Moody’s Adjusted Leverage typically considers debt minus cash flow and alternative metrics. From the data, Enel SpA 2023-01-01 long-term borrowings 68,191,000,000 EUR and short-term borrowings 18,392,000,000 EUR, total debt roughly 86.6 billion. Cash and cash equivalents 11,541,000,000 EUR plus marketable securities 78,000,000 EUR suggests net debt around 75-77 billion. Operating cash flow 8,674,000,000 EUR in 2022. Free cash flow strength improved somewhat but net debt remained high. However, there was significant financing activity with proceeds from borrowings 22.399 billion and repayments 9.359 billion, dividends etc. Net debt likely rose or stayed high, but cash on hand covers some. Given 2021 net debt lower and 2022 cash generation positive yet debt high, Moody’s adjusted leverage trend is Stable to Slightly Deteriorating; considering large borrowings and high equity. I will choose Stable. 
<answer>Stable</answer>