Distribuição São Paulo and Eletrobras.
"Other current assets" increased mainly due to an increase in prepayments of fees for the diversion of water for industrial use and of insurance premiums, as well as other prepayments for cloud services and other IT services.
The decrease in "other current liabilities" is mainly attributable to a decrease in liabilities in respect of employees, a reduction in deferrals of unearned premiums and a contraction in other liabilities, essentially attributable to the recognition of the liability associated with the acquisition through intermediaries (share swap transactions) of additional equity in Enel Américas and Enel Chile.
Trade receivables are recognized net of allowances for doubtful accounts, which totaled €3,145 million at the end of the period, compared with an opening balance of €2,980 million. The table below reports changes in these allowances.
| 2,980 |
|---|
| 729 |
| (85) |
| (321) |
| (158) |
| 3,145 |
Specifically, the reduction of €1,775 million in trade receivables in the period was mainly recognized in Italy and is attributable to a decline in volumes invoiced, due both to a reduction in mandatory distribution and metering rates set for 2020 (ARERA Resolution no. 570/19) and a reduction in consumption, especially among large customers, as a direct consequence of the lockdown. During the 1st Half of 2020, estimates of the recoverability of receivables were revised following the COVID-19 pandemic, especially in Italy and Spain, where provisions increased by €136 million to take account of the deterioration in the collection status of certain customer segments.
Other changes in the provision for doubtful accounts mainly reflected adverse exchange rate developments, primarily in Latin America.
| at June 30, 2020 | at Dec. 31, 2019 | Change | ||
|---|---|---|---|---|
| Current financial assets included in debt | 4,167 | 4,158 | 9 | 0.2% |
| Other | 161 | 147 | 14 | 9.5% |
| Total | 4,328 | 4,305 | 23 | 0.5% |
long-term financial receivables and securities" with the items reported in the consolidated balance sheet.
The following table reconciles the "Net financial position and
| Millions of euro | |||||
|---|---|---|---|---|---|
| Notes | at June 30, 2020 | at Dec. 31, 2019 | Change | ||
| Long-term borrowings | 25.1 | 53,623 | 54,174 | (551) | -1.0% |
| Short-term borrowings | 25.2 | 7,196 | 3,917 | 3,279 | 83.7% |
| Other current financial debt (1) | 27 | 47 | (20) | -42.6% | |
| Current portion of long-term borrowings | 25.1 | 2,738 | 3,409 | (671) | -19.7% |
| Non-current financial assets included in debt | 25.3 | (3,166) | (3,185) | 19 | 0.6% |
| Current financial assets included in debt | 25.4 | (4,167) | (4,158) | (9) | -0.2% |
| Cash and cash equivalents | (5,840) | (9,029) | 3,189 | 35.3% | |
| Total | 50,411 | 45,175 | 5,236 | 11.6% |
(1) Includes current financial payables included in Other current financial liabilities.
Pursuant to the CONSOB instructions of July 28, 2006, the following table reports the net financial position at June 30, 2020, and December 31, 2019, reconciled with net financial debt as prepared in accordance with the procedures of the Enel Group.
Millions of euro
| at June 30, 2020 | at Dec. 31, 2019 | Change | ||
|---|---|---|---|---|
| Cash and cash equivalents on hand | 36 | 87 | (51) | -58.6% |
| Bank and post office deposits | 5,612 | 7,910 | (2,298) | -29.1% |
| Other investments of liquidity | 192 | 1,032 | (840) | -81.4% |
| Securities | 83 | 51 | 32 | 62.7% |
| Liquidity | 5,923 | 9,080 | (3,157) | -34.8% |
| Short-term financial receivables | 2,612 | 2,522 | 90 | 3.6% |
| Current portion of long-term financial receivables | 1,472 | 1,585 | (113) | -7.1% |
| Current financial receivables | 4,084 | 4,107 | (23) | -0.6% |
| Bank debt | (1,214) | (579) | (635) | - |
| Commercial paper | (4,495) | (2,284) | (2,211) | -96.8% |
| Current portion of long-term bank borrowings | (1,458) | (1,121) | (337) | -30.1% |
| Bonds issued (current portion) | (932) | (1,906) | 974 | 51.1% |
| Other borrowings (current portion) | (348) | (382) | 34 | 8.9% |
| Other short-term financial payables (1) | (1,514) | (1,101) | (413) | -37.5% |
| Total current financial debt | (9,961) | (7,373) | (2,588) | -35.1% |
| Net current financial position | 46 | 5,814 | (5,768) | - |
| Debt to banks and financing entities | (8,830) | (8,407) | (423) | -5.0% |
| Bonds | (42,299) | (43,294) | 995 | 2.3% |
| Other borrowings | (2,494) | (2,473) | (21) | -0.8% |
| Non-current financial position | (53,623) | (54,174) | 551 | 1.0% |
| NET FINANCIAL POSITION as per CONSOB instructions | (53,577) | (48,360) | (5,217) | -10.8% |
| Long-term financial receivables and securities | 3,166 | 3,185 | (19) | -0.6% |
| NET FINANCIAL DEBT | (50,411) | (45,175) | (5,236) | -11.6% |
(1) Includes current financial payables included in Other current financial liabilities.
borrowings and other borrowings in euro and other currencies, including the portion falling due within 12 months.
The item reports long-term debt in respect of bonds, bank
| Millions of euro | at June 30, 2020 | at Dec. 31, 2019 | Change | ||
|---|---|---|---|---|---|
| Of which | Of which portion falling due in more |
||||
| Total | current portion | than 12 months | |||
| Bonds | 43,231 | 932 | 42,299 | 45,200 | (1,969) |
| Bank borrowings | 10,288 | 1,458 | 8,830 | 9,528 | 760 |
| Leases | 1,991 | 236 | 1,755 | 1,964 | 27 |
| Other borrowings | 851 | 112 | 739 | 891 | (40) |
| Total | 56,361 | 2,738 | 53,623 | 57,583 | (1,222) |
The following table reports a breakdown of bonds outstanding at June 30, 2020.
| Millions of euro | Carrying amount |
Fair value | Current portion |
Portion falling due in more than 12 months |
Carrying amount |
Fair value | ||
|---|---|---|---|---|---|---|---|---|
| Maturing | at June 30, 2020 | at Dec. 31, 2019 | ||||||
| Bonds: | ||||||||
| - listed, fixed rate | 2020-2097 | 25,200 | 29,390 | 702 | 24,498 | 26,593 | 31,073 | |
| - listed, floating rate | 2020-2031 | 2,871 | 2,964 | 152 | 2,719 | 3,488 | 3,655 | |
| - unlisted, fixed rate | 2022-2047 | 14,414 | 16,583 | - | 14,414 | 14,359 | 15,794 | |
| - unlisted, floating rate | 2020-2032 | 746 | 847 | 78 | 668 | 760 | 753 | |
| Total bonds | 43,231 | 49,784 | 932 | 42,299 | 45,200 | 51,275 |
The table below summarizes the maturity profile of the Group's long-term debt.
| Millions of euro | Maturing in | |||||
|---|---|---|---|---|---|---|
| Current | ||||||
| portion | 2nd Half 2021 | 2022 | 2023 | 2024 | Beyond | |
| Bonds | 932 | 1,404 | 4,631 | 5,815 | 6,687 | 23,762 |
| Borrowings: | 1,806 | 832 | 1,541 | 1,028 | 929 | 6,994 |
| - of which leases | 236 | 116 | 185 | 145 | 120 | 1,189 |
| Total | 2,738 | 2,236 | 6,172 | 6,843 | 7,616 | 30,756 |
portion falling due within 12 months) by currency and interest rate.
The table below reports long-term financial debt (including
| Current | Current | ||||
|---|---|---|---|---|---|
| Carrying | Nominal | Carrying | average | effective | |
| Millions of euro | amount | value | amount | interest rate | interest rate |
| at June 30, 2020 | at Dec. 31, 2019 | at June 30, 2020 | |||
| Euro | 26,524 | 27,114 | 27,272 | 2.3% | 2.8% |
| US dollar | 20,764 | 20,909 | 20,103 | 4.2% | 4.3% |
| Pound sterling | 4,066 | 4,100 | 4,354 | 6.1% | 6.2% |
| Colombian peso | 1,192 | 1,192 | 1,381 | 7.2% | 7.2% |
| Brazilian real | 1,789 | 1,817 | 2,412 | 5.1% | 5.1% |
| Swiss franc | 333 | 333 | 419 | 1.8% | 1.8% |
| Chilean peso/UF | 362 | 369 | 414 | 5.0% | 5.1% |
| Peruvian sol | 437 | 437 | 426 | 6.0% | 6.0% |
| Russian ruble | 278 | 280 | 225 | 8.5% | 8.5% |
| Other currencies | 616 | 623 | 577 | ||
| Total non-euro currencies | 29,837 | 30,060 | 30,311 | ||
| TOTAL | 56,361 | 57,174 | 57,583 |
| Millions of euro | Repayments | New borrowing |
Other changes |
Exchange rate differences |
||
|---|---|---|---|---|---|---|
| at Dec. 31, 2019 | at June 30, 2020 | |||||
| Bonds | 46,045 | (1,184) | 5 | - | (862) | 44,004 |
| Borrowings: | 12,418 | (757) | 1,879 | (48) | (322) | 13,170 |
| - of which leases | 1,964 | (109) | 201 | - | (65) | 1,991 |
| Total | 58,463 | (1,941) | 1,884 | (48) | (1,184) | 57,174 |
Compared with December 31, 2019, the nominal value of long-term debt decreased by €1,289 million, due mainly to exchange rate gains amounting to €1,184 million and repayments of €1,941 million, partly offset by new borrowing of €1,884 million.
The main repayments made in the 1st Half of 2020 concerned:
bonds in the amount of €1,184 million, including:
bond in Swiss francs issued by Enel Finance International, which matured in June 2020;
loans in the amount of €757 million, including:
In the 1st Half of 2020 new borrowing by the Group mainly regarded bank loans, including:
€250 million in respect of a floating-rate loan tied to the achievement of sustainability goals granted to e-distribuzione by the European Investment Bank;
the equivalent of €375 million in respect of a floating-rate loan tied to the achievement of sustainability goals granted to Enel Finance America;
€300 million in respect of a floating-rate loan tied to the achievement of sustainability goals granted to Endesa;
the equivalent of €134 million in respect of floating-rate loans tied to the achievement of sustainability goals granted to a number of Mexican companies;
the equivalent of €219 million in respect of bank loans to South American companies;
the equivalent of €131 million in respect of a floating-rate loan granted to Enel Green Power RSA.
The Group's main long-term financial liabilities are governed by covenants containing undertakings by the borrowers (Enel, Enel Finance International, Endesa and the other Group companies) and in some cases Enel as guarantor that are commonly adopted in international business practice. For a more detailed description, please see the 2019 consolidated financial statements.
At June 30, 2020, short-term borrowings totaled €7,196 million, an increase of €3,279 million with respect to December 31, 2019, as detailed below.
| at June 30, 2020 | at Dec. 31, 2019 | Change | |
|---|---|---|---|
| Short-term bank borrowings | 1,214 | 579 | 635 |
| Commercial paper | 4,495 | 2,284 | 2,211 |
| Cash collateral and other liabilities in respect of derivatives | 1,418 | 750 | 668 |
| Other short-term borrowings (1) | 69 | 304 | (235) |
| Short-term borrowings | 7,196 | 3,917 | 3,279 |
(1) Does not include current financial payables included in Other current financial liabilities.
Commercial paper amounting to €4,495 million includes €2,321 million in issues made under the €6,000 million program by Enel Finance International (guaranteed by Enel SpA), the equivalent of €686 million in issues made under the \$3,000 million program by Enel Finance America, €1,346 million in issues made by Endesa SA under a program totaling €4,000 million and the equivalent of €142 million in issues made by the South American companies.
In the 1st Half of 2020, Enel Finance International and Endesa structured commercial paper programs linked to sustainability objectives and at June 30, 2020 the total volume of commercial paper issued under these new programs amounted to €3,527 million.
Millions of euro
| at June 30, 2020 | at Dec. 31, 2019 | Change | ||
|---|---|---|---|---|
| Securities measured at FVOCI | 413 | 416 | (3) | -0.7% |
| Other financial receivables | 2,753 | 2,769 | (16) | -0.6% |
| Total | 3,166 | 3,185 | (19) | -0.6% |
Millions of euro
| at June 30, 2020 | at Dec. 31, 2019 | Change | ||
|---|---|---|---|---|
| Current portion of long-term financial receivables | 1,472 | 1,585 | (113) | -7.1% |
| Securities measured at FVOCI | 84 | 61 | 23 | 37.7% |
| Financial receivables and cash collateral | 2,326 | 2,153 | 173 | 8.0% |
| Other | 285 | 359 | (74) | -20.6% |
| Total | 4,167 | 4,158 | 9 | 0.2% |
The "current portion of long-term financial receivables" is essentially accounted for by the short-term component of the financial receivable in respect of the deficit of the Spanish electrical system in the amount of €895 million (€950 million at December 31, 2019).
The following table reports the composition of the two items at June 30, 2020, and December 31, 2019.
| Millions of euro | Assets held for sale | Liabilities held for sale | ||||
|---|---|---|---|---|---|---|
| at June 30, 2020 |
at Dec. 31, 2019 |
Change | at June 30, 2020 |
at Dec. 31, 2019 |
Change | |
| Enel Américas | - | 10 | (10) | - | 3 | (3) |
| Enel North America | 1 | 87 | (86) | 2 | - | 2 |
| Other | 4 | 4 | - | - | - | - |
| Total | 5 | 101 | (96) | 2 | 3 | (1) |
The balance at June 30, 2020 mainly includes plant held for sale making up the Enel Produzione business unit formed of the Ettore Majorana site at Termini Imerese in the amount of €4 million.
number of hydro companies held by Enel North America, which had previously been classified as available for sale, which produced a capital gain of about €4 million, and the Rionegro plant in Colombia, which was classified in that item and sold in the 2nd Quarter of 2020.
The change for the period essentially regards the disposal of a
As at June 30, 2020, the fully subscribed and paid-up share capital of Enel SpA totaled €10,166,679,946, represented by the same number of ordinary shares with a par value of €1.00 each.
The share capital is unchanged compared with the amount reported at December 31, 2019.
At June 30, 2020, based on the shareholders register and the notices submitted to CONSOB and received by the Company pursuant to Article 120 of Legislative Decree 58 of February 24, 1998, as well as other available information, the only shareholders with interests of greater than 3% in the Company's share capital were the Ministry for the Economy and Finance (with a 23.585% stake) and Capital Research and Management Company (with a 5.029% stake held for asset management purposes).
On May 14, 2020, the Enel SpA Shareholders' Meeting approved the distribution of a total dividend of €0.328 per share and authorized the distribution of €0.168 per share as the balance of the dividend, taking account of the interim dividend of 0.16 per share already paid in January 2020 and excluding the treasury shares held at the record date of July 21, 2020. The balance of the dividend will be paid, gross of any withholdings, as from July 22, 2020.
At June 30, treasury shares were represented by 1,549,152 ordinary shares of Enel SpA with a par value of €1 each, which were acquired through an authorized intermediary in the total amount of €10 million.
Pursuant to Article 2431 of the Italian Civil Code, the share premium reserve contains, in the case of the issue of shares at a price above par, the difference between the issue price of the shares and their par value, including those resulting from conversion from bonds. The reserve, which is a capital reserve, may not be distributed until the legal reserve has reached the threshold established under Article 2430 of the Italian Civil Code.
The legal reserve is formed as allocation of part of the net income that, pursuant to Article 2430 of the Italian Civil Code, cannot be distributed as dividends.
These include €2,215 million related to the remaining portion of the value adjustments carried out when Enel was transformed from a public entity to a joint-stock company.
Pursuant to Article 47 of the Uniform Income Tax Code, this amount does not constitute taxable income when distributed.
The negative change in the period, equal to €2,377 million, was mainly due to the appreciation of the functional currency against the other currencies used by the subsidiaries and the change in the scope of consolidation involving the acquisition of 5.03% of Enel Américas and 2.89% of Enel Chile.
This includes the net charges recognized in equity from the measurement of hedging derivatives.
In application of IFRS 9, the reserve reports the change in the fair value of currency basis points and forward points.
This includes net unrealized income from the measurement at fair value of financial assets.
The reserve reports the share of comprehensive income to be recognized directly in equity of companies accounted for using the equity method.
The reserve includes all actuarial gains and losses, net of tax effects, in respect of the employee benefit obligation. The
change mainly reflects a reclassification due to the curtailment of a number of defined-benefit plans following the entry into force of the 5th Endesa Collective Bargaining Agreement.
This includes the realized gains and losses, including transaction costs, resulting from the sale of minority interests to third parties without loss of control. The reserve did not change during the period.
This reserve includes the excess of purchase prices over net book equity acquired following the acquisition from third parties of additional interests in companies already controlled, primarily in South America.
The change for the period mainly reflects the impact of the increase of 5.03% in the interest held in Enel Américas and 2.89% in Enel Chile, bringing the overall stakes in those companies to 65% and 64.93%, respectively.
The reserve reports earnings from previous years that have not been distributed or allocated to other reserves.
The table below shows the changes in gains and losses recognized directly in other comprehensive income at June 30, 2020, including non-controlling interests.
| Millions of euro | Change | |||||
|---|---|---|---|---|---|---|
| Gains/(Losses) | Of which | |||||
| recognized in | Released | shareholders | Of which non | |||
| equity for the | to income | of the Parent | controlling | |||
| period | statement | Income taxes | Total | Company | interests | |
| Reserve from translation of financial statements in | ||||||
| currencies other than euro | (3,319) | - | - | (3,319) | (2,120) | (1,199) |
| Reserve from measurement of cash flow hedge | ||||||
| financial instruments | 5,689 | (4,659) | (219) | 811 | 854 | (43) |
| Reserve from measurements of costs of hedging | ||||||
| financial instruments | (225) | (3) | 74 | (154) | (158) | 4 |
| Reserve from measurement of financial assets | ||||||
| FVOCI | - | - | - | - | - | - |
| Share of OCI of associates accounted for using the | ||||||
| equity method | - | - | (2) | (2) | (1) | (1) |
| Reserve from measurement of investments in | ||||||
| other entities | (1) | - | - | (1) | (1) | - |
| Remeasurement of net liabilities/(assets) of | ||||||
| defined benefit plans | 46 | - | (13) | 33 | 23 | 10 |
| Total gains/(losses) recognized in equity | 2,190 | (4,662) | (160) | (2,632) | (1,403) | (1,229) |
The following table reports the composition of non-controlling interests by geographical area.
| Result for the period attributable | ||||
|---|---|---|---|---|
| Millions of euro | Non-controlling interests | to non-controlling interests | ||
| at June 30, 2020 | at Dec. 31, 2019 | at June 30, 2020 | at June 30, 2019 | |
| Italy | 1 | 1 | - | (1) |
| Iberia | 6,031 | 5,961 | 306 | 202 |
| Latin America | 7,159 | 9,277 | 114 | 494 |
| Europe | 656 | 903 | 29 | (20) |
| North America | 190 | 222 | 4 | 1 |
| Africa, Asia and Oceania | 151 | 197 | 3 | 2 |
| Total | 14,188 | 16,561 | 456 | 678 |
The decrease in non-controlling interests mainly reflects exchange rate developments, dividends and the increase in the percentage holdings in Enel Américas and Enel Chile.
Finally, note that with effect from September 2019, Latin America also includes the countries Panama, Costa Rica, Guatemala, El Salvador and Nicaragua, which were previously reported under the geographic area North and Central America (now renamed North America).
In order to ensure full comparability of the figures in the light of the new organization, the comparative figures for the result for the period attributable to non-controlling interests for 2019 have been restated appropriately.
| Millions of euro | |
|---|---|
| At December 31, 2019 | 3,771 |
| Accruals | 51 |
| Utilization | (172) |
| Reversal | (522) |
| Unwinding of discount | 57 |
| Translation adjustments | (406) |
| Change in scope of consolidation | - |
| Other changes | 1 |
| At June 30, 2020 | 2,780 |
The Group provides its employees with a variety of benefits, including deferred compensation benefits, additional months' pay for having reached age limits or eligibility for old-age pension, loyalty bonuses for achievement of seniority milestones, supplemental retirement and healthcare plans, residential electricity discounts and similar benefits.
An analysis of the employee benefit liability is conducted annually, unless significant changes in the actuarial assumptions or plans have occurred in the meantime. With regard to the situation at June 30, 2020 following the COVID-19 health emergency, the Group deemed it appropriate to perform an in-depth analysis of the possible impact of the economic crisis generated by the pandemic on the actuarial assumptions applied in the measurement of actuarial liabilities.
The analysis confirmed the actuarial assumptions used previously, noting how the effects of COVID-19 are often to be considered transient and short-term, although updated assessments were made for Chile and Brazil since:
Chile experienced a significant change in the discount rate; and
Brazil has a high level of liabilities, although the rates have not undergone significant changes.
Following the updates prepared by the actuary, the final results even indicate a reduction in the overall liability in Brazil, primarily reflecting the exchange rate effect, while in Chile they do not involve significant changes.
Very briefly, therefore, the obligations towards the employees of the Enel Group have not been affected by the effects of the COVID-19 pandemic.
During the 1st Half of 2020, liabilities in respect of employee benefits decreased significantly in Spain following the entry into force of the 5th Endesa Collective Bargaining Agreement, as the electricity discount benefit for employees and former employees was reformulated, with the consequent reversal of excess existing provisions to profit or loss (€515 million).
| Millions of euro | Non-current | Current | Total provisions for risks and charges |
|---|---|---|---|
| At December 31, 2019 | 5,324 | 1,196 | 6,520 |
| Accruals | 226 | 141 | 367 |
| Utilization | (83) | (260) | (343) |
| Reversal | (133) | (24) | (157) |
| Unwinding of discount | 26 | 7 | 33 |
| Translation adjustments | (230) | (48) | (278) |
| Change in scope of consolidation | - | - | - |
| Plant retirement and site restoration | (85) | - | (85) |
| Other changes | (64) | 72 | 8 |
| At June 30, 2020 | 4,981 | 1,084 | 6,065 |
At June 30, 2020, the item included the litigation provision in the amount of €845 million (€1,070 million at December 31, 2019), which essentially decreased as a result of adverse exchange rate developments in Brazil, the nuclear decommissioning provision in the amount of €577 million (€640 million at December 31, 2019), the plant retirement and site restoration provision in the amount of €1,874 million (€1,942 million at December 31, 2019), which mainly decreased because of the redetermination of future plant retirement costs in Iberia following a review of inflation rates, the provision for ta-
For a more complete discussion of the hedging instruments used by the Group to manage the various risks associated with its business, please see the consolidated financial statements at December 31, 2019.
The impact of COVID-19 on issues related to risk management was limited and in any case not such as to directly and materially affect the measurement of derivative instruments and the outcome of the assessment of the effectiveness of exchange rate, interest rate and commodity risk hedges. The volatility that affected the financial markets during the initial phase of the pandemic in many cases returned to pre-CO-VID-19 levels and was in any case offset by risk mitigation actions using financial derivatives.
With regard to the exposures to hedged risks, there were
xes and duties in the amount of €298 million (€336 million at December 31, 2019) and the provision for early retirement incentives in the amount of €1,133 million (€1,233 million at December 31, 2019), the decrease in which was mainly attributable utilization in Italy, partly offset by an increase in the provision in Spain following the entry into force of the new agreement for the voluntary early termination of employment relationships.
The item was not affected significantly by the COVID-19 pandemic.
slight temporal shifts in the plans for the construction of some solar and wind plants, although these did not have an undesirable impact on the application of hedge accounting (discontinuance, ineffectiveness, etc.). The construction of these plants remains highly probable and the method for measuring effectiveness applied to this type of exposure shields the Group from timing problems in the realization of these projects.
Financial underlyings were also not adversely affected by CO-VID-19. There were no changes in exposures or in hedging instruments.
The following notes report the balances for derivative instruments, grouped by the item of the consolidated balance sheet that contain them.
The table below reports the fair value of derivative contracts classified under non-current assets, broken down by type of risk and designation.
| Millions of euro | |||
|---|---|---|---|
| at June 30, 2020 | at Dec. 31, 2019 | Change | |
| Cash flow hedge derivatives: | |||
| - interest rates | 36 | 26 | 10 |
| - exchange rates | 2,237 | 1,081 | 1,156 |
| - commodities | 518 | 215 | 303 |
| Total cash flow hedge derivatives | 2,791 | 1,322 | 1,469 |
| Fair value hedge derivatives: | |||
| - interest rates | 8 | 7 | 1 |
| - exchange rates | 25 | 25 | - |
| Total fair value hedge derivatives | 33 | 32 | 1 |
| Trading derivatives: | |||
| - interest rates | 2 | 2 | - |
| - exchange rates | 1 | - | 1 |
| - commodities | 50 | 27 | 23 |
| Total trading derivatives | 53 | 29 | 24 |
| TOTAL | 2,877 | 1,383 | 1,494 |
Cash flow hedge derivatives on interest rates increased by €10 million, mainly reflecting developments in the yield curve in the United States and the appreciation of the dollar against the euro in the 1st Half of 2020.
Fair value hedge derivatives on interest rates saw their fair value rise by €1 million, mainly due to the decline in the yield curve in the euro area in the 1st Half of 2020.
Cash flow hedge derivatives on exchange rates essentially concern the hedging of exchange rate risk on bond issues in a foreign currency using cross-currency interest rate swaps. The increase in their fair value is mainly due to the performance of the euro against the other leading currencies during the 1st Half of 2020.
Cash flow hedge derivatives on commodities regard the hedging of electricity with a fair value of €223 million, derivatives on gas and oil commodities in the amount of €250 million and transactions in CO2 and coal in the total amount of €45 million. The fair value of trading derivatives on commodities regarded derivatives transactions totaling €50 million, mainly involving electricity.
The table below reports the fair value of derivative contracts classified under current assets, broken down by type of risk and designation.
| Millions of euro | |||
|---|---|---|---|
| at June 30, 2020 | at Dec. 31, 2019 | Change | |
| Cash flow hedge derivatives: | |||
| - exchange rates | 235 | 132 | 103 |
| - commodities | 759 | 847 | (88) |
| Total cash flow hedge derivatives | 994 | 979 | 15 |
| Fair value hedge derivatives: | |||
| - exchange rates | 32 | - | 32 |
| Total fair value hedge derivatives | 32 | - | 32 |
| Trading derivatives: | |||
| - exchange rates | 48 | 34 | 14 |
| - commodities | 4,985 | 3,052 | 1,933 |
| Total trading derivatives | 5,033 | 3,086 | 1,947 |
| TOTAL | 6,059 | 4,065 | 1,994 |
Cash flow hedge derivatives on exchange rates regard transactions to hedge the exchange rate risk on energy commodity prices, investment projects and hedges of the exchange rate risk on loans denominated in foreign currencies. The changes in the fair value of these derivatives are associated with developments of the euro against the main currencies during the 1st Half of 2020.
Fair value hedge derivatives are entirely accounted for by the reclassification of €87 million in notional value and €32 million in fair value from "non-current financial assets" in respect of exchange rate derivatives entered into to hedge loans denominated in currencies other than the euro.
The fair value of trading derivatives on exchange rates, equal to €48 million, regards transactions that while entered into for hedging purposes do not meet the requirements under the relevant accounting standards for hedge accounting.
The fair value of cash flow hedge derivatives on commodities regards hedges of electricity for a total of €93 million, gas and oil derivatives in the amount of €545 million and hedges of CO2 and coal totaling €121 million.
The fair value of trading derivatives on commodities regards derivatives on electricity, gas and oil, coal, CO2 , and other underlyings in the amount of €4,985 million. The greatest impact is attributable to transactions on gas and oil, but sharp volatility in the period affected all commodities.
These figures also include transactions that were undertaken for hedging purposes but which do not meet the requirements under the relevant accounting standards for hedge accounting.
The following table reports the fair value of cash flow hedge, fair value hedge and trading derivatives.
| Millions of euro | |||
|---|---|---|---|
| at June 30, 2020 | at Dec. 31, 2019 | Change | |
| Cash flow hedge derivatives: | |||
| - interest rates | 978 | 779 | 199 |
| - exchange rates | 1,734 | 1,560 | 174 |
| - commodities | 126 | 47 | 79 |
| Total cash flow hedge derivatives | 2,838 | 2,386 | 452 |
| Fair value hedge derivatives: | |||
| - exchange rates | - | 1 | (1) |
| Total fair value hedge derivatives | - | 1 | (1) |
| Trading derivatives: | |||
| - interest rates | 7 | 6 | 1 |
| - exchange rates | 1 | - | 1 |
| - commodities | 112 | 14 | 98 |
| Total trading derivatives | 120 | 20 | 100 |
| TOTAL | 2,958 | 2,407 | 551 |
The deterioration in the fair value of cash flow hedge derivatives on interest rates was due mainly to developments in yield curves during the 1st Half of 2020.
Cash flow hedge derivatives on exchange rates essentially regard transactions to hedge bonds denominated in currencies other than the euro through cross currency interest rate swaps. The decrease in their fair value with respect to December 31, 2019 is mainly due to developments in the exchange rate of the euro against the pound sterling.
Cash flow hedge derivatives on commodities include the hedging of electricity in the amount of €61 million and hedges of gas and oil in the amount of €65 million. The fair value of trading derivatives totaled €112 million.
The following table reports the fair value of derivative contracts.
| Millions of euro | |||
|---|---|---|---|
| at June 30, 2020 | at Dec. 31, 2019 | Change | |
| Cash flow hedge derivatives: | |||
| - interest rates | 2 | 1 | 1 |
| - exchange rates | 104 | 115 | (11) |
| - commodities | 511 | 457 | 54 |
| Total cash flow hedge derivatives | 617 | 573 | 44 |
| Trading derivatives: | |||
| - interest rates | 89 | 79 | 10 |
| - exchange rates | 28 | 38 | (10) |
| - commodities | 4,647 | 2,864 | 1,783 |
| Total trading derivatives | 4,764 | 2,981 | 1,783 |
| TOTAL | 5,381 | 3,554 | 1,827 |
Cash flow hedge derivatives on exchange rates regard hedges of exchange rate risk on bond issues denominated in foreign currencies, revenue from electricity sales contracts with customers in the regulated market in Chile, which are indexed to the US dollar, and the purchase of natural gas and other fuels. The change in the fair value of cash flow hedge derivatives is mainly due to developments in the euro against the main currencies and normal foreign exchange operations. Trading derivatives on exchange rates essentially include transactions entered into for hedging purposes that although they were entered into for hedging purposes do not meet the requirements under the relevant accounting standards for hedge accounting.
Cash flow hedge derivatives on commodities include hedges of gas and oil commodities with a fair value of €368 million, hedges of electricity in the amount of €116 million and transactions on coal and CO2 totaling €27 million. Commodity derivatives classified as trading instruments include derivatives on electricity, coal and CO2 , gas, oil and other commodities with a total fair value of €4,647 million.
In compliance with the disclosure requirements under paragraph 15B (k) of IAS 34, the Group determines fair value in conformity with IFRS 13 any time that treatment is required by an international accounting standard.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, in an orderly transaction, between market participants, at the measurement date (i.e. an exit price).
The best proxy for fair value is market price, i.e. the current publically available price that is effectively quoted on a liquid and active market.
The fair value of assets and liabilities is classified in a three-level hierarchy, defined as follows on the basis of the inputs and valuation techniques used to measure the fair value:
Level 1, where the fair value is determined on basis of quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
Level 2, where the fair value is determined on basis of inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices);
Level 3, where the fair value is determined on the basis of unobservable inputs.
There were no changes in the levels of the fair value hierarchy used for the purposes of measuring financial instruments compared with the most recent annual report (as indicated in notes 47 and 48 of the consolidated financial statements at December 31, 2019). The methods used in measuring Level 2 and 3 fair values are consistent with those used in the most recent annual report. For a more extensive discussion of general issues and the Group's most important valuation processes for fair value measurement, please see note 2 "Accounting policies and measurement criteria" of the 2019 Consolidated Annual Report.
As an operator in the field of generation, distribution, transport and sale of electricity and the sale of natural gas, Enel carries out transactions with a number of companies directly or indirectly controlled by the Italian State, the Group's controlling shareholder.
The table below summarizes the main types of transactions carried out with such counterparties.
| Related party | Relationship | Nature of main transactions |
|---|---|---|
| Single Buyer | Fully controlled (indirectly) by the Ministry for the Economy and Finance |
Purchase of electricity for the enhanced protection market |
| Cassa Depositi e Prestiti Group | Directly controlled by the Ministry for the Economy and Finance |
Sale of electricity on the Ancillary Services Market (Terna) Sale of electricity transport services (Eni Group) Purchase of transport, dispatching and metering services (Terna) Purchase of postal services (Poste Italiane) Purchase of fuels for generation plants and natural gas storage and distribution services (Eni Group) |
| ESO - Energy Services Operator | Fully controlled (directly) by the Ministry for the Economy and Finance |
Sale of subsidized electricity Payment of A3 component for renewable resource incentives |
| EMO - Energy Markets Operator | Fully controlled (indirectly) by the Ministry for the Economy and Finance |
Sale of electricity on the Power Exchange (EMO) Purchase of electricity on the Power Exchange for pumping and plant planning (EMO) |
| Leonardo Group | Directly controlled by the Ministry for the Economy and Finance |
Purchase of IT services and supply of goods |
Finally, Enel also maintains relationships with the pension funds FOPEN and FONDENEL, as well as Enel Cuore, an Enel non-profit company devoted to providing social and healthcare assistance.
All transactions with related parties were carried out on normal market terms and conditions, which in some cases are determined by the Regulatory Authority for Energy, Networks and the Environment.
The following tables summarize transactions with related parties, associated companies and joint arrangements carried out in the 1st Half of 2020 and 2019 and outstanding at June 30, 2020 and December 31, 2019.
| Cassa Depositi e | |||||
|---|---|---|---|---|---|
| Single Buyer | EMO | Prestiti Group | ESO | Other | |
| Income statement | |||||
| Revenue from sales and services | - | 306 | 1,257 | 157 | 126 |
| Other revenue and income | - | - | - | - | - |
| Other financial income | - | - | - | - | - |
| Purchases of electricity, gas and fuel | 842 | 875 | 490 | - | 1 |
| Costs for services and other materials | 2 | 13 | 1,151 | 1 | 67 |
| Other operating expenses | - | 103 | 5 | 1 | - |
| Net income/(expense) from commodity | |||||
| risk management | - | - | - | - | - |
| Other financial expense | - | - | 7 | - | - |
| Single Buyer | EMO | Prestiti Group | ESO | Other | |
|---|---|---|---|---|---|
| Balance sheet | |||||
| Non-current derivative assets | - | - | - | - | - |
| Trade receivables | - | 21 | 608 | 14 | 28 |
| Current derivative assets | - | - | - | - | - |
| Other current financial assets | - | - | - | - | - |
| Other current assets | - | 15 | 62 | 110 | 1 |
| Non-current contract liabilities | - | - | 3 | - | 5 |
| Long-term borrowings | - | - | 670 | - | - |
| Current portion of long-term borrowings | - | - | 89 | - | - |
| Trade payables | 624 | 50 | 719 | 1,253 | 21 |
| Current derivative liabilities | - | - | - | - | - |
| Current contract liabilities | - | - | - | - | - |
| Other current liabilities | - | - | 14 | - | 11 |
| Other information | |||||
| Guarantees given | - | 250 | 324 | - | 157 |
| Guarantees received | - | - | 154 | - | 42 |
| Commitments | - | - | 102 | - | 4 |
| Key management Associates and joint Overall total 1st Half Total in financial personnel Total 1st Half 2020 arrangements 2020 statements % of total |
||||||
|---|---|---|---|---|---|---|
| 5.9% | 32,520 | 1,933 | 87 | 1,846 | - |
| Condensed interim consolidated financial statements | |
|---|---|
| % of total | Total in financial statements |
Overall total at June 30, 2020 |
Associates and joint arrangements |
Total at June 30, 2020 |
Key management personnel |
|---|---|---|---|---|---|
| 0.9% | 2,877 | 27 | 27 | - | - |
| 8.2% | 11,308 | 927 | 256 | 671 | - |
| - | 6,059 | 3 | 3 | - | - |
| 1.1% | 4,328 | 49 | 49 | - | - |
| 5.2% | 3,890 | 203 | 15 | 188 | - |
| 2.9% | 6,257 | 181 | 173 | 8 | - |
| 1.2% | 53,623 | 670 | - | 670 | - |
| 3.3% | 2,738 | 89 | - | 89 | - |
| 29.2% | 9,348 | 2,730 | 62 | 2,668 | - |
| 0.1% | 5,381 | 5 | 5 | - | - |
| 3.7% | 1,249 | 46 | 46 | - | - |
| 0.3% | 12,704 | 32 | 7 | 25 | - |
| 731 | - | 731 | - | ||
| 196 | - | 196 | - | ||
| 106 | - | 106 | - |
Other revenue and income - - - - - - - 6 6 855 0.7% Other financial income - - - - - - - 31 31 928 3.3% Purchases of electricity, gas and fuel 842 875 490 - 1 - 2,208 98 2,306 13,769 16.7% Costs for services and other materials 2 13 1,151 1 67 - 1,234 74 1,308 8,332 15.7% Other operating expenses - 103 5 1 - - 109 - 109 1,089 10.0%
risk management - - - - - - - (1) (1) (601) 0.2% Other financial expense - - 7 - - - 7 22 29 2,255 1.3%
| Cassa Depositi e | |||||
|---|---|---|---|---|---|
| Single Buyer | EMO | Prestiti Group | ESO | Other | |
| Income statement | |||||
| Revenue from sales and services | - | 786 | 1,306 | 167 | 76 |
| Other revenue and income | - | - | - | - | - |
| Other financial income | - | - | - | - | - |
| Purchases of electricity, gas and fuel | 1,524 | 1,687 | 592 | 199 | - |
| Costs for services and other materials | - | 28 | 1,351 | 2 | 63 |
| Other operating expenses | 1 | 133 | 3 | 1 | - |
| Net income/(expense) from commodity | |||||
| risk management | - | - | 13 | - | - |
| Other financial expense | - | - | 8 | - | - |
| Cassa Depositi e | |||||
|---|---|---|---|---|---|
| Single Buyer | EMO | Prestiti Group | ESO | Other | |
| Balance sheet | |||||
| Non-current derivative assets | - | - | - | - | - |
| Trade receivables | - | 45 | 573 | 15 | 13 |
| Current derivative assets | - | - | - | - | - |
| Other current financial assets | - | - | - | - | - |
| Other current assets | - | 23 | 69 | 89 | 1 |
| Long-term borrowings | - | - | 715 | - | - |
| Non-current contract liabilities | - | - | 2 | - | 6 |
| Current portion of long-term borrowings | - | - | 89 | - | - |
| Trade payables | 601 | 92 | 726 | 793 | 18 |
| Current derivative liabilities | - | - | - | - | - |
| Current contract liabilities | - | - | - | - | 1 |
| Other current liabilities | - | - | 16 | - | 9 |
| Other information | |||||
| Guarantees given | - | 250 | 354 | - | 164 |
| Guarantees received | - | - | 125 | - | 35 |
| Commitments | - | - | 9 | - | 4 |
| total | |
|---|---|
| 6.3% |
Interim report on operations
| % of total | Total in financial statements |
Overall total 1st Half 2019 |
Associates and joint arrangements |
Total 1st Half 2019 | Key management personnel |
|---|---|---|---|---|---|
| 6.3% | 39,492 | 2,477 | 142 | 2,335 | - |
| 0.3% | 1,475 | 5 | 5 | - | - |
| 5.8% | 847 | 49 | 49 | - | - |
| 20.1% | 20,388 | 4,093 | 91 | 4,002 | - |
| 17.1% | 8,849 | 1,512 | 68 | 1,444 | - |
| 10.5% | 1,315 | 138 | - | 138 | - |
| -6.4% | (188) | 12 | (1) | 13 | - |
| 0.7% | 2,103 | 15 | 7 | 8 | - |
| % of total | Total in financial statements |
Overall total at Dec. 31, 2019 |
Associates and joint arrangements |
Total at Dec. 31, 2019 |
Key management personnel |
| 1.1% | 1,383 | 15 | 15 | - | - |
| 6.8% | 13,083 | 896 | 250 | 646 | - |
| 0.2% | 4,065 | 8 | 8 | - | - |
| 0.6% | 4,305 | 27 | 27 | - | - |
| 5.9% | 3,115 | 183 | 1 | 182 | - |
| 54,174 1.3% |
715 | - | 715 | - |
|---|---|---|---|---|
| 6,301 2.4% |
151 | 143 | 8 | - |
| 3,409 2.6% |
89 | - | 89 | - |
| 12,960 17.7% |
2,291 | 61 | 2,230 | - |
| 3,554 0.2% |
8 | 8 | - | - |
| 1,328 2.9% |
39 | 38 | 1 | - |
| 13,161 0.2% |
30 | 5 | 25 | - |
| 768 | - | 768 | - | |
| 160 | - | 160 | - | |
| 13 | - | 13 | - |
The commitments entered into by the Enel Group and the guarantees given to third parties are summarized below.
| Millions of euro | |||
|---|---|---|---|
| at June 30, 2020 | at Dec. 31, 2019 | Change | |
| Guarantees issued: | |||
| - sureties and other guarantees granted to third parties | 11,636 | 11,078 | 558 |
| Commitments to suppliers for: | |||
| - electricity purchases | 72,759 | 97,472 | (24,713) |
| - fuel purchases | 42,196 | 48,016 | (5,820) |
| - various supplies | 1,388 | 1,034 | 354 |
| - tenders | 3,335 | 3,522 | (187) |
| - other | 4,141 | 3,391 | 750 |
| Total | 123,819 | 153,435 | (29,616) |
| TOTAL | 135,455 | 164,513 | (29,058) |
Commitments for electricity amounted to €72,759 million at June 30, 2020, of which €19,257 million refer to the period July 1, 2020-2024, €17,142 million to the period 2025-2029, €13,898 million to the period 2030-2034 and the remaining €22,462 million beyond 2034.
Commitments for the purchase of fuels are determined with reference to the contractual parameters and exchange rates applicable at the end of the period (given that fuel prices vary and are mainly set in foreign currencies). The total at June 30, 2020 amounted to €42,196 million, of which €21,327 million refer to the period July 1, 2020-2024, €11,616 million to the period 2025-2029, €6,478 million to the period 2030-2034 and the remaining €2,775 million beyond 2034.
Compared with the consolidated financial statements at December 31, 2019, which the reader is invited to consult for more information, the following main changes have occurred in contingent assets and liabilities.
With regard to the appeal lodged with the Court of Cassation on June 22, 2019 against the ruling of the Lecce Court of Appeal of February 8, 2019 concerning the criminal proceeding against a number of Enel Produzione employees on charges of criminal damage and dumping of hazardous substances with regard to the alleged contamination of land adjacent to the Brindisi Sud thermal plant with coal dust, the hearing initially scheduled for April 24, 2020 was postponed until October 1, 2020 owing to the COVID-19 health emergency. With regard to the proceedings before the Court of Vibo Valentia involving a number of Enel Produzione employees on charges of illegal waste disposal in connection with alleged violations concerning the disposal of waste from the Brindisi plant, the prosecution's expert witness testified at the hearing of February 24, 2020. Following the postponement of hearings in all criminal and civil proceedings as part of the measures to counter COVID-19, the hearings in this case are expected to resume on September 7, 2020.
With regard to the appeal proceedings pending before the Council of State against the rulings of the Lazio Regional Administrative Court of October 7, 2019, at the trial hearing of May 21, 2020, the rulings were taken up for decision. With an order of July 20, 2020, the Council of State (accepting a subordinate petition from the counsel defending the three companies), after the joinder of the three judgments, suspended the judgment and ordered that the issue be submitted for a preliminary ruling before the Court of Justice of the European Union pursuant to Article 267 of the Treaty on the Functioning of the European Union, formulating a number of questions aimed at clarifying the interpretation of the concept of "abuse of a dominant position" to be applied to the present case.
With regard to the proceeding initiated by Enel SpA and Enelpower SpA currently pending before the Rome Court of Appeal asking the Court to ascertain the liability of BEG SpA for having evaded compliance with the arbitration ruling issued in Italy in favor of Enelpower SpA through the legal action taken by Albania BEG Ambient Shpk, the hearing scheduled for May 7, 2020 was postponed until February 18, 2021 owing to the COVID-19 health emergency.
With regard to the proceeding initiated by Albania BEG Ambient Shpk to render the ruling of the Albanian court enforceable in France, the hearing initially scheduled before the Paris Court of Appeal for June 9, 2020 was postponed to a date to be determined owing to the COVID-19 health emergency. The exchange of briefs between the parties is still under way.
With regard to suit filed by Albania BEG Ambient Shpk to render the ruling of the Albanian court enforceable in the Netherlands, on December 3, 2019, the Amsterdam Court of Appeal issued a ruling in which it quashed the trial court judgment of June 29, 2016, rejecting any claim made by Albania BEG Ambient Shpk. The Court came to this conclusion after affirming its jurisdiction over Albania BEG Ambient Shpk's subordinate claim and re-analyzing the merits of the case under Albanian law. Enel and Enelpower are therefore not liable to pay any amount to Albania BEG Ambient Shpk, which was in fact ordered by the Court of Appeal to reimburse the appellant companies for the losses incurred in illegitimate conservative seizures, to be quantified as part of a specific procedure, and the costs of the trial and appeal proceedings. On March 3, 2020, it was learned that Albania BEG Ambient Shpk had filed an appeal with the Supreme Court of the Netherlands. On April 3, 2020, Enel and Enelpower appeared before the Supreme Court and the exchange of briefs between the parties is under way.
With regard to the first of six suits filed in 1999 regarding the years from 1995 to 1999 by Cibran against Ampla to obtain damages for alleged losses incurred as a result of the interruption of electricity service by the Brazilian distribution company, on December 16, 2016, Cibran filed an appeal (Recurso Especial) against the ruling in Ampla's favor before the Tribunal Superior de Justiça, which was denied on June 19, 2020.
With regard to the arbitration proceedings initiated against Codensa and Emgesa by the Grupo Energía de Bogotá (GEB) and now joined into two separate proceedings for each company, on February 24, 2020, GEB filed a revision of the arbitration petition filed against Emgesa, including, among other things, claims concerning the failure to pursue the corporate purpose and abuse of the exercise of voting rights by Enel Américas and its directors. Emgesa filed a defense brief challenging GEB's new claims. Both of the two suits launched against Emgesa and Codensa are currently suspended due to negotiations by agreement of the parties. The value of the disputes is undetermined and the proceedings are both in the preliminary phase.
With regard to the proceeding to void the VEG Indemnity Agreement, the appeal filed by Vodohospodárska Výstavba Štátny Podnik (VV) was denied, upholding the trial court decision in favor of Slovenské elektrárne (SE). VV filed a further appeal (dovolanie) against that decision on March 9, 2020, to which SE replied with a brief submitted on June 8, 2020.
With regard to the suits filed by VV against SE for alleged unjustified enrichment on the part of the latter (estimated at about €360 million plus interest) for the period from 2006 to 2015: (i) for 2006, 2007 and 2008, at the hearing of June 26, 2019, the Court of Bratislava denied the claims of both parties for procedural reasons. The ruling in first instance was appealed by both VV and SE and a decision is pending; (ii) for the proceeding regarding 2009, the Court of Bratislava scheduled the first hearing for September 8, 2020; (iii) with regard to the proceeding concerning 2010 and 2013, the exchange of final pleadings was completed and the hearing of the court of first instance, initially scheduled for May 12, 2020, was postponed until October 6, 2020; and (iv) with regard to the proceeding concerning 2014, the hearing of the court of first instance scheduled for March 31, 2020 was cancelled with no indication of a new date. Finally, in the proceeding brought by VV before the Court of Bratislava asking for SE to return the fee for the transfer from SE to VV of the technology assets of the Gabcˇíkovo plant, the hearing originally scheduled for March 12, 2020 was first postponed until May 28, 2020 and then to October 1, 2020.
The "recurso de aclaración y adición" filed by Chucas on September 11, 2019 with the Supreme Court of Costa Rica was partially upheld on June 8, 2020. The Court's decision expanded on the ruling of September 5, 2019 with information concerning the admission of evidence deposited by Chucas without, however, modifying the decision concerning the voidance of the arbitration award. On July 15, 2020, Chucas filed a request for arbitration with the Costa Rican-American Chamber of Commerce (AMCHAM CICA).
On January 15, 2020 the Supreme Court of Chile issued a ruling upholding the decision of the Santiago Court of Appeal reducing the fine levied on GasAtacama Chile by the Superintendencia de Electricidad y Combustibles (SEC) on August 4, 2016 concerning information provided by GasAtacama Chile to the Centro de Despacho Económico de Carga (CDEC-SING) between January 1, 2011 and October 29, 2015 from about \$6 million to around \$300,000. The decision became definitive and on March 12, 2020, GasAtacama Chile paid the fine in the amount confirmed by the Supreme Court of Chile.
On November 4, 2014, the Brazilian tax authorities issued an assessment against Endesa Brasil SA (now Enel Brasil SA) alleging the failure to apply withholding tax to payments of allegedly higher dividends to non-resident recipients.
More specifically, in 2009, Endesa Brasil, as a result of the first-time application of the IFRS-IAS, had cancelled goodwill, recognizing the effects in equity, on the basis of the correct application of the accounting standards it had adopted. The Brazilian tax authorities, however, asserted – during an audit – that the accounting treatment was incorrect and that the effects of the cancellation should have been recognized through profit or loss. As a result, the corresponding value (about €202 million) was reclassified as a payment of income to non-residents and, therefore, subject to withholding tax of 15%.
It should be noted that the accounting treatment adopted by the company was agreed with the external auditor and also confirmed by a specific legal opinion issued by a local firm. The first two levels of the administrative courts ruled for the tax authorities. At the third level of jurisdiction the company's appeal was denied for formal reasons. Yet a further appeal of the decision was also denied and the company continues to defend its actions and the appropriateness of the accounting treatment in court.
The overall amount involved in the dispute at June 30, 2020 was about €58 million.
On July 7, 2020, Enel SpA announced that it had increased its stake in its Chilean subsidiary Enel Chile SA (Enel Chile) to 64.9% of the company's share capital, settling two share swap transactions entered into in December 2019 with a financial institution to acquire up to 3% of the share capital of Enel Chile, as announced to the financial markets at the time. The transactions, which were funded with cash flow from operations, are in line with the Enel Group's announced objective to increase its stake in the Group's companies operating in South America, buying out minorities.
On July 8, 2020, Enel announced that it had established a company for the recovery and conversion of unused areas and structures adjacent to power plants in Italy, located near strategic sites such as ports, airports and interports, to be used as customs warehouses for logistics, handling and storage of goods. The first two pilot sites could be operational at the beginning of 2021, with the collaboration of local officials, in the areas of the Eugenio Montale plant in La Spezia and the site of the Marzocco plant in Livorno.
The reuse of existing structures, in keeping with the principles of the circular economy, will generate significant environmental benefits, thanks to the extension of the life of the areas to be converted, economic benefits, with the development of existing skills and assets, and social benefits, through the creation of new jobs.
Enel, in its role as a leader of the energy transition, has placed decarbonization and growth of renewables around the world at the center of its strategy. The 2020-2022 Strategic Plan provides for a significant increase in installed renewables capacity, from the current 46 GW to 60 GW at the end of 2022, and the progressive reduction of coal-fired capacity and generation. More specifically, it is expected that such capacity will decrease by more than 40% in 2022 compared with 2019. In order to manage renewable and thermal generation assets around the world in an integrated manner and guide and accelerate its transformation, Enel therefore created a new Business Line in 2019.
In this context, on June 2, 2020, Enel began restructuring the activities associated with the energy transition process, which will involve thermal generation plants in all the geographical areas in which the Group operates. The consequent revision of processes and operating models will require changes in the roles and skills of employees, which the Group intends to implement with highly sustainable plans based on redeployment programs, with major upskilling and reskilling plans and voluntary individual early retirement agreements that will involve around 1,300 people worldwide.
The Group will define and launch these initiatives over the next two years, incurring a one-time charge of about €0.4 billion, which will not be included in the calculation of the Group's ordinary EBITDA and ordinary net profit and, therefore, will not have an impact on Enel's dividend policy.
The restructuring plan will be implemented with procedures and timing that will differ in the various countries in which we are present, initiating the appropriate dialogue with local communities and the competent institutions and social partners.
Declaration of the Chief Executive Officer and the officer responsible for the preparation of the corporate financial documentation
Declaration of the Chief Executive Officer and the officer responsible for the preparation of the corporate financial documentation regarding the condensed interim consolidated financial statements of the Enel Group at June 30, 2020, pursuant to the provisions of Article 154-bis, paragraph 5, of Legislative Decree 58 of February 24, 1998 and Article 81-ter of CONSOB Regulation 11971 of May 14, 1999
Rome, July 29, 2020
| Francesco Starace | Alberto De Paoli |
|---|---|
| Chief Executive Officer of Enel SpA | Officer responsible for the preparation of the financial reports of Enel SpA |
KPMG S.p.A. Revisione e organizzazione contabile Via Ettore Petrolini, 2 00197 ROMA RM Telefono +39 06 80961.1 Email [email protected] PEC [email protected]
(Translation from the Italian original which remains the definitive version)
To the Shareholders of Enel S.p.A.
We have reviewed the accompanying condensed interim consolidated financial statements of the Enel Group comprising the income statement, statement of comprehensive income, balance sheet, statement of changes in shareholders' equity, statement of cash flows and notes thereto, as at and for the six months ended 30 June 2020. The parent's directors are responsible for the preparation of these condensed interim consolidated financial statements in accordance with the International Financial Reporting Standard applicable to interim financial reporting (IAS 34), endorsed by the European Union. Our responsibility is to express a conclusion on these condensed interim consolidated financial statements based on our review.
We conducted our review in accordance with Consob (the Italian Commission for Listed Companies and the Stock Exchange) guidelines set out in Consob resolution no. 10867 dated 31 July 1997. A review of condensed interim consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA Italia) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the condensed interim consolidated financial statements.
Based on our review, nothing has come to our attention that causes us to believe that the condensed interim consolidated financial statements of the Enel Group as at and for the six months ended 30 June 2020 have not been prepared, in all material respects, in accordance with the International Financial Reporting Standard applicable to interim financial reporting (IAS 34), endorsed by the European Union.
KPMG S.p.A. è una società per azioni di diritto italiano e fa parte del network KPMG di entità indipendenti affiliate a KPMG International Cooperative ("KPMG International"), entità di diritto svizzero.
Ancona Aosta Bari Bergamo Bologna Bolzano Brescia Catania Como Firenze Genova Lecce Milano Napoli Novara Padova Palermo Parma Perugia Pescara Roma Torino Treviso Trieste Varese Verona
Società per azioni Capitale sociale Euro 10.415.500,00 i.v. Registro Imprese Milano e Codice Fiscale N. 00709600159 R.E.A. Milano N. 512867 Partita IVA 00709600159 VAT number IT00709600159 Sede legale: Via Vittor Pisani, 25 20124 Milano MI ITALIA
Enel Group Report on review of condensed interim consolidated financial statements 30 June 2020
The consolidated financial statements of the previous year and the condensed interim consolidated financial statements as at and for the six months ended 30 June 2019 have been respectively audited and reviewed by another auditor who expressed an unmodified opinion on the consolidated financial statements and an unmodified conclusion on the condensed interim consolidated financial statements on 8 April 2020 and on 2 August 2019, respectively.
Rome, 31 July 2020
KPMG S.p.A.
(signed on the original)
Renato Naschi Director of Audit
In compliance with CONSOB Notice DEM/6064293 of July 28, 2006, a list of subsidiaries and associates of Enel SpA at June 30, 2020, pursuant to Article 2359 of the Italian Civil Code, and of other significant equity investments is provided below. Enel has full title to all investments.
The following information is included for each company: name, registered office, country, share capital, currency in which share capital is denominated, activity, method of consolidation, Group companies that have a stake in the company and their respective ownership share, and the Group's ownership share.
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Parent Company | |||||||||
| Enel SpA | Rome | Italy | 10,166,679,946.00 | EUR | Holding | Holding | 100.00% | ||
| Subsidiaries | |||||||||
| 4814 Investments LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Aced Renewables Hidden Valley (RF) (Pty) Ltd |
Johannesburg | South Africa | 1,000.00 | ZAR | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power RSA 2 (RF) (Pty) Ltd |
60.00% | 60.00% |
| ACEFAT AIE | Barcelona | Spain | 793,340.00 | EUR | Design and services | - | Edistribución Redes Digitales SL (Sociedad Unipersonal) |
14.29% | 10.01% |
| Activation Energy Limited |
Dublin | Ireland | 100,000.00 | EUR | Renewable energy | Line-by-line | EnerNOC Ireland Limited |
100.00% | 100.00% |
| Adams Solar PV Project Two (RF) (Pty) Ltd |
Johannesburg | South Africa | 10,000,000.00 | ZAR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power RSA (Pty) Ltd |
60.00% | 60.00% |
| Adria Link Srl | Gorizia | Italy | 300,297.00 | EUR | Design, construction and operation of merchant lines |
Equity | Enel Produzione SpA |
50.00% | 50.00% |
| Aero-tanna Srl | Rome | Italy | 15,000.00 | EUR | Renewable energy | Line-by-line | Enel Green Power Italia Srl |
100.00% | 100.00% |
| Agassiz Beach LLC | Minneapolis | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Chi Minnesota Wind LLC |
51.00% | 51.00% |
| Agatos Green Power Trino Srl |
Rome | Italy | 10,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Solar Energy Srl |
80.00% | 80.00% |
| Aguilón 20 SA | Zaragoza | Spain | 2,682,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
51.00% | 35.75% |
| Alba Energia Ltda | Niterói | Brazil | 16,045,169.00 | BRL | Development, design, construction and operation of plants |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Albany Solar LLC | Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Aurora Distributed Solar LLC |
100.00% | 73.51% |
| Alliance SA | Managua | Nicaragua | 6,180,150.00 | NIO | - | Equity | Ufinet Latam SLU | 49.90% | 10.28% |
| Almeyda Solar SpA Santiago de Chile | Chile | 1,736,965,000.00 | CLP | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Chile SA |
100.00% | 64.55% | |
| Almussafes Servicios Energéticos SL |
Barcelona | Spain | 3,010.00 | EUR | Management and maintenance of power plants |
Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Alpe Adria Energia Srl |
Udine | Italy | 900,000.00 | EUR | Design, construction and operation of merchant lines |
Line-by-line | Enel Produzione SpA |
50.00% | 50.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Alta Farms Wind Project II LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Alvorada Energia SA |
Niterói | Brazil | 22,017,415.92 | BRL | Electricity generation and sale |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Ampla Energia e Serviços SA |
Niterói | Brazil | 2,498,230,386.65 | BRL | Electricity generation, transmission and distribution |
Line-by-line | Enel Brasil SA | 99.73% | 63.97% |
| Annandale Solar LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Aurora Distributed Solar LLC |
100.00% | 73.51% |
| Apiacás Energia SA | Niterói | Brazil | 14,216,846.33 | BRL | Electricity generation | Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Aquilla Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Aragonesa de Actividades Energéticas SA |
Teruel | Spain | 60,100.00 | EUR | Electricity generation | Line-by-line | Endesa Red SA (Sociedad Unipersonal) |
100.00% | 70.10% |
| Aranort Desarrollos SL |
Madrid | Spain | 3,010.00 | EUR | Wind plants | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Asociación Nuclear Ascó-Vandellós II AIE |
Tarragona | Spain | 19,232,400.00 | EUR | Management and maintenance of power plants |
Proportional | Endesa Generación SA |
85.41% | 59.87% |
| Athonet France SASU |
Paris | France | 50,000.00 | EUR | ICT | - | Athonet Srl | 100.00% | 16.00% |
| Athonet Srl | Trieste | Italy | 6,892,757.00 | EUR | - | - | Enel X Srl | 16.00% | 16.00% |
| Athonet UK Ltd | Battle, East Sussex |
United Kingdom | 1.00 | GBP | Telecommunications | - | Athonet Srl | 100.00% | 16.00% |
| Athonet USA Inc. | Wilmington | USA | 1.00 | USD | Any legal activity | - | Athonet Srl | 100.00% | 16.00% |
| Atwater Solar LLC | Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Aurora Distributed Solar LLC |
100.00% | 73.51% |
| Aurora Distributed Solar LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Aurora Solar Holdings LLC |
73.51% | 73.51% |
| Aurora Land Holdings LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Aurora Solar Holdings LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Aurora Wind Holdings LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Aurora Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Autumn Hills LLC | Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Chi Minnesota Wind LLC |
51.00% | 51.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Avikiran Energy India Private Limited |
Gurugram | India | 100,000.00 | INR | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power India Private Limited (formerly BLP Energy Private Limited) |
100.00% | 100.00% |
| Avikiran Solar India Private Limited |
New Delhi | India | 100,000.00 | INR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power India Private Limited (formerly BLP Energy Private Limited) |
100.00% | 100.00% |
| Avikiran Surya India Private Limited |
Gurugram | India | 100,000.00 | INR | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power India Private Limited (formerly BLP Energy Private Limited) |
100.00% | 100.00% |
| Avikiran Vayu India Private Limited |
Gurugram | India | 100,000.00 | INR | Electricity generation, distribution and sale |
Line-by-line | Enel Green Power India Private Limited (formerly BLP Energy Private Limited) |
100.00% | 100.00% |
| Azure Sky Solar Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Azure Sky Wind Holdings LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Azure Sky Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Azure Sky Wind Storage LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Baikal Enterprise SL |
Palma de Mallorca | Spain | 3,006.00 | EUR | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Baleares Energy SL |
Palma de Mallorca | Spain | 4,509.00 | EUR | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Barnwell County Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Baylio Solar SLU | Seville | Spain | 3,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Beaver Falls Water Power Company |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Beaver Valley Holdings LLC |
67.50% | 67.50% |
| Beaver Valley Holdings LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Belomechetskaya WPS |
Moscow | Russian Federation |
3,010,000.00 | RUB | Renewable energy | Line-by-line | Enel Green Power Rus Limited Liability Company |
100.00% | 100.00% |
| Bioenergy Casei Gerola Srl |
Rome | Italy | 100,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Italia Srl |
100.00% | 100.00% |
| Bison Meadows Wind Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Blue Star Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| BluRe M.A. | Manternach | Luxembourg | 6,400,000.00 | EUR | Insurance | - | Slovenské elektrárne AS |
5.00% | 1.65% |
| Bogaris PV1 SLU | Seville | Spain | 3,000.00 | EUR | Photovoltaic plants | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Boiro Energía SA | Boiro | Spain | 601,010.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power España SL |
40.00% | 28.04% |
| Bondia Energia Ltda |
Niterói | Brazil | 2,950,888.00 | BRL | Development, design, construction and operation of plants |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Bosa del Ebro SL | Zaragoza | Spain | 3,010.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
51.00% | 35.75% |
| Bottom Grass Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Boujdour Wind Farm |
Casablanca | Morocco | 300,000.00 | MAD | Development, design, construction and operation of plants |
Equity | Nareva Enel Green Power Morocco SA |
90.00% | 45.00% |
| Bp Hydro Associates |
Boise | USA | - | USD | Electricity generation from renewable resources |
AFS | Chi Idaho LLC Enel Green Power North America Inc. |
68.00% 32.00% |
100.00% |
| Bp Hydro Finance Partnership |
Salt Lake City | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Bp Hydro Associates Enel Green Power North America Inc. |
75.92% 24.08% |
100.00% |
| Bravo Dome Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Brazoria County Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Brazoria West Solar Project LLC |
Andover | USA | - | USD | Electricity generation, transportation, sale and trading |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Brazos Flat Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Broadband Comunicaciones SA |
Quito | Ecuador | 30,290.00 | USD | - | Equity | Ufinet Ecuador Ufiec SA Ufinet Latam SLU |
99.99% 0.01% |
20.60% |
| Buffalo Dunes Wind Project LLC |
Topeka | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | EGPNA Development Holdings LLC |
75.00% | 75.00% |
| Buffalo Jump LP | Alberta | Canada | 10.00 | CAD | Holding | Line-by-line | Enel Alberta Wind Inc. Enel Green Power Canada Inc. |
0.10% 99.90% |
100.00% |
| Buffalo Spirit Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Bungala One Finco (Pty) Ltd |
Sydney | Australia | 1,000.00 | AUD | Electricity generation from renewable resources |
Equity | Bungala One Property (Pty) Ltd |
100.00% | 51.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Bungala One Operation Holding Trust |
Sydney | Australia | 100.00 | AUD | Renewable energy | Equity | Enel Green Power Bungala (Pty) Ltd |
50.00% | 50.00% |
| Bungala One Operations Holding (Pty) Ltd |
Sydney | Australia | 100.00 | AUD | Electricity generation from renewable resources |
Equity | Enel Green Power Bungala (Pty) Ltd |
51.00% | 51.00% |
| Bungala One Operations (Pty) Ltd |
Sydney | Australia | 1,000.00 | AUD | Electricity generation from renewable resources |
Equity | Bungala One Operations Holding (Pty) Ltd |
100.00% | 51.00% |
| Bungala One Operations Trust |
Sydney | Australia | - | AUD | Renewable energy | Equity | Bungala One Operations Holding (Pty) Ltd |
100.00% | 51.00% |
| Bungala One Property (Pty) Ltd |
Sydney | Australia | 1,000.00 | AUD | Electricity generation from renewable resources |
Equity | Bungala One Property Holding (Pty) Ltd |
100.00% | 51.00% |
| Bungala One Property Holding (Pty) Ltd |
Sydney | Australia | 100.00 | AUD | Electricity generation from renewable resources |
Equity | Enel Green Power Bungala (Pty) Ltd |
51.00% | 51.00% |
| Bungala One Property Holding Trust |
Sydney | Australia | 100.00 | AUD | Electricity generation from renewable resources |
Equity | Enel Green Power Bungala (Pty) Ltd |
50.00% | 50.00% |
| Bungala One Property Trust |
Sydney | Australia | - | AUD | Electricity generation from renewable resources |
Equity | Bungala One Property Holding (Pty) Ltd |
100.00% | 51.00% |
| Bungala Two Finco (Pty) Ltd |
Sydney | Australia | - | AUD | Electricity generation from renewable resources |
Equity | Bungala Two Property (Pty) Ltd |
100.00% | 51.00% |
| Bungala Two Operations Holding (Pty) Ltd |
Sydney | Australia | - | AUD | Electricity generation from renewable resources |
Equity | Enel Green Power Bungala (Pty) Ltd |
51.00% | 51.00% |
| Bungala Two Operations Holding Trust |
Sydney | Australia | - | AUD | Renewable energy | Equity | Enel Green Power Bungala (Pty) Ltd |
50.00% | 50.00% |
| Bungala Two Operations (Pty) Ltd |
Sydney | Australia | - | AUD | Renewable energy | Equity | Bungala Two Operations Holding (Pty) Ltd |
100.00% | 51.00% |
| Bungala Two Operations Trust |
Sydney | Australia | - | AUD | Renewable energy | Equity | Bungala Two Operations Holding (Pty) Ltd |
100.00% | 51.00% |
| Bungala Two Property Holding (Pty) Ltd |
Sydney | Australia | - | AUD | Electricity generation from renewable resources |
Equity | Enel Green Power Bungala (Pty) Ltd |
51.00% | 51.00% |
| Bungala Two Property Holding Trust |
Sydney | Australia | - | AUD | Renewable energy | Equity | Enel Green Power Bungala (Pty) Ltd |
50.00% | 50.00% |
| Bungala Two Property (Pty) Ltd |
Sydney | Australia | - | AUD | Renewable energy | Equity | Bungala Two Property Holding (Pty) Ltd |
100.00% | 51.00% |
| Bungala Two Property Trust |
Sydney | Australia | 1.00 | AUD | Renewable energy | Equity | Bungala Two Property Holding (Pty) Ltd |
100.00% | 51.00% |
| Business Venture Investments 1468 (Pty) Ltd |
Johannesburg | South Africa | 100.00 | ZAR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power RSA (Pty) Ltd |
100.00% | 100.00% |
| Butterfly Meadows Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| C&C Castelvetere Srl |
Rome | Italy | 100,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Italia Srl |
100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| C&C Uno Energy Srl |
Rome | Italy | 118,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Italia Srl |
100.00% | 100.00% |
| Canastota Wind Power LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Fenner Wind Holdings LLC |
100.00% | 100.00% |
| Caney River Wind Project LLC |
Overland Park | USA | - | USD | Electricity generation from renewable resources |
Equity | Rocky Caney Wind LLC |
100.00% | 20.00% |
| Carbopego - Abastecimientos e Combustíveis SA |
Lisbon | Portugal | 50,000.00 | EUR | Fuel supply | Equity | Endesa Generación Portugal SA Endesa Generación SA |
0.01% 49.99% |
35.05% |
| Cascade Energy Storage LLC |
Wilmington | USA | - | USD | Renewable energy | Line-by-line | Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) |
100.00% | 100.00% |
| Castiblanco Solar SL |
Madrid | Spain | 3,000.00 | EUR | Photovoltaic | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Castle Rock Ridge Limited Partnership |
Alberta | Canada | - | CAD | Electricity generation from renewable resources |
Line-by-line | Enel Alberta Wind Inc. Enel Green Power Canada Inc. |
0.10% 99.90% |
100.00% |
| Catalana d'Iniciatives SCR SA |
Barcelona | Spain | 30,862,800.00 | EUR | Holding | - | Endesa Red SA (Sociedad Unipersonal) |
0.94% | 0.66% |
| Ccp.Ro Bucharest SA |
Bucharest | Romania | 79,800,000.00 | RON | Finance company | - | Enel Romania SA | 9.52% | 9.52% |
| Cdec - Sic Ltda | Santiago de Chile | Chile | 709,783,206.00 | CLP | - | - | Empresa Eléctrica Panguipulli SA |
6.00% | 3.87% |
| Cedar Run Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Celg Distribuição SA - Celg D |
Goiás | Brazil | 5,075,679,362.52 | BRL | Electricity distribution and sale |
Line-by-line | Enel Brasil SA | 99.96% | 64.12% |
| Central Dock Sud SA |
Buenos Aires | Argentina | 1,231,270,567.54 | ARS | Electricity generation, transmission and distribution |
Line-by-line | Enel Argentina SA Inversora Dock Sud SA |
0.25% 69.99% |
25.82% |
| Central Geradora Fotovoltaica Bom Nome Ltda |
Salvador | Brazil | 4,859,739.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Central Geradora Fotovoltaica São Francisco Ltda |
Niterói | Brazil | 11,687,672.00 | BRL | Energy services | Line-by-line | Enel Brasil SA Enel X Brasil SA |
0.00% 100.00% |
64.14% |
| Central Geradora Termelétrica Fortaleza SA |
Fortaleza | Brazil | 151,935,779.00 | BRL | Thermal generation plants |
Line-by-line | Enel Brasil SA | 100.00% | 64.14% |
| Central Hidráulica Güejar-Sierra SL |
Seville | Spain | 364,213.34 | EUR | Plant operation | Equity | Enel Green Power España SL |
33.30% | 23.34% |
| Central Térmica de Anllares AIE |
Madrid | Spain | 595,000.00 | EUR | Plant operation | Equity | Endesa Generación SA |
33.33% | 23.36% |
| Central Vuelta de Obligado SA |
Buenos Aires | Argentina | 500,000.00 | ARS | Electrical facilities construction |
Equity | Central Dock Sud SA Enel Generación Costanera SA Enel Generación El Chocón SA |
6.40% 1.30% 33.20% |
16.28% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Centrales Nucleares Almaraz Trillo AIE |
Madrid | Spain | - | EUR | Plant operation | Equity | Endesa Generación SA Nuclenor SA |
23.57% 0.69% |
16.76% |
| Centrum Pre Vedu A Vyskum SRO |
Kalná Nad Hronom | Slovakia | 6,639.00 | EUR | Research and development in sciences and engineering |
Equity | Slovenské elektrárne AS |
100.00% | 33.00% |
| CESI - Centro Elettrotecnico Sperimentale Italiano Giacinto Motta SpA |
Milan | Italy | 8,550,000.00 | EUR | Testing, inspection and certification services, engineering and consulting services |
Equity | Enel SpA | 42.70% | 42.70% |
| Champagne Storage LLC |
Wilmington | USA | 1.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) |
100.00% | 100.00% |
| Cherokee Falls Hydroelectric Project LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Cheyenne Ridge Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Chi Black River LLC | Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Chi Idaho LLC | Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Chi Minnesota Wind LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Chi Operations Inc. | Andover | USA | 100.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Chi Power Inc. | Naples | USA | 100.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Chi Power Marketing Inc. |
Wilmington | USA | 100.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Chi West LLC | San Francisco | USA | 100.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Chinango SAC | San Miguel | Peru | 295,249,298.00 | SOL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Generación Perú SAA |
80.00% | 42.90% |
| Chisago Solar LLC | Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Aurora Distributed Solar LLC |
100.00% | 73.51% |
| Chisholm View II Holding LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Chisholm View Wind Project II LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Chisholm View II Holding LLC |
62.79% | 62.79% |
| Chisholm View Wind Project LLC |
New York | USA | - | USD | Electricity generation from renewable resources |
Equity | EGPNA REP Wind Holdings LLC |
100.00% | 20.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Cimarron Bend Assets LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Cimarron Bend Wind Project I LLC Cimarron Bend Wind Project II LLC Cimarron Bend Wind Project III LLC Enel Kansas LLC |
49.00% 49.00% 1.00% 1.00% |
100.00% |
| Cimarron Bend Wind Holdings I LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Cimarron Bend Wind Holdings II LLC |
100.00% | 100.00% |
| Cimarron Bend Wind Holdings II LLC |
Dover | USA | 100.00 | USD | Holding | Line-by-line | Cimarron Bend Wind Holdings LLC |
100.00% | 100.00% |
| Cimarron Bend Wind Holdings III LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Cimarron Bend Wind Holdings LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Cimarron Bend Wind Project I LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Cimarron Bend Wind Holdings I LLC |
100.00% | 100.00% |
| Cimarron Bend Wind Project II LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Cimarron Bend Wind Holdings I LLC |
100.00% | 100.00% |
| Cimarron Bend Wind Project III LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Cimarron Bend Wind Holdings III LLC |
100.00% | 100.00% |
| CivDrone | Haifa | Israel | 1,093,350.00 | ILS | Research and development |
- | Enel Global Infrastructure and Networks Srl |
4.27% | 4.27% |
| Clear Sky Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Clinton Farms Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Codensa SA ESP | Bogotá | Colombia | 13,487,545,000.00 | COP | Electricity distribution and sale |
Line-by-line | Enel Américas SA | 48.30% | 30.98% |
| Cogein Sannio Srl | Rome | Italy | 10,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Italia Srl |
100.00% | 100.00% |
| Cogeneración El Salto SL |
Zaragoza | Spain | 36,060.73 | EUR | Cogeneration of electricity and heat |
Equity | Enel Green Power España SL |
20.00% | 14.02% |
| Cogenio Srl | Rome | Italy | 2,310,000.00 | EUR | - | Equity | Enel.si Srl | 20.00% | 20.00% |
| Cohuna Solar Farm (Pty) Ltd |
Sydney | Australia | 100.00 | AUD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Cohuna Holdings (Pty) Ltd |
100.00% | 100.00% |
| Cohuna Solar Farm Trust |
Sydney | Australia | 1.00 | AUD | Renewable energy | Line-by-line | Enel Green Power Cohuna Trust |
100.00% | 100.00% |
| Comanche Crest Ranch LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Comercializadora Eléctrica de Cádiz SA |
Cádiz | Spain | 600,000.00 | EUR | Electricity transmission, distribution and sale |
Equity | Endesa Red SA (Sociedad Unipersonal) |
33.50% | 23.48% |
| Compagnia Porto di Civitavecchia SpA in liquidation |
Rome | Italy | 14,730,800.00 | EUR | Construction of port infrastructure |
Equity | Enel Produzione SpA |
25.00% | 25.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Companhia Energética do Ceará - Coelce |
Fortaleza | Brazil | 892,246,885.77 | BRL | Electricity distribution | Line-by-line | Enel Brasil SA | 74.05% | 47.50% |
| Compañía de Transmisión del Mercosur Ltda - CTM |
Buenos Aires | Argentina | 14,012,000.00 | ARS | Electricity generation, transmission and distribution |
Line-by-line | Enel CIEN SA Enel SpA |
100.00% 0.00% |
64.15% |
| Compañía Energética Veracruz SAC |
San Miguel | Peru | 2,886,000.00 | SOL | Hydroelectric projects Line-by-line | Enel Perú SAC | 100.00% | 64.14% | |
| Compañía Eólica Tierras Altas SA |
Soria | Spain | 13,222,000.00 | EUR | Wind plants | Equity | Compañía Eólica Tierras Altas SA Enel Green Power España SL |
5.00% 35.63% |
26.29% |
| Concert Srl | Rome | Italy | 10,000.00 | EUR | Product, plant and equipment certification Line-by-line |
Enel Global Thermal Generation Srl |
100.00% | 100.00% | |
| Coneross Power Corporation Inc. |
Greenville | USA | 110,000.00 | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% | |
| CONSEL - Consorzio ELIS per la formazione professionale superiore |
Rome | Italy | 51,000.00 | EUR | Training | Equity | OpEn Fiber SpA | 1.00% | 0.50% |
| Consolidated Hydro New Hampshire LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Consolidated Hydro Southeast LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Consolidated Pumped Storage Inc. |
Wilmington | USA | 550,000.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 81.83% |
81.83% | |
| Consorzio Civita in liquidation |
Rome | Italy | 156,000.00 | EUR | - | - | Enel SpA | 33.30% | 33.30% |
| Conza Green Energy Srl |
Rome | Italy | 73,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Italia Srl |
100.00% | 100.00% |
| Copper Landing Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Corporación Empresarial de Extremadura SA |
Badajoz | Spain | 44,538,000.00 | EUR | Regional development - | Endesa SA | 1.01% | 0.71% | |
| Corporación Eólica de Zaragoza SL |
La Puebla de Alfindén |
Spain | 271,652.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power España SL |
25.00% | 17.53% |
| Cow Creek Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Danax Energy (Pty) Ltd |
Sandton | South Africa | 100.00 | ZAR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power RSA (Pty) Ltd |
100.00% | 100.00% |
| De Rock Int'l Srl | Bucharest | Romania | 5,629,000.00 | RON | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Romania Srl Enel Green Power SpA |
100.00% 0.00% |
100.00% |
| Dehesa de los Guadalupes Solar SLU |
Seville | Spain | 3,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Dehesa PV Farm 03 SLU |
Madrid | Spain | 3,000.00 | EUR | Photovoltaic systems | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Dehesa PV Farm 04 SLU |
Madrid | Spain | 3,000.00 | EUR | Photovoltaic plants | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Depuración Destilación Reciclaje SL |
Boiro | Spain | 600,000.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power España SL |
40.00% | 28.04% |
| Derivex SA | Bogotá | Colombia | 715,292,000.00 | COP | Finance company | - | Emgesa SA ESP | 5.00% | 1.55% |
| Desarrollo de Fuerzas Renovables S de RL de Cv |
Mexico City | Mexico | 33,101,350.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Green Power México S de RL de Cv Energía Nueva Energía Limpia Mexico S de RL de Cv |
99.99% 0.01% |
100.00% |
| Di.T.N.E. - Distretto Tecnologico Nazionale sull'Energia Società Consortile a Responsabilità Limitata |
Rome | Italy | 398,321.50 | EUR | Research and development in natural sciences and engineering |
- | Enel Produzione SpA |
1.89% | 1.89% |
| Diamond Vista Holdings LLC |
Wilmington | USA | 1.00 | USD | Holding | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Distribuidora de Energía Eléctrica del Bages SA |
Barcelona | Spain | 108,240.00 | EUR | Electricity distribution and sale |
Line-by-line | Endesa Red SA (Sociedad Unipersonal) Hidroeléctrica de Catalunya SL |
55.00% 45.00% |
70.10% |
| Distribuidora Eléctrica del Puerto de La Cruz SA |
Santa Cruz de Tenerife |
Spain | 12,621,210.00 | EUR | Electricity purchase, transmission and distribution |
Line-by-line | Endesa Red SA (Sociedad Unipersonal) |
100.00% | 70.10% |
| Distrilec Inversora SA |
Buenos Aires | Argentina | 497,612,021.00 | ARS | Holding | Line-by-line | Enel Américas SA | 51.50% | 33.03% |
| Dmd Holding AS in liquidation |
Trenčín-Zlatovce | Slovakia | 199,543,284.87 | EUR | Electricity generation | - | Slovenské elektrárne AS |
2.94% | 0.97% |
| Dodge Center Distributed Solar LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Aurora Distributed Solar LLC |
100.00% | 73.51% |
| Dolores Wind SA de Cv |
Mexico City | Mexico | 200.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Rinnovabile SA de Cv Hidroelectricidad del Pacífico S de RL de Cv |
99.00% 1.00% |
100.00% |
| Dominica Energía Limpia SA de Cv |
Mexico City | Mexico | 2,070,600,646.00 | MXN | Electricity generation from renewable resources |
Equity | Tenedora de Energía Renovable Sol y Viento SAPI de Cv |
60.80% | 20.00% |
| Dorset Ridge Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Dover Solar I LLC | Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Drift Sand Wind Holdings LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Equity | Enel Kansas LLC | 50.00% | 50.00% |
| Drift Sand Wind Project LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Equity | Drift Sand Wind Holdings LLC |
100.00% | 50.00% |
| Dwarka Vayu 1 Private Limited |
Gurgaon | India | 100,000.00 | INR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power India Private Limited (formerly BLP Energy Private Limited) |
100.00% | 100.00% |
| E.S.CO. Comuni Srl | Bergamo | Italy | 1,000,000.00 | EUR | Electricity generation | Line-by-line | YouSave SpA | 60.00% | 60.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Eastwood Solar LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Aurora Distributed Solar LLC |
100.00% | 73.51% |
| Edistribución Redes Digitales SL (Sociedad Unipersonal) |
Madrid | Spain | 1,204,540,060.00 | EUR | Electricity distribution | Line-by-line | Endesa Red SA (Sociedad Unipersonal) |
100.00% | 70.10% |
| E-Distribu ie Banat SA |
Timisoara | Romania | 382,158,580.00 | RON | Electricity distribution | Line-by-line | Enel SpA | 51.00% | 51.00% |
| E-Distribu ie Dobrogea SA |
Constan a | Romania | 280,285,560.00 | RON | Electricity distribution | Line-by-line | Enel SpA | 51.00% | 51.00% |
| E-Distribu ie Muntenia SA |
Bucharest | Romania | 271,635,250.00 | RON | Electricity distribution | Line-by-line | Enel SpA | 78.00% | 78.00% |
| e-distribuzione SpA | Rome | Italy | 2,600,000,000.00 | EUR | Electricity distribution | Line-by-line | Enel Italia SpA | 100.00% | 100.00% |
| EF Divesture LLC | Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Efficientya Srl | Bergamo | Italy | 100,000.00 | EUR | Testing, inspection and certification services, engineering and consulting services |
Equity | YouSave SpA | 50.00% | 50.00% |
| EGP Australia (Pty) Ltd |
Sydney | Australia | 10,000.00 | AUD | Holding. Energy services |
Line-by-line | Enel Green Power Australia (Pty) Ltd |
100.00% | 100.00% |
| EGP BioEnergy Srl | Rome | Italy | 1,000,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Puglia Srl |
100.00% | 100.00% |
| EGP Geronimo Holding Company Inc. |
Wilmington | USA | 1,000.00 | USD | Holding | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| EGP HoldCo 1 LLC | Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| EGP HoldCo 10 LLC |
Andover | USA | - | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| EGP HoldCo 11 LLC |
Andover | USA | - | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| EGP HoldCo 12 LLC |
Andover | USA | - | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| EGP HoldCo 13 LLC |
Andover | USA | - | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| EGP HoldCo 14 LLC |
Andover | USA | - | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| EGP HoldCo 15 LLC |
Andover | USA | - | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| EGP HoldCo 16 LLC |
Andover | USA | - | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| EGP HoldCo 17 LLC |
Andover | USA | - | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| EGP HoldCo 18 LLC |
Andover | USA | - | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| EGP HoldCo 2 LLC | Andover | USA | - | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| EGP HoldCo 3 LLC | Andover | USA | - | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| EGP HoldCo 4 LLC | Andover | USA | - | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| EGP HoldCo 5 LLC | Andover | USA | - | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| EGP HoldCo 6 LLC | Andover | USA | - | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| EGP HoldCo 7 LLC | Andover | USA | - | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| EGP HoldCo 8 LLC | Andover | USA | - | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| EGP HoldCo 9 LLC | Andover | USA | - | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| EGP Magdalena Solar SA de Cv |
Mexico City | Mexico | 691,771,740.00 | MXN | Renewable energy | Line-by-line | Enel Rinnovabile SA de Cv Hidroelectricidad del Pacífico S de RL de Cv |
99.00% 1.00% |
100.00% |
| EGP Nevada Power LLC |
Wilmington | USA | - | USD | Renewable energy | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| EGP Salt Wells Solar LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| EGP San Leandro Microgrid I LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| EGP Solar 1 LLC | Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | EGPNA REP Solar Holdings LLC |
100.00% | 100.00% |
| EGP Stillwater Solar LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Stillwater LLC 100.00% | 100.00% | |
| EGP Stillwater Solar PV II LLC |
Wilmington | USA | 1.00 | USD | Electricity generation from renewable resources |
Line-by-line | Stillwater Woods Hill Holdings LLC |
100.00% | 100.00% |
| EGP Timber Hills Project LLC |
Los Angeles | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Padoma Wind Power LLC |
100.00% | 100.00% |
| EGPNA Development Holdings LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Development LLC |
100.00% | 100.00% |
| EGPNA Hydro Holdings LLC |
Wilmington | USA | - | USD | Holding | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| EGPNA Preferred Wind Holdings II LLC |
Wilmington | USA | - | USD | Holding | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| EGPNA Preferred Wind Holdings LLC |
Wilmington | USA | - | USD | Holding | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| EGPNA Project HoldCo 1 LLC |
Dover | USA | 100.00 | USD | Holding | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| EGPNA Project HoldCo 2 LLC |
Dover | USA | 100.00 | USD | Holding | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| EGPNA Project HoldCo 3 LLC |
Dover | USA | 100.00 | USD | Holding | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| EGPNA Project HoldCo 4 LLC |
Dover | USA | 100.00 | USD | Holding | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| EGPNA Project HoldCo 5 LLC |
Dover | USA | 100.00 | USD | Holding | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| EGPNA Project HoldCo 6 LLC |
Dover | USA | 100.00 | USD | Holding | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| EGPNA Project HoldCo 7 LLC |
Dover | USA | 100.00 | USD | Holding | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| EGPNA Renewable Energy Partners LLC |
Wilmington | USA | - | USD | Joint Venture | Equity | EGPNA REP Holdings LLC |
20.00% | 20.00% |
| EGPNA REP Holdings LLC |
Wilmington | USA | - | USD | Holding | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| EGPNA REP Solar Holdings LLC |
Wilmington | USA | - | USD | Holding | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| EGPNA REP Wind Holdings LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Equity | EGPNA Renewable Energy Partners LLC |
100.00% | 20.00% |
| EGPNA Wind Holdings 1 LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Equity | EGPNA REP Wind Holdings LLC |
100.00% | 20.00% |
| Elcogas SA in liquidation |
Puertollano (Ciudad Real) |
Spain | 809,690.40 | EUR | Electricity generation | Equity | Endesa Generación SA Enel SpA |
40.99% 4.32% |
33.05% |
| Elcomex Solar Energy Srl |
Bucharest | Romania | 4,590,000.00 | RON | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Romania Srl Enel Green Power SpA |
100.00% 0.00% |
100.00% |
| Elecgas SA | Pego | Portugal | 50,000.00 | EUR | Electricity generation - combined cycle |
Equity | Endesa Generación Portugal SA |
50.00% | 35.05% |
| Electra Capital (RF) (Pty) Ltd |
Johannesburg | South Africa | 10,000,000.00 | ZAR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power RSA (Pty) Ltd |
60.00% | 60.00% |
| Eléctrica de Jafre SA |
Girona | Spain | 165,876.00 | EUR | Electricity distribution and sale |
Line-by-line | Endesa Red SA (Sociedad Unipersonal) Hidroeléctrica de Catalunya SL |
52.54% 47.46% |
70.10% |
| Eléctrica de Lijar SL | Cádiz | Spain | 1,081,821.79 | EUR | Electricity transmission and distribution |
Equity | Endesa Red SA (Sociedad Unipersonal) |
50.00% | 35.05% |
| Eléctrica del Ebro SA (Sociedad Unipersonal) |
Tarragona | Spain | 500,000.00 | EUR | Electricity supply | Line-by-line | Endesa Red SA (Sociedad Unipersonal) |
100.00% | 70.10% |
| Electricidad de Puerto Real SA |
Cádiz | Spain | 4,960,246.40 | EUR | Electricity distribution and sale |
Equity | Endesa Red SA (Sociedad Unipersonal) |
50.00% | 35.05% |
| Electrometalúrgica del Ebro SL |
Barcelona | Spain | 2,906,862.00 | EUR | Electricity generation from renewable resources |
- | Enel Green Power España SL |
0.18% | 0.12% |
| Eletropaulo Metropolitana Eletricidade de São Paulo SA |
Barueri | Brazil | 3,079,524,934.33 | BRL | Electricity distribution | Line-by-line | Enel Brasil SA | 100.00% | 64.14% |
| Elini | Antwerp | Belgium | 31,855,683.05 | EUR | Insurance | - | Slovenské elektrárne AS |
4.26% | 1.41% |
| Elk Creek Hydro LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Emerging Networks El Salvador SA de Cv |
- | El Salvador | 2,000.00 | USD | Telecommunications | Equity | Livister Guatemala SA Livister Latam SLU |
1.00% 99.00% |
20.60% |
| Emerging Networks Latam Inc. |
Wilmington | USA | 100.00 | USD | - | Equity | Ifx Networks Ltd. | 100.00% | 20.60% |
| Emerging Networks Panama SA |
Panama City | Republic of Panama |
1,000.00 | USD | - | Equity | Ifx/eni - Spc Panama Inc. |
100.00% | 20.60% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Emgesa SA ESP | Bogotá | Colombia | 655,222,312,800.00 | COP | Electricity generation and sale |
Line-by-line | Enel Américas SA | 48.48% | 31.10% |
| Emintegral Cycle SLU |
Seville | Spain | 3,000.00 | EUR | Photovoltaic systems | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Empresa Carbonífera del Sur SA |
Madrid | Spain | 18,030,000.00 | EUR | Mining | Line-by-line | Endesa Generación SA |
100.00% | 70.10% |
| Empresa de Alumbrado Eléctrico de Ceuta Distribución SA (Sociedad Unipersonal) |
Ceuta | Spain | 9,335,000.00 | EUR | Electricity distribution | Line-by-line | Empresa de Alumbrado Eléctrico de Ceuta SA |
100.00% | 67.55% |
| Empresa de Alumbrado Eléctrico de Ceuta SA |
Ceuta | Spain | 16,562,250.00 | EUR | Holding | Line-by-line | Endesa Red SA (Sociedad Unipersonal) |
96.37% | 67.55% |
| Empresa de Generación Eléctrica Los Pinos SA |
San Miguel | Peru | 7,928,044.00 | SOL | Electricity generation, transmission, distribution purchase and sale |
Line-by-line | Enel Green Power Perú SAC Energética Monzón SAC |
100.00% 0.00% |
100.00% |
| Empresa de Generación Eléctrica Marcona SAC |
San Miguel | Peru | 3,368,424.00 | SOL | Electricity generation, transmission, distribution purchase and sale |
Line-by-line | Enel Green Power Perú SAC Energética Monzón SAC |
100.00% 0.00% |
100.00% |
| Empresa de Transmisión Chena SA |
Santiago de Chile | Chile | 250,428,941.00 | CLP | Electricity, transmission |
Line-by-line | Enel Colina SA Enel Distribución Chile SA |
0.10% 99.90% |
63.96% |
| Empresa Distribuidora Sur SA - Edesur |
Buenos Aires | Argentina | 898,585,028.00 | ARS | Electricity distribution and sale |
Line-by-line | Distrilec Inversora SA Enel Argentina SA |
56.36% 43.10% |
46.26% |
| Empresa Eléctrica Panguipulli SA |
Santiago de Chile | Chile | 49,195,959.84 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Chile SA Enel Green Power Chile SA |
0.03% 99.97% |
64.55% |
| Empresa Eléctrica Pehuenche SA |
Santiago de Chile | Chile | 175,774,920,733.00 | CLP | Electricity generation, transmission and distribution |
Line-by-line | Enel Generación Chile SA |
92.65% | 55.94% |
| Empresa Energía SA |
Cádiz | Spain | 2,500,000.00 | EUR | Electricity supply | Equity | Endesa Red SA (Sociedad Unipersonal) |
50.00% | 35.05% |
| Empresa Nacional de Geotermia SA |
Santiago de Chile | Chile | 12,647,789,439.24 | CLP | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Chile SA |
51.00% | 32.92% |
| Empresa Propietaria de La Red SA |
Panama City | Republic of Panama |
58,500,000.00 | USD | Electricity transmission and distribution |
- | Enel SpA | 11.11% | 11.11% |
| Endesa Capital SA | Madrid | Spain | 60,200.00 | EUR | Finance company | Line-by-line | Endesa SA | 100.00% | 70.10% |
| Endesa Comercialização de Energia SA |
Porto | Portugal | 250,000.00 | EUR | Electricity generation and sale |
Line-by-line | Endesa Energía SA 100.00% | 70.10% | |
| Endesa Energía Renovable SL (Sociedad Unipersonal) |
Madrid | Spain | 100,000.00 | EUR | Electricity supply | Line-by-line | Endesa Energía SA 100.00% | 70.10% | |
| Endesa Energía SA | Madrid | Spain | 14,919,195.32 | EUR | Marketing of energy products |
Line-by-line | Endesa SA | 100.00% | 70.10% |
| Endesa Energía SAU y Clece SA UTE |
Madrid | Spain | 6,000.00 | EUR | Services | - | Endesa Energía SA 50.00% | 35.05% | |
| Endesa Energía SAU - Automnibus Interurbanos SA Valdemoro UTE |
Madrid | Spain | - | EUR | Plant development and construction |
Equity | Endesa Energía SA 70.00% | 49.07% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Endesa Energía SAU - Tecnocontrol Vitoria UTE |
Madrid | Spain | - | EUR | Public lighting services - | Endesa Energía SA 50.00% | 35.05% | ||
| Endesa Financiación Filiales SA |
Madrid | Spain | 4,621,003,006.00 | EUR | Finance company | Line-by-line | Endesa SA | 100.00% | 70.10% |
| Endesa Generación II SA |
Seville | Spain | 63,107.00 | EUR | Electricity generation | Line-by-line | Endesa SA | 100.00% | 70.10% |
| Endesa Generación Nuclear SA |
Seville | Spain | 60,000.00 | EUR | Subholding company in the nuclear sector |
Line-by-line | Endesa Generación SA |
100.00% | 70.10% |
| Endesa Generación Portugal SA |
Lisbon | Portugal | 50,000.00 | EUR | Electricity generation | Line-by-line | Endesa Energía SA Endesa Generación SA Enel Green Power España SL |
0.20% 99.20% 0.60% |
70.10% |
| Endesa Generación SA |
Seville | Spain | 1,940,379,735.35 | EUR | Electricity generation and sale |
Line-by-line | Endesa SA | 100.00% | 70.10% |
| Endesa Ingeniería SLU |
Seville | Spain | 1,000,000.00 | EUR | Consulting and engineering services |
Line-by-line | Endesa Red SA (Sociedad Unipersonal) |
100.00% | 70.10% |
| Endesa Ingeniería SLU - Enel Sole Srl UTE XIV |
Seville | Spain | - | EUR | Public lighting services - | Endesa Ingeniería SLU Enel Sole Srl |
50.00% 50.00% |
85.05% | |
| Endesa Medios y Sistemas SL (Sociedad Unipersonal) |
Madrid | Spain | 89,999,790.00 | EUR | Services | Line-by-line | Endesa SA | 100.00% | 70.10% |
| Endesa Operaciones y Servicios Comerciales SL |
Madrid | Spain | 10,138,580.00 | EUR | Services | Line-by-line | Endesa Energía SA 100.00% | 70.10% | |
| Endesa Power Trading Ltd |
London | United Kingdom | 2.00 | GBP | Trading | Line-by-line | Endesa SA | 100.00% | 70.10% |
| Endesa Red SA (Sociedad Unipersonal) |
Madrid | Spain | 719,901,723.26 | EUR | Electricity distribution | Line-by-line | Endesa SA | 100.00% | 70.10% |
| Endesa SA | Madrid | Spain | 1,270,502,540.40 | EUR | Holding | Line-by-line | Enel Iberia Srl | 70.10% | 70.10% |
| Endesa Soluciones SL |
Madrid | Spain | 2,874,621.80 | EUR | Marketing of energy products |
Equity | Endesa Energía SA 20.00% | 14.02% | |
| Endesa X SA (Sociedad Unipersonal) |
Madrid | Spain | 60,000.00 | EUR | Services | Line-by-line | Endesa SA | 100.00% | 70.10% |
| Enel Alberta Wind Inc. |
Alberta | Canada | 16,251,021.00 | CAD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Canada Inc. |
100.00% | 100.00% |
| Enel Américas SA | Santiago de Chile | Chile | 9,783,875,314.43 | USD | Holding. Electricity generation and distribution |
Line-by-line | Enel SpA | 64.14% | 64.14% |
| Enel AMPCI Chile SpA |
Santiago de Chile | Chile | 1,000.00 | USD | E-mobility | - | Enel X Chile SpA | 20.00% | 12.91% |
| Enel AMPCI Ts1 Holdings SpA |
Santiago de Chile | Chile | 1,000.00 | USD | E-mobility | - | Enel AMPCI Chile SpA |
100.00% | 12.91% |
| Enel AMPCI Ts1 SpA |
Santiago de Chile | Chile | 1,000.00 | USD | E-mobility | - | Enel AMPCI Ts1 Holdings SpA |
100.00% | 12.91% |
| Enel and Shikun & Binui Innovation Infralab Ltd |
Airport City | Israel | 38,000.00 | ILS | Legal services | Equity | Enel Global Infrastructure and Networks Srl |
50.00% | 50.00% |
| Enel Argentina SA | Buenos Aires | Argentina | 2,297,711,908.00 | ARS | Holding | Line-by-line | Enel Américas SA Enel Generación Chile SA |
99.92% 0.08% |
64.14% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Bella Energy Storage LLC |
Wilmington | USA | - | USD | Renewable energy | Line-by-line | Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) |
100.00% | 100.00% |
| Enel Brasil SA | Niterói | Brazil | 18,978,311,482.06 | BRL | Holding | Line-by-line | Enel Américas SA Enel Brasil SA |
99.25% 0.75% |
64.14% |
| Enel Chile SA | Santiago de Chile | Chile | 3,882,103,470,184.00 | CLP | Holding. Electricity generation and distribution |
Line-by-line | Enel SpA | 64.55% | 64.55% |
| Enel CIEN SA | Niterói | Brazil | 285,044,682.00 | BRL | Electricity generation, transmission and distribution |
Line-by-line | Enel Brasil SA | 100.00% | 64.14% |
| Enel Colina SA | Santiago de Chile | Chile | 82,222,000.00 | CLP | Electricity distribution | Line-by-line | Enel Chile SA Enel Distribución Chile SA |
0.00% 100.00% |
63.96% |
| Enel Cove Fort II LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Enel Cove Fort LLC | Beaver | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Geothermal LLC |
100.00% | 100.00% |
| Enel Distribución Chile SA |
Santiago de Chile | Chile | 230,137,979,938.00 | CLP | Holding. Electricity distribution |
Line-by-line | Enel Chile SA | 99.09% | 63.96% |
| Enel Distribución Perú SAA |
San Miguel | Peru | 638,563,900.00 | SOL | Electricity distribution and sale |
Line-by-line | Enel Perú SAC | 83.15% | 53.34% |
| Enel Energia SpA | Rome | Italy | 302,039.00 | EUR | Gas and electricity sale Line-by-line | Enel Italia SpA | 100.00% | 100.00% | |
| Enel Energía SA de Cv |
Mexico City | Mexico | 25,000,100.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Green Power México S de RL de Cv Energía Nueva de Iguu S de RL de Cv |
100.00% 0.00% |
100.00% |
| Enel Energie Muntenia SA |
Bucharest | Romania | 37,004,350.00 | RON | Electricity sale | Line-by-line | Enel SpA | 78.00% | 78.00% |
| Enel Energie SA | Bucharest | Romania | 140,000,000.00 | RON | Electricity sale | Line-by-line | Enel SpA | 51.00% | 51.00% |
| Enel Energy Australia (Pty) Ltd |
Sydney | Australia | 100.00 | AUD | Electricity sale | Line-by-line | Enel Green Power Australia (Pty) Ltd |
100.00% | 100.00% |
| Enel Energy South Africa |
Wilmington | South Africa | 100.00 | ZAR | Electricity generation from renewable resources |
Line-by-line | Enel X International Srl |
100.00% | 100.00% |
| Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) |
Andover | USA | 100.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Enel Finance America LLC |
Wilmington | USA | 200,000,000.00 | USD | Finance company | Line-by-line | Enel North America Inc. |
100.00% | 100.00% |
| Enel Finance International NV |
Amsterdam | Netherlands | 1,478,810,371.00 | EUR | Finance company | Line-by-line | Enel Holding Finance Srl Enel SpA |
75.00% 25.00% |
100.00% |
| Enel Fortuna SA | Panama City | Republic of Panama |
100,000,000.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Panamá Srl |
50.06% | 50.06% |
| Enel Generación Chile SA |
Santiago de Chile | Chile | 552,777,320,871.00 | CLP | Electricity generation, transmission and distribution |
Line-by-line | Enel Chile SA | 93.55% | 60.38% |
| Enel Generación Costanera SA |
Buenos Aires | Argentina | 701,988,378.00 | ARS | Electricity generation and sale |
Line-by-line | Enel Argentina SA | 75.68% | 48.54% |
| Enel Generación El Chocón SA |
Buenos Aires | Argentina | 298,584,050.00 | ARS | Electricity generation and sale |
Line-by-line | Enel Argentina SA Hidroinvest SA |
8.67% 59.00% |
42.16% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Generación Perú SAA |
San Miguel | Peru | 2,498,101,267.20 | SOL | Electricity generation | Line-by-line | Enel Perú SAC | 83.60% | 53.62% |
| Enel Generación Piura SA |
San Miguel | Peru | 73,982,594.00 | SOL | Electricity generation | Line-by-line | Enel Perú SAC | 96.50% | 61.90% |
| Enel Generación SA de Cv |
Mexico City | Mexico | 7,100,100.00 | MXN | Electricity generation | Line-by-line | Enel Green Power México S de RL de Cv Energía Nueva de Iguu S de RL de Cv |
100.00% 0.00% |
100.00% |
| Enel Geothermal LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Enel Global Infrastructure and Networks Srl |
Rome | Italy | 10,100,000.00 | EUR | Metering, remote control and connectivity services via power line communication |
Line-by-line | Enel SpA | 100.00% | 100.00% |
| Enel Global Services Srl |
Rome | Italy | 10,000.00 | EUR | Engineering and consulting services |
Line-by-line | Enel SpA | 100.00% | 100.00% |
| Enel Global Thermal Generation Srl |
Rome | Italy | 11,000,000.00 | EUR | Business consulting, administrative and management consulting and corporate planning |
Line-by-line | Enel SpA | 100.00% | 100.00% |
| Enel Global Trading SpA |
Rome | Italy | 90,885,000.00 | EUR | Fuel trading and logistics |
Line-by-line | Enel SpA | 100.00% | 100.00% |
| Enel Green Power Argentina SA |
Buenos Aires | Argentina | 82,534,295.00 | ARS | Electricity generation from renewable resources |
Line-by-line | Enel Green Power SpA Energía y Servicios South America SpA |
99.24% 0.76% |
100.00% |
| Enel Green Power Australia (Pty) Ltd |
Sydney | Australia | 100.00 | AUD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Enel Green Power Australia Trust |
Sydney | Australia | 100.00 | AUD | Renewable energy | Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Enel Green Power Boa Vista Eólica SA |
Niterói | Brazil | 108,952,830.00 | BRL | Wind plants | Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Enel Green Power Brasil Participações Ltda |
Niterói | Brazil | 8,411,724,678.00 | BRL | Holding | Line-by-line | Enel Green Power SpA Energía y Servicios South America SpA |
100.00% 0.00% |
100.00% |
| Enel Green Power Brejolândia Solar SA |
Rio de Janeiro | Brazil | 1,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Bulgaria EAD |
Sofia | Bulgaria | 35,231,000.00 | BGN | Plant construction operation and maintenance |
Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Enel Green Power Bungala (Pty) Ltd |
Sydney | Australia | 100.00 | AUD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Australia (Pty) Ltd |
100.00% | 100.00% |
| Enel Green Power Bungala Trust |
Sydney | Australia | - | AUD | Renewable energy | Line-by-line | Enel Green Power Australia (Pty) Ltd |
100.00% | 100.00% |
| Enel Green Power Cabeça de Boi SA |
Niterói | Brazil | 270,114,539.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Green Power Cachoeira Dourada SA |
Cachoeira Dourada | Brazil | 64,339,835.85 | BRL | Electricity generation and sale |
Line-by-line | Enel Brasil SA Enel Green Power Cachoeira Dourada SA |
99.61% 0.15% |
63.99% |
| Enel Green Power Calabria Srl |
Rome | Italy | 10,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Italia Srl |
100.00% | 100.00% |
| Enel Green Power Canada Inc. |
Montreal | Canada | 85,681,857.00 | CAD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Enel Green Power Cerrado Solar SA |
Rio de Janeiro | Brazil | 1,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Chile SA |
Santiago de Chile | Chile | 1,197,691,313.37 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Enel Chile SA Enel Green Power Chile SA Enel SpA |
72.46% 27.54% 0.01% |
64.55% |
| Enel Green Power Cohuna Holdings (Pty) Ltd |
Sydney | Australia | 3,419,700.00 | AUD | Holding | Line-by-line | Enel Green Power Australia (Pty) Ltd |
100.00% | 100.00% |
| Enel Green Power Cohuna Trust |
Sydney | Australia | - | AUD | Renewable energy | Line-by-line | Enel Green Power Australia Trust |
100.00% | 100.00% |
| Enel Green Power Colombia SAS ESP |
Bogotá | Colombia | 3,878,946,000.00 | COP | Electricity generation from renewable resources |
Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Enel Green Power Costa Rica SA |
San José | Costa Rica | 27,500,000.00 | USD | Electricity generation from renewable resources |
Line-by-line | Energía y Servicios South America SpA |
100.00% | 100.00% |
| Enel Green Power Cove Fort Solar LLC |
Wilmington | USA | 1.00 | USD | - | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Enel Green Power Cremzow GmbH & Co. Kg |
Schenkenberg | Germany | 1,000.00 | EUR | Plant construction and operation |
Line-by-line | Enel Green Power Germany GmbH |
90.00% | 90.00% |
| Enel Green Power Cremzow Verwaltungs GmbH |
Schenkenberg | Germany | 25,000.00 | EUR | Business services | Line-by-line | Enel Green Power Germany GmbH |
90.00% | 90.00% |
| Enel Green Power Cristal Eólica SA |
Niterói | Brazil | 144,784,899.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.17% 0.83% |
100.00% |
| Enel Green Power Cumaru 01 SA |
Niterói | Brazil | 100,001,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Cumaru 02 SA |
Niterói | Brazil | 100,001,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Cumaru 03 SA |
Niterói | Brazil | 100,001,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Green Power Cumaru 04 SA |
Niterói | Brazil | 100,001,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Cumaru 05 SA |
Niterói | Brazil | 100,001,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Cumaru Participações SA |
Niterói | Brazil | 1,000.00 | BRL | Holding | Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Cumaru Solar 01 SA |
Niterói | Brazil | 1,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Cumaru Solar 02 SA |
Niterói | Brazil | 1,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Damascena Eólica SA |
Niterói | Brazil | 83,709,003.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.16% 0.84% |
100.00% |
| Enel Green Power Delfina A Eólica SA |
Niterói | Brazil | 549,062,483.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Enel Green Power Delfina B Eólica SA |
Niterói | Brazil | 93,538,826.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Enel Green Power Delfina C Eólica SA |
Niterói | Brazil | 39,558,322.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Enel Green Power Delfina D Eólica SA |
Niterói | Brazil | 113,170,233.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Enel Green Power Delfina E Eólica SA |
Niterói | Brazil | 115,923,464.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Enel Green Power Desenvolvimento Ltda |
Niterói | Brazil | 41,474,258.38 | BRL | Plant construction and electricity generation from renewable sources |
Line-by-line | Enel Green Power Brasil Participações Ltda Energía y Servicios South America SpA |
100.00% 0.00% |
100.00% |
| Enel Green Power Development Srl |
Rome | Italy | 20,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Enel Green Power Diamond Vista Wind Project LLC |
Wilmington | USA | 1.00 | USD | Electricity generation from renewable resources |
Line-by-line | Diamond Vista Holdings LLC |
100.00% | 100.00% |
| Enel Green Power Dois Riachos Eólica SA |
Niterói | Brazil | 130,354,009.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Green Power Egypt SAE |
Cairo | Egypt | 250,000.00 | EGP | Management, operation and maintenance of all types of generation plant and their distribution grids |
Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Enel Green Power El Salvador SA de Cv |
- | El Salvador | 22,860.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power SpA Energía y Servicios South America SpA |
99.96% 0.04% |
100.00% |
| Enel Green Power Elkwater Wind Limited Partnership |
Alberta | Canada | 1,000.00 | CAD | Holding | Line-by-line | Enel Alberta Wind Inc. Enel Green Power Canada Inc. |
1.00% 99.00% |
100.00% |
| Enel Green Power Emiliana Eólica SA |
Niterói | Brazil | 150,191,530.00 | BRL | Wind plants | Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
98.93% 1.07% |
100.00% |
| Enel Green Power España SL |
Seville | Spain | 11,152.74 | EUR | Electricity generation from renewable resources |
Line-by-line | Endesa Generación SA |
100.00% | 70.10% |
| Enel Green Power Esperança Eólica SA |
Niterói | Brazil | 129,418,174.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.14% 0.86% |
100.00% |
| Enel Green Power Esperança Solar SA |
Rio de Janeiro | Brazil | 1,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Fazenda SA |
Niterói | Brazil | 264,141,174.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Enel Green Power Fontes dos Ventos 2 SA |
Niterói | Brazil | 121,001,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Fontes dos Ventos 3 SA |
Niterói | Brazil | 121,001,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Fontes Solar SA |
Rio de Janeiro | Brazil | 1,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Germany GmbH |
München | Germany | 25,000.00 | EUR | Electricity generation and sale |
Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Enel Green Power Girgarre Holdings (Pty) Ltd |
Sydney | Australia | 100.00 | AUD | Renewable energy | Line-by-line | Enel Green Power Australia (Pty) Ltd |
100.00% | 100.00% |
| Enel Green Power Global Investment BV |
Amsterdam | Netherlands | 10,000.00 | EUR | Holding | Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Green Power Guatemala SA |
Guatemala City | Guatemala | 10,000,000.00 | GTQ | Holding | Line-by-line | Enel Green Power SpA Energía y Servicios South America SpA |
100.00% 0.00% |
100.00% |
| Enel Green Power Hadros Wind Limited Partnership |
- | Canada | 1,000.00 | CAD | Holding | Line-by-line | Enel Alberta Wind Inc. Enel Green Power Canada Inc. |
1.00% 99.00% |
100.00% |
| Enel Green Power Hellas SA |
Maroussi | Greece | 8,180,350.00 | EUR | Holding. Energy services |
Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Enel Green Power Hellas Supply SA |
Maroussi | Greece | 600,000.00 | EUR | Electricity generation, transport, sale and trading |
Line-by-line | Enel Green Power Hellas SA |
100.00% | 100.00% |
| Enel Green Power Hellas Wind Parks South Evia Single Member SA |
Maroussi | Greece | 106,609,641.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Hellas SA |
100.00% | 100.00% |
| Enel Green Power Hilltopper Wind LLC (formerly Hilltopper Wind Power LLC) |
Dover | USA | 1.00 | USD | Wind | Line-by-line | Hilltopper Wind Holdings LLC |
100.00% | 100.00% |
| Enel Green Power Horizonte Mp Solar SA |
Niterói | Brazil | 451,566,053.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Alba Energia Ltda Enel Green Power Brasil Participações Ltda |
0.01% 99.99% |
100.00% |
| Enel Green Power India Private Limited (formerly BLP Energy Private Limited) |
New Delhi | India | 100,000,000.00 | INR | Holding | Line-by-line | Enel Green Power Development Srl |
100.00% | 100.00% |
| Enel Green Power Italia Srl |
Rome | Italy | 272,000,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Italia SpA | 100.00% | 100.00% |
| Enel Green Power Ituverava Norte Solar SA |
Niterói | Brazil | 199,552,644.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Bondia Energia Ltda Enel Green Power Brasil Participações Ltda |
0.09% 99.91% |
100.00% |
| Enel Green Power Ituverava Solar SA |
Niterói | Brazil | 219,235,933.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Bondia Energia Ltda Enel Green Power Brasil Participações Ltda |
0.00% 100.00% |
100.00% |
| Enel Green Power Ituverava Sul Solar SA |
Niterói | Brazil | 407,279,143.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Bondia Energia Ltda Enel Green Power Brasil Participações Ltda |
0.00% 100.00% |
100.00% |
| Enel Green Power Joana Eólica SA |
Niterói | Brazil | 135,459,530.00 | BRL | Wind plants | Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
98.89% 1.11% |
100.00% |
| Enel Green Power Kenya Limited |
Nairobi | Kenya | 100,000.00 | KES | Plant construction - Electricity generation from renewable resources |
Line-by-line | Enel Green Power RSA (Pty) Ltd Enel Green Power SpA |
1.00% 99.00% |
100.00% |
| Enel Green Power Lagoa do Sol 01 SA |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Green Power Lagoa do Sol 02 SA |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Lagoa do Sol 03 SA |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Lagoa do Sol 04 SA |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Lagoa II Participações SA |
Niterói | Brazil | 1,000.00 | BRL | Holding | Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Lagoa Participações SA (formerly Enel Green Power Projetos 45 SA) |
Niterói | Brazil | 1,000.00 | BRL | Holding | Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Maniçoba Eólica SA |
Niterói | Brazil | 90,722,530.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.20% 0.80% |
100.00% |
| Enel Green Power Metehara Solar Private Limited Company |
- | Ethiopia | 5,600,000.00 | ETB | Plant development, and construction |
Line-by-line | Enel Green Power Solar Metehara SpA |
80.00% | 80.00% |
| Enel Green Power México S de RL de Cv |
Mexico City | Mexico | 2,399,774,165.00 | MXN | Holding | Line-by-line | Enel Green Power SpA Energía y Servicios South America SpA |
100.00% 0.00% |
100.00% |
| Enel Green Power Modelo I Eólica SA |
Niterói | Brazil | 132,642,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Enel Green Power Modelo II Eólica SA |
Niterói | Brazil | 117,142,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Enel Green Power Morocco SARLAU |
Casablanca | Morocco | 270,000,000.00 | MAD | Development, design, construction and operation of plants |
Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Enel Green Power Morro do Chapéu I Eólica SA |
Niterói | Brazil | 280,286,323.91 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Enel Green Power Morro do Chapéu II Eólica SA |
Niterói | Brazil | 235,992,413.25 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Enel Green Power Mourão SA |
Niterói | Brazil | 25,600,100.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Enel Green Power Namibia (Pty) Ltd |
Windhoek | Namibia | 10,000.00 | NAD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Green Power North America Development LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel North America Inc. |
100.00% | 100.00% |
| Enel Green Power North America Inc. |
Andover | USA | - | USD | Electricity generation, transport, sale and trading |
Line-by-line | Enel North America Inc. |
100.00% | 100.00% |
| Enel Green Power O&M Solar LLC |
Andover | USA | - | USD | Plant operation | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Enel Green Power Panamá Srl |
Panama City | Republic of Panama |
3,001.00 | USD | Holding | Line-by-line | Enel Green Power SpA Energía y Servicios South America SpA |
99.97% 0.03% |
100.00% |
| Enel Green Power Paranapanema SA |
Niterói | Brazil | 123,350,100.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Enel Green Power Partecipazioni Speciali Srl |
Rome | Italy | 10,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Enel Green Power Pau Ferro Eólica SA |
Niterói | Brazil | 127,424,000.00 | BRL | Wind plants | Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
98.79% 1.21% |
100.00% |
| Enel Green Power Pedra do Gerônimo Eólica SA |
Niterói | Brazil | 189,519,527.57 | BRL | Wind plants | Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
98.90% 1.10% |
100.00% |
| Enel Green Power Perú SAC |
San Miguel | Peru | 411,881,707.00 | SOL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power SpA Energía y Servicios South America SpA |
100.00% 0.00% |
100.00% |
| Enel Green Power Primavera Eólica SA |
Niterói | Brazil | 143,674,900.01 | BRL | Wind plants | Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.00% 1.00% |
100.00% |
| Enel Green Power Puglia Srl |
Rome | Italy | 1,000,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Italia Srl |
100.00% | 100.00% |
| Enel Green Power RA SAE in liquidation |
Cairo | Egypt | 15,000,000.00 | EGP | Design, decision, operation and maintenance of generation plants of all types and their distribution grids |
Line-by-line | Enel Green Power Egypt SAE |
100.00% | 100.00% |
| Enel Green Power Rattlesnake Creek Wind Project LLC (formerly Rattlesnake Creek Wind Project LLC) |
Delaware | USA | 1.00 | USD | Electricity generation from renewable resources |
Line-by-line | Rattlesnake Creek Holdings LLC |
100.00% | 100.00% |
| Enel Green Power Roadrunner Solar Project Holdings II LLC |
Andover | USA | - | USD | Plant construction and generation of electricity from renewable sources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Enel Green Power Roadrunner Solar Project Holdings LLC |
Andover | USA | - | USD | Holding. Electricity generation and distribution |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Green Power Roadrunner Solar Project II LLC |
Dover | USA | 100.00 | USD | Renewable energy | Line-by-line | Roadrunner Solar Project Holdings LLC |
100.00% | 100.00% |
| Enel Green Power Romania Srl |
Bucharest | Romania | 2,430,631,000.00 | RON | Electricity generation from renewable resources |
Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Enel Green Power RSA (Pty) Ltd |
Johannesburg | South Africa | 1,000.00 | ZAR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Development Srl |
100.00% | 100.00% |
| Enel Green Power RSA 2 (RF) (Pty) Ltd |
Johannesburg | South Africa | 120.00 | ZAR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power RSA (Pty) Ltd |
100.00% | 100.00% |
| Enel Green Power Rus Limited Liability Company |
Moscow | Russian Federation |
60,500,000.00 | RUB | Renewable energy | Line-by-line | Enel Green Power Partecipazioni Speciali Srl Enel Green Power SpA |
1.00% 99.00% |
100.00% |
| Enel Green Power SpA |
Rome | Italy | 272,000,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel SpA | 100.00% | 100.00% |
| Enel Green Power Salto Apiacás SA (formerly Enel Green Power Damascena Eólica SA) |
Niterói | Brazil | 274,420,832.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Enel Green Power Sannio |
Rome | Italy | 750,000.00 | EUR | Electricity generation | Line-by-line | Enel Green Power Italia Srl |
100.00% | 100.00% |
| Enel Green Power São Abraão Eólica SA |
Niterói | Brazil | 99,513,587.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Enel Green Power São Gonçalo 07 SA (formerly Enel Green Power Projetos 42 SA) |
Teresina | Brazil | 30,001,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power São Gonçalo 08 SA (formerly Enel Green Power Projetos 43 SA) |
Teresina | Brazil | 30,001,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power São Gonçalo 1 SA (formerly Enel Green Power Projetos 10) |
Teresina | Brazil | 147,676,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Alba Energia Ltda Enel Green Power Brasil Participações Ltda |
0.00% 100.00% |
100.00% |
| Enel Green Power São Gonçalo 10 SA (formerly Enel Green Power Projetos 15) |
Teresina | Brazil | 162,000,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Alba Energia Ltda Enel Green Power Brasil Participações Ltda |
0.00% 100.00% |
100.00% |
| Enel Green Power São Gonçalo 11 SA (formerly Enel Green Power Projetos 44 SA) |
Teresina | Brazil | 30,001,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power São Gonçalo 12 SA (formerly Enel Green Power Projetos 22 SA) |
Teresina | Brazil | 30,001,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Green Power São Gonçalo 14 SA |
Teresina | Brazil | 110,001,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power São Gonçalo 15 SA |
Teresina | Brazil | 110,001,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power São Gonçalo 17 SA |
Teresina | Brazil | 110,001,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power São Gonçalo 18 SA (formerly Enel Green Power Ventos de Santa Ângela 13 SA) |
Teresina | Brazil | 110,001,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power São Gonçalo 19 SA |
Teresina | Brazil | 110,001,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power São Gonçalo 2 SA (formerly Enel Green Power Projetos 11) |
Teresina | Brazil | 162,676,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Alba Energia Ltda Enel Green Power Brasil Participações Ltda |
0.00% 100.00% |
100.00% |
| Enel Green Power São Gonçalo 21 SA (formerly Enel Green Power Projetos 16) |
Teresina | Brazil | 162,000,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Alba Energia Ltda Enel Green Power Brasil Participações Ltda |
0.00% 100.00% |
100.00% |
| Enel Green Power Sao Gonçalo 22 SA (formerly Enel Green Power Projetos 30) |
Teresina | Brazil | 162,000,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Alba Energia Ltda Enel Green Power Brasil Participações Ltda |
0.00% 100.00% |
100.00% |
| Enel Green Power São Gonçalo 3 SA (formerly Enel Green Power Projetos 12) |
Teresina | Brazil | 142,676,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Alba Energia Ltda Enel Green Power Brasil Participações Ltda |
0.00% 100.00% |
100.00% |
| Enel Green Power São Gonçalo 4 SA (formerly Enel Green Power Projetos 13) |
Teresina | Brazil | 162,676,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Alba Energia Ltda Enel Green Power Brasil Participações Ltda |
0.00% 100.00% |
100.00% |
| Enel Green Power São Gonçalo 5 SA (formerly Enel Green Power Projetos 14) |
Teresina | Brazil | 162,676,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Alba Energia Ltda Enel Green Power Brasil Participações Ltda |
0.00% 100.00% |
100.00% |
| Enel Green Power São Gonçalo 6 SA (formerly Enel Green Power Projetos 19 SA) |
Teresina | Brazil | 165,125,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Alba Energia Ltda Enel Green Power Brasil Participações Ltda |
0.00% 100.00% |
100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Green Power São Gonçalo 3 Participações SA |
Niterói | Brazil | 1,000.00 | BRL | Holding | Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power São Gonçalo Participações SA (formerly Enel Green Power Projetos 46 SA) |
Niterói | Brazil | 1,000.00 | BRL | Holding | Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power São Judas Eólica SA |
Niterói | Brazil | 143,674,900.00 | BRL | Wind plants | Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.00% 1.00% |
100.00% |
| Enel Green Power São Micael 01 SA (formerly Enel Green Power São Gonçalo 9 SA) |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Alba Energia Ltda Enel Green Power Brasil Participações Ltda |
0.10% 99.90% |
100.00% |
| Enel Green Power São Micael 02 SA (formerly Enel Green Power São Gonçalo 13) |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Alba Energia Ltda Enel Green Power Brasil Participações Ltda |
0.10% 99.90% |
100.00% |
| Enel Green Power São Micael 03 SA (formerly Enel Green Power São Gonçalo 16 SA) |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Alba Energia Ltda Enel Green Power Brasil Participações Ltda |
0.10% 99.90% |
100.00% |
| Enel Green Power São Micael 04 SA (formerly Enel Green Power São Gonçalo 20 SA) |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power São Micael 05 SA |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Services LLC |
Wilmington | USA | 100.00 | USD | - | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Enel Green Power Shu SAE in liquidation |
Cairo | Egypt | 15,000,000.00 | EGP | Design, decision, operation and maintenance of generation plants of all types and their distribution grids |
Line-by-line | Enel Green Power Egypt SAE |
100.00% | 100.00% |
| Enel Green Power Singapore Pte Ltd |
Singapore | Singapore | 1,300,000.00 | SGD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Enel Green Power Solar Energy Srl |
Rome | Italy | 10,000.00 | EUR | Development, design, construction and operation of plants |
Line-by-line | Enel Green Power Italia Srl |
100.00% | 100.00% |
| Enel Green Power Solar Metehara SpA |
Rome | Italy | 50,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Enel Green Power Solar Ngonye SpA (formerly Enel Green Power Africa Srl) |
Rome | Italy | 50,000.00 | EUR | Electricity generation | Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Green Power Tacaicó Eólica SA |
Niterói | Brazil | 91,634,360.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
98.84% 1.16% |
100.00% |
| Enel Green Power Tefnut SAE in liquidation |
Cairo | Egypt | 15,000,000.00 | EGP | Design, decision, operation and maintenance of generation plants of all types and their distribution grids |
Line-by-line | Enel Green Power Egypt SAE |
100.00% | 100.00% |
| Enel Green Power Turkey Enerjí Yatirimlari Anoním írketí |
Istanbul | Turkey | 65,654,658.00 | TRY | Electricity generation from renewable resources |
Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Enel Green Power Ventos de Santa Ângela 1 SA |
Teresina | Brazil | 132,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Ventos de Santa Ângela Energias Renováveis SA |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela 10 SA (formerly Enel Green Power Projetos 21) |
Teresina | Brazil | 171,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Ventos de Santa Ângela Energias Renováveis SA |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela 11 SA (formerly Enel Green Power Projetos 23) |
Teresina | Brazil | 185,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Ventos de Santa Ângela Energias Renováveis SA |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela 14 SA (formerly Enel Green Power Projetos 24) |
Teresina | Brazil | 178,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Ventos de Santa Ângela Energias Renováveis SA |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela 15 SA (formerly Enel Green Power Projetos 25) |
Teresina | Brazil | 182,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Ventos de Santa Ângela Energias Renováveis SA |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela 17 SA (formerly Enel Green Power Projetos 26) |
Teresina | Brazil | 198,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Ventos de Santa Ângela Energias Renováveis SA |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela 19 SA (formerly Enel Green Power Projetos 27) |
Teresina | Brazil | 126,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Ventos de Santa Ângela Energias Renováveis SA |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela 2 SA |
Teresina | Brazil | 249,650,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Ventos de Santa Ângela Energias Renováveis SA |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela 20 SA (formerly Enel Green Power Projetos 28) |
Teresina | Brazil | 126,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Ventos de Santa Ângela Energias Renováveis SA |
100.00% 0.00% |
100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Green Power Ventos de Santa Ângela 21 SA (formerly Enel Green Power Projetos 29) |
Teresina | Brazil | 113,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Ventos de Santa Ângela Energias Renováveis SA |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela 3 SA (formerly Enel Green Power Projetos 4) |
Teresina | Brazil | 132,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Ventos de Santa Ângela Energias Renováveis SA |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela 4 SA (formerly Enel Green Power Projetos 6) |
Teresina | Brazil | 132,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Ventos de Santa Ângela Energias Renováveis SA |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela 5 SA (formerly Enel Green Power Projetos 7) |
Teresina | Brazil | 132,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Ventos de Santa Ângela Energias Renováveis SA |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela 6 SA (formerly Enel Green Power Projetos 8) |
Teresina | Brazil | 132,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Ventos de Santa Ângela Energias Renováveis SA |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela 7 SA (formerly Enel Green Power Projetos 9) |
Teresina | Brazil | 106,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Ventos de Santa Esperança Energias Renováveis SA |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela 8 SA (formerly Enel Green Power Projetos 18) |
Teresina | Brazil | 132,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Ventos de Santa Ângela Energias Renováveis SA |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela 9 SA (formerly Enel Green Power Projetos 20) |
Teresina | Brazil | 185,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Ventos de Santa Ângela Energias Renováveis SA |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela ACL 12 (formerly Enel Green Power Projetos 36) |
Teresina | Brazil | 105,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela ACL 13 SA (formerly Enel Green Power Projetos 17 SA) |
Teresina | Brazil | 105,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Ângela ACL 16 SA (formerly Enel Green Power Projetos 38 SA) |
Teresina | Brazil | 105,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Green Power Ventos de Santa Ângela ACL 18 SA (formerly Enel Green Power Projetos 47 SA) |
Teresina | Brazil | 105,001,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Esperança 8 SA (formerly Enel Green Power Projetos 34 SA) |
Niterói | Brazil | 110,200,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Esperança 1 SA (formerly Enel Green Power Fonte dos Ventos 1 SA) |
Niterói | Brazil | 1,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Ventos de Santa Esperança 13 (formerly Enel Green Power Projetos 33 SA) |
Niterói | Brazil | 147,000,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Esperança 15 SA |
Niterói | Brazil | 202,100,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Esperança 16 SA (formerly Enel Green Power Projetos 35 SA) |
Niterói | Brazil | 183,700,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Esperança 17 SA (formerly Enel Green Power Projetos 31 SA) |
Niterói | Brazil | 183,700,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Esperança 21 SA (formerly Enel Green Power Projetos 37 SA) |
Niterói | Brazil | 202,100,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Esperança 22 SA (formerly Enel Green Power Projetos 39 SA) |
Niterói | Brazil | 202,100,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Esperança 25 SA (formerly Enel Green Power Projetos 40 SA) |
Salvador | Brazil | 110,200,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de Santa Esperança 26 SA (formerly Enel Green Power Projetos 41 SA) |
Niterói | Brazil | 202,100,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Green Power Ventos de Santa Esperança 3 SA |
Niterói | Brazil | 1,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Ventos de Santa Esperança 7 SA (formerly Enel Green Power Lagedo Alto SA) |
Niterói | Brazil | 1,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Ventos de Santa Esperança Participações SA (formerly Enel Green Power Cumaru 06 SA) |
Niterói | Brazil | 1,000.00 | BRL | Holding | Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Ventos de Santo Orestes 1 SA |
Niterói | Brazil | 1,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Ventos de Santo Orestes 2 SA |
Niterói | Brazil | 1,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Ventos de São Roque 01 SA |
Teresina | Brazil | 138,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de São Roque 02 SA |
Teresina | Brazil | 138,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de São Roque 03 SA |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Ventos de São Roque 04 SA |
Teresina | Brazil | 138,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de São Roque 05 SA |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Ventos de São Roque 06 SA |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Green Power Ventos de São Roque 07 SA |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Ventos de São Roque 08 SA |
Teresina | Brazil | 138,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de São Roque 11 SA |
Teresina | Brazil | 138,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de São Roque 13 SA |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Ventos de São Roque 16 SA |
Teresina | Brazil | 138,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de São Roque 17 SA |
Teresina | Brazil | 138,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de São Roque 18 SA |
Teresina | Brazil | 138,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Green Power Ventos de São Roque 19 SA |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Ventos de São Roque 22 SA |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Ventos de São Roque 26 SA |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Ventos de São Roque 29 SA |
Teresina | Brazil | 1,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Green Power Villoresi Srl |
Rome | Italy | 1,200,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Italia Srl |
51.00% | 51.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Green Power Volta Grande SA (formerly Enel Green Power Projetos 1 SA) |
Niterói | Brazil | 565,756,528.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Brasil SA | 100.00% | 64.14% |
| Enel Green Power Zambia Limited |
Lusaka | Zambia | 15,000.00 | ZMW | Electricity sale | Line-by-line | Enel Green Power Development Srl Enel Green Power RSA (Pty) Ltd |
1.00% 99.00% |
100.00% |
| Enel Green Power Zeus II - Delfina 8 SA |
Niterói | Brazil | 140,001,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Enel Green Power Zeus Sul 1 Ltda |
Salvador | Brazil | 6,986,993.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Enel Green Power Zeus Sul 2 SA |
Niterói | Brazil | 1,000.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
99.90% 0.10% |
100.00% |
| Enel Holding Finance Srl |
Rome | Italy | 10,000.00 | EUR | Holding | Line-by-line | Enel SpA | 100.00% | 100.00% |
| Enel Iberia Srl | Madrid | Spain | 336,142,500.00 | EUR | Holding | Line-by-line | Enel SpA | 100.00% | 100.00% |
| Enel Innovation Hubs Srl |
Rome | Italy | 1,100,000.00 | EUR | Civil and mechanical engineering, water systems |
Line-by-line | Enel SpA | 100.00% | 100.00% |
| Enel Insurance NV | Amsterdam | Netherlands | 60,000.00 | EUR | Reassurance | Line-by-line | Enel SpA | 100.00% | 100.00% |
| Enel Investment Holding BV |
Amsterdam | Netherlands | 1,000,000.00 | EUR | Holding | Line-by-line | Enel SpA | 100.00% | 100.00% |
| Enel Italia SpA | Rome | Italy | 100,000,000.00 | EUR | Personnel administration activities, information technology, real estate and business service |
Line-by-line | Enel SpA | 100.00% | 100.00% |
| Enel Kansas LLC | Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Enel Minnesota Holdings LLC |
Minneapolis | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | EGP Geronimo Holding Company Inc. |
100.00% | 100.00% |
| Enel Nevkan Inc. | Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Enel North America Inc. |
Andover | USA | 50.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel SpA | 100.00% | 100.00% |
| Enel Operations Canada Ltd |
Alberta | Canada | 1,000.00 | CAD | - | Line-by-line | Enel Green Power Canada Inc. |
100.00% | 100.00% |
| Enel Perú SAC | San Miguel | Peru | 5,361,789,105.00 | SOL | Holding | Line-by-line | Enel Américas SA | 100.00% | 64.14% |
| Enel Produzione SpA |
Rome | Italy | 1,800,000,000.00 | EUR | Electricity generation | Line-by-line | Enel Italia SpA | 100.00% | 100.00% |
| Enel Rinnovabile SA de Cv |
Mexico City | Mexico | 100.00 | MXN | Electricity generation | Line-by-line | Enel Green Power Global Investment BV Hidroelectricidad del Pacífico S de RL de Cv |
99.00% 1.00% |
100.00% |
| Enel Roadrunner Solar Project Holdings II LLC |
Andover | USA | - | USD | Plant construction and electricity generation from renewable sources |
Line-by-line | Enel Green Power Roadrunner Solar Project Holdings II LLC |
100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Roadrunner Solar Project Holdings LLC |
Dover | USA | 100.00 | USD | Renewable energy | Line-by-line | Enel Green Power Roadrunner Solar Project Holdings LLC |
100.00% | 100.00% |
| Enel Romania SA | Buftea | Romania | 200,000.00 | RON | Business services | Line-by-line | Enel SpA | 100.00% | 100.00% |
| Enel Rus Wind Azov LLC |
Moscow | Russian Federation |
200,000,000.00 | RUB | Renewable energy | Line-by-line | Enel Russia PJSC | 100.00% | 56.43% |
| Enel Rus Wind Generation LLC |
Moscow | Russian Federation |
350,000.00 | RUB | Energy services | Line-by-line | Enel Russia PJSC | 100.00% | 56.43% |
| Enel Rus Wind Kola LLC |
Murmansk City | Russian Federation |
10,000.00 | RUB | Renewable energy | Line-by-line | Enel Russia PJSC | 100.00% | 56.43% |
| Enel Russia PJSC | Yekaterinburg | Russian Federation |
35,371,898,370.00 | RUB | Electricity generation | Line-by-line | Enel SpA | 56.43% | 56.43% |
| Enel Salt Wells LLC | Fallon | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Geothermal LLC |
100.00% | 100.00% |
| Enel Saudi Arabia Limited |
Al Khobar | Saudi Arabia | 1,000,000.00 | SAR | Management of activities associated with participation in tenders called by the SEC for the development of smart metering and grid automation |
Line-by-line | e-distribuzione SpA 60.00% | 60.00% | |
| Enel Servicii Comune SA |
Bucharest | Romania | 33,000,000.00 | RON | Energy services | Line-by-line | E-Distribu ie Banat SA E-Distribu ie Dobrogea SA |
50.00% 50.00% |
51.00% |
| Enel Solar Srl | Panama City | Republic of Panama |
10,100.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Panamá Srl Energía y Servicios South America SpA |
99.01% 0.99% |
100.00% |
| Enel Sole Srl | Rome | Italy | 4,600,000.00 | EUR | Public lighting systems and services |
Line-by-line | Enel Italia SpA | 100.00% | 100.00% |
| Enel Soluções Energéticas Ltda |
Niterói | Brazil | 42,863,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Enel Stillwater LLC | Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Geothermal LLC |
100.00% | 100.00% |
| Enel Surprise Valley LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Enel Tecnologia de Redes SA |
Niterói | Brazil | 10,000.00 | BRL | Electricity generation, transmission, distribution, sale and purchase |
Line-by-line | Enel Brasil SA | 100.00% | 64.14% |
| Enel Texkan Inc. | Wilmington | USA | 100.00 | USD | Electricity generation from renewable resources |
Line-by-line | Chi Power Inc. | 100.00% | 100.00% |
| Enel Trade doo in liquidation |
Zagreb | Croatia | 2,240,000.00 | HRK | Electricity trading | Line-by-line | Enel Global Trading SpA |
100.00% | 100.00% |
| Enel Trade Serbia doo |
Beograd | Serbia | 300,000.00 | EUR | Electricity trading | Line-by-line | Enel Global Trading SpA |
100.00% | 100.00% |
| Enel Trading Argentina Srl |
Buenos Aires | Argentina | 14,011,100.00 | ARS | Electricity trading | Line-by-line | Enel Américas SA Enel Argentina SA |
55.00% 45.00% |
64.14% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel Trading Brasil SA |
Niterói | Brazil | 1,000,000.00 | BRL | Electricity generation, transmission, distribution, sale and purchase |
Line-by-line | Enel Brasil SA | 100.00% | 64.14% |
| Enel Trading North America LLC |
Wilmington | USA | 10,000,000.00 | USD | Trading | Line-by-line | Enel North America Inc. |
100.00% | 100.00% |
| Enel Vayu (Project 2) Private Limited |
Gurugram | India | 45,000,000.00 | INR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power India Private Limited (formerly BLP Energy Private Limited) |
100.00% | 100.00% |
| Enel Wind Project (Amberi) Private Limited |
New Delhi | India | 5,000,000.00 | INR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power India Private Limited (formerly BLP Energy Private Limited) |
100.00% | 100.00% |
| Enel X Argentina SAU |
Buenos Aires | Argentina | 127,800,000.00 | ARS | Marketing and energy related services |
Line-by-line | Enel X International Srl |
100.00% | 100.00% |
| Enel X Asputeck Ave. Project LLC |
Boston | USA | - | USD | Any legal activity | Line-by-line | Enel X Finance Partner LLC |
100.00% | 100.00% |
| Enel X Australia Holding (Pty) Ltd |
Melbourne | Australia | 2,324,698.00 | AUD | Renewable energy | Line-by-line | Enel X International Srl |
100.00% | 100.00% |
| Enel X Australia (Pty) Ltd |
Melbourne | Australia | 9,880.00 | AUD | Renewable energy | Line-by-line | Energy Response Holdings (Pty) Ltd |
100.00% | 100.00% |
| Enel X Battery Storage Limited Partnership |
Oakville | Canada | 10,000.00 | CAD | - | Line-by-line | Enel X Canada Holding Inc. Enel X Canada Ltd |
0.01% 99.99% |
100.00% |
| Enel X Brasil Gerenciamento de Energia Ltda |
Sorocaba | Brazil | 117,240.00 | BRL | Energy services | Line-by-line | Enel X Ireland Limited EnerNOC Uk II Limited |
0.00% 100.00% |
100.00% |
| Enel X Brasil SA | Niterói | Brazil | 115,313,600.00 | BRL | Electricity | Line-by-line | Central Geradora Termelétrica Fortaleza SA Enel Brasil SA |
0.00% 100.00% |
64.14% |
| Enel X Canada Holding Inc. |
Oakville | Canada | 1,000.00 | CAD | Holding | Line-by-line | Enel X Canada Ltd 100.00% | 100.00% | |
| Enel X Canada Ltd | Mississauga | Canada | 1,000.00 | CAD | Renewable energy | Line-by-line | Enel North America Inc. |
100.00% | 100.00% |
| Enel X Chile SpA | Santiago de Chile | Chile | 3,800,000,000.00 | CLP | Services | Line-by-line | Enel Chile SA | 100.00% | 64.55% |
| Enel X College Ave. Project LLC |
Boston | USA | - | USD | Holding | Line-by-line | Enel X MA Holdings LLC |
100.00% | 100.00% |
| Enel X Colombia SAS |
Bogotá | Colombia | 5,000,000,000.00 | COP | Installation, maintenance and repair of electronic plant |
Line-by-line | Codensa SA ESP | 100.00% | 30.98% |
| Enel X e-Buses SpA |
Santiago de Chile | Chile | 1,000,000.00 | CLP | E-mobility | Line-by-line | Enel X Chile SpA | 100.00% | 64.55% |
| Enel X Energy (Shanghai) Co. Ltd |
Shanghai | China | 3,500,000.00 | USD | E-mobility | Line-by-line | Enel X International Srl |
100.00% | 100.00% |
| Enel X Federal LLC | Boston | USA | 5,000.00 | USD | Renewable energy | Line-by-line | Enel X North America Inc. |
100.00% | 100.00% |
| Enel X Finance Partner LLC |
Boston | USA | 100.00 | USD | Holding | Line-by-line | Enel X North America Inc. |
100.00% | 100.00% |
| Enel X Financial Services Srl |
Rome | Italy | 1,000,000.00 | EUR | Services | Line-by-line | Enel X Srl | 100.00% | 100.00% |
| Enel X France SAS | Paris | France | 1,000.00 | EUR | - | Line-by-line | Enel X International Srl |
100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enel X Hayden Rowe St. Project LLC |
Boston | USA | 100.00 | USD | Holding | Line-by-line | Enel X MA Holdings LLC |
100.00% | 100.00% |
| Enel X International Srl |
Rome | Italy | 100,000.00 | EUR | Holding | Line-by-line | Enel X Srl | 100.00% | 100.00% |
| Enel X Ireland Limited |
Dublin | Ireland | 100,000.00 | EUR | Renewable energy | Line-by-line | Enel X International Srl |
100.00% | 100.00% |
| Enel X Italia Srl | Rome | Italy | 200,000.00 | EUR | Energy services | Line-by-line | Enel Italia SpA | 100.00% | 100.00% |
| Enel X Japan K.K. | Tokyo | Japan | 165,000,000.00 | JPY | Renewable energy | Line-by-line | Enel X International Srl |
100.00% | 100.00% |
| Enel X Korea Limited |
Seoul | South Korea | 1,200,000,000.00 | KRW | Renewable energy | Line-by-line | Enel X International Srl |
100.00% | 100.00% |
| Enel X MA Holdings LLC |
Boston | USA | 100.00 | USD | Holding | Line-by-line | Enel X Finance Partner LLC |
100.00% | 100.00% |
| Enel X Mobility Romania Srl |
Bucharest | Romania | 937,800.00 | RON | Energy services | Line-by-line | Enel X International Srl Enel X Srl |
99.00% 1.00% |
100.00% |
| Enel X Mobility Srl | Rome | Italy | 100,000.00 | EUR | E-mobility | Line-by-line | Enel Italia SpA | 100.00% | 100.00% |
| Enel X Morrissey Blvd. Project LLC |
Boston | USA | 100.00 | USD | Holding | Line-by-line | Enel X Finance Partner LLC |
100.00% | 100.00% |
| Enel X New Zealand Limited |
Wellington | New Zealand | 313,606.00 | AUD | Renewable energy | Line-by-line | Energy Response Holdings (Pty) Ltd |
100.00% | 100.00% |
| Enel X North America Inc. |
Boston | USA | 1,000.00 | USD | Renewable energy | Line-by-line | Enel North America Inc. |
100.00% | 100.00% |
| Enel X Norway AS | Porsgrunn | Norway | 1,000,000.00 | NOK | Services | Line-by-line | Enel X International Srl |
100.00% | 100.00% |
| Enel X Perú SAC | San Miguel | Peru | 3,005,000.00 | SOL | E-mobility | Line-by-line | Enel Perú SAC | 100.00% | 64.14% |
| Enel X Polska Sp. Zo.o. |
Warsaw | Poland | 3,863,450.00 | PLN | Renewable energy | Line-by-line | Enel X Ireland Limited |
100.00% | 100.00% |
| Enel X Romania Srl | Bucharest | Romania | 234,450.00 | RON | Energy services | Line-by-line | Enel X International Srl Enel X Srl |
99.00% 1.00% |
100.00% |
| Enel X Rus LLC | Moscow | Russian Federation |
8,000,000.00 | RUB | - | Line-by-line | Enel X International Srl |
99.00% | 99.00% |
| Enel X Srl | Rome | Italy | 1,050,000.00 | EUR | Holding. Energy services |
Line-by-line | Enel SpA | 100.00% | 100.00% |
| Enel X Services India Private Limited |
Mumbai City | India | 45,000.00 | INR | Engineering and consulting services |
Line-by-line | Enel X International Srl Enel X North America Inc. |
100.00% 0.00% |
100.00% |
| Enel X Singapore Pte Ltd |
Singapore | Singapore | 1,212,000.00 | SGD | Energy services | Line-by-line | Enel X International Srl |
100.00% | 100.00% |
| Enel X Sweden AB | Stockholm | Sweden | 50,000.00 | SEK | Services | Line-by-line | Enel X International Srl |
100.00% | 100.00% |
| Enel X Taiwan Co. Ltd |
Taipei City | Taiwan | 65,000,000.00 | TWD | Renewable energy | Line-by-line | Enel X Ireland Limited |
100.00% | 100.00% |
| Enel X Uk Limited | London | United Kingdom | 32,626.00 | GBP | Renewable energy | Line-by-line | Enel X International Srl |
100.00% | 100.00% |
| Enel.si Srl | Rome | Italy | 5,000,000.00 | EUR | Plant engineering and energy services |
Line-by-line | Enel Italia SpA | 100.00% | 100.00% |
| Enelco SA | Maroussi | Greece | 60,108.80 | EUR | Plant construction, operation and maintenance |
Line-by-line | Enel Investment Holding BV |
75.00% | 75.00% |
| Enelpower Contractor and Development Saudi Arabia Ltd |
Riyadh | Saudi Arabia | 5,000,000.00 | SAR | Plant construction, operation and maintenance |
Line-by-line | Enelpower SpA | 51.00% | 51.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Enelpower do Brasil Ltda |
Niterói | Brazil | 5,068,000.00 | BRL | Electrical engineering | Line-by-line | Enel Green Power Brasil Participações Ltda Energía y Servicios South America SpA |
100.00% 0.00% |
100.00% |
| Enelpower SpA | Milan | Italy | 2,000,000.00 | EUR | Design, development and maintenance of engineering plants |
Line-by-line | Enel SpA | 100.00% | 100.00% |
| Energética Monzón SAC |
San Miguel | Peru | 6,463,000.00 | SOL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Perú SAC Energía y Servicios South America SpA |
100.00% 0.00% |
100.00% |
| Energía Ceuta XXI Comercializadora de Referencia SA |
Ceuta | Spain | 65,000.00 | EUR | Electricity supply | Line-by-line | Empresa de Alumbrado Eléctrico de Ceuta SA |
100.00% | 67.55% |
| Energía Eólica Alto del Llano SLU |
Madrid | Spain | 3,300.00 | EUR | Renewable energy | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Energia Eolica Srl - EN.EO. Srl |
Rome | Italy | 4,840,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Italia Srl |
100.00% | 100.00% |
| Energía Global de México (Enermex) SA de Cv |
Mexico City | Mexico | 50,000.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Green Power SpA |
99.00% | 99.00% |
| Energía Global Operaciones Srl |
San José | Costa Rica | 10,000.00 | CRC | Marketing and energy related services |
Line-by-line | Enel Green Power Costa Rica SA |
100.00% | 100.00% |
| Energía Limpia de Amistad SA de Cv |
Mexico City | Mexico | 33,452,769.00 | MXN | Electricity generation from renewable resources |
Equity | Tenedora de Energía Renovable Sol y Viento SAPI de Cv |
60.80% | 20.00% |
| Energía Limpia de Palo Alto SA de Cv |
Mexico City | Mexico | 673,583,489.00 | MXN | Electricity generation from renewable resources |
Equity | Tenedora de Energía Renovable Sol y Viento SAPI de Cv |
60.80% | 20.00% |
| Energía Limpia de Puerto Libertad S de RL de Cv |
Mexico City | Mexico | 2,953,980.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Green Power México S de RL de Cv Enel Rinnovabile SA de Cv |
0.01% 99.99% |
100.00% |
| Energía Marina SpA |
Santiago de Chile | Chile | 2,404,240,000.00 | CLP | Electricity generation from renewable resources |
Equity | Enel Green Power Chile SA |
25.00% | 16.14% |
| Energía Neta Sa Caseta Llucmajor SL (Sociedad Unipersonal) |
Palma de Mallorca | Spain | 9,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Energía Nueva de Iguu S de RL de Cv |
Mexico City | Mexico | 51,879,307.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Green Power México S de RL de Cv Energía Nueva Energía Limpia México S de RL de Cv |
99.90% 0.01% |
99.91% |
| Energía Nueva Energía Limpia México S de RL de Cv |
Mexico City | Mexico | 5,339,650.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Guatemala SA Enel Green Power SpA |
0.04% 99.96% |
100.00% |
| Energía XXI Comercializadora de Referencia SL |
Madrid | Spain | 2,000,000.00 | EUR | Marketing and energy related services |
Line-by-line | Endesa Energía SA 100.00% | 70.10% | |
| Energía y Servicios South America SpA |
Santiago de Chile | Chile | 143,290,951.73 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power SpA |
100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Energías Alternativas del Sur SL |
Las Palmas de Gran Canaria |
Spain | 546,919.10 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
54.95% | 38.52% |
| Energías de Aragón I SL |
Zaragoza | Spain | 3,200,000.00 | EUR | Electricity transmission, distribution and sale |
Line-by-line | Endesa Red SA (Sociedad Unipersonal) |
100.00% | 70.10% |
| Energías de Graus SL |
Barcelona | Spain | 1,298,160.00 | EUR | Hydroelectric plants | Line-by-line | Enel Green Power España SL |
66.67% | 46.73% |
| Energías Especiales de Careón SA |
Santiago de Compostela |
Spain | 270,450.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
77.00% | 53.98% |
| Energías Especiales de Peña Armada SA |
Madrid | Spain | 963,300.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
80.00% | 56.08% |
| Energías Especiales del Alto Ulla SA |
Madrid | Spain | 19,594,860.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Energías Especiales del Bierzo SA |
Torre del Bierzo | Spain | 1,635,000.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power España SL |
50.00% | 35.05% |
| Energías Renovables La Mata SA de Cv |
Mexico City | Mexico | 656,615,400.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Green Power México S de RL de Cv Energía Nueva de Iguu S de RL de Cv |
99.00% 1.00% |
100.00% |
| Energie Electrique de Tahaddart SA |
Marrakech | Morocco | 750,400,000.00 | MAD | Combined-cycle generation plants |
Equity | Endesa Generación SA |
32.00% | 22.43% |
| Energotel AS | Bratislava | Slovakia | 2,191,200.00 | EUR | Operation of optical fiber network |
Equity | Slovenské elektrárne AS |
20.00% | 6.60% |
| Energy Hydro Piave Srl in liquidation |
Belluno | Italy | 800,000.00 | EUR | Electricity purchasing and sale |
Line-by-line | Enel Produzione SpA |
51.00% | 51.00% |
| Energy Response Holdings (Pty) Ltd |
Melbourne | Australia | 630,451.00 | AUD | Renewable energy | Line-by-line | Enel X Australia Holding (Pty) Ltd |
100.00% | 100.00% |
| Enerlive Srl | Rome | Italy | 6,520,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Maicor Wind Srl | 100.00% | 100.00% |
| EnerNOC GmbH | Munich | Germany | 25,000.00 | EUR | Renewable energy | Line-by-line | Enel X North America Inc. |
100.00% | 100.00% |
| EnerNOC Ireland Limited |
Dublin | Ireland | 100,000.00 | EUR | Renewable energy | Line-by-line | Enel X Ireland Limited |
100.00% | 100.00% |
| EnerNOC Uk II Limited |
London | United Kingdom | 21,000.00 | GBP | Renewable energy | Line-by-line | Enel X Uk Limited | 100.00% | 100.00% |
| Entech (China) Information Technology Co. Ltd |
Shenzhen | China | 1,500.00 | EUR | Renewable energy | Equity | EnerNOC Uk II Limited |
50.00% | 50.00% |
| Entech Utility Service Bureau Inc. |
Lutherville | USA | 1,500.00 | USD | Renewable energy | Line-by-line | Enel X North America Inc. |
100.00% | 100.00% |
| Envatios Promoción I SLU |
Seville | Spain | 3,000.00 | EUR | Photovoltaic plants | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Envatios Promoción II SLU |
Seville | Spain | 3,000.00 | EUR | Photovoltaic systems | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Envatios Promoción III SLU |
Seville | Spain | 3,000.00 | EUR | Photovoltaic systems | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Envatios Promoción XX SLU |
Seville | Spain | 3,000.00 | EUR | Photovoltaic plants | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Eólica del Cierzo SLU |
Zaragoza | Spain | 225,000.00 | EUR | Renewable energy | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Eólica del Principado SAU |
Gijón - Asturias | Spain | 60,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Eólica Valle del Ebro SA |
Zaragoza | Spain | 3,561,342.50 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
50.50% | 35.40% |
| Eólica Zopiloapan SA de Cv |
Mexico City | Mexico | 1,877,201.54 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Green Power México S de RL de Cv Enel Green Power Partecipazioni Speciali Srl |
56.98% 39.50% |
96.48% |
| Eólicas de Agaete SL |
Las Palmas de Gran Canaria |
Spain | 240,400.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
80.00% | 56.08% |
| Eólicas de Fuencaliente SA |
Las Palmas de Gran Canaria |
Spain | 216,360.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
55.00% | 38.56% |
| Eólicas de Fuerteventura AIE |
Puerto del Rosario | Spain | - | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power España SL |
40.00% | 28.04% |
| Eólicas de la Patagonia SA |
Buenos Aires | Argentina | 480,930.00 | ARS | Electricity generation from renewable resources |
Equity | Enel Green Power España SL |
50.00% | 35.05% |
| Eólicas de Lanzarote SL |
Las Palmas de Gran Canaria |
Spain | 1,758,000.00 | EUR | Electricity generation and distribution |
Equity | Enel Green Power España SL |
40.00% | 28.04% |
| Eólicas de Tenerife AIE |
Santa Cruz de Tenerife |
Spain | 420,708.40 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power España SL |
50.00% | 35.05% |
| Eólicas de Tirajana SL |
Las Palmas de Gran Canaria |
Spain | 3,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
60.00% | 42.06% |
| European Energy Exchange AG |
Leipzig | Germany | 40,050,000.00 | EUR | Commodity trading | - | Enel Global Trading SpA |
2.33% | 2.33% |
| Explotaciones Eólicas de Escucha SA |
Zaragoza | Spain | 3,505,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
70.00% | 49.07% |
| Explotaciones Eólicas El Puerto SA |
Teruel | Spain | 3,230,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
73.60% | 51.59% |
| Explotaciones Eólicas Santo Domingo de Luna SA |
Zaragoza | Spain | 100,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
51.00% | 35.75% |
| Explotaciones Eólicas Saso Plano SA |
Zaragoza | Spain | 5,488,500.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
65.00% | 45.57% |
| Explotaciones Eólicas Sierra Costera SA |
Zaragoza | Spain | 8,046,800.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
90.00% | 63.09% |
| Explotaciones Eólicas Sierra La Virgen SA |
Zaragoza | Spain | 4,200,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
90.00% | 63.09% |
| Fence Post Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Fenner Wind Holdings LLC |
Dover | USA | 100.00 | USD | Holding | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Finsec Lab Ltd | Tel Aviv | Israel | 100.00 | ILS | Any legal activity | Equity | Enel X Srl | 30.00% | 30.00% |
| Flagpay Srl | Milan | Italy | 10,000.00 | EUR | Services | Line-by-line | PayTipper SpA | 100.00% | 55.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Flat Rock Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Flat Top Solar Project LLC |
Andover | USA | - | USD | Electricity generation, transmission, distribution, sale and purchase |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Flint Rock Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Florence Hills LLC | Minneapolis | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Chi Minnesota Wind LLC |
51.00% | 51.00% |
| Fótons de Santo Anchieta Energias Renováveis SA |
Niterói | Brazil | 577,000.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Fotovoltaica Yunclillos SLU |
Madrid | Spain | 3,000.00 | EUR | Photovoltaic systems | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Fourmile Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Fowler Hydro LLC | Wilmington | USA | - | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Freedom Energy Storage LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) |
100.00% | 100.00% |
| Front Marítim del Besòs SL |
Barcelona | Spain | 9,000.00 | EUR | Real estate | Equity | Endesa Generación SA |
61.37% | 43.02% |
| Furatena Solar 1 SLU |
Seville | Spain | 3,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Galaxy Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Garob Wind Farm (RF) (Pty) Ltd |
Johannesburg | South Africa | 100.00 | ZAR | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power RSA 2 (RF) (Pty) Ltd |
60.00% | 60.00% |
| Gas y Electricidad Generación SAU |
Palma de Mallorca | Spain | 213,775,700.00 | EUR | Electricity generation | Line-by-line | Endesa Generación SA |
100.00% | 70.10% |
| Gauley Hydro LLC | Wilmington | USA | - | USD | Electricity generation from renewable resources |
Equity | GRPP Holdings LLC |
100.00% | 50.00% |
| Gauley River Management LLC |
Willison | USA | 1.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Genability Inc. | San Francisco | USA | 6,010,074.72 | USD | Energy services | Equity | Enel X North America Inc. |
50.00% | 50.00% |
| Generadora de Occidente Ltda |
Guatemala City | Guatemala | 16,261,697.33 | GTQ | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Guatemala SA Enel Green Power SpA |
1.00% 99.00% |
100.00% |
| Generadora Eólica Alto Pacora Srl |
Panama City | Republic of Panama |
10,100.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Panamá Srl Energía y Servicios South America SpA |
99.01% 0.99% |
100.00% |
| Generadora Montecristo SA |
Guatemala City | Guatemala | 3,820,000.00 | GTQ | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Guatemala SA Enel Green Power SpA |
0.01% 99.99% |
100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Generadora Solar Tolé Srl |
Panama City | Republic of Panama |
10,100.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Panamá Srl Energía y Servicios South America SpA |
99.01% 0.99% |
100.00% |
| Geotérmica del Norte SA |
Santiago de Chile | Chile | 326,577,419,702.00 | CLP | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Chile SA |
84.59% | 54.60% |
| Gibson Bay Wind Farm (RF) (Pty) Ltd |
Johannesburg | South Africa | 1,000.00 | ZAR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power RSA (Pty) Ltd |
60.00% | 60.00% |
| Girgarre Solar Farm (Pty) Ltd |
Sydney | Australia | - | AUD | Renewable energy | Line-by-line | Enel Green Power Girgarre Holdings (Pty) Ltd |
100.00% | 100.00% |
| Global Commodities Holdings Limited |
London | United Kingdom | 4,042,375.00 | GBP | Coal trading and related activities |
- | Enel Global Trading SpA |
4.68% | 4.68% |
| Globyte SA | San José | Costa Rica | 900,000.00 | CRC | Marketing and energy related services |
- | Enel Green Power Costa Rica SA |
10.00% | 10.00% |
| Gnl Chile SA | Santiago de Chile | Chile | 3,026,160.00 | USD | Design and LNG supply |
Equity | Enel Generación Chile SA |
33.33% | 20.13% |
| Goodwell Wind Project LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Equity | Origin Goodwell Holdings LLC |
100.00% | 20.00% |
| Goodyear Lake Hydro LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Gorona del Viento El Hierro SA |
Santa Cruz de Tenerife |
Spain | 30,936,736.00 | EUR | Development and maintenance of El Hierro generation plant |
Equity | Unión Eléctrica de Canarias Generación SAU |
23.21% | 16.27% |
| Grand Prairie Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| GRPP Holdings LLC |
Andover | USA | 2.00 | USD | Electricity generation from renewable resources |
Equity | EGPNA REP Holdings LLC |
50.00% | 50.00% |
| Guadarranque Solar 4 SLU |
Seville | Spain | 3,006.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Endesa Generación II SA |
100.00% | 70.10% |
| Gusty Hill Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| GV Energie Rigenerabili ITAL-RO Srl |
Bucharest | Romania | 1,145,400.00 | RON | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Romania Srl Enel Green Power SpA |
100.00% 0.00% |
100.00% |
| Hadley Ridge LLC | Minneapolis | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Chi Minnesota Wind LLC |
51.00% | 51.00% |
| Hamilton County Solar Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Hansborough Valley Solar Project LLC |
- | USA | - | USD | Plant construction and electricity generation from renewable sources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Harvest Ridge Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Harvest Ridge Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Hastings Solar LLC | Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Aurora Distributed Solar LLC |
100.00% | 73.51% |
| Hatch Data Inc. | San Francisco | USA | 10,000.00 | USD | - | Enel X North America Inc. |
5.00% | 5.00% | |
| Haystack Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Heartland Farms Wind Project LLC |
Wilmington | USA | 1.00 | USD | - | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Hidroeléctrica de Catalunya SL |
Barcelona | Spain | 126,210.00 | EUR | Electricity transmission and distribution |
Line-by-line | Endesa Red SA (Sociedad Unipersonal) |
100.00% | 70.10% |
| Hidroeléctrica de Ourol SL |
Lugo | Spain | 1,608,200.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power España SL |
30.00% | 21.03% |
| Hidroelectricidad del Pacífico S de RL de Cv |
Colima | Mexico | 30,890,736.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Green Power México S de RL de Cv |
99.99% | 99.99% |
| Hidroflamicell SL | Barcelona | Spain | 78,120.00 | EUR | Electricity distribution and sale |
Line-by-line | Hidroeléctrica de Catalunya SL |
75.00% | 52.58% |
| Hidroinvest SA | Buenos Aires | Argentina | 55,312,093.00 | ARS | Holding | Line-by-line | Enel Américas SA Enel Argentina SA |
41.94% 54.76% |
62.03% |
| High Chaparral Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| High Lonesome Storage LLC |
Andover | USA | 1.00 | USD | Holding. Electricity generation |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| High Lonesome Wind Holdings LLC |
Wilmington | USA | 100.00 | USD | Holding | Line-by-line | Enel Kansas LLC | 99.09% | 99.09% |
| High Lonesome Wind Power LLC |
Boston | USA | 100.00 | USD | Renewable energy | Line-by-line | High Lonesome Wind Holdings LLC |
100.00% | 99.09% |
| High Noon Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| High Street Corporation (Pty) Ltd |
Melbourne | Australia | 2.00 | AUD | Renewable energy | Line-by-line | Energy Response Holdings (Pty) Ltd |
100.00% | 100.00% |
| Highfalls Hydro Company Inc. |
Wilmington | USA | 3,000.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Hilltopper Wind Holdings LLC |
Wilmington | USA | 1,000.00 | USD | Renewable energy | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Hispano Generación de Energía Solar SL |
Jerez de los Caballeros |
Spain | 3,500.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
51.00% | 35.75% |
| Hope Creek LLC | Crestview | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Chi Minnesota Wind LLC |
51.00% | 51.00% |
| Hope Ridge Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Hubject GmbH | Berlin | Germany | 65,943.00 | EUR | E-mobility | - | Enel X International Srl |
12.50% | 12.50% |
| Hydro Energies Corporation |
Willison | USA | 5,000.00 | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Idalia Park Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Idrosicilia SpA | Milan | Italy | 22,520,000.00 | EUR | Hydro-electric activities Equity | Enel SpA | 1.00% | 1.00% | |
| I-EM SAT Ltd | Didcot, Oxfordshire |
United Kingdom | 100.00 | GBP | ICT | Equity | I-EM Srl | 100.00% | 30.00% |
| I-EM Srl | Turin | Italy | 28,571.43 | EUR | Design and development |
Equity | Enel Italia SpA | 30.00% | 30.00% |
| Ifx Networks Argentina Srl |
Buenos Aires | Argentina | 2,260,551.00 | ARS | - | Equity | Ifx/eni - Spc V Inc. Minority Stock Holding Corp. |
99.85% 0.15% |
20.60% |
| Ifx Networks Chile SA |
Santiago de Chile | Chile | 5,761,374,444.00 | CLP | - | Equity | Ifx/eni - Spc IV Inc. Servicios de Internet Eni Chile Ltda |
41.00% 59.00% |
20.59% |
| Ifx Networks Colombia SAS |
Bogotá | Colombia | 15,734,959,000.00 | COP | - | Equity | Ifx Networks Panama SA Ifx/eni - Spc III Inc. |
58.33% 41.67% |
20.60% |
| Ifx Networks LLC | Wilmington | USA | 80,848,653.00 | USD | - | Equity | Ufinet Latam SLU | 100.00% | 20.60% |
| Ifx Networks Ltd | Tortola | Virgin Islands | 100,000.00 | USD | - | Equity | Ifx Networks LLC | 100.00% | 20.60% |
| Ifx Networks Panama SA |
Panama City | Republic of Panama |
21,000.00 | USD | - | Equity | Ifx/eni - Spc Panama Inc. |
100.00% | 20.60% |
| Ifx/eni - Spc III Inc. | Tortola | Virgin Islands | 50,000.00 | USD | - | Equity | Ifx Networks Ltd | 100.00% | 20.60% |
| Ifx/eni - Spc IV Inc. | Tortola | Virgin Islands | 50,000.00 | USD | - | Equity | Ifx Networks Ltd | 100.00% | 20.60% |
| Ifx/eni - Spc Panama Inc. |
Tortola | Virgin Islands | 50,000.00 | USD | - | Equity | Ifx Networks Ltd | 100.00% | 20.60% |
| Ifx/eni - Spc V Inc. | Tortola | Virgin Islands | 50,000.00 | USD | - | Equity | Ifx Networks Ltd | 100.00% | 20.60% |
| Inertia Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Inertia Wind Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Inkolan Información y Coordinación de obras AIE |
Bilbao | Spain | 84,141.68 | EUR | Information on infrastructure of Inkolan associates |
Equity | Edistribución Redes Digitales SL (Sociedad Unipersonal) |
14.29% | 10.01% |
| International Endesa BV |
Amsterdam | Netherlands | 15,428,520.00 | EUR | Holding | Line-by-line | Endesa SA | 100.00% | 70.10% |
| International Multimedia University Srl in bankrupticy |
Rome | Italy | 24,000.00 | EUR | Training | - | Enel Italia SpA | 13.04% | 13.04% |
| Inversora Codensa SAS |
Bogotá | Colombia | 5,000,000.00 | COP | Electricity transmission and distribution |
Line-by-line | Codensa SA ESP | 100.00% | 30.98% |
| Inversora Dock Sud SA |
Buenos Aires | Argentina | 828,941,660.00 | ARS | Holding | Line-by-line | Enel Américas SA | 57.14% | 36.65% |
| Isamu Ikeda Energia SA |
Niterói | Brazil | 45,474,475.77 | BRL | Electricity generation and sale |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Italgest Energy (Pty) Ltd |
Johannesburg | South Africa | 1,000.00 | ZAR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power RSA (Pty) Ltd |
100.00% | 100.00% |
| Jack River LLC | Minneapolis | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Chi Minnesota Wind LLC |
51.00% | 51.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Jade Energia Ltda | Conceição do Jacuípe |
Brazil | 4,107,097.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Jaguito Solar 10 MW SA |
Panama City | Republic of Panama |
10,000.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Panamá Srl |
100.00% | 100.00% |
| Jessica Mills LLC | Minneapolis | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Chi Minnesota Wind LLC |
51.00% | 51.00% |
| Juicenet GmbH | Berlin | Germany | 25,000.00 | EUR | Renewable energy | Line-by-line | Enel X International Srl |
100.00% | 100.00% |
| Juicenet Ltd | London | United Kingdom | 1.00 | GBP | - | Line-by-line | Enel X International Srl |
100.00% | 100.00% |
| Julia Hills LLC | Minneapolis | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Chi Minnesota Wind LLC |
51.00% | 51.00% |
| Kavacik Eolíko Enerjí Elektrík Üretím Ve Tícaret Anoním írketí |
Istanbul | Turkey | 9,000,000.00 | TRY | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Turkey Enerjí Yatirimlari Anoním írketí |
100.00% | 100.00% |
| Kelley's Falls LLC | Wilmington | USA | - | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Kings River Hydro Company Inc. |
Wilmington | USA | 100.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Kingston Energy Storage LLC |
Wilmington | USA | - | USD | Renewable energy | Line-by-line | Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) |
100.00% | 100.00% |
| Kinneytown Hydro Company Inc. |
Wilmington | USA | 100.00 | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Kino Contractor SA de Cv |
Mexico City | Mexico | 100.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Green Power México S de RL de Cv Hidroelectricidad del Pacífico S de RL de Cv |
99.00% 1.00% |
100.00% |
| Kino Facilities Manager SA de Cv |
Mexico City | Mexico | 100.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Green Power México S de RL de Cv Hidroelectricidad del Pacífico S de RL de Cv |
99.00% 1.00% |
100.00% |
| Kirklarelí Eolíko Enerjí Elektrík Üretím Ve Tícaret Anoním írketí |
Istanbul | Turkey | 5,250,000.00 | TRY | - | Line-by-line | Enel Green Power Turkey Enerjí Yatirimlari Anoním írketí |
100.00% | 100.00% |
| Kongul Enerjí Sanayí Ve Tícaret Anoním írketí |
Istanbul | Turkey | 125,000,000.00 | TRY | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Turkey Enerjí Yatirimlari Anoním írketí |
100.00% | 100.00% |
| Koporie WPS LLC | - | Russian Federation |
21,000,000.00 | RUB | Renewable energy | Line-by-line | Enel Green Power Rus Limited Liability Company |
100.00% | 100.00% |
| Korea Line Corporation |
Seoul | South Korea | 122,132,520,000.00 | KRW | Shipping | - | Enel Global Trading SpA |
0.25% | 0.25% |
| Kromschroeder SA | Barcelona | Spain | 627,126.00 | EUR | Services | Equity | Endesa Medios y Sistemas SL (Sociedad Unipersonal) |
29.26% | 20.51% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Lake Emily Solar LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Aurora Distributed Solar LLC |
100.00% | 73.51% |
| Lake Pulaski Solar LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Aurora Distributed Solar LLC |
100.00% | 73.51% |
| Land Run Wind Project LLC |
Dover | USA | 100.00 | USD | Renewable energy | Line-by-line | Sundance Wind Project LLC |
100.00% | 100.00% |
| Lawrence Creek Solar LLC |
Minneapolis | USA | - | USD | - | Line-by-line | Aurora Distributed Solar LLC |
100.00% | 73.51% |
| Liberty Energy Storage LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) |
100.00% | 100.00% |
| Libyan Italian Joint Company - Azienda Libico-Italiana (A.L.I.) |
Tripoli | Libya | 1,350,000.00 | EUR | Electricity generation | - | Enelpower SpA | 0.33% | 0.33% |
| Lily Solar LLC | Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Lindahl Wind Holdings LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | EGPNA Preferred Wind Holdings LLC |
100.00% | 100.00% |
| Lindahl Wind Project LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Lindahl Wind Holdings LLC |
100.00% | 100.00% |
| Little Elk Wind Holdings LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Little Elk Wind Project LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Little Elk Wind Holdings LLC |
100.00% | 100.00% |
| Little Salt Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Littleville Power Company Inc. |
Boston | USA | 100.00 | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Litus Energy Storage LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) |
100.00% | 100.00% |
| Livister Guatemala SA |
Guatemala City | Guatemala | 1,299,900.00 | GTQ | - | Equity | Ufinet Guatemala SA Ufinet Latam SLU |
2.00% 98.00% |
20.60% |
| Livister Honduras SA |
Tegucigalpa | Honduras | 2,500,000.00 | HNL | Holding | Equity | Livister Guatemala SA Livister Latam SLU |
0.40% 99.60% |
20.60% |
| Livister Latam SLU | Madrid | Spain | 3,000.00 | EUR | - | Equity | Ufinet Latam SLU | 100.00% | 20.60% |
| Llano Sánchez Solar Power One Srl |
Panama City | Republic of Panama |
10,020.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Panamá Srl Energía y Servicios South America SpA |
99.80% 0.20% |
100.00% |
| Lone Pine Wind Inc. |
Alberta | Canada | - | CAD | Renewable energy | - | Enel Green Power Canada Inc. |
10.00% | 10.00% |
| Lone Pine Wind Project LP |
Alberta | Canada | - | CAD | Renewable energy | Equity | Enel Green Power Canada Inc. |
10.00% | 10.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Lower Saranac Hydro LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Lower Valley LLC | Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Luminary Highlands Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Maicor Wind Srl | Rome | Italy | 20,850,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Italia Srl |
100.00% | 100.00% |
| Malaspina Energy Scarl in liquidation |
Bergamo | Italy | 100,000.00 | EUR | Electricity generation | Line-by-line | YouSave SpA | 100.00% | 100.00% |
| Marengo Solar LLC | Wilmington | USA | 1.00 | USD | Photovoltaic | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Marte Srl | Rome | Italy | 6,100,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Italia Srl |
100.00% | 100.00% |
| Marudhar Wind Energy Private Limited |
Gurugram | India | 100,000.00 | INR | Electricity transmission, distribution and sale |
Line-by-line | Enel Green Power India Private Limited (formerly BLP Energy Private Limited) |
100.00% | 100.00% |
| Más Energía S de RL de Cv |
Mexico City | Mexico | 61,872,926.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Green Power México S de RL de Cv Hidroelectricidad del Pacífico S de RL de Cv |
99.99% 0.01% |
100.00% |
| Mason Mountain Wind Project LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Padoma Wind Power LLC |
100.00% | 100.00% |
| Matrigenix (Pty) Ltd |
Johannesburg | South Africa | 1,000.00 | ZAR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power RSA (Pty) Ltd |
100.00% | 100.00% |
| MC Solar I LLC | Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| McBride Wind Project LLC |
Wilmington | USA | 1.00 | USD | - | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Medidas Ambientales SL |
Burgos | Spain | 60,100.00 | EUR | Environmental studies Equity | Nuclenor SA | 50.00% | 17.53% | |
| Merit Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Metro Wind LLC | Minneapolis | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Chi Minnesota Wind LLC |
51.00% | 51.00% |
| Mexicana de Hidroelectricidad Mexhidro S de RL de Cv |
Mexico City | Mexico | 181,728,901.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Green Power México S de RL de Cv |
99.99% | 99.99% |
| Mibgas SA | Madrid | Spain | 3,000,000.00 | EUR | Gas market operator | - | Endesa SA | 1.35% | 0.95% |
| Midelt Wind Farm SA |
Casablanca | Morocco | 145,000,000.00 | MAD | Development, design, construction and operation of plants |
Equity | Nareva Enel Green Power Morocco SA |
70.00% | 35.00% |
| Mill Shoals Hydro Company LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Minicentrales Acequia Cinco Villas AIE |
Ejea de los Caballeros |
Spain | 3,346,993.04 | EUR | Electricity generation from renewable resources |
- | Enel Green Power España SL |
5.39% | 3.78% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Minicentrales del Canal de las Bárdenas AIE |
Zaragoza | Spain | 1,202,000.00 | EUR | Hydro-electric plants | - | Enel Green Power España SL |
15.00% | 10.52% |
| Minicentrales del Canal Imperial Gallur SL |
Zaragoza | Spain | 1,820,000.00 | EUR | Hydro-electric plants | Equity | Enel Green Power España SL |
36.50% | 25.59% |
| Minority Stock Holding Corp. |
Tortola | Virgin Islands | 50,000.00 | USD | - | Equity | Ifx Networks Ltd | 100.00% | 20.60% |
| Mira Energy (Pty) Ltd |
Johannesburg | South Africa | 100.00 | ZAR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power RSA (Pty) Ltd |
100.00% | 100.00% |
| Miranda Plataforma Logística SA |
Burgos | Spain | 1,800,000.00 | EUR | Regional development - | Nuclenor SA | 0.22% | 0.08% | |
| Montrose Solar LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Aurora Distributed Solar LLC |
100.00% | 73.51% |
| Mountrail Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Mucho Viento Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Muskegon County Solar Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Muskegon Green Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Mustang Run Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Napolean Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Nareva Enel Green Power Morocco SA |
Casablanca | Morocco | 98,750,000.00 | MAD | Holding. Electricity generation |
Equity | Enel Green Power Morocco SARLAU 50.00% |
50.00% | |
| Navalvillar Solar SL | Madrid | Spain | 3,000.00 | EUR | Photovoltaic | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Netell Telecomunicações SA |
Barueri | Brazil | 29,800,000.00 | BRL | Telecommunications | - | Ufinet Brasil Telecomunicação Ltda |
60.00% | 12.36% |
| Nevkan Renewables LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Nevkan Inc. | 100.00% | 100.00% |
| Newbury Hydro Company LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Ngonye Power Company Limited |
Lusaka | Zambia | 10.00 | ZMW | Electricity sale | Line-by-line | Enel Green Power Solar Ngonye SpA (formerly Enel Green Power Africa Srl) |
80.00% | 80.00% |
| Nojoli Wind Farm (RF) (Pty) Ltd |
Johannesburg | South Africa | 10,000,000.00 | ZAR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power RSA (Pty) Ltd |
60.00% | 60.00% |
| North Canal Waterworks |
Boston | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| North English Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| North Rock Wind LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Northland Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Northstar Wind Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Northumberland Solar Project I LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Northwest Hydro LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Chi West LLC | 100.00% | 100.00% |
| Notch Butte Hydro Company Inc. |
Wilmington | USA | 100.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Nuclenor SA | Burgos | Spain | 102,000,000.00 | EUR | Nuclear plants | Equity | Endesa Generación SA |
50.00% | 35.05% |
| Nuove Energie Srl | Porto Empedocle | Italy | 5,204,028.73 | EUR | Construction and management of LNG regasification infrastructure |
Line-by-line | Enel Global Trading SpA |
100.00% | 100.00% |
| Nuxer Trading SA | Montevideo | Uruguay | 80,000.00 | UYU | Electricity trading | Line-by-line | Enel Brasil SA | 100.00% | 64.14% |
| Nxuba Wind Farm (RF) (Pty) Ltd |
Johannesburg | South Africa | 1,000.00 | ZAR | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power RSA 2 (RF) (Pty) Ltd |
51.00% | 51.00% |
| Nyc Storage (353 Chester) Spe LLC |
Wilmington | USA | 1.00 | USD | Holding | Line-by-line | Enel X North America Inc. |
100.00% | 100.00% |
| Ochrana A Bezpecnost Se SRO |
Kalná Nad Hronom | Slovakia | 33,193.92 | EUR | Security services | Equity | Slovenské elektrárne AS |
100.00% | 33.00% |
| Olivum PV Farm 01 SLU |
Madrid | Spain | 3,000.00 | EUR | Photovoltaic systems | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Omip - Operador do Mercado Ibérico (Portugal) Sgps SA |
Lisbon | Portugal | 2,610,000.00 | EUR | Electricity market operator |
- | Endesa SA | 5.00% | 3.51% |
| OpEn Fiber SpA | Milan | Italy | 250,000,000.00 | EUR | Installation, maintenance and repair of electronic plant |
Equity | Enel SpA | 50.00% | 50.00% |
| Open Range Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Operador del Mercado Ibérico de Energía - Polo Español SA |
Madrid | Spain | 1,999,998.00 | EUR | Electricity market operator |
- | Endesa SA | 5.00% | 3.51% |
| Orchid Acres Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Origin Goodwell Holdings LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Equity | EGPNA Wind Holdings 1 LLC |
100.00% | 20.00% |
| Origin Wind Energy LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Equity | Origin Goodwell Holdings LLC |
100.00% | 20.00% |
| Osage Wind Holdings LLC |
Wilmington | USA | 100.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 50.00% | 50.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Osage Wind LLC | Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Osage Wind Holdings LLC |
100.00% | 50.00% |
| Ottauquechee Hydro Company Inc. |
Wilmington | USA | 100.00 | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Ovacik Eolíko Enerjí Elektrík Üretím Ve Tícaret Anoním írketí |
Istanbul | Turkey | 11,250,000.00 | TRY | - | Line-by-line | Enel Green Power Turkey Enerjí Yatirimlari Anoním írketí |
100.00% | 100.00% |
| Oxagesa AIE | Alcañiz | Spain | 6,010.00 | EUR | Cogeneration of electricity and heat |
Equity | Enel Green Power España SL |
33.33% | 23.36% |
| Oyster Bay Wind Farm (RF) (Pty) Ltd |
Johannesburg | South Africa | 1,000.00 | ZAR | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power RSA 2 (RF) (Pty) Ltd |
60.00% | 60.00% |
| Padoma Wind Power LLC |
Elida | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Palo Alto Farms Wind Project LLC |
Dallas | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Pampinus PV Farm 01 SLU |
Madrid | Spain | 3,000.00 | EUR | Photovoltaic systems | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Paradise Creek Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Paravento SL | Lugo | Spain | 3,006.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
90.00% | 63.09% |
| Parc Eòlic La Tossa - La Mola d'en Pascual SL |
Madrid | Spain | 1,183,100.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power España SL |
30.00% | 21.03% |
| Parc Eòlic Los Aligars SL |
Madrid | Spain | 1,313,100.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power España SL |
30.00% | 21.03% |
| Parque Amistad II SA de Cv |
Mexico City | Mexico | 1,413,533,480.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Rinnovabile SA de Cv Hidroelectricidad del Pacífico S de RL de Cv |
99.00% 1.00% |
100.00% |
| Parque Amistad III SA de Cv |
Mexico City | Mexico | 931,692,540.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Rinnovabile SA de Cv Hidroelectricidad del Pacífico S de RL de Cv |
99.00% 1.00% |
100.00% |
| Parque Amistad IV SA de Cv |
Mexico City | Mexico | 1,489,508,400.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Rinnovabile SA de Cv Hidroelectricidad del Pacífico S de RL de Cv |
99.00% 1.00% |
100.00% |
| Parque Eólico A Capelada SL (Sociedad Unipersonal) |
La Coruña | Spain | 5,857,704.33 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Parque Eólico BR-1 SAPI de Cv |
Mexico City | Mexico | - | MXN | Plant construction and electricity generation from renewable sources |
Line-by-line | Enel Green Power México S de RL de Cv Enel Rinnovabile SA de Cv |
0.50% 25.00% |
25.50% |
| Parque Eólico Carretera de Arinaga SA |
Las Palmas de Gran Canaria |
Spain | 1,603,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
80.00% | 56.08% |
| Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|
| La Coruña | Spain | 3,606,072.60 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL Parque Eólico de Barbanza SA |
75.00% 0.00% |
52.58% |
| Madrid | Spain | 120,400.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
50.17% | 35.17% |
| Madrid | Spain | 3,006.00 | EUR | Wind plants | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| La Coruña | Spain | 552,920.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
82.00% | 57.48% |
| Las Palmas de Gran Canaria |
Spain | 901,500.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL Parque Eólico de Santa Lucía SA |
65.67% 1.00% |
46.50% |
| Parque Eólico Finca Santa Cruz de Tenerife |
Spain | 3,810,340.00 | EUR | Plant construction and maintenance |
Line-by-line | Enel Green Power España SL |
90.00% | 63.09% |
| Madrid | Spain | 6,540,000.00 | EUR | Plant construction and maintenance |
Line-by-line | Enel Green Power España SL |
75.50% | 52.93% |
| Madrid | Spain | 3,006.00 | EUR | Wind plants | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Salvador | Brazil | 4,096,626.00 | BRL | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power Ltda Enel Green Power Desenvolvimento Ltda |
100.00% 0.00% |
100.00% |
| Buenos Aires | Argentina | 6,500,000.00 | ARS | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Argentina SA |
100.00% | 100.00% |
| Santa Cruz de Tenerife |
Spain | 528,880.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
52.00% | 36.45% |
| Madrid | Spain | 7,193,970.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
58.00% | 40.66% |
| Parque Eólico Taltal Santiago de Chile |
Chile | 20,878,010,000.00 | CLP | Electricity generation from renewable resources |
Line-by-line | Enel Chile SA Enel Green Power Chile SA |
0.01% 99.99% |
64.55% |
| Salvador | Brazil | 1,946,507.00 | BRL | Renewable energy | Line-by-line | Enel Green Power Ltda |
100.00% | 100.00% |
| Mexico City | Mexico | 100.00 | MXN | Electricity generation from renewable resources |
Equity | Tenedora de Energía Renovable Sol y Viento SAPI de Cv |
60.80% | 20.00% |
| San Salvador de Jujuy |
Argentina | 500,000.00 | ARS | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Argentina SA South America SpA |
95.00% 5.00% |
100.00% |
| Mexico City | Mexico | 100.00 | MXN | Electricity generation from renewable resources |
Equity | Tenedora de Energía Renovable Sol y Viento SAPI de Cv |
60.80% | 20.00% |
| Mexico City | Mexico | 306,024,631.13 | MXN | Electricity generation from renewable resources |
Equity | Tenedora de Energía Renovable Sol y Viento SAPI de Cv |
60.80% | 20.00% |
| Energía y Servicios | Brasil Participações Brasil Participações |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Parque Talinay Oriente SA |
Santiago de Chile | Chile | 66,092,165,170.93 | CLP | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Chile SA Enel Green Power SpA |
60.91% 34.56% |
73.89% |
| Pastis - Centro Nazionale per la ricerca e lo sviluppo dei materiali SCPA in liquidation |
Brindisi | Italy | 2,065,000.00 | EUR | Research and development |
- | Enel Italia SpA | 1.14% | 1.14% |
| Paynesville Solar LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Aurora Distributed Solar LLC |
100.00% | 73.51% |
| PayTipper Network Srl |
Cascina | Italy | 40,000.00 | EUR | Services | Line-by-line | PayTipper SpA | 100.00% | 55.00% |
| PayTipper SpA | Milan | Italy | 3,000,000.00 | EUR | Services | Line-by-line | Enel X Srl | 55.00% | 55.00% |
| PDP Technologies Ltd |
Ashkelon | Israel | 1,129,252.00 | ILS | Research and development |
- | Enel Global Infrastructure and Networks Srl |
5.72% | 5.72% |
| Pegop - Energia Eléctrica SA |
Pego | Portugal | 50,000.00 | EUR | Electricity generation | Equity | Endesa Generación Portugal SA Endesa Generación SA |
0.02% 49.98% |
35.05% |
| PH Chucás SA | San José | Costa Rica | 100,000.00 | CRC | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Costa Rica SA Energía y Servicios South America SpA |
40.31% 24.69% |
65.00% |
| PH Don Pedro SA | San José | Costa Rica | 100,001.00 | CRC | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Costa Rica SA |
33.44% | 33.44% |
| PH Guácimo SA | San José | Costa Rica | 50,000.00 | CRC | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Costa Rica SA |
65.00% | 65.00% |
| PH Río Volcán SA | San José | Costa Rica | 100,001.00 | CRC | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Costa Rica SA |
34.32% | 34.32% |
| Pincher Creek LP | Alberta | Canada | - | CAD | Renewable energy | Line-by-line | Enel Alberta Wind Inc. Enel Green Power Canada Inc. |
99.00% 1.00% |
100.00% |
| Pine Island Distributed Solar LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Aurora Distributed Solar LLC |
100.00% | 73.51% |
| Planta Eólica Europea SA |
Seville | Spain | 1,198,532.32 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
56.12% | 39.34% |
| Point Rider Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Pomerado Energy Storage LLC |
Wilmington | USA | 1.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) |
100.00% | 100.00% |
| PowerCrop Macchiareddu Srl |
Bologna | Italy | 100,000.00 | EUR | Electricity generation from renewable resources |
Equity | PowerCrop SpA (formerly PowerCrop Srl) |
100.00% | 50.00% |
| PowerCrop Russi Srl |
Bologna | Italy | 100,000.00 | EUR | Electricity generation from renewable resources |
Equity | PowerCrop SpA (formerly PowerCrop Srl) |
100.00% | 50.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| PowerCrop SpA (formerly PowerCrop Srl) |
Bologna | Italy | 4,000,000.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power Italia Srl |
50.00% | 50.00% |
| Prairie Rose Transmission LLC |
Minneapolis | USA | - | USD | Electricity generation from renewable resources |
Equity | Prairie Rose Wind LLC |
100.00% | 20.00% |
| Prairie Rose Wind LLC |
Albany | USA | - | USD | Electricity generation from renewable resources |
Equity | EGPNA REP Wind Holdings LLC |
100.00% | 20.00% |
| Primavera Energia SA |
Niterói | Brazil | 36,965,444.64 | BRL | Electricity generation and sale |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Productora de Energías SA |
Barcelona | Spain | 60,101.22 | EUR | Hydro-electric plants | Equity | Enel Green Power España SL |
30.00% | 21.03% |
| Productora Eléctrica Urgelense SA |
Lérida | Spain | 8,400,000.00 | EUR | Electricity generation and distribution |
- | Endesa SA | 8.43% | 5.91% |
| Progreso Solar 25 MW SA |
Panama City | Republic of Panama |
10,000.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Panamá Srl |
100.00% | 100.00% |
| Promociones Energéticas del Bierzo SL |
Madrid | Spain | 12,020.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Proveedora de Electricidad de Occidente S de RL de Cv |
Mexico City | Mexico | 89,708,835.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Green Power México S de RL de Cv |
99.99% | 99.99% |
| Proyecto Almería Mediterráneo SA |
Madrid | Spain | 601,000.00 | EUR | Desalinization and water supply |
Equity | Endesa SA | 45.00% | 31.55% |
| Proyectos Universitarios de Energías Renovables SL |
Alicante | Spain | 27,000.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power España SL |
33.33% | 23.37% |
| Proyectos y Soluciones Renovables SAC |
San Miguel | Peru | 1,000.00 | SOL | Electricity generation | Line-by-line | Enel Green Power Partecipazioni Speciali Srl Energía y Servicios South America SpA |
99.90% 0.10% |
100.00% |
| PT Enel Green Power Optima Way Ratai |
Jakarta | Indonesia | 10,001,500.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power SpA |
90.00% | 90.00% |
| Pulida Energy (RF) (Pty) Ltd |
Johannesburg | South Africa | 10,000,000.00 | ZAR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power RSA (Pty) Ltd |
52.70% | 52.70% |
| Quatiara Energia SA |
Niterói | Brazil | 13,766,118.96 | BRL | Electricity generation | Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Queens Energy Storage LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) |
100.00% | 100.00% |
| Ranchland Solar Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Ranchland Wind Holdings LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Ranchland Wind Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Ranchland Wind Storage LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Rattlesnake Creek Holdings LLC |
Delaware | USA | 1.00 | USD | - | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Rausch Creek Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| RC Wind Srl | Milan | Italy | 10,000.00 | EUR | Plant construction and electricity generation from renewable sources |
- | Enel Green Power Italia Srl |
0.50% | 0.50% |
| Reaktortest SRO | Trnava | Slovakia | 66,389.00 | EUR | Research and development |
Equity | Slovenské elektrárne AS |
49.00% | 16.17% |
| Red Centroamericana de Telecomunicaciones SA |
Panama City | Republic of Panama |
2,700,000.00 | USD | Telecommunications | - | Enel SpA | 11.11% | 11.11% |
| Red Dirt Wind Holdings I LLC |
Dover | USA | 100.00 | USD | Holding | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Red Dirt Wind Holdings LLC |
Wilmington | USA | - | USD | Renewable energy | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Red Dirt Wind Project LLC |
Dover | USA | 1.00 | USD | Electricity generation from renewable resources |
Line-by-line | Red Dirt Wind Holdings LLC |
100.00% | 100.00% |
| Red Fox Wind Project LLC |
Wilmington | USA | 1.00 | USD | - | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Redes y Telecomunicaciones S de RL de Cv |
San Pedro Sula | Honduras | 82,370,000.00 | HNL | Telecommunications | - | Livister Honduras SA |
80.00% | 16.48% |
| Reftinskaya GRES LLC |
Pgt Reftinskii | Russian Federation |
10,000.00 | RUB | Electricity generation and sale |
Line-by-line | Enel Russia PJSC | 100.00% | 56.43% |
| Renovables de Guatemala SA |
Guatemala City | Guatemala | 1,924,465,600.00 | GTQ | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Guatemala SA Enel Green Power SpA |
0.01% 99.99% |
100.00% |
| Renovables La Pedrera SLU |
Zaragoza | Spain | 3,000.00 | EUR | Wind plants | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Renovables Mediavilla SLU |
Zaragoza | Spain | 3,000.00 | EUR | Photovoltaic systems | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Rihue SpA | Santiago de Chile | Chile | 986,821.00 | USD | Electricity generation, transmission and trading |
Line-by-line | Enel Green Power Chile SA |
100.00% | 64.55% |
| Riverbend Farms Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Riverview LP | Alberta | Canada | - | CAD | Renewable energy | Line-by-line | Enel Alberta Wind Inc. Enel Green Power Canada Inc. |
99.00% 1.00% |
100.00% |
| Roadrunner Solar Project Holdings LLC |
Andover | USA | - | USD | Plant construction and electricity generation from renewable sources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Roadrunner Solar Project LLC |
Andover | USA | 100.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Enel Roadrunner Solar Project Holdings LLC |
100.00% | 100.00% |
| Roadrunner Storage LLC |
Andover | USA | - | USD | Plant construction and electricity generation from renewable sources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Rochelle Solar LLC | Coral Springs | USA | 1.00 | USD | Photovoltaic | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Rock Creek Hydro LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Rock Creek Wind Holdings I LLC |
Dover | USA | 100.00 | USD | Holding | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Rock Creek Wind Holdings II LLC |
Dover | USA | 100.00 | USD | Holding | Line-by-line | Rock Creek Wind Holdings LLC |
100.00% | 100.00% |
| Rock Creek Wind Holdings LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | EGPNA Preferred Wind Holdings II LLC |
100.00% | 100.00% |
| Rock Creek Wind Project LLC |
Clayton | USA | 1.00 | USD | Holding | Line-by-line | Rock Creek Wind Holdings LLC |
100.00% | 100.00% |
| Rockhaven Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Rocky Caney Holdings LLC |
Oklahoma City | USA | 1.00 | USD | Renewable energy | Equity | Enel Kansas LLC | 20.00% | 20.00% |
| Rocky Caney Wind LLC |
Albany | USA | - | USD | Electricity generation from renewable resources |
Equity | Enel Kansas LLC | 20.00% | 20.00% |
| Rocky Ridge Wind Project LLC |
Oklahoma City | USA | - | USD | Electricity generation from renewable resources |
Equity | Rocky Caney Wind LLC |
100.00% | 20.00% |
| Rodnikovskaya WPS |
Moscow | Russian Federation |
6,010,000.00 | RUB | Renewable energy | Line-by-line | Enel Green Power Rus Limited Liability Company |
100.00% | 100.00% |
| Rolling Farms Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| RSL Telecom (Panama) SA |
Panama City | Republic of Panama |
10,000.00 | USD | - | Equity | Ufinet Latam SLU | 100.00% | 20.60% |
| Rusenergosbyt LLC |
Moscow | Russian Federation |
18,000,000.00 | RUB | Electricity trading | Equity | Enel SpA | 49.50% | 49.50% |
| Rusenergosbyt Siberia LLC |
Krasnoyarsk City | Russian Federation |
4,600,000.00 | RUB | Electricity sale | Equity | Rusenergosbyt LLC |
50.00% | 24.75% |
| Rustler Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Ruthton Ridge LLC | Minneapolis | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Chi Minnesota Wind LLC |
51.00% | 51.00% |
| Saburoy SA | Montevideo | Uruguay | 400,000.00 | UYU | - | Equity | Ifx Networks LLC | 100.00% | 20.60% |
| Sacme SA | Buenos Aires | Argentina | 12,000.00 | ARS | Monitoring of electricity system |
Equity | Empresa Distribuidora Sur SA - Edesur |
50.00% | 23.13% |
| Salmon Falls Hydro LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Salt Springs Wind Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Salto de San Rafael SL |
Seville | Spain | 462,185.98 | EUR | Hydro-electric plants | Equity | Enel Green Power España SL |
50.00% | 35.05% |
| Samantha Solar SpA |
Santiago de Chile | Chile | 88,334,025.00 | CLP | Electricity generation, transmission and trading |
Line-by-line | Enel Green Power Chile SA |
100.00% | 64.55% |
| San Francisco de Borja SA |
Zaragoza | Spain | 60,000.00 | EUR | Renewable energy | Line-by-line | Enel Green Power España SL |
66.67% | 46.73% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| San Juan Mesa Wind Project II LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Padoma Wind Power LLC |
100.00% | 100.00% |
| Sanatorium - preventorium Energetik LLC |
Nevinnomyssk | Russian Federation |
10,571,300.00 | RUB | Energy services | Line-by-line | Enel Russia PJSC | 100.00% | 56.43% |
| Santo Rostro Cogeneración SA |
Seville | Spain | 207,340.00 | EUR | Cogeneration of electricity and heat |
Equity | Enel Green Power España SL |
45.00% | 31.55% |
| Saugus River Energy Storage LLC |
Dover | USA | 100.00 | USD | Renewable energy | Line-by-line | Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) |
100.00% | 100.00% |
| Se Služby Inžinierskych Stavieb SRO |
Kalná Nad Hronom | Slovakia | 200,000.00 | EUR | Services | Equity | Slovenské elektrárne AS |
100.00% | 33.00% |
| Seguidores Solares Planta 2 SL (Sociedad Unipersonal) |
Madrid | Spain | 3,010.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Servicio de Operación y Mantenimiento para Energías Renovables S de RL de Cv |
Mexico City | Mexico | 3,000.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Guatemala SA Energía Nueva Energía Limpia México S de RL de Cv |
0.01% 99.99% |
100.00% |
| Servicios de Internet Eni Chile Ltda |
Santiago de Chile | Chile | 2,768,688,228.00 | CLP | - | Equity | Ifx Networks Ltd Ifx/eni - Spc IV Inc. |
0.01% 99.90% |
20.58% |
| Servizio Elettrico Nazionale SpA |
Rome | Italy | 10,000,000.00 | EUR | Electricity sale | Line-by-line | Enel Italia SpA | 100.00% | 100.00% |
| Setyl Srl | Bergamo | Italy | 100,000.00 | EUR | Electricity generation | Equity | YouSave SpA | 27.50% | 27.50% |
| Seven Cowboy Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Seven Cowboys Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Shiawassee Wind Project LLC |
Wilmington | USA | 1.00 | USD | - | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Shield Energy Storage Project LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) |
100.00% | 100.00% |
| SIET - Società Informazioni Esperienze Termoidrauliche SpA |
Piacenza | Italy | 697,820.00 | EUR | Analysis, design and research in thermal technology |
Equity | Enel Innovation Hubs Srl |
41.55% | 41.55% |
| Sistema Eléctrico de Conexión Valcaire SL |
Madrid | Spain | 175,200.00 | EUR | Electricity generation | Equity | Enel Green Power España SL |
28.13% | 19.72% |
| Sistemas Energéticos Alcohujate SA (Sociedad Unipersonal) |
Zaragoza | Spain | 61,000.00 | EUR | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Sistemas Energéticos Campoliva SA (Sociedad Unipersonal) |
Zaragoza | Spain | 61,000.00 | EUR | Wind plants | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Sistemas Energéticos Mañón Ortigueira SA |
La Coruña | Spain | 2,007,750.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
96.00% | 67.30% |
| Sistemas Energéticos Sierra del Carazo SL (Sociedad Unipersonal) |
Derio | Spain | 3,006.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Skyview Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Slovak Power Holding BV |
Amsterdam | Netherlands | 25,010,000.00 | EUR | Holding | Equity | Enel Produzione SpA |
50.00% | 50.00% |
| Slovenské elektrárne - Energetické Služby SRO |
Bratislava | Slovakia | 4,505,000.00 | EUR | Electricity supply | Equity | Slovenské elektrárne AS |
100.00% | 33.00% |
| Slovenské elektrárne AS |
Bratislava | Slovakia | 1,269,295,724.66 | EUR | Electricity generation | Equity | Slovak Power Holding BV |
66.00% | 33.00% |
| Slovenské elektrárne eská Republika SRO |
Moravská Ostrava Czech Republic | 295,819.00 | CZK | Electricity supply | Equity | Slovenské elektrárne AS |
100.00% | 33.00% | |
| Smart P@Per SpA | Potenza | Italy | 2,184,000.00 | EUR | Services | - | Servizio Elettrico Nazionale SpA |
10.00% | 10.00% |
| Smoky Hill Holdings II LLC |
Wilmington | USA | - | USD | Renewable energy | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Smoky Hills Wind Farm LLC |
Topeka | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Texkan Wind LLC | 100.00% | 100.00% |
| Smoky Hills Wind Project II LLC |
Lenexa | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Nevkan Renewables LLC |
100.00% | 100.00% |
| Snyder Wind Farm LLC |
Hermleigh | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Texkan Wind LLC | 100.00% | 100.00% |
| Socibe Energia SA | Niterói | Brazil | 12,969,032.25 | BRL | Electricity generation and sale |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Sociedad Agrícola de Cameros Ltda |
Santiago de Chile | Chile | 5,738,046,495.00 | CLP | Financial investment | Line-by-line | Enel Chile SA | 57.50% | 37.11% |
| Sociedad Bilbao Gas Hub SA |
Bilbao | Spain | 999,270.48 | EUR | Gas market operator | - | Endesa SA | 1.66% | 1.16% |
| Sociedad Eólica de Andalucía SA |
Seville | Spain | 4,507,590.78 | EUR | Electricity generation | Line-by-line | Enel Green Power España SL |
64.75% | 45.39% |
| Sociedad Eólica El Puntal SL |
Seville | Spain | 1,643,000.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power España SL |
50.00% | 35.05% |
| Sociedad Eólica Los Lances SA |
Seville | Spain | 2,404,048.42 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
60.00% | 42.06% |
| Sociedad para el Desarrollo de Sierra Morena Cordobesa SA |
Cordoba | Spain | 86,063.20 | EUR | Regional development - | Endesa Generación SA |
1.82% | 1.27% | |
| Sociedad Portuaria Central Cartagena SA |
Bogotá | Colombia | 89,714,600.00 | COP | Port construction and management |
Line-by-line | Emgesa SA ESP Inversora Codensa SAS Sociedad Portuaria Central Cartagena SA |
94.94% 5.05% 0.00% |
31.09% |
| Company name | Headquarters | Country | Share capital | Currency Activity | Consolidation method |
Held by | % holding | Group % holding |
|
|---|---|---|---|---|---|---|---|---|---|
| Società di sviluppo, realizzazione e gestione del qasdotto Algeria- Italia via Sardegna SpA - Galsi SpA |
Milan | Italy | 37,419,179.00 | EUR | Energy and infrastructure engineering |
Enel Produzione SpA |
17.65% | 17.65% | |
| Società Elettrica Trigno Srl |
Trivento | Italy | 100,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Italia Srl |
100.00% | 100.00% |
| Soetwater Wind Farm (RF) (Pty) Ltd |
Johannesburg | South Africa | 1,000.00 | ZAR | Electricity generation and sale from renewable resources |
Line-by-line | Enel Green Power RSA 2 (RF) (Pty) Ltd |
60.00% | 60.00% |
| Soliloquoy Ridge LLC |
Minneapolis | USA | USD | Electricity generation from renewable resources |
Line-by-line | Chi Minnesota Wind LLC |
51.00% | 51.00% | |
| Somersworth Hydro Company Inc. |
Wilmington | USA | 100.00 | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. |
100.00% | 100.00% |
| Sona Enerjí Üretím Anoním írketí |
Istanbul | Turkey | 50,000.00 | TRY | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Turkey Enerjí Yatirimlari Anoním írketí |
100.00% | 100.00% |
| Sotavento Galicia SA |
Santiago de Compostela |
Spain | 601,000.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power España SL |
36.00% | 25.24% |
| South Rock Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Southwest Transmission LLC |
Cedar Bluff | USA | USD | Electricity generation from renewable resources |
Line-by-line | Chi Minnesota Wind LLC |
100.00% | 100.00% | |
| Spartan Hills LLC | Minneapolis | USA | USD | Electricity generation from renewable resources |
Line-by-line | Chi Minnesota Wind LLC |
51.00% | 51.00% | |
| Stampede Solar Project LLC |
Andover | USA | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% | |
| Stillman Valley Solar LLC |
Wilmington | USA | USD | Renewable energy | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% | |
| Stillwater Woods Hill Holdings LLC |
Wilmington | USA | 1.00 | USD | Renewable energy | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Stipa Nayaá SA de Cv |
Mexico City | Mexico | 1,811,016,348.00 | MXN | Electricity generation from renewable resources |
Line-by-line | Enel Green Power México S de RL de Cv Enel Green Power Partecipazioni Speciali Srl |
55.21% 40.16% |
95.37% |
| Stockyard Solar Project LLC |
Andover | USA | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% | |
| Strinestown Solar ILLC |
Andover | USA | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% | |
| Suave Energía S de RL de Cv |
Mexico City | Mexico | 1,000,000,000,000.00 | MXN | Plant construction and electricity generation from renewable sources |
Line-by-line | Enel Rinnovabile SA de Cv Enel Green Power México S de RL de Cv |
99.99% 0.01% |
100.00% |
| Sublunary Trading (RF) (Pty) Ltd |
Bryanston | South Africa | 13,750,000.00 | ZAR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power RSA (Pty) Ltd |
57.00% | 57.00% |
| Suministradora Eléctrica de Cádiz SА |
Cádiz | Spain | 12,020,240.00 | EUR | Electricity distribution and sale |
Equity | Endesa Red SA (Sociedad Unipersonal) |
33.50% | 23.48% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Suministro de Luz y Fuerza SL |
Barcelona | Spain | 2,800,000.00 | EUR | Electricity distribution | Line-by-line | Hidroeléctrica de Catalunya SL |
60.00% | 42.06% |
| Summit Energy Storage Inc. |
Wilmington | USA | 1,000.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 75.00% |
75.00% | |
| Sun River LLC | Bend | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Chi Minnesota Wind LLC |
51.00% | 51.00% |
| Sundance Wind Project LLC |
Dover | USA | 100.00 | USD | Renewable energy | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Sunflower Prairie Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Tae Technologies Inc. |
Pauling | USA | 53,207,936.90 | USD | Electricity generation | - | Enel Produzione SpA |
1.13% | 1.13% |
| Tauste Energía Distribuida SL |
Zaragoza | Spain | 60,508.00 | EUR | Renewable energy | Line-by-line | Enel Green Power España SL |
51.00% | 35.75% |
| Tecnatom SA | Madrid | Spain | 4,025,700.00 | EUR | Electricity generation and services |
Equity | Endesa Generación SA |
45.00% | 31.55% |
| Tecnoguat SA | Guatemala City | Guatemala | 30,948,000.00 | GTQ | Electricity generation from renewable resources |
Line-by-line | Enel Green Power SpA |
75.00% | 75.00% |
| Tejo Energia - Produção e Distribuição de Energia Elétrica SA |
Lisbon | Portugal | 5,025,000.00 | EUR | Electricity generation, transmission and distribution |
Equity | Endesa Generación SA |
43.75% | 30.67% |
| Tenedora de Energía Renovable Sol y Viento SAPI de Cv |
Mexico City | Mexico | 2,892,643,576.00 | MXN | Renewable energy | Equity | Enel Green Power SpA |
32.89% | 32.90% |
| Teploprogress JSC | Sredneuralsk | Russian Federation |
128,000,000.00 | RUB | Electricity sale | Line-by-line | Enel Russia PJSC | 60.00% | 33.86% |
| Termoeléctrica José de San Martín SA |
Buenos Aires | Argentina | 500,006.00 | ARS | Plant construction and maintenance |
Equity | Central Dock Sud SA Enel Generación Costanera SA Enel Generación El Chocón SA |
1.42% 5.33% 18.85% |
10.90% |
| Termoeléctrica Manuel Belgrano SA |
Buenos Aires | Argentina | 500,006.00 | ARS | Plant construction and maintenance |
Equity | Central Dock Sud SA Enel Generación Costanera SA Enel Generación El Chocón SA |
1.42% 5.33% 18.85% |
10.90% |
| Termotec Energía AIE in liquidation |
La Pobla de Vallbona |
Spain | 481,000.00 | EUR | Cogeneration of electricity and heat |
Equity | Enel Green Power España SL |
45.00% | 31.55% |
| Testing Stand of Ivanovskaya GRES JSC |
Komsomolsk | Russian Federation |
118,213,473.45 | RUB | Studies, projects and research |
- | Enel Russia PJSC | 1.65% | 0.93% |
| Texkan Wind LLC | Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Texkan Inc | 100.00% | 100.00% |
| Thar Surya 1 Private Limited |
Gurgaon | India | 100,000.00 | INR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power India Private Limited (formerly BLP Energy Private Limited) |
100.00% | 100.00% |
| Thunder Ranch Wind Holdings I LLC |
Dover | USA | 100.00 | USD | Holding | Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Thunder Ranch Wind Holdings LLC |
Wilmington | USA | - | USD | Renewable energy | Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Thunder Ranch Wind Project LLC |
Dover | USA | 1.00 | USD | Electricity generation from renewable resources |
Line-by-line | Thunder Ranch Wind Holdings LLC |
100.00% | 100.00% |
| Tobivox (RF) (Pty) Ltd |
Johannesburg | South Africa | 10,000,000.00 | ZAR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power RSA (Pty) Ltd |
60.00% | 60.00% |
| Toledo PV AIE | Madrid | Spain | 26,887.96 | EUR | Photovoltaic plants | Equity | Enel Green Power España SL |
33.33% | 23.36% |
| Torrepalma Energy 1 SLU |
Seville | Spain | 3,100.00 | EUR | Photovoltaic systems | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Tradewind Energy Inc. |
Wilmington | USA | 1,000.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Transmisora de Energía Renovable SA |
Guatemala City | Guatemala | 233,561,800.00 | GTQ | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Guatemala SA Enel Green Power SpA Generadora Montecristo SA |
0.00% 100.00% 0.00% |
100.00% |
| Transmisora Eléctrica de Quillota Ltda |
Santiago de Chile | Chile | 4,404,446,151.00 | CLP | Electricity transmission and distribution |
Equity | Enel Generación Chile SA |
50.00% | 30.19% |
| Transportadora de Energía SA - TESA |
Buenos Aires | Argentina | 100,000.00 | ARS | Electricity generation, transmission and distribution |
Line-by-line | Enel Argentina SA Enel CIEN SA |
0.00% 100.00% |
64.14% |
| Transportes y Distribuciones Eléctricas SA |
Girona | Spain | 72,121.45 | EUR | Electricity transmission Line-by-line | Edistribución Redes Digitales SL (Sociedad Unipersonal) |
73.33% | 51.41% | |
| Triton Power Company |
Andover | USA | - | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. Highfalls Hydro Company Inc. |
2.00% 98.00% |
100.00% |
| Tsar Nicholas LLC | Minneapolis | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Chi Minnesota Wind LLC |
51.00% | 51.00% |
| Tula WPS LLC | Tula | Russian Federation |
- | RUB | Renewable energy | Line-by-line | Enel Green Power Rus Limited Liability Company |
100.00% | 100.00% |
| TWE Franklin Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| TWE ROT DA LLC | Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Twin Lake Hills LLC | Minneapolis | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Chi Minnesota Wind LLC |
51.00% | 51.00% |
| Twin Saranac Holdings LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Tyme Srl | Bergamo | Italy | 100,000.00 | EUR | Electricity generation | Equity | YouSave SpA | 50.00% | 50.00% |
| Tynemouth Energy Storage Limited |
London | United Kingdom | 2.00 | GBP | Services | Line-by-line | Enel Global Thermal Generation Srl |
100.00% | 100.00% |
| Ufinet Argentina SA |
Buenos Aires | Argentina | 9,745,583.00 | ARS | - | Equity | Ufinet Latam SLU Ufinet Panamá SA |
99.95% 0.05% |
20.60% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Ufinet Brasil Participações Ltda |
City of Santo André, State of São Paulo |
Brazil | 45,784,638.00 | BRL | Holding | - | Ufinet Guatemala SA Ufinet Latam SLU |
0.01% 99.99% |
20.60% |
| Ufinet Brasil Telecomunicação Ltda |
City of Santo André, State of São Paulo |
Brazil | 45,784,638.00 | BRL | Holding. Energy services |
- | Ufinet Brasil Participações Ltda Ufinet Latam SLU |
99.99% 0.01% |
20.60% |
| Ufinet Chile SpA | Santiago de Chile | Chile | 233,750,000.00 | CLP | - | Equity | Ufinet Latam SLU | 100.00% | 20.60% |
| Ufinet Colombia SA |
Bogotá | Colombia | 1,180,000,000.00 | COP | - | Equity | Ufinet Guatemala SA Ufinet Honduras SA Ufinet Latam SLU Ufinet Panamá SA |
0.00% 0.00% 90.00% 0.00% |
18.54% |
| Ufinet Costa Rica SA |
San José | Costa Rica | 15,000.00 | USD | - | Equity | Ufinet Latam SLU | 100.00% | 20.60% |
| Ufinet Ecuador Ufiec SA |
Quito | Ecuador | 1,050,800.00 | USD | - | Equity | Ufinet Guatemala SA Ufinet Latam SLU |
0.00% 100.00% |
20.60% |
| Ufinet El Salvador SA de Cv |
San Salvador | El Salvador | 10,000.00 | USD | - | Equity | Ufinet Guatemala SA Ufinet Latam SLU |
0.01% 99.99% |
20.60% |
| Ufinet Guatemala SA |
Guatemala City | Guatemala | 7,500,000.00 | GTQ | - | Equity | Ufinet Latam SLU Ufinet Panamá SA |
99.99% 0.01% |
20.60% |
| Ufinet Honduras SA |
Tegucigalpa | Honduras | 194,520.00 | HNL | - | Equity | Ufinet Latam SLU Ufinet Panamá SA |
99.99% 0.01% |
20.60% |
| Ufinet Latam SLU | Madrid | Spain | 15,906,312.31 | EUR | - | Equity | Zacapa Sàrl | 100.00% | 20.60% |
| Ufinet México S de RL de Cv |
Mexico City | Mexico | 10,032,150.00 | MXN | - | Equity | Ufinet Guatemala SA Ufinet Latam SLU |
0.01% 99.99% |
20.60% |
| Ufinet Nicaragua SA |
Managua | Nicaragua | 2,800,000.00 | NIO | - | Equity | Ufinet Guatemala SA Ufinet Latam SLU Ufinet Panamá SA |
0.50% 99.00% 0.50% |
20.60% |
| Ufinet Panamá SA | Panama City | Republic of Panama |
3,500,000.00 | USD | - | Equity | Ufinet Latam SLU | 100.00% | 20.60% |
| Ufinet Paraguay SA | Asunción | Paraguay | 13,960,000.00 | USD | - | Equity | Ufinet Latam SLU | 75.00% | 15.45% |
| Ufinet Perú SAC | Lima | Peru | 3,104,923.00 | SOL | - | Equity | Ufinet Latam SLU Ufinet Panamá SA |
100.00% 0.00% |
20.60% |
| Ufinet US LLC | Wilmington | USA | 1,000.00 | USD | - | Equity | Ufinet Latam SLU | 100.00% | 20.60% |
| Ukuqala Solar (Pty) Ltd |
Johannesburg | South Africa | 1,000.00 | ZAR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power RSA (Pty) Ltd |
100.00% | 100.00% |
| Unión Eléctrica de Canarias Generación SAU |
Las Palmas de Gran Canaria |
Spain | 190,171,520.00 | EUR | Electricity generation | Line-by-line | Endesa Generación SA |
100.00% | 70.10% |
| Upington Solar (Pty) Ltd |
Johannesburg | South Africa | 1,000.00 | ZAR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power RSA (Pty) Ltd |
100.00% | 100.00% |
| Ustav Jaderného Výzkumu Rez AS |
ež | Czech Republic | 524,139,000.00 | CZK | Research and development |
Equity | Slovenské elektrárne AS |
27.77% | 9.17% |
| Valdecaballero Solar SL |
Madrid | Spain | 3,000.00 | EUR | Photovoltaic | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Vayu (Project 1) Private Limited |
Gurugram | India | 10,000,000.00 | INR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power India Private Limited (formerly BLP Energy Private Limited) |
100.00% | 100.00% |
| Vektör Enerjí Üretím Anoním írketí |
Istanbul | Turkey | 3,500,000.00 | TRY | Plant construction and electricity generation from renewable sources |
AFS | Enel SpA | 100.00% | 100.00% |
| Ventos de Santa Ângela Energias Renováveis SA |
Niterói | Brazil | 7,315,000.00 | BRL | Electricity generation | Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Ventos de Santa Esperança Energias Renováveis SA |
Niterói | Brazil | 4,727,414.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Ventos de Santo Orestes Energias Renováveis SA |
Maracanaú | Brazil | 1,754,031.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Ventos de São Roque Energias Renováveis SA |
Maracanaú | Brazil | 9,988,722.00 | BRL | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Brasil Participações Ltda |
100.00% | 100.00% |
| Vientos del Altiplano S de RL de Cv |
Mexico City | Mexico | 1,455,854,094.00 | MXN | Electricity generation from renewable resources |
Equity | Tenedora de Energía Renovable Sol y Viento SAPI de Cv |
60.80% | 20.00% |
| Villanueva Solar SA de Cv |
Mexico City | Mexico | 205,316,027.15 | MXN | Electricity generation from renewable resources |
Equity | Tenedora de Energía Renovable Sol y Viento SAPI de Cv |
60.80% | 20.00% |
| Viruleiros SL | Santiago de Compostela |
Spain | 160,000.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power España SL |
67.00% | 46.97% |
| Walden Hydro LLC | Wilmington | USA | - | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Wapella Bluffs Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Waseca Solar LLC | Waseca | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Aurora Distributed Solar LLC |
100.00% | 73.51% |
| Weber Energy Storage Project LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) |
100.00% | 100.00% |
| Wespire Inc. | Boston | USA | 1,625,000.00 | USD | Energy services | Equity | Enel X North America Inc. |
11.21% | 11.21% |
| West Faribault Solar LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Aurora Distributed Solar LLC |
100.00% | 73.51% |
| West Hopkinton Hydro LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% | |
| West Waconia Solar LLC |
Wilmington | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Aurora Distributed Solar LLC |
100.00% | 73.51% |
| Western New York Wind Corporation |
Albany | USA | 300.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Green Power North America Inc. 100.00% |
100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Wharton-El Campo Solar Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| White Cloud Wind Holdings LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| White Cloud Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Whitney Hill Wind Power Holdings LLC |
Andover | USA | 99.00 | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Whitney Hill Wind Power LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Whitney Hill Wind Power Holdings LLC |
100.00% | 100.00% |
| Wild Run LP | Alberta | Canada | 10.00 | CAD | Holding | Line-by-line | Enel Alberta Wind Inc. Enel Green Power Canada Inc. |
0.10% 99.90% |
100.00% |
| Wildcat Flats Wind Project LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Wilderness Range Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Enel Kansas LLC | 100.00% | 100.00% |
| Willimantic Power Corporation |
Hartford | USA | 100.00 | USD | Electricity generation from renewable resources |
AFS | Enel Green Power North America Inc. 100.00% |
100.00% | |
| Wind Belt Transco LLC |
Andover | USA | 1.00 | USD | Electricity generation and sale from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
| Wind Parks Anatolis - Prinias Single Member SA |
Maroussi | Greece | 1,218,188.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Hellas Wind Parks South Evia Single Member SA |
100.00% | 100.00% |
| Wind Parks Bolibas SA |
Maroussi | Greece | 551,500.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power Hellas SA |
30.00% | 30.00% |
| Wind Parks Distomos SA |
Maroussi | Greece | 556,500.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power Hellas SA |
30.00% | 30.00% |
| Wind Parks Folia SA |
Maroussi | Greece | 424,000.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power Hellas SA |
30.00% | 30.00% |
| Wind Parks Gagari SA |
Maroussi | Greece | 389,000.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power Hellas SA |
30.00% | 30.00% |
| Wind Parks Goraki SA |
Maroussi | Greece | 551,500.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power Hellas SA |
30.00% | 30.00% |
| Wind Parks Gourles SA |
Maroussi | Greece | 555,000.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power Hellas SA |
30.00% | 30.00% |
| Wind Parks Kafoutsi SA |
Maroussi | Greece | 551,500.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power Hellas SA |
30.00% | 30.00% |
| Wind Parks Katharas Single Member SA |
Maroussi | Greece | 778,648.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Hellas Wind Parks South Evia Single Member SA |
100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| Wind Parks Kerasias Single Member SA |
Maroussi | Greece | 945,990.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Hellas Wind Parks South Evia Single Member SA |
100.00% | 100.00% |
| Wind Parks Milias Single Member SA |
Maroussi | Greece | 1,034,774.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Hellas Wind Parks South Evia Single Member SA |
100.00% | 100.00% |
| Wind Parks Mitikas Single Member SA |
Maroussi | Greece | 772,639.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Hellas Wind Parks South Evia Single Member SA |
100.00% | 100.00% |
| Wind Parks Petalo SA |
Maroussi | Greece | 575,000.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power Hellas SA |
30.00% | 30.00% |
| Wind Parks Platanos Single Member SA |
Maroussi | Greece | 635,467.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Hellas Wind Parks South Evia Single Member SA |
100.00% | 100.00% |
| Wind Parks Skoubi SA |
Maroussi | Greece | 472,000.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power Hellas SA |
30.00% | 30.00% |
| Wind Parks Spilias Single Member SA |
Maroussi | Greece | 857,490.00 | EUR | Electricity generation from renewable resources |
Line-by-line | Enel Green Power Hellas Wind Parks South Evia Single Member SA |
100.00% | 100.00% |
| Wind Parks Strouboulas SA |
Maroussi | Greece | 576,500.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power Hellas SA |
30.00% | 30.00% |
| Wind Parks Vitalio SA |
Maroussi | Greece | 361,000.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power Hellas SA |
30.00% | 30.00% |
| Wind Parks Vourlas SA |
Maroussi | Greece | 554,000.00 | EUR | Electricity generation from renewable resources |
Equity | Enel Green Power Hellas SA |
30.00% | 30.00% |
| Winter's Spawn LLC |
Minneapolis | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Chi Minnesota Wind LLC |
51.00% | 51.00% |
| Wkn Basilicata Development Pe1 Srl |
Rome | Italy | 10,000.00 | EUR | Renewable energy | Line-by-line | Enel Green Power Italia Srl |
100.00% | 100.00% |
| Woods Hill Solar LLC |
Wilmington | USA | - | USD | Renewable energy | Line-by-line | Stillwater Woods Hill Holdings LLC |
100.00% | 100.00% |
| WP Bulgaria 1 EOOD |
Sofia | Bulgaria | 5,000.00 | BGN | Plant construction, operation and maintenance |
Line-by-line | Enel Green Power Bulgaria EAD |
100.00% | 100.00% |
| WP Bulgaria 10 EOOD |
Sofia | Bulgaria | 5,000.00 | BGN | Plant construction, operation and maintenance |
Line-by-line | Enel Green Power Bulgaria EAD |
100.00% | 100.00% |
| WP Bulgaria 11 EOOD |
Sofia | Bulgaria | 5,000.00 | BGN | Plant construction, operation and maintenance |
Line-by-line | Enel Green Power Bulgaria EAD |
100.00% | 100.00% |
| WP Bulgaria 12 EOOD |
Sofia | Bulgaria | 5,000.00 | BGN | Plant construction, operation and maintenance |
Line-by-line | Enel Green Power Bulgaria EAD |
100.00% | 100.00% |
| WP Bulgaria 13 EOOD |
Sofia | Bulgaria | 5,000.00 | BGN | Plant construction, operation and maintenance |
Line-by-line | Enel Green Power Bulgaria EAD |
100.00% | 100.00% |
| Company name | Headquarters | Country | Share capital | Currency | Activity | Consolidation method |
Held by | % holding | Group % holding |
|---|---|---|---|---|---|---|---|---|---|
| WP Bulgaria 14 EOOD |
Sofia | Bulgaria | 5,000.00 | BGN | Plant construction, operation and maintenance |
Line-by-line | Enel Green Power Bulgaria EAD |
100.00% | 100.00% |
| WP Bulgaria 15 EOOD |
Sofia | Bulgaria | 5,000.00 | BGN | Plant construction, operation and maintenance |
Line-by-line | Enel Green Power Bulgaria EAD |
100.00% | 100.00% |
| WP Bulgaria 19 EOOD |
Sofia | Bulgaria | 5,000.00 | BGN | Plant construction, operation and maintenance |
Line-by-line | Enel Green Power Bulgaria EAD |
100.00% | 100.00% |
| WP Bulgaria 21 EOOD |
Sofia | Bulgaria | 5,000.00 | BGN | Plant construction, operation and maintenance |
Line-by-line | Enel Green Power Bulgaria EAD |
100.00% | 100.00% |
| WP Bulgaria 26 EOOD |
Sofia | Bulgaria | 5,000.00 | BGN | Plant construction, operation and maintenance |
Line-by-line | Enel Green Power Bulgaria EAD |
100.00% | 100.00% |
| WP Bulgaria 3 EOOD |
Sofia | Bulgaria | 5,000.00 | BGN | Plant construction, operation and maintenance |
Line-by-line | Enel Green Power Bulgaria EAD |
100.00% | 100.00% |
| WP Bulgaria 6 EOOD |
Sofia | Bulgaria | 5,000.00 | BGN | Plant construction, operation and maintenance |
Line-by-line | Enel Green Power Bulgaria EAD |
100.00% | 100.00% |
| WP Bulgaria 8 EOOD |
Sofia | Bulgaria | 5,000.00 | BGN | Plant construction, operation and maintenance |
Line-by-line | Enel Green Power Bulgaria EAD |
100.00% | 100.00% |
| WP Bulgaria 9 EOOD |
Sofia | Bulgaria | 5,000.00 | BGN | Plant construction, operation and maintenance |
Line-by-line | Enel Green Power Bulgaria EAD |
100.00% | 100.00% |
| Xaloc Solar SLU | Valencia | Spain | 3,000.00 | EUR | Photovoltaic systems | Line-by-line | Enel Green Power España SL |
100.00% | 70.10% |
| Yacylec SA | Buenos Aires | Argentina | 20,000,000.00 | ARS | Electricity transmission Equity | Enel Américas SA | 33.33% | 21.38% | |
| Yedesa - Cogeneración SA |
Almería | Spain | 234,394.72 | EUR | Cogeneration of electricity and heat |
Equity | Enel Green Power España SL |
40.00% | 28.04% |
| YouSave SpA | Bergamo | Italy | 500,000.00 | EUR | Testing, inspection and certification services, engineering and consulting services |
Line-by-line | Enel X Italia Srl | 100.00% | 100.00% |
| Zacapa HoldCo Sàrl | Luxembourg | Luxembourg | 300,000.00 | USD | - | Equity | Zacapa Topco Sàrl | 100.00% | 20.60% |
| Zacapa LLC | Wilmington | USA | 1,000.00 | USD | - | Equity | Zacapa Sàrl | 100.00% | 20.60% |
| Zacapa Sàrl | Luxembourg | Luxembourg | 300,000.00 | USD | - | Equity | Zacapa HoldCo Sàrl |
100.00% | 20.60% |
| Zacapa Topco Sàrl | Luxembourg | Luxembourg | 30,000,000.00 | USD | - | Equity | Enel X International Srl |
20.60% | 20.60% |
| Zoo Solar Project LLC |
Andover | USA | - | USD | Electricity generation from renewable resources |
Line-by-line | Tradewind Energy Inc. |
100.00% | 100.00% |
Print run: 5 copies
Published in September 2020
Paper Fedrigoni Freelife Cento
120 g/m2 Number of pages
236
Paper Fedrigoni Freelife Cento
Weight
300 g/m2
This publication is printed on FSC® certified 100% paper
Publication not for sale
Disclaimer This Report issued in Italian has been translated into English solely for the convenience of international readers
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