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INTEGRATED 

ANNUAL REPORT 2024

Build the

FUTURE through

SUSTAINABLE

POWER.

  


Beyond Reports: Enel’s Graphic Journey to a Sustainable Tomorrow

The graphic design of Enel’s 2024 corporate reporting project powerfully reflects our 

commitment to building a better future.

The design featured in this publication underscores our strong commitment to translating our

Purpose “Build the future through sustainable power” into concrete actions.

Specifically, we are dedicated to actively shaping a better tomorrow by reducing environmental 

impact through clean, innovative, and responsible energy solutions for future generations.

Our visual narrative is crafted to express Enel’s commitment to our long term aim and how we 

embody our core values: trust, innovation, flexibility, respect, and proactivity. We build trust 

within our teams and with our stakeholders through clear communication and a focus on 

our customers. By fostering curiosity and a practical approach, we drive innovation to meet 

changing needs and create sustainable solutions. Our ability to adapt enables us to seize new 

opportunities in a rapidly changing world, while our respect for individuality and inclusivity 

fosters teamwork. Together, we work diligently to achieve results with integrity and responsibility,

shaping a sustainable future.

As a result, every element of our corporate reporting resonates with Enel’s commitment and 

core values, creating a narrative designed to inspire others to join us on our journey toward a 

sustainable future.

  


INTEGRATED 

ANNUAL REPORT 

2024

  


CONTENTS

GUIDE TO NAVIGATING THE REPORT

To facilitate navigation, hyperlinks have been integrated into the document.

Return to main menu Income Statement

Go to... Statement of Financial Position

Search Statement of Cash Flows

Print Statement of Changes 

in Equity

Back/forward Statement of Comprehensive

Income

Starting from 2024, the Group’s Integrated Annual Report includes a section 

dedicated to sustainability reporting, with qualitative and quantitative 

disclosures on environmental, social and governance issues,in compliance 

with the EU Corporate Sustainability Reporting Directive (CSRD) implemented 

in Italy with Legislative Decree 125 of September 6, 2024\. ESG disclosures are 

presented in the section dedicated to the Sustainability Statement, but also in 

other sections of the Report on Operations.

The leaf symbol in the table of contents helps the reader to immediately 

identify the sections containing sustainability-related content, 

facilitating perusal and strengthening the integration between financial 

and environmental, social and governance aspects.

  


Letter to shareholders and other stakeholders ..................................................... 10

Basis of Presentation ........................................................................................................ 17

REPORT ON OPERATIONS 

1. ENEL GROUP 21

Highlights ............................................................................................................................... 23

Business model .................................................................................................................... 27

Enel around the world....................................................................................................... 30

2. GOVERNANCE 33

Enel shareholders ............................................................................................................... 34

Corporate boards ............................................................................................................... 36

The Enel corporate governance system ................................................................... 38

Internal control and risk management system on corporate reporting ..... 52

Enel organizational model .............................................................................................. 54

Incentive system ................................................................................................................. 57

Values and pillars of corporate ethics ....................................................................... 60

3\. GROUP STRATEGY AND RISK MANAGEMENT  63

Reference scenario ............................................................................................................ 64

Group strategy ..................................................................................................................... 71

The Enel Group risk governance model ................................................................... 77

  


4. CLIMATE CHANGE 93

The strategy for tackling climate change ................................................................ 96

Impacts, risks and opportunities related to climate change ........................... 104

Policies related to the mitigation of and adaptation to climate change ....... 122

Enel’s advocacy system on climate policies and a just 

energy transition ................................................................................................................. 124

Actions for managing the impacts, risks and opportunities connected 

with climate change .......................................................................................................... 127

Enel’s metrics in combating climate change .......................................................... 142

5\. GROUP PERFORMANCE 151

Definition of performance measures ......................................................................... 152

Group performance ........................................................................................................... 155

Analysis of the Group’s financial position and structure ................................... 166

Performance by primary segment (Business Line) and secondary 

segment (Geographical Area) ........................................................................................ 172

Intangibles .............................................................................................................................. 205

Enel shares ............................................................................................................................. 208

Significant events in 2024 ............................................................................................... 211

Regulatory and rate issues ............................................................................................. 215

6. OUTLOOK 231

Outlook ................................................................................................................................... 232

  


7\. CONSOLIDATED SUSTAINABILITY STATEMENT  237

General information ........................................................................................................... 238

Environmental information ............................................................................................. 277

Social information .............................................................................................................. 331

Governance information.................................................................................................. 391

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS 419

Consolidated financial statements .......................................................................................... 420

Notes to the consolidated financial statements ................................................................ 427

Declaration of the Chief Executive Officer and the officer in charge

of financial reporting of the Enel Group at December 31, 2024 ....................................... 601

Declaration of the Chief Executive Officer and the officer in charge

of financial reporting in respect of the consolidated Sustainability Statement

at December 31, 2024 ............................................................................................................................. 602

Reports .................................................................................................................... 603

Report of the Board of Statutory Auditors ........................................................................... 603

Reports of the Audit Firm ............................................................................................................. 619

Attachments ........................................................................................................... 630

Attachment 1 - Subsidiaries, associates and other significant equity 

investments of the Enel Group at December 31, 2024................................................... 630

Attachment 2 - Green Bond Report 2024 – Accompanying notes ............................ 687

Attachment 3 - Sustainability-Linked Financing Report ...................................................... 695

  


Build 

the future 

through 

sustainable 

power

Drive

electrification, 

fulfilling

people’s needs

and shaping a 

better world.

VISION

PURPOSE

  


Trust

Innovation

Proactivity

Respect

Flexibility

Your energy choices, 

our responsibility.

Every day, powered by clean energy.

VALUES

POSITIONING

  


Paolo Scaroni

Chairman

Flavio Cattaneo

Chief Executive Officer

and General Manager

10

INTEGRATED ANNUAL REPORT 2024 Letter to shareholders and other stakeholders

Dear shareholders and stakeholders,

in 2024, Enel continued its path along the stra-

tegic guidelines outlined last year: (i) profitability, 

flexibility and resilience, (ii) effectiveness and effi-

ciency, (iii) financial and environmental sustainabil-

ity, achieving a more solid and balanced financial

structure, essential for long-term growth and value

creation.

With a workforce of over 60,000 employees, Enel

confirmed its position as the world’s largest renew-

able energy operator

1

with around 66 GW of man-

aged capacity, as well as the world’s largest elec-

tricity distribution company

1

serving about 68.5 

million end users. It also has the largest customer

base,

1

with over 55 million electricity and gas cus-

tomers.

1. Group of reference: listed companies not predominantly state-owned.

In line with our strategy, we have defined our purpose 

to “Build the future through sustainable power” and 

the vision to “Drive electrification, fulfilling people’s 

needs and shaping a better world”. We contribute to 

decarbonization and lead the electrification process 

of final consumption through innovative technologies 

and reliable services, while remaining focused on our 

core business: the generation, distribution and sale of 

energy in a way that is sustainable from a financial, en-

vironmental and social point of view.

Enel has an integrated approach to enable a fair and 

inclusive energy transition which puts local com-

munities, institutions, suppliers, customers, workers 

and shareholders at the core of its strategy to create 

shared value in the long term, while being strongly 

committed to safety and human rights.

LETTER TO 

SHAREHOLDERS 

AND OTHER 

STAKEHOLDERS

  


11

Letter to shareholders and other stakeholders  INTEGRATED ANNUAL REPORT 2024 

68.5 million

End users

66 GW

Managed capacity

Furthermore, we invest in training and refresher pro-

grams and pursue the goal of creating sustainable pro-

duction processes, reducing the need for critical raw

materials through innovative solutions and processes, 

drawing on the skills of around 7,500 qualified suppliers. 

Finally, our commitment to sustainability is strength-

ened by a solid governance model, ensuring trans-

parency, integrity and responsibility in managing cor-

porate activities. The focus on sustainability is also 

confirmed by our consistent inclusion in the world’s 

main sustainability rankings and indexes.

The macroeconomic environment

The global economy proved resilient in 2024, de-

spite a volatile environment fueled by persistent ge-

opolitical uncertainties and the slow normalization 

of monetary policies.

The main economies recorded different growth rates:

economic performance remained solid and above 

expectations in the United States, mainly support-

ed by the resilience of consumption and investment 

growth; economic activity in the euro area showed

a slight improvement, although lower than expected

due to the weakness of domestic demand. Finally, 

post-COVID-19 growth in Latin America took place in 

a heterogeneous macroeconomic environment, also 

impacted by political discontinuities in some states. 

For the most important economies, including Bra-

zil, public debt, interest rate developments and ex-

change rate policies represent key elements for the 

evolution of macroeconomic variables.

During 2024, the European gas market showed high 

volatility while uncertainties in supplies together with 

the recovery of Asian demand led to a marked increase 

in prices in the last quarter, with stocks at non-alarm-

ing levels. At the same time, coal market prices de-

clined, due to lower availability and the growth of 

renewable generation, while the price of Brent oil de-

creased slightly due to the increase in US production 

and the stability of global supply. The price of CO

2

also 

decreased within the Emission Trading System (ETS), 

reflecting both lower industrial activity in Europe and 

greater use of renewable energy sources.

Lower gas prices in Italy and Spain in the first part 

of 2024 and higher renewable generation have nor-

malized market developments contributing to a

year-on-year reduction in the price of electricity of 

15% and 28%, respectively.

Copper and aluminum prices rose by about 8% year-

on-year, due to both an increase in demand linked 

to the energy transition and the global industrial re-

covery and supply issues, including social tensions

in Chile and Peru and environmental restrictions in

China. On the other hand, metals most closely linked 

to renewable technologies, such as lithium and pol-

ysilicon, reached historic lows in the final months of 

the year, both reflecting increased supply and low-

er-than-expected demand, highlighting the market 

readjusting process.

Performance

Enel’s 2024 financial year ends with solid results and 

the achievement of the annual targets communicat-

ed to the market, with ordinary EBITDA at €22.8 bil-

lion and ordinary net profit at €7.1 billion, up 3.8% and 

approximately 10% respectively compared to 2023. 

The dividend to be proposed to shareholders for 2024 

amounts to €0.47 per share, approximately 9% higher 

than 2023, in line with the provisions of the 2025-2027 

Strategic Plan. Net debt is equal to €55.8 billion, down 

7% compared with the previous year, with an improve-

ment in the net debt/EBITDA ratio from 2.7x to 2.4x, 

which places Enel at the top of global utilities in terms 

of solidity of capital structure and allows us to evaluate 

incremental growth opportunities.

  


12

INTEGRATED ANNUAL REPORT 2024 Letter to shareholders and other stakeholders

Main events

Enel continues its growth path in energy generation 

from renewable sources. In 2024, it built around 4.0 

GW of new renewables capacity (of which around 1.3 

GW of battery storage), reaching a total installed ca-

pacity of around 66 GW, generating 148 TWh/year. 

The focus stays on distribution grids through signif-

icant investments in resilience, quality and digitaliza-

tion, as required by both the energy transition process 

and the increasingly frequent weather events linked to 

climate change.

Furthermore, to manage emergencies related to ex-

treme weather events, such as those that occurred 

during the year in Brazil, Chile and Italy, we have ac-

tivated emergency protocols that ensure an effective 

and immediate response, leveraging our international 

dimension to promptly mobilize expert resources from 

all countries where we are present. 

As regards the role of grids in the energy transition, 

the distributed renewables capacity connected to our 

networks totals 78 GW, coming from about 2.4 million 

producers and prosumers,

2

of which 411,520 added in 

2024\. 

In particular, thanks to an investment planning strate-

gy and favorable regulatory schemes, over €3.5 billion 

were invested in Italy in 2024, of which approximately 

€900 million from the National Recovery and Resil-

ience Plan (NRRP) funds, allowing, among other things, 

to achieve distributed renewables capacity of 1.43 

GW, higher than the NRRP target of 924 MW.

Finally, the awareness of the importance of invest-

ments in the resilience, modernization and digitaliza-

tion of distribution grids has led Italy to extend exist-

ing electricity distribution services concessions, for a 

maximum period of 20 years, against the provision of 

extraordinary multi-year investment plans.

3

2024 was a year of changement for the Enel X Global 

Retail commercial division: its organizational struc-

2. A “prosumer” (a blend word of “producer” and “consumer”) is an individual or a company that not only consumes goods or services, but also 

produces them, e.g. by installing photovoltaic panels to generate electricity.

3. Article 1, paragraphs 50-55, of Law 207 of December 30, 2024 (Budget Law 2025).

4. Reduction in new commercial complaints per 10,000 customers.

5. Includes Global Information & Communication Technologies, Global Procurement, Global Real Estate and General Services and Workforce 

Evolution.

ture was renewed and strengthened to address in-

creasing market competitiveness and better meet

customer needs. The offer of e-mobility business 

models was simplified, rationalizing the geographi-

cal presence and confirming Enel as one of the main 

players in the sector. 

During the year, the division worked to increase and 

retain its customer base by defining a portfolio of 

innovative solutions (e.g. virtual solar, flexibility) and 

bundle offers (commodities, products and servic-

es), including electric vehicle charging in residential,

corporate and public areas. The Enel X Global Retail 

division continued to improve customer experience, 

reducing commercial complaints by 8%

4

compared 

with the previous year and strengthening its com-

mercial channels.

To support our commercial strategy, we have im-

proved external communication with ads aimed at 

strengthening our brand image as a long-standing, 

closer-to-customers, reliable and quality company.

Finally, a new governance was introduced at Group 

level allowing the commercial strategy to be defined 

and shared with the Global Energy and Commod-

ity Management and Enel Green Power and Thermal 

Generation divisions, ensuring the optimization and 

monitoring of the Group’s integrated margin along the 

entire value chain. 

Enel Global Services

5

continued the Company’s digital 

transformation journey, focusing on advanced solu-

tions and technologies, such as artificial intelligence, 

with a training program aimed at providing all em-

ployees with the tools to navigate the AI opportunities 

and risks. At the same time, the Procurement unit has 

placed financial and environmental sustainability at the 

core of the procurement strategy. Through efficiency 

and simplification, it has guaranteed the timely availa-

bility of goods, works and services, ensuring flexibility 

and competitive prices.

In line with the Paris Agreement, we continue our 

decarbonization journey, aiming to reach zero emis-

  


13

Letter to shareholders and other stakeholders  INTEGRATED ANNUAL REPORT 2024 

sions in all Scopes by 2040. In 2024, absolute direct 

and indirect greenhouse gas emissions along the en-

tire value chain amounted to approximately 70 Mt-

CO

2eq

, down by 26% compared with 2023, in line with 

the objectives certified by the Science Based Targets

initiative (SBTi).

In 2024, we issued bonds for a total of €4.5 billion, in 

line with the financial strategy to optimize the cost of 

capital needed for the industrial investments of the 

2024-2026 Strategic Plan. Of this amount, the equiv-

alent of €3.6 billion were sustainability-linked bonds 

placed on the European and US markets, based on 

Key Performance Indicators (KPIs) that confirm Enel’s 

commitment to the energy transition, in line with the 

environmental and financial sustainability pillar of 

our strategy; more specifically, the interest rates on 

each issue were related to the achievement of both 

the Sustainability Performance Targets (SPT) linked to 

the “Capex aligned with the EU taxonomy (%)” and the 

“Scope 1 GHG emissions Intensity related to Power 

Generation (gCO

2eq

/kWh)” .

As regards financing with development banks and ex-

port credit agencies, in 2024 Enel signed loans for a 

total of about €1 billion, further diversifying its sources 

of financing at lower-than-market prices. 

Consistent with the objectives of reducing debt and 

strengthening the capital and financial structure, the 

divestment plan was completed in 2024 with a view to 

portfolio rotation focused on maximizing the assets 

value and seizing growth opportunities.

More specifically, disposal transactions include the 

completion of the sale in Peru of the distribution and 

generation company Enel Distribución Perú SAA, the 

advanced energy services company Enel X Perú SAC 

and the electricity generation company Enel Gener-

ación Perú SAA, as well as the sale by Enel Italia to Sos-

teneo of a 49% stake in Enel Lybra Flexsys, a company 

established by Enel for the implementation and oper-

ation of a portfolio of projects mainly including Battery 

Energy Storage Systems (BESS). In Italy, the subsidiary 

e-distribuzione finalized the sale of 90% of the share 

capital of Duereti Srl, a corporate vehicle benefiting 

from the transfer of electricity distribution activities in 

a number of municipalities in the provinces of Milan 

and Brescia, to A2A SpA. 

6\.  Of the Group core countries (Italy, Spain, Brazil, Chile, Colombia, the United States).

As regards acquisitions, through Endesa Generación, 

we signed in Spain the agreement to buy 100% of Cor-

poración Acciona Hidráulica SL, a company of the Ac-

ciona Group owning 34 Spanish hydroelectric plants 

with installed capacity of over 600 MW, in order to con-

solidate our leading role in renewables at a global level. 

Finally, in line with the strategy on stewardship pre-

sented to the market, Endesa subsidiary Enel Green 

Power España finalized the sale to Masdar of a stake 

of 49.99% in Enel Green Power España Solar 1 (EGPE 

Solar), owner of photovoltaic plants in Spain with to-

tal installed capacity of about 2 GW. Enel will maintain 

control of EGPE Solar consolidating the joint venture 

and will purchase 100% of the energy generated by 

the photovoltaic plants through long-term Power Pur-

chase Agreements.

Strategy and forecasts for 2025-2027

The Strategic Plan for 2025-2027 confirmed the stra-

tegic pillars of the previous Plan: 

• profitability, flexibility and resilience, pursuing value 

creation through selective capital allocation to opti-

mize the Enel Group’s risk/return profile, while keep-

ing a flexible approach; 

• effectiveness and efficiency, pursuing the contin-

uous optimization of processes, activities and the 

product and services portfolio, strengthening cash 

generation and developing innovative solutions to 

increase the value of existing assets; 

• financial and environmental sustainability to main-

tain a solid structure, ensure the flexibility needed 

for growth and address the challenges of climate 

change.

Gross capex in the three years is set at about €43 

billion, allocated to the different geographical areas 

based on their contribution to EBITDA.

More specifically, capex in Grids is set at about €26 

billion, up by 40% compared with the previous Plan, to 

improve the resilience, digitalization and efficiency of 

the distribution grid. As a result, we expect the Reg-

ulated Asset Base (RAB)

6

to reach about €52 billion in 

2027, from about €42 billion in 2024, with the contri-

bution of Grids to the Group ordinary EBIDTA standing 

at about 40% in the same year.

  


14

INTEGRATED ANNUAL REPORT 2024 Letter to shareholders and other stakeholders

Capex in Renewables is set at about €12 billion to add 

12 GW of capacity in the next three years, to a total of 

76 GW of installed renewables capacity in 2027. The in-

vestment strategy provides for: (i) a flexible capital allo-

cation, evaluating both the possibility of building new 

plants and the opportunity to acquire assets already 

in operation (brownfield), depending on the return on 

investment timeframe and the regulatory and market 

frameworks of the different countries; (ii) a selective 

approach aimed at maximizing returns and minimizing 

risks; (iii) improved technologies, with over 70% of new 

capacity from onshore wind and programmable tech-

nologies (hydro and batteries).

Capex in the Retail segment is set at about €2.7 billion, 

of which 85% in countries where we have an integrated 

presence, offering a portfolio of bundled solutions with 

energy, products and services. The customer base in 

the free electricity market in Italy and Spain is expected 

to grow to over 19 million in 2027.

As regards environmental sustainability, we intend

to continue with the reduction of direct and indirect 

greenhouse gas emissions, in line with the Paris Agree-

ment and the 1.5 °C scenario, as certified by the SBTi.

Cumulative Group ordinary EBITDA over the Plan peri-

od is expected to exceed €70 billion, of which approx-

imately 90% will derive from regulated or contracted 

activities, reducing risks and improving visibility on fu-

ture performance and therefore EBITDA quality.

Group ordinary EBITDA is expected to grow to between 

€24.1 and €24.5 billion in 2027 – with a Compound Av-

erage Growth Rate (CAGR) of about 7% compared with 

€17.3 billion in 2022 – while Group net ordinary income 

is expected to increase to between €7.1 and €7.5 billion, 

with a CAGR of about 11% compared with €4.3 billion 

in 2022.

Finally, the net financial debt/EBITDA ratio is expected 

to stand at around 2.5x at the end of the Plan period, 

remaining below the sector average.

As regards shareholders’ remuneration in the three-

year period, the dividend policy has been revised up-

wards with a new minimum annual fixed DPS of €0.46 

and a potential further increase up to a payout of 70% 

on the Group net ordinary income. Compared to the 

previous dividend policy, the constraint of achieving 

cash flow neutrality has also been removed.

  


15

Letter to shareholders and other stakeholders  INTEGRATED ANNUAL REPORT 2024 

  


16

INTEGRATED ANNUAL REPORT 2024

  


Basis of Presentation

17

INTEGRATED ANNUAL REPORT 2024 

Basis of Presentation

Integrated Annual Report

Enel’s Integrated Annual Report is part of the Group’s 

broader corporate reporting system, based on trans-

parency, effectiveness and responsibility of information.

The Integrated Annual Report aims at describing Enel’s 

strategic vision and presenting the performance and 

the medium- and long-term prospects of its sustain-

able business model, as it promotes value creation in 

the context of the energy transition; it consists of the 

following documents:

• the Report on Operations which, starting from 2024, 

includes the Sustainability Statement in application 

of the Corporate Sustainability Reporting Directive 

(CSRD), implemented in Italy with Legislative Decree 

125 of September 6, 2024, and prepared in accord-

ance with the European Sustainability Reporting 

Standards (ESRS), issued by the European Financial 

Reporting Advisory Group (EFRAG); 

• the consolidated financial statements and the notes 

to the consolidated financial statements prepared 

in accordance with the international accounting 

standards IFRS/IAS. 

These documents are prepared also taking into ac-

count the latest recommendations issued by the Eu-

ropean Securities and Market Authority (ESMA) on 

October 24, 2024, as well as the subsequent CONSOB 

Notice no. 2/2024 of December 20, 2024.

The fundamental principles for the preparation of the 

Report on Operations are reported below, while infor-

mation on the basis of presentation of the consolidat-

ed financial statements and the notes can be found 

in the section “Form and content of the consolidated 

financial statements”.

Enel’s approach to the Report on Operations

The Enel Group’s Report on Operations aims to

represent our business model ability to create

short-, medium- and long-term value for stake-

holders, ensuring consistency with the information

presented in the consolidated financial statements

and in the notes; starting from 2024, it includes

a section dedicated to sustainability reporting, 

aimed at presenting qualitative and quantitative

disclosure on environmental, social and govern-

ance issues as required by the CSRD Directive and

the ESRS standards.

In this context, the Enel Group has defined the struc-

ture of the Report on Operations taking into account 

both the information needs and expectations of the 

users of the Report, as well as the provisions of the 

aforementioned rules on sustainability reporting, pre-

senting the information in a connected, logical and 

structured way. 

The organization of the information within the Re-

port on Operations is inspired, in general, by the 

“building block” approach promoted by the Inter-

national Sustainability Standards Board (ISSB), and 

includes:

• a general part, mainly serving the information needs 

of investors, creditors and lenders (i.e. primary us-

ers), also including a series of disclosures required 

by the cross-cutting ESRS standards relating to the 

value creation process, the business model, corpo-

rate governance, strategy, risk management and 

performance of the Group in general, including in-

formation on the operating segments required by 

IFRS 8; and 

• a section specifically dedicated to sustainability 

reporting, compliant with the requirements of the

CSRD and the ESRS, which is of interest to a wid-

er range of stakeholders (e.g. business partners,

trade unions and social partners, civil society 

and non-governmental organizations, govern-

ments, analysts and academics) and includes by

reference the disclosures required by the ESRS,

presented in the other sections of the Report on 

Operations.

  


Basis of Presentation

18

INTEGRATED ANNUAL REPORT 2024

This approach, in line with the business model and the 

strategic objectives of the Group, guarantees both 

compliance with European regulations and interna-

tional comparability.

In particular, the information presented in the Report

on Operations, including the Sustainability State-

ment, is selected based on its materiality, as deter-

mined on the basis of specific frameworks, method-

ologies and processes.

The Report on Operations is therefore divided into 

four key thematic pillars, inspired by the IFRS S1 issued 

by the ISSB which, in turn, reflects the recommenda-

tions of the Task force on Climate-related Financial 

Disclosures (TCFD), and thus identified, in continuity 

with previous financial years:

• Governance; 

• Group strategy and risk management; 

• Group performance; 

• Outlook.

In addition to the sections revised in content in order 

to ensure compliance with the ESRS, in 2024, the fol-

lowing two new sections have been introduced:

• a specific section dedicated to “Climate change”, 

which, in consideration of the relevance of the top-

ic for strategic purposes and also with the aim of 

ensuring better consistency with the consolidat-

ed financial statements, presents the information 

required by ESRS E1 as well as other disclosures 

deemed relevant for primary users; 

• a specific section that includes the “Sustainability 

Statement”, prepared in accordance with the CSRD, 

which includes most of the environmental, social 

and governance disclosures required by the ESRS; 

in addition to the above-mentioned information 

relating to climate change it also includes “by ref-

erence” all the information relating to strategy, risk 

management and corporate governance presented 

in the other sections of the Report on Operations. 

For more information on the basis of presentation 

of the Sustainability Statement, as well as the de-

scription of the double materiality analysis process 

(so-called “double materiality”), please refer to the 

specific sections of the Sustainability Statement. 

In addition to the concept of relevance, the qualita-

tive and quantitative disclosures, both financial and 

sustainability-related, reported in the Report on Op-

erations have been prepared and presented in such 

a way as to guarantee their completeness, accuracy, 

neutrality and comprehensibility and are, moreover, 

consistent with the previous financial year, except for 

the information required as from the first application 

Block 1: Investor focused

Block 2: Multi-stakeholder focused

IFRS

ESRS

SASB

GRI

IFRS

SASB

ESRS

GRI

IFRS 

Sustainability

IFRS

TCFD

IFRS 

Sustainability

REPORT ON

OPERATIONS

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

CONSOLIDATED

FINANCIAL

STATEMENTS

SUSTAINABILITY

STATEMENT

  


Basis of Presentation

19

INTEGRATED ANNUAL REPORT 2024 

of the CSRD, which have been prepared in application 

of the ESRS in force since 2024\. 

The Group generally applies the same methodologies 

from year to year, unless otherwise specified, in ac-

cordance with:

• the ESRS in respect of sustainability reporting; and

• international best practices, the ISSB/SASB Stand-

ards and the GRI, in respect of certain sustainability 

information included in the general part of the Re-

port on Operations and for the entity-specific topics 

included in the Sustainability Statement.

In order to ensure consistency of information and to 

communicate how sustainability issues contribute to 

current and future performance, clear and consistent 

relationships between key financial and sustainability 

information have been identified and presented in the 

Report on Operations.

Disclosures required by the CSRD and compliant with 

the ESRS, in the general part of the Report on Opera-

tions, are identified by a specific vertical pattern, which 

highlights their alignment with the relevant reporting 

requirements. 

Enel’s Integrated Annual Report is published in the “In-

vestors” section of the Enel website (www.enel.com).

  


  


REPORT 

ON OPERATIONS

1.

ENEL

GROUP

Enel vision

The Group leads the energy transition by 

enabling access to cleaner and more efficient 

solutions.

Enel stands by people, helping them to manage 

energy consumption, actively contributing to a 

more responsible lifestyle by showing respect 

and commitment towards future generations, 

protecting the environment and contributing 

to a sustainable and better future for all, with a 

long-term vision.

The business model and the value 

creation process 

The Group operates in an integrated manner in 

the sectors of electricity and gas production, 

distribution and sale, with a specific mission for 

each business line.

Thanks to a sustainable business model and 

a strategy integrating financial sustainability 

objectives with environmental and social 

dimensions, the Group pursues value creation 

for all stakeholders, contributing to the energy 

transition, the electrification of consumption 

and the fight against climate change.

  


22

INTEGRATED ANNUAL REPORT 2024

  


Highlights

INTEGRATED ANNUAL REPORT 2024 

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

Highlights

(1)  Does not include €189 million regarding units classified as held for sale or discontinued operations (€849 million in 2023).

(2)  The figure for 2023 reflects a more accurate calculation of the aggregate.

(3)  Injuries whose consequences caused permanent changes in the life of the individual. 

CAPITAL EXPENDITURE 

CASH FLOWS FROM 

OPERATING ACTIVITIES 

-9.6%

€13,223 million

€14,620 million in 2023

CAPITAL EXPENDITURE

(1)

-14.9%

€10,821 million

€12,714 million in 2023

PEOPLE

NO. OF EMPLOYEES

-1.1%

60,359

61,055 million in 2023

NO. OF LIFE CHANGING 

ACCIDENTS (LCA) - ENEL

(2)(3)

2

1 in 2023

PERFORMANCE

REVENUE

-17.4%

€78,947 million

€95,565 million in 2023

GROSS OPERATING PROFIT 

+18.8%

€24,066 million

€20,255 million in 2023

ORDINARY GROSS 

OPERATING PROFIT 

+3.8%

€22,801 million

€21,969 million in 2023

RESULTS

PROFIT ATTRIBUTABLE TO 

OWNERS OF THE PARENT 

€7,016 million

€3,438 million in 2023

ORDINARY PROFIT ATTRIBUTABLE 

TO OWNERS OF THE PARENT

+9.6%

€7,135 million

€6,508 million in 2023

NET FINANCIAL DEBT

-7.3%

€55,767 million

€60,163 million in 2023

23

  


Highlights of the business lines

INTEGRATED ANNUAL REPORT 2024

(4)  If net generation operated through joint ventures were also included, total generation from renewable sources at December 31, 2024 would 

amount to 148.3 TWh (140.3 TWh at December 31, 2023).

NET ELECTRICITY 

GENERATION FROM 

RENEWABLE SOURCES

(4)

  


+5.0%

133.3

(4)

TWh

126.98 in 2023

NET EFFICIENT INSTALLED 

CAPACITY FROM RENEWABLE 

SOURCES (%)

69.90% 

68.2% in 2023

NET ELECTRICITY 

GENERATION FROM 

TRADITIONAL SOURCES

-27. 2 %

58.5 TWh

80,35 in 2023

NET EFFICIENT INSTALLED 

CAPACITY FROM TRADITIONAL

SOURCES (%)

30.10% 

31.8% in 2023

NET EFFICIENT INSTALLED 

CAPACITY FROM 

RENEWABLE SOURCES

+2.0%

56.6 GW

55.5 in 2023

NET EFFICIENT INSTALLED 

CAPACITY FROM 

TRADITIONAL SOURCES

-6.2%

24.3 GW

25.9 in 2023

ADDITIONAL EFFICIENT 

INSTALLED CAPACITY 

FROM RENEWABLE 

SOURCES

-34.5%

2.64 GW

4.03 in 2023

SCOPE 1 GHG EMISSIONS 

INTENSITY RELATING TO 

POWER GENERATION - 

SBTi

-36.9%

101 gCO

2eq

/kWh

160 in 2023

ENEL GREEN POWER 

THERMAL GENERATION

Highlights of the

business lines

24

  


Highlights of the business lines

INTEGRATED ANNUAL REPORT 2024 

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

(5)  The figure for 2023 reflects a more accurate calculation of the aggregate.

(6)  Of which 30.5 million second-generation meters in 2024 and 28.7 million in 2023.

(7)  Includes fiber optic customers.

(8)  If the figures also included charging points operated through joint ventures, the totals would amount to 28,809 at December 31, 2024 and 

25,337 at December 31, 2023.

ELECTRICITY 

SOLD BY ENEL 

-9.1%

273.5 TWh

300.9 in 2023

STORAGE 

+65.2%

2,858 MW

1,730 in 2023

RETAIL 

CUSTOMERS

(5)(7)

  


-9.2%

55,485,799 no.

61,125,743 in 2023 

DEMAND RESPONSE 

CAPACITY 

-3.5%

9,250 MW

9,588 in 2023

of which 

free market

(5)

  


-2.3%

23,665,515 no.

24,234,813 in 2023

PUBLIC CHARGING 

POINTS

(8)

  


+13.2%

27,49 4 no.

24,281 in 2023

ENEL X GLOBAL RETAIL

END USERS 

-2.5%

68,523,156 no.

70,291,727 in 2023

END USERS WITH ACTIVE 

SMART METERS

(6)

  


45,181,536 no.

45,172,959 in 2023

ELECTRICITY 

DISTRIBUTION AND 

TRANSMISSION GRID 

-1.5%

1,870,283 km 

1,899,419 in 2023

ELECTRICITY 

TRANSPORTED ON ENEL’S 

DISTRIBUTION GRID

(5)

  


-1.7%

481.2 TWh

489.4 in 2023

ENEL GRIDS AND INNOVABILITY

25

  


Highlights of the business lines

26

INTEGRATED ANNUAL REPORT 2024

  


Business model

27

INTEGRATED ANNUAL REPORT 2024 

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

Business model

ESRS SBM-1 – Strategy, business model and value chain

The Enel Group, through its organizational units, 

operates in an integrated manner in the sector of 

generation, distribution and sale of electricity and 

gas. In order to seize all the opportunities aimed at

supporting the energy and digital transition, possibly 

also accelerating its implementation, and to effec-

tively manage all the risks of a rapidly changing ener-

gy sector, each business line of the Group has been 

assigned its own specific mission, as outlined in the 

section “Enel’s organizational model”.

Thanks to a sustainable business model and a strat-

egy integrating financial sustainability objectives with 

environmental and social dimensions, the Group pur-

sues value creation for all stakeholders, contributing 

to the energy transition, the electrification of con-

sumption and the fight against climate change, while 

respecting and safeguarding the social and econom-

ic organization of the countries in which it operates.

The diagram below offers a representation of the 

Group’s integrated value chain, with an indication 

of the main operating activities and upstream and 

downstream relationships with stakeholders. It also 

outlines the main inputs on which the Group lever-

ages to develop its business and the main products 

and results in terms of short- and medium/long-term 

benefits expected for stakeholders.

In this respect, the Group has mapped the main play-

ers in the value chain, through a process that has al-

lowed the identification of the most critical upstream 

and downstream relationships in terms of potential 

associated Environmental, Social and Governance 

(ESG) impacts, risks and opportunities. More spe-

cifically, with regard to the upstream players in the 

value chain, the main suppliers were identified by 

business line and activity, with particular attention to 

those identified as critical in ESG terms with respect 

to the peculiarities of their activity. With regard to the 

downstream activities of the value chain, a detailed 

mapping of the different types of customers allowed

to segment them based on the business line in which 

they participate and their characteristics, classifying 

them as residential, commercial, industrial, public 

bodies as well as distribution users. 

  


Business model

28

INTEGRATED ANNUAL REPORT 2024

POWER 

GENERATION

PRODUCTS

AND SERVICES

DISTRIBUTION

Value creation and the business model

ENEL’S BUSINESS

DOWNSTREAM

UPSTREAM

Financial capital: the Group cash flows are 

generated by business activities. Additionally, the 

Group relies on financial institutions and the issu-

ance of financial instruments to support its sus-

tainable development strategy.

Natural resources: business activities leverage 

on the purchase of fossil fuels (coal, gas and fuel oil) 

for electricity generation, materials and compo-

nents for the construction of renewable electricity 

generation plants (aluminum, copper, lithium and 

critical materials, etc.), materials and components 

for the development of distribution networks.

Human capital: the Group draws on the work

of its own workforce (over 60,000 employees) and 

that of the contractors supporting investment and 

operating activities.

Relations with partners and stakeholders: 

the Group holds a constant dialogue with the in-

stitutions of the various countries in which it op-

erates, as well as with suppliers, partners and local

communities to support operational activities. 

FINANCIAL CAPITAL 

€55,767 million net financial debt

68% sustainable financing

€49,171 million total equity

NATURAL RESOURCES

170.52 TWh total energy consumption

30,881 thousand m

3

total water consumption

14,186.8 hectares occupied by distribution 

assets in protected areas

HUMAN CAPITAL

60,359 employees

131,851 FTE workforce of contracting and 

subcontracting companies

RELATIONS WITH PARTNERS

AND STAKEHOLDERS

INPUTS AND DEPENDENCIES

Procurement of supplies, works and services

Relation with retail customers

  


Business model

29

INTEGRATED ANNUAL REPORT 2024 

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

TOTAL NET 

EFFICIENT 

INSTALLED 

CAPACITY

END

USERS

PUBLIC 

CHARGING 

POINTS

NET EFFICIENT 

INSTALLED 

RENEWABLES 

CAPACITY

ELECTRICITY

DISTRIBUTION

GRID

RETAIL CUSTOMERS

81.0 GW

68.5 M

27.5 K

69.9%

1,870,283 KM

55,485,799

Investors: Enel holds a constant and transparent 

dialogue in line with best practices to increase the 

level of understanding of the Group’s activities and 

performance and ensure returns for its shareholders. 

Customers: the Group is committed to offering 

sustainable, affordable and flexible solutions and ser-

vices, with particular attention to vulnerable groups.

Enel people: the Group promotes a culture of 

inclusion and valorization of diversity, innovation

and entrepreneurship in support of a constantly 

changing environment.

Communities: Enel defines action plans and pro-

jects to support local communities in the countries 

in which it operates, aimed at promoting access 

to energy and contrasting energy poverty, as well 

as supporting the social-economic development 

through tax contributions.

Suppliers: the Group is committed to protecting 

and ensuring the protection of workers’ rights in the 

supply chain, supporting its suppliers in the path of 

decarbonization and growth in response to the chal-

lenges of the energy transition.

OUTPUTS AND BENEFITS

INVESTORS

83.8% capex aligned with EU Taxonomy 

€5,372 million dividends and coupons paid 

to holders of hybrid bonds

0.47 (€/share) fixed DPS

CUSTOMERS

205.2 avg. min. SAIDI

167 commercial claims/10,000 customers

ENEL’S PEOPLE

33.3% women managers and middle managers

0.58 Lost Time Injury Frequency Rate

COMMUNITIES

960,000 no. of beneficiaries in projects for 

clean and affordable energy (SDG 7)

SUPPLIERS

7,4 8 9 suppliers with an active contract

6,952 qualified suppliers with an active contract

Procurement of energy commodities

Relations with end users

  


Enel around the world

30

INTEGRATED ANNUAL REPORT 2024

Enel around the world

The Enel Group has a presence in 41 countries on multiple continents around the world, with more than 1,000 

subsidiaries.

The following map shows the distribution of the Enel Group across the globe.

41 countries

More than

1,000

subsidiaries

60,359

No. of total Enel employees

PRESENCE

  


Enel around the world

31

INTEGRATED ANNUAL REPORT 2024 

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

  


  


1.

GRUPPO

ENEL

La politica dei dividendi

La politica dei dividendi di Enel rimane 

semplice e prevedibile, con un dividendo per 

azione (DPS) pari a 0,43 euro nel periodo 2 

023-2025, in aumento rispetto a 0,40 euro 

nel 2022. Il DPS nel 2024 e nel 2025 è da 

considerarsi come un minimo sostenibile.

Modello di business

Enel conferma il proprio modello di business 

basato sui collaudati modelli di Ownership, che 

ricomprende i cosiddetti Paesi “Tier 1” in cui 

il Gruppo sviluppa un business integrato o ha 

una posizione importante (Italia, Spagna, Cile, 

Colombia, Brasile, Stati Uniti), e di Stewardship, 

nei Paesi in cui joint venture, PPA, acquisizioni 

di quote di minoranza offrano prospettive 

particolarmente remunerative.

Crescita delle fonti 

di finanziamento sostenibili

In linea con il “Sustainability-Linked Financing 

Framework” e in vista del raggiungimento 

dell’obiettivo di Sostenibilità di Enel circa la 

riduzione di emissioni dirette di gas serra 

(Scope 1), è sempre più ampio il ricorso a 

strumenti di finanza sostenibile.

RELAZIONE

SULLA GESTIONE

2.

GOVERNANCE

Corporate governance system 

oriented towards the goal 

of sustainable success.

Governance model in line 

with international best practice.

Transparency and fairness 

as founding values.

REPORT 

ON OPERATIONS

Enel shareholders

34

INTEGRATED ANNUAL REPORT 2024

Enel shareholders

At December 31, 2024, 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. Share capital is un-

changed compared with that registered at December 

31, 2023.

In implementation of the authorization of the Share-

holders’ Meeting of May 23, 2024 and the subsequent 

resolution of the Board of Directors adopted on July 25, 

2024, Enel has completed a program for the purchase 

of treasury shares to serve the 2024 LTI Plan for the 

management of Enel and/or its subsidiaries pursuant 

to Article 2359 of the Italian Civil Code. More specifi-

cally, as a result of transactions carried out between 

September 16, 2024 and November 8, 2024 in exe-

cution of the aforementioned program, the Company 

has acquired a total of 2,900,000 treasury shares. Ac-

cordingly, considering the 10,085,106 treasury shares 

already held at the date of the Shareholders’ Meeting 

of May 23, 2024 and taking account of the disburse-

ment on September 5, 2024 of 905,436 Enel ordinary 

shares to the beneficiaries of the 2020 LTI Plan and the 

2021 LTI Plan, at December 31, 2024, the Company 

holds a total of 12,079,670 treasury shares.

Significant shareholders

At December 31, 2024, 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, shareholders with an 

interest of greater than 3% in the Company’s share

capital included the Ministry for the Economy and 

Finance (with a 23.585% stake) and BlackRock Inc.

(with a 5.023% stake held for asset management 

purposes).

Enel shareholders

35

INTEGRATED ANNUAL REPORT 2024

1\. Enel Group 2\. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

Composition of shareholder base

Since 1999, Enel has been listed on the Euronext Milan 

market organized and operated by Borsa Italiana SpA. 

Enel’s shareholders include leading international invest-

ment funds, insurance companies, pension funds and 

ethical funds.

At December 31, 2024, institutional investors held 

around 58.6% of the share capital, while retail inves-

tors held around 17.8% (unchanged from December 31, 

2023); the stake held by Ministry for the Economy and 

Finance was also unchanged, at 23.6% of share capital. 

SHAREHOLDER COMPOSITION

AS AT DECEMBER 2024

Ministry for the Economy and Finance

Retail investors

Institutional investors

23.6%

17. 8 %

58.6%

%

The stake of socially responsible investors sig-

nificantly increased, to around 23.0% of the share 

capital at December 31, 2024 (from around 17.5% at

December 31, 2023) and to around 39.2% of insti-

tutional investors (from around 29.8% at December

31, 2023).

Investors who have signed the Principles for Respon-

sible Investment represent around 43.2% of the share 

capital (compared with around 42.8% at December 

31, 2023). 

INSTITUTIONAL INVESTORS

BY GEOGRAPHICAL AREA

Rest of Europe

Rest of the world

North America

United Kingdom

Italy

46.2%

10.7%

25.0%

7. 1 %

11.0%

%

GROWTH IN SOCIALLY RESPONSIBLE INVESTING (SRI)

8.6

5.9

7.7

8.0

10.3

10.5

11.3

13.7

8.6

10.5

10.8

14.1

14.6 14.6

14.9

17.5

22.9 23.0

30.1

19.1 19.1

19.4

273

245

224

244

160

182

169

150

132

134

252

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

% share capital % float

# investors

Corporate boards

36

INTEGRATED ANNUAL REPORT 2024

Corporate boards

ESRS GOV-1 – The role of the administrative, management and supervisory bodies

CHAIRMAN

Paolo Scaroni

(1)

CHIEF EXECUTIVE OFFICER

AND GENERAL MANAGER

Flavio Cattaneo

(2)

CHAIRMAN

Barbara Tadolini

AUDITORS

Luigi Borré

Maura Campra

DIRECTORS

Johanna Arbib

(1)

Mario Corsi

(1)

Olga Cuccurullo

(3)

Dario Frigerio

(1)

Fiammetta Salmoni

(1)

Alessandra Stabilini

(1)

Alessandro Zehentner

(1)

SECRETARY

Leonardo Bellodi

ALTERNATE AUDITORS

Carolyn A. Dittmeier

Tiziano Onesti

Piera Vitali

BOARD

OF DIRECTORS

BOARD OF

STATUTORY AUDITORS 

AUDIT FIRM

KPMG SpA

(1)  Non-executive independent director.

(2)  Executive director.

(3)  Non-executive non-independent director.

Corporate boards

37

INTEGRATED ANNUAL REPORT 2024

1\. Enel Group 2\. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

The members of the Board of Statutory Auditors 

possess the professional requirements set forth 

for auditors of listed companies by Article 1 of the

Decree of the Ministry of Justice 162 of March 30, 

2000 as integrated by Article 25.1 of Enel bylaws.

For further information on the professional profiles 

of the members of the Board of Directors and the 

Board of Statutory Auditors, refer to the Report on 

Corporate Governance and Ownership Structures 

of Enel for the 2024 financial year, published on the 

Company’s website (www.enel.com, “Governance”

section).

1 Executive director  1 in 2023

8  Non-executive directors  8 in 2023

of which 7 independent

(1) 

7 in 2023

77.7% 77.7% in 2023

COMPOSITION OF THE BOARD OF DIRECTORS

2024

5 Men

5 in 2023

55.6% Men

55.6 in 2023

0% <30

0% 30-50

44.4% Women

44.4 in 2023

100% >50

100% 1-3 years

4 Women

4 in 2023

GENDER

AGE

DIRECTORS BY SENIORITY (in years)

(1)  The figures for 2024 and 2023 refer to directors qualifying as independent pursuant to the Consolidated Law on Financial Intermediation and 

the Italian Corporate Governance Code (2020 edition).

(2)  In accordance with the Diversity Policy adopted by the Enel Board of Directors. “international experience” is assessed on the basis of the man-

agerial. professional. academic or institutional activities performed by each director in international environments.

COMPOSITION OF THE BOARD 

OF STATUTORY AUDITORS 

1 Man 

1 in 2023 

(33.3%)

2 Women 

2 in 2023 

(66.7%)

GENDER

0% <30

0% 30-50

EXPERTISE 

1 2 3 4 5 6 7 8 9

Energy industry

1 2 3 4 5 6 7 8 9

Strategic vision

1 2 3 4 5 6 7 8 9

Business judgement

1 2 3 4 5 6 7 8 9

Accounting, finance and risk management

1 2 3 4 5 6 7 8 9

Environmental, Social and Corporate Governance

1 2 3 4 5 6 7 8 9

Legal and compliance

1 2 3 4 5 6 7 8 9

Communication and marketing

1 2 3 4 5 6 7 8 9

100% >50

AGE

International experience

(2)

The Enel corporate governance system

38

INTEGRATED ANNUAL REPORT 2024

The Enel corporate

governance system

1. Available from the website of Borsa Italiana (at https://www.borsaitaliana.it/comitato-corporate-governance/codice/2020-eng.en.pdf).

2. The Corporate Governance Code defines a “large company” as any company whose capitalization was greater than €1 billion on the last Ex-

change business day of each of the previous three calendar years, while a “company with concentrated ownership” is any company in which a 

single shareholder (or a plurality of shareholders which participates in a shareholders’ voting agreement) holds, directly or indirectly (through 

subsidiaries, trustees or third parties), the majority of the votes that can be exercised in the ordinary shareholders’ meeting.

The corporate governance system of Enel SpA (“Enel”

or the “Company”) is compliant with the principles 

set forth in the Italian Corporate Governance Code,

1

adopted by the Company as a “large company” without 

“concentrated ownership”,

2

and with international best 

practice. The corporate governance system adopted 

by Enel is aimed at achieving sustainable success, as 

it is aimed at creating value for the shareholders over 

the long term, taking into account the environmental 

and social importance of the Enel Group’s business 

operations and the consequent need, in conducting 

such operations, to adequately consider the interests 

of all relevant stakeholders.

In compliance with Italian legislation governing listed 

companies, the Group’s organization comprises the 

following bodies.

Paolo Scaroni 

Chairman

Flavio Cattaneo 

Chief Executive 

Officer and

General Manager

Johanna Arbib

Mario Corsi

Olga Cuccurullo

Dario Frigerio

Fiammetta Salmoni

Alessandra Stabilini

Alessandro Zehentner

Barbara Tadolini (C)

Luigi Borré

Maura Campra

SHAREHOLDERS’

MEETING

AUDIT FIRM

BOARD

OF DIRECTORS

CONTROL

AND RISK

RELATED

PARTIES

BOARD

OF STATUTORY

AUDITORS

KPMG SpA

Committee Committee

Committee

Committee

NOMINATION

COMPENSATION

and

CORPORATE

GOVERNANCE

SUSTAINABILITY

and

The Enel corporate governance system

39

INTEGRATED ANNUAL REPORT 2024

1\. Enel Group 2\. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

Shareholders’

Meeting

It is charged with deciding, among other things, in either ordinary or extraordinary 

session:

• the appointment and removal of the members of the Board of Directors and the 

Board of Statutory Auditors and their compensation and undertaking any stock-

holder actions;

• the approval of the financial statements and the allocation of profit;

• the purchase and sale of treasury shares;

• remuneration policy and its implementation;

• share ownership plans;

• amendments to the bylaws;

• mergers and demergers;

• the issue of convertible bonds.

Board of Directors

12

meetings held by the 

Board in 2024, 10 

of which addressed 

sustainability-related 

issues;

among these, 3 

meetings addressed 

issues connected with 

climate and their impact 

on strategies and the 

associated approaches 

to implementation

ESRS GOV-1 – The role of the administrative, management and supervisory bodies

• It is vested by the bylaws with the broadest powers for the ordinary and extraor-

dinary management of the Company and has the power to carry out all the ac-

tions it deems advisable to implement and achieve the corporate purpose. 

• It plays a central role in corporate governance, holds powers for strategic and 

organizational guidance and control of the Company and the Group, whose sus-

tainable success it pursues. In this context, it examines and approves corporate 

strategy, including the annual budget and Business Plan, taking account of the 

analysis of key issues for the generation of long-term value and therefore pro-

moting a sustainable business model.

• It performs a policy-setting role and assesses the adequacy of the internal con-

trol and risk management system (ICRMS). More specifically, it determines the 

nature and level of risk compatible with the strategic objectives of the Company 

and the Group, incorporating in its assessments all factors that could be relevant 

to achieving the sustainable success of the Company. The ICRMS consists of the 

set of rules, procedures and organizational structures designed to enable the 

effective identification, measurement, management and monitoring of the main 

business risks to which the Group is exposed. These include the risks associated 

with climate change and, more generally, the risks that the Group’s activities may 

engender in the areas of the environment, society, personnel and respect for 

human rights. 

• It determines the remuneration policy for directors, statutory auditors and key 

management personnel with a view to pursuing the Company’s sustainable suc-

cess, taking due account of the need to have, retain and motivate people with 

the skills and expertise required by the positions they hold, submitting this policy 

for approval by the Shareholders’ Meeting. 

• After consulting the Control and Risk Committee, appoints the members of the 

Enel Supervisory Board, pursuant to the Organizational and Management Model 

pursuant to Legislative Decree 231/2001.

The Enel corporate governance system

40

INTEGRATED ANNUAL REPORT 2024

ESRS G1 GOV-1 – The role of the administrative, management and supervisory 

bodies

• Acting upon proposal of the Corporate Governance and Sustainability Com-

mittee and the Control and Risk Committee, it approves and updates the Or-

ganizational and Management Model prepared pursuant to Legislative Decree 

231/2001, the Code of Ethics, the “Zero-Tolerance-of-Corruption” Plan and the 

Human Rights Policy.

ESRS GOV-2 – Information provided to and sustainability matters addressed by 

the undertaking’s administrative, management and supervisory bodies

• Periodically, and in any case upon approval of the Annual Financial Report (which 

as from the 2024 financial year also includes the Consolidated Sustainability 

Statement), it receives an update on the Group’s operational, financial and sus-

tainability performance (including climate-related performance), also in respect 

of impacts, risks and opportunities relevant for the Group.

• It periodically receives, also from the Control and Risk Committee, an update on 

reports of violations of the Code of Ethics, including any cases of illicit conduct 

and their management.

• It periodically receives an update from the Control and Risk Committee, on de-

velopments of the main risks connected to the strategic objectives of the Busi-

ness Plan, also with reference to sustainability and climate-related issues.

• Activities performed in 2024 included addressing sustainability-related issues 

on the occasion of: (i) the examination and approval of the Business Plan of the 

Company and the Group; (ii) the determination of Enel’s remuneration policy for 

2024; (iii) the examination of the 2023 Sustainability Statement, which incorpo-

rates the Consolidated Non-Financial Statement pursuant to Legislative Decree 

254/2016 for the same year; (iv) the approval of sustainable finance transactions; 

(v) the monitoring of the Organization and Management Model pursuant to Leg-

islative Decree 231/2001 and the updating of the General Part and some Special 

Parts of the aforementioned Model; (vi) extreme weather events; (vii) anti-cor-

ruption activities. Issues concerning cyber security, safety, customer satisfaction 

and tax transparency were also addressed.

• On the occasion of the approval of the Business Plan, it confirmed the path to-

wards “Net Zero”, which includes (i) the exit from coal generation by 2027, (ii) zero 

emissions (GHG) for generation and retail businesses by 2040 and (iii) a Just Tran-

sition plan that takes into account the evolution of the social-economic frame-

work.

• With regard to enhancing gender diversity, it agreed on the introduction of a 

performance objective in the 2024 Long-Term Incentive Plan, represented by the 

percentage of women in management and middle management positions over 

the total management and middle management at the end of 2026\. 

• Finally, the Board of Directors received timely information on developments in 

and the substance of the various forms of investor engagement. 

In compliance with the provisions of the Italian Civil

Code, the Board of Directors has delegated part of

its management duties to the Chief Executive Officer 

and, in accordance with the recommendations of the 

Corporate Governance Code and the provisions of 

the applicable CONSOB regulations, has appointed 

the following committees from among its members 

to provide recommendations and advice.

The Enel corporate governance system

41

INTEGRATED ANNUAL REPORT 2024

1\. Enel Group 2\. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

Corporate 

Governance and 

Sustainability 

Committee

7

meetings held by the 

Committee in 2024, 

4 of which addressed 

sustainability-related 

issues; 

among these, 

3 meetings addressed 

issues connected with 

climate and their impact 

on strategies and the 

associated approaches 

to implementation

ESRS GOV-1 – The role of the administrative, management and supervisory bodies

ESRS G1 GOV-1 – The role of the administrative, management and supervisory 

bodies

• A majority of its members are independent directors.

• In 2024 it was composed by the following directors, all of whom met independ-

ence requirements: Paolo Scaroni (Chairman), Johanna Arbib and Alessandra 

Stabilini. 

• It assists the Board of Directors in assessment and decision-making activities 

concerning the corporate governance of the Company and the Group and sus-

tainability, including climate change issues. In this respect, it examines among 

others the main corporate rules and procedures relevant to stakeholders – in-

cluding, in particular, the Organizational and Management Model pursuant to 

Legislative Decree 231/2001, the Code of Ethics, the “Zero-Tolerance-of-Cor-

ruption” Plan and the Human Rights Policy – and submits these documents to 

the Board of Directors for approval, evaluating any subsequent amendments or 

additions.

• It monitors sustainability issues related to the Company’s business and the inter-

action between the latter and all stakeholders.

• It examines the guidelines of the Sustainability Plan, including the climate objec-

tives set out in the plan, and the outcome of the double materiality process which 

specifies the impacts, risks and opportunities relevant for the Group, and periodi-

cally evaluates the achievement of the objectives defined by the plan itself.

• It examines the methods of implementing the sustainability policy, including 

those relating to climate.

• It monitors the Company’s inclusion in the main sustainability indices, as well as 

its participation in the most significant international events on the subject.

• It annually examines the general approach and the organization of contents 

presented in the Sustainability Statement referred to in Legislative Decree 

125/2024, as well as the conformity of information provided with relevant rules 

and sustainability reporting standards, issuing a preliminary opinion in this re-

gard to the Board of Directors. 

In this respect, this reporting illustrates, among other things, the process and 

the results of the double materiality analysis, with particular reference to sus-

tainability- (and climate-) related impacts, risks and opportunities relevant to the 

Enel Group. This responsibility was attributed to the Corporate Governance and 

Sustainability Committee following the amendments to the relevant Organiza-

tional regulation approved by the Board of Directors in December 2024 in order 

to implement the legislation on corporate sustainability reporting, introduced 

by Legislative Decree 125/2024\. Before the approval of these amendments, the 

Committee was called upon to examine the general approach and the organiza-

tion of contents presented in the Consolidated Non-Financial Statement pursu-

ant to Legislative Decree 254/2016 and the Sustainability Statement – possibly 

summarized in a single document – as well as the completeness and transparen-

cy of the information provided and their consistency with the principles set out 

in the relevant reporting standard, issuing a preliminary opinion in this regard to 

the Board of Directors called upon to approve such documents.

The Enel corporate governance system

42

INTEGRATED ANNUAL REPORT 2024

ESRS GOV-2 – Information provided to and sustainability matters addressed by 

the undertaking’s administrative, management and supervisory bodies

• Activities performed in 2024 included: addressing sustainability-related issues

(including climate-related) on the occasion of the examination of: (i) the 2023

Sustainability Statement, which incorporates the Consolidated Non-Financial 

Statement pursuant to Legislative Decree 254/2016 for the same year; (ii) the 

EU and national regulatory framework on sustainability, with particular refer-

ence to Directive 2022/2464/EU (the Corporate Sustainability Reporting Direc-

tive - CSRD) and Legislative Decree 125/2024 implementing it, as well as Direc-

tive 2024/1760 (the Corporate Sustainability Due Diligence Directive - CSDDD); 

(iii) the process and outcomes of double materiality, also for the purposes of 

preparing the Consolidated Sustainability Statement, within which the im-

pacts, risks and opportunities (IRO) relevant to the Enel Group were presented

to the Committee; (iv) the 2025-2027 Sustainability Plan; (v) human rights due 

diligence within the Enel Group; (vi) voluntary disclosure on sustainability; (vii)

the main sustainability activities performed by the Enel Group in 2024.

Control and Risk 

Committee

15

meetings held by the 

Committee in 2024, 

11 of which addressed 

sustainability-related 

issues; 

among these, 8

meetings addressed 

issues connected with 

climate and their impact 

on strategies and the

associated approaches 

to implementation 

ESRS GOV-1 – The role of the administrative, management and supervisory bodies

• It is composed of non-executive directors, the majority of whom (including its 

Chairman) are independent. 

• In 2024, it was made up of the following directors, the majority of whom (includ-

ing its Chairman) met independence requirements: Dario Frigerio (Chairman), 

Mario Corsi, Olga Cuccurullo and Alessandro Zehentner.

• It has the task of supporting the assessments and decisions of the Board of 

Directors relating to the internal control and risk management system (ICRMS), 

as well as those relating to the approval of periodic financial and non-financial 

reports. In particular, it issues its prior opinion to the Board of Directors, inter 

alia: (i) on the guidelines of the ICRMS, so that the main risks concerning Enel 

and its subsidiaries – including the various risks that may be relevant from the 

perspective of sustainability (including climate-related risks), and cyber security 

and AI-related risks – are correctly identified and adequately measured, man-

aged and monitored; (ii) on the degree of compatibility of the risks referred to in 

point (i) above with company operations consistent with the strategic objectives 

identified; (iii) on the adequacy of the ICRMS with respect to the characteristics 

of the Company and the risk profile assumed, as well as the effectiveness of the 

system itself; (iv) on the composition of the Supervisory Board established in Enel 

SpA pursuant to Legislative Decree 231/2001\. 

The Enel corporate governance system

43

INTEGRATED ANNUAL REPORT 2024

1\. Enel Group 2\. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

• It examines the issues relevant to the ICRMS addressed in the Sustainabili-

ty Statement pursuant to Legislative Decree 125/2024, issuing a prior opinion 

on these aspects to the Board of Directors. In this respect, this reporting illus-

trates, among other things, the process and the results of the double materi-

ality analysis, with particular reference to sustainability\- (and climate-) related 

impacts, risks and opportunities relevant to the Enel Group. This responsibility 

was attributed to the Control and Risk Committee following the amendments 

to the relevant Organizational regulation approved by the Board of Directors in 

December 2024 in order to implement the legislation on corporate sustainabil-

ity reporting, introduced by Legislative Decree 125/2024\. Before the approval of 

these amendments, the Committee examined the issues relevant to the ICRMS 

addressed in the Consolidated Non-Financial Statement pursuant to Legislative 

Decree 254/2016 and the Sustainability Statement, which could be presented 

in a single document, issuing a prior opinion on these aspects to the Board of 

Directors, which was called upon to approve these documents.

• It evaluates whether periodic financial and non-financial reporting correctly rep-

resents the business model, the strategies of the Company and the Group it 

heads and the impact of company activities and the performance achieved, co-

ordinating with the Corporate Governance and Sustainability Committee with 

regard to periodic non-financial reporting.

ESRS G1 GOV-1 – The role of the administrative, management and supervisory 

bodies

ESRS G1-3 – Prevention and detection of corruption and bribery

• It examines the main corporate rules and procedures of the ICRMS that are 

relevant to stakeholders – including, in particular, the Organizational and

Management Model prepared pursuant to Legislative Decree 231/2001, the 

Code of Ethics (including the half-yearly reporting made in accordance with 

the Code of Ethics), the “Zero-Tolerance-of-Corruption” Plan and the Human

Rights Policy – and submits these documents to the Board of Directors for 

approval, assessing any subsequent amendments or additions.

ESRS GOV-2 – Information provided to and sustainability matters addressed by 

the undertaking’s administrative, management and supervisory bodies

ESRS GOV-5 – Risk management and internal controls over sustainability reporting

• Activities performed in 2024 included addressing sustainability-related issues (in-

cluding climate-related) on the occasion of: (i) the quarterly update on developments 

of Group risks; (ii) the outcome of line monitoring and independent testing, as well 

as of the assessment of the internal control system on corporate reporting of the 

Enel Group in view of its certification by the Chief Executive Officer and the officer in 

charge of financial reporting (a) on the draft financial statements of Enel SpA and on

the consolidated financial statements of the Enel Group for the 2023 financial year 

as well as (b) on the half-year financial report of the Enel Group as of June 30, 2024;

The Enel corporate governance system

44

INTEGRATED ANNUAL REPORT 2024

(iii) the examination of issues concerning the ICRMS dealt with in the 2023 Sus-

tainability Statement, which incorporates the Consolidated Non-Financial State-

ment pursuant to Legislative Decree 254/2016 for the same year; (iv) meetings 

on the ICRMS of the Enel Grids and Innovability and Enel X Global Retail Global 

Business Lines, of Country Italy, as well as the “Legal, Corporate, Regulatory and 

Antitrust Affairs”, “People and Organization” and “Security” of the Holding Com-

pany functions, concerning the activities carried out and the risks existing in its 

area of responsibility, as well as the tools used to mitigate their effects; (v) the 

update on methodological and process developments for monitoring the pro-

gress of the main risks connected to the strategic objectives of the 2024-2026 

Business Plan; (vi) the analysis of the compatibility of the main risks associated 

with the strategic objectives of the 2025-2027 Business Plan.

Nomination and 

Compensation 

Committee

11

meetings held by the 

Committee in 2024

ESRS GOV-1 – The role of the administrative, management and supervisory bodies

• It is composed of non-executive directors, the majority of whom (including its 

Chairman) are independent. 

• In 2024 it was made up of the following directors, the majority of whom (includ-

ing its Chairman) met independence requirements: Alessandra Stabilini (Chair-

man), Johanna Arbib, Olga Cuccurullo, Dario Frigerio and Fiammetta Salmoni.

• It supports the Board of Directors in, inter alia, evaluations and decisions relating 

to the size and optimal composition of the Board and its committees, as well as 

the remuneration of directors and key management personnel. 

• In this regard, the remuneration policy for 2024 provides that a significant por-

tion of the short- and long-term variable remuneration of the Chief Executive 

Officer/General Manager shall be linked to sustainability-related performance 

objectives. For more information on the 2024 remuneration policy, please see 

the section “Incentive system”.

The Enel corporate governance system

45

INTEGRATED ANNUAL REPORT 2024

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

Related Parties 

Committee

4

meetings held by the 

Committee in 2024

• It is composed of independent non-executive directors. 

• In 2024 it was made up of the following directors, all of whom met independ-

ence requirements: Fiammetta Salmoni (Chairman), Mario Corsi and Alessandro 

Zehentner.

• It performs the functions provided for in the relevant CONSOB regulations and 

in the specific Enel procedure for transactions with related parties, essentially 

issuing particular reasoned opinions on the interest of Enel – and any direct or 

indirect subsidiary that may be involved – in carrying out transactions with relat-

ed parties, expressing its assessment of the benefits and substantive appropri-

ateness of the associated conditions, subject to receiving timely and compre-

hensive information on the transaction. 

Board of Statutory 

Auditors

23

meetings held by the 

Board in 2024

ESRS GOV-1 – The role of the administrative, management and supervisory bodies

ESRS GOV-5 – Risk management and internal controls over sustainability reporting

It is charged with overseeing: 

• compliance with the law and the bylaws, as well as compliance with the principles 

of sound administration in carrying out corporate activities;

• the financial and non-financial reporting process and the appropriateness of the 

organizational structure, the internal control system and the administrative-ac-

counting system of the Company;

• the statutory audit of the annual accounts and the consolidated accounts, the 

certification of conformity of consolidated Sustainability Statement, as well as 

the independence of the Audit Firm and the sustainability auditor;

• the approach adopted in implementing the corporate governance rules envis-

aged by the Corporate Governance Code.

The Board of Statutory Auditors, in its capacity as Audit Committee, is also charged 

with: 

• informing the Board of Directors on the outcomes of the legal audit and the 

activity of certification of the consolidated Sustainability Statement, providing 

the Board with the additional report referred to in Article 11 of Regulation (EU) 

537/2014, together with any remarks;

• monitoring the financial and consolidated sustainability reporting processes, in-

cluding the use of the electronic format required by applicable legislation and 

the procedures implemented by the Company in compliance with the reporting 

standards adopted by the European Commission, as well as presenting recom-

mendations or proposals aimed at ensuring their integrity;

• monitoring the effectiveness of the Company’s internal quality control and risk 

management systems and internal audit, with regard to financial reporting and 

consolidated sustainability reporting, including the use of electronic format, 

without interfering with their independence;

  


The Enel corporate governance system

46

INTEGRATED ANNUAL REPORT 2024

• monitoring the legal auditing of the financial statements and consolidated finan-

cial statements, as well as the activity of certifying the conformity of the consol-

idated Sustainability Statement.

Furthermore, the Board of Statutory Auditors normally meets in joint session with 

the Control and Risk Committee regarding matters of common interest.

The Chairman of the Board of Statutory Auditors attends the meetings of Enel’s 

board committees, pursuant to the provisions of their regulations, and may desig-

nate another auditor to attend in his/her place; however, other auditors may also 

attend these meetings.

ESRS GOV-2 – Information provided to and sustainability matters addressed by 

the undertaking’s administrative, management and supervisory bodies

ESRS G1 GOV-1 – The role of the administrative, management and supervisory 

bodies

Activities performed in 2024 included the exam of sustainability-related issues ad-

dressed jointly with the Control and Risk Committee and reported above in the 

section dedicated to said Committee. These most importantly include the exam, 

in a joint session with the Control and Risk Committee, of the main corporate 

rules and procedures connected to the ICRMS – which are relevant for stakehold-

ers – including, among others, the Organizational and Management Model pre-

pared pursuant to Legislative Decree 231/2001, the Code of Ethics (including the 

half-yearly reporting of the reports made in accordance with the Code of Ethics), 

the “Zero-Tolerance-of-Corruption” Plan and the Human Rights Policy.

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.

• The Chairman presides over Shareholders’ Meetings.

• The Chairman convenes the meetings of the Board of Directors, establishes the 

agenda and presides over its proceedings.

• The Chairman acts as a liaison between the executive directors and the non-ex-

ecutive directors and, with the support of the Secretary of the Board of Direc-

tors, is responsible for the effective operation of the Board. More specifically, the 

Chairman, with the support of the Board Secretary, is responsible, among other 

things, for ensuring: 

• that information provided before Board meetings and supplementary infor-

mation provided during meetings enables the directors to act in an informed 

manner in the performance of their duties; and

• that the activity of the Board committees is coordinated with that of the Board 

of Directors.

• The Chairman ensures that the Board of Directors is informed in a timely manner 

on developments in and the substance of engagement activities with all share-

holders.

• The Chairman ascertains that the Board’s resolutions are carried out.

  


The Enel corporate governance system

47

INTEGRATED ANNUAL REPORT 2024

1\. Enel Group 2\. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

• Pursuant to a Board resolution of May 12, 2023, the Chairman has been vested 

with a number of additional non-executive powers.

• In the exercise of the function of stimulating and coordinating the activities of 

the Board of Directors, the Chairman plays a proactive role in the process of 

approving and monitoring of corporate and sustainability strategies, which are 

focused on decarbonization, development and resilience of networks as a tran-

sition-enabling element, and the electrification of energy consumption, in line 

with the climate objectives set by the Group. 

• During 2024, the Chairman chaired the Corporate Governance and Sustainability 

Committee.

Chief Executive 

Officer

• Like the Chairman of the Board of Directors, the CEO is 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 12, 2023 with all powers for managing 

the Company, with the exception of those that are otherwise assigned by law, 

regulation or the bylaws or that the aforesaid resolution reserves for the Board 

of Directors (making the Chief Executive Officer the officer with primary respon-

sibility for managing the Company). 

• The CEO has also been designated as the director responsible for establishing 

and maintaining the ICRMS.

ESRS GOV-1 – The role of the administrative, management and supervisory bodies

• In exercising these powers, the CEO has defined a sustainable business model, 

identifying a strategy aimed at guiding the energy transition towards a low-car-

bon model; the CEO also manages business operations linked to Enel’s commit-

ment to the fight against climate change.

• The CEO reports to the Board of Directors on the activities carried out in the ex-

ercise of such powers, including business activities aimed at maintaining Enel’s 

commitment to addressing climate change. 

ESRS SBM-2 – Interests and views of stakeholders

• The CEO represents Enel in various initiatives that deal with sustainability at the 

international level, such as the Global Investors for Sustainable Development 

(GISD) Alliance launched by the United Nations in 2019.

• As the officer with primary responsibility for managing the Company, the CEO 

has primary authority for engaging with institutional investors, providing them 

with any appropriate clarification concerning matters that fall within the scope 

of the Chairman’s management powers, in line with the policy for engaging with 

institutional investors and with Enel’s shareholders and bondholders as a whole.

  


The Enel corporate governance system

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INTEGRATED ANNUAL REPORT 2024

ESRS GOV-5 – Risk management and internal controls over sustainability reporting

• From 2024, together with the officer in charge of financial reporting, the CEO 

certifies with a specific report that Sustainability Statement complies with the 

reporting standards applicable to it and with the provisions of Regulation (EU) 

2020/852 on the taxonomy of environmentally sustainable activities (see decla-

ration in respect of Sustainability Statement).

Officer in charge 

of financial reporting

ESRS GOV-5 – Risk management and internal controls over sustainability reporting

• During 2024 the functions of officer in charge of financial reporting of Enel were 

performed by the head of the Company’s Administration, Finance and Control 

function.

• In line with the provisions of the Company’s bylaws, the officer was appointed by 

the Board of Directors, with the favorable opinion of the Board of Statutory Audi-

tors, and is in possession of the professional requirements set out in the bylaws. 

• The officer is vested by law with the task of defining and establishing an ap-

propriate internal control system on financial reporting within the Company and 

the Group and, to this end, establishes adequate administrative and accounting 

procedures for the preparation of the financial statements and the consolidated 

financial statements, as well as any other financial communication of Enel.

• The officer issues a statement that accompanies the Company’s documents and 

communications disclosed to the market and relating to financial information, 

including interim financial information, certifying their correspondence with 

documentary evidence, books and accounting records.

• It also issues, together with the Chief Executive Officer, a certification regarding 

the financial statements, the consolidated financial statements and the condensed 

interim consolidated financial statements of Enel concerning the appropriateness 

and the effective adoption of the administrative and accounting procedures in the 

reporting period, as well as the reliability of the data contained therein and their 

compliance with the relevant international accounting standards.

• As from 2024, together with the Chief Executive Officer, the officer issued a certi-

fication on Sustainability Statement.

Statutory audit 

of the accounts 

and verification 

of compliance 

of consolidated 

Sustainability 

Statement 

• In 2024, the statutory audit and the verification of compliance of consolidated 

Sustainability Statement are performed by a specialized firm entered in the ap-

propriate register.

  


The Enel corporate governance system

49

INTEGRATED ANNUAL REPORT 2024

1\. Enel Group 2\. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

Good corporate 

governance practices

• At the end of 2024 and during the first months of 2025, the Board of Directors 

carried out, with the assistance of a specialized independent advisor, an assess-

ment of the size, composition and functioning of the Board and its committees 

(the “board review”), also extended to include the Board of Statutory Auditors, in 

line with the most advanced corporate governance practices accepted at the 

international level and incorporated within the Corporate Governance Code. The 

board review was also carried out using a “peer review” approach, i.e. evaluating 

not only the operation of the body as a whole, but also the style and substance 

of the contribution made by each of its members.

ESRS GOV-1 – The role of the administrative, management and supervisory bodies

Among other issues, the board review also specifically sought to verify the direc-

tors’ perception of (i) the effectiveness of induction activities and (ii) the Board’s 

involvement with sustainability and climate change issues.

The findings of the board review are reported in Enel’s Report on Corporate Gov-

ernance and Ownership Structure.

• Following the appointment of the Board of Directors by the ordinary Sharehold-

ers’ Meeting of May 10, 2023 and taking account of the election of an entirely 

new Board, Enel organized a specific induction program to provide the directors 

with an understanding of the sectors in which the Group operates, as well as 

insight into company dynamics and their evolution, market developments and 

the applicable regulatory framework. Various induction initiatives were therefore 

held during 2023, focusing on the corporate governance system of the Compa-

ny and the Group, the electrical system and power generation, as well as closer 

analyses of certain business lines and one Group staff function. During 2024, the 

induction program continued, with further initiatives concerning climate change, 

cyber security, innovation and digital innovation; in particular, it was deemed ap-

propriate to carry out induction on climate change, as the 2023 board review 

(carried out with the assistance of a specialized independent advisor) showed 

the need for the Board of Directors to receive specific training on sustainability 

issues. The induction program was extended to include the Board of Statutory 

Auditors. In February 2024, the Corporate Governance and Sustainability Com-

mittee identified Johanna Arbib as the non-executive director responsible for 

monitoring, within the Committee itself, climate-related issues and those relat-

ing to the transition to “Net Zero”. The director received timely and adequate 

training on: (i) how climate and energy transition affect the Enel Group’s strategy; 

(ii) how the Group has an impact on climate; (iii) the risks and opportunities for 

climate mitigation and adaptation for the Group.

• In exercising their functions, the Board of Directors (including the Board commit-

tees) and the Board of Statutory Auditors make use of the expertise of various 

corporate structures as well as, where required in relation to specific issues, of 

external consultants.

  


The Enel corporate governance system

50

INTEGRATED ANNUAL REPORT 2024

• The Board of Directors and the Board of Statutory Auditors have approved, each 

within their own sphere of competence, specific diversity policies that set out 

the characteristics considered optimal for the members of these bodies, so 

that each can exercise their duties most effectively, taking decisions that can 

effectively draw on the contribution of a plurality of qualified points of view, able 

to examine the issues under discussion from different perspectives. The policy 

approved by the Board of Directors establishes that with regard to the types of 

diversity and the associated objectives:

• the optimal composition of Board members should provide for a majority of 

independent directors;

• even when the regulatory provisions on gender balance expire, it is important 

to continue to ensure that at least one-third of the Board of Directors, both 

at the time of appointment and during its term of office, shall be made up of 

directors of the least represented gender;

• the international scope of the Group’s activities should be taken into consider-

ation, ensuring that at least one-third of directors should have adequate expe-

rience in the international arena, which is also considered useful for preventing 

the standardization of opinions and the emergence of “group thought”;

• in order to achieve a balance between the need for continuity and renewal 

in management, it would be necessary to ensure a balanced combination of 

people of differing seniority – and age – within the Board of Directors;

• non-executive directors should have a management and/or professional and/

or academic and/or institutional background such as to create a diverse and 

complementary set of skills and experience;

• in view of the differences in their roles, the Chairman and the CEO should have 

the appropriate skills (specifically indicated in the policy) for the effective per-

formance of their respective duties. 

• In July 2015 the Board of Directors also approved (and subsequently amended in 

February 2019) a number of recommendations aimed at strengthening the cor-

porate governance of Enel subsidiaries with shares listed on regulated markets 

and at the same time ensuring the implementation of local best practices in this 

area by those companies.

ESRS G1 GOV-1 – The role of the administrative, management and supervisory 

bodies

• Each director has read the Code of Ethics, the “Zero-Tolerance-of-Corruption”

Plan, the Corruption Prevention Policy adopted pursuant to the international 

standard ISO 37001:2016 and the Organizational and Management Model pur-

suant to Legislative Decree 231/2001; furthermore, they have undertaken to con-

form their conduct to the principles established in these documents during the 

performance of their role as members of the Board of Directors of the Company.

  


The Enel corporate governance system

51

INTEGRATED ANNUAL REPORT 2024

1\. Enel Group 2\. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

ESRS SBM-2 – Interests and views of stakeholders

• In order to regulate the procedures for the Company’s engagement with institu-

tional investors and with its shareholders and bondholders as a whole, in March 

2021 the Board of Directors adopted, acting on a proposal from the Chairman 

formulated in agreement with the Chief Executive Officer, a specific policy in this 

area (the “Engagement Policy”). It largely incorporates the practices already fol-

lowed by Enel to ensure that this dialogue is based on principles of fairness and 

transparency and takes place in compliance with EU and national regulations 

concerning market abuse, as well as in line with international best practices. In 

drawing up the Engagement Policy, which was consistently applied during 2024, 

the best practices adopted in this field by institutional investors and reflected in 

“Stewardship” codes were taken into account.

For further information on the corporate governance system, please see the Report on Corporate Governance and 

Ownership Structure of Enel, which has been published on the Company’s website (http://www.enel.com, in the “Gov-

ernance” section).

  


Internal control and risk management system on corporate reporting

52

INTEGRATED ANNUAL REPORT 2024

Internal control and risk

management system on

corporate reporting

ESRS GOV-5 - Risk management and internal controls over sustainability reporting

Since 2020 Enel has included the management of risks 

related to sustainability/non-financial reporting under 

its internal control system on corporate reporting. The 

system guarantees that the identification of risks (risk 

assessment) and the implementation of related con-

trols to mitigate them are carried out with the same 

methodology, both in financial and sustainability/

non-financial reporting.

The process of defining, implementing and manag-

ing the internal control system breaks down as fol-

lows:

• identification of relevant companies and/or pro-

cesses, accompanied by the communication of the 

methodologies, instructions and calendar of activi-

ties to the managers involved, on the basis of a so-

called “Top-Down Risk-Based Approach; 

• mapping and updating of processes, risk assess-

ment, definition of controls and identification of 

“Primary Key Controls”. The definition of the internal 

control system on corporate reporting begins with 

the “risk assessment” activity, aimed at identifying 

and evaluating actions or events whose occurrence 

or absence could compromise the achievement of 

the very objectives of the system. Risks – includ-

ing fraud risks – are identified in terms of potential 

impact and probability of occurrence, both at the 

company or group of companies level (“entity level”) 

and at the process level, and subsequently assessed 

independently of the related controls (“inherent level 

assessment”), on the basis of qualitative and quan-

titative elements. 

With reference to non-financial/sustainability report-

ing, the main risks are the following.

• Risks associated with the use of current and/or es-

timated imprecise/incomplete qualitative and quan-

titative information, used in the calculation of the 

indicators.

• Risks associated with data transmission and ap-

proval (qualitative and quantitative).

• Risks associated with the incomplete/incorrect 

preparation of sustainability/non-financial informa-

tion with respect to the applicable regulatory frame-

work.

• Risks associated with the lack of transparency and/

or neutrality of the qualitative and quantitative infor-

mation used and of the estimates.

• Double materiality - Risks related to errors or the 

lack of procedures/guidelines that define the per-

formance of double materiality analysis.

• Double materiality - Risks related to incorrect/

non-identification of impacts, risks and opportuni-

ties (IRO) or to their incorrect assessment.

• Double materiality - Risks related to incorrect defini-

tion of material topics.

The “risk assessment” phase is followed by identifica-

tion of controls aimed at reducing the possibility of 

risks occurrence. More specifically, the control struc-

ture includes “Entity/Company Level Controls”, defined 

centrally and commonly applied within the Group, a 

specific sector or business line.

The Process Level Controls structure instead provides 

for specific or monitoring controls, understood as the 

set of activities (manual, partially automated or auto-

mated) aimed at preventing, identifying and correct-

ing errors that occur during the performance of oper-

ational activities.

Consistent with the “Top-Down Risk-Based” ap-

proach, “Primary Key Controls” are identified through 

the use of a scoring model that correlates the different 

attributes of the control with respect to the relevance 

of the risk:

• evaluation of the design and operation of the con-

trols (so-called “line monitoring”), carried out by the 

management concerned and performed through 

  


Internal control and risk management system on corporate reporting

53

INTEGRATED ANNUAL REPORT 2024

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

self-assessment. In order to assess the adequacy of 

processes, risks and controls on reporting, a specific 

monitoring activity is planned every six months by 

the process “owners”, aimed at verifying the design

3

  


and the actual operation

4

of controls;

• implementation of independent testing activity on 

controls by the Audit function. In addition to line 

monitoring, an independent testing activity is car-

ried out annually by the Audit function on a signifi-

cant subset of “Primary Key Controls”, with the aim 

of verifying their design and operation;

• assessment of deficiencies, approval and monitor-

ing of remedial actions. Line monitoring and test-

ing activities allow the identification of any short-

comings in the operation and/or design of controls 

and any corrective actions undertaken or to be un-

dertaken;

• consolidation of results and overall assessment of 

the internal control system on corporate reporting, 

in order to proceed with the definition of the final 

attestation letters of the Chief Executive Officer and 

the officer in charge of financial reporting, support-

3. Suitability of the control to mitigate the identified risk in an acceptable manner.

4. Checking that the control is carried out in the period in compliance with the design provisions. 

ed by a flow of internal certifications. In this regard, 

the results of the line monitoring and testing activ-

ities, any shortcomings and the related remediation 

plans are communicated to the officer in charge 

through periodic summary information flows (“re-

porting”). These flows are also used for periodic in-

formation on the adequacy of the internal control 

system on corporate reporting, provided by the of-

ficer in charge of financial reporting to the Board of 

Statutory Auditors, the Control and Risk Committee 

and the Audit Firm; 

• certifications by the Chief Executive Officer and 

officer in charge of financial reporting of the ade-

quacy and effective application of the administra-

tive and accounting procedures established for the 

preparation of the financial statements, the con-

solidated financial statements or the condensed 

interim consolidated financial statements of the 

Group, as well as starting from 2024, a further cer-

tification regarding the compliance of consolidat-

ed Sustainability Statement with relevant reporting 

standards.

  


Enel organizational model

54

INTEGRATED ANNUAL REPORT 2024

Enel organizational model

ENEL GROUP CHAIRMAN

P. Scaroni

ENEL GROUP CEO

F. Cattaneo

STAFF 

FUNCTIONS

GLOBAL

BUSINESS LINES

COUNTRIES 

AND REGION

GLOBAL

SERVICE FUNCTION

ITALY

N. Lanzetta

IBERIA

J. Bogas Gálvez

REST OF THE WORLD

R.A.E. Deambrogio

ADMINISTRATION, FINANCE 

AND CONTROL

S. De Angelis

EXTERNAL RELATIONS

N. Mardegan

AUDIT

A. Spina

CEO OFFICE AND STRATEGY

M. Mossini

PEOPLE AND ORGANIZATION

E. Colacchia

LEGAL, CORPORATE, REGULATORY 

AND ANTITRUST AFFAIRS

F. Puntillo

SECURITY

V. Giardina

ENEL GRIDS AND 

INNOVABILITY

G.V. Armani

GLOBAL ENERGY 

AND COMMODITY

MANAGEMENT

AND CHIEF 

PRICING OFFICER

C. Machetti

ENEL GREEN 

POWER AND 

THERMAL 

GENERATION

S. Bernabei

ENEL X 

GLOBAL RETAIL

F. Gostinelli

GLOBAL SERVICES

S. Ciurli

  


Enel organizational model

55

INTEGRATED ANNUAL REPORT 2024

1\. Enel Group 2\. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

The Enel Group structure is organized into a matrix that comprises:

5. The Group Investment Committee is made up of the heads of Administration, Finance and Control, Innovability, Legal, Corporate, Regulatory 

and Antitrust Affairs, Global Procurement, and the heads of the Geographical Areas and the Business Lines.

Global Business Lines  Global Business Lines, which are responsible for managing and developing as-

sets, optimizing their performance and the return on capital employed in the var-

ious geographical areas in which the Group operates (Italy, Iberia and ROW - Rest 

of the World). In compliance with safety, protection and environmental policies 

and regulations, they are tasked with maximizing the efficiency of the processes 

they manage and applying best international practices, sharing responsibility for 

EBITDA, cash flows and revenue with the countries. 

The Group, which also draws on the work of an Investment Committee,

5

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. 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. 

The following provides a brief summary of the primary objectives of each Global

Business Line:

• Enel Grids and Innovability: ensures the optimal allocation of resources to achieve 

a high level of reliability and quality for electricity supply services, maximizing 

performance with respect to the most advanced safety standards and develop-

ing technologically advanced grids that can fully exploit any synergies; promotes, 

harmonizes and coordinates innovation and sustainability processes, supporting 

the activities of the Global Business Lines and Countries.

• Global Energy and Commodity Management and Chief Pricing Officer: optimiz-

es the Group’s margin through the active management of its hedging strategy 

and the exposure to commodity risk, taking account of all commercial/market 

factors in order to maximize the integrated margin in the markets in which we 

operate through the optimization of gas and fuel supplies, and local dispatching 

of thermal and renewable generation, while supporting Enel X Global Retail in 

defining the commercial strategy.

• Enel Green Power and Thermal Generation: provides guidance for a rapid and ef-

fective energy transition, growing the portfolio of renewable generation facilities, 

and manages the corresponding evolution of thermal generation and storage 

assets with a view to decarbonizing our energy mix in order to meet the needs of 

customers in all the countries in which we operate; manages the operation and 

maintenance of Group generation plants in compliance with applicable policies 

and regulations governing safety, protection and the environment. 

• Enel X Global Retail: defines the commercial strategy and manages the customer 

product range for energy, products and services, including electric mobility, en-

suring compliance with safety, protection and environmental regulations, maxi-

mizing value for the customer and operational efficiency, and supporting margin 

optimization with Global Energy and Commodity Management. 

  


Enel organizational model

56

INTEGRATED ANNUAL REPORT 2024

Region 

and Countries

The Region and Countries are responsible for managing relationships with institu-

tional bodies and regulatory authorities, as well as handling distribution and elec-

tricity and gas sales, in their areas, while also providing staff and other service sup-

port 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. 

The following functions provide support to Enel’s business operations:

Global Service 

Function

The Global Service Function is responsible for managing information and commu-

nication technology activities, procurement at the Group level, managing global 

customer relationship activities, facility management and the associated general 

services. The Global Service Function is also focused on the responsible adoption 

of measures that enable the achievement of sustainable development goals, spe-

cifically 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 Staff 

Functions

The Holding Company Staff Functions are responsible for managing governance 

processes at the Group level (e.g. Administration, Finance and Control; Person-

nel and Organization; External Relations; Audit, Legal, Corporate, Regulatory and 

Antitrust Affairs; Security; CEO Office and Strategy). More specifically, the CEO 

Office and Strategy function is also responsible for defining strategy, long-term 

planning and the Group’s strategic objectives, guiding the associated deci-

sion-making, and ensures the alignment of internal stakeholders with our strate-

gic positioning, aimed among other things at promoting the decarbonization of

the energy mix and the electrification of energy demand, key actions in the fight 

against climate change.

  


Incentive system

57

INTEGRATED ANNUAL REPORT 2024

1\. Enel Group 2\. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

Incentive system

ESRS 2 GOV-3 – Integration of sustainability-related performance in incentive schemes

Enel’s remuneration policy for 2024 was adopted by 

the Board of Directors acting on a proposal of the 

Nomination and Compensation Committee and ap-

proved by the Shareholders’ Meeting of May 23, 2024.

More specifically, the policy was formulated on the 

basis of (i) the recommendations of the Italian Cor-

porate Governance Code published on January 31, 

2020; (ii) national and international best practice; 

(iii) the guidance provided by the favorable vote of 

the Shareholders’ Meeting of May 10, 2023 on the 

remuneration policy for 2023; (iv) the results of the

engagement activity on corporate governance, envi-

ronmental and social issues pursued by the Compa-

ny between the end of January and the beginning of 

March 2024 with the leading proxy advisors and some 

Enel’s relevant institutional investors; (v) the findings 

of the benchmark analysis of the remuneration of the

Chairman of the Board of Directors, the Chief Execu-

tive Officer/General Manager and the non-executive 

directors of Enel for 2023, which was performed by 

the independent consultant Willis Towers Watson. 

ESRS 2 GOV-3 – Integration of sustainability-related performance in incentive schemes

This policy is intended to (i) foster Enel’s sustainable 

success, which takes the form of creating long-term 

value for the benefit of shareholders, taking due con-

sideration of the interests of other key stakeholders, 

so as to incentivize the achievement of strategic ob-

jectives; (ii) attract, retain and motivate personnel with 

the professional skills and experience required by the 

sensitive managerial duties entrusted to them, taking 

into account the remuneration and working conditions 

of the employees of the Company and the Enel Group; 

and (iii) promote the corporate mission and values.

The 2024 remuneration policy adopted for the Chief 

Executive Officer/General Manager and key manage-

ment personnel envisages: 

• a fixed component; 

• a short-term variable component (MBO) that will be 

paid out on the basis of achievement of specific 

performance objectives. Namely: 

• for the CEO/General Manager, annual objectives 

have been set for the following components of 

the 2024 MBO mechanism: 

– consolidated net ordinary profit (with a weight 

equal to 30% of the total); 

– consolidated cash cost (with a weight equal to 

20% of the total); 

– funds from operations/consolidated net finan-

cial debt (with a weight equal to 20% of the

total); 

– commercial complaints received at the Group 

level (with a weight equal to 10% of the total); 

– workplace injury frequency rate, accompanied 

by a gate objective represented by fatal injuries 

(with a weight equal to 20% of the total). 

Therefore, the overall weight of the sustainabili-

ty-related objectives (i.e. commercial complaints

received at the Group level and the safety-related 

objective) within the short-term variable remuner-

ation of the CEO/General Manager is confirmed at 

30%.

For each objective, an incentive equal to 50% of the 

base bonus is paid upon achievement of the access 

threshold, while 100% and 150% of the base bonus 

are paid upon reaching the performance and over-

performance targets, respectively (with linear inter-

polation, except for the objective relating to Safety). 

For performances below the access threshold, no 

incentive is expected.

  


Incentive system

58

INTEGRATED ANNUAL REPORT 2024

• for key management personnel, the respective 

MBOs identify objective and specific annual goals 

connected with the Strategic Plan. They are deter-

mined jointly by the Administration, Finance and 

Control function and the People and Organization 

function; as regards the short-term variable re-

muneration, it can vary, based on the achievement 

of the various performance targets, from a mini-

mum (equal to 80% of the target level under which 

no incentive is due) to a maximum (predefined and 

connected with overperformance results in re-

spect of the assigned objectives, equal to 150% 

of the target level) which varies according to the 

different business environment of the Group.

ESRS 2 GOV-3 – Integration of sustainability-related performance in incentive schemes

E1 ESRS2 GOV-3 – Integration of sustainability-related performance in incentive schemes

• a long-term variable component linked to participation 

in specific long-term incentive plans. In particular, for 

2024 this component is linked to participation in the 

Long-Term Incentive Plan for the management of Enel 

SpA and/or its subsidiaries pursuant to Article 2359 of 

the Italian Civil Code (2024 LTI Plan), which establishes 

three-year performance targets for the following:

• Enel’s average TSR (Total Shareholder Return) 

compared with the average TSR for the EURO 

STOXX Utilities - EMU index for the 2024-2026 

period (with a weight equal to 45% of the total); 

• ROIC (Return on Invested Capital) - WACC (Weight-

ed Average Cost of Capital), cumulative for 2024-

2026 (with a weight equal to 30% of the total); 

• intensity of Scope 1 and Scope 3 GHG emissions 

connected with the Group’s Integrated Power 

operations (gCO

2eq

/kWh) in 2026, accompanied 

by a gate objective represented by the intensity 

of Scope 1 GHG emissions connected with the 

Group’s Power Generation (gCO

2eq

/kWh) in 2026 

(with a weight equal to 15% of the total); 

• percentage of women in top and middle manage-

ment at the end of 2026 (with a weight equal to 

10% of the total).

The component of these two ESG-related perfor-

mance objectives has a total weight of 25% and takes 

into account the now consolidated attention of the 

financial community for ESG issues, here with a par-

ticular emphasis on the fight against climate change 

and gender diversity. 

For each objective, the system provides for an in-

centive of 130% (for the CEO/General Manager of 

Enel) or of 100% (for other beneficiaries) of the base

value upon achievement of the target, while upon 

achievement of the overperformance target the in-

centive rises to (i) 150% (Over I level) or (ii) 280% (for 

CEO/General Manager of Enel) or 180% (for other 

beneficiaries) of the base value (Over II level), with 

the possibility of linear interpolation between the

thresholds.

  


Incentive system

59

INTEGRATED ANNUAL REPORT 2024

1\. Enel Group 2\. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

The 2024 LTI Plan establishes that any bonus accrued 

is represented by an equity component, which can be 

supplemented – depending on the level of achieve-

ment of the various targets – by a cash component. 

More specifically, of the total incentive vested, the 

2024 LTI Plan establishes that: (i) for the CEO/General

Manager of Enel, the incentive shall be paid entirely in

Enel shares up to 150% of the base value; (ii) for man-

agers reporting directly to the CEO/General Manager 

of Enel, including key management personnel, the 

incentive shall be paid entirely in Enel shares up to

100% of the base value; and (iii) for beneficiaries oth-

er than those specified under (i) and (ii), the incentive 

shall be paid entirely in Enel shares up to 65% of the 

base value. The 2024 LTI Plan provides that the shares 

to be disbursed pursuant to the latter provisions shall 

be purchased previously by Enel and/or its subsidi-

aries. In addition, the disbursement of a significant 

portion of long-term variable remuneration (70% of 

the total) is deferred to the second year following the 

three-year performance period covered by the 2024 

LTI Plan. 

For more information on the remuneration policy for 

2024, please see Enel’s “Report on the remuneration

policy for 2024 and compensation paid in 2023”, 

which is available on the Company’s website (www.

enel.com). 

The following table shows the pay ratio for 2024 and 

2023, i.e. the difference between the total annual re-

muneration of the CEO/General Manager of Enel and 

the median annual pay of the Group’s employees. For 

completeness of information’s sake, the same ratio is 

provided also with reference to the fixed component

of the remuneration.

% 2024 2023

Pay Ratio – Ratio between the total remuneration of the CEO/GM of Enel in office 

from May 12, 2023 and the average gross annual remuneration of the Group’s 

employees

(1)

65x

(31x fixed 

remuneration)

45x

(21x fixed 

remuneration)

(1)  Figures for 2023 have been restated for comparative purposes, by applying the 2024 exchange rate to 2023 remunerations. 

  


Values and pillars of corporate ethics

60

INTEGRATED ANNUAL REPORT 2024

Values and pillars

of corporate ethics

6\.  Most recently updated in February 2021.

ESRS G1-1 – Business conduct policies and corporate culture

ESRS G1-3 – Prevention and detection of corruption and bribery

A robust system of ethics, which is dynamic and 

constantly oriented towards incorporating national 

and international best practices, underlies all activ-

ities of the Enel Group, both operational activities

and its relations with all stakeholders.

The system is based on specific compliance pro-

grams, including: the Code of Ethics, the Compli-

ance Model under Legislative Decree 231/2001, 

Enel Global Compliance Program, the “Zero-Tol-

erance-of-Corruption” Plan (ZTC Plan), the Human

Rights Policy, and any other national compliance 

models adopted by Group companies in accord-

ance with local laws and regulations. 

A summary of the Group’s compliance policies and 

models is provided below. For further details on the 

topics of business conduct see the dedicated sec-

tions (see sections on “Whistleblowing and stake-

holder reporting channel” and “Active and passive 

fight against corruption”).

Code of Ethics

In 2002, Enel adopted a Code of Ethics,

6

which ex-

presses the Company’s ethical responsibilities and 

commitments in conducting its affairs and opera-

tions, governing and standardizing corporate con-

duct on the basis of standards aimed at ensuring the 

maximum transparency and fairness with all stake-

holders. The Code of Ethics is valid for the whole 

Group, taking due account of the cultural, social and 

economic diversity of the various countries in which 

Enel operates. Enel also requires that all main suppli-

ers and partners adopt conduct that is in line with the 

general principles set out in the Code. For more infor-

mation see the Company website https://www.enel.

com/investors/sustainability/strategy-sustainable

-progress/sound-governance/basic-principles/

code-of-ethics.

Compliance Model under Legislative Decree 231/2001

Legislative Decree 231 of June 8, 2001 introduced

into Italian law a system of administrative liability

for companies for certain types of offenses com-

mitted by their directors, managers or employees

on behalf of or to the benefit of the company. Enel 

was the first organization in Italy to adopt, back in

2002, this sort of compliance model that met the

requirements of Legislative Decree 231/2001 (also

known as “Model 231”). It has been constantly up-

dated to reflect developments in the applicable 

regulatory framework and current organizational

arrangements.

  


Values and pillars of corporate ethics

61

INTEGRATED ANNUAL REPORT 2024

1\. Enel Group 2\. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

Enel Global Compliance Program (EGCP)

The Enel Global Compliance Program for the 

Group’s foreign companies was approved by Enel

in September 2016\. It is a governance mechanism

aimed at strengthening the Group’s ethical and pro-

fessional commitment to preventing the commis-

sion of crimes abroad that could result in criminal

liability for the Company and do harm to our repu-

tation. Identification of the types of crime covered

by the Enel Global Compliance Program – which en-

compasses standards of conduct and areas to be

monitored for preventive purposes – is based on

illicit conduct that is generally considered such in 

most countries, such as corruption, crimes against

the government, false accounting, money launder-

ing, violations of regulations governing safety in the 

workplace, environmental crimes, etc.

“Zero-Tolerance-of-Corruption” Plan

In compliance with the tenth principle of the Global 

Compact, according to which “businesses should work 

against corruption in all its forms, including extortion 

and bribery”, Enel is committed to combating corrup-

tion. For this reason, in 2006 we adopted the “Zero-Tol-

erance-of-Corruption” Plan (ZTC Plan), confirming the 

Group’s commitment, as described in both the Code 

of Ethics and the Model 231, to ensure propriety and

transparency in conducting company business and op-

erations and to safeguard our image and positioning, 

the work of our employees, the expectations of share-

holders and all of the Group’s stakeholders.

For more information see the related section of the 

Company website – https://www.enel.com/investors

/sustainability/strategy-sustainable-progress/

sound-governance/basic-principles/zero-tolerance

-for-corruption-plan.

  


  


1.

GRUPPO

ENEL

La politica dei dividendi

La politica dei dividendi di Enel rimane 

semplice e prevedibile, con un dividendo per 

azione (DPS) pari a 0,43 euro nel periodo 2 

023-2025, in aumento rispetto a 0,40 euro 

nel 2022. Il DPS nel 2024 e nel 2025 è da 

considerarsi come un minimo sostenibile.

Modello di business

Enel conferma il proprio modello di business 

basato sui collaudati modelli di Ownership, che 

ricomprende i cosiddetti Paesi “Tier 1” in cui 

il Gruppo sviluppa un business integrato o ha 

una posizione importante (Italia, Spagna, Cile, 

Colombia, Brasile, Stati Uniti), e di Stewardship, 

nei Paesi in cui joint venture, PPA, acquisizioni 

di quote di minoranza offrano prospettive 

particolarmente remunerative.

Crescita delle fonti 

di finanziamento sostenibili

In linea con il “Sustainability-Linked Financing 

Framework” e in vista del raggiungimento 

dell’obiettivo di Sostenibilità di Enel circa la 

riduzione di emissioni dirette di gas serra 

(Scope 1), è sempre più ampio il ricorso a 

strumenti di finanza sostenibile.

RELAZIONE

SULLA GESTIONE

3.

GROUP

STRATEGY

AND RISK

MANAGEMENT

The Group 2025-2027 Strategic Plan confirms 

the focus on three pillars: “profitability, flexibility 

and resilience”, “effectiveness and efficiency”, 

“financial and environmental sustainability”.

In a context characterized by uncertainty and 

volatility, the Group offers visible future returns 

and reduced risks, thanks to its focus on 

regulated and contracted activities, paving 

the way to an improved dividend policy 

for shareholders.

In parallel with financial sustainability, the Group 

places environmental sustainability at the heart 

of its strategy, confirming the objective 

of achieving zero emissions by 2040.

REPORT 

ON OPERATIONS

Reference scenario

64

INTEGRATED ANNUAL REPORT 2024

Reference scenario

The geopolitical environment

The current geopolitical and macroeconomic envi-

ronment is defined by a combination of structural

and contingent factors, which entail significant risks 

for the Group’s operations and directly impact GDP 

growth rates, inflation rates and exchange rates in

the countries in which it operates.

At a global level, uncertainty and the possibility of ad-

verse political developments, particularly with regard 

to trade policies, continue to put pressure on global 

markets. In fact, growing commercial fragmenta-

tion could further compromise economic activity, 

especially in export-oriented countries, thereby ag-

gravating supply chain challenges and favoring the 

adoption of protectionist measures. Furthermore, 

the escalation of geopolitical conflicts, such as the

situation in the Middle East and the persistent un-

certainty in Ukraine, represents a significant risk for 

energy supply, with potentially destabilizing implica-

tions for prices and economic activity.

In the United States, the economy is vulnerable to 

the possibility of a faster cooling of the labor mar-

ket and less predictable trade policies. In particular, 

the introduction of further restrictions on exports, 

especially to large trading partners, could lead to 

an increase in production costs and a weakening of 

domestic and external demand. The resilience of in-

flation in services and the persistence of wage pres-

sures represent additional challenges for monetary 

authorities, which may be forced to maintain high in-

terest rates for an extended period, with a negative 

impact on consumption and investment.

In the euro area, economic growth remains frag-

ile due to weak private consumption, business in-

vestment and industrial activity, hampered by high 

energy costs and uncertainty over domestic policy. 

Although a gradual improvement in the econom-

ic environment is expected in the short term, this 

recovery is closely tied to the stability of fiscal and

trade policies, as well as to the strengthening of do-

mestic demand. However, the still moderate confi-

dence of consumers and businesses is an obstacle 

to full economic recovery.

In Latam, high levels of political volatility and persis-

tent challenges related to public debt sustainability 

continue to pose risks to economic stability, affect-

ing investor confidence and medium-term growth

prospects.

The main risks for energy commodities lie in the fra-

gility of the natural gas market in Europe. Although 

commodity prices have fallen well below the highs 

of 2022, market stability is very fragile, and disrup-

tions along the value chain, such as the failure of a 

supply route through the Suez Canal, could lead to

upward trends, with clear effects also on coal and 

electricity prices, strongly correlated with gas pric-

es. These considerations also apply to oil, which also

travel through countries close to conflict areas and 

strongly influenced by relations between the United 

States and the Middle East.

The tense geopolitical and macroeconomic envi-

ronment continues to influence the metal markets, 

which have been affected this year by lower growth 

expectations in China and Europe as well as the 

strengthening of the dollar and the growing fear of

trade tariffs that could impact global trade. In Chi-

na, the world’s largest consumer of metals, demand 

growth in 2024 was lower than expected, and the

outlook remains strongly conditioned by the ef-

fectiveness of government stimulus, which thus far 

has not achieved the desired objectives, particularly

in the construction sector, which has been in crisis 

for two years now. For metals more closely linked to

renewable technologies, such as lithium and poly-

silicon, prices continued to decline this year, exac-

erbated by weaker than expected “green” demand 

and by significant production growth. For both met-

als, the increase in supply has pushed prices to new 

lows, with many producers enduring negative mar-

gins for months in order to maintain market share.

Reference scenario

65

1\. Enel Group 2. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Macroeconomic environment

In 2024, the global economy showed robust resilience,

avoiding a generalized contraction despite past eco-

nomic shocks and the delayed process of normalizing 

the accommodative monetary policies of major central

banks. Global economic growth is expected to be 2.7%

for the year, consolidating the recovery that began in 

2023, but still below pre-pandemic levels. Structural 

factors that continue to weigh on the global econo-

my include low levels of investment, weak productivity, 

high levels of debt and persistent inflationary dynamics. 

Despite the emergence of encouraging signs of disin-

flation and relatively more accommodative monetary 

policies than in 2023, significant geopolitical and mac-

roeconomic uncertainties remain at the global level.

With expected GDP growth of 2.7%, the US economy 

outperformed expectations in 2024, driven by robust 

consumer spending and a recovery in public and private 

investment. However, signs of a slowdown emerged in

the latter part of the year, mainly due to a weakening 

labor market and a lessening of consumer confidence.

Wage growth slowed compared to previous years, while 

household spending declined, influenced by the con-

traction of disposable income and the depletion of sav-

ings accumulated during the pandemic.

In the euro area, GDP is expected to grow by 0.7% in

2024, an improvement on 0.4% in 2023. However, the 

area’s economy has continued to show structural weak-

ness, characterized by anemic consumption, limited pri-

vate investment and a decline in industrial activity, the 

latter being particularly penalized by the impact of high 

energy prices and weak domestic demand. Although 

private consumption has increased since the second 

half of 2023, the recovery has been slowed by still-frag-

ile consumer confidence. Euro-area inflation, which 

temporarily fell below the European Central Bank’s 2%

target in September, rose again in the last quarter of the 

year, averaging 2.4% for the year.

In 2024, the Italian economy recorded sustained growth 

in the first half of the year, followed by a slowdown in 

the following two quarters, with an estimated GDP in-

crease of 0.5% on an annual basis. Although private con-

sumption has shown positive dynamics, the slowdown 

in private investment and the weakness of the manu-

facturing sector have weighed on the overall trend. In 

contrast, the labor market remained particularly strong,

while inflation slowed significantly, reaching 1.1% on an 

annual basis. This development has helped support real 

disposable household income, while partially improving 

the economic environment.

The Spanish economy has shown greater resilience than 

the euro-area average, with expected GDP growth es-

timated at 3.0% in 2024\. This performance was mainly 

supported by solid private consumption and an improv-

ing labor market, which favored domestic spending. 

However, the manufacturing sector was affected by the

slowdown in external demand, while tourism, although 

growing, showed signs of saturation compared to previ-

ous years. The general level of prices continued to show 

persistent inflationary pressures, with a growth of 2.9% 

on an annual basis.

In 2024, Latin America showed moderate economic 

growth and a slowdown in inflation, with variations by 

country.

In Brazil, the expected GDP growth rate is 3.3% on an 

annual basis, exceeding expectations compared to 2.9% 

in 2023. Despite the April floods in various areas of the 

country, growth was supported by robust domestic de-

mand (in both consumption and investment) and by ac-

commodative fiscal policy. In 2024, inflation decreased 

slightly, recording an average annual rate of 4.4%, com-

pared to 4.6% in 2023. However, the second half of the 

year saw a recovery in prices, prompting the central 

bank to raise interest rates.

In Chile, economic growth is expected to be 2.3% on an 

annual basis, compared to 0.3% in 2023, thanks to a re-

covery of investments and an increase in mining exports.

The average annual inflation rate fell to 4.3% in 2024, ap-

proaching the 3.0% target set by the central bank and 

allowing for a gradual reduction in interest rates.

In Colombia, inflation fell to 6.6% on an annual basis in 

2024, down from 11.8% in 2023. GDP is expected to grow 

by 1.8%, compared to 0.6% in 2023, thanks to a recovery 

in investment and an improvement in consumption.

In Argentina in 2024, the government launched an eco-

nomic stabilization plan with both cuts to public spend-

ing and deregulation, with the primary objective of con-

taining inflation. After a peak in prices in the first quarter,

inflation began to decline, reaching an average annual 

increase of 236.8%. However, austerity policies have led 

to an estimated 3.0% annual contraction of GDP.

Reference scenario

66

INTEGRATED ANNUAL REPORT 2024

Inflation

% 2024 2023 Change

Italy 1.1 6.0 -4.9

Spain 2.9 3.4 -0.5

Argentina  236.8 127.9 108.9

Brazil 4.4 4.6 -0.2

Chile 4.3 7.7 -3.4

Colombia  6.6 11.8 -5.2

United States 3.0 4.1 -1.1

Canada 2.4 3.9 -1.5

GDP

% 2024 2023

Italy 0.5 0.8

Spain 3.0 2.7

Argentina  -3.0 -1.6

Brazil 3.3 2.9

Chile 2.3 0.3

Colombia  1.8 0.6

United States 2.7 2.9

Canada 1.3 1.2

2024 2023 Change

Euro/US dollar 1.08  1.08  -

US dollar/Argentine peso 915.44  295.62  67.7 1 %

US dollar/Brazilian real 5.39  4.99  7.4 2 %

US dollar/Chilean peso 944.10  840.40  10.98%

US dollar/Colombian peso 4,074.16  4,320.20 -6.04%

Energy and commodity markets 

Market indicators

In 2024, the European TTF natural gas market under-

went significant price changes, influenced by several 

key events.

The natural gas market was strongly influenced by ge-

opolitical tensions, climatic conditions and dynamics 

in global demand. In the first quarter, disruptions at 

US LNG terminals and Russian attacks on Ukrainian 

storage supported prices, despite weak demand due

to mild temperatures and improvements in energy 

efficiency.

In the second quarter, the recovery in Asian demand 

reduced LNG supplies to Europe, pushing prices 

above €35/MWh in June. European supply fell by 9.1% 

compared to 2023, but the increase in supplies from 

Norway partially offset the deficit.

In the third quarter, prices reached €39/MWh in Au-

gust, with strong volatility caused by geopolitical 

events and potential supply-side disruptions. However, 

overall weak demand (-3.0% compared to 2023) and 

high storage filling levels (95.2% in October) helped to 

contain further increases, keeping prices between €25 

and €35/MWh for much of the quarter.

In the fourth quarter, the market experienced a reversal 

in trend with a significant increase in prices through 

Reference scenario

67

1\. Enel Group 2. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

November and December. Higher seasonal demand, 

combined with a decrease in Algerian flows and a de-

cline in LNG imports, pushed the TTF above €40/MWh 

at the end of the year. Despite continuing high storage 

levels, the combination of seasonal and geopolitical 

factors brought pressure back to the market, which 

closed the year in an environment of high volatility.

Compared to 2023, the price of coal decreased by 

11.8%, with an average of $112/ton. The reduction in 

gas prices has contributed to making coal generation 

less convenient, thereby discouraging its consump-

tion. In addition, the growth of renewable energy has 

continued to reduce the demand for coal for electricity 

generation. The decrease in demand for coal was fur-

ther accentuated by the more stringent environmental 

policies adopted by various European countries, which 

imposed stricter limits on CO2 emissions. The closure 

of several coal-fired power plants in Germany and the 

United Kingdom has further reduced the demand for 

this commodity.

The price of Brent crude oil saw a slight decrease of 

2.4% compared to the previous year, with an average 

of $80/barrel. After a recovery in the second half of 

the year, prices fell again in the last quarter. Global oil 

demand increased by nearly 1 million barrels per day 

compared to 2023, supported by non-OECD countries 

such as India, while supply remained stable. However, 

increased production of shale oil in the United States 

has helped keep prices in check. In addition, OPEC+ 

production cuts were not sufficient to offset the in-

crease in supply from non-OPEC producers, thereby 

contributing to price stability.

2024 2023 Change

Average Brent ICE price ($/barrel) 80 82 -2.4%

Average price of coal ($/ton CIF ARA)

(1)

112 127 -11.8%

Average gas price (€/MWh)

(2)

35 41 -14.6%

Average CO

2

price (€/ton) 65 84 -22.6%

Average copper price ($/ton) 9,148 8,484 7.8%

Average aluminum price ($/ton)  2,421 2,252 7. 5 %

Lithium carbonate ($/ton) 12,530 36,628 -65.8%

Polysilicon ($/ton) 6,681 15,592 -57.2%

(1) API#2.

(2) TTF.

The price of CO

2

has fallen significantly (-22.6%) com-

pared to 2023, with an average of €65/ton. This de-

cline was influenced by geopolitical tensions linked to 

the Ukrainian crisis, which led to a reduction in demand 

for emissions allowances. In addition, the increased 

use of renewable energy has reduced the need for al-

lowances, further contributing to lower prices. The re-

duction of industrial emissions in Europe, due to lower 

economic activity, has further reduced demand.

As for metals, the price of copper rose by 7.8% to an 

average of $9,148/ton. This increase was supported by 

growing demand for technologies related to the ener-

gy transition, such as electric vehicles and renewable 

energy infrastructure, and by concerns about supply 

disruptions due to strikes and logistical issues in ma-

jor producing countries such as Chile and Peru. The 

price of aluminum saw an increase of 7.5%, with an av-

erage of $2,421/ton. The demand for aluminum was 

supported by the recovery of industrial activity and the 

growing demand for renewable energy applications, 

such as solar panels and wind turbines. In addition, 

supply restrictions in China, due to stricter environ-

mental policies, have helped keep prices high.

Lithium price declined drastically, by 65.8%, to an av-

erage $12,530/ton. This decline was caused by low-

er-than-expected demand for batteries and a strong

expansion of supply, both within China and from Aus-

tralia and South America. Lithium overproduction has 

led to an oversupply in the market, causing a significant

reduction in prices. The price of polysilicon decreased 

by 57.2%, to an average of $6,681/ton, reflecting the 

continued expansion of production capacity, with low-

er-than-expected demand for photovoltaic panels re-

sulting in strong overcapacity and decreasing prices.

Reference scenario

68

INTEGRATED ANNUAL REPORT 2024

Electricity demand

(1)

TWh 2024 2023 Change

Italy 312.3 305.6 2.2%

Spain

(2)

246.6 245.0 0.7%

Argentina  146.8 147.6 -0.5%

Brazil 762.5 716.3 6.5%

Chile 85.5 83.7 2.1%

Colombia  82.1 80.0 2.6%

(1)  Gross of grid losses.

(2)  National data.

Source: Enel based on TSO figures. The figures are the best estimate available at the publication date and could be revised by TSOs in the coming 

months.

In 2024, electricity demand in Italy increased by 2.2% 

compared to 2023, to 312.3 TWh, mainly reflecting 

above-average temperatures in the summer and the 

resumption of economic activity, with an increase 

in consumption in the service sector. The growth of 

electricity demand in Spain was less marked, with an 

increase of 0.7% in 2024, thanks in particular to the 

growth of economic activity.

In 2024, electricity demand in Latin America saw diver-

sified dynamics. In Brazil, the 6.5% increase was driven 

by high temperatures caused by the El Niño climate 

phenomenon, which increased residential and com-

mercial consumption, as well as economic growth and 

the start of the free market. In Colombia, demand grew 

by 2.6%, supported by stable economic growth and in-

creased consumption in the residential and commercial 

segments. In Chile, it increased by 2.1%, reflecting the 

economic recovery and expansion of renewable gener-

ation, in particular solar and wind. In contrast, Argentina 

decreased by 0.5%, due to the economic crisis that re-

duced industrial and residential consumption. 

Electricity prices

Average baseload price 

2024 (€/MWh)

Change in average 

baseload price 2024-

2023

Average peakload price 

2024 (€/MWh)

Change in average 

peakload price 2024-

2023

Italy 108.4 -15% 116.5 -15%

Spain  62.9 -28% 56.5 -32%

Compared to 2023, electricity prices in Italy and

Spain decreased in 2024, due to the decline in aver-

age prices of energy commodities. 

In Italy, the sharp decrease in the price of gas in the 

first half of the year, together with increasing renew-

able generation, led to a 15% decrease in the price of 

energy compared to the previous year. The decrease 

recorded in Spain was even more marked (-28%),

thanks in particular to strong renewable generation 

in the first months of 2024.

Reference scenario

69

1\. Enel Group 2. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Price developments in the main markets

Euro cents/kWh 2024 2023 Change

Final market (residential)

(1)

Italy 0.2451 0.2898 -15.4%

Spain 0.1841 0.2117 -13.0%

Final market (industrial)

(2)

Italy 0.1515 0.1901 -20.3%

Spain 0. 1217 0.1496 -18.6%

(1)  Annual price net of taxes – annual consumption of between 2,500 kWh and 5,000 kWh.

(2)  Annual price net of taxes – annual consumption of between 70,000 MWh and 150,000 MWh.

Source: Eurostat; 2023 figures are to be finalized and could be revised.

Natural gas markets

Natural gas demand

Billions of m

3

2024 2023 Change

Italy 60.9 60.7 0.2 0.3%

Spain 26.2 28.5 (2.3) -8.1%

7. IEA, 2024, World Energy Outlook. Under the Announced Pledges scenario, global renewable capacity reaches 10.9 TW.

Gas consumption in Italy in 2024 remained virtually 

unchanged compared to 2023, halting the downward 

trend of previous years, whereas there was a marked 

contraction in Spain (-8.1%). Higher electricity gen-

eration from renewable sources and industrial pro-

duction still below pre-crisis levels are the basis of 

developments in the two countries, with Italy slightly 

ahead of Spain in terms of consumption recovery.

Billions of m

3

2024 2023 Change

Distribution networks 27. 2 26.7 0.5 1.9%

Industry 11.6 11.5 0.1 0.9%

Thermoelectric 20.8 21.2 (0.4) -1.9%

Other

(1)

1.3 1.3 - -

Total 60.9 60.7 0.2 0.3%

(1)  Includes other consumption and losses.

Source: Enel based on data from the Ministry for Economic Development and Snam Rete Gas.

The analysis of consumption by sector shows diversi-

fied developments in Italy. More specifically, the ther-

mal generation declined (-1.9%), mainly due to the 

replacement of gas generation with renewable gener-

ation, while industry (+0.9%) and distribution networks 

(+1.9%) are recovering.

Competitive and transition environment

The current environment and developments of the

energy transition process show elements of strong

volatility and uncertainty, amplified by growing geo-

political tensions. Energy transition has made signif-

icant progress, and further growth is expected in the 

coming years. Recent IEA data

7

show that announced

policies, if implemented, will enable us to achieve the 

goal of tripling renewable capacity by 2030 as agreed 

Reference scenario

70

INTEGRATED ANNUAL REPORT 2024

at COP28 on climate change in Dubai in 2023.

8

At the 

same time, developments in the global scenario, in 

light of geopolitical tensions, bring the issues of ener-

gy security and industrial competitiveness at the core 

of the energy strategies of the countries. 

The year 2024 saw some of the highest tempera-

tures ever, exceeding the threshold of 1.5 °C above 

pre-industrial levels. This peak clearly shows not

only the emergence of new challenges in terms of 

adaptation, but also the growing urgency to ac-

celerate the energy transition. To avoid irreversible 

impacts and stay on track for the Paris Agreement

goals, it is crucial to step up efforts to decarbonize 

the energy system.

Electricity will play a central role in the energy transi-

tion, with a growing electrification rate up to 30% by 

2030,

9

driven by the electrification of industrial and 

residential uses, increased electric mobility, and high-

er energy consumption linked to the development of 

data centers.

However, local differences still remain in the progress 

towards the achievement of climate goals set at coun-

try level. These disparities are mainly attributable to a 

lack of adequate implementation measures, which call 

for a rapid increase in the development of renewables 

and the rate of electrification of consumption. 

Moreover, in spite of converging demands for energy 

security, accessibility and sustainability, all leading in 

the same direction, i.e. towards the acceleration of 

the clean electrification process, energy transition is 

proceeding along a non-homogeneous and disorderly 

path.

10

In some regions, the pace of transition is not in 

line with expectations, as shown, for example, by sales 

of electric vehicles and heat pumps in Europe, which 

have not yet had a significant impact on electrici-

ty demand. In addition, recent government changes, 

regional conflicts, and international trade disputes in 

a number of countries are fueling risks of slowdowns 

and deviations from energy transition goals, with 

8. Target: 11 TW by 2030 vs 3.6 TW by 2022. 

9. IEA, 2024 World Energy Outlook, Net Zero Emissions Scenario.

10. As defined by the Network for Greening the Financial System, 2022, “Scenarios for central banks and supervisors”.

short-term political and economic agendas that are 

not in line with climate goals.

Integrated utilities have shown remarkable resilience 

with respect to the economic, geopolitical and market 

landscape, benefiting from the progressive normaliza-

tion of commodity prices and the strategic balancing 

of activities along the supply chain. They were there-

fore able to adapt more effectively to market fluctu-

ations and regulatory changes, while consolidating 

investor confidence. In addition, utilities have placed 

greater focus on networks in development plans with 

the aim of increasing regulated assets, which are con-

sidered a steady source of profit. 

This approach has been rewarded by the capital mar-

kets, which recognize regulated assets as having a 

greater cash flow predictability compared with renew-

able generation, often subject to changes in climate 

conditions and market developments. Power grids are 

a key element in the energy transition, representing 

both a pillar of energy security and an enabler of elec-

trification and increasing renewable generation. 

The entry of new operators and energy markets devel-

opments are increasing competition in the generation 

and distribution segments. While being challenging, 

this competitive environment also offers new oppor-

tunities to develop innovative businesses, identify 

emerging areas of value, and create synergies. The 

digitization of networks and artificial intelligence are 

accelerating innovation and opening up new areas of 

growth, such as the development of data centers. 

These technological developments not only strength-

en the ability of utilities to proactively respond to 

consumer needs, but place them at the center of 

an increasingly integrated, sustainable, and for-

ward-looking energy system. They also represent an 

opportunity to consolidate the role of utilities as lead-

ers and facilitators of the energy transition, thanks to 

their ability to combine strategic investments, innova-

tion and sustainability.

Group strategy

71

1\. Enel Group 2. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Group strategy

ESRS SBM-1 – Strategy, business model and value chain

ESRS SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model

ESRS E1-3 – Actions and resources in relation to climate change policies

The Strategic Plan

Electricity will continue to play a major role in the 

energy transition in the coming years, with an in-

crease in consumption driven by electrification. In 

this context, renewables are expected to grow fur-

ther and electrical systems will continue to need 

baseload technologies and flexibility to meet demand 

at all hours of the day and to reduce price volatility. 

Distribution networks will continue to be the enablers 

of energy transition requiring greater investment to 

accommodate the growing renewable capacity, while 

ensuring greater resilience to extreme weather events, 

which are increasingly frequent and intense. 

In this scenario, new electricity market structures and 

adequate regulatory frameworks will be needed to re-

munerate investment and support the growth of re-

newables and grids.

Group strategy

72

INTEGRATED ANNUAL REPORT 2024

The 2025-2027 Strategic Plan

The Group 2025-2027 Strategic Plan confirms the fo-

cus on three pillars: 

• profitability, flexibility and resilience, pursuing value 

creation through selective capital allocation to opti-

mize the Enel Group’s risk/return profile, while keep-

ing a flexible approach; 

• effectiveness and efficiency, pursuing the continuous 

optimization of processes, activities and the product 

and services portfolio, strengthening cash generation 

and developing innovative solutions to increase the 

value of existing assets; 

• financial and environmental sustainability, to maintain a 

solid structure, ensure the flexibility needed for growth 

and address the challenges of climate change. 

Profitability, flexibility and resilience

In the 2025-2027 period, the Group plans a cumulated 

gross capex of about €43 billion, an increase of about 

€7 billion compared with the previous Plan, allocated 

among the geographical areas in proportion to their 

contribution to EBITDA. 

The main areas of investment will be: 

• Europe, about 75% of total gross capex; 

• Latin and North America, about 25% of total gross 

capex. 

CUMULATED GROSS CAPEX (€BN)

2025-2027

~€43

(1)

bn

(1)  Split does not include “Other”.

€26.0 bn

€16.2 bn

+40% vs old plan

Europe Latin America North America

75%

19%

6%

2025-2027

~€43

(1)

bn

+1 p.p. vs old plan

More than 80% of the Group’s capex over the pe-

riod 2025-2027 is expected to be in line with the

EU taxonomy, given its substantial contribution to 

mitigating climate change. Moreover, 90% of gross

capex envisaged in the 2025-2027 Strategic Plan

is in line with the Sustainable Development Goals

(SDGs). In particular, investments in renewables and

retail power fall under SDG 7 (“Affordable and clean 

energy”), investments in the distribution grids fall

under SDG 9 (“Industry, innovation and infrastruc-

ture”) and investments in the Enel X Global Retail

business concern SDG 11 (“Sustainable cities and

communities”), while all are functional to SDG 13 

(“Climate action”). Investments in conventional

generation (including maintenance) and retail gas

are excluded.

Grids

In the 2025-2027 Plan, gross capex in Grids is expect-

ed to be approximately €26 billion, up 40% compared 

with the previous Plan. About 78% of total capex in 

Grids is expected to be in Italy and Spain, since they 

have a favorable regulatory framework encouraging 

investment, and about 22% will be in Latin America. In 

particular, the Group plans to invest: 

• in Italy, over €16 billion; 

• in Iberia, about €4 billion; 

• in Latin America, almost €6 billion.

The increase in investment in Grids is expected to 

bring the Group’s Regulated Asset Base (RAB) to ap-

proximately €52 billion in 2027. 

Group strategy

73

1\. Enel Group 2. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

These investments are expected to improve the resil-

ience, digitalization and efficiency of the Group’s elec-

tricity grids. Moreover, the Group will continue its advo-

cacy efforts to foster regulatory frameworks that support

the central role of networks in the energy transition. 

Gross capex in Grids is expected to contribute ap-

proximately 40% to the Group ordinary EBITDA in 2027.

GROSS CAPEX

(1)  Split does not include “Other”.

Italy

Latin America

Iberia

62%

16%

22%

2025-2027

~€26.0

(1)

bn

Integrated Businesses

11

In the 2025-2027 Plan, gross capex in Integrated

Businesses is expected to exceed €16 billion. 

Capex in Renewables is planned to stand at about €12 

billion, with a flexible capital allocation and a selective

approach aimed at maximizing returns and minimiz-

ing risks, while seizing brownfield opportunities and 

further improving profitability. 

Capacity is planned to increase by about 12 GW, 

with an improved technology mix that includes more

11. The Integrated Businesses comprise the results of electricity generation (Enel Green Power, Thermal Generation and Trading) and electricity 

sale and services (End-user Markets). Operating figures of Generation include operated generation. 

than 70% onshore wind and programmable technol-

ogies (e.g. hydroelectric and batteries) to reach a 

total installed renewable capacity of about 76 GW

in 2027. 

Total renewable generation will increase by more than 

15% over the Plan period across all geographical ar-

eas, but primarily in Europe and the United States,

which will contribute approximately 55% to the 

Group’s total renewable generation in 2027. 

Gross investment in Renewables will be allocated by

geographical area as follows: 

• about 65% in Europe (34% of which in Italy and about 

31% in Iberia), where new regulatory frameworks are 

expected to support decarbonization plans; 

• about 35% in Latin and North America. 

With regard to the ongoing decarbonization process, 

the 2025-2027 Strategic Plan envisages gradually 

eliminating investments in new carbon-intensive as-

sets – already close to zero – until they are complete-

ly eliminated by 2027. More specifically, the Group

plans to direct about 4% of gross capex over the pe-

riod 2025-2027 to conventional generation and trad-

ing, mainly for the maintenance of existing plants, 

while investment in the development of new plants

will essentially be limited to the conversion from coal 

to CCGT at the Fusina plant, completion of which is 

expected in 2025.

In the 2025-2027 Plan, gross capex in the Customer 

segment will amount to approximately €2.7 billion, of

which roughly 85% in countries where the Group has 

an integrated presence, offering a portfolio of bun-

dled solutions that include energy and other prod-

ucts and services. The Group plans to increase its 

customer base in the free market in Italy and Spain to 

over 19 million in 2027.

Group strategy

74

INTEGRATED ANNUAL REPORT 2024

GROSS CAPEX

IN RENEWABLES

ADDITIONAL

CAPACITY

GROSS CAPEX IN THE

CUSTOMER SEGMENT

Latin America

(1)  It does non include “Other” and €0.4 billion in equity injection.

(2)  It includes managed capacity and BESS.

(3)  It includes renewable managed production and nuclear.

(4)  Split does not include “Other”.

Italy Iberia

North America

-4 GW

+2 GW

76 Total renewable

capacity

(2)

(GW)

86% Emission

free production

(3)

Delta vs

old plan 2027

2025-2027

€12.0

(1)

bn

31%

34%

16%

19%

5.7

2.3

3.2

0.7

~85%

2025-2027

€2.7

(4)

bn

Countries with

integrated presence

~12 GW

Group ordinary EBITDA

The Group ordinary EBITDA over the Plan period is 

expected to exceed €70 billion, about 90% of which 

(roughly €64 billion) from regulated or contracted 

activities, thereby reducing risks and improving fu-

ture performance. Specifically, expected contribu-

tions are:

• about €27 billion from the networks business; 

• about €4 billion from electricity generation covered

by long-term regulatory schemes; 

• about €23 billion from generation contracted or cov-

ered by Power Purchase Agreements (PPA), mainly in 

Latin and North America;

• about €10 billion from end-user markets with vol-

umes sold at fixed prices.

Effectiveness and efficiency

In 2027, the Group expects to achieve efficiencies

of approximately €1.5 billion compared to the 2022 

baseline, an increase of about €500 million com-

pared to the previous Plan while progressing with 

process optimization and insourcing.

In addition, efficiencies and value creation can be 

achieved through innovation and new business mod-

els to enhance both existing and new assets, while 

generating value in the fast-growing data center 

sector, with optimized network connection solutions 

and integrated renewable energy offerings. The re-

lated potential economic benefits are not included in 

the 2025-2027 Plan.

CASH-COST REDUCTION SPLIT

(1)

Opex

Capex #Delta vs 2022

(1)  In real terms 2022.

~€1.5 bn

40%

-25%

60%

-20%

Group strategy

75

1\. Enel Group 2. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Financial and environmental sustainability 

The Group’s strategic actions will continue to be

guided by financial balance. Thanks to operating 

cash generation and the completion of the disposal

plan as modified last year, the Group has achieved the 

goal of strengthening its financial structure, with the 

net debt to EBITDA ratio expected to be around 2.4x

at the end of 2024, compared to 3.1x in 2022, much 

lower than the average peer value (3.1x). This financial 

solidity gives the Group the flexibility to seize market 

opportunities, finance its growth ambitions (e.g. the 

acquisition of hydroelectric assets in Spain in 2024) 

and maximize shareholders remuneration. By the end 

of the Plan period, the net debt to EBITDA ratio is 

expected to be around 2.5x, still below the industry 

average.

Moreover, thanks to lower exposure to non-core re-

gions and the structural use of sustainable finance, the 

overall cost of gross debt is expected to decrease to 

3.9% by 2027. 

Sustainable finance is expected to account for around 

75% of total gross debt by 2027, an increase of 5 per-

centage points compared to the target of the previous 

Plan. For more information, see the section “Sustaina-

bility-linked finance”. 

ESRS 2 SBM-1 – Strategy, business model and value chain

In terms of environmental sustainability, the Group 

intends to continue to reduce its direct and indirect 

greenhouse gas emissions, in line with the Paris Agree-

ment and the 1.5 °C scenario, as certified by the Sci-

ence Based Targets initiative (SBTi). Specifically, the

Group confirms its objective of closing all remaining 

coal plants by 2027, subject to authorization from the 

competent authorities. As regards the conversion of

coal plants, the Group will evaluate the best technolo-

gies available based on the requirements indicated by

transmission system operators. The Group confirms 

its ambition to achieve zero emissions in all Scopes 

by 2040. The business model aims to address climate 

change in a synergic way by promoting the protection 

and conservation of nature through the definition of 

specific targets and by confirming the commitment to 

the protection of biodiversity.

Furthermore, the Group will continue to safeguard the 

social and economic structure through its Just Transi-

tion plan, working in an integrated manner on both the 

environmental and social dimensions. The categories 

most impacted by the energy transition are people, 

communities, suppliers and customers. The Group 

pays constant attention to the needs of individuals, 

partly through its commitment to respecting human 

rights. On this point, see the section “Enel’s public 

commitment: the Human Rights Policy”.

Attention is also paid to ensuring the health and safe-

ty of Group personnel and suppliers, a responsibility 

shared at every level and a constant commitment with 

the aim of avoiding accidents and raising the attention 

level in all situations.

All Group’s activities are based on a solid governance 

structure that can ensure the enforcement of a set of 

principles of transparency, fairness, and integrity for 

the benefit of all stakeholders in support of Enel’s busi-

ness model and its application on a daily basis. 

Enel therefore pursues a Sustainability Plan to respond 

to ESG issues by defining short-, medium-, and long-

term objectives to make the Group’s commitment 

transparent and verifiable, while contributing to the 

achievement of the 17 United Nations Sustainable De-

velopment Goals (SDGs). 

Financial targets

Group ordinary EBITDA is expected to increase to be-

tween €24.1 and €24.5 billion by 2027, with a com-

pound average growth rate (CAGR) of approximately 

7%, compared to €17.3 billion in 2022. 

The Group’s ordinary net profit is expected to increase 

to between €7.1 and €7.5 billion by 2027, with a CAGR 

of approximately 11%, compared to €4.3 billion in 2022\. 

Group strategy

76

INTEGRATED ANNUAL REPORT 2024

Remuneration of shareholders

The Group 2024 financial results allow us to propose to the 

next Shareholders’ Meeting the distribution of a total div-

idend of €0.47 per share, higher than the minimum fixed 

dividend per share (DPS) of €0.43 in the previous Plan. 

In the 2025-2027 period, the implementation of stra-

tegic actions is expected to translate into visible and 

highly predictable returns. Thus, the dividend policy 

has been revised upwards with a new minimum fixed 

annual DPS of €0.47 and a potential increase up to

a payout of 70% on the Group net ordinary income. 

Compared with the previous dividend policy, the 

constraint of achieving cash flow neutrality has also 

been removed.

Financial targets

Profit growth 2025 2027

Ordinary EBITDA (€ billions) 22.9-23.1 24.1-24.5

Ordinary profit (€ billions) 6.7-6.9 7. 1-7.5

Value creation

DPS (€/share) 0.46

(1)

0.46

(1)

Increase in DPS up to a payout of 70% ordinary profit

(1)  Minimum DPS.

The Enel Group risk governance model

77

1\. Enel Group 2. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The Enel Group risk

governance model

In performing its industrial and commercial activi-

ties, the Enel Group is exposed to risks that could 

impact its performance and financial position if 

not effectively monitored, managed and mitigated. 

In this regard, in line with the architecture of Enel’s in-

ternal control and risk management system (ICRMS), the 

Group has also adopted a risk governance model based 

on a number of “pillars” described below, as well as a uni-

form taxonomy of risks (the “risk catalogue”) that facili-

tates their management and organic representation.

The “pillars” of risk governance

Enel has adopted a reference framework for risk gov-

ernance that is implemented in the real world through 

the establishment of specific management, moni-

toring, control and reporting controls for each of the 

risk categories identified. The Group’s risk governance 

model is in line with the best national and international 

risk management practices and is based on the follow-

ing pillars: 

LINES

OF DEFENSE

1

GROUP RISK

COMMITTEE

2

LOCAL

RISK

COMMITTEES

3

RISK 

APPETITE

FRAMEWORK

4

POLICY

5

REPORTING

6

1. Lines of defense. The Group’s arrangements are 

structured along three lines of defense for risk man-

agement, monitoring and control activities, while 

respecting the principle of segregating roles in the 

main area in respect of significant risks. 

2. Group Risk Committee. This body, set up at the 

managerial level and chaired by the Chief Executive 

Officer, is responsible for strategic direction and su-

pervision of risk management through:

• analysis of the main exposures and the main risk 

issues faced by the Group;

• adoption of specific risk policies applicable

to Group companies, in order to identify roles

and responsibilities in risk management, mon-

itoring and control processes, in compliance

with the principle of organizational separation

between the units responsible for operations

and those responsible for monitoring and con-

trolling risks;

• approval of specific operating limits, authoriz-

ing, where necessary and appropriate, excep-

tions to these limits for specific circumstances 

or needs;

• definition of risk response strategies.

The Group Risk Committee generally meets four 

times a year and can also be convened, where 

deemed necessary, by the Chief Executive Officer 

and the head of the “Risk Control” unit, which forms 

part of the “Administration, Finance and Control”

function.

3. Local risk committees. Specific local risk commit-

tees, structured according to the Group’s main global 

business lines and geographical areas and chaired by 

the respective senior managers, ensures adequate 

oversight of the most significant risks at a local lev-

el. Coordination of these committees with the Group

Risk Committee facilitates sharing of information and 

strategies for mitigating the most significant expo-

sures with the Group’s senior management, as well as 

implementation of the guidelines and strategies de-

fined by the Group at local level.

The Enel Group risk governance model

78

INTEGRATED ANNUAL REPORT 2024

4. Risk Appetite Framework (RAF). The Risk Appetite 

Framework constitutes the reference framework for 

determining risk appetite and is an integrated, for-

malized system that allows for the definition and ap-

plication of a unique approach to the management, 

measurement, and control of each risk. The RAF is 

summarized in the Risk Appetite Statement, a doc-

ument that summarily describes the risk strategies 

identified and the indicators and/or limits applicable 

to each risk. 

5. Policies.  The allocation of responsibilities, coordina-

tion mechanisms and the main control activities are 

represented in specific policies and organization-

al documents defined in accordance with specific 

approval procedures involving the corporate struc-

tures directly involved. 

6. Reporting. Specific and regular information flows on 

risk exposures and metrics, broken down at Group 

level and by individual global business line or geo-

graphical area, allow Enel’s top management and 

corporate bodies to have an integrated view of the 

Group’s main risk exposures, both current and pro-

spective. 

Based on risk governance and in compliance with

the international standards of Risk Management ISO

31000:2018, the Group constantly monitors risks by 

way of a process supported by a data visualization

tool (the e-Risk Landscape

©

). This system collects 

and organizes contributions from the various geo-

graphical areas and business lines and categorizes

them based on the Group risk catalogue. The mon-

itoring and control process involves assigning met-

rics based on the likelihood of occurrence of risk 

events and the size of the potential financial impact,

thereby providing the Group’s senior management

with a dynamically updated view of the Group’s risk 

profile and related management and mitigation ac-

tions. These dimensions, structured into appropri-

ate frameworks, give an indication of the level of

individual risks.

In 2024, the Enel Group monitored a set of about 400 

risks, 14 of which were identified as Top Risks (with an 

above average likelihood and significant potential fi-

nancial impacts), mainly identified as regulatory and 

legal/tax risks and/or uncertainties.

Macro-category Compliance Digital technology

Strategic

Financial

Operational

Likelihood

Impact

5

4

3

2

1

0

0 1 2 3 4 5

Governance and culture

Area Top Risks

The Enel Group Risk Landscape

©

enables the selection 

and visualization of medium-to-high risks (i.e. exclud-

ing highly unlikely and/or low impact events).

It is also possible to make a multidirectional selection:

• by category;

• by country/legal entity;

• by business line.

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1\. Enel Group 2. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

With regard to the Top Risks identified and examined 

in the Plan period, the diagram shows the greater con-

centration of strategic risks (5), particularly legislative/

regulatory risks, and compliance risks (9), especially 

tax litigation or compliance with other laws and reg-

ulations.

ComplianceMacro-category Strategic

Likelihood

Impact

2.5 3.0 3.5 4.0 4.5 5.0

3

4

5

The Group risk catalogue

Enel has adopted a risk catalogue that represents a 

point of reference at the Group level and for all corpo-

rate units involved in risk management and monitoring 

processes. The adoption of a common language facili-

tates the mapping and comprehensive representation 

of risks within the Group, thus facilitating the identi-

fication of the main types of risk that impact Group 

processes and the roles of the organizational units 

involved in their management.

The risk catalogue groups the types of risk into mac-

ro-categories, which include, as shown below, strate-

gic, financial and operational risks, (non-)compliance 

risks, risks related to governance and culture, and 

digital technology risks. Below is the classification of 

risks currently identified and classified within the var-

ious categories.

RISKS

• Corporate culture and ethics

• Corporate governance

• Stakeholders’ engagement

Governance

and culture

• Cyber security

• Digitalization

• IT effectiveness

• Service continuity

Digital

technology

• Capital structure adequacy 

and funding access

• Commodity

• Credit and counterparty

• Exchange rate

• Interest rate

• Liquidity

Financial

• Asset protection

• Business interruption

• Customers’ needs and satisfaction

• Environment

• Health and safety

• Intellectual property

• People and organization

• Process efficiency

• Procurement, logistic and supply chain

• Service quality management

Operational

• Accounting compliance

• Antitrust compliance and consumers’ rights

• Corruption

• Data protection

• External disclosure

• Financial Regulation Compliance

• Sustainability Compliance

• Tax compliance

• Compliance with other 

laws and regulations

Compliance

• Climate change

• Competitive landscape

• Innovation

• Legislative and regulatory 

developments

• Macroeconomic and 

geopolitical trends

• Strategic planning and 

capital allocation

Strategic

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Strategic risks

This section is dedicated to disclosure of the following strategic risks:

• Climate change

• Competitive landscape

• Legislative and regulatory developments

• Macroeconomic and geopolitical trends

Climate 

change

Climate change and the energy transition impact Group activities and have an 

effect on strategic and industrial planning and investments. The Group develops 

short-, medium-, and long-term scenarios related to the energy transition and cli-

mate change.

The risks and opportunities related to the evolution of these scenarios are identi-

fied, for example, in relation to technological and market developments, changes 

in regulations, and even physical phenomena, such as the effects of acute and 

chronic climate events on assets and on the rest of the value chain.

For an analysis of the risks associated with climate change, see “Impacts, risks and 

opportunities related to climate change” in the chapter “Climate change”.

Competitive 

landscape

Analysis of the competitive landscape is one of the material elements of the anal-

ysis of the context in which the Group operates and sets its business ambitions.

The risks associated with market trends are also mitigated by the periodic 

monitoring of comparative performance of competitors at both the industrial 

and the financial level.

This assessment is carried out by way of a framework aimed at: (i) identifying

the most relevant competitors and peers; (ii) analyzing their performance, their

main business drivers, and their strategic and industrial objectives; and (iii) un-

derstanding their current and future positioning.

The process of identifying benchmark companies is periodically updated to 

ensure timeliness in the collection of KPIs and other information useful for the 

Group’s positioning efforts and strategic planning.

In particular, a comparative analysis of competitors’ strategic and industrial 

plans is particularly relevant in order to assess potential risks deriving from any

changes in the competitive landscape and, above all, to provide financial and 

industrial benchmarks to help improve Group performance. 

Legislative 

and regulatory 

developments

The Group operates in regulated markets, and changes in the operating rules

of the various systems, as well as in the obligations underlying them, can im-

pact both operations and the performance of the Group. 

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1\. Enel Group 2. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

In this sense, legislative and regulatory developments are constantly monitored, 

such as:

• periodic reviews of regulations in the distribution sector;

• the liberalization of electricity markets, with particular attention to expected de-

velopments in South America;

• developments in capacity payment mechanisms in the area of production;

• regulatory measures aimed at mitigating the impact of prices.

In view of the risks that may arise from these developments, work has been done to 

intensify relations with local government and other regulatory bodies by adopting an 

approach of transparency, collaboration, and proactivity in addressing and removing 

the sources of instability in the legislative and regulatory framework.

Macroeconomic 

and geopolitical 

trends

The great internationalization of the Group requires that Enel consider and as-

sess country risk, consisting of macroeconomic, financial, institutional, and so-

cial risks, and other risks specific to the energy industry, the occurrence of which

could have a significant negative impact both on profitability and on the value of 

the Group’s assets. In this regard, Enel has adopted a quantitative Open Country

Risk assessment model capable of promptly monitoring the riskiness of coun-

tries within the scope of its operations. 

This Open Country Risk model aims to overcome the more conventional defini-

tion of country risk, which focuses on a government’s ability to repay its debt, to 

offer a broader view of the risk factors that can impact a country. Specifically, the 

model is divided into four risk factors: economic, institutional and political, social, 

and energy related.

ECONOMIC FACTORS

INSTITUTIONAL AND 

POLITICAL FACTORS

SOCIAL FACTORS

ENERGY FACTORS

Open Country Risk is a quantitative model that extends the more conventional definition of country risk used in 

the existing literature by providing a more complete analysis of the risks involved, incorporating economic, finan-

cial, political, climate and energy factors.

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The Open Country Risk model aims to measure the economic resilience of a country

by assessing stability towards the outside world, the efficacy of its domestic policies, 

the vulnerability of its banking and corporate infrastructure, its economic growth, 

and the impact of extreme weather events (all of which are considered economic 

factors). It also includes the robustness of its institutions and its political landscape 

(institutional and political factors), human rights and other social phenomena (social 

factors), and the efficacy of the energy system within the context of the energy tran-

sition (energy factors).

Specifically, analysis of the energy transition process includes forward-looking as-

sessments of the country’s actions, considering the weight of renewables, electrifi-

cation, and the sustainability of its energy system, which are key elements in estimat-

ing growth and attractiveness in the medium to long term.

Financial risks

In carrying out its business, Enel is exposed to var-

ious financial risks which, if not appropriately miti-

gated, can directly affect performance. 

In line with the Group’s risk catalogue, the risks in-

cluded in this category are the following:

• Commodity

• Credit and counterparty

• Exchange rate

• Interest rate

• Liquidity

The internal control and risk management system 

(ICRMS) provides for the specification of policies that 

establish the roles and responsibilities for risk man-

agement, monitoring and control processes, ensuring 

compliance with the principle of organizational sepa-

ration 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 individ-

ual region and country levels for each risk, which are 

monitored periodically by risk management units. For 

the Group, the system of limits constitutes a deci-

sion-making tool to achieve its objectives. 

Commodity Enel operates in energy markets and for this reason is exposed to the risk of incur-

ring losses as a result of an increase in the volatility of the prices of energy commod-

ities (price risk), or due to changes in volume, such as fluctuations in demand or the 

unavailability of raw materials (volume risk).

To mitigate the exposure to price risk, the Group has developed a strategy of stabi-

lizing margins, with early physical or financial contracting of both revenue and costs, 

such as by way of derivative financial instruments, sales to end customers, or fuel 

procurement. To mitigate the risk of interruption in the supply of fuels and raw ma-

terials, the Group has diversified fuel sources, using suppliers from different geo-

graphical areas.

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1\. Enel Group 2. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Enel’s risk governance calls for the formalization of risk limits, based on meas-

urement and control processes, and allows to mitigate the impact on margins of 

unexpected changes in market prices and, at the same time, ensures an adequate 

level of flexibility to seize market opportunities.

Credit and 

counterparty

Commercial transactions on commodities and other transactions of a financial 

nature expose the Group to credit and counterparty risk, i.e. to the possibility that 

a deterioration in the creditworthiness of counterparties or the non-fulfillment of 

contractual payment obligations may lead the Group to suffer financial losses or 

reputational harm.

Exchange rate Given the level of 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 functional curren-

cy and other currencies could generate unexpected changes in financial performance 

and standing.

The potential impacts of exchange rate risk may be seen in:

• costs and revenue denominated in a foreign currency with respect to the time when 

the prices were set or the investment decision was made (economic risk);

• adjustments to the fair value of financial assets or liabilities sensitive to exchange 

rates (transaction risk); 

• the consolidation of subsidiaries with different functional currencies (conversion 

risk). 

Interest 

rate

The Group is exposed to the risk that changes in the level of interest rates could pro-

duce unexpected changes in net financial expense or in 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 cash flows in respect of 

interest on floating-rate debt.

Risk control through specific processes, risk indicators and operating limits makes 

it possible to contain potential adverse financial impacts and, at the same time, to 

optimize the debt structure with an adequate degree of flexibility.

Liquidity Liquidity risk is the risk that the Group, while solvent, will not be able to meet its 

commitments in a timely manner, that it will only be able to do so under unfavora-

ble conditions, or that it will be subject to constraints on the divestment of assets 

with consequent capital losses, due to situations of tension or systemic crisis (e.g. 

credit crunch, sovereign debt crisis, etc.) or to the market’s changed perception of 

its riskiness.

For further information on financial risk management, see note 47 “Risk manage-

ment” of the consolidated financial statements at December 31, 2024.

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Digital technology risks

The risks in this section are the following:

• Cyber security

• Digitalization

• IT effectiveness

• Service continuity

Cyber security To manage cyber risk, the Group has developed a Cyber Security operating

model and related framework of processes. More specifically, the operating

model defines roles and responsibilities for the implementation of the frame-

work processes, providing for a special unit under the Chief Information Secu-

rity Officer (CISO), which is also integrated into the matrix of the Group’s various 

business areas. In addition, the Group has designed and adopted a framework 

of holistic processes aimed at managing cyber-security issues, which is appli-

cable across the Information Technology (IT), Operational Technology (OT), and 

Internet of Things (IoT) sectors. The framework establishes a governance model 

based on the actions of senior management, on global strategic direction, and 

on the involvement of all business areas and of the units involved in the design

and implementation of IT, OT and IoT systems, thereby establishing a solid ba-

sis for the full fusion of technologies, processes, and people. The framework is

based on two essential principles, i.e. a risk-based approach and cyber security

by design. The first establishes that risk assessment is the prerequisite for stra-

tegic decisions and for the development and safe maintenance of all the assets 

of the company organization. The second ensures the adoption of cyber securi-

ty principles right from the start and throughout the entire life cycle of the solu-

tions, services and infrastructures across all three areas (i.e. IT, OT and IoT). As 

part of the application of the framework, a cyber risk management methodology

has been defined, which is also applicable across all IT, OT and IoT environments. 

It comprises all the phases necessary to perform risk analysis and define the

related mitigation plan, in line with the established cyber security objectives. To 

balance the advantages of using IT/OT/IoT systems against the risk that they may

engender, well-informed, risk-based decisions are fundamental. 

Enel has also created its own Cyber Emergency Readiness Team (CERT) to pro-

actively respond to and manage any IT security incidents.

In order to measure the possible financial impact of cyber risks, Enel has devel-

oped a Cyber Value-at-Risk (Cyber V@R Enel Group

©

) methodology in order to

calculate Value-at-Risk in various attack scenarios. 

The Enel Group risk governance model

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1\. Enel Group 2. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Digitalization, IT 

effectiveness and 

service continuity

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, integrating systems and adopting new technologies. A con-

sequence of this digital transformation is that the Group is increasingly exposed to 

risks related to the functioning of the IT systems, which are integrated across the 

Company with impacts on processes and operations, which could expose IT and 

OT systems to service interruptions or data losses.

These risks are managed using a series of internal measures developed by the 

Group to guide the digital transformation. It has set up an internal control system 

that introduces control points along the entire IT value chain, enabling us to pre-

vent the emergence of risks engendered by such issues as the creation of services 

that do not meet business needs, the failure to adopt adequate security measures 

and service interruptions. The internal control system oversees both the activities 

performed in-house and those outsourced to external associates and service pro-

viders. Furthermore, Enel is promoting the dissemination of a digital culture and 

digital skills within the Group in order to successfully guide the digital transforma-

tion and minimize the associated risks.

With regard to artificial intelligence, the Group has developed and is refining govern-

ance tools that strengthen processes and activities related to the control and mon-

itoring of risks engendered by AI systems in use within the Company. To this end, a

specific taxonomy has been developed that clusters the potential areas of impact 

and the elements of risk that compose them (the “Enel Group AI Taxonomy

©

”).

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Operational risks

The risks discussed in this section are the following:

• Environment

• Health and safety

• People and organization 

• Procurement, logistics and supply chain

Environment Over the past few years, society has acquired a growing awareness of the risks deriv-

ing from development models that generate impacts on the environment and eco-

systems, with a particular emphasis on global warming and ever-increasing exploita-

tion and degradation of water resources. These impacts have triggered increased 

concern for environmental quality and ecosystem health, with greater awareness of 

the associated risks.

An analysis of the environmental risks associated with Enel’s activities was conduct-

ed using an integrated, multifunctional approach based on the results of a material-

ity analysis by impact and dependency. This assessment made it possible to identify 

the main operational, economic, financial, social, and environmental risks associated 

with the various activities and technologies, including the risk linked to the transfor-

mation of ecosystems and the loss of biodiversity, the depletion of natural resources, 

including the risk linked to water scarcity, and the pollution of environmental matri-

ces both for polluting emissions and for sustainable waste management.

In addition to operational risks, reputational and transitional risks were also assessed, 

as they can arise from changes in the regulatory, technological, or market framework 

and in the associated opportunities.

Enel is committed to preventing and minimizing environmental impacts and risks 

with the adoption of ISO 14001 certified Environmental Management Systems

throughout the Group that ensure the existence of structured policies and proce-

dures for the identification and management of environmental risks and opportuni-

ties. A structured control plan, combined with improvement actions and objectives 

inspired by the best environmental practices, mitigates the risk of impacts on the 

environmental matrix and, consequently, of legal disputes and other reputational 

damage. For an analysis of the risks related to the environment and of the mitigation 

actions identified, see “Environmental information – Biodiversity and ecosystems” in 

the chapter “Sustainability Statement”.

Health and safety Generating a strong and sustainable safety culture shared by all members of the or-

ganization is a strategic objective. For this reason, Enel is committed to defining and 

implementing processes, conditions, and work environments that are increasingly 

healthy and safe for its employees, for the companies that collaborate with it, for its 

customers, and for the communities with which it interacts on a daily basis, while 

promoting the continuous strengthening of a culture of safety in part by way of ded-

icated training courses.

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1\. Enel Group 2. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The main health and safety risks to which the employees of Enel and its con-

tractors are exposed are attributable to performing operational activities at the

Group’s sites and assets. These risks may shift, or change completely, depending 

on economic and social trends, as well as on the introduction of digitization in 

processes and operational activities. Another type of health and safety risk is 

connected with non-compliance with applicable laws and regulations. This can 

impact on health and safety and lead to administrative or judicial penalties, and

thus produce financial and reputational impacts on the Enel Group.

For this reason, each Group business line has its own Health and Safety Man-

agement System compliant with the international UNI ISO 45001 standard. The

management system is based on the identification of threats, the qualitative and 

quantitative assessment of risks, including financial and reputational risks, the 

planning and implementation of prevention and protection measures, and the 

verification of the effectiveness of such measures and any corrective actions, in-

cluding in the rigorous processes of selecting and managing contractors. These 

systems make it possible to ensure regulatory compliance, to verify the effec-

tiveness of processes and related corrective actions with a view of continuous 

improvement and, finally, to ensure the dissemination of a risk-based approach 

as well as a robust organizational and individual culture in health and safety is-

sues. The key document of these systems is the Group’s Health and Safety Policy, 

agreed with the Board of Directors and signed by the CEO, which describes the

guiding principles, strategic objectives, approach, and guidelines and priorities 

for the continuous improvement of health and safety performance.

From an operational standpoint, health and safety risks are specifically assessed 

at each site or asset based on the activities performed by workers and the con-

ditions of the workplaces and external environmental conditions. This assess-

ment enables us to identify prevention and protection measures for safety in the 

workplace and to plan their implementation, improvement and control in order to 

verify their effectiveness and efficiency. 

In addition to preventive risk assessment, Enel has developed a structured field

inspection process aimed at continuously monitoring behavior, compliance with 

procedures and working methods, and consequently the correct management 

of health and safety risks for both internal personnel and external contractors.

This process, managed by both internal staff and certified companies, allows for 

the identification of risk situations (non-compliance) and the related plans con-

taining corrective actions, including training courses, coaching and dissemina-

tion of the culture of safety.

As regards contractors specifically, Enel’s approach is to consider them as part-

ners in embracing the key principles of health and safety for its workers, who are 

therefore considered on a par with internal employees in the application of these 

principles and in their attention to workplace health and safety issues.

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Therefore, safety is integrated into the procurement process, and contractor

performance is monitored both in the preliminary phase, using the qualification 

system, and in the contract execution phase, through numerous control pro-

cesses and tools such as the Contractor Assessment (analyses of contractors’

organization, processes and working methods in the qualification phase or in 

cases where critical issues or low scores emerge in the evaluation of the indi-

cators) or the Evaluation Groups (periodic interfunctional meetings conducted

across all global business lines and geographical areas in order to evaluate the 

safety performance of suppliers and decide consequence management actions).

In addition to these procedural and operational aspects, another important 

driver in the proper management of health and safety risks are training and

awareness initiatives for people within the organization. To encourage the 

growth of technical skills and a culture of safety, while supporting the process-

es of change and responding in a timely manner to the needs that emerge from

doing business, the Enel Group has adopted a structured training management 

process that aims to transform knowledge into skills and then into behaviors.

Enel also fosters the systematic dissemination of information and awareness 

among personnel through a variety of company channels, such as news on

the intranet, information emails, newsletters and magazines. We periodically 

conduct surveys to collect feedback from our people on process improvement 

and undertake communication initiatives to raise awareness among all workers

about the observance of safety procedures and to create moments of collec-

tive reflection on the dynamics and causes of serious or fatal accidents.

Finally, Enel is also constantly engaged in dialogue with international top play-

ers in the energy sector and beyond, through participation in inter-company 

working groups to ensure continuous improvement by sharing best practices 

in the health and safety field, examining both operational processes and inno-

vative initiatives. 

People and 

organization 

The profound social, economic, demographic, and cultural transformations we

are experiencing today, from the energy transition to digitization and techno-

logical innovation, and the rapid rise of artificial intelligence, are all profoundly

affecting the world of work, overturning paradigms and imposing major cultur-

al and organizational changes, all calling for new professional roles and talents. 

To face this change, it is essential to act in an inclusive manner, putting people 

at the center of both the world of work and of society as a whole, equipping 

them with the tools they need to face this epochal transformation.

Organizations are being increasingly called upon to orient themselves towards 

new agile, sustainable business models throughout the entire value chain. It is

also essential to adopt policies that bring out the diversity and talents of each 

individual, in an awareness that the contribution of the individual represents an

essential element in the creation of widespread, shared value.

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1\. Enel Group 2. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The centrality of the person, constant listening, sharing, enhancement of the en-

trepreneurial capacities of individuals, involvement, are some of the keywords 

that guide our way of working and experiencing the Company.

Thanks to an increasingly efficient, streamlined organization, the management 

of human capital and the centrality of the individual play a fundamental role in 

the implementation of the Group’s industrial strategy, as an enabling factor to

which specific objectives are linked. The main objectives are: the constant devel-

opment of skills and competencies through the promotion of reskilling and up-

skilling for our people; the implementation of models for assessing the working 

environment and performance; the dissemination and rigorous evaluation of the 

effects of diversity and inclusion policies in all countries where the Group has a 

presence, as well as an inclusive organizational culture based on the principles 

of non-discrimination and equal opportunity, which are fundamental drivers for 

attracting and retaining talent.

The Group is involved in enhancing the resilience and flexibility of organization-

al models through organizational and procedural simplification, with a constant 

focus on designing in clear accountability among the actors involved and a pro-

cedural system with global governance and control, digitalization of processes, 

and a data driven approach.

All of this aims to enable the autonomy and accountability of individuals and

teams by strengthening empowerment processes and fostering an entrepre-

neurial approach that values people’s talents, aptitudes, and aspirations. The hy-

brid working method and the promotion of internal mobility, as well as the use of 

innovative and flexible organizational models, are tools aimed precisely at sup-

porting this evolution of organizational culture on the basis of trust, innovation,

proactivity, respect, and flexibility. 

Procurement, logistics 

and supply chain

The purchasing processes of Global Procurement and the associated governance 

documents form a structured system of rules and control points that make it pos-

sible to combine the achievement of economic business objectives with full com-

pliance with the fundamental principles set out in the Code of Ethics, the Enel 

Global Compliance Program, the “Zero-Tolerance-of-Corruption” Plan and the Hu-

man Rights Policy, without renouncing the promotion of initiatives for sustainable 

economic development.

From the point of view of the procurement process, the various units adopt com-

petitive processes that ensure equal access opportunities to all operators who 

meet the technical, financial, environmental, safety, human rights, legal, and ethical 

requirements. 

With regard to the risk governance system, Global Procurement is focused on the 

application of metrics that indicate the level of risk before and after the mitigation 

action, in order to implement precautionary measures to reduce uncertainty to a 

tolerable level or mitigate any impacts in all business, technological and geograph-

ical areas.

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The effectiveness of supply chain risk management is monitored by calculating 

an aggregate risk index for each supplier through specific indicators – including 

the probability of insolvency, the concentration of contracts with individual sup-

pliers or industrial groups, the supplier’s dependence on Enel, the performance

index on the correctness of conduct throughout the tender process, quality, 

punctuality and sustainability in the execution of the contract, country risk, etc. 

– for which thresholds are set that guide definition of the procurement strategy 

and negotiation and awarding of a tender, while allowing for informed selection 

of potential risks and benefits. 

Furthermore, the geopolitical context of the various countries is also monitored

with respect to our supply chain of materials in order to manage market volatility 

and to adopt the most suitable strategies, such as the differentiation of supply 

sources, to avoid interruptions in the supply chain and mitigate risks deriving

from market shortages, logistical criticalities, and business interruptions.

Compliance risks

The risks discussed in this section are as follows.

• Risks related to personal data protection

• Compliance with tax legislation

Risks related 

to personal data 

protection

Being present in over 41 countries, the Group has the largest customer base in the 

public services sector (with over 68 million end users), and currently employs about 

60,000 people. Consequently, the Group’s business model calls for the manage-

ment of an increasingly significant and growing volume of personal data in order to 

pursue the financial and business performance levels envisaged in the 2025-2027 

Strategic Plan.

This exposes Enel to the risks connected with the protection of personal data that 

can result in a loss of confidentiality, integrity, or availability of the personal data of 

customers, employees, or third parties, which can result in penalties proportionate 

to global turnover, prohibitions of processes, and consequent economic or financial 

losses, as well as reputational damage.

In order to manage and mitigate this risk, Enel has adopted a global data protection 

governance model that assigns privacy roles at all levels (including the appointment 

of Data Protection Officers, or “DPOs”, at the global and country level), as well as digital 

compliance tools to map applications and processes and manage relevant risks for

the purposes of personal data protection, in compliance with the specificities of local 

regulations.

The Enel Group risk governance model

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1\. Enel Group 2. Governance 3. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Compliance 

with tax legislation

The Board of Directors of Enel SpA defines the fiscal strategy of the Enel Group 

and guarantees its application throughout the Group, thereby assuming the 

role and responsibility of driving the spread of a corporate culture based on the 

values of honesty, integrity and lawfulness.

Group entities must comply with the principle of legality, including comply with 

tax legislation of the countries in which the Group is present in a timely manner, 

so as to ensure compliance with the spirit and purpose that the law or the legal 

system envisage for the issue subject to interpretation, while not implement-

ing behavior or operations that could result in purely contrived or fabricated 

constructs that do not reflect reality and from which it is reasonable to expect

undue tax advantages.

1.

GRUPPO

ENEL

La politica dei dividendi

La politica dei dividendi di Enel rimane 

semplice e prevedibile, con un dividendo per 

azione (DPS) pari a 0,43 euro nel periodo 2 

023-2025, in aumento rispetto a 0,40 euro 

nel 2022. Il DPS nel 2024 e nel 2025 è da 

considerarsi come un minimo sostenibile.

Modello di business

Enel conferma il proprio modello di business 

basato sui collaudati modelli di Ownership, che 

ricomprende i cosiddetti Paesi “Tier 1” in cui 

il Gruppo sviluppa un business integrato o ha 

una posizione importante (Italia, Spagna, Cile, 

Colombia, Brasile, Stati Uniti), e di Stewardship, 

nei Paesi in cui joint venture, PPA, acquisizioni 

di quote di minoranza offrano prospettive 

particolarmente remunerative.

Crescita delle fonti 

di finanziamento sostenibili

In linea con il “Sustainability-Linked Financing 

Framework” e in vista del raggiungimento 

dell’obiettivo di Sostenibilità di Enel circa la 

riduzione di emissioni dirette di gas serra 

(Scope 1), è sempre più ampio il ricorso a 

strumenti di finanza sostenibile.

RELAZIONE

SULLA GESTIONE

4.

CLIMATE CHANGE

Climate change adaptation strategy

The analysis of climate and transition scenarios 

within a structured process is a fundamental 

tool for translating data into useful information 

to maximize opportunities and mitigate risks.

Roadmap to decarbonization by 2040

Reduction of direct and indirect greenhouse gas 

emissions across the value chain, reaching the 

lowest level ever, in line with established 

reduction targets, consistent with limiting the 

average global temperature increase to below 

1.5 °C and achieving net-zero emissions by 2040.

Promoting a just transition

A systemic approach for an environmentally 

sustainable, fair and inclusive energy transition, 

promoting access to sustainable energy 

solutions that facilitate decarbonization, 

together with the expansion and modernization 

of distribution grids, while promoting a positive 

impact on society engaging stakeholders and 

ensuring respect for human rights.

REPORT 

ON OPERATIONS

94

INTEGRATED ANNUAL REPORT 2024

69.6 MtCO

2eq

TOTAL SCOPE 1, 2 AND 3 

GHG EMISSIONS

94.4 in 2023

101 gCO

2eq

/kWh

SCOPE 1 GHG EMISSIONS 

INTENSITY RELATING TO 

POWER GENERATION

160 in 2023

121 gCO

2eq

/kWh

SCOPE 1 AND 3 GHG EMISSIONS 

INTENSITY RELATING TO 

INTEGRATED POWER

166 in 2023

14.3 MtCO

2eq

ABSOLUTE SCOPE 3 GHG EMISSIONS 

RELATING TO GAS RETAIL 

16.8 in 2023

69.9%

NET EFFICIENT INSTALLED RENEWABLES 

CAPACITY ON TOTAL CAPACITY

68.2% in 2023

95

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

SUBTOPIC DESCRIPTION OF IROs TYPE

TARGET

ADAPTING TO CLIMATE CHANGE

Sub-subtopic

Adapting to extreme weather

Extreme weather events (e.g. cyclones, droughts, 

floods, storms, heat waves and fires) due to climate 

change, resulting in damage or reduced efficiency 

of power generation and distribution facilities and

supporting infrastructure, causing capacity to be 

downgraded, operations temporarily stopped or 

shut down completely

See the section 

“Action plan for 

managing material 

IROs”

SUBTOPIC

ADAPTING TO CLIMATE CHANGE

Sub-subtopic

-

Greater public investments in the resilience of 

infrastructures to face the mitigation and reduction 

of the physical climate risk and reduce service 

interruptions

See the section 

“Action plan for 

managing material 

IROs”

SUBTOPIC DESCRIPTION OF IROs TYPE

TARGET

MITIGATION: REDUCING DIRECT GHG 

EMISSIONS (SCOPE 1)

Sub-subtopic

-

New policies, regulations and timely and effective 

measures for public institutions, including 

simplified authorization procedures targeted 

toward accelerating the energy transition and 

development of related technologies

See the section 

“Action plan for 

managing material IROs”

SUBTOPIC

MITIGATION: REDUCING DIRECT GHG 

EMISSIONS (SCOPE 1)

Sub-subtopic

-

Mitigating climate change by reducing absolute 

greenhouse gas emissions from the thermoelectric 

phase-out

Reduction in 

Scope 1 GHG emissions 

Intensity relating to 

Power Generation 

(gCO

2eq

/kWh)

SUBTOPIC

MITIGATION: REDUCING DIRECT GHG 

EMISSIONS (SCOPE 1)

Sub-subtopic

Efficient energy consumption in business 

operations (fossil energy sources)

Prevention and minimization of climatic impacts 

through the efficient and sustainable use of fossil 

energy sources in company processes

Reduction in 

Scope 1 GHG emissions 

Intensity relating to 

Power Generation 

(gCO

2eq

/kWh)

SUBTOPIC DESCRIPTION OF IROs TYPE

TARGET

MITIGATION: REDUCING INDIRECT GHG 

EMISSIONS (SCOPE 2 AND SCOPE 3)

Sub-subtopic

Decarbonization of the supply chain

Contribution to reducing Enel’s carbon footprint 

through a sustainable supply chain

Value of supply 

contracts covered 

by Carbon Footprint 

certification (EPD, ISO 

CFP) - %

SUBTOPIC

MITIGATION: REDUCING INDIRECT GHG 

EMISSIONS (SCOPE 2 AND SCOPE 3)

Sub-subtopic

Increase in the sales of energy from 

renewable sources to the end customer

Contribution toward the reduction of Scope 3 

emissions through the sale of renewable energy (via

Group production, PPA and REC)

Reduction in Scope 

1 and 3 GHG emissions 

Intensity relating to 

Integrated Power 

(gCO

2eq

/kWh)

SUBTOPIC DESCRIPTION OF IROs TYPE

TARGET

REDUCING GHG EMISSIONS OF SERVICES 

AND PRODUCTS TO CUSTOMERS

Sub-subtopic

-

Acceleration in the process of electrification of 

consumption through the implementation of 

solutions and technologies for the electrification of 

cities (e.g. smart cities and public lighting), companies 

(energy efficiency, demand response, etc.) and people

(e.g. energy efficiency of homes and condominiums)

Demand response 

(GW)

Risk  Opportunities 

+

Positive impact 

-

Negative impact  Action plan  Target

The strategy for tackling climate change

96

INTEGRATED ANNUAL REPORT 2024

The strategy for tackling

climate change

12. Also including operated generation.

The Enel Group is committed to developing a business 

model in line with the Paris Agreement (COP21) goals in 

order to limit the average global temperature increase to 

below 1.5 °C and with the ambition to achieve zero emis-

sions by 2040, promoting the key role of electricity as an 

energy carrier to drive the transition to a “Net Zero” glob-

al economy by 2050. Through its business strategy, the 

Group is committed to define the drivers and the invest-

ments necessary to develop climate change mitigation 

and adaptation actions throughout its value chain.

ESRS E1-1 – Transition plan for climate change mitigation

Zero emissions ambition: the decarbonization plan 

for mitigation of climate changes

The commitment to fighting climate change is an 

integral part of the Group’s strategy, both in the

short term as well as in the long term, by means of a 

decarbonization plan that covers both direct as well

as indirect emissions along the entire value chain.

This strategy, which is based on four objectives cer-

tified by the Science Based Targets initiative (SBTi), 

in line with the limitation of global warming to 1.5

°C, is concentrated on the following business lines

of action.

Line of action Description Goals

Decarbonization of the 

energy mix

Development of new renewable capacity (starting from 

the current 69.9% installed renewable capacity of 

the total in 2024) and simultaneous exit from thermal

generation by 2040. In this sense, the Group confirms 

its goal to phase out coal-fired generation by 2027, 

subject to approval from the relevant authorities, 

converting the sites to other uses. These objectives 

can be reached also due to the absence of blocked

emissions associated with the Group’s activities that 

could therefore delay and/or block the business

commitments to close the plants.

• 100% zero-emissions generation by 2040, through 

intermediate objectives: from the current 83% of 

production reached in 2024 to approximately 86% 

in 2027 and approximately 90% in 2030.

12

Push toward 

electrification 

and phase-out of retail 

gas

Development of electricity technologies that are 

more efficient and convenient for consumers, 

promoting the electrification of uses and the 

progressive minimization of the gas portfolio of 

customers over the medium and long term.

• Increase the unit consumption of electric energy 

customers (B2C, Italy and Iberia free market) from 

2.76 MWh/customer/year in 2024 to approximately 

2.9 MWh/customer/year in 2027 and approximately 

3.5 MWh/customer/year in 2030. 

• Reduce the volumes of gas sold with the objective 

of completing the phase-out of the sale of gas 

to the end customer by 2040 and reach 100% of 

the electricity sold to the customer from zero-

emission sources.

Grid development and 

enhancement

Reinforcement of the role of grids with an 

investment plan aimed at increasing resilience, 

digitalization and flexibility to support the connection 

of millions of customers and prosumers and balance 

the intermittent energy supply generated directly by 

renewable plants.

• 3.4 million distributed generation connections 

in 2027 and approximately 6 million by 2030 

(compared to 2.4 million in 2024); 

• 70% of grid customers digitalized in 2027

(compared to 66% in 2024) with the ambition to 

arrive at 100% in 2030.

The strategy for tackling climate change

97

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The investments supporting the transition plan are an 

integral part of the Group’s Strategic Plan described in 

the “Group strategy” section, including the alignment 

with the decarbonization objectives and the criteria of 

EU Taxonomy. For more information on the role and re-

sponsibility in respect of climate change, see the sec-

tion “Climate change governance”.

The climate change mitigation strategy will help re-

duce direct and indirect greenhouse gas emissions 

13. With particular reference to Italy, the decommissioning is definitive, i.e.:

• from the point of view of the electricity market and the national grid operator (Terna), the plant is no longer included among the electricity 

generation plants and consequently no longer participates in the electricity market and cannot be commissioned directly by Terna;

• from a corporate point of view, there are no MW associated with that installed capacity and there will therefore be no revenue associated with 

its operation;

• from a plant engineering point of view, there is no longer any coal in the power plant depots and the emplacement of permanent safety 

measures on the mechanical and electrical machinery present has begun.

along the entire value chain by at least 99% by 2040, 

compared to 2017, well above the overall threshold set 

by the main international standards (90%). This reduc-

tion will be implemented through various targets cov-

ering both direct and indirect emissions throughout 

the Group’s value chain, in line with the Paris Agree-

ment and the 1.5 °C scenario, as certified by the Sci-

ence Based Targets initiative (SBTi). These objectives 

are detailed in the section “The roadmap to decarbon-

ization”. 

Enel’s commitment to coal phase-out

Over the last decade, Enel has progressively reduced 

its exposure to coal-fired generation, in line with the 

strategy undertaken in terms of decarbonization of 

generation.

With the exit and decommissioning

13

of the Fusina 

plant in Italy and As Pontes plant in Spain in 2023, five 

plants are still on operation: three in Italy, one in Spain 

and one in Colombia.

EVOLUTION OF CAPACITY OF COAL-FIRED POWER PLANTS

Coal-fired 

power plants (no.)

Consolidated

capacity

(GW)

17

2016

2015

16.8

18.8%

16.1

19.5%

2017

16.0

18.8%

2018

15.8

18.5%

2019

11.7

13.9%

2020

8.9

10.6%

2021

6.9

7.9%

2022

6.6

7.8 %

2023

4.6

5 .7%

2024

4.6

5 .7%

19 17

17

16

17

16

17

12

17

10

17

8

17

7

17

5

17

5

% of consolidated capacity

The Group’s phase-out of coal in Italy and Spain is in 

line with the two countries’ objective of phasing out 

coal-fired power generation. The process of closing 

a coal-fired power plant is not solely the Group’s re-

sponsibility, but is in fact subject to an approval pro-

cedure by the competent authorities.

In Italy, in line with the legal provisions currently in 

force on the decommissioning of generation plants 

(i.e. Article 1-quinquies, Legislative Decree 239/2003), 

the planned steps are:

i. Enel’s application to the Italian Ministry of the Environ-

ment and Energy Security (MASE) for the purpose of

authorizing the definitive decommissioning of the plant;

ii. MASE requests an opinion from Terna on the pos-

sibility of proceeding with the decommissioning of 

the aforementioned plant;

iii. after assessing the adequacy of the electricity sys-

tem, Terna provides an opinion to MASE;

iv. following Terna’s opinion, MASE communicates its 

acceptance or refusal of the final decommissioning.

The strategy for tackling climate change

98

INTEGRATED ANNUAL REPORT 2024

(1)  Production currently limited to 500 hours/year.

(2)  Partially closed (50% at December 31, 2019).

TORREVALDALIGA NORD – 1.8 GW

ALCUDIA – 0.2 GW

> Essential plant: No,

emergency plant

(1)

> Planned phase-out: 2027

(2)

> Risk factors: plant closure 

subject to the need of ensuring 

security of supply

TERMOZIPA – 0.2 GW

> Essential plant: Yes

> Planned phase-out: 2027

>

Essential  plant:  Yes

>

Planned phase-out: 2027

>

Risk factors: plant closure subject to the 

realization of the transmission Tyrrhenian

link Sardinia-Italy mainland

>

Essential plant: No

>

Planned phase-out: within 2025

>

Essential plant: No

>

Planned phase-out: within 2025

SULCIS – 0.5 GW

FEDERICO II – 1.8 GW

14. Of which 3.1% regarding electricity generation from fossil gaseous fuels (CCGT), 0.3% electricity generation from fuel-oil and gas (OCGT) and 

the remaining 0.2% electricity generation from coal.

In line with the commitment to promote a just transi-

tion, the exit plan includes the maintenance and de-

velopment of new skills and transfer of know-how for 

Enel people, together with projects developed by third 

parties that are in line with sustainability programs in 

agreement with local communities, with a view to pro-

moting their economic and social development and 

general well-being.

Enel’s alignment to the criteria necessary for including in the EU 

benchmarks aligned with the Paris Agreement

Enel is eligible for inclusion in the European Union indi-

ces aligned with the Paris Agreement as:

a) it is not involved in any activity related to weapons;

b) it is not involved in any activity related to the culti-

vation or production of tobacco;

c) its commitment in terms of human rights is in line

with the 10 principles of the UN Global Compact, 

which it has adopted since 2004 as an active mem-

ber, and with the guidelines of the Organization for 

Economic Cooperation and Development (OECD) for 

multinational enterprises (for more details, refer to

the section “Managing human rights”);

d) the percentage of revenues from the exploration, 

mining, extraction, distribution or refining of hard 

coal and lignite in 2024 equals 0% (therefore below 

the threshold of 1%);

e) the percentage of revenues from the exploration, 

extraction, distribution or refining of oil fuels in 

2024 equals 0% (therefore below the threshold of 

10%);

f) the percentage of revenues from the exploration,

extraction, manufacturing or distribution of gase-

ous fuels in 2024 equals 0% (therefore below the 

threshold of 50%);

g) the percentage of revenue from electricity gener-

ation with an intensity of greenhouse gas great-

er than 100 gCO

2eq

/kWh in 2024 equals 3.6%

14

(therefore below the threshold of 50%).

The percentages of revenue indicated above were 

calculated based on the data prepared in compliance 

with the criteria of European taxonomy.

The strategy for tackling climate change

99

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Adaptation: Group resilience to climate change

The Group also implements solutions to adapt to weath-

er and climate events and effectively manage significant

chronic and acute events impacting the direct and in-

direct activities in the value chain. Adaptation solutions 

may concern both actions implemented in short-term

and long-term decision-making, through the planning 

of investments in response to climate phenomena.

The adaptation efforts developed by the Group also 

include procedures, policies and best practices to en-

sure the resiliency of its assets, response to extreme 

events and the pursue of innovation through the im-

plementation of the best technologies available.

For new investment, the Group takes action right from 

the design and construction phases to reduce the impact 

of climate risks by design (e.g. by assessing risks and vul-

nerabilities during the design stage) and to take account 

of any chronic effects (e.g. by including climate scenarios 

in long-term estimates for renewable resources). 

Once the weather and climate events have been iden-

tified, actions to maximize our capacity for adaptation 

may be categorized as follows:

• management of adverse events: procedures to pre-

pare for facing extreme events and to restore nor-

mal activities in the shortest possible period of time 

(including the definition of operational and organ-

izational procedures to be implemented in case of 

critical events);

• enhancement of asset resilience: activities and in-

terventions aimed at increasing the resilience of as-

sets, such as the assessment of potential acute and 

chronic risks to better define both requirements in 

the design phase and actions to be implemented on 

existing assets;

• new business options: support strategic positioning, 

creation of new businesses or products targeted to-

ward facilitating the adaptation of communities and 

Group stakeholders. 

In order to assess the impact of climate change

for the purpose of making business and strategy 

decisions, and thereby implementing adaptation

measures in line with the above, the Group develops

and applies quantitative models that, among other

things, use climate scenario data in order to assess

the impact of climate change on specific assets or

areas. 

ESRS 2 IRO-1 –

Description of the processes to identify and assess material impacts, risks and opportunities

ESRS 2 SBM-3 –

Material impacts, risks and opportunities and their interaction with strategy and business model

Analysis of the scenarios and resiliency of the strategy

The Enel Group develops short-, medium-, and long-

term scenarios for macroeconomic, financial, energy 

and climate conditions in order to support planning, 

capital allocation, strategic positioning, and risk and 

strategy resilience assessment. This approach is based 

on the development of alternative scenarios defined 

on the basis of a number of key uncertainty variables, 

such as achieving the goals of the Paris Agreement. 

Enel performs this analysis through:

• identification and analysis of relevant short-, medi-

um- and long-term trends, also with a view to de-

fining significant macro-trends for the materiality 

analysis;

• benchmarking of external energy scenarios, on a 

global, regional and local level, with a specific focus 

on the countries in which the Group is present.

These scenarios are used in the section “Identification 

and management of risks and opportunities” in rela-

tion to energy transition and climate change.

The strategy for tackling climate change

100

INTEGRATED ANNUAL REPORT 2024

The main transition drivers: electrification and renewables

The analysis of the global scenarios highlights a sig-

nificant consensus among energy analysts with re-

spect to the main drivers for reaching the climate ob-

jectives: the electrification process of final uses and 

increasing electric generation from renewable sourc-

es in both the medium and long term. In the scenar-

ios compatible with the stabilization of the increase

in the average global temperature within 1.5 °C,

the rate of electrification exceeds 50% by 2050, com-

pared with 20% in 2023, while the share of renewable

generation will reach around 90% of the global elec-

tricity mix, compared with 30% in 2023.

RENEWABLE GENERATION AND ELECTRIFICATION

IN GLOBAL TRANSITION SCENARIOS AT 2050

25 30 35 40 45 50 55 60 65 70 75 80 85 90 95

15

20

25

30

35

40

45

50

55

2023

BloombergNEF

Economic Transition 

BloombergNEF

Planned Energy

Stated Policies

Announced Pledges

Net Zero

Net Zero

1.5 °C

<2 °C

>2 °C

Share of renewable generation (%)

Source: based on data from IEA World Energy Outlook 2024, BNEF New Energy Outlook 2024, IRENA World Energy Transition Outlook 2023.

Electrification rate (%)

~1.5 °C

Enel’s energy transition and climate scenarios

Enel’s scenarios are based on a comprehensive 

framework ensuring consistency between the energy 

transition scenario and the physical climate scenario:

• energy transition scenario: it analyzes the evolution 

of power generation and consumption, consider-

ing factors such as commodity prices, technolo-

gies, climate and energy policies, social dynamics;

• physical climate scenario: estimation of climate

future evolution, based on simulations of climate

models that make projections over the long term 

of variables such as temperature, precipitation and

wind in relation to the various levels of greenhouse 

gas emissions and other climatic drivers.

In order to assess the effects of transition and physi-

cal phenomena on the energy system, the Group re-

lies on internal models and algorithms that describe 

the energy system for the main countries where the 

Group is present, taking into consideration specific 

technological, social-economic, policy and regulato-

ry aspects. The adoption of energy and physical sce-

narios and their integration into corporate processes

take account of the guidelines defined by the Task 

force on Climate-related Financial Disclosures (TCFD) 

and the requirements deriving from the Corporate 

Sustainability Reporting Directive (CSRD) and enables 

the assessment of the risks and opportunities con-

nected with climate change. 

The strategy for tackling climate change

101

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The energy transition scenarios 

The energy transition scenario describes how ener-

gy production and generation can evolve in a spe-

cific geopolitical, macroeconomic, regulatory and

competitive context and in function of the available 

technological options. Each scenario corresponds to

a certain trend in greenhouse gas emissions and a 

potential increase in temperature by the end of the 

century as compared with pre-industrial values.

The Reference scenario used for company planning is 

the achievement in the long term of the minimum goal 

of the Paris Agreement, which is to limit the increase 

in the global average temperature to less than 2 °C 

as compared with pre-industrial levels. This scenario 

does not envisage reaching “Net Zero” on a global lev-

el by 2050, due to the sluggishness of the energy tran-

sition on a local level with respect to some variables.

The Enel Group’s business model and strategic guide-

lines are in line with the maximum ambition of the Paris 

Agreement objectives, i.e. they are consistent with an 

increase of 1.5 °C in the average global temperature 

by 2100, as certified by the Science Based Targets ini-

tiative (SBTi). Enel has set to achieve zero direct emis-

sions (Scope 1), with the production of electricity and 

retail sales (Scope 3) with zero emissions, by 2040. 

In order to assess risks and opportunities related to 

the energy transition, alternative scenarios were de-

fined, depending on the degree of climate ambition 

assumed globally and locally: 

• a Slower Transition scenario has been construct-

ed assuming a slower energy transition, with less 

rapid development of some variables, such as the

renewables capacity and electric mobility, and that 

is impacted more negatively by the slowdown ob-

servable in the short term in some countries and 

regions;

• an Accelerated Transition scenario in which there is 

an increase in ambition compared to the Reference

scenario, particularly with regard to certain varia-

bles: for example, electrification of consumption, 

authorization processes or greater economic sup-

port mechanisms for renewable plants that speed 

up the installations; a greater adoption of electrical 

technologies would lead to faster electrification.

The assumptions for commodities prices underlying 

the Reference scenario are consistent with the exter-

nal scenarios that achieve the objectives of the Paris

Agreement. We assume a steady growth in the price 

of CO

2

through 2030, caused by a gradual reduction 

in the supply of allowances as demand increases, as

well as a significant decrease in the price of coal. As 

for gas, we expect pricing pressures to gradually ease 

in the coming years following a realignment between

global supply and demand. Finally, oil prices are ex-

pected to stabilize gradually, for which peak demand 

is estimated around 2030.

The strategy for tackling climate change

102

INTEGRATED ANNUAL REPORT 2024

(1)  Actual.

(2)

Source: IEA, BNEF, S&P, Enerdata. N.B. the scenarios used as benchmarks were published at different times during the year and may 

not be updated to include the latest market dynamics. 

Minimum benchmark

Enel scenario Maximum benchmarkAverage benchmark

(2)

2030

Brent ($/barrel)

2024

(1)

CO

2

EU - ETS (€/ton)

API#2 ($/ton)

TTF (€/MWh)

2024

(1)

2030

~30

35 ~35

2024

(1)

2030

80

~82

~89

~74

~70

65

~117

~125

~150

~100

2024

(1)

2030

~85

112

~110

~83

~75

~26

~20

The  Accelerated Transition scenarios envisage a more 

rapid decline in demand for fossil fuels, which translates 

into lower prices for these commodities by 2030. In the

case of a Slower Transition, fuel demand will reach its peak

more gradually, supporting energy commodity prices.

The physical climate scenario for the 

purpose of adaptation actions

Under the scenarios, climate change generates ef-

fects in terms of physical impacts, which may be:

• acute phenomena, namely short-lived but intense 

phenomena, such as flooding, hurricanes, etc. with 

potential impacts on assets (e.g. physical losses and 

business interruptions);

• chronic phenomena related to structural changes 

in the climate, such as the rising trend in tempera-

tures, rising sea levels, etc., which may cause persis-

tent changes in the output of generation plants and 

in electricity consumption profiles in the residential 

and commercial sectors.

The projected future behavior of these phenomena is 

analyzed by selecting the best data available from the 

output data of climate models at different resolution 

levels and historical data, serving as input for evaluat-

ing the impacts on the Group, including analyses relat-

ed to biodiversity and the value chain. 

Among the climate projections developed by the In-

tergovernmental Panel on Climate Change (IPCC) on 

a global scale, the Group has chosen three that are in 

line with those taken into account in the latest IPCC 

report as part of the sixth assessment cycle (AR6). 

These scenarios are associated with emission patterns 

linked to a level of the Representative Concentration 

Pathway, each of which is connected to one of the 

five scenarios defined by the scientific community as 

Shared Socioeconomic Pathways (SSPs). The SSP sce-

narios include general assumptions concerning pop-

ulation, urbanization, etc. The three physical scenarios 

analyzed by the Group are as follows.

• SSP1-RCP 2.6: compatible with a global warming 

range below 2 °C, compared with pre-industrial 

levels (1850-1900), by 2100 (the IPCC projects ap-

proximately +1.8 °C on average over the 1850-1900 

period); the Group associates the SSP1-RCP 2.6 

scenario with the Reference and Accelerated Tran-

sition scenarios in analyses that take into account 

both physical variables and transition variables.

The strategy for tackling climate change

103

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

• SSP2-RCP 4.5: compatible with an intermediate 

scenario, in which an average temperature increase 

of around 2.7 °C is expected by 2100 when com-

pared with the 1850-1900 period. The analyses that 

consider both physical and transition variables are 

associated with the Slower Transition scenario.

• SSP5-RCP 8.5: compatible with a scenario where 

no particular measures are taken to fight climate 

change. In this scenario, the global temperature 

is estimated to increase by approximately +4.4 °C, 

compared with pre-industrial levels, by 2100\. The 

Group sees the RCP 8.5 scenario as a worst-case 

climate scenario, which is used for assessing the ef-

fects of physical phenomena in a context in which 

climate change is particularly severe, but is not con-

sidered likely at present.

The Group analyzes the impact of the global climat-

ic scenarios on a local level, collaborating with spe-

cialized providers, both academic partners as well as 

experts from public institutions or private companies. 

The Group’s active partnerships include an ongoing 

collaboration with the Department of Geosciences 

of the International Centre for Theoretical Physics 

(ICTP) in Trieste. As part of this collaboration, high res-

15. The climate forecasts mainly cover the RCP 2.6 and RCP 8.5 scenarios. Where available, the RCP 4.5 scenario is also provided. Otherwise it is 

derived from the other scenarios using a pattern-scaling approach. 

16. The number of models used varies depending on the RCP scenario.

17. Coupled Model Intercomparison Project Phase 6 - https://www.wcrp-climate.org/wgcm-cmip/wgcm-cmip6.

18. https://cordex.org/.

olution climatic projections (~12 km - ~100 km) are 

supplied with a forecast horizon of 2020-2050 for all 

the Group’s main areas of operation.

15

The analyses 

include variables such as temperature, precipitation, 

wind gusts and solar radiation, using an ensemble of 

regional climate models

16

to guarantee robustness. 

Given the complexity of some phenomena, which 

strongly depend on local characteristics, the Group

also uses Natural Hazard maps in addition to the cli-

mate scenarios supplied by external providers. This

tool makes it possible to obtain recurrence intervals 

for a series of events, such as storms, hurricanes and 

floods, with a high spatial resolution. These maps, 

based on historical data, are widely used within the 

Group, which is already using this data to support in-

surance strategies.

Finally, the Group has acquired the tools and capa-

bilities needed to autonomously gather and analyze

the output published by the scientific community, 

so as to have a global, high-level view of the long-

term trends in the climate variables of interest to us.

These sources are the output of climatic and region-

al models of CMIP6

17

and CORDEX,

18

incorporated in 

the World Climate Research Programme (WCRP) and 

the Working Group of Coupled Modelling (WGCM). 

Impacts, risks and opportunities related to climate change

104

INTEGRATED ANNUAL REPORT 2024

Impacts, risks and

opportunities related to

climate change

ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and 

opportunities

Enel identifies the positive and negative impacts that 

its operating and business assets can cause in terms 

of climate change and the associated potential risks 

and opportunities (IROs) using the materiality analy-

sis process in line with the specifications of the ESRS 

standards and the guidelines of TCFD, which were 

then merged into the ISSB standards and in compli-

ance with the evolution of reporting standards.

Enel’s main impacts on climate change

The evaluation of climatic impacts was performed 

by various internal stakeholders related to the busi-

ness activities potentially most relevant for the cli-

mate by means of an analysis workflow and based

on the parameters required by the regulations. For 

further details about the process, refer to the sec-

tion “Double materiality”. The impacts identified as

material and their description in terms of potential

impact on the external environment are provided 

below.

Impacts, risks and opportunities related to climate change

105

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

+

Positive impact

IMPACT

Mitigating climate change by 

reducing absolute greenhouse gas 

emissions from the thermoelectric 

phase-out.

Subtopic

Reduction in direct greenhouse gas 

emissions (Scope 1)

DESCRIPTION

The greenhouse gas emissions connected to the use of fossil fuels for power 

generation amounted to approximately 88% of the Group’s Scope 1 emissions

and approximately 27% of total emissions in 2024\. Thanks to the decarbonization 

process, the Group is progressively reducing emissions deriving from this source, 

with a positive contribution connected to a downward trend (more than 41% in 

2024 compared to 2023). This positive trend is also being maintained in the coming 

years: the Group has in fact confirmed the phase-out of electricity generation from 

coal by 2027 and that for the remaining thermoelectric sources by 2040, thus ob

-

taining a production mix without greenhouse gas emissions.

TYPE

+

Prevention and minimization of 

climatic impacts through the efficient 

and sustainable use of fossil energy 

sources in company processes.

Subtopic

Reduction in direct greenhouse gas 

emissions (Scope 1)

This impact is directly connected to the previous one, as the process of phasing 

out thermoelectric capacity involves also a progressive reduction in fuel 

consumption in the process of electricity generation, a prevalent activity with 

respect to the Group’s other operating assets (for example the use of gensets 

in the distribution sector or the consumption of gas for heating Group offices 

and buildings), with a positive associated impact in terms of consumption of 

non-renewable resources. 

+

Contribution toward the reduction 

of Scope 3 emissions through the 

sale of renewable energy (via Group 

production, PPA and REC).

Subtopic

Reduction in indirect greenhouse gas 

emissions (Scope 3)

The indirect greenhouse gas emissions deriving from the third-party generation 

of electricity purchased and sold by Enel to end customers to cover the entire 

electric demand (because it is not sufficient with generation) in countries with an 

integrated position (electricity generation and sales) represents approximately 

39% of indirect emissions (Scope 3) and approximately 25% of total emissions in 

2024\. The Group is committed to reducing these emissions by 100% through the 

sale to end customers of energy originating from carbon-free sources by 2040.

+

Contribution to reducing Enel’s 

carbon footprint through a 

sustainable supply chain.

Subtopic

Reduction in indirect greenhouse gas 

emissions (Scope 2, Scope 3)

The greenhouse gas emissions deriving from supply chain management 

represented 18% of Scope 3 emissions and approximately 11% of total emissions

in 2024\. The sustainable management of the supply chain, through the selection 

of suppliers and materials with lower emissions, together with a more efficient 

purchasing process, are leading to a positive impact also on the absolute indirect

emissions generated from these sources, with a 7.3% reduction in 2024 compared 

to 2023\. More information on the description and management of this impact 

is available in the corresponding section “Workers in the value chain” of the 

Sustainability Statement.

+

Acceleration in the process of 

electrification of consumption 

through the implementation of 

solutions and technologies for

the electrification of cities (e.g. 

smart cities and public lighting), for 

companies (energy efficiency, demand 

response, etc.) and for people (e.g. 

energy efficiency of homes and 

condominiums).

Subtopic

Reducing greenhouse gas emissions of 

services and products to customers

With reference to the reduction in greenhouse gas emissions of the end 

customer, Enel offers technological solutions for reducing carbon emissions 

related to energy consumption in a wide range of sectors, including 

transport, property management as well as industrial processes and services, 

including solutions that favor the deployment of public and Group charging 

infrastructures for electric vehicles, promoting energy efficiency in industrial and 

domestic processes, distributed generation, energy consultancy services, smart 

street lighting and circular cities. 

+

Impacts, risks and opportunities related to climate change

106

INTEGRATED ANNUAL REPORT 2024

ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and 

opportunities

Identification and management of risks and opportunities

Energy transition and climate changes impact on 

the Group’s activities by means of two main cate-

gories of risks/opportunities, respectively deriving

from the evolution of: transition scenarios and phys-

ical climatic variables. With specific reference to the

energy transition process, there are risks and op-

portunities connected to the evolution of the legal 

and regulatory framework, trends in technological

and competitive development, consumer behavior, 

and the resulting market trends. With respect to cli-

mate change, the physical climatic risks are divided 

into acute (extreme events) and chronic: the former 

are linked to extremely intense weather-climatic 

conditions, while the latter are linked to gradual and

enduring changes in climatic conditions. 

The effects of the risks and opportunities of transi-

tion and climate change can also be assessed from

the perspective of three time horizons:

• short-medium term (1-3 years) in which the anal-

yses are based on sensitivity scenarios created

pursuant to the Strategic Plan presented to the

markets on the Capital Markets Day of 2024;

• medium term (4-10 years) during which the effects 

of the energy transition become more tangible; 

• long term (more than 10 years) during which, in 

addition to the more evident effects of the tran-

sition, chronic changes on a climate level are ob-

served.

The following table summarizes the main sources of 

risk and opportunities with the potential effects on 

business.

Scenario 

phenomena

Time 

horizon

Description Management mode

Transition Starting from 

short term 

(1-3 years) 

Opportunities: new timely and effective policies and 

regulations (e.g. simplified authorization procedures, 

policies on CO

2

pricing and emission and market 

design reviews) to accelerate energy transition and

technology development. 

The Group maximizes opportunities thanks to the integrated business in 

renewable development, increased resilience of distribution grids and retail 

sales and geographic positioning, helping to seize the opportunities of 

transition in the countries where it operates. The Group also uses transition 

scenarios for strategic assessments, including an Accelerated Transition 

scenario.

Transition Starting from 

medium term 

(4-10 years)

Risk: public policies and regulations supporting energy 

transition are inadequate or late, aggravating redtape 

and delays in authorization processes, causing a 

slowdown in technological development. 

The Group integrated position in generation, grids and retail reduces 

exposure to risks while geographic positioning minimizes local policy

risk. The Group also uses transition scenarios for strategic assessments, 

including a Slower Transition scenario.

Acute 

physical

Starting from 

short term 

(1-3 years)

Risk/opportunity: extreme intensity of weather 

and climate events, damaging assets or disrupting 

operations with effects on the value chain.

The Group adopts best practices for the fastest return to operation and 

invests in resilience (e.g. Italy). We also draw on global insurance programs, 

assisted by preventive maintenance activities and internal risk management 

policies. Climate change scenarios are integrated in the assessment of

operating assets and new projects.

Chronic 

physical

Medium (4-10 

years) and 

long term 

(more than 10

years)

Risk/opportunity: increase or reduction in generation 

from renewable sources and in power demand as 

a result of structural changes in the availability of 

resources and temperatures. 

The Group adopts best practices for the fastest return to operation and 

invests in resilience (e.g. Italy). We also draw on global insurance programs, 

assisted by preventive maintenance activities and internal risk management 

policies. Climate change scenarios are integrated in the assessment of 

operating assets and new projects.

Impacts, risks and opportunities related to climate change

107

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The disclosure of the risks and opportunities connect-

ed with climate change is a gradual and incremental

process, in line with the requirements of the Europe-

an Corporate Sustainability Reporting Directive (CSRD), 

the TCFD recommendations, then merged into the ISSB 

standards, and in compliance with the evolution of the 

reporting standards. The approach for identifying and 

assessing risks and opportunities connected with cli-

mate change and energy transition and for defining 

resilient strategies is also coherent with the indications 

of the TNFD (Taskforce on Nature-related Financial Dis-

closure), which are followed by the Group for the imple-

mentation of a structured process to identify, manage 

and communicate the relevant information on environ-

ment-related impacts, dependencies, risks and oppor-

tunities, as described in the section “Conservation of 

natural capital”. 

In this respect, the impacts on climate change and the 

dependencies related to the effects of these changes 

on the Group’s activities are managed by means of mit-

igation and adaptation strategies oriented towards re-

ducing emissions and the use/consumption of resourc-

es (e.g. water stress areas) and increasing the resilience 

and the capacity to respond to climate phenomena.

ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and 

opportunities

Enel’s resilience and flexibility with respect to the energy 

transition and climate change

Climate change, technological evolution, macroeco-

nomic and geopolitical policies and factors require re-

silient company strategies that are able to face exter-

nal crises and embrace new opportunities in a flexible 

manner. Integrating energy transition and alternative 

climate change scenarios into planning is of funda-

mental importance in order to contribute to guiding the 

strategy.

Long-term climate scenarios allow the develop-

ment of adaptation plans for the Group’s portfolio

of assets and activities and are also part of the in-

put used for the analysis focused on biodiversity. 

The climate scenarios provide both high level indi-

cations (such as comparable country risk indicators) 

as well as high resolution data, for analyzing the 

physical impacts on the individual sites. Combin-

ing the climate analyses with the asset vulnerability

assessment allows to identify priorities and define 

adaptation plans. This approach is applied to both

the existing portfolio and to new investments. More

information on the new investments is described in

the dedicated section “Inclusion of climate change 

effects in the evaluation of new projects”.

High level

(e.g. Open Country Risk, 

evolution of energy 

system)

Site specific

(e.g. high resolution 

climate data)

Analysis of 

vulnerabilities

to quantify risk

at the asset level 

(existing and new

investment)

Specification of 

adaptation priorities 

at the local level and 

main adaptation risks 

and actions at the 

country level

Development of

long-term adaptation 

plans to increase 

resilience

Scenario 

integration

Vulnerability 

assessment

Prioritization

Adaptation 

plans

Impacts, risks and opportunities related to climate change

108

INTEGRATED ANNUAL REPORT 2024

ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and 

opportunities

ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model

Opportunities and risks of the energy transition

The energy transition can influence the Group in different ways, such as:

Variables impacted by 

the energy transition

• Policies and regulations: legislation, market design and regulatory frameworks, 

also regarding CO

2

emissions, with consequences on the speed of decarbon-

ization, in particular with respect to renewables penetration, electrification of 

consumption and grid investment needs.

• Market: market developments, as related to volatility of commodity prices and 

consumption preferences of end users, can influence the switch toward more 

efficient electrical technologies and the growth of renewables and PPA con-

tracts. Volatility in the price of materials and slowdowns/interruptions involve 

risks concerning an increase in price and regarding the availability of some tran-

sition materials.

• Technologies: introduction and development of new technologies, such as 

electric vehicles, storage, demand response and electrolyzers that can lead to 

changes in consumption models. Development of data centers, with the related 

increase in electric demand and connection needs.

• Products and services: the gradual electrification of final uses leads to the in-

creased penetration of electricity and greater opportunities for the supply of 

bundled services and products, with an increase in electricity demand connect-

ed to mobility.

To quantify the risks and opportunities arising from the 

energy transition, two transition scenarios, described in 

the section “Enel’s energy transition and climate sce-

narios” have been considered. In the Enel (Reference) 

scenario, the progressive electrification of final energy 

consumption in transportation, residential and industri-

al sectors leads to a considerable increase in electricity 

consumption, and thus in the share of renewables in 

the electrical and energy mix. 

The effects of the Slower Transition and Accelerat-

ed Transition scenarios on the variables most likely to

impact the business have therefore been identified: 

electricity demand, influenced by electrification of con-

sumption, and the electricity generation mix. With re-

gard to the electrification of consumption, the Slower 

Transition scenario predicts lower penetration rates of 

the electric technologies, particularly electric cars and 

heat pumps, causing a decrease in electric demand 

compared to the Reference scenario, which is estimat-

ed to result in moderate impacts on the Retail business.

At the same time, lower electricity demand would result 

in less space to develop renewable capacity, with po-

tential impacts on the generation business; this is par-

tially offset by higher electricity prices compared to a 

scenario with more renewables. 

The  Accelerated Transition scenario envisages more 

stringent transition objectives and more competitive 

electricity technologies in comparison to the Reference 

scenario. This results in higher electricity demand and 

increased renewable capacity.

All the scenarios envisage an increasing important role 

for grids, with an increase in distributed generation, 

storage systems, electrical charging infrastructures and 

the rate of electrification of consumption. This increase 

is most evident in the Accelerated Transition scenar-

io and will involve a decentralization of the extraction/

feed-in points, greater electric demand and average 

requested power, a variation in energy flows, which will

require dynamic and flexible grid management. 

Impacts, risks and opportunities related to climate change

109

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Scenario 

phenomena

Description

Time 

horizon

Description 

of the impact

Concerned 

GBL

Scope

Quantification - 

Type of impact

Upside/ 

Downside

Quantification - range 

<€100 

million

€100-

300

million

>€300

million

Transition

Risk/

opportunities: 

greater/less 

penetration of 

renewables

Medium

Assessment of the 

impact of a different 

degree of renewable 

penetration on 

additional capacity 

compared with two 

alternative transition

scenarios to the 

Reference scenario

Global 

Generation

Enel Group EBITDA/year

(1)

Upside

Downside

Transition

Risk/

opportunities: 

increased/

decreased 

degree of 

electrification 

of 

consumption 

Medium

Assessment of the 

impact of a different 

degree of electrification 

of consumption 

on average unit 

consumption and 

electricity demand, 

considering two 

alternative transition

scenarios to the 

Reference scenario

Global Enel X 

Retail

Global Grids

Enel Group EBITDA/year

(1)

Upside

Downside

(1)  2030 year benchmark.

Upside (Accelerated Transition vs Reference)  Downside (Slower Transition vs Reference)

Transition risk on the value chain

Energy transition is transforming the value chain of 

integrated utilities impacting on the supply of raw ma-

terials and energy commodities. 

The decarbonization process is progressively reduc-

ing dependence on fossil fuels and the impact of risks 

related to the volatility of fossil fuel prices, which guar-

antees greater long-term stability. The growing adop-

tion of renewable technologies such as solar and wind 

requires high volumes of metals and minerals, includ-

ing aluminum, polysilicon and lithium. The high geo-

graphical concentration of some of the resources ex-

poses utilities to geopolitical risks, with interruptions 

in the supply chain and price fluctuations. To mitigate 

transition risks associated with the supply chain, Enel 

adopts source and supplier diversification strategies 

as well as a strategy targeted toward circularity, pro-

moting the use of recycled materials, the extension of 

the useful life and recovery of materials. This makes it 

possible to improve resilience, reduce costs and ac-

celerate the energy transition.

The energy transition brings various types of ben-

efits to the final consumer and society as a whole. 

The increase in electrification, supported by grow-

ing renewable generation (clean electrification), is 

the most effective measure for the decarbonization 

process. The electrification of the final uses makes

it possible to save energy and therefore reduce the 

total energy costs for consumers, contributing to-

ward reducing costs for the end customer. In addi-

tion to economic advantages, consumption elec-

trification offers environmental and social benefits, 

such as the improvement in air quality due to the 

reduction in total emissions and self-generation op-

portunities.

Impacts, risks and opportunities related to climate change

110

INTEGRATED ANNUAL REPORT 2024

Acute and chronic physical phenomena: possible impacts 

on business, risks and opportunities

As regards the risks and opportunities associated with 

physical variables, using the Intergovernmental Panel

on Climate Change (IPCC) scenarios as a reference, the 

trend of the following variables and the associated op-

erational and industrial phenomena are assessed as po-

tential risks and opportunities.

Risks and opportunities of chronic 

physical changes 

The chronic physical changes of the climatic vari-

ables can influence the Group in different ways. In 

particular:

Variables impacted 

by chronic physical 

changes

• Electricity demand: change in the average temperature level with an increase or 

reduction in electricity demand.

• Thermal production: change in the level and average temperatures of the 

oceans and rivers, with effects on thermal generation.

• Hydroelectric production: change in the average level of rainfall and snowfall 

and temperatures with a potential increase and/or reduction in hydroelectric 

production.

• Solar production: impacts due to the variation in the average level of solar radi-

ation, temperature and rainfall. 

• Wind production: effect due to the variation in the average level of wind. 

• Value chain: variation in the average level of rainfall, with potential impacts on 

the supply chain.

As regards electric demand, the medium/long-term 

impact of the temperature increase due to climate 

change is assessed to be low. The calculation was per-

formed using models describing the energy system on 

a country level, accounting for the variations in tem-

peratures using indicators that represent the cooling 

and heating energy needs (Cooling Degree Days and 

Heating Degree Days, respectively), and for the spe-

cific technical, socioeconomic, policy and regulatory 

aspects of every country (Energy System Model). 

As regards the value chain, Enel started a risk anal-

ysis of climatic events, identifying the scope poten-

tially most impacted by climate change (see “Physi-

cal risk to the value chain due to acute and chronic 

events”).

The following table shows the relevant chronic phe-

nomena based on the specific aspects of each busi-

ness, including Enel Grids and Enel X Global Retail, also 

assigning a priority. 

Impacts, risks and opportunities related to climate change

111

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

RAIN/SNOW WIND SOLAR

RADIATION

SEA LEVEL AIR 

TEMPERATURE

RIVER/SEA 

TEMPERATURE

PRIORITY

High Low Not relevant

PRIORITY

Thermal

Solar

Wind

Hydro

Storage

Geothermal

Grids

Enel X 

Global Retail

Value chain

Chronic events - Impact matrix 2024

19. Historical data from ISPRA (Istituto Superiore per la Protezione e la Ricerca Ambientale) and ERA5 data from ECMWF (European Centre for 

Medium-Range Weather Forecasts).

Analysis of the impact of chronic climate 

change on renewable generation

To evaluate the impact of the chronic effects of cli-

mate change on the production of Group assets, 

specific “link” functions were developed for each 

renewable technology (wind, solar and hydroelec-

tric) and plant. These functions associate each vari-

ation in climate variables (such as temperature, ra-

diation, wind speed, precipitation) with the probable

changes in the electrical output of the plants in our 

portfolio.

The first step in calibrating these functions was to use 

the historical data of the weather-climate variables

19

and the internal references of the observed energy 

output of our plant fleet. This allowed us to obtain 

link functions that meet the specific characteristics 

of each renewable plant and technology, which were 

used to calculate the effects of climate change on 

production.

Depending on the characteristics of the country, a 

reduction in generated energy could lead to sourcing 

imbalances, which must be compensated for either 

by purchasing the missing volumes on the market to 

support the business strategy or by reducing volumes 

sold. On the other hand, increased generation from 

renewable sources may lead to reduced purchases of 

volumes on the market or more sales. Chronic effects 

on generation in the medium to long term appear sig-

nificant. The effects on business were calculated us-

ing the chronic climate impacts on production in the 

worst-case scenario RCP 8.5 for the downside, where-

as for the upside the estimate was based on the value 

of the uncertainty range around the average of RCP 

2.6 corresponding to a lower level of climate change. 

The following table shows the results of this analysis.

Impacts, risks and opportunities related to climate change

112

INTEGRATED ANNUAL REPORT 2024

Scenario 

phenomena

Description

Time 

horizon

Description 

of the impact

Concerned 

GBL

Scope

Quantification - 

Type of impact

Upside/ 

Downside

Quantification - range

<€100

million

€100-

300

million

>€300

million

Chronic 

physical

Risk/

opportunities:

increased 

or reduced 

renewable 

generation.

Medium

Renewable production 

is influenced by the

availability of resources 

whose fluctuations 

can cause impacts on 

the business. Although 

structural variations 

should not occur 

in the short term, 

sensitivity analyses 

were carried out to 

assess the sensitivity 

of the Group’s

results, considering 

the variations in 

producibility related to 

the different climate 

scenarios.

Global 

Generation

Enel Group EBITDA/year

(1)

Upside

Downside

(1)  2030 year benchmark.

Upside scenario  Downside scenario

Impacts, risks and opportunities related to climate change

113

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Risks and opportunities of acute physical changes 

Risks associated with acute physical changes (extreme 

events) are evaluated both in the short and in the medium 

to long term using scenarios (RCP 2.6, 4.5 and 8.5) to eval

-

uate their potential variations in frequency and intensity.

With regard to the vulnerability of assets within the 

Group’s portfolio and the supply chain, a table of the 

main extreme events relevant for the various technolo-

gies was defined in collaboration with the Group’s relat-

ed global business lines, in order of priority, as with the

chronic phenomena.

HEATWAVES

FLOODING/

HEAVY

PRECIPITATION

HEAVY SNOW/ 

ICING

HAIL WINDSTORM WILDFIRES

PRIORITY

Hight Low Not relevant

Thermal

Solar

Wind

Hydro

Storage

Geothermal

Grids

Enel X

Global Retail

Value chain

Acute events - Impact matrix 2024

Under 

assessment

PRIORITY

Enel also started evaluating the impact of lightning in 

respect of different technologies. This matrix was used 

to perform ad-hoc analysis, to understand possible 

impacts on business in order of priority, as necessary 

and where possible. 

Management of risks from short-term 

extreme events

Over the short term (1-3 years), in addition to assess-

ing the risk the Group implements actions targeted at 

reducing the impacts of extreme catastrophic events 

on the business. Such actions break down into two 

main types: the definition of an effective insurance 

coverage and the various adaptation activities related 

to preventing damage from extreme events.

The main components of these actions are described 

below, with specific refence to the global business 

lines in the case of adaptation activities.

Impacts of acute physical events 

on the Group 

The Enel Group has a well-diversified portfolio in terms 

of technologies, geographic distribution, asset size, 

and consequently, exposure to natural risks. 

Empirical evidence shows negligible repercussions of 

such risks, as demonstrated by data for the last five

years. Considering the most relevant events, defined 

as those with a gross impact >€10 million, the cumu-

lative value of the gross impact amounts to ~120 mil-

Impacts, risks and opportunities related to climate change

114

INTEGRATED ANNUAL REPORT 2024

lion, which represents less than 0.06% of the Group’s 

insured values as at 2024 or ~€220 billion.

Enel Group insurance

Every year, the Group defines global insurance

programs for its business in the various countries 

where it operates. The two main programs, in terms 

of scope of coverage and volumes, are:

• the Property Program (“Property Damage and Busi-

ness Interruption Insurance Program”) for material 

damage to assets and the resulting interruption in 

business. Therefore, in addition to the cost for the 

new reconstruction of the asset (or its parts), also 

the economic losses due to their shutdown in terms 

of generation and/or distribution of electricity are 

also remunerated according to the limits and con-

ditions defined in the policies;

• the Liability Program (“General & Environmental

Liability Insurance Program”), which covers third 

party damage following the impacts that extreme 

events can have on the assets and on the Group’s 

business.

Starting from an effective assessment of the risk,

including the extreme natural events connected to

climate change, suitable limits and insurance con-

ditions can be defined in the insurance policies. De-

spite the impacts on business, the Group has shown 

resilience thanks to wide insurance limits and a solid 

reinsurance structure of the captive company.

In addition to insurance coverage, the Group plac-

es great emphasis on the preventive maintenance

of power generation and distribution assets. These

activities not only mitigate the impacts of extreme

events, including natural catastrophic risk, but also

optimize risk financing and reduce the costs of 

global programs.

The Group’s strategy includes adaptive managerial

and insurance measures, such as the containment 

of the increase in insurance premiums through risk

retention and internal transfer policies that incen-

tivize the best performing business lines. Finally, ex 

post analyses of events make it possible to improve 

processes and practices to mitigate similar future

events.

20. With AERI, it is assumed that the Group plants are resilient to the extreme phenomena that were observed in the past.

Assess the future evolution of risks 

to prioritize adaptation measures

The assessment of the future evolution of risks is

based on the in-house developed index validat-

ed according to Group procedures for risk con-

trol. The Acute Events Risk Index (AERI) provides 

a concise indicator of risk variation for renewable

plants due to acute climatic events. In particular, it 

shows the share of installed capacity that is found 

in zones with a more or less high climatic risk based 

on the increase in the hazard expected due to glob-

al warming during 2030-2050 as compared to the

benchmark period.

20

The index considers the Group’s hydroelectric, solar 

and wind assets (Enel Green Power and Enel X) and

includes plants in operation as of 2023. It is creat-

ed using climate metrics and the approach followed 

for the preliminary screening (see section “How Enel

ensures generation resilience”), providing a concise 

representation of the screening performed for each 

asset and relevant physical phenomenon, with the 

purpose of identifying plants exposed to more in-

tense climatic changes and define the priorities of

the detailed analyses to identify necessary adapta-

tion measures.

The Group’s AERI value for each risk category is cal-

culated by aggregating the results by asset. These

are obtained considering the relevant phenome-

na for which the level of future climatic change is 

calculated and then, applying suitable weighing to

assign a risk class (high, medium, low, very low). As

shown below, in RCP 2.6 a low and very low risk is

associated to 88% of total analyzed Enel Group ca-

pacity: the plants in these two categories are not ex-

pected to be subject to significant climate changes 

in this scenario, with respect to the already known

hazard values. Criteria and the measures already im-

plemented are thus suitable for these assets, with 

lower priority for detailed analyses. Analyses will in

any case be updated and improved continuously 

to ensure the monitoring of the expected climate

change on all plants. Approximately 10% of the ca-

pacity is in areas with a medium risk. This means that

the asset situation must be analyzed on a rolling ba-

sis, to assess the priority of more in-depth analyses 

and higher-resolution data to define the adaptation

Impacts, risks and opportunities related to climate change

115

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

needs with respect to specific phenomena. Finally, 

2% of total capacity is in high-risk zones: a detailed 

analysis for the definition of possible adaptation 

measures for these plants is a priority.

BREAKDOWN OF GROUP CAPACITY (%) BY CLIMATE CHANGE RISK CATEGORY

(RCP 2.6 SCENARIO)

High

Medium

Very low

Low

11%

10%

77%

%

2%

Acute Events Risks Index (AERI) assessed on a Group level 

for RCP 2.6 scenario. 

Risk classes

The indicator was estimated also for RCP 8.5, which

is used as a stress test. In this worst-case scenario, 

the percentage of high- and medium-risk assets in-

creases to 4% and 22% respectively of total analyzed 

capacity. The remaining 74% is located in areas with a 

low and very low climatic risk. 

Climate change adaptation activities

in the Enel Group

The Group implements solutions to adapt to cli-

mate change by assessing the potential impacts and 

adopting targeted measures to improve ability to 

respond to adverse events (Response Management)

and increase business resilience (Resiliency Meas-

ures), consequently reducing the risk of future nega-

tive impacts from adverse events.

Adaptation solutions can include actions, policies and 

best practices implemented in the short term, as well as 

long-term decisions. For new investments, the gener-

al approach is to take action already during the design 

and construction phase to reduce the impact on climatic 

risks by design as described in the section “Inclusion of 

climate change effects in the evaluation of new projects”.

Impacts, risks and opportunities related to climate change

116

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The following table provides a summary of the type of measures Enel implements. Selected activities are de-

scribed in greater detail below.

Business lines  A. Resiliency Measures - Enhancement of asset 

resilience

B. Response Management - Management of adverse 

events

Enel Green Power 

and Thermal 

Generation

Existing assets

1. Guidelines for risk assessment and design of 

hydraulic technology

2. “Lessons learned feedback” processes from O&M 

towards E&C and BD 

3. Policy no. 1289 Enel Green Power and Thermal 

Generation Climate Change Risk Assessment

New constructions

In addition to what has been done for existing assets:

1. Climate Change Risk Assessment in line with the 

new Policy no. 1289 Enel Green Power and Thermal 

Generation Climate Change Risk Assessment

Existing assets

1. Incident and critical event management 

2. Site-specific emergency management plans and 

procedures

3. Specific tools for predicting imminent extreme 

events and severe weather alerts

Enel Grids

Existing assets and new constructions

1. Guidelines for defining network resilience 

enhancement plans (e.g. the e-distribuzione 

“Network Resilience Enhancement Plan”)

2. Strategies and guidelines on Risk Prevention 

measures on the distribution network

3\. The “Resilience Plan” in Italy and “Network Strength”

in Colombia

Existing assets

1. Strategies and guidelines on Readiness, Response, 

and Recovery actions on the distribution network

2. General guidelines for emergency and critical event 

management 

3. Risk prevention and preparation measures in 

the event of fire on electrical installations (lines, 

transformers, etc.)

Enel X Global Retail

Existing assets

1\. Preliminary analysis of the impact of medium to 

long-term climate change

Existing assets

1\. Enel X Critical Event Management

Enel also completed a project dedicated to compil-

ing a catalogue of practical measures to strengthen 

assets resilience and capacity to respond to possible 

climate change effects.

This catalogue includes targeted measures for each of 

the relevant events indicated in the relevant phenom-

ena matrices for each of the countries and regions 

of interest to the Group, differentiated based on the 

technologies of the assets held in these areas. The list 

of possible adaptation measures is updated cyclically 

based on emerging needs and analysis improvement.

The catalogue is an important tool that allows to iden-

tify the best actions to take by collecting possible ad-

aptation options and enabling cost and benefit esti-

mates of their applications on specific sites. 

Measures for preventive management 

of vulnerabilities

With regard to adaptation measures, the Group is 

implementing an innovative security model for the 

analysis and management of vulnerabilities, oriented 

towards preventing crises and contributing towards 

reducing physical, operational and reputational risks, 

minimizing Enel’s exposure to potential threats and 

economic impacts. This model favors the preventive 

approach in identifying and mitigating risks before 

they turn into actual crises or emergencies. 

A fundamental aspect of this approach is the promo-

tion of a shared management of the emergencies, 

synergically involving all the competent institutional 

and company actors, in particular by strengthening 

relations between the public and the private sector 

by stipulating memoranda of understanding with local 

authorities, police forces and other agencies provid-

ing essential services. 

This cooperation system allows a more fluid manage-

ment of emergencies, promoting a quick exchange 

of information and more effective coordination dur-

ing critical phases. Furthermore, the Security func-

tion carries out continuous training and education to 

promote awareness and competencies on crisis man-

agement, including climate change. Crisis simulations 

carried out with police forces and Civil Protection are 

essential for testing response capacity and fine-tune 

procedures to guarantee timeliness and efficiency. 

A further pillar of this model is the introduction of a 

“maximum alert” level as an intermediate phase before 

Impacts, risks and opportunities related to climate change

117

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

activating extraordinary crisis management measures, 

to monitor the evolution of situations at risk and time-

ly activate response procedures. In the case of maxi-

mum alert, a crisis operational center is activated with 

the local government, to act as a coordination center 

for all emergency management activities. Centralizing 

communications and decisions ensures effectiveness 

and fast response to events threatening the security 

of critical infrastructures and essential services.

How Enel ensures generation resilience

With respect to generation, we use both targeted in-

terventions on specific sites and ad hoc management 

activities and processes, in line with the Enel Green 

Power and Thermal Generation Climate Change Risk 

Assessment policy. Measures include the following:

• weather forecasting, for monitoring renewable re-

source and extreme events, also with warning ser-

vices for the protection of people and assets;

• improving cooling water management systems 

for certain plants in order to counter the problems 

caused by the decline in water levels in rivers, such 

as the Po in Italy;

• installing fogging systems to improve the flow of inlet 

air and offset the reduction in power output caused 

by the increase in ambient temperature in CCGTs;

• installing drainage pumps, raising embankments, 

periodic cleaning of canals and interventions to 

consolidate land adjacent to plants to prevent land-

slides in order to mitigate flood risks;

• advanced monitoring of the state of the assets. Pe-

riodic site-specific reassessment for the hydroelec-

tric plants for flood scenarios using numeric simu-

lations. The processed scenarios are managed with 

mitigation actions and through interventions on the 

civil works, dams and intake systems;

• check of the potential climatic trends for the main 

design parameters to be considered when sizing 

the systems and specific civil works (for example: 

rainfall assessments for the design of drainage sys-

tems in solar plants);

• estimate of extreme wind speed using updated da-

tabases containing the registers and historical tra-

jectories of hurricanes and tropical storms, with the 

resulting selection of the wind turbine technology 

that is best suited.

In order to promptly react to adverse events, the Group 

also implements dedicated emergency management 

procedures with real-time communication protocols, 

planning and management of all activities to restore 

operating assets in a short space of time, as well as 

standard checklists for assessing damage, ensuring 

that all plants can be put back into service as safe-

ly and quickly as possible. One way of minimizing the 

impacts of climate phenomena is the lesson-learned 

feedback process, which is implemented by the tech-

nical departments and governed by the existing oper-

ating model, influencing future projects.

Analysis of future climate impacts to identify the ad-

aptation needs: in the Generation Business Line, start-

ing from the mapping of the relevant phenomena on 

a global level, analyses are carried out annually on the 

acute and chronic climatic risks to estimate the me-

dium/long-term future impact on Group generation 

plants. In particular, the analysis of acute events is per-

formed in two phases: 

• preliminary screening of the hazard and exposure 

for all hydro, wind and solar plants with a view to 

classifying the existing fleet, considering specif-

ic vulnerabilities and identifying plants at a greater 

risk, on which a detailed analysis is then carried out;

• detailed analysis of the plants at greater risk, ena-

bling the identification of any adaptation measures 

for preventing impacts such as direct damage and 

loss of production. 

The detailed analysis was developed in order to take 

into account climatic projections and all the informa-

tion about the site and the asset, in order to identify 

assets exposed to the relevant phenomenon. Anal-

yses performed include the study of intense precip-

itation, to identify measures such as hydraulic mitiga-

tion measures or interventions on support structures 

in the case of solar panels. The studies also concern 

heat waves and cold spells, which are relevant for so-

lar and wind plants. Furthermore, the risk of fire and 

wind storms are also analyzed, showing high resil-

ience by design, especially in wind plants. Overall, the 

detailed analysis on the existing fleet has identified a 

limited number of assets at high risk in the long term. 

Our methodologies contribute toward improving the 

resilience (for example with adaptive designs) and the 

management of residual risk and emergencies.

Grid resilience is at the heart of Enel’s 

strategy 

The Enel Grids Business Line, following the Group 

guidelines, has issued a specific policy (Climate Change 

  


Impacts, risks and opportunities related to climate change

118

INTEGRATED ANNUAL REPORT 2024

Risk Assessment) in order to provide general criteria, 

methodology and requirements for the identification, 

analysis and assessment of climate-related risks, with 

regard to managed assets and activities carried out, in 

order to monitor the risk and the measures to mitigate 

the impacts.

In order to deal with extreme climatic events, the Enel 

Grids Business Line has adopted a “4R” approach, 

which defines measures for preparing for an emer-

gency and ensuring swift restoration of services in the 

case of damage to the assets and/or disconnections. 

The 4R strategy breaks down into four phases. 

1. Risk Prevention: actions that make it possible to 

reduce the probability of losing grid elements due 

to an event and/or to minimize its effects, such as 

maintenance interventions or by increasing resil-

ience.

2. Readiness: interventions for the timely identification 

of a potentially critical event, to ensure coordination 

with the Civil Protection Department and local offi-

cials and to prepare the necessary resources.

3\. Response: phase for assessing the operating ca-

pacity for managing an emergency caused by an 

extreme event, including the capacity to mobilize 

operating resources and the possibility to perform 

remote controlled operations to restore service via 

resilient backup connections.

4\. Recovery: phase in which the grid returns to ordi-

nary operating conditions, in the cases in which an 

extreme weather event causes interruptions in ser-

vice in spite of the adopted measures.

By following this approach, the business line prepared 

different policies on specific measures aimed at deal-

ing with the various climate-related aspects and risks, 

in particular:

• Guidelines for Readiness Response and Recovery 

actions during emergencies, policy related to the 

last three phases of the previously described 4R ap-

proach;

• Guideline for Network Resilience Enhancement Plan, 

focused on Prevention and Readiness, concerning 

the identification of the priority interventions for 

improving specific KPIs. In Italy, where there is dedi-

cated regulation, these interventions are part of the 

Resilience Plan. These investments aim to reduce 

the impact of extreme events (heat waves, ice loads 

and wind storms). Since 2017, approximately €900 

million have been invested in the improvement of 

grid resilience in e-distribuzione. Also in Europe and 

South America, the investment planning process 

accounts for the need for adaptation and any pos-

sible synergy with the regulatory and institutional 

framework;

• Measures for Risk Prevention and Preparation in 

case of wildfires affecting electrical installations, a 

policy dedicated to the fire risk that defines an in-

tegrated approach for managing emergencies ap-

plied to wildfire;

• implementation of weather forecasting, grid mon-

itoring and climate impact assessment systems, 

preparation of operating plans, including preventive 

agreements for the mobilization of extraordinary re-

sources, and the organization of exercises.

Enel Grids contributes to studies on resilience and 

adaptation to climate change. During the CIRED 2023 

event (International Conference & Exhibition on Elec-

tricity Distribution), for example, it presented two pa-

pers on the topic: “10383 - Climate Adaptation Plan 

for Distribution Networks” and “10306 - Six-Sigma 

Technique to Identify Resilience Events on Electrical 

Networks”. In addition, with a view to continuous im-

provement, Enel Grids continuously scouts for tech-

nological solutions supporting adaptation and resil-

ience.

The analysis of future climatic impacts to identify the 

adaptation needs: based on the mapping of relevant 

phenomena on a global level, the Enel Grids Business 

Line monitors the most critical trends in the various 

countries of operation and analyzes medium/long-

term future impact of climate change on the grid. This 

is done by identifying priority analyses and carrying 

out detailed analyses on specific phenomena, coun-

tries and geographical areas, such as:

• intense precipitation/wind storms: analyses were

carried out on the climatic projections for the phe-

nomenon of the explosive cyclogenesis in Spain 

and the extreme precipitations in Colombia, in the 

areas of Bogotá and Cundinamarca, where inter-

ventions such as the sealing of the secondary sub-

stations in urban areas were planned. Also in Latin

America, an initial analysis was carried out in Chile 

on the impact of wind storms in the concession

area in Santiago, which highlighted the persistence

of the phenomenon with a view to the future plan-

ning of work to reinforce the overhead grid. Ad-

ditional studies are being conducted on the phe-

nomena connected to rain and wind in Brazil and 

Colombia; 

• heat waves: this event, which is critical for under-

ground cable lines, is expected to become consid-

  


Impacts, risks and opportunities related to climate change

119

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

erably more intense in Italy over the next decades. 

The Group’s commitment is reflected in the Resil-

ience Plan mentioned earlier, and in our participa-

tion in the National Recovery and Resilience Plan 

(NRRP) to increase the resilience of infrastructures. 

Preliminary studies were also conducted in Spain, 

with a focus on most affected concession areas.

The initial analysis shows an expected increase in 

heat waves, for which measures have been defined 

that will be included in the country’s development

plans.

Adaptation activity – Enel X Global Retail

To deal with extreme climate events, the Enel X Global 

Retail Business Line continued the work for estimat-

ing the potential impacts of the physical phenome-

na in order to define adaptation measures through a 

more detailed mapping of climate risks and solutions 

to improve the assets resilience.

For owned assets, which represent a minority share, 

impact analyses continued and Group insurance pol-

icies are expected to cover damages caused by cata-

strophic events. 

Furthermore, Enel X Global Retail is using marketing 

intelligence initiatives to evaluate the short-, medi-

um- and long-term needs of customers to offer new 

solutions and services. The current context allows for 

the exploration of business opportunities relating to 

climate change, enriching the value of proposals for 

customers to support the awareness of the impact of 

climate risks on their own assets and help them in-

crease their resilience. For this purpose, Enel X Global 

Retail is providing the “Enel X NBS Biodiversity Hand-

book” and “Enel X Urban Biodiversity Scoring Model”, 

two tools for the mitigation of global warming that 

allow to integrate the Nature-Based Solutions (NBS) 

most suited to each business solution and evaluate 

their positive impact on the climate, natural resources 

and the human experience through a wide set of sci-

entific indicators. 

Enel X Global Retail uses adaptation measures also 

for its own technologies included in the Group adap-

tation catalogue. As regards the PV assets owned by 

the business line, climatic projections up to 2050 were 

used to assess the impact of the relevant acute phe-

nomena (floods, wind storms, etc.) and the costs-ben-

efits of the adaptation measures.

Physical risk to the value chain due 

to acute and chronic events

Climate change represents a challenge for the en-

tire value chain, impacting every phase from pro-

duction to distribution, up to final consumption.

As indicated above, Enel is carefully evaluating the

physical risk to its own activities due to climatic

events. However, potentially significant impacts

can also be seen on the supply chain, where more

intense and frequent extreme climatic events can

jeopardize transport, supplies and operations at

production facilities. Events such as the extreme 

drought of the Panama Canal (2023-2024) and the

resulting reduction in daily transits showed how

climatic conditions can influence the logistics and

distribution of goods.

Enel has started an analysis of the climatic risk asso-

ciated with the main supply chains, such as those for 

photovoltaic modules, wind turbines, stationary bat-

teries, cables, transformers and chargers for mobili-

ty, and those for commodities, such as gas and coal, 

analyzing the production sites and key commercial 

hubs, such as the Panama Canal. Information on the 

logistical chains and production facilities of Group 

suppliers and component producers was compared 

with the climatic analysis for a preliminary risk assess-

ment, identifying the most exposed areas. These anal-

yses used climatic indicators calculated on data from 

CMIP6 global modules for the three RCP scenarios of 

reference. These evaluations will be progressively ex-

tended and improved.

For all future scenarios for 2030-2050 with respect 

to the historical benchmark (1990-2020), the average 

number of days with heat waves will tend to increase. 

This increase will be more intense in continental China, 

where various production sites are located in relation 

to the photovoltaic and battery chain, and in other are-

as of South America, in particular in Brazil and Colom-

bia, the site of some production plants for the cable 

and transformer chain.

Climate data for drought, flooding, freezing for the 

RCP scenarios show heterogeneous variations in 

the regions. In southern China, where a number of 

production facilities are located, and for production 

zones in South America, the RCP 2.6 scenario fore-

sees increases in intense rain. In contrast, a reduction 

in chronic precipitation is foreseen for the factories 

located in north China, India and Brazil.

  


Impacts, risks and opportunities related to climate change

120

INTEGRATED ANNUAL REPORT 2024

As regards the Panama Canal, the number of consec-

utive days of drought will increase in the RCP 2.6 sce-

nario and, in a more significant manner, also in the RCP 

8.5 scenario, with respect to the historical benchmark. 

Enel is adopting targeted strategies that contribute 

toward mitigating risks, such as the diversification of 

suppliers and the application of standard contract 

clauses that include the stipulation of insurance con-

tracts, guarantees and the management of events of 

force majeure. As of today, Enel has not had signifi-

cant direct damage to its supply chain due to climatic 

events, even if these events may have generated de-

livery delays.

Inclusion of climate change effects 

in the evaluation of new projects

Many activities related to the evaluation and implemen-

tation of new projects can benefit from climate analy-

ses, both general and site-specific, which the Group is 

beginning to integrate with those already considered in 

the evaluation of new projects. For example:

• preliminary studies: in this phase, climate data of-

fers preliminary screening through the analysis of 

specific phenomena, and is summarized in indica-

tors such as the Acute Events Risk Index. These data 

provide a preliminary measure of the most relevant 

phenomena in the area, among those identified as 

being of interest for each technology;

• estimation of expected potential output: climate 

scenarios are integrated to allow for an assessment 

of how climate change will modify the availability of 

the renewable resource at the specific site;

• analysis of the environmental impact: integrat-

ing the documentation for new plants, the Climate 

Change Risk Assessment contains a representation 

of the main physical phenomena and their expected 

change in the area;

• resilient design: as described, among the measures 

for adaptation to climate change, those targeted to-

ward assets that are resilient by design are of great 

importance. The Group is integrating existing analy-

ses based on historical data already in use, in order 

to increase the resilience of future assets, including 

any adaptation actions that may be required over 

the useful life of the project.

  


Impacts, risks and opportunities related to climate change

121

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Action plan for managing material IROs

The risks and opportunities identified among the material IROs connected to climate change and transition are 

provided below, together with the relative action plan.

ACTIONDESCRIPTION 

OF IROs

DESCRIPTION 

OF ACTION

Preparation 

of actions and 

procedures 

for addressing 

adverse events 

and investments 

in increased 

resilience

Preparation of 

an investment 

plan to reduce 

the impact of 

extreme events

Supervision 

of regulatory 

and policy 

developments 

to pursue 

business 

opportunities

Global 

insurance 

programs

Integration of 

climate change 

scenarios 

in the 

assessment 

of operating 

assets and new 

projects

The Group implements 

solutions to climate change 

adaptation, improving 

the ability to respond to 

adverse events (Response 

Management) and to 

increase business resilience 

(Resiliency Measures), 

consequently reducing 

the risk of adverse events 

having a negative impact in 

the future.

Enel identifies priority 

activities to improve 

performance through the 

Guidelines for Network 

Resilience Enhancement 

Plan. In Italy, where there 

is a dedicated regulation, 

these interventions are part

of the Resilience Plan. Also 

in other countries, both in 

Europe and South America, 

the investment planning 

process takes into account 

adaption needs and any 

possible synergy with the 

regulatory and institutional 

frameworks.

• Advocacy activities in the 

institutional debate

• Active contribution to 

policies through technical 

panels and public 

consultations

• Integrated business in 

renewables, distribution 

grids and retail

• Strategic geographical 

presence to take advantage 

of the opportunities 

created by the transition

Every year, the Group 

defines global insurance 

programs for its business in 

the various countries where

it operates, also for the risk 

of extreme climate-change-

related events.

Through the analysis of 

specific phenomena using 

climate projections, the 

Group assesses the climate 

risk for its assets integrating 

this information into 

processes, for example to 

identify adaptation needs 

of operational assets and 

design and assess new 

projects.

Extreme weather 

events (e.g. 

cyclones, droughts, 

floods, storms, 

heat waves and 

fires) due to climate 

change, damaging 

or reducing the 

efficiency of 

energy generation 

and distribution 

facilities 

and ancillary 

infrastructure, 

causing a 

downgrade of 

capacity, temporary 

disruption of 

operations or 

complete shut 

down

Increased public 

investment in 

infrastructure 

resilience to 

support climate 

physical risk 

mitigation and 

reduction and 

reduce service 

disruptions

New timely and 

effective public 

policies, regulations 

and measures, 

including a 

simplification 

of permitting 

procedures, aimed 

at accelerating the 

energy transition and 

the development of 

related technologies

Electricity 

generation and 

distribution

Electricity 

distribution

Electricity 

generation, 

electricity 

distribution, 

electricity 

marketing and 

services 

Electricity 

generation and 

distribution

Generation

Rolling, in 

alignment 

with company 

processes.

Rolling, in 

alignment 

with company 

processes.

Rolling, in 

alignment 

with company 

processes.

Rolling, in 

alignment 

with company 

processes.

Rolling, in 

alignment 

with company 

processes.

Rolling

The investment 

plan is updated 

annually. 

The Resilience 

Plan in Italy 

is updated 

according to 

the regulatory 

provisions.

Rolling

Rolling

Rolling

Area Targets Timing

Monitoring

NO

  


Policies related to the mitigation of and adaptation to climate change

122

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Policies related to the

mitigation of and adaptation

to climate change

ESRS E1-2 – Policies related to climate change mitigation and adaptation

Combating climate change is a fundamental principle 

of the Group’s Environmental Policy, in which it confirms 

its commitment to mitigation and adaptation includ-

ed in the Group’s climate strategy and objectives. For 

further details on the Environmental Policy, refer to the 

section “Conservation of natural capital”.

In order to facilitate the proper identification and man-

agement of climate-related risks and opportunities, 

a Group policy was published in 2021 with common 

guidelines for assessing climate-related risks and op-

portunities. The “Climate change risks and opportuni-

ties” policy defines a shared approach for the integra-

tion of climate change and energy transition issues into 

the Group’s processes and activities, thus informing 

industrial and strategic choices to improve business 

resilience and long-term sustainable value creation, 

consistent with the adaptation and mitigation strat-

egy. In fact, mitigation and climate change objectives 

are being pursued with a decarbonization strategy that 

is focused on renewables, electrification and enabling 

technologies in combination with an adaptation strat-

egy, integrating company processes for reducing and 

managing risks and taking advantage of opportunities.

The main steps for integrating the climatic analysis in 

the processes and activities described in the policy are 

described below.

Prioritizing phenomena 

and scenario analysis

These activities include the identification of physical and transition phenomena 

relevant to the Group and the consequent development of scenarios to be con-

sidered and developed through analysis and processing of data from internal and 

external sources. Functions can be developed for the phenomena identified that 

link the scenarios (e.g. data on the change in renewables) to business operations 

(e.g. the change in expected potential output). 

Impact assessment Includes all analyses and activities necessary to quantify the effects at the operational, 

economic and financial levels, depending on the processes into which these are inte-

grated (e.g. design of new builds or operational performance appraisal, etc.).

Operational and 

strategic actions

Information from previous activities is integrated into processes, informing Group 

decisions and business activities. Examples of activities and processes that bene-

fit are capital allocation, e.g. for evaluating investments on existing assets or new 

projects; defining resilience plans, risk management and financing activities and 

engineering and business development activities.

  


Policies related to the mitigation of and adaptation to climate change

123

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Climate change governance

ESRS GOV-1 – The role of the administrative, management and supervisory bodies

The implementation of the energy transition strategy 

for mitigating risks and taking advantages of oppor-

tunities related to climate change require effective 

corporate governance, with clear and well-defined

roles.

The governance system for climate issues estab-

lished by the Enel Group is outlined below; for an in-

depth examination of corporate governance, refer to 

the “Governance” chapter of this document.

Functions

Acts as a coordinator of the Board of Directors’ activities

Chairs the Corporate Governance and Sustainability 

Committee

CHAIRMAN

BOARD

OF DIRECTORS

CHIEF EXECUTIVE

OFFICER

Functions

Approves the 

corporate 

strategy, 

promoting a 

sustainable 

business model 

aimed at zero 

greenhouse gas 

emissions 

by 2024

Functions

Assists the Board 

of Directors and 

provides guidelines 

for the ICRMS, so 

that the main risks 

concerning Enel 

and its subsidiaries 

\- including risks 

related to climate 

change - are correctly 

identified, as well as 

adequately measured, 

managed and 

monitored

Functions

Assists the Board 

of Directors in the 

assessment and 

decision-making 

on climate change-

related issues 

Functions

Adoption of sustainability criteria, 

also related to climate change, in 

supply chain management and 

development of digital solutions 

to support the development of 

technologies enabling the energy 

transition and the fight against 

climate change

Functions

Promotion of decarbonization leading the energy 

transition with the adoption of a low carbon business 

model in the different areas of responsibility

Functions

Development 

of business 

activities and 

solutions 

enabling 

the energy 

transition 

and the fight 

against climate 

change

Control and Risk 

Committee

Corporate 

Governance and 

Sustainability 

Committee

Functions

Manages 

business activities 

related to Enel’s 

commitment to 

fighting climate 

change

MANAGEMENT

LEVEL

Global Service

Function

Global Business

Lines

Countries and Region

Functions

Consolidation 

of scenario 

analysis and 

management of 

the strategic and 

financial planning 

process aimed 

at promoting the 

decarbonization of 

the energy mix and 

the electrification 

of energy demand

Functions

Approval of 

investments 

aligned with 

Enel’s climate 

change 

objectives

Staff

Functions

Group 

Investment 

Committee

  


Enel’s advocacy system on climate policies and a just energy transition

124

INTEGRATED ANNUAL REPORT 2024

Enel’s advocacy system 

on climate policies and a just

energy transition

ESRS G1-5 – Political influence and lobbying activities

Enel is committed to carrying out its direct and indirect 

public advocacy actions in line with the Paris Agree-

ment and with the target of limiting global warming 

to within 1.5 °C. Consistent with its original spirit, it 

does so by involving institutional stakeholders, trade 

associations, non-governmental organizations and 

academia. The aim is to promote the Group’s vision on 

climate, zero greenhouse gas emission policies and a 

pathway to a just energy transition. Through its direct 

advocacy, Enel interacts with policy makers, while in-

directly contributing to the positioning and debate in 

trade associations. The goal is to build consensus and 

support for the path to decarbonization of the global 

economy, which is the goal of the Paris Agreement. 

Advocacy structure and governance

The worldwide coordination of the Enel Group advocacy 

on climate policies is provided by the Energy and Climate 

Policies unit. This unit is responsible for ensuring the 

consistency of global scenarios and positions on climate 

policies with the support of the countries and global

business lines. Its objective is to guide Enel’s national and 

local advocacy activities, thanks to a continuous dialogue

with institutions and the widest possible range of stake-

holders active in the climate debate.

At the local level, in countries where Enel operates, advo-

cacy efforts are led by the institutional relations units with 

support from the business units. This is pursued through 

specific activities and broader stakeholder engagement 

on the issues of decarbonization and a just and inclusive 

energy transition, adopting an approach similar to that

adopted at the global level. Enel’s advocacy in this area

is implemented through ad hoc engagement on specific 

legislative proposals, but also through broader stake-

holder engagement at the national level through Enel’s

“Energy Transition Roadmap” platform.

Enel continuously assesses the alignment of its climate 

policies and direct advocacy actions with the goals set 

by the Paris Agreement. In fact, advocacy is defined on

the basis of the Group strategy, which is presented every 

year to the financial community and is oriented toward 

promoting an accessible, safe and sustainable energy 

system through:

• the development of renewable sources and storage 

systems;

• the decarbonization and electrification of final energy 

uses;

• the digitalization of the distribution grids and improve-

ment of resilience to increasingly frequent and intense 

climatic events.

These general principles guide the Group’s actions for 

reaching its objectives of reducing greenhouse gas 

emissions certified by the Science Based Targets ini-

tiative as aligned with the Paris Agreement, in line with 

a scenario of limiting the increase in global tempera-

tures to within 1.5 °C as compared with pre-industrial 

levels. The Group is constantly and proactively moni-

toring the technological evolution for accelerating the 

decarbonization process and is investing in innovation 

as a fundamental lever for the creation of value and 

competitive advantage. Furthermore, it has defined a 

climate change adaptation plan in order to increase 

the resilience of the assets, limiting potential impacts 

from climate events to guarantee a safe and sustain-

able service in the countries in which it operates. In 

accordance with the Group’s “Climate change risks 

and opportunities” policy, the Group’s climate advoca-

cy activities are guided by energy transition roadmaps, 

through which Enel engages a wide range of stake-

holders in relation to the actions needed at the na-

tional level to pursue the goals of the Paris Agreement.

  


Enel’s advocacy system on climate policies and a just energy transition

125

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Direct advocacy – Positioning on climate policies

In 2024, Enel participated in the main regulatory de-

bates on a global, European and national scale.

• On a global level, it contributed to negotiations on 

climate of the UNFCCC and at the COP29 in Baku, 

promoting greater involvement of the private sector 

and supporting initiatives for accelerating the ener-

gy transition.

• On a European level, it presented its vision and pro-

moted its position on strategic policies, including 

the “Clean Industrial Deal”, “Net Zero Industry Act”

and the “Electrification Action Plan”, participating in 

discussions on competitiveness, decarbonization 

and energy governance.

• On a national level, it activated advocacy actions and 

supported climate and energy plans and regulations 

for the development of renewables, regulatory sim-

plification and electrification with specific propos-

als for improving the regulatory and infrastructural 

context.

Indirect advocacy – Collaborations with associations 

and organizations

The Group plays an active role in various industry and

multi-stakeholder associations and organizations 

with the aim of promoting issues concerning a just 

energy transition and climate action at national and 

global level. Enel is committed to ensuring that the

various industry associations, business networks and 

think tanks of which it is a member operate in full 

compliance with the objectives of the Paris Agree-

ment and the decarbonization roadmap established

by the Group. Enel therefore systematically checks 

that the associations’ positions are consistent with 

the Group’s climate policies and the Paris Agreement. 

This verification process is carried out in two stages: 

(i) before joining the association, through an in-

depth analysis of the association’s bylaws, in line

with the Climate Policy issued in September 2021; 

(ii) after joining the association, actively contributing 

to its work and/or taking positions of responsibili-

ty within it or promoting the Enel Group’s position 

within working groups. 

A review of the level of alignment of the associations 

with Enel’s strategy is conducted annually. 

Where an association is found not to be in line with

the objectives of the Paris Agreement and Enel’s 

climate risk mitigation strategy, the Group assess-

es whether the misalignment could compromise

the effectiveness of Enel’s advocacy and participa-

tion and may decide to withdraw from the associ-

ation.

In 2024, the analysis for assessing alignment with the 

Paris Agreement was extended to cover all associa-

tions involved in climate advocacy activities, of which 

Enel is a global member. Moreover, as was done for 

previous years, the list, positioning and Paris Agree-

ment alignment analysis of the associations collab-

orating with Enel deemed most relevant in terms of 

climate policy advocacy have been published on the 

Group’s website. 

The alignment level was determined based on a spe-

cific methodology using targeted evaluations on the

science of climate change, climate policies at global

and national levels, disclosures on the topic, and the 

technologies proposed. 

  


Enel’s advocacy system on climate policies and a just energy transition

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INTEGRATED ANNUAL REPORT 2024

  


Actions for managing the impacts, risks and opportunities connected with climate change

127

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Actions for managing the

impacts, risks and

opportunities connected

with climate change

ESRS E1-1 – Transition plan for climate change mitigation

ESRS E1-3 – Actions and resources in relation to climate change policies

ESRS E1-4 – Targets related to climate change mitigation and adaptation

The roadmap to decarbonization

21. This value takes the 2040 targets into account. In contrast, for the 2030 targets, the coverage level of all direct and indirect emissions is 89%. 

Both values are calculated using the Scope 2 location-based model.

22. This value takes the 2040 targets into account. In contrast, for the 2030 targets, the coverage level for all indirect Scope 3 emissions is 85%. 

Both values are in line with SBTi requirements and calculated using the location-based model.

Enel’s decarbonization roadmap is based on four targets

validated by the Science Based Targets initiative (SBTi) in

2022 according to the criteria and recommendations re-

lated to short-term goals and to the SBTi Corporate Net 

Zero standard. All targets are aligned to a pathway that

aims to limit global warming to 1.5 °C, as defined by the 

SBTi, according to IPCC scenarios and other internation-

al benchmarks. These targets also cover the Group’s var-

ious business activities – including the generation, distri-

bution and sale of electricity and services, and also the 

sale of gas in the retail market – and the various sources 

of direct and indirect emissions along the entire value

chain (upstream and downstream).

The 2025-2027 Business Plan also defines new short-term 

targets for 2027, which play a crucial role in the implemen-

tation of company strategies toward decarbonization.

The Group’s targets are defined in terms of gross 

emissions and do not use GHG removals, carbon 

credits or avoided emissions to reach them.

The four targets validated by SBTi cover more than 

91%

21

of Enel’s total reported direct and indirect GHG 

emissions in 2024, including approximately 96% of 

Scope 1, 100% of Scope 2 (location based) and ap-

proximately 89%

22

of Scope 3. 

The defined targets, with an indication of the certified 

curves and the relative trends recorded starting from 

the base year are provided below. The action levers for 

reaching each target, the concrete actions that have 

been developed and the investments assigned to each 

of them are also reported.

  


Actions for managing the impacts, risks and opportunities connected with climate change

128

INTEGRATED ANNUAL REPORT 2024

SCOPE 1 GHG EMISSIONS INTENSITY RELATING TO POWER GENERATION

(gCO

2eq

/kWh)

2017

(

¹

)

2023

2024

(2)

2025 2026

20302027 2040

ZERO 

EMISSIONS

130

125

115

72

101

160

365

140

224

218

167

143

(1)  Baseline 2017 in line with SBTi certification issued in 2022.

(2)  Actual figure.

1.5 °C pathway in accordance with SBTi, based on IPCC 

scenarios, adjusted to Enel’s baseline.

Short -term target set in the 2022-2024 Strategic Plan.

Short-term targets set in the 2023-2025 /

2024-2026 / 2025-2027 Strategic Plans respectively. 

Medium- and long-term targets validated by SBTi in 2022.

-

75

NEW

192

-80%

vs 2017

-100%

vs 2017

1.5 °C 1.5 °C

  


Actions for managing the impacts, risks and opportunities connected with climate change

129

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

GHG targets Scope 1 GHG emissions Intensity relating to Power Generation

Description This target considers all greenhouse gas emissions (including CO

2

, CH

4

and N

2

O) deriving from the power 

generation process compared to the total electricity generated by the Group (excluding electricity generation 

from pumping to avoid possible double counting in the Scope 2 emissions target)

Business activity  Electricity generation

Type of activity 

in the value chain

Group activities

Stakeholders impacted 

or involved

• Customers and power consumers

• Society and Environment

% Scope covered 95% of the GHG Scope 1

(1)

emissions in 2024

Timing Short term (2027) Medium term (2030) Long term (2040)

GHG targets 115 gCO

2eq

/kWh 72 gCO

2eq

/kWh 0 gCO

2eq

/kWh

% reduction compared 

to 2017 (SBTi baseline)

-68% -80% -100%

% reduction compared 

to 2024 (reporting 

year)

The target does not entail a 

reduction compared to 2024 as 

the level of hydraulicity during the

year was extraordinarily high in 

comparison to previous years and 

there is not sufficient evidence to 

confirm the same level in 2027

-29% -100%

Climatic scenario and 

method of reference

1.5 °C 

Consistent with the SBTi model 

“Sectoral Decarbonization 

Approach” (SDA)

1.5 °C (SBTi certified) SBTi 

model “Sectoral Decarbonization 

Approach” (SDA)

1.5 °C (SBTi certified) SBTi 

model “Sectoral Decarbonization 

Approach” (SDA)

Main drivers and future 

actions

• Gradual phase out of coal-fired 

capacity in the 2025-2027 

period. 

• Invest €12 billion to accelerate 

the development of renewable 

energy by installing 12 GW of new 

renewable capacity during 2025-

2027 (of which approximately 9 

GW is consolidated), to reach 

76 GW of renewable capacity by 

2027 (including BESS).

• Continue the process of 

decarbonizing electricity 

generation, bringing the capacity 

of the generation fleet to 

79% renewable plants in 2027 

(including BESS), reaching zero-

emissions generation amounting 

to 86% of the total in that same 

year, considering consolidated 

and managed generation.

• No use of carbon removal 

technologies to reach the target. 

• Continue the process of 

decarbonizing electricity 

generation, thanks to 

investments at Group level 

that will bring the capacity 

of the generation fleet to be 

approximately 85% renewable 

plants (including BESS) in 2030, 

thus reaching a zero-emission 

production level of approximately 

90% of the total, considering 

consolidated and managed 

generation.

• Exit from coal-fired generation, 

planned globally by 2027.

• No use of carbon removal 

technologies to reach the target.

• Exit the thermal electricity 

generation business, achieving a 

100% zero-emissions renewable 

energy mix.

• No use of carbon removal 

technologies to reach the target.

Results and main 

actions taken in 2024

KPI result in 2024: 101 gCO

2eq

/kWh 

Achievement of the target specified in the 2022-2024 Strategic Plan for 2024, equal to 140 gCO

2eq

/kWh.

• Approximately €3.2 billion invested in renewables in 2024.

• Consolidated new installed renewable capacity of 3.9 GW in 2024, including 1.3 GW of BESS.

• Approximately 5% increase in consolidated renewable production as compared to 2023, representing 69% 

of total consolidated generation in 2024.

• Reduction in thermoelectric capacity by approximately 1.5 GW compared to 2023.

• Reduction in thermal generation of 38% compared to 2023 (in particular with a 78% reduction in coal-fired 

production), representing 18% of total production in 2024.

• Increase in the percentage of consolidated zero-emissions generation of the total from 73% in 2023 to 82% 

in 2024.

(1)  Marginal Scope 1 GHG emissions not directly related to the combustion process of fossil fuels for electricity generation in thermal power 

plants were excluded.

  


Actions for managing the impacts, risks and opportunities connected with climate change

130

INTEGRATED ANNUAL REPORT 2024

SCOPE 1 AND 3 GHG EMISSIONS INTENSITY RELATING TO INTEGRATED POWER

(gCO

2eq

/kWh)

2017

(

¹

)

2023

(2)

2024

(3)

2025 2026 2027

2030 2040

135

135

125

73

121

166

332

233

207

160

137

(1)  Baseline 2017 in line with SBTi certification issued in 2022. 

(2)  Recalculated based on the methodological updates disclosed in the section 

“Enel’s metrics in combating climate change”.

(3)  Actual figure. For further details, please see the section “Enel’s metrics

in combating climate change”.

Short-term targets set in the 2023-2025 / 2024-

2026 / 2025-2027 Strategic Plans respectively.

Medium- and long-term targets validated by

SBTi in 2022.

74

NEW

183

-78%

vs 2017

-100%

vs 2017

1.5 °C pathway in accordance with SBTi, based 

on IPCC scenarios, adjusted to Enel’s baseline.

1.5 °C 1.5 °C

ZERO 

EMISSIONS

  


Actions for managing the impacts, risks and opportunities connected with climate change

131

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

GHG targets Scope 1 and 3 GHG emissions Intensity related to Integrated Power

Description This target considers the combination of the Group’s direct GHG emissions (Scope 1, including CO

2

, CH

4

and N

2

O) from power generation and the Group’s indirect GHG emissions (Scope 3) from the generation of 

electricity purchased and sold to end customers (which is an element of subcategory 3 - Fuel- and Energy-

Related Activities of the GHG protocol - Scope 3 standard), divided by electricity generation and purchases 

(excluding pumped storage generation) 

Business activity  Electricity generation

Electricity sales to the end customer

Type of activity in the 

value chain

• Group activities (electricity generation) 

• Activities upstream of the value chain (purchase of electricity from other producers)

Stakeholders impacted 

or involved

• Customers and power consumers

• Power producers (peers)

• Society and Environment

% Scope covered • 95% of Scope 1 GHG emissions in 2024

• 39% of Scope 3 GHG emissions in 2024

• 79% of Scope 3 GHG emissions - subcategory 3 (Fuel- and Energy-Related Activities) in 2024

Timing Short term (2027) Medium term (2030) Long term (2040)

GHG targets 125 gCO

2eq

/kWh 73 gCO

2eq

/kWh 0 gCO

2eq

/kWh

% reduction compared 

to 2017 (SBTi baseline)

-62% -78% -100%

% reduction compared 

to 2024 (reporting 

year)

The target does not entail a 

reduction compared to 2024 as 

the level of hydraulicity during the

year was extraordinarily high in 

comparison to previous years and 

there is not sufficient evidence to 

confirm the same level in 2027

-40% -100%

Climatic scenario and 

method of reference

1.5 °C

Consistent with the SBTi model 

“Sectoral Decarbonization 

Approach” (SDA)

1.5 °C (SBTi certified) SBTi 

model “Sectoral Decarbonization 

Approach” (SDA)

1.5 °C (SBTi certified) SBTi 

model “Sectoral Decarbonization 

Approach” (SDA)

Main drivers and future 

actions

• Increase the share of renewable 

energy sold to customers, 

increasing the Group’s renewable 

production and optimizing the 

customer portfolio by continuing 

the strategy of balancing supply 

and demand.

• In Europe, increase the share of 

sales to end customers at a fixed 

price covered by zero-emission 

production to approximately 85% 

in 2027.

• In Latin America, maintain a 

business model focused on 

coverage from renewable 

sources of sales to end 

customers at a fixed price, also 

via PPA.

• In North America, maintain 100% 

zero-emissions sales to end 

customers.

• Continue the process of 

decarbonizing electricity 

generation, increasing the level of 

zero-emission production to 86% 

of the total in 2027, considering 

consolidated and managed 

production.

• No use of carbon removal 

technologies to reach the target.

• Continue the strategy of 

balancing supply and demand 

and increasing the share of 

electricity sold at a fixed price 

covered by carbon-free power 

generation.

• Continue the process of 

decarbonizing electricity 

generation, increasing zero-

emissions generation to about 

90% of the total in 2030.

• No use of carbon removal 

technologies to reach the target.

• Achieve 100% sales of energy 

from zero-emission sources by 

2040.

• No use of carbon removal 

technologies to reach the target.

Results and main 

actions taken in 2024

KPI result in 2024: 121 gCO

2eq

/kWh

• 5% increase in the Group’s consolidated renewable production in 2024 with respect to 2023.

• 10% reduction in the gap between energy sales to end customers and Group production in countries in 

which the Group had an integrated position in 2024, as compared to 2023.

  


Actions for managing the impacts, risks and opportunities connected with climate change

132

INTEGRATED ANNUAL REPORT 2024

ABSOLUTE SCOPE 3 GHG EMISSIONS RELATING TO GAS RETAIL (MtCO

2eq

)

(1)

2017

(

2

)

2023 2024

(

3

)

2025 2026 2027

2030 2040

18.8

18.0

16.5

10.3

14.3

16.8

22.8

(1)  Recalculated after updating in 2024 the calculation method for aligning 

the volumes of natural gas sold to end customer according to the 

corresponding calorific value with the IPCC factor used.

(2)  Baseline 2017 in line with SBTi certification issued in 2022\. 

(3)  Actual figure.

Short-term targets set in the 2023-2025 / 

2024-2026 / 2025-2027 Strategic Plans respectively.

Medium- and long-term targets validated 

by SBTi in 2022.

-55%

vs 2017

-100%

vs 2017

1.5 °C 1.5 °C

NEW

ZERO 

EMISSIONS

  


Actions for managing the impacts, risks and opportunities connected with climate change

133

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

GHG targets Absolute Scope 3 GHG emissions relating to Gas Retail

Description The target considers indirect greenhouse gas emissions from sold products (category 11), related to the use 

of natural gas sold to end customers.

The 2025, 2026, 2030 and 2040 targets, and also the baseline of 2017, were recalculated after updating 

the calculation method for aligning the volumes of natural gas sold to end customer according to the 

corresponding calorific value with the IPCC factor used.

Business activity  Gas sales to the end customer

Type of activity 

in the value chain

Activities downstream in the value chain

Stakeholders 

impacted or involved 

• Gas customers

• Society and Environment

% Scope covered 31% of Scope 3 GHG emissions in 2024

100% of Scope 3 GHG emissions - category 11 (Use of Sold Products) in 2024

Timing Short term (2027) Medium term (2030) Long term (2040)

GHG targets 16.5 MtCO

2eq

10.3 MtCO

2eq

0 MtCO

2eq

% reduction compared

to 2017 (SBTi baseline)

-28% -55% -100%

% reduction 

compared to 2024 

(reporting year)

The target does not entail a 

reduction compared to 2024 as the 

value was reduced considerably as 

compared to the recent years, to 

a value below the target expected 

for 2027.

-28% -100%

Climatic scenario and

method of reference

- 1.5 °C (SBTi certified) 

SBTi model “Absolute Contraction 

Approach” (ACA)

1.5 °C (SBTi certified) 

SBTi model “Absolute Contraction 

Approach” (ACA)

Main drivers and future 

actions

• Promote the switch of customers 

from gas to electricity (especially 

residential customers) by 

pushing more efficient electrical 

technologies (e.g. heat pumps for 

home heating or induction hobs 

in kitchens), increasing the annual 

electricity unit consumption 

of B2C customers on the free 

market (Italy and Iberia) from 2.76 

MWh in 2024 to approximately 

2.9 MWh in 2027, thus increasing 

the customer electrification rate.

• Allocate 26% of network 

investments in the period 

2025-2027 to connections, 

including to enable the growth of 

distributed generation and thus 

promote the electrification of 

end customer consumption. The 

number of distributed generation 

connections is expected to 

increase from 2.4 million in 2024 

to approximately 3.4 million in 

20 27.

• No use of carbon removal 

technologies to reach the target.

• Promote the switch of customers 

from gas to electricity (especially 

residential customers) by 

pushing more efficient electrical 

technologies (e.g. heat pumps for 

home heating or induction hobs 

in kitchens), increasing the annual 

electricity unit consumption 

of B2C customers on the free 

market (Italy and Iberia) to 

approximately 3.5 MWh in 2030, 

thus increasing the customer 

electrification rate.

• Continue to invest in distribution 

networks by accompanying 

the growth of distributed 

generation and thus promoting 

the electrification of end 

customer consumption, up 

to approximately 6 million 

connections to distributed 

generation in 2030.

• Optimize the customer gas 

portfolio (industrial customers in 

particular), reducing the volume 

of gas sold to approximately 5.3 

billion cubic meters in 2030.

• No use of carbon removal 

technologies to reach the target.

• Exit the business of selling gas to 

retail customers by 2040.

• No use of carbon removal 

technologies to reach the target.

Results and main 

actions taken in 2024

KPI result in 2024: 14.3 MtCO

2eq

• Sales of gas in 2024 of 7.1 billion cubic meters, down 15% compared to 2023.

  


Actions for managing the impacts, risks and opportunities connected with climate change

134

INTEGRATED ANNUAL REPORT 2024

ADDITIONAL SCOPE 1, 2 AND 3 EMISSIONS (MtCO

2eq

)

2017

(

1

)

2023

(

2

)

2024

(

3

)

2030 2017

(

1

)

2023

(

2

)

2024

(

3

)

2040

10.4

24.5

14.3

12.1

10.6

2017-2030 Roadmap 2017-2040 Roadmap

23.1

(1)  Baseline 2017 in line with SBTi certification issued in 2022. 

(2)  Recalculated based on the methodological updates discussed 

in the section “Enel’s metrics in combating climate change”.

(3)  Actual figure. 

Medium- and long-term targets validated by SBTi in 2022.

2.5

12.7

-55%

vs 2017

-90%

vs 2017

1.5 °C1.5 °C

ZERO 

EMISSIONS

  


Actions for managing the impacts, risks and opportunities connected with climate change

135

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

GHG targets Additional Scope 1, 2 and 3 emissions

Description The target considers (i) Scope 1 GHG emissions from fleet and buildings, and losses of SF

6

in distribution assets; (ii) all 

Scope 2 emissions; (iii) Scope 3 emissions arising from the supply chain and all other activities related to the purchase and 

transportation of fuels.

Provision is made for various levels of coverage of supply chain GHG emissions for the 2030 and 2040 targets permitted by 

the SBTi, resulting in two decarbonization curves:

• the 2017-2030 roadmap covers specific supply chain categories that accounted for 40% of supplier emissions in 2017;

• the 2017-2040 roadmap covers all supply categories included in the 2017-2030 roadmap plus some additional ones, which 

account for 54% of supplier emissions in 2017.

Core business activity • Distribution of electricity (Scope 1 and 2)

• Management of vehicle fleet, buildings and other assets (Scope 1 and 2) 

• Supply chain management (Scope 3)

• Fuel purchases (Scope 3)

Type of activity 

in the value chain

• Group activities (distribution of electricity and fleet management)

• Activities upstream in the value chain (supply chain of products and services and fuel supply chain)

Stakeholders impacted 

or involved

• Customers and power consumers

• Power producers (peers)

• Suppliers of products and services

• Suppliers of oil&gas

• Society and Environment

% Scope covered • 1% of Scope 1 GHG emissions in 2024

• 100% of Scope 2 GHG emissions in 2024

• 16% of Scope 3 GHG emissions in 2024 for the 2030 target and 19% for the 2040 target

(1)

• 18% of Scope 3 GHG emissions - category 1 and 2 for the 2030 target and 37% for the 2040 target

(1)

• 30% of Scope 3 GHG emissions - category 3 (Fuel- and Energy-Related Activities) for the 2030 target and 24% for the 2040

target

(1)

Timing Medium term (2030) Long term (2040)

GHG targets 10.4 MtCO

2eq

<2.5 MtCO

2eq

Net zero emissions

% reduction compared to 

2017 (SBTi baseline)

-55% -90%

% reduction compared to 

2024 (reporting year)

-2% -79%

Climatic scenario and 

method of reference

1.5 °C (SBTi certified) 

SBTi model “Absolute Contraction Approach” (ACA)

1.5 °C (SBTi certified) 

SBTi model “Absolute Contraction Approach” (ACA)

Main drivers and future 

actions

• Invest a total of approximately €26 billion in grids over

the period 2025-2027, of which 63% for maintenance,

development and improvement in terms of resilience, 

quality and digitalization of the grids, therefore contributing

to reduce grid losses and the related greenhouse gas 

emissions. Replace existing distribution grid infrastructure 

components with SF

6

-free solutions.

• Implement a circular procurement approach, increase the 

number of contracts that include the measurement of the 

carbon footprint of products and services purchased by 

Enel by incentivizing their reduction in a decarbonization

pathway shared with suppliers. Strengthen the dialogue 

with manufacturers or raw materials and other utilities to 

define effective and long-term common decarbonization 

strategies.

• Phase out coal-fired generation by 2027, mitigating all GHG

emissions related to coal supply.

• No use of carbon-removal technologies to achieve the

target.

• Promote grid digitalization and replace existing distribution 

grid infrastructure components with SF

6

-free solutions.

• Implement a circular procurement approach, increase the 

number of contracts that include the measurement of the 

carbon footprint of products and services purchased by 

Enel by incentivizing their reduction in a decarbonization

pathway shared with suppliers. Strengthen the dialogue 

with manufacturers of raw materials and other utilities to 

define effective and long-term common decarbonization 

strategies.

• Zero emissions from gas extraction activities, the Group

having completely exited from the business of both 

electricity generation from gas and gas sales to end 

customers.

• Neutralize the residual share through carbon removal 

actions (purchase of certificates linked to nature-based or

technology-based projects in voluntary carbon markets,

according to international standards) if full mitigation 

of emissions is not feasible due to exogenous factors 

(technological, market or regulatory).

Results and main actions 

taken in 2024

KPI result in 2024: 10.6 MtCO

2eq

(according to the 2017-2030 target scope) and 12.1 MtCO

2eq

(according to the 2017-2040 

target scope)

(1)

• €5.9 billion invested in the grid in 2024.

• 76% reduction in coal burned in thermal power plants.

• 33% reduction in volume of natural gas burned in thermal power plants compared with 2023, and 15% reduction in volume 

of gas sold in the end-user market compared with 2023.

• 15% reduction in electricity consumption in the Group’s assets (generation plants, grids and buildings).

• 12% reduction in the economic amount of ordered expenditure in 2024 compared with 2023.

(1)  Two different percentage limits to the supply chain Scope 3 GHG emissions target have been defined, as allowed by the SBTi methodology, 

which requires at least 67% of Scope 3 emissions to be covered for the 2030 target, and at least 90% for the 2040 target.

  


Actions for managing the impacts, risks and opportunities connected with climate change

136

INTEGRATED ANNUAL REPORT 2024

Furthermore, within the scope of the Group’s Sustaina-

bility Plan, a global target was defined that includes all the

Scope 1, 2 and 3 emissions and that is the result of the 

combination of the four targets indicated previously.

TOTAL ABSOLUTE GHG EMISSIONS (SCOPES 1, 2, 3) (MtCO

2eq

)

2017 2023 2024

(1)

2030 2040 2040

~190

Enel’s ambitionNet Zero

(1)  Recalculated based on the methodological updates discussed in the section “Enel’s metrics in combating climate change”.

94

70

60

-68%

-99%

0

According to this roadmap, the climate change mitiga-

tion strategy will help reduce direct and indirect green-

house gas emissions along the entire value chain by at 

least 99% by 2040, compared to 2017, well above the 

overall threshold set by the main international stand-

ards (90%). In any case, the Group’s ambition is to aim 

for zero emissions, both direct and indirect, although 

several external developments are necessary in the 

medium and long term, including the development of 

new large-scale emission-free technology solutions in 

the supply chain, as well as changes in certain mar-

ket conditions and policies to promote emission-free 

business models.

It is estimated that any residual emissions remaining in 

2040, in any case unrelated to direct emissions from 

power generation and indirect emissions from the sale 

of electricity and gas where all emissions are expect-

ed to be zero, will be less than 2.5 MtCO

2eq

annually. In 

this case, to achieve the target of net zero emissions 

certified by the SBTi, from 2040 onward the Group will 

mitigate any impact by removing carbon equivalent 

volumes from the atmosphere, primarily by building a 

portfolio of credits related to high-quality natural and 

technological solutions with proven long-term dura-

bility, managing potential risks through portfolio diver-

sification by technology and country.

  


Actions for managing the impacts, risks and opportunities connected with climate change

137

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Additional targets for supporting the decarbonization 

of the value chain

Not in line  In line  Achieved

KPI POLICIES SCOPE

Flexibility 

\- Demand 

response

Use of the 

energy capacity 

of commercial 

and industrial 

customers for 

improving grid 

stability and 

flexibility

Among the strategic 

objective of the Enel 

Group environmental 

policy, number 4 has the 

objective of promoting 

a climate action in line 

with the limitation of 

the increase in global 

temperature to 1.5 

°C with respect to 

the pre-industrial 

era, accelerating the 

energy transition 

to zero emissions 

and increasing 

the adaptation of 

companies to climate 

change. 

https://www.enel.com/

content/dam/enel-com/

documenti/investitori/

sostenibilita/enel-

group-enviromental-

policy.pdf

Enel globally.

(1)

Certificates are

requested during 

the tender stage 

(upstream) and must 

be demonstrated 

and maintained 

during the execution 

phase.

Enel globally (B2B 

customer scope).

Phase of the 

value chain: 

downstream.

Value of supply 

contracts 

covered by 

carbon footprint 

certifications 

(EPD, ISO CFP)

-

Year: 2021 

Value: 59%

Year: 2016

Value: 5.7 GW

66.2%

9.3 GW

75% in 2027

13.6 GW in 

2027

BASELINE STATEMENT

2024

TARGET STATUS

(1)  Share of the main supplies covered by emission certification globally.

Within the scope of the 2025-2027 Sustainability Plan, 

Enel has fixed two additional targets for supporting the 

decarbonization process of the Group’s value chain, in 

particular for what concerns suppliers and customers:

• as regards the suppliers, the target results from 

the need to have objective data on greenhouse gas 

emissions connected to the provision of the main 

supplies. Suppliers are engaged in virtuous strate-

gies of reducing emissions through the introduction 

of rewarding criteria in tendering processes that aim 

to demonstrate a progressive improvement in the 

environmental performance of the main supplies, 

through relative certification. The indicator is calcu-

lated as the percentage ratio of the economic value 

of contracts with ISO and EPD certification with re-

spect to the total value of contracts as regards main 

supplies (including electronic counters, photovoltaic 

panels, wind turbines, transformers, etc.) globally;

• as regards customers, Enel has fixed a target for in-

dustrial customers related to the flexibility and de-

mand response solutions, which is used to monitor 

Enel’s aggregate capacity in the markets in which it 

operates, aiming to promote a grid that is increas-

ingly integrated with generation technologies pow-

ered from renewable sources and therefore a less 

impacting energy mix. The indicator is calculated as 

a non-zero average of the MW effectively offered 

and valorized in flexibility markets (e.g. in the case of 

seasonal demand response programs, the average 

that accounts only for the periods in which the spe-

cific flexibility program is active) and that therefore 

can be dispatched by the TSO, generating revenue.

  


Actions for managing the impacts, risks and opportunities connected with climate change

138

INTEGRATED ANNUAL REPORT 2024

Enel’s roadmap for a just transition

ESRS 2 - General disclosures

ESRS S1-1 - Policies related to own workforce

ESRS S2-1 – Policies related to value chain workers

ESRS S3-1 – Policies related to affected communities 

ESRS S4-1 – Policies related to consumers and end-users

Enel’s roadmap for a just transition hinges on three 

pillars:

1. engagement of internal and external stakeholders 

in order to increase their awareness and develop a 

constructive dialogue that can provide a valuable 

contribution to the transition itself;

2. transition out of high-carbon activities, support-

ing the vocational requalification, retraining, and

self-learning of direct and indirect workers, with

support for business diversification and the de-

velopment of greater resilience for the supply 

chain, developing socio-economic plans for the 

communities in the area of Enel’s activities and 

helping customers to quit conventional technol-

ogies;

3\. transition in green technologies, facilitating access 

to new job opportunities for direct and indirect 

workers, and developing inclusive and accessible 

solutions for communities and customers through 

user-friendly services and offerings that reduce 

complexity and costs, while getting consumers to 

increase control over their consumption.

ENEL PEOPLE

SUPPLIERS

COMMUNITIES

CUSTOMERS

Social dialogue, social protection

and wage guarantees, in line

with ILO standards

Upskilling/reskilling, 

redeployment, sharing 

of knowledge

Joint work on circular and 

low carbon supply models + 

upskilling/reskilling for workers 

whose jobs may disappear

Development of individual and 

multi-stakeholder activities to 

manage challenges and create 

shared value opportunities

Analysis of barriers and 

intervention areas to facilitate 

dropping out of conventional 

technologies

Cross and tailored stakeholder engagement

Upskilling/reskilling to green 

jobs and digital

Supplier development 

program (managerial and 

technical training to foster 

business reconversion and 

internationalization)

Inclusive business products, 

actions aimed at supporting 

access to energy, training 

aimed at facilitating access 

to employment and gender 

gap reduction

Support in the energy 

transition process by 

promoting an affordable, 

secure and green energy

Support for increasing 

resilience in the transitioning

economy and the diversification

of Net Zero critical technologies

Contribution to socio-

economic development, 

with a focus on those 

transitioning away from fossil 

fuels generation

Support in electrification 

journey and to access 

affordable, secure and 

green energy

TRANSITION INTRANSITION OUT

  


Actions for managing the impacts, risks and opportunities connected with climate change

139

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Stakeholder engagement

Enel promotes the active involvement of stakeholders 

to increase awareness and promote a constructive di-

alogue to support a just transition, with particular at-

tention to the most vulnerable. The awareness-raising 

initiatives involve employees, to reinforce inclusion and 

motivation, suppliers, to support them in the adapta-

tion to sector changes, local communities, through 

continuous dialogue for developing shared solutions, 

and customers, encouraging their active participation 

in the energy transition.

Transition out Enel has traced a clear roadmap for the decarbonization of its energy mix, adopt-

ing inclusive practices to mitigate impacts on employees, suppliers, communities 

and customers. To support a just transition, the plan to exit thermal generation 

includes:

• employees: courses for relocation in renewables or in other company areas, by 

reskilling and upskilling programs without impacts on contracts or wages, and 

voluntary access to early retirement plans;

• decommissioned sites: reconversion into renewable or hybrid plants and reuse 

of infrastructures according to the principles of the circular economy;

• local communities: active involvement in the requalification process, with mul-

ti-stakeholder projects and third-party initiatives in non-energy areas to gener-

ate shared value.

2024

66% of people leaving coal-fired plants in 2024 have been re-employed; the 

remaining 34% have retired or have been involved in early retirement programs. 

Coal employees redeployed: ~80% within the Enel Green Power and Thermal 

Generation perimeter and ~20% in other Enel business areas. 

Transition in Similarly to transition out, however, the path to a ‘green’ and digital future must also 

be pursued in an inclusive way to enable all stakeholders to seize the opportunities 

and manage the risks involved. For example, actions to promote the requalification, 

vocational training and self-learning of direct and indirect employees, the provi-

sion of support to supply chain companies to help business diversification and 

strengthen resilience, as well as the generation of value for communities through 

access to local job opportunities and facilitating access to products and services 

for customers.

  


Actions for managing the impacts, risks and opportunities connected with climate change

140

INTEGRATED ANNUAL REPORT 2024

Enel people

Continuous training

The rapid and continuous evolution of the business and the support of a fair tran-

sition to low-carbon technologies and services entail the need for new technical 

and professional profiles and the natural disappearance of others. In this context, 

continuous training becomes essential. Initiatives include:

• retraining and professional updating, up/reskilling, self-learning and knowledge 

transfer. The various schools & academies of Enel’s business lines have organ-

ized existing skills enhancement programs to allow participants to access more 

advanced career paths (upskilling) and to learn new skills (reskilling) that enable 

people to fill positions and roles different from their previous ones, while also 

enhancing soft and transferable skills. These programs were implemented also 

in collaboration with university and academic partners;

• supporting the dissemination of digital culture and the utilization of digital me-

dia, with particular attention toward artificial intelligence.

2024

98% of people involved in training activities. 

~3.2 million hours of training provided (~53 hours per capita average), of which 

approximately 47% is dedicated to upskilling and reskilling. 

~325,000 hours dedicated to digital skills (10% of total training hours). 

Suppliers 

Supporting change

Suppliers are essential partners on the path to decarbonization. In this regard, current 

actions aim on the one hand to support their increased resilience and on the other 

hand to minimize pressure on critical materials and components through continuous 

recycling and technological innovation. This is why Enel works jointly with suppliers to 

develop new metrics and promote co-innovation projects to support decarbonization 

and circular economy approaches, all of which will have a positive impact on their pro-

duction processes and purchasing methods. There are several initiatives to support

supplier business conversion and diversification (for additional details, please refer to 

the section “Workers in the value chain”):

• 4,200 employees already trained, of which 2,700 were hired by the supply chain 

in the grid infrastructures as part of the “Energy for Growth” program;

• 1,025

23

young people trained for specialist energy transition professions hired 

and in the process of being hired as part of the “Energy for School” project.

23. Cumulative data from 2022-2023-2024.

  


Actions for managing the impacts, risks and opportunities connected with climate change

141

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Communities 

Creating value for local 

communities

Enel’s commitment to supporting communities is expressed through initiatives that 

promote inclusion (with particular focus on people in conditions of physical, social 

and economic vulnerability) both in terms of access to local job opportunities and 

facilitating access to products and services. These initiatives are the result of strong 

and lasting community relationships in which there is broad, inclusive and continu-

ous dialogue based on clearly defined phases of “stakeholder engagement” in line 

with international reference standards. For more details concerning the initiatives, 

please refer to the section “Affected communities”.

~2.3 million beneficiaries, in line with the Sustainable Development Goals 

(SDGs), mainly relating to projects and initiatives associated with the 3 SDGs 

to which the Group has made a commitment (SDGs 4, 7, 8).

Customers 

Enabling 

the transition

The energy transition starts from the awareness of the customers in respect of 

their own consumption habits and the identification of efficiency improvement in-

terventions and integration of renewables, accompanying them toward electrifi-

cation. In addition to supplying power, Enel provides its customers with innovative 

services and products that lever energy and digital technologies from the point of 

view of consumption awareness, optimization of utility bills and lower complexity 

in managing your own energy consumption.

Enel is paying particular attention to people with vulnerabilities and the needs of its 

own customers in terms of inclusiveness and accessibility. By developing rates and 

services dedicated to the elderly, people in deprived economic conditions and/

or with disabilities (e.g. Bonus + Per te) and by redesigning Enel spaces and infra-

structures for improving physical accessibility (e.g. Enel spaces, stalls for electric 

charging, etc.), the Group is committed to implementing an energy transition that 

is inclusive and puts people at the center. For more details concerning the initia-

tives, please refer to the section “Consumers and end users”.

  


Enel’s metrics in combating climate change

142

INTEGRATED ANNUAL REPORT 2024

Enel’s metrics in combating

climate change

ESRS E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions

Methodology for calculating greenhouse gas emissions 

The Group’s internal policy for the “Definition and meth-

od of calculating greenhouse gas (GHG) emissions”, 

updated in 2024 to guarantee greater alignment with 

Directive 2022/2464 (CSRD, Corporate Sustainability 

Reporting Directive) and the GHG Protocol, defines the 

common framework for processing the inventory of 

GHG emissions and analysis for quantifying the impact 

of the Enel Group in terms of GHG emissions. 

For this purpose, the Group considers the principles, 

requirements and guidelines contained in the Cor-

porate Accounting and Reporting Standard (version 

2004) of the Greenhouse Gas Protocol. Furthermore, 

it includes CO

2

, CH

4

, N

2

O, HFC, PFC, SF

6

and NF

3

emis-

sions and uses the most recent global warming po-

tential (GWP) values published by the IPCC in the sixth 

assessment report (AR6), based on a time period of 

100 years, to calculate the CO

2eq

emissions from gas-

es other than CO

2

. Furthermore, all the data consid-

ered in the inventory refers to gross greenhouse gas 

emissions and therefore does not include the use of 

carbon credits.

In 2024, some methodological updates were imple-

mented for processing the inventory of greenhouse 

gas emissions, and therefore 2023 data was recalcu-

lated to guarantee the comparability of the presented

information, in spite of the marginal impact of 0.1% (in-

crease of 0.1 MtCO

2eq

compared to previous 2023 data).

In particular, the methodology updates are as follows: 

Scope 2

• For the calculation of Scope 2 emissions regarding 

electricity consumption, the following was introduced:

• emissions deriving from the distribution activity 

(electricity consumption for own use), included 

the previous year in Scope 2 emissions related to 

technical grid losses; 

• emissions deriving from battery activities (BESS).

• For the calculation of Scope 2 related to the consump-

tion of electricity and also for grid losses, the emission 

factor of Argentina’s national electrical system was up-

dated. Enel therefore only uses data from national au-

thorities. 

Scope 3

• Purchased goods and services (category 1): emissions 

from the supply chain related to capital goods (or sup-

plies) were excluded.

• Capital goods (category 2): a new category that includes 

supply chain emissions related to capital goods and

that were included in category 1 in previous years.

• Fuel and energy related activities not included in 

Scope 1 and 2 (category 3): the calculation methodol-

ogy related to the extraction and transport of the fu-

el-oil consumed in the thermal power plants of oil&-

gas technology was updated. Furthermore, for the 

calculation of Scope 3 – category 3.D (Generation of 

purchased electricity that is sold to customers), the 

emission factor of the national electricity system of 

Argentina was updated to consider the data of the 

national authorities.

• Upstream transportation and distribution (category 

4): minor greenhouse gas emissions deriving from the 

transportation of coal by-products were reclassified

from category 3 to category 4. This methodological

change did not have any impact, as no emission was 

reported in 2024.

• Business travel (category 6): a new category included in 

the greenhouse gas emissions inventory.

• Employee commuting (category 7): a new category in-

cluded in the emissions inventory.

• Use of sold products (category 11): the factors for con-

verting sales of gas expressed in high calorific value to 

low calorific value for Italy, Chile and Columbia were up-

dated.

  


Enel’s metrics in combating climate change

143

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Therefore, the methodology and main hypothesis considered when calculating the GHG emissions in 2024 are as follows:

GHG source Calculation method

Scope 1

Greenhouse gas (CO

2

, CH

4

and N

2

O) 

emissions from fuel combustion for:

• thermal generation activities;

• auxiliary motors for auxiliary services 

(including gensets) in nuclear and 

renewable plants and in distribution 

activities;

• transport of fuels and by-products on 

ships under the Group’s operational 

control;

• heating systems and cafeterias in 

buildings and offices;

• company vehicle fleet.

The direct greenhouse gas (GHG) emissions are calculated for each fuel unit and type of 

fuel at the thermal power plant level, based on the fuel consumption (for CO

2

, CH

4

and N

2

O) 

and the corresponding GHG emission factor specific to the fuel according to the IPCC; 

and/or through direct measurement at the stack (only for CO

2

emissions at some thermal 

power plants).

Fugitive NF

3

emissions in the production 

of photovoltaic panels

NF

3

is used as a cleaning agent in the photovoltaic production processes at the 3SUN 

factory. The emissions are calculated periodically based on the refueling performed and the 

equivalent atmospheric emissions in CO

2

are determined by applying the corresponding 

GW P.

Fugitive CH

4

emissions in gas plants Methane leaks are evaluated by measuring the quantities of CO

2

and calculated using the 

LDAR (Leak Detection and Repair) methodology.

Fugitive HFC emissions in thermal and 

hydroelectric power plants, photovoltaic 

production offices and facilities

Losses of HFC used in air conditioning and refrigeration systems are calculated periodically 

based on system refueling and/or malfunctions with resulting replacement. The emissions 

are indicated with the commercial name of the gas and the corresponding CO

2eq

emission 

value based on the GWP value.

Fugitive SF

6

emissions in power 

generation and distribution activities

The SF

6

losses in the distribution network are calculated periodically using two components: 

refueling the equipment with SF

6

and equipment malfunctions with resulting replacement.

Fugitive biogenic CH

4

emissions in 

hydroelectric basins

The fugitive biogenic methane emissions from hydroelectric plant basins derive from the

decomposition processes of alluvial organic material and algal material. They are calculated 

using the IPCC method, considering the area of the basin and the climate zone of its location.

Scope 2

Greenhouse gas emissions associated 

with electricity consumption

Greenhouse gas emissions are calculated based on the total amount of energy consumed 

by the Group’s different assets on a national level, applying the corresponding emission 

factor of the electric system of the country, according to the following criteria:

• for the location-based model, the coefficient used represents the amount of GHG 

emissions released by the electrical power plants connected to the energy system per 

unit of energy produced by these plants, measured in grams of CO

2eq

per kWh. The 

factors are collected by the National Authorities for the core countries (Italy, Spain, Brazil, 

Colombia, Chile and USA), whereas for non-core countries, they are taken from reliable 

third-party databases (Enerdata);

• for the market-based model, the volume of consumed energy associated with renewable 

attributes (with certificates of origin in Europe) is considered at zero emissions, whereas 

a residual emission factor is applied to the remaining energy amount. This residual 

factor excludes the amount of energy fed into the electric system that is associated with 

renewable attributes. In particular, for Spain, we use the residual mix factor published 

by the National Commission for Markets and Competition (CNMC), while for Italy we use 

the thermoelectric emission factor published by ISPRA, since at the time of publication 

of this Report the residual mix factor was not available from them or other competent 

authorities. Furthermore, in countries where there are no local government-run renewable 

energy certification systems, location-based factors are used.

Greenhouse gas emissions associated 

with technical grid losses

Greenhouse gas emissions are calculated based on the amount of energy fed into the grid 

that exceeds the share produced by the Group in each country. This approach avoids any 

potential double counting with the GHG emissions already included in Scope 1. Finally, the 

corresponding grid loss rate and the country emission factor are applied (following the 

same criteria described above for the location-based and market-based models).

  


Enel’s metrics in combating climate change

144

INTEGRATED ANNUAL REPORT 2024

GHG source Calculation method

Scope 3

Category 1. Purchased goods and 

services

They include the greenhouse gas emissions from the supply chain related to works and 

services. They are calculated based on the ordered amount (€) for each product group and 

the relative specific emissions factor (tCO

2eq

/€).

For works, the specific emissions factors are calculated using the sustainable sites data for 

wind and solar projects, as well as from grid operations and maintenance of activities.

For the services, average emissions factors taken from international databases are used, 

based on the corresponding economic sectors.

Category 2. Capital goods They include the greenhouse gas (GHG) emissions deriving from the supply chain related to 

the production of supplies. They are calculated based on the ordered amount (€) for each 

product group and the relative specific emissions factor (tCO

2eq

/€).

The calculation for the main supplies uses emission factors derived from data provided by 

the suppliers by means of their Environmental Product Declaration (EPD) or ISO CFP 14067 

certifications, or from international databases based on the LCA (Life Cycle Assessment) 

methodology.

For the other supplies, the emission factors are estimated based on the average emissions 

of the economic sector to which they belong.

Category 3. Fuel and energy related 

activities not included in Scope 1 or 2

Indirect greenhouse gas (GHG) emissions related to:

• coal logistics: consider the fugitive CH

4

emissions deriving from mining in relation to the 

amount of coal consumed in the Group coal-fired power plants, based on standard factors 

and hypotheses. Furthermore, also indirect emissions deriving from the sea transport of coal 

are considered, which are calculated based on the estimated volume of fuel consumed by 

third-party ships;

• fuel-oil and gas logistics: this covers the entire value chain, from extraction to delivery, using

secondary data for each specific phase and including CO

2

, CH

4

(from combustion and from

loss) and N

2

O emissions. The calculation includes indirect emissions both of volumes of fuel-

oil and gas consumed in thermal power plants as well as of natural gas sold in the retail market

to final customers;

• biomass logistics: this is calculated based on the volume transported on the road, using 

secondary data, standard factors and hypothesis;

• electricity purchased for sale: the energy purchased from other producers and resold to 

final customers is calculated assuming the integrated position of the Group on a national 

level, estimating the quantity of energy as the difference between the sales of energy and

own production, applying the same national emission factors used for calculating Scope 2 

(location-based).

Category 4. Upstream transportation 

and distribution

The indirect emissions of greenhouse gas (GHG) emissions deriving from the consumption 

of fuel for road transport of other fuels (not included in category 3), raw materials and 

waste, as well as sea transport by third parties of the ash and other coal by-products, are 

calculated based on the volume transported on the road, using secondary data, standard 

factors and hypothesis.

Category 6. Business travel Emissions deriving from business travel are calculated according to the methodology 

based on distance, considering the means of transport (airplane or train) and hotel stay, 

applying the DEFRA emission factors for each type.

Category 7. Employee commuting Emissions deriving from employee commuting are calculated considering the information 

collected and available from employees and/or using surveys regarding the means of 

transport used to go to work and return home every day. In countries in which applicable 

data is not available, standard values are applied based on the results of other countries of 

the Group.

The emission factors for every means of transport are applied using local sources, when 

available, or international databases such as DEFRA.

Category 11. Use of sold products The indirect greenhouse gas (GHG) emissions deriving from the use of natural gas sold to 

end customers in the retail market are calculated based on the quantity of energy sold, 

applying the corresponding emissions factors of the IPCC.

  


Enel’s metrics in combating climate change

145

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The following Scope 3 categories of the GHG Proto-

col are currently excluded from the Enel inventory of 

greenhouse gas (GHG) emissions.

• Category 5 (waste generated in operations): Enel is 

currently developing the calculation method and the 

process for collecting the data, therefore it may be 

reported in the future if relevant.

• Category 8 (upstream leased assets): the GHG emis-

sions related to buildings and offices are already 

considered in the Scope 1 and Scope 2 calculations.

• Category 9 (downstream transportation and dis-

tribution): not applicable considering the type of 

products and services sold by the Company.

• Category 10 (processing of sold products): not ap-

plicable considering the type of products and ser-

vices sold by the Company.

• Category 12 (end-of-life treatment of sold prod-

ucts): these emissions could be considered part of 

category 5.

• Category 15 (investments): currently considered not 

relevant.

GHG inventory report has been verified by DNV GL, one 

of the world’s leading certification bodies, with a rea-

sonable level of assurance for Scope 1 and Scope 2 

emissions, and a limited level of assurance for Scope 3 

emissions included in the field of application of the in-

ventory. The audit was conducted according to Stand-

ard ISO 14064-3 for the compliance of greenhouse 

gas (GHG) inventories with the WBCSD/WRI Corporate 

Accounting and Reporting Standard (GHG Protocol).

ESRS E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions

Greenhouse gas emission trends in 2024

GREENHOUSE GAS EMISSION TRENDS IN 2024 (MtCO

2eq

)

20.21

34.51

56.53

3.28

94.32

69.60

-0.10

0.21

34.51

94.43

3.18

56.74

3.13

46.26

-0.47

-3.81

-2.18

0.16

-0.71

-0.10

-11.32

-2. 17

-1.42

-0.40

-0.15

-0.85

-1.61

2023 2023

Restated

2024Methodological 

changes

Methodological changes described in the paragraph “Methodology for calculating greenhouse gas emissions”.

Disposal of thermoelectric plants in Argentina and Colombia, renewable plants in Greece and Romania and distribution assets in Romania in 2024.

Disposal of thermoelectric and renewable plants and distribution assets in Peru in 2024.

Reduction of thermoelectric production (coal and CCGT) in Italy, Iberia and Latin America.

Reduction of ordered expenses and higher weight of purchase of materials with a lower carbon footprint.

Reduction of the gap between electricity sales to end customers and own production in countries in which the Group has an integrated position 

and improvement of the national emission factors in some of these countries.

Reduction of the gas volume sold to end customers.

Decrease of some minor direct emissions sources and adjustments of indirect emissions. 

(Points 4-8 exclude reductions due to disposals already considered in points 2 and 3)

1

2

3

4

5

6

7

8

2024 

progress

(vs 2023)

Scope 3

Scope 2 (location based)

Scope 1

1

Supply 

chain

5

Energy purchased 

for sale

6

Gas sales to 

end customers

7

Other and 

adjustments

8

Thermoelectric 

production

4

Perimeter changes 

2024

3

Perimeter changes 

2023

2

In 2024, direct and indirect absolute emissions

(Scope 1, 2 and 3) totaled 69.60 MtCO

2eq

, continu-

ing the reduction trend and reaching the lowest vol-

ume ever. Specifically, total absolute emissions were 

down by 26.3% compared with 2023.

  


Enel’s metrics in combating climate change

146

INTEGRATED ANNUAL REPORT 2024

UM 2024 2023 Change

Gross Scope 1, 2 and 3 GHG emissions

Total - location based

(1)

Mln tCO

2eq

69.60 94.43 (24.83) -26.3%

Total - market based

(1)

Mln tCO

2eq

71.37 95.67 (24.30) -25.4%

Gross Scope 1 GHG emissions

Gross Scope 1 GHG emissions from consolidated activities Mln tCO

2eq

19.68 33.50 (13.82) -41.3%

Gross Scope 1 GHG emissions from non-consolidated activities 

but with operational control

Mln tCO

2eq

0.53 1.01 (0.48) -47.5%

Total gross Scope 1 GHG emissions Mln tCO

2eq

20.21 34.51 (14.30) -41.4%

Scope 1 GHG emissions covered by regulated emission allowance 

exchange systems (EU-ETS)

% 73 74 (1) -

Percentage of Scope 1 emissions covered by:

\- “emissions-limiting” regulations % 84 83 1 -

\- “emissions-reporting” regulations % 100 100 - -

Greenhouse gas emissions associated with energy delivery Mln tCO

2eq

37. 17 55.87 (18.70) -33.5%

Gross Scope 2 GHG emissions - location based

Total gross Scope 2 GHG emissions from consolidated activities - 

location based

Mln tCO

2eq

3.13 3.18 (0.05) -1.6%

Total gross Scope 2 GHG emissions from non-consolidated activities 

but with operational control - location based

Mln tCO

2eq

- - - -

Total gross Scope 2 GHG emissions - location based 

(1)

Mln tCO

2eq

3.13 3.18 (0.05) -1.6%

Gross Scope 2 GHG emissions - market based

Total gross Scope 2 GHG emissions from consolidated activities - 

market based

(1)

Mln tCO

2eq

4.90 4.42 0.48 10.9%

Total gross Scope 2 GHG emissions from non-consolidated activities 

but with operational control - market based

Mln tCO

2eq

- - - -

Total gross Scope 2 GHG emissions - market based Mln tCO

2eq

4.90 4.42 0.48 10.9%

Gross Scope 3 GHG emissions 

Category 1: Purchased goods and services

(1)

Mln tCO

2eq

4.34 4.45 (0.11) -2.5%

Category 2: Capital goods

(2)

Mln tCO

2eq

3.83 4.37 (0.54) -12.4%

Category 3: Fuel and energy related activities not included in Scope 1 

or 2

(2)

Mln tCO

2eq

23.74 30.99 (7.25) -23.4%

\- Upstream coal (mining and transport by sea) Mln tCO

2eq

0.22 1.02 (0.80) -78.4%

\- Upstream gas (extraction and transport by sea) Mln tCO

2eq

4.58 5.89 (1.31) -22.2%

\- Upstream diesel (extraction and transport) Mln tCO

2eq

0.93 0.95 (0.02) -2.1%

\- Upstream biomass (transport) Mln tCO

2eq

- - - -

\- Purchase of electricity sold to end customer Mln tCO

2eq

18.01 23.13 (5.12) -22.1%

Category 4: Upstream transportation and distribution Mln tCO

2eq

0.01 0.02 (0.01) -50.0%

Category 6: Business travel

(2)

Mln tCO

2eq

0.02 0.05 (0.03) -60.0%

Category 7: Employee commuting

(2)

Mln tCO

2eq

0.04 0.03 0.01 33.3%

Category 11: Use of sold product Mln tCO

2eq

14.28 16.83 (2.55) -15.1%

Total gross Scope 3 GHG emissions

(1)

Mln tCO

2eq

46.26 56.74 (10.48) -18.5%

Intensity metrics

Intensity of total GHG Scope 1 emissions gCO

2eq

/kWh 105 166 (61) -36.7%

Scope 1 GHG emissions Intensity relating to Power Generation (SBTi)  gCO

2eq

/kWh 101 160 (59) -36.9%

Scope 1 and 3 GHG emissions Intensity relating to Integrated Power (SBTi)

(1)

gCO

2eq

/kWh 121 166 (45) -27.1%

Total GHG emissions (location based) with respect to net revenue

(3)

tCO

2eq

/€bn 985 1,145 (160) -14.0%

Total GHG emissions (market based) with respect to net revenue

(3)

tCO

2eq

/€bn 1,010 1,160 (150) -12.9%

(1) 

The 2023 values were recalculated based on methodological changes set out in the section “Methodology for calculating greenhouse gas emissions”.

(2)  New category, not reported in 2023.

(3)  The indicators “Total GHG emissions (location based) with respect to net revenue” and “Total GHG emissions (market based) with respect to 

net revenue” were calculated using the amount of IFRS 15 revenue equal to €70,626 million in 2024 (€82,483 million in 2023) as indicated in 

note 9.a “Revenue from sales and services” of the consolidated financial statements at December 31, 2024.

  


Enel’s metrics in combating climate change

147

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Scope 1 emissions

In 2024, Scope 1 GHG emissions came to 20.21 MtCO

2eq

, 

(29.0% of total emissions), down by 41.4% compared 

to 2023\. 

The share of Scope 1 GHG emissions (including CO

2

, 

CH

4

and N

2

O) related to the combustion of fuels for pow-

er generation accounted for 94.8% of the total Scope 

1 value. These emissions totaled 19.16 MtCO

2eq

, down 

by 41.5% compared with 2023, thanks to a 38.0% de-

crease in thermal production from 2023, attributable 

to a decrease in generation from all fossil technolo-

gies and in particular coal-fired generation, which de-

creased by 77.9%, as well as the positive impact of the 

sale of the thermal power plants in Peru in 2024 and 

Argentina in 2023. 

Regarding biomass and biogas, the biogenic emissions 

of CO

2

for power generation, equal to 72.41 ktCO

2eq

, 

are not included in the Scope 1 calculation and are 

reported separately in line with the indications of the 

GHG Protocol and ESRS.

Scope 2 emissions

In 2024, Scope 2 GHG emissions came to 3.13

MtCO

2eq

according to a location-based approach

(4.5% of total emissions), down 1.6% compared with 

2023, attributable to a 28.4% reduction in emissions 

deriving from the consumption of electricity (equal

to 0.51 MtCO

2eq

), and the improvement of the emis-

sion factors of the electrical systems in a number of 

countries. 

Scope 3 emissions

In 2024, Scope 3 greenhouse gas emissions came to 

46.26 MtCO

2eq

, 66.5% of total greenhouse gas emis-

sions, a decrease of 18.5% compared with 2023, at-

tributable to the improvement in all the categories, 

and in particular in the most relevant sources: supply 

chain (categories 1 and 2), fuel logistics (category 3), 

purchase of power for sales to the end customer (cat-

egory 3) and use of natural gas sold to final customers 

in the retail market (category 11). 

In 2024, 7% of Scope 3 emissions were calculated 

with primary data on emission factors supplied by

suppliers, collected using EPD (Environmental Prod-

uct Declaration) systems or from the ISO CFP 14067

certification required of suppliers (80% of category 2

– capital goods). On the other hand, 93% of Scope 3 

emissions were calculated using primary operational 

data related to the upstream and downstream activi-

ties – including those corresponding to fuel purchas-

es, the ordered expense amount, sale of electricity

and gas in the retail market –, to which standard

emission factors were applied using different sourc-

es (local authorities, international databases and 

IPCC) for the calculation of the corresponding abso-

lute emissions. 

Non-biogenic methane emissions (CH

4

)

Enel monitors non-biogenic methane emissions through-

out its value chain, including both direct and indirect 

emissions.

There are two sources of direct methane emissions 

(Scope 1):

• methane emissions from the combustion of fuels, 

mainly in power plants for electricity generation, and to 

a lesser extent in auxiliary power plant services, grids, 

and building and fleet management. These emissions

are calculated based on fuel consumption by applying

the corresponding fuel-specific IPCC emission factor.

This source amounted to 13.3 ktCO

2eq

, accounting for

0.07% of Scope 1 emissions in 2024;

• methane emissions from leaks in gas-fired pow-

er plants. They are monitored and calculated ac-

cording to internal procedures that follow the Leak 

Detection and Repair (LDAR) method. This source 

amounted to 8.34 ktCO

2eq

in 2024, accounting for 

0.04% of Scope 1 emissions in 2024.

As for indirect methane emissions (Scope 3), they 

relate mainly to fuel combustion and losses in the

coal mining process and in the extraction and trans-

  


Enel’s metrics in combating climate change

148

INTEGRATED ANNUAL REPORT 2024

portation of fossil fuels from our suppliers. They are

calculated using reliable secondary data for each 

specific phase (from the extraction phase to gas 

distribution) in line with IPCC factors, and are part 

of the previously disclosed data on Scope 3 emis-

sions from upstream fuels. All direct and indirect 

emissions from methane leaks and fuel combustion

in our electrical power plants and all indirect emis-

sions related to the natural gas retail business will be 

fully mitigated by 2040, when the Group completes

the divestment of its entire thermoelectric capacity 

and gas retail business.

ESRS E1-5 – Energy consumption and mix

Energy consumption and mix

In 2024, energy consumption totaled 170.52 TWh, 

down 24.9% on 2023, of which:

• consumption from primary sources came to 167.98 

TWh, mainly due to the electricity generation activ-

ity and, to a lesser extent, consumption for auxiliary 

services in the distribution activities and in building 

heating systems. In 2024, these consumptions de-

creased by 25.0 % reflecting the 39.9% reduction in 

fuel consumption from fossil sources due to lower 

electricity generation from thermoelectric sources;

• electricity consumption (final sources) came to 2.54 

TWh, down 15.0% compared with 2023, and consid-

ers the consumption of renewable and non-renew-

able electricity in the various generation and distri-

bution assets as well as in the buildings. In 2024, the 

share of these consumptions covered by the Euro-

pean guarantees of origin system equaled 8% (same 

in 2023). 

Fuel consumption by primary source UM 2024 2023 Change

from fossil sources TWh 81.34 135.28 (53.94) -39.9%

Coal  TWh 7.67 32.55 (24.88) -76.4%

Natural gas  TWh 51.51 76.82 (25.31) -32.9%

Diesel oil TWh 13.71 16.89 (3.18) -18.8%

Fuel oil TWh 8.45 9.02 (0.57) -6.3%

from nuclear sources (uranium) TWh 71.95 73.83 (1.88) -2.5%

from renewable sources TWh 14.69 14.98 (0.29) -1.9%

Biomass, biogas and waste TWh 0.18 0.24 (0.06) -25.0%

Geothermal fluid TWh 14.51 14.74 (0.23) -1.6%

Total fuel consumption by primary source TWh 167.98 224.09 (56.11) -25.0%

Consumption of electricity (final energy) TWh 2.54 2.99 (0.45) -15.0%

Total energy consumption (primary and final) TWh 170.52 227.08 (56.56) -24.9%

Total consumption of activities in sectors with a high climatic impact 

with respect to the net revenue deriving from these activities

(1)

MWh/€mln 2,414 2,753 (339) -12.3%

(1)  The indicator “Total consumption of activities in sectors with a high climatic impact with respect to the net revenue deriving from these activ-

ities” was calculated using the total amount of IFRS 15 revenue equal to €70,626 million in 2024 (€82,483 million in 2023), as indicated in note 

9.a “Revenue from sales and services” of the consolidated financial statements at December 31, 2024, as all the business sectors have been 

considered as with a high climatic impact.

Share of total consumption of primary energy UM 2024 2023 Change

from fossil sources % 48.42 60.37 (11.95) -

from nuclear sources % 42.83 32.94 9.89 -

from renewable sources % 8.74 6.68 2.06 -

  


Enel’s metrics in combating climate change

149

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Other information: buying carbon credits in voluntary markets

During 2024, carbon credits in the voluntary market 

of 25,766 tCO

2eq

were purchased and canceled to 

meet specific customer requests. The purchase in-

volved VER securities certified by Verra, with vintage 

between 2007 and 2020, and CER securities with vin-

tage 2024\. For more details, please refer to the fol-

lowing table:

Type of credit Vintage Technology Certification Total (tCO

2eq

)

VER 2017/2019 REDD+ Verra 4,240

VER 2007/2020 RES Verra 2,509

CER 2024 RES CDM 19,017

Total  25,766

These volumes have not been discounted in the cal-

culation of direct and indirect emissions reported here 

and are not part of the Group’s “Net Zero” commitment 

or of the various greenhouse gas emission reduction 

targets, since this commitment does not envisage the 

use of certificates linked to projects that avoid green-

house gas emissions.

In the future, however, the Group may directly and/

or indirectly purchase carbon removal credits purely 

for the purpose of offsetting residual emissions with 

a volume of less than 2.5 MtCO

2eq

while meeting the 

1.5 °C target as defined by SBTi. No such credits were 

purchased in 2024.

  


  


1.

GRUPPO

ENEL

La politica dei dividendi

La politica dei dividendi di Enel rimane 

semplice e prevedibile, con un dividendo per 

azione (DPS) pari a 0,43 euro nel periodo 2 

023-2025, in aumento rispetto a 0,40 euro 

nel 2022. Il DPS nel 2024 e nel 2025 è da 

considerarsi come un minimo sostenibile.

Modello di business

Enel conferma il proprio modello di business 

basato sui collaudati modelli di Ownership, che 

ricomprende i cosiddetti Paesi “Tier 1” in cui 

il Gruppo sviluppa un business integrato o ha 

una posizione importante (Italia, Spagna, Cile, 

Colombia, Brasile, Stati Uniti), e di Stewardship, 

nei Paesi in cui joint venture, PPA, acquisizioni 

di quote di minoranza offrano prospettive 

particolarmente remunerative.

Crescita delle fonti 

di finanziamento sostenibili

In linea con il “Sustainability-Linked Financing 

Framework” e in vista del raggiungimento 

dell’obiettivo di Sostenibilità di Enel circa la 

riduzione di emissioni dirette di gas serra 

(Scope 1), è sempre più ampio il ricorso a 

strumenti di finanza sostenibile.

RELAZIONE

SULLA GESTIONE

5.

GROUP

PERFORMANCE

Solid results in 2024, with ordinary 

EBITDA of €22.8 billion (+3.8%) 

and an ordinary net profit of 

€7.1 billion (+9.6%)

The increase reflects the positive performance 

of the Integrated Businesses, with an increase in 

Spain, the United States and Latin America 

which more than offset the slight decline in Italy 

attributable to lower margins in end-user 

markets and thermal generation despite the 

greater hydraulicity in the period.

Net financial debt/ordinary EBITDA 

at about 2.4x (compared with 2.7x 

at end 2023)

Positive cash flows generated by operations, 

as well as the completion of the deleverage 

and rationalization program of the Group’s 

geographical presence allowed an improvement 

in the FFO to net financial debt ratio, at 25%.

A simple, predictable and attractive 

dividend policy

The total dividend proposed for the 2024 

financial year is equal to €0.47 per share 

(of which €0.215 per share already paid as an 

interim dividend in January 2025), an increase 

of 9% on the total dividend of €0.43 per share 

paid for the 2023 financial year.

REPORT 

ON OPERATIONS

Definition of performance measures

152

INTEGRATED ANNUAL REPORT 2024

Definition of performance

measures

In order to present the performance of the Group and 

analyze its financial structure, separate reclassified 

schedules have been prepared that differ from the 

schedules envisaged under the IFRS-EU adopted by 

the Group and contained in the consolidated finan-

cial statements. These reclassified schedules contain 

different performance measures from those obtained 

directly from the consolidated financial statements, 

in line with the ESMA Guidelines on Alternative Per-

formance Measures (ESMA/2015/1415) published on 

October 5, 2015.

Management believes that these measures are useful 

in monitoring the performance of the Group and rep-

resentative of the financial performance and position of 

our business, ensuring greater comparability over time.

With regard to those indicators, on April 29, 2021, 

CONSOB issued warning notice no. 5/2021, which 

gives force to the Guidelines issued on March 4, 2021, 

by the European Securities and Markets Authority 

(ESMA) on disclosure requirements under Regulation 

(EU) 2017/1129 (the Prospectus Regulation), which took 

effect on May 5, 2021 and replace the references to 

the CESR Recommendations and those contained in 

Communication no. DEM/6064293 of July 28, 2006 

regarding the net financial position. More specifical-

ly, the Guidelines update the previous CESR Recom-

mendations (ESMA/2013/319, in the revised version of 

March 20, 2013).

The Guidelines are intended to promote the useful-

ness and transparency of alternative performance 

measures included in regulated information or pro-

spectuses within the scope of application of Directive 

2003/71/EC in order to improve their comparability, 

reliability and comprehensibility.

In line with the regulations cited above, the criteria 

used to construct these indicators for the Enel Group 

are the following.

Gross operating profit (EBITDA): an operating perfor-

mance indicator, calculated as the sum of “Operating 

profit”, “Net impairment/(reversals of impairment) on 

trade receivables and other receivables” and “Depre-

ciation, amortization and other impairment”.

Ordinary gross operating profit (ordinary EBITDA): de-

fined as “Gross operating profit” from core business-

es connected with the Ownership, Partnership and 

Stewardship business models with which the Group 

operates plus the ordinary gross operating profit of 

discontinued operations where present. It does not in-

clude costs connected with corporate restructurings 

and “extraordinary solidarity levies” imposed by local 

foreign governments on energy companies as well as 

charges related to the change in functional currency 

in Chile.

Ordinary operating profit: defined as “Operating prof-

it” plus the ordinary operating profit of discontinued 

operations, excluding the effects of transactions not 

connected with core operations referred to with re-

gard to ordinary gross operating profit. It also excludes 

significant impairment losses (including reversals of 

impairment losses) on assets and/or groups of assets 

following an assessment of the recoverability of their 

carrying amount under the provisions of “IAS 36 – Im-

pairment of assets” or “IFRS 5 – Non-current assets 

held for sale and discontinued operations”.

Group ordinary profit: it is determined by adjusting 

“Group profit” for the items discussed under “Ordinary 

operating profit”, taking account of any tax effects and 

non-controlling interests. Also excluded are a number 

of financial components not strictly attributable to the 

Group’s core business operations relating to equi-

ty-accounted investments. 

Net non-current assets: calculated as the difference 

between “Non-current assets” and “Non-current lia-

bilities” with the exception of:

• “Deferred tax assets”;

• “Other non-current financial assets included in net 

financial debt” included in “Other non-current finan-

cial assets”;

Definition of performance measures

153

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

• “Long-term borrowings”;

• “Employee benefits”;

• “Provisions for risks and charges non-current portion”;

• “Deferred tax liabilities”;

• “Other non-current financial liabilities included in 

net financial debt” included in “Other non-current 

financial liabilities”.

Net working capital: calculated as the difference be-

tween “Current assets” and “Current liabilities” with 

the exception of:

• “Current financial assets included in net financial 

debt” included in “Other current financial assets”; 

• “Cash and cash equivalents”;

• “Short-term borrowings” and the “Current portion of 

long-term borrowings”;

• “Provisions for risks and charges current portion”;

• “Other current financial liabilities included in net 

financial debt” included in “Other current financial 

liabilities”.

Net assets held for sale: calculated as the algebraic sum

of “Assets classified as held for sale” and “Liabilities in-

cluded in disposal groups classified as held for sale”.

Net capital employed: calculated as the sum of “Net 

non-current assets” and “Net working capital”, “Provi-

sions for risks and charges”, “Employee benefits”, “De-

ferred tax liabilities” and “Deferred tax assets”, as well 

as “Net assets held for sale”.

Net financial debt: a financial structure indicator, de-

termined by:

• “Long-term borrowings”, “Short-term borrow-

ings”, “Current portion of long-term borrowings”, 

as well as the items: “Other non-current financial 

liabilities included in net financial debt” and “Other 

current financial liabilities included in net financial 

debt” respectively included in: “Other non-cur-

rent financial liabilities” and “Other current financial

liabilities”;

• net of “Cash and cash equivalents”;

• net of “Current financial assets included in net fi-

nancial debt” included in “Other current financial 

assets”, which includes: (i) the current portion of 

long-term loan assets, (ii) securities and (iii) finan-

cial assets;

• net of “Non-current financial assets included in net 

financial debt” included in “Other non-current fi-

nancial assets”, which includes (i) securities and (ii) 

financial assets.

More generally, the net financial debt of the Enel 

Group is reported in accordance with Guideline 39, 

issued on March 4, 2021 by ESMA, applicable as from

May 5, 2021, and with the above warning notice no. 

5/2021 issued by CONSOB on April 29, 2021.

A reconciliation of the Group’s financial debt as de-

termined with the criteria indicated above and the fi-

nancial debt determined in accordance with the cri-

teria of CONSOB Communication no. DEM/6064293 

of July 28, 2006 is reported in note 45 “Net financial 

position and long-term financial assets and securi-

ties” to the consolidated financial statements at De-

cember 31, 2024.

Main changes in the consolidation scope

In the two periods under review, the consolidation scope 

changed. For more information, please see note 7 “Main 

acquisitions and disposals during the year” of the con-

solidated financial statements at December 31, 2024.

Definition of performance measures

154

INTEGRATED ANNUAL REPORT 2024

Group performance

155

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Group performance

191.9 TWh

NET ELECTRICITY 

GENERATION

(1)

of which 133.3 TWh 

of renewable generation

69.9%

NET EFFICIENT INSTALLED 

RENEWABLES CAPACITY

for a total of 56.6 GW

1.9 million km

ELECTRICITY 

DISTRIBUTION AND 

TRANSMISSION GRID

45 million 

END USERS WITH ACTIVE 

SMART METERS

digitalized end users equal to 66%

55.5 million 

RETAIL 

CUSTOMERS

(2)

of which 23.7 million 

in the free market

27,494 no.

PUBLIC CHARGING 

POINTS

(3)

+13.2% on 2023

(1)  If net generation operated through joint ventures were also included, total generation at December 31, 2024 would amount to 206.9 TWh 

(220.6 TWh at December 31, 2023); similarly, generation from renewable sources would be equal to 148.3 TWh at December 31, 2024 (140.3 

at December 31, 2023).

(2)  Includes fiber optic customers.

(3)  If the figures also included charging points operated through joint ventures, the totals would amount to 28,809 at December 31, 2024 and 

25,337 at December 31, 2023.

Operations

Electricity generation

2024 2023 Change

Net electricity generation (TWh)

(1)

191.87 207.33 (15.46) -7.5 %

Of which:

\- renewable (TWh)

(1)

133.33 126.98 6.35 5.0%

Total net efficient installed capacity (GW) 81.0 81.4 (0.4) -0.5%

Net efficient installed renewables capacity (GW) 56.6 55.5 1.1 2.0%

Net efficient installed renewables capacity (%) 69.9% 68.2% 1.7% 2.5%

Additional efficient installed renewables capacity (GW)  2.64 4.03 (1.39) -34.5%

(1)  206.9 TWh including the output of managed renewables capacity (220.6 TWh at December 31, 2023); similarly, generation from renewable 

sources would be equal to 148.3 TWh (140.3 at December 31, 2023).

Net electricity generated by Enel in 2024 decreased 

by 15.46 TWh compared with 2023, the result of lower 

thermal generation (-21.09 TWh) essentially due to a 

reduction in quantities generated by combined-cycle 

plants (-10.29 TWh), coal (-8.38 TWh) and fuel oil and 

turbo-gas plants (-2.42 TWh), mainly in Italy, Spain, 

Chile, Argentina, Colombia and Peru, the latter follow

-

ing the sale of a number of generation plants.

The increase in generation from renewable sources 

(6.35 TWh) is essentially attributable to greater hydro

-

electric generation (3.37 TWh) mainly in Italy, Spain, 

Brazil and Chile, solar generation (2.74 TWh) mainly 

in Spain, North America and Colombia and wind gen

-

eration (0.74 TWh) in Brazil, Chile and North America, 

partly offset by a decrease in generation from other 

renewable sources (-0.50 TWh).

Nuclear generation also declined by 0.72 TWh.

Excluding changes due to divestments of operations, 

generation in 2024 decreased by 3.1% over 2023.

Group performance

156

INTEGRATED ANNUAL REPORT 2024

NET ELECTRICITY GENERATION BY SOURCE (2024) 

33.6%

Hydroelectric

29.4% in 2023

24.0%

Wind

21.9% in 2023

9.0%

Solar

7.0% in 2023

2.9%

Geothermal and other

2.9% in 2023

13.8%

Combined-cycle

17.7% in 2023

12.6%

Nuclear

12.0% in 2023

2.9%

Fuel oil and turbo-gas

3.9% in 2023

1.2%

Coal

5.2% in 2023

TOTAL RENEWABLE SOURCES:

69.5%

61.2% in 2023

TOTAL TRADITIONAL SOURCES:

30.5%

38.8% in 2023

2024

Total 191.87 TWh

207.33 TWh in 2023

At the end of December 2024, the Group’s net effi-

cient installed capacity totaled 81.0 GW, a decrease

of 0.4 GW from 2023 due to a decrease in thermal 

(-1.5 GW), hydroelectric (-0.6 GW), wind (-0.1 GW) 

and geothermal capacity (-0.1 GW). This decrease

was only partly offset by an increase in net solar

capacity (+1.9 GW) mainly in Brazil, North America,

Colombia, Spain and Italy. The decrease reflects 

changes in scope following the sale of assets in Peru

(-2.3 GW).

NET EFFICIENT INSTALLED CAPACITY BY SOURCE (2024)

34.2%

Hydroelectric

34.8% 

in 2023

19.4%

Wind

19.5% 

in 2023

15.2%

Solar

12.8% 

in 2023

1.1%

Geothermal and other

1.1% 

in 2023

14.4%

Combined-cycle

14.7% 

in 2023

5.9%

Fuel oil and turbo-gas

7.3% 

in 2023

5.7%

Coal

5.7% 

in 2023

4.1%

Nuclear

4.1% 

in 2023

TOTAL RENEWABLE SOURCES:

69.9%

68.2% in 2023

TOTAL TRADITIONAL SOURCES:

30.1%

31.8% in 2023

2024

Total 81.0 GW

81.4 GW in 2023

At the end of December 2024, the Group’s net efficient 

installed renewables capacity reached 56.6 GW, an in-

crease of 1.1 GW from 2023, and represents 69.9% of 

total net efficient installed capacity.

Group performance

157

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Electricity distribution

2024 2023 Change

Electricity transported on Enel’s distribution grid (TWh) 481.2 489.4

(2)

(8.2) -1.7%

End users with active smart meters (no.)

(1)

45,181,536 45,172,959 8,577 -

Electricity distribution and transmission grid (km) 1,870,283 1,899,419 (29,136) -1.5%

End users (no.) 68,523,156 70,291,727 (1,768,571) -2.5%

SAIDI (average minutes)  205.2 208.3

(2)

(3.1) -1.5%

SAIFI (average no.) 2.5 2.5 - -

(1)  Of which 30.5 million second-generation meters in 2024 and 28.7 million in 2023.

(2)  The figure for 2023 reflects a more accurate calculation of the aggregate.

24. Excluding “vulnerable” customers.

Electricity transported on Enel’s distribution grid

amounted to 481.2 TWh in 2024, decrease of 8.2 

TWh (-1.7 %) compared with 2023, mainly attributable

to the sale of distribution assets held in Romania and 

Peru (-17.4 TWh) and the decrease in electricity distri-

bution in Argentina (-0.5 TWh), only partly offset by an 

increase in electricity transported in Italy (+3.3 TWh), 

Spain (+2.0 TWh), Brazil (+3.8 TWh), Chile (+0.4 TWh) 

and Colombia (+0.2 TWh). 

Excluding the changes in scope mentioned earlier, 

electricity distribution increased by 9.2 TWh (+2.0%).

The number of Enel end users with active smart

meters increased by 8,577 in 2024, mainly due to 

increases in Brazil (+644,711), Spain (+98,018), Chile 

(+3,056) and Colombia (+895), partly offset by de-

creases in Italy (-717,505), Peru (-20,449) and Argen-

tina (-149). 

End-user Markets

2024 2023 Change

Electricity sold by Enel (TWh) 273.5 300.9 (27.4) -9.1%

Gas sold to end users (billions of m

3

) 7. 1 8.3 (1.2) -14.5%

Retail customers (no.)

(1)

55,485,799 61,125,743

(2)

(5,639,944) -9.2%

\- of which free market 23,665,515 24,234,813

(2)

(569,298) -2.3%

Demand response capacity (MW) 9,250 9,588 (338) -3.5%

Public charging points (no.)

(3)

27,494 24,281 3,213 13.2%

Storage (MW) 2,858 1,730 1,128 65.2%

(1)  Includes fiber optic customers.

(2)  The figure for 2023 reflects a more accurate calculation of the aggregate.

(3)  If the figures also included charging points operated through joint ventures, the totals would amount to 28,809 at December 31, 2024 and 

25,337 at December 31, 2023.

Electricity sold by Enel in 2024 came to 273.5 TWh, a 

decrease of 27.4 TWh (-9.1%) on 2023. 

The decrease in the volumes of electricity sold in 2024 

was concentrated on both the regulated and free 

markets. With regard to the free market, volume de-

creases were seen in both the business-to-business 

(B2B) and business-to-consumer (B2C) customer seg-

ments in Italy, Spain, Peru and Romania (due to the sale 

of assets in the latter two countries), partly offset by 

increases in Brazil, Chile and Colombia. 

Decreases in the regulated markets affected the 

B2B customer segment mainly in Brazil, while in Italy 

they were attributable to the elimination of the en-

hanced-protection market as from July 1, 2024.

24

Excluding the changes in scope mentioned earlier, 

electricity sales decreased by 13.3 TWh (-4.7%).

In addition, natural gas sales in 2024 amounted to 

7.1 billion cubic meters, down 1.2 billion cubic meters 

compared with 2023 in Italy (down 0.7 billion cubic 

Group performance

158

INTEGRATED ANNUAL REPORT 2024

meters), Spain (down 0.4 billion cubic meters) and Rest 

of the World (down 0.1 billion cubic meters).

Demand response capacity in 2024 amounted to 9,250 

MW, a decrease of 338 MW from 2023, in Italy (-189 

MW), Spain (-104 MW) and Rest of the World (-45 MW).

Active public charging points for electric cars at De-

cember 31, 2024 amounted to 27,494, an increase 

of 3,213 compared with 2023, in Italy (+2,358), Spain 

(+581) and Latin America (+274). 

Finally, storage at December 31, 2024 amounted to 

2,858 MW, an increase of 1,128 MW, due mainly to 

the installation of new BESS technology batteries at 

renewable power plants (+1,231 MW), mainly in Italy

(+983 MW), Chile (+168 MW) and North America 

(+115 MW), partly offset by meter-related storage.

People at the Enel Group

The following table analyzes the number of employees by business line.

No. at Dec. 31, 2024 at Dec. 31, 2023

Percentage 

of total

at Dec. 31, 2024

Percentage 

of total

at Dec. 31, 2023

Thermal Generation and Trading 5,105 5,725 8.4% 9.3%

Enel Green Power 8,269 8,891 13.7% 14.6%

Enel Grids 32,214 30,946 53.4% 50.7%

End-user Markets 7,944 8,926 13.2% 14.6%

Holding and Services  6,827 6,567 11.3% 10.8%

Total 60,359 61,055

The Enel Group workforce at December 31, 2024 numbered 60,359 (61,055 at December 31, 2023).

Headcount at December 31, 2023 61,055

Hires  4,855

Terminations (4,289)

Changes in scope (1,262)

Headcount at December 31, 2024 60,359

The Group’s workforce decreased by 696 employees, 

reflecting the positive balance (566 employees) due to 

hires in Networks in Italy and Brazil, offset by negative 

changes in the consolidation scope (-1,262 employ-

ees), essentially attributable to:

• the sale of Enel Generación Perú;

• the sale of Enel Distribución Perú;

• the sale of Enel X Perú;

• the sale of Enel X Storage US LLC;

• the transfer of a number of employees from e-dis-

tribuzione SpA to A2A due to the sale of distribution 

assets in a number of municipalities in the provinces 

of Milan and Brescia.

Group performance

159

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Group performance

€24,066 million

GROSS OPERATING 

PROFIT

€20,255 million in 2023

€15,494 million

OPERATING 

PROFIT

+43% on 2023

€7,016 million

PROFIT ATTRIBUTABLE TO 

OWNERS OF THE PARENT

€3,438 million in 2023

€22,801 million

ORDINARY GROSS 

OPERATING PROFIT

(1)

of which 34.5% from Enel Grids

€14,761 million

ORDINARY OPERATING 

PROFIT

(1)

of which 37.5% from Enel Green Power

€7,135 million

ORDINARY PROFIT 

ATTRIBUTABLE TO OWNERS 

OF THE PARENT

(1)

+9.6% on 2023

(1)  The ordinary income statement does not include non-recurring items, as defined in the section “Definition of performance measures”. The 

summary of results presents a reconciliation of reported figures with ordinary figures for the following aggregates: gross operating profit, 

operating profit, and profit for the year (attributable to owners of the Parent).

Millions of euro

Ordinary income statement

(1)

Income statement

2024 2023 Change 2024 2023 Change

Revenue  77, 173 98,163 (20,990) -21.4% 78,947 95,565 (16,618) -17.4 %

Costs  54,849 73,232 (18,383) -25.1% 55,358 72,344 (16,986) -23.5%

Net results from commodity contracts  477 (2,962) 3,439 - 477 (2,966) 3,443 -

Gross operating profit/(loss)  22,801 21,969 832 3.8% 24,066 20,255 3,811 18.8%

Depreciation, amortization and impairment 8,040 7,9 2 7 113 1.4% 8,572 9,423 (851) -9.0%

Operating profit/(loss)  14,761 14,042 719 5.1% 15,494 10,832 4,662 43.0%

Financial income  7,080 6,062 1,018 16.8% 7,082 6,049 1,033 17. 1 %

Financial expense 10,411 9,440 971 10.3% 10,483 9,424 1,059 11.2%

Net financial expense  (3,331) (3,378) 47 1.4% (3,401) (3,375) (26) -0.8%

Share of profit/(loss) of equity-accounted 

investments 

277 226 51 22.6% (210) (41) (169) -

Pre-tax profit/(loss) 11,707 10,890 817 7.5% 11,883 7,416 4,467 60.2%

Income taxes  3,253 3,211 42 1.3% 3,654 2,778 876 31.5%

Profit/(Loss) from continuing operations  8,454 7,67 9 775 10.1% 8,229 4,638 3,591 7 7.4%

Profit/(Loss) from discontinued operations  - - - - - (371) 371 -

Profit for the year (owners of the Parent and 

non-controlling interests) 

8,454 7,67 9 775 10.1% 8,229 4,267 3,962 92.9%

Attributable to owners of the Parent  7, 13 5 6,508 627 9.6% 7,016 3,438 3,578 -

Attributable to non-controlling interests 1,319 1,171 148 12.6% 1,213 829 384 46.3%

(1)  The ordinary income statement does not include non-recurring items, as defined in the section “Definition of performance measures”. The 

summary of results presents a reconciliation of reported figures with ordinary figures for the following aggregates: gross operating profit, 

operating profit, and profit for the year (attributable to owners of the Parent).

Group performance

160

INTEGRATED ANNUAL REPORT 2024

Revenue

Millions of euro 2024 2023 Change

Sale of electricity 43,478 52,465 (8,987) -17. 1%

Transport of electricity 12,072 11,123 949 8.5%

Fees from network operators 961 1,142 (181) -15.8%

Transfers from institutional market operators 1 ,747 1,570 177 11.3%

Sale of gas 5,875 7,983 (2,108) -26.4%

Transport of gas 564 68 496 -

Sale of fuels 1,578 3,458 (1,880) -54.4%

Fees for connection to electricity and gas networks 1,002 877 125 14.3%

Revenue from construction contracts 1,054 995 59 5.9%

Sale of commodities with physical settlement and fair value gain/

(loss) on contracts settled in the period 

3,265 10,383 (7,118) -68.6%

Sale of value-added services  1,263 1,653 (390) -23.6%

Sale of environmental certificates 132 283 (151) -53.4%

Sale of assets 2,351 584 1,767 -

Gain from sale of property, plant and equipment and intangible 

assets

90 44 46 -

Grants for environmental certificates 293 346 (53) -15.3%

Sundry reimbursements 401 314 87 27.7 %

Tax partnerships 1,239 799 440 55.1%

Other income 1,582 1,478 104 7.0 %

Total  78,947 95,565 (16,618) -17.4 %

In 2024, revenue decreased by €16,618 million 

(-17.4%), from €95,565 million in 2023.

The decrease mainly reflects lower quantities of elec-

tricity and gas sold, mainly in Italy and Spain, as well

as a decrease of average selling prices compared 

with 2023, consistent with the gradual stabilization of 

European energy markets. It also reflects the chang-

es in scope mainly attributable to the sale of assets in 

Romania, in the last Quarter of 2023, and in Peru, in 

the 2nd Quarter of 2024.

Revenue from the sale of commodity contracts with 

physical settlement decreased by €7,118 million 

(-68.6%) compared with the previous year, reflecting 

the decrease in both quantities and average prices,

specifically of gas, in Italy and Spain. 

The reduction in revenue was only partly offset by the 

greater revenue deriving from the sale of assets, in

the amount of €1,767 million. More specifically rev-

enue in 2024 came to €2,351 million, mainly attrib-

utable to:

• the sale to A2A of 90% of the capital of Duereti, 

owner of distribution operations in a number of 

municipalities of the provinces of Milan and Brescia, 

generating €989 million;

• the sale of generation and distribution assets in 

Peru, generating a revenue of €1,347 million. 

In 2023, revenue from the sale of assets came to €584 

million and included the partial sale, with loss of control, 

of assets in Australia (€103 million) and in Greece (€160 

million), the sale of certain renewable energy companies 

operating in Chile (€195 million), and the end-of-con-

cession gain of Enel CIEN for €99 million in Brazil.

Group performance

161

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Costs

Millions of euro 2024 2023 Change

Electricity purchases 19,903 24,668 (4,765) -19.3%

Consumption of fuel for electricity generation 3,652 6,385 (2,733) -42.8%

Fuel for trading and gas for sale to end users 6,834 15,324 (8,490) -55.4%

Materials  2,446 2,747 (301) -11.0%

Personnel expenses 4,938 5,030 (92) -1.8%

Services, leases and rentals 16,687 15,450 1,237 8.0%

Environmental certificates 1,449 2,603 (1,154) -44.3%

Other charges related to the electricity and gas system 175 568 (393) -69.2%

Other charges for taxes and fees 1,341 1,529 (188) -12.3%

Capital losses and other costs on the disposal of equity 

investments

4 404 (400) -99.0%

Extraordinary solidarity levies 138 208 (70) -33.7%

Other expenses 833 813 20 2.5%

Capitalized costs (3,042) (3,385) 343 10.1%

Total  55,358 72,344 (16,986) -23.5%

Costs decreased by €16,986 million (-23.5%), mainly due 

to the general reduction in the average prices of energy 

commodities, also connected to a reduction in volumes. 

More specifically, the decrease affected costs for elec-

tricity purchases (€4,765 million, -19.3%) and charges for 

fuel for electricity generation and trading (€11,223 mil-

lion), including contracts with physical settlement. 

Charges for environmental certificates decreased by 

€1,154 million, mainly due to the decline in conven-

tional generation and the decrease in the prices of 

environmental certificates.

These decreases were only partly offset by the increase 

in the cost of services, leases and rentals (€1,237 mil-

lion compared with 2023) mainly due to higher charg-

es for wheeling, mainly in Italy and Spain, connected 

to the application of specific provisions issued by the 

rate-regulation authorities.

Net results from commodity contracts

Net expense from commodity contracts, obtained 

primarily for hedging purposes in the period end-

ed at December 31, 2024, show an improvement of

€3,443 million, mainly reflecting developments in 

commodity prices.

Ordinary gross operating profit/(loss)

The table below presents gross operating profit/(loss) by business line.

Millions of euro 2024 2023 Change

Thermal Generation and Trading 3,245 3,594 (349) -9.7%

Enel Green Power 7, 2 6 8 5,568 1,700 30.5%

Enel Grids 7,872 7,851 21 0.3%

End-user Markets 4,672 5,275 (603) -11.4%

Holding and Services  (256) (319) 63 19.7%

Total 22,801 21,969 832 3.8%

Group performance

162

INTEGRATED ANNUAL REPORT 2024

Ordinary gross operating profit increased by €832 

million (+3.8%) compared with 2023, despite the differ-

ent effects of the change in the consolidation scope 

associated with the sale of assets in 2023 and 2024 

(mainly the sale of distribution assets in Romania, re-

newable generation assets in Greece and generation 

and distribution assets in Peru).

Net of the consolidation scope changes, the ordinary 

gross operating profit came to €2,517 million.

The increase in ordinary gross operating profit in 2024 

mainly reflects the performance of Integrated Busi-

nesses, up by €748 million compared with 2023.

Integrated Businesses

Enel has chosen to pursue an integrated strategy in 

our core countries (i.e. Italy, Spain, the United States, 

Brazil, Chile and Colombia), where the Group has a 

widespread presence and a customer base to which 

to distribute the electricity generated. 

This integrated strategy aims to maximize the margin 

on electricity sold, particularly by relying on gradual 

reductions in sourcing costs (i.e. the cost of generat-

ing and/or procuring the commodity), connected to 

the increase in renewable energy in our generation 

mix, in addition to the expansion of volumes linked to 

the electrification of consumption, with consequent 

benefits for the Group, for our customers, and for all 

stakeholders generally.

The ordinary gross operating profit relating to the 

Integrated Businesses encompassed by this strategy 

(the “Integrated Businesses margin”) therefore stems 

from the integration of the electricity value chain 

and includes the results from electricity generation

(i.e. Enel Green Power, Thermal Generation and Trad-

ing) and the sale of electricity and services (End-user 

Markets).

In greater detail, the main businesses included in this 

Integrated Businesses margin are the following:

1. Electricity – free market, which consists of:

• Integrated energy business: including electricity 

business on the free market and generation from 

renewable and thermal sources;

• Enel X: including all services provided to customers;

• Mobility: encompassing the activities of innova-

tion, development and commercialization of elec-

tric mobility solutions.

2. Electricity – regulated market, which refers to regu-

lated generation activities (capacity market, essen-

tial plants, incentives received for renewable energy, 

etc.) and to the commercialization of energy on reg-

ulated markets.

3. Gas, which includes the retail and wholesale com-

mercialization of natural gas.

4. Trading and services, which includes portfolio opti-

mization and generation balancing services.

These are the businesses included in the Integrated 

Businesses margin, which, as mentioned, are as follows:

• Thermal Generation and Trading;

• Enel Green Power;

• End-user Markets, which includes Retail, Enel X and 

Enel X Way.

The following table presents the Integrated Business-

es margin by business line and by geographical area.

Millions of euro

Thermal Generation and 

Trading Enel Green Power End-user Markets Total

2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change

Italy 1,732 2,718 (986) 2,266 555 1,711 3,159 4,039 (880) 7,157 7,312 (155)

Iberia  1,491 739 752 999 826 173 1,034 780 254 3,524 2,345 1,179

Rest of the World 19 113 (94) 4,018 4,213 (195) 474 460 14 4,511 4,786 (275)

Other  3 24 (21) (15) (26) 11 5 (4) 9 (7) (6) (1)

Integrated Businesses

margin

3,245 3,594 (349) 7, 2 6 8 5,568 1,700 4,672 5,275 (603) 15,185 14,437 748

Group performance

163

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The Integrated Businesses margin in 2024 came to 

€15,185 million, an increase of €748 million from 

€14,437 million in 2023.

The increase was mainly driven by the performance 

of renewable generation, which benefited from the 

increased availability of resources, especially hydro-

electric and solar, as well as the contribution of new 

capacity installed in the United States, Italy and Spain. 

These positive results were only partially offset by the 

lower margins of conventional generation due to the 

lower quantities generated and lower results of the 

End-user Markets, reflecting the expected normaliza-

tion of prices.

Excluding the effects of changes in consolidation 

scope, the Integrated Businesses margin increased by 

€1,877 million.

Enel Grids

The ordinary gross operating margin of Enel Grids is in 

line with the previous year (+€21 million, +0.3%). Net of 

the different effects of the change in the consolidation 

scope in the two periods, Enel Grids’ ordinary gross 

operating margin increased by €575 million, mainly 

reflecting rate adjustments and incentives for service 

quality in Spain.

Gross operating profit/(loss)

Millions of euro

2024

Thermal 

Generation 

and Trading

Enel 

Green 

Power

Enel 

Grids

End-

user 

Markets

Holding 

and 

Services Total

Ordinary gross operating profit/(loss) 3,245 7, 26 8 7, 87 2 4,672 (256) 22,801

Non-ordinary gain/(loss) of mergers and acquisitions  44 65 2,160 103 (14) 2,358

Energy transition and digitalization (121) (41) 58 (51) (103) (258)

Extraordinary solidarity levies - - - - (138) (138)

Change in functional currency (Chile) - (607) - - - (607)

Impairment losses - (58) (10) (22) - (90)

Gross operating profit/(loss)  3,168 6,627 10,080 4,702 (511) 24,066

Millions of euro

2023

Thermal 

Generation 

and Trading

Enel 

Green 

Power

Enel 

Grids

End-

user 

Markets

Holding 

and 

Services Total 

Ordinary gross operating profit/(loss) 3,594 5,568 7, 8 51 5,275 (319) 21,969

Non-ordinary gain/(loss) of mergers and acquisitions  (349) 181 (23) - - (191)

Extraordinary solidarity levies  - - - - (208) (208)

Energy transition and digitalization (178) (6) (43) (58) (81) (366)

Impairment losses - (60) - - - (60)

Ordinary profit/(loss) from discontinued operations - (505) (324) (59) (1) (889)

Gross operating profit/(loss)  3,067 5,178 7,461 5,158 (609) 20,255

The gross operating profit for 2024 came to €24,066 

million, an increase of €3,811 million compared with

the previous year. In particular, this change essentially

reflects the effects mentioned in relation to ordinary 

gross operating profit, as well as the different con-

tribution from non-recurring items in the two years.

More specifically, the most significant changes in

non-recurring results include those deriving from

the sales of assets as well as the release of equi-

ty reserves for hedging transactions following the 

change in functional currency from Chilean peso to

US dollar carried out by Enel Generación Chile and 

Enel Chile from January 1, 2025. In 2024, results from 

sales include the proceeds from the sale of genera-

tion and distribution assets in Peru (€1,347 million) 

and electricity distribution activities in a number of 

municipalities in the provinces of Milan and Brescia 

(€989 million). In 2023, non-recurring results came 

to a negative €191 million and mainly reflect the dis-

Group performance

164

INTEGRATED ANNUAL REPORT 2024

posal of thermal generation operations in Argentina 

(a charge of €363 million), partially offset by the sale

of a number of renewable plants in Chile (a gain of

€195 million).

Ordinary operating profit/(loss)

Millions of euro 2024 2023 Change

Thermal Generation and Trading 2,397 2,812 (415) -14.8%

Enel Green Power 5,534 3,815 1,719 45.1%

Enel Grids 4,787 4,743 44 0.9%

End-user Markets 2,555 3,241 (686) -21.2%

Holding and Services (512) (569) 57 10.0%

Total 14,761 14,042 719 5.1%

Ordinary operating profit for 2024 increased by €719

million as a result of the factors commented above in 

relation to ordinary gross operating profit, taking into

account the increase in depreciation and amortization 

recognized during the year in the area of distribution, 

particularly in Italy and Spain, and the increase in impair-

ment losses recognized on trade receivables compared 

with the previous year in the same geographical areas.

Operating profit/(loss)

Millions of euro

2024

Thermal 

Generation 

and Trading

Enel 

Green 

Power

Enel 

Grids

End-

user 

Markets

Holding 

and 

Services Total

Ordinary operating profit/(loss) 2,397 5,534 4,787 2,555 (512) 14,761

Non-ordinary gain/(loss) of mergers and acquisitions  44 65 2,160 103 (14) 2,358

Energy transition and digitalization (121) (41) 58 (51) (103) (258)

Extraordinary solidarity levies  - - - - (138) (138)

Change in functional currency  - (607) - - - (607)

Impairment losses - (437) (10) (175) - (622)

Operating profit/(loss)  2,320 4,514 6,995 2,432 (767) 15,494

Millions of euro

2023

Thermal 

Generation 

and Trading

Enel 

Green 

Power

Enel 

Grids 

End-

user 

Markets

Holding 

and 

Services Total 

Ordinary operating profit/(loss) 2,812 3,815 4,743 3,241 (569) 14,042

Non-ordinary gain/(loss) of mergers and acquisitions  (349) 147 (23) - - (225)

Extraordinary solidarity levies  - - - - (208) (208)

Energy transition and digitalization (192) (6) (43) (58) (81) (380)

Impairment losses (91) (1,465) - (126) - (1,682)

Ordinary profit/(loss) from discontinued operations - (449) (251) (15) - (715)

Operating profit/(loss)  2,180 2,042 4,426 3,042 (858) 10,832

Operating profit increased by €4,662 million com-

pared with the previous year. This change reflects the 

factors commented above in relation to gross operat-

ing profit, plus a decrease in depreciation, amortiza-

tion and impairment compared with 2023.

During 2024, impairment losses came to €622 mil-

lion, of which €288 million in respect of renewable

projects (pipeline), €81 million in respect of wind

and photovoltaic generation plants, and €131 mil-

lion in respect of storage and e-mobility activities,

Group performance

165

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

the value of which was deemed by management not 

to be fully recoverable due to the evolution of the 

macroeconomic and market scenarios, as well as the 

investment allocation and rationalization strategy. 

In 2023, impairment losses came to €1,682 million and 

mainly regarded a number of wind and photovoltaic 

generation plants in the United States, following im-

pairment testing, the Colombian Windpeshi wind pro-

ject (reclassified among net assets held for sale) and a 

number of Enel X and Enel X Way activities.

Group ordinary profit/(loss)

Group ordinary profit for 2024 amounted to €7,135 mil-

lion, an increase of €627 million (+9.6%) compared with 

€6,508 million in 2023. The increase is mainly attributa-

ble to the positive developments of the ordinary oper-

ations, as commented above, together with a decrease 

in net financial expense, reflecting a decrease in debt 

and interest rates, only partly offset by an increase in 

taxes resulting from the improvement of pre-tax profit.

Group profit/(loss)

Group profit in 2024 came to €7,016 million (€3,438 

million in 2023), an increase of €3,578 million com-

pared with 2023, reflecting the positive developments 

of ordinary business activities, higher gains from dis-

posals and lower impairments losses compared with 

the previous period. The table below provides a rec-

onciliation of Group profit with Group ordinary profit, 

indicating non-recurring items and their respective 

impact on performance, net of the associated tax ef-

fects and non-controlling interests.

Millions of euro 2024 2023

Group ordinary profit  7, 13 5 6,508

Non-ordinary profit/(loss) of mergers and acquisitions 1,425 (278)

Extraordinary solidarity levies  (96) (149)

Energy transition and digitalization (184) (259)

Change in functional currency (Chile) (281) -

Impairment losses (457) (1,216)

Write-down of certain assets related to the sale of the investment in Slovenské elektrárne (526) (209)

Non-ordinary profit/(loss) on discontinued operations - (959)

Group profit  7,016 3,438

Analysis of the Group’s financial position and structure

166

INTEGRATED ANNUAL REPORT 2024

Analysis of the Group’s

financial position

and structure

€104,938 million

NET CAPITAL EMPLOYED

€105,272 million in 2023

€55,767 million

NET FINANCIAL DEBT

-7.3% on 2023

68.0%

SUSTAINABLE FINANCING

on total gross debt €71,162 million

€10,821 million

TOTAL CAPITAL EXPENDITURE

(1)

of which 83.2% in Enel Green Power and Enel Grids

(1)  Does not include €189 million regarding units classified as held for sale or discontinued operations.

Net capital employed and funding

Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change

Net non-current assets:

\- property, plant and equipment and intangible assets 110,451 106,953 3,498 3.3%

\- goodwill 12,850 13,042 (192) -1.5%

\- equity-accounted investments 1,456 1,650 (194) -11.8%

\- net other non-current assets/(liabilities) (2,631) (3,363) 732 21.8%

Total net non-current assets 122,126 118,282 3,844 3.2%

Net working capital:

\- trade receivables 15,941 17,7 73 (1,832) -10.3%

\- inventories 3,643 4,290 (647) -15.1%

\- net receivables due from institutional market operators (4,378) (4,317) (61) -1.4%

\- net other current assets/(liabilities) (10,592) (9,907) (685) -6.9%

\- trade payables (13,693) (15,821) 2,128 13.5%

Total net working capital (9,079) (7,982) (1,097) -13.7%

Gross capital employed 113,047 110,300 2,747 2.5%

Provisions:

\- employee benefits (1,614) (2,320) 706 30.4%

\- provisions for risks and charges and net deferred taxes (6,760) (6,311) (449) -7. 1 %

Total provisions (8,374) (8,631) 257 3.0%

Net assets held for sale 265 3,603 (3,338) -92.6%

Net capital employed 104,938 105,272 (334) -0.3%

Total equity 49,171 45,109 4,062 9.0%

Net financial debt 55,767 60,163 (4,396) -7.3%

Analysis of the Group’s financial position and structure

167

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Net capital employed at December 31, 2024 came to 

€104,938 million (€105,272 million at December 31, 

2023) and was funded by €49,171 million in equity 

attributable to owners of the Parent and non-con-

trolling interests and €55,767 million in net financial 

debt. The debt-to-equity ratio at December 31, 2024

was 1.13 (1.33 at December 31, 2023).

The minor reduction in net capital employed is mainly 

attributable to: 

• a decrease in net assets held for sale essentially at-

tributable to the sale of generation and distribution 

activities in Peru in the 2nd Quarter of 2024; 

• a decrease in net working capital, down by €1,097 

million compared with December 31, 2023, mainly 

reflecting the decrease in trade receivables con-

nected with lower sale revenue, the decrease in

inventories and net other assets and liabilities, the

latter essentially reflecting the net change in tax 

assets and liabilities, and the increase in liabilities 

for tax partnerships in the United States, the in-

crease in liabilities from customer contracts and in 

payments on account in respect of grants received 

from public entities. Those negative impacts were 

partly offset by lower trade payables; 

• an increase in net non-current assets mainly due

to the increase in property, plant and equipment 

and intangible assets in the amount of €3,498 

million. More specifically, the latter increased re-

flecting: capital expenditure in the period (€9,977 

million) including grants received on those assets 

(€602 million), capitalized interest (€245 million), 

new right-of-use assets (€438 million) and the 

effect of impairment losses related to the hyper-

inflation of assets held in Argentina (€1,357 mil-

lion). These effects were partly offset by depreci-

ation and amortization recognized for the period 

(€6,637 million), adverse exchange rate develop-

ments (€1,189 million) as well as the impacts of 

impairment losses totaling €461 million mainly 

referred to a number of renewable projects (€223

million), some software and development plat-

forms to support Enel X businesses (€62 million) 

and impairment losses on assets in the e-mobility

business (€56 million) mainly in the United States

and Italy. 

The increase of €732 million in net other non-cur-

rent assets/(liabilities) is mainly attributable to the 

decrease in long-term liabilities for tax partnerships.

Analysis of the Group’s financial position and structure

168

INTEGRATED ANNUAL REPORT 2024

Net financial debt

The Enel Group’s net financial debt and changes in the period are detailed in the table below.

Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change

Long-term debt:

\- bank borrowings 14,755 14,500 255 1.8%

\- bonds 42,282 43,579 (1,297) -3.0%

\- other borrowings

(1)

3,027 3,014 13 0.4%

Long-term debt 60,064 61,093 (1,029) -1.7%

Long-term financial assets and securities (2,676) (3,837) 1,161 30.3%

Net long-term debt 57,388 57, 25 6 132 0.2%

Short-term debt

Bank borrowings:

\- current portion of long-term bank borrowings 1,742 1,992 (250) -12.6%

\- other short-term bank borrowings  344 393 (49) -12.5%

Short-term bank borrowings 2,086 2,385 (299) -12.5%

Bonds (current portion) 5,318 6,763 (1,445) -21.4%

Other borrowings (current portion) 379 331 48 14.5%

Commercial paper 2,406 2,499 (93) -3.7%

Cash collateral and other financing for derivative transactions 732 1,383 (651) -47.1%

Other short-term financial borrowings

(2)

177 495 (318) -64.2%

Other short-term debt 9,012 11,471 (2,459) -21.4%

Long-term loan assets (short-term portion) (2,174) (1,007) (1,167) -

Loan assets – cash collateral (1,982) (2,899) 917 31.6%

Other short-term financial assets (374) (161) (213) -

Cash and cash equivalents and short-term securities (8,189) (6,882) (1,307) -19.0%

Cash and cash equivalents and short-term financial assets (12,719) (10,949) (1,770) -16.2%

Net short-term debt (1,621) 2,907 (4,528) -

NET FINANCIAL DEBT 55,767 60,163 (4,396) -7.3%

Net financial debt of assets held for sale 61 888 (827) -93.1%

(1)  Includes the item “Other non-current financial borrowings included in net financial debt” included under “Other non-current financial liabili-

ties” in the statement of financial position.

(2)  Includes the item “Other current financial borrowings included in net financial debt” included under “Other current financial liabilities” in the 

statement of financial position.

Net financial debt, at December 31, 2024, came to 

€55,767 million (not including net financial debt in re-

spect of assets classified as held for sale in the total 

amount of €61 million) and decreased by €4,396 mil-

lion from €60,163 million at December 31, 2023 (not 

including net financial debt in respect of assets held 

for sale in the amount of €888 million). More specif-

ically, cash flows generated by operating activities 

(€13,223 million), the effects of the issuance of per-

petual hybrid bonds (€592 million net of repurchas-

es) and of sales transactions finalized during 2024 

(€7,664 million) were partly offset by cash flows used 

in investing activities (€9,875 million net of grants re-

ceived in the amount of €1,135 million), the payment 

of dividends (€5,372 million including coupons paid to 

holders of perpetual hybrid bonds in the amount of 

€246 million) and the negative effect of exchange rate 

developments on debt. 

Gross financial debt at December 31, 2024 came to 

€71,162 million, a decrease of €3,787 million com-

pared with 2023.

Analysis of the Group’s financial position and structure

169

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Gross financial debt

Millions of euro

at Dec. 31, 2024 at Dec. 31, 2023

Gross 

long-term 

debt

Gross 

short-term 

debt Gross debt

Gross 

long-term 

debt

Gross 

short-term 

debt Gross debt

Gross financial debt 67,503 3,659 71,162 70,179 4,770 74,949

of which:

\- sustainable financing 45,650 2,549 48,199 45, 147 2,663 47, 810

Sustainable financing/Total 

gross debt (%)

68% 64%

More specifically, gross long-term financial debt (in-

cluding the short-term portion), in the amount of 

€67,503 million, includes €45,650 million in sustaina-

ble financing (68%), and is structured as follows:

• bonds in the amount of €47,600 million, of which 

€30,760 million in sustainable bonds, down €2,742 

million from December 31, 2023 as a result of re-

demptions during the year which more than offset 

currency losses and the following new issues: 

• a multi-tranche sustainability-linked bond issued 

by Enel Finance International in the total amount of 

€1,750 million in January 2024;

• a multi-tranche sustainability-linked bond issued 

by Enel Finance International in the total amount 

of $2,000 million (equal to €1,931 million at De-

cember 31, 2024) in June 2024;

• bank borrowings in the amount of €16,497 million, 

of which €14,890 million in respect of sustainabili-

ty-linked financing, an increase of €5 million com-

pared with 2023;

• other borrowings in the amount of €3,406 million, 

an increase of €61 million compared with 2023.

Gross short-term financial debt, which decreased 

by €1,111 million compared with December 31, 2023, 

came to €3,659 million and consists of commercial 

paper, all linked to sustainability objectives, in the 

amount of €2,406 million, cash collateral in the amount 

of €732 million, other short-term financial payables in 

the amount of €177 million and other short-term bank 

borrowings in the amount of €344 million. 

Cash and cash equivalents and short- and long-term 

financial assets, totaling €15,395 million, increased by 

€609 million compared with the end of 2023, mainly 

due to the increase in cash and cash equivalents and 

short-term securities and short-term financial receiv-

ables, in the amount of €1,307 million and €213 million, 

respectively, offset by the decrease in financial receiv-

ables for cash collateral in the amount of €917 million.

Sustainability-linked finance at Enel

At Enel, sustainable finance is a key lever in creating 

economic and financial value, enabling us to raise 

public and private capital and channel those resourc-

es into sustainable investments, thereby sustaining 

achievement of our development goals. 

The new sustainability-linked bond issues, together 

with all the sustainable financing arranged, made it 

possible to reach a 68% ratio of sustainable sources 

of financing to the Group’s total gross debt at the end 

of 2024, with a goal of reaching around 75% in 2027. 

Thanks to the contribution of sustainable finance, Enel 

has accelerated the decarbonization of its energy mix, 

reducing its direct emissions intensity by 72.3%, from 

365 g/kWh in 2017 – the year of the first Green Bond 

issue and reference for the SBTi certification – to 101 

g/kWh in 2024, confirming Enel’s commitment to the 

energy transition, in line with the environmental and 

financial sustainability pillar of the Group’s strategy.

Analysis of the Group’s financial position and structure

170

INTEGRATED ANNUAL REPORT 2024

Sustainability-linked finance

25. Enel - Sustainability-Linked Financing Framework - 2025 Edition.

In line with the Sustainability-Linked Financing Frame-

work, published by Enel on its website,

25

Enel issues and 

structures financial instruments linked to the achieve-

ment of predetermined Sustainability Performance 

Targets (SPT). Enel issued a total of about €32,000 mil-

lion-equivalent sustainability\- linked bonds, of which 

€28,511 million outstanding at December 31, 2024. For 

further details on the Sustainability-Linked Financing 

Report, refer to the section “Attachments - Sustaina-

bility-Linked Financing Report”.

KPI and Sustainability Performance Targets (SPT)

KPI

Actual value Sustainability Performance Targets (SPT)

2024 2024 2025 2026 2027 2030 2040

KPI #1

(1)

Scope 1 GHG emissions 

Intensity relating to Power 

Generation (gCO

2eq

/kWh)

101 140  130 125 115 72 -

KPI #2 

Scope 1 and 3 GHG 

emissions Intensity relating 

to Integrated Power 

(gCO

2eq

/kWh)

121 135 135 125 73 -

KPI #3

Absolute Scope 3 GHG 

emissions related to Retail 

Gas (MtCO

2eq

)

(2)

14.3 18.8 18 16.5 10.3 -

KPI #4

Percentage of installed 

renewables capacity (%)

69.90% 69.00% 73.00% 74.00% 75.00% 80.00% 100.00%

KPI #5

Percentage of capex 

aligned with the EU 

taxonomy (%)

83.80% >80%

(2023-2025)

(3)

>80%

(2024-2026)

(4)

>80%

(2025-2027)

(5)

(1)  This KPI #1 was previously denominated: “Direct Greenhouse Gas Emissions Amount (Scope 1)”.

(2)  Values recalculated in 2024 to align the volumes of natural gas sold to end customers according to its calorific value with the IPCC factor.

(3)  SPT with cumulative observation period of 2023-2025.

(4)  SPT with cumulative observation period of 2024-2026.

(5)  SPT with cumulative observation period of 2025-2027.

Financing from development banks and export credit agencies 

(ECAs)

Sustainable finance is characterized by the synergy 

between public and private capital. The integration of 

these two sources of financing allows the development 

of scalable solutions capable of generating significant 

economic value, especially in developing countries and 

emerging markets.

Enel has secured new forms of financing with develop-

ment banks and export credit agencies (ECAs) through

transactions that aim to channel private capital into sus-

tainable development, for a total value of about €10,000 

million, of which about 50% is sustainability-linked. 

More specifically, in 2024 the Group entered into loans 

of this nature for a total of about €1,000 million. The 

main transactions include the General Corporate Pur-

pose and Sustainability-Linked financing for a total of 

$286 million, by an export credit agency to Enel Chile.

Analysis of the Group’s financial position and structure

171

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Green finance

In the 2017-2019 period, the Enel Group issued Green 

Bonds for a total notional value of €3,500 million, of 

which €2,249 million outstanding as of December 31, 

2024\. For further details on the Green Bonds Report, 

refer to the section “Attachments - Green Bond Re-

port 2024”.

Cash flows

For more information, please see note 44 to the consolidated financial statements. 

Capital expenditure

Millions of euro 2024 2023 Change

Thermal Generation and Trading 673 761 (88) -11.6%

Enel Green Power  3,133 5,345 (2,212) -41.4%

Enel Grids 5,868 5,280 588 11.1%

End-user Markets 971 1,138 (167) -14.7%

Holding and Services 176 190 (14) -7.4 %

Total

(1)

10,821 12,714 (1,893) -14.9%

(1)  The figure does not include €189 million regarding units classified as held for sale (€849 million in 2023).

In line with the Paris agreements for the reduction 

of CO

2

emissions, the Group’s investments focused 

mainly on grids (€5,868 million, 54% of total capex) 

and renewable energy (€3,133 million, 29%), in line with 

the assumptions of the Strategic Plan of the Group. 

Capital expenditure on grids, aimed at ensuring reli-

ability and quality of service through efficient, resil-

ient and digital networks, increased by €588 million, 

mainly in Italy (€446 million), Argentina (€76 million), 

Brazil (€54 million), Colombia (€32 million) and Spain 

(€16 million).

With regard to renewable energy, the decrease is 

mainly attributable to a reallocation and rationalization 

of investments, and especially concerns Italy (€709 

million) following the completion of a number of BESS 

projects, Brazil (€536 million), Spain (€359 million), 

Chile (€253 million), North America (€185 million) and 

Colombia (€134 million). 

Capital expenditure in the End-user Markets Business 

Line fell by €167 million and concerned the Enel X 

business mainly in Italy, Brazil and North America, part-

ly offset by increased capital expenditure in the Retail 

business in Italy and Spain with the digitalization of 

customer management operational processes. 

Capital expenditure in Thermal Generation and Trad-

ing decreased by €88 million, particularly in Italy.

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

172

INTEGRATED ANNUAL REPORT 2024

Performance by primary

segment (Business Line)

and secondary segment

(Geographical Area)

The representation of performance by business line 

presented here is based on the approach used by man-

agement in monitoring Group performance for the two 

periods under review, taking account of the operational 

model adopted as described above.

With regard to disclosures for operating segments, as

management reports on performance by business line,

the Group has therefore adopted the following report-

ing sectors:

• primary segment: business line; 

• secondary segment: geographical area.

The business line 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 line and only thereafter are 

they broken down by geographical area. 

In this regard, note that in line with the organizational 

simplification process, the figures by secondary seg-

ment (Geographical Area) have been restated to take 

into account the scope of responsibility and the con-

sequent performance monitoring system associated 

with the “Rest of the World” area consisting of Argenti-

na, Brazil, Chile, Colombia and Central America, United 

States and Canada, Mexico, Rest of the World - Other 

countries.

Following these changes, the figures for 2023 were ad-

justed for comparative purposes only.

The organization continues to be based on matrix of 

business lines (Thermal Generation and Trading, Enel 

Green Power, Enel Grids, End-user Markets, Holding 

and Services) and geographical areas (Italy, Iberia, Rest 

of the World, Central/Holding). 

The following chart outlines these organizational ar-

rangements.

REGIONS/

COUNTRIES

THERMAL

GENERATION

TRADING

ENEL GREEN

POWER

ENEL 

GRIDS

END-USER 

MARKETS

HOLDING

AND 

SERVICES

Italy

Iberia

Rest of the World

Argentina

Brazil 

Chile

Colombia and 

Central  America 

United States 

and Canada

Mexico 

Other  countries 

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

173

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Performance by primary segment (Business Line) 

in 2024 and 2023 

Results for 2024

Millions of euro

Thermal 

Generation 

and Trading

Enel 

Green 

Power Enel Grids

End-user 

Markets

Holding 

and 

Services

Total 

reporting 

segment

(1)

Eliminations 

and 

adjustments Total

Revenue and other income 

from third parties

10,355 8,940 20,449 39,215 (12) 78,947 - 78,947

Revenue and other income 

from transactions with 

other segments

13,921 3,277 2,787 2,646 1,958 24,589 (24,589) -

Total revenue 24,276 12 ,217 23,236 41,861 1,946 103,536 (24,589) 78,947

Net results from 

commodity contracts

1,673 (22) - (1,171) (3) 477 - 477

Gross operating profit/

(loss)

3,168 6,627 10,080 4,702 (511) 24,066 - 24,066

Depreciation, amortization 

and impairment losses

848 2,113 3,085 2,270 256 8,572 - 8,572

Operating profit/(loss) 2,320 4,514 6,995 2,432 (767) 15,494 - 15,494

Capital expenditure 673

(2)

3,133

(3)

5,868

(4)

971

(5)

176 10,821 - 10,821

(1)  Segment revenue includes both revenue from third parties and revenue from transactions with other segments. 

(2)  Does not include €13 million classified as held for sale or discontinued operations.

(3)  Does not include €100 million classified as held for sale or discontinued operations, of which €91 million refer to investments in the first five 

months of 2024 made by the company 3SUN, which since June 2024 has however been reclassified among “held-for-use” assets and liabilities, 

as the conditions that had determined the previous classification pursuant to IFRS 5 no longer apply.

(4)  Does not include €62 million classified as held for sale or discontinued operations.

(5)  Does not include €14 million classified as held for sale or discontinued operations.

Results for 2023

Millions of euro

Thermal 

Generation 

and Trading

Enel 

Green 

Power Enel Grids

End-user 

Markets

Holding 

and 

Services

Total 

reporting 

segment

(1)

Eliminations 

and 

adjustments Total

Revenue and other income 

from third parties

20,152 8,459 17,206 49,748 - 95,565 - 95,565

Revenue and other income 

from transactions with 

other segments

20,038 3,161 3,053 2,371 2,045 30,668 (30,668) -

Total revenue 40,190 11,620 20,259 52,119 2,045 126,233 (30,668) 95,565

Net results from 

commodity contracts

(1,983) (65) - (923) 5 (2,966) - (2,966)

Gross operating profit/

(loss)

3,067 5,178 7,461 5,158 (609) 20,255 - 20,255

Depreciation, amortization 

and impairment losses

887 3,136 3,035 2,116 249 9,423 - 9,423

Operating profit/(loss) 2,180 2,042 4,426 3,042 (858) 10,832 - 10,832

Capital expenditure 761

(2)

5,345

(3)

5,280

(4)

1,138

(5)

190

(6)

12,714 - 12,714

(1)  Segment revenue includes both revenue from third parties and revenue from transactions with other segments. 

(2)  Does not include €14 million classified as held for sale or discontinued operations.

(3)  Does not include €565 million classified as held for sale or discontinued operations.

(4)  Does not include €233 million classified as held for sale or discontinued operations.

(5)  Does not include €34 million classified as held for sale or discontinued operations.

(6)  Does not include €3 million classified as held for sale or discontinued operations. 

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

174

INTEGRATED ANNUAL REPORT 2024

In the table below, ordinary gross operating profit is 

shown for the two periods under review, business line 

and geographical area.

It should be noted that ordinary gross operating profit 

excludes non-recurring items. For a reconciliation with 

gross operating profit, please see the section “Group 

performance”.

Ordinary gross operating profit

Millions of euro Thermal Generation and Trading Enel Green Power Enel Grids End-user Markets Holding and Services Total

2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change

Italy 1,732 2,718 (986) 2,266 555 1,711 4,023 3,589 434 3,159 4,039 (880) 61 56 5 11,241 10,957 284

Iberia 1,491 739 752 999 826 173 1,820 1,668 152 1,034 780 254 (5) 39 (44) 5,339 4,052 1,287

Rest of the 

World 

19 113 (94) 4,018 4,213 (195) 2,030 2,598 (568) 474 460 14 (115) (132) 17 6,426 7, 252 (826)

Argentina  - 5 (5) 18 19 (1) (1) (54) 53 30 5 25 (1) (5) 4 46 (30) 76

Brazil  1 (16) 17 579 549 30 1,308 1,496 (188) 207 220 (13) (34) (37) 3 2,061 2,212 (151)

Chile  (41) 50 (91) 1,269 983 286 63 102 (39) 81 75 6 (78) (89) 11 1,294 1,121 173

Colombia and 

Central America

(16) (26) 10 685 848 (163) 565 517 48 152 79 73 - - - 1,386 1,418 (32)

Colombia (14) (23) 9 522 743 (221) 565 517 48 152 79 73 - - - 1,225 1,316 (91)

Costa Rica - - - 14 - 14 - - - - - - - - - 14 - 14

Guatemala  (1) (2) 1 36 35 1 - - - - - - - - - 35 33 2

Panama (1) (1) - 113 70 43 - - - - - - - - - 112 69 43

United States 

and Canada

(9) (60) 51 1,205 749 456 - - - (31) (15) (16) (1) (2) 1 1,164 672 492

Mexico 5 3 2 92 40 52 - - - 7 4 3 - - - 104 47 57

Rest of the World 

– Other countries

79 157 (78) 170 1,025 (855) 95 537 (442) 28 92 (64) (1) 1 (2) 371 1,812 (1,441)

Peru  79 153 (74) 96 224 (128) 95 223 (128) 22 45 (23) (1) (1) - 291 644 (353)

Europe and Africa  - 4 (4) 72 691 (619) - 314 (314) 1 50 (49) - 2 (2) 73 1,061 (988)

Asia and Oceania  - - - 2 110 (108) - - - 5 (3) 8 - - - 7 107 (100)

Other countries - - - - - - - - - - - - - - - - - -

Other 3 24 (21) (15) (26) 11 (1) (4) 3 5 (4) 9 (197) (282) 85 (205) (292) 87

Total 3,245 3,594 (349) 7, 2 6 8 5,568 1,700 7,87 2 7,851 21 4,672 5,275 (603) (256) (319) 63 22,801 21,969 832

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

175

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Ordinary gross operating profit

Millions of euro Thermal Generation and Trading Enel Green Power Enel Grids End-user Markets Holding and Services Total

2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change

Italy 1,732 2,718 (986) 2,266 555 1,711 4,023 3,589 434 3,159 4,039 (880) 61 56 5 11,241 10,957 284

Iberia 1,491 739 752 999 826 173 1,820 1,668 152 1,034 780 254 (5) 39 (44) 5,339 4,052 1,287

Rest of the 

World 

19 113 (94) 4,018 4,213 (195) 2,030 2,598 (568) 474 460 14 (115) (132) 17 6,426 7, 252 (826)

Argentina  - 5 (5) 18 19 (1) (1) (54) 53 30 5 25 (1) (5) 4 46 (30) 76

Brazil  1 (16) 17 579 549 30 1,308 1,496 (188) 207 220 (13) (34) (37) 3 2,061 2,212 (151)

Chile  (41) 50 (91) 1,269 983 286 63 102 (39) 81 75 6 (78) (89) 11 1,294 1,121 173

Colombia and 

Central America

(16) (26) 10 685 848 (163) 565 517 48 152 79 73 - - - 1,386 1,418 (32)

Colombia (14) (23) 9 522 743 (221) 565 517 48 152 79 73 - - - 1,225 1,316 (91)

Costa Rica - - - 14 - 14 - - - - - - - - - 14 - 14

Guatemala  (1) (2) 1 36 35 1 - - - - - - - - - 35 33 2

Panama (1) (1) - 113 70 43 - - - - - - - - - 112 69 43

United States 

and Canada

(9) (60) 51 1,205 749 456 - - - (31) (15) (16) (1) (2) 1 1,164 672 492

Mexico 5 3 2 92 40 52 - - - 7 4 3 - - - 104 47 57

Rest of the World 

– Other countries

79 157 (78) 170 1,025 (855) 95 537 (442) 28 92 (64) (1) 1 (2) 371 1,812 (1,441)

Peru  79 153 (74) 96 224 (128) 95 223 (128) 22 45 (23) (1) (1) - 291 644 (353)

Europe and Africa  - 4 (4) 72 691 (619) - 314 (314) 1 50 (49) - 2 (2) 73 1,061 (988)

Asia and Oceania  - - - 2 110 (108) - - - 5 (3) 8 - - - 7 107 (100)

Other countries - - - - - - - - - - - - - - - - - -

Other 3 24 (21) (15) (26) 11 (1) (4) 3 5 (4) 9 (197) (282) 85 (205) (292) 87

Total 3,245 3,594 (349) 7, 2 6 8 5,568 1,700 7,87 2 7,851 21 4,672 5,275 (603) (256) (319) 63 22,801 21,969 832

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

176

INTEGRATED ANNUAL REPORT 2024

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

177

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Thermal Generation and Trading

24.3 GW

NET EFFICIENT 

INSTALLED CAPACITY

-5.9% on 2023

58.5 TWh

NET ELECTRICITY 

GENERATION

-77.9% from coal-fired plants

on 2023

€3,245 million

ORDINARY GROSS 

OPERATING PROFIT

€3,594 million in 2023

Operations

Net electricity generation

Millions of kWh 2024 2023 Change

Coal-fired plants 2,377 10,755 (8,378) -77.9%

Fuel-oil and turbo-gas plants 5,606 8,021 (2,415) -30.1%

Combined-cycle plants 26,410 36,705 (10,295) -28.0%

Nuclear plants 24,152 24,865 (713) -2.9%

Total net generation 58,545 80,346 (21,801) -2 7. 1%

\- of which Italy 9,441 20,503 (11,062) -54.0%

\- of which Iberia 41,988 46,052 (4,064) -8.8%

\- of which Rest of the World 7, 1 16 13,791 (6,675) -48.4%

\- of which Argentina - 1 ,710 (1 ,710) -

\- of which Chile 4,900 6,198 (1,298) -20.9%

\- of which Colombia and Central America  962 709 253 35.7%

\- of which other countries 1,254 5,174 (3,920) -75.8%

In 2024, thermal generation decreased by 21,801 mil-

lion kWh compared with 2023.

The decrease in generation by coal-fired plants, down 

8,378 million kWh, is mainly attributable to Italy, which had

resorted to this technology in the first months of 2023 for

application of the preventive measures put in place by the 

Italian government to reduce gas consumption.

The decrease in generation by combined-cycle plants 

and by fuel-oil and turbo-gas plants, of 10,295 million 

kWh and 2,415 million kWh, respectively, is attributable 

to the sale in the 1st Half of 2023 of Enel Generación 

Costanera (1,069 million kWh) and Central Dock Sud 

(640 million kWh) in Argentina, as well as the different 

consolidation period of Enel Generación Perú, sold in 

the 2nd Quarter of 2024, with a decrease in genera-

tion of 3,614 million kWh. 

The use of these technologies also decreased in Italy 

(-3,055 million kWh), Iberia (-2,662 million kWh) and 

Chile (-1,298 million kWh).

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

178

INTEGRATED ANNUAL REPORT 2024

Net efficient installed capacity

MW at Dec. 31, 2024 at Dec. 31, 2023 Change

Coal-fired plants 4,627 4,627 - -

Fuel-oil and turbo-gas plants 4,766 5,942 (1,176) -19.8%

Combined-cycle plants 11,622 11,983 (361) -3.0%

Nuclear plants 3,328 3,328 - -

Total 24,343 25,880 (1,537) -5.9%

\- of which Italy 10,501 11,145 (644) -5.8%

\- of which Iberia 11,318 11,347 (29) -0.3%

\- of which Rest of the World 2,524 3,388 (864) -25.5%

\- of which Chile 1,979 1 ,978 1 0.1%

\- of which Colombia and Central America  226 226 - -

\- of which other countries 319 1,184 (865) -73.1%

Net efficient installed capacity for thermal power 

plants at December 31, 2024 stood at 24,343 MW, a 

decrease of 1,537 MW mainly due to the decommis-

sioning by Enel Produzione of units of Fusina, Termini 

Imerese, Porto Empedocle, Porto Ferraio and Montalto 

di Castro plants, as well as the sale of Enel Generación 

Perú in Latin America.

Performance

Millions of euro 2024 2023 Change

Revenue 24,276 40,190 (15,914) -39.6%

Gross operating profit/(loss) 3,168 3,067 101 3.3%

Ordinary gross operating profit/(loss) 3,245 3,594 (349) -9.7%

Operating profit/(loss) 2,320 2,180 140 6.4%

Ordinary operating profit/(loss) 2,397 2,812 (415) -14.8%

Capital expenditure 673

(1)

761

(2)

(88) -11.6%

(1)  Does not include €13 million classified as held for sale or discontinued operations.

(2)  Does not include €14 million classified as held for sale or discontinued operations. 

The following tables show a breakdown of performance by geographical area in 2024.

Revenue

Millions of euro 2024 2023 Change

Italy 13,775 26,178 (12,403) -47.4 %

Iberia 7,977 11,348 (3,371) -29.7%

Rest of the World  2,497 2,809 (312) -11.1%

Argentina 1 7 (6) -85.7%

Brazil 796 656 140 21.3%

Chile 990 1,335 (345) -25.8%

Colombia and Central America  353 317 36 11.4%

\- of which Colombia 353 317 36 11.4%

United States and Canada 65 158 (93) -58.9%

Mexico 128 103 25 24.3%

Rest of the World – Other countries 164 233 (69) -29.6%

\- of which Peru 164 233 (69) -29.6%

Other 76 82 (6) -7. 3%

Eliminations and adjustments (49) (227) 178 78.4%

Total 24,276 40,190 (15,914) -39.6%

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

179

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Revenue for 2024 amount to €24,276 million, a de-

crease of €15,914 million from 2023. This decrease 

is mainly attributable to the decrease in energy com-

modity prices and the decline in thermal generation 

and in quantities of gas handled.

Ordinary gross operating profit/(loss)

Millions of euro 2024 2023 Change

Italy 1,732 2,718 (986) -36.3%

Iberia 1,491 739 752 -

Rest of the World  19 113 (94) -83.2%

Argentina - 5 (5) -

Brazil 1 (16) 17 -

Chile (41) 50 (91) -

Colombia and Central America  (16) (26) 10 38.5%

\- of which Colombia (14) (23) 9 39.1%

\- of which Guatemala (1) (2) 1 50.0%

\- of which Panama (1) (1) - -

United States and Canada (9) (60) 51 85.0%

Mexico 5 3 2 66.7%

Rest of the World – Other countries 79 157 (78) -49.7%

\- of which Peru 79 153 (74) -48.4%

\- of which Europe and Africa  - 4 (4) -

Other 3 24 (21) -87.5%

Total 3,245 3,594 (349) -9.7%

The decrease in the ordinary gross operating profit, 

in the amount of €349 million, is mainly attributable to 

a general decrease in thermal generation in all geo-

graphical areas against decreasing average prices and 

the recognition of a charge of €515 million in the 4th 

Quarter in Spain, following the issue of the arbitration 

award on the price revision on an Endesa gas supply 

contract.

The decrease also reflects an overall effect of about 

€68 million from changes in the consolidation scope 

mainly linked to the sales of Enel Generación Costan-

era and Central Dock Sud in Argentina and Enel Gen-

eración Perú.

Gross operating profit came to €3,168 million (€3,067 

million in 2023), an increase of €101 million compared 

with 2023. In particular, the increase reflects both 

business trends as commented earlier and changes 

in the scope of consolidation, and different contri-

butions from non-recurring items. The latter totaled 

a negative €77 million in 2024, from a negative €527 

million in 2023. 

More specifically, non-recurring items in 2024 include 

gains from the sale of generation assets in Peru (€44 

million) and charges for the energy transition (€121 

million) relating to provisions in Italy pursuant to Arti-

cle 4 of Law 92/2012 and the adjustment to the pro-

vision for the Acuerdo Voluntario de Salida (AVS) plan 

in Spain. In 2023, non-recurring items mainly included 

the charges for the sale of Enel Generación Costanera 

and Central Dock Sud in Argentina (€349 million) and 

the charges for the energy transition (€178 million).

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

180

INTEGRATED ANNUAL REPORT 2024

Ordinary operating profit/(loss)

Millions of euro 2024 2023 Change

Italy 1,497 2,562 (1,065) -41.6%

Iberia 942 217 725 -

Rest of the World  (45) 10 (55) -

Argentina - 3 (3) -

Brazil - (16) 16 -

Chile (62) 16 (78) -

Colombia and Central America  (37) (49) 12 24.5%

\- of which Colombia (28) (40) 12 30.0%

\- of which Guatemala (1) (1) - -

\- of which Panama (8) (8) - -

United States and Canada (14) (71) 57 80.3%

Mexico 5 1 4 -

Rest of the World – Other countries 63 126 (63) -50.0%

\- of which Peru 63 122 (59) -48.4%

\- of which Europe and Africa  - 4 (4) -

Other 3 23 (20) -87.0%

Total 2,397 2,812 (415) -14.8%

The decrease in the ordinary operating profit reflects 

the factors described in relation to ordinary gross

operating profit taking into account the increase in

depreciation, amortization and impairment losses

of €66 million compared with the previous year. 

Operating profit for 2024 came to €2,320 million

(€2,180 million in 2023), an increase of €140 million 

taking into account the factors described above in 

relation to gross operating profit and the increase 

in depreciation, amortization and impairment loss-

es compared with previous financial year.

More specifically, 2023 included impairment losses 

concerning certain projects in Spain in the amount 

of €91 million.

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

181

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Capital expenditure

Millions of euro 2024 2023 Change

Italy 269 394 (125) -31.7%

Iberia 314 306 8 2.6%

Rest of the World  90 61 29 47.5%

Brazil - 1 (1) -

Chile 76 39 37 94.9%

Colombia and Central America  12 9 3 33.3%

Mexico 1 3 (2) -66.7%

United States and Canada 1 1 - -

Rest of the World – Other countries - 8 (8) -

Total 673

(1)

761

(2)

(88) -11.6%

(1)  Does not include €13 million classified as held for sale or discontinued operations.

(2)  Does not include €14 million classified as held for sale or discontinued operations.

Capital expenditure in 2024 decreased by €88 mil-

lion and mainly include the conversion of plants as 

part of energy transition projects.

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

182

INTEGRATED ANNUAL REPORT 2024

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

183

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Enel Green Power

56.6 GW

NET EFFICIENT INSTALLED CAPACITY

70% of total Group capacity

133.3 TWh

NET ELECTRICITY GENERATION

69.5% of total Group net electricity generation

€7,268 million

ORDINARY GROSS OPERATING PROFIT

€5,568 million in 2023

€3,133 million

CAPITAL EXPENDITURE

(1)

29% of total Group capital expenditure

(1)  Does not include €100 million classified as held for sale or discontinued operations, of which €91 million refer to investments in the first five 

months of 2024 made by the company 3SUN, which since June 2024 has however been reclassified among “held-for-use” assets and liabilities, 

as the conditions that had determined the previous classification pursuant to IFRS 5 no longer apply.

Operations 

Net electricity generation

Millions of kWh 2024 2023 Change

Hydroelectric 64,358 60,991 3,367 5.5%

Geothermal  5,500 6,001 (501) -8.3%

Wind 46,078 45,339 739 1.6%

Solar 17,356 14,613 2 ,743 18.8%

Other sources 36 42 (6) -14.3%

Total net generation 133,328 126,986 6,342 5.0%

\- of which Italy 25,341 22,098 3,243 14.7%

\- of which Iberia 17,792 14,212 3,580 25.2%

\- of which Rest of the World 90,195 90,676 (481) -0.5%

\- of which Argentina 2,990 2 ,750 240 8.7%

\- of which Brazil 20,740 17,625 3,115 17.7%

\- of which Chile 19,738 17, 9 24 1,814 10.1%

\- of which Colombia and Central America 15,672 17,4 42 (1,770) -10.1%

\- of which United States and Canada 25,252 23,553 1,699 7. 2%

\- of which Mexico 2,084 2,058 26 1.3%

\- of which other countries 3,719 9,324 (5,605) -60.1%

Net electricity generation in 2024 increased from 2023 

due to greater hydroelectric, solar and wind generation. 

Hydroelectric generation posted a sharp increase as 

a result of greater water availability in Italy (+3,205 

million kWh), Spain (+2,577 million kWh), Chile (+1,481 

million kWh), Brazil (+766 million kWh) and Argenti-

na (+240 million kWh), partly offset by a decrease in

generation in Colombia and Central America (-2,594

million kWh) and Peru (-2,326 million kWh), the latter

due to the sale of generation assets during the 1st 

Half of 2024\. 

Solar generation increased mainly in the United States 

(+1,333 million kWh), Spain (+1,021 million kWh), Co-

lombia (+779 million kWh), Italy (+230 million kWh) and 

Brazil (+190 million kWh), partly offset by a decrease in 

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

184

INTEGRATED ANNUAL REPORT 2024

generation due to the change in scope in Europe, Peru 

and Australia (-912 million kWh).

The most significant changes in wind generation 

were seen in Brazil (+2,159 million kWh), the United 

States (+560 million kWh), Chile (+366 million MWh) 

and Canada (+121 million kWh), partly offset by lower 

generation in Italy (-116 million kWh) and the decon-

solidation of certain companies in India (-201 million 

kWh), Europe (-1,905 million kWh) and Peru (-244 

million kWh). 

Net efficient installed capacity

MW at Dec. 31, 2024 at Dec. 31, 2023 Change

Hydroelectric 27,6 97 28,340 (643) -2.3%

Geothermal 860 931 (71) -7.6 %

Wind 15,739 15,853 (114) -0.7%

Solar 12,306 10,407 1,899 18.2%

Other sources 6 6 - -

Total net efficient installed capacity  56,608 55,537 1,071 1.9%

\- of which Italy 15,081 14,885 196 1.3%

\- of which Iberia 10,131 9,899 232 2.3%

\- of which Rest of the World 31,396 30,753 643 2.1%

\- of which Argentina 1,328 1,329 (1) -0.1%

\- of which Brazil  6,622 5,968 654 11.0%

\- of which Chile 6,701 6,466 235 3.6%

\- of which Colombia and Central America  4,684 4,518 166 3.7%

\- of which United States and Canada 10,164 9, 171 993 10.8%

\- of which Mexico 1,164 1,164 - -

\- of which other countries 733 2, 137 (1,404) -65.7%

The increase in net efficient installed capacity is main-

ly due to the construction of new solar plants in the 

United States, Brazil, Iberia and Italy, mainly offset by a 

decrease in hydroelectric capacity, above all reflecting 

the sale of assets in Peru, and wind and geothermal 

plants, the latter sold in North America. 

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

185

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Performance

Millions of euro 2024 2023 Change

Revenue 12, 217 11,620 597 5.1%

Gross operating profit/(loss) 6,627 5, 178 1,449 28.0%

Ordinary gross operating profit/(loss) 7, 26 8 5,568 1,700 30.5%

Operating profit/(loss) 4,514 2,042 2,472 -

Ordinary operating profit/(loss) 5,534 3,815 1,719 45.1%

Capital expenditure 3,133

(1)

5,345

(2)

(2,212) -41.4%

(1)  Does not include €100 million classified as held for sale or discontinued operations, of which €91 million refer to investments in the first five 

months of 2024 made by the company 3SUN, which since June 2024 has however been reclassified among “held-for-use” assets and liabilities, 

as the conditions that had determined the previous classification pursuant to IFRS 5 no longer apply.

(2)  Does not include €565 million classified as held for sale or discontinued operations.

The following tables show a breakdown of performance by geographical area in 2024.

Revenue

Millions of euro 2024 2023 Change

Italy 4,104 3,248 856 26.4%

Iberia 1,420 1,217 203 16.7%

Rest of the World  6,682 7, 127 (445) -6.2%

Argentina 45 28 17 60.7%

Brazil 946 846 100 11.8%

Chile  1,852 2,570 (718) -27.9%

Colombia and Central America  1,496 1,407 89 6.3%

\- of which Colombia 1,179 1,108 71 6.4%

\- of which Costa Rica 20 17 3 17.6 %

\- of which Guatemala 84 81 3 3.7%

\- of which Panama 213 201 12 6.0%

United States and Canada 1,803 1,378 425 30.8%

Mexico 242 234 8 3.4%

Rest of the World – Other countries 298 674 (376) -55.8%

\- of which Peru  160 258 (98) -38.0%

\- of which Europe and Africa  124 268 (144) -53.7%

\- of which Asia and Oceania  14 148 (134) -90.5%

Rest of the World eliminations - (10) 10 -

Other 261 299 (38) -12.7%

Eliminations and adjustments (250) (271) 21 7.7 %

Total 12,217 11,620 597 5.1%

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

186

INTEGRATED ANNUAL REPORT 2024

The increase in revenue is mainly attributable to the 

greater volumes of electricity generated and sold in 

Italy, Spain and Brazil, as well as higher revenue from 

tax partnership agreements (+€451 million) in the Unit-

ed States, attributable to the new Estonian and Stam-

pede solar plants, only partly offset by a decrease in 

revenue (€393 million) from asset sales in 2024 com-

pared with the previous year. In particular, revenue in 

2024 includes €65 million from the sale of renewable 

generation assets in Peru. In 2023, revenue included 

gains (totaling €458 million) relating to the sale of cer-

tain plants in Chile (Arcadia project for €195 million) 

and, in the context of transactions conducted under 

the Stewardship business model, the disposals of net 

assets in Australia (€103 million, of which €24 million in 

capital gain and €79 million for the remeasurement at 

fair value) and in Greece (solely for the remeasurement 

at fair value in the amount of €160 million).

Ordinary gross operating profit/(loss)

Millions of euro 2024 2023 Change

Italy 2,266 555 1,711 -

Iberia 999 826 173 20.9%

Rest of the World  4,018 4,213 (195) -4.6%

Argentina 18 19 (1) -5.3%

Brazil  579 549 30 5.5%

Chile  1,269 983 286 29.1%

Colombia and Central America  685 848 (163) -19.2%

\- of which Colombia 522 743 (221) -29.7%

\- of which Costa Rica 14 - 14 -

\- of which Guatemala 36 35 1 2.9%

\- of which Panama 113 70 43 61.4%

United States and Canada 1,205 749 456 60.9%

Mexico  92 40 52 -

Rest of the World – Other countries 170 1,025 (855) -83.4%

\- of which Peru  96 224 (128) -57.1%

\- of which Europe and Africa  72 691 (619) -89.6%

\- of which Asia and Oceania  2 110 (108) -98.2%

Other (15) (26) 11 42.3%

Total 7, 26 8 5,568 1,700 30.5%

The increase in ordinary gross operating profit in 2024 

is mainly attributable to the increase in renewable en-

ergy, in Italy (+€1,711 million), particularly hydroelectric 

and solar generation (+3,4 TW), the recognition of the 

clawback in Italy in 2023 (€357 million), as well gains 

from tax partnership agreements in the United States 

(+€451 million). These positive impacts were only partly 

offset by the recognition of higher fixed water deriva-

tion fees in Italy, and the recognition in 2023 of the 

gains from the partial sales with loss of control of the 

assets under the Stewardship business model in Aus-

tralia (€103 million) and in Greece (€422 million, includ-

ing a capital gain of €262 million and the remeasure-

ment at fair value of €160 million). 

The change in ordinary gross operating profit also re-

flects changes in the consolidation scope due to the 

sale of assets in Australia, Romania, Greece and Chile 

(Arcadia solar plant) in 2023 and of a number of geo-

thermal plants in the United States and assets held in 

Peru in the 1st Half of 2024\. The impact of these chang-

es in the consolidation scope is equal to €961 million. 

Gross operating profit of €6,627 million (€5,178 in 

2023) increased by €1,449 million and includes the 

factors described in relation to ordinary gross oper-

ating profit as well as the recognition in the 1st Half of 

2024 of gains from the sale of renewable generation 

assets in Peru, in the amount of €65 million. These im-

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

187

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

pacts were partly offset by the negative effect relating 

to the release of the reserve for exchange rate hedg-

ing operations in Chile (€607 million) following the 

change in functional currency from Chilean peso to 

US dollar, charges for the implementation by manage-

ment of specific energy transition restructuring plans 

in Italy (€41 million) and costs associated with value 

adjustments of some projects under development 

for €58 million. In 2023, the gross operating profit in-

cluded the recognition of gains on the sale of certain 

plants in Chile (€195 million), a loss on the sale of the El 

Chocón generator sets in Argentina (€14 million), and 

the charges related to the disposal of certain assets in 

the United States in the amount of €60 million, as well 

as a capital gain of €262 million on the sale in Greece 

of assets classified under discontinued operations. 

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

188

INTEGRATED ANNUAL REPORT 2024

Ordinary operating profit/(loss)

Millions of euro 2024 2023 Change

Italy 1,896 200 1,696 -

Iberia 686 519 167 32.2%

Rest of the World  2,985 3,171 (186) -5.9%

Argentina 12 16 (4) -25.0%

Brazil 398 394 4 1.0%

Chile  1,054 783 271 34.6%

Colombia and Central America  572 762 (190) -24.9%

\- of which Colombia 458 693 (235) -33.9%

\- of which Costa Rica 7 (7) 14 -

\- of which Guatemala 14 24 (10) -41.7%

\- of which Panama 93 52 41 78.8%

United States and Canada 771 308 463 -

Mexico  54 14 40 -

Rest of the World – Other countries 124 894 (770) -86.1%

\- of which Peru  85 190 (105) -55.3%

\- of which Europe and Africa  42 605 (563) -93.1%

\- of which Asia and Oceania  (3) 99 (102) -

Other  (33) (75) 42 56.0%

Total 5,534 3,815 1,719 45.1%

Ordinary operating profit for 2024, up by €1,719 mil-

lion from 2023, is basically consistent with the im-

provement in operating performance. 

Operating profit for 2024 came to €4,514 million 

(€2,042 million in 2023), an increase of €2,472 million 

mainly due to the same factors commented for the 

gross operating profit as well as higher impairment 

losses recognized in 2023 (€1,465 million in 2023, 

compared with €437 million in 2024). In particular, im-

pairment losses recognized in 2024 relate to certain 

renewable energy projects in Spain, Chile, Colombia, 

the United States, Brazil and Italy for a total €276 mil-

lion, and impairment losses of wind and photovoltaic 

plants in Italy and the United States, for €81 million. 

The operating profit for 2024 also reflects the impair-

ment losses on net assets in India (€22 million) at their 

presumed realizable value taking into account their 

reclassification as assets held for sale. 

In 2023 the operating profit included impairment loss-

es on certain US assets (€1,268 million) recognized 

to take account of a deterioration in the outlook of 

certain reference markets that gradually emerged 

throughout 2023, accompanied by a deterioration in 

the general macroeconomic environment, as well as 

the launch and implementation by management of 

specific restructuring plans in the region. An impair-

ment loss was also recognized for the Windpeshi pro-

ject in Colombia (€171 million) at its presumed realiza-

ble value, as it was classified as held for sale. This last 

project underwent further impairment in the amount 

of €46 million in 2024, to take into account ongoing 

negotiations within the same sale process.

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

189

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Capital expenditure

Millions of euro 2024 2023 Change

Italy 936 1,645 (709) -43.1%

Iberia 423 782 (359) -45.9%

Rest of the World  1,761 2,899 (1,138) -39.3%

Brazil 409 945 (536) -56.7%

Chile  328 581 (253) -43.5%

Colombia and Central America  178 335 (157) -46.9%

Mexico 26 21 5 23.8%

United States and Canada 817 1,002 (185) -18.5%

Rest of the World – Other countries 3 15 (12) -80.0%

\- of which Peru  - 5 (5) -

\- of which Europe and Africa  1 3 (2) -66.7%

\- of which Asia and Oceania  2 7 (5) -71 .4%

Other 13 19 (6) -31.6%

Total 3,133

(1)

5,345

(2)

(2,212) -41.4%

(1)  Does not include €100 million classified as held for sale or discontinued operations, of which €91 million refer to investments in the first five 

months of 2024 made by the company 3SUN, which since June 2024 has however been reclassified among “held-for-use” assets and liabilities, 

as the conditions that had determined the previous classification pursuant to IFRS 5 no longer apply.

(2)  Does not include €565 million classified as held for sale or discontinued operations.

Capital expenditure in 2024 decreased by €2,212 mil-

lion compared with the previous year. More specifical-

ly, the change was attributable to:

• lower capital expenditure in the Rest of the World, and

specifically in wind and solar plants in Brazil and solar

plants in Chile, Colombia and the United States, reflect-

ing a rationalization strategy in investment allocation; 

• the effective completion of certain projects in Bat-

tery Energy Storage Systems (BESS) in Italy;

• lower capital expenditure in solar farms in Spain. 

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

190

INTEGRATED ANNUAL REPORT 2024

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

191

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Enel Grids

481.2 TWh

ELECTRICITY TRANSPORTED 

ON ENEL´S DISTRIBUTION 

GRID

489.4 TWh in 2023

€7,872 million

ORDINARY GROSS 

OPERATING PROFIT

€7,851 million in 2023

€5,868 million

CAPITAL EXPENDITURE

(1)

54.2% of total Group capital

expenditure

(1)  Does not include €62 million classified as held for sale or discontinued operations and relating to assets in Peru until completion of the sale.

Operations

Electricity distribution and transmission grid

Millions of kWh 2024 2023 Change

Electricity transported on Enel’s distribution grid 481,212 489,384 (8,172) -1.7%

\- of which Italy 217,363 214,059 3,304 1.5%

\- of which Iberia

(1)

138,580 136,533 2,047 1.5%

\- of which Rest of the World 125,269 138,792 (13,523) -9.7%

\- of which Argentina 17, 55 1 18,060 (509) -2.8%

\- of which Brazil 73,942 70,094 3,848 5.5%

\- of which Chile 14,648 14, 249 399 2.8%

\- of which Colombia and Central America  15,420 15,257 163 1.1%

\- of which other countries 3,708 21,132 (17,424) -82.5%

End users with active smart meters (no.) 45,181,536 45,172,959 8,577 -

(1)  The figure for 2023 has been restated.

In 2024, electricity transported on the grid decreased 

(-1.7%), mainly due to the sale in October 2023 of all 

the investments held by the Enel Group in Romania as 

well as the sale of distribution assets held in Peru in 

the 1st Half of 2024.

These impacts were offset by an increase in power 

transported in Italy, Spain and Latin America, primarily 

Brazil, partly as a result of weather conditions in the 

early months of 2024.

Average frequency of interruptions per customer

at Dec. 31, 2024 at Dec. 31, 2023 Change

SAIFI (average no.)

Italy 1.8 1.7 0.1 5.9%

Iberia 1.0 1.2 (0.2) -16.7%

Argentina  8.1 7. 9 0.2 2.5%

Brazil 3.7 3.7 - -

Chile 1.4 1.2 0.2 16.7%

Colombia 4.8 4.6 0.2 4.3%

Peru 1.6 2.7 (1.1) -40.7%

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

192

INTEGRATED ANNUAL REPORT 2024

Average duration of interruptions by customer

at Dec. 31, 2024 at Dec. 31, 2023

(1)

Change

SAIDI (average minutes)

Italy 48.0 45.7 2.3 5.0%

Iberia 55.6 62.9 (7.3) -11.6%

Argentina 982.0 1,165.3 (183.3) -15.7%

Brazil 461 .7 465.0 (3.3) -0.7%

Chile 178.3 120.7 57.6 47.7 %

Colombia 394.9 351.9 43.0 12.2%

Peru 403.9 635.0 (231.1) -36.4%

(1)  The figure at December 31, 2023 has been restated.

As shown in the tables above, service quality level did 

not change significantly, with the exception of the im-

provement in the SAIDI indicator in Argentina which 

remains high due to multiple particularly adverse 

weather events.

Grid losses

at Dec. 31, 2024 at Dec. 31, 2023 Change

Grid losses (average %)

Italy 4.7 4.7 - -

Iberia 6.4 6.8 (0.4) -5.9%

Argentina 17. 2 16.8 0.4 2.4%

Brazil 13.3 13.1 0.2 1.5%

Chile - 5.3 (5.3) -

Colombia 7.5 7.5 - -

Peru 8.7 8.7 - -

Performance

Millions of euro 2024 2023 Change

Revenue 23,236 20,259 2,977 14.7%

Gross operating profit/(loss)  10,080 7,461 2,619 35.1%

Ordinary gross operating profit/(loss)  7,872 7,8 51 21 0.3%

Operating profit/(loss)  6,995 4,426 2,569 58.0%

Ordinary operating profit/(loss) 4,787 4,743 44 0.9%

Capital expenditure 5,868

(1)

5,280

(2)

588 11.1%

(1)  Does not include €62 million classified as held for sale or discontinued operations and relating to assets in Peru until completion of the sale.

(2)  Does not include €233 million classified as held for sale or discontinued operations and relating to assets in Romania and Peru.

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

193

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The following tables show a breakdown of performance by geographical area in 2024.

Revenue

Millions of euro 2024 2023 Change

Italy 9,281 7,610 1,671 22.0%

Iberia 2,561 2,379 182 7.7 %

Rest of the World  11,363 10,228 1,135 11.1%

Argentina 1,301 560 741 -

Brazil 6,102 6,321 (219) -3.5%

Chile  1,542 1,590 (48) -3.0%

Colombia and Central America  892 823 69 8.4%

\- of which Colombia 892 823 69 8.4%

Rest of the World – Other countries 1,526 934 592 63.4%

\- of which Peru  1,526 933 593 63.6%

\- of which Europe and Africa  - 1 (1) -

Other 365 402 (37) -9.2%

Eliminations and adjustments (334) (360) 26 7. 2%

Total 23,236 20,259 2,977 14.7%

The increase in revenue reflects the increase in vol-

umes of distributed electricity and rate adjustments for 

2024 in Italy, as provided for by the Resolution of the 

Regulatory Authority for Energy, Networks and the En-

vironment (ARERA) no. 630/2023 published in Decem-

ber 2023, and the recognition of the incentives on the 

quality of service relating to previous years as well as 

to greater quantities of electricity distributed in Spain.

These positive effects were partly offset by a decrease 

in revenue in Brazil due to the recognition, in 2023, of 

€99 million for the end-of-concession indemnity by 

Enel CIEN and the downward rate adjustments, as well 

as differences in consolidation periods of the assets 

sold in Peru.

Revenue in 2024 include gains on the sale of distribu-

tion assets in Peru (€1,135 million) and in a number of 

municipalities in the provinces of Milan and Brescia in 

Italy (€989 million). 

Ordinary gross operating profit/(loss) 

Millions of euro 2024 2023 Change

Italy 4,023 3,589 434 12.1%

Iberia 1,820 1,668 152 9.1%

Rest of the World  2,030 2,598 (568) -21.9%

Argentina (1) (54) 53 98.1%

Brazil 1,308 1,496 (188) -12.6%

Chile  63 102 (39) -38.2%

Colombia and Central America  565 517 48 9.3%

\- of which Colombia 565 517 48 9.3%

Rest of the World – Other countries 95 537 (442) -82.3%

\- of which Peru  95 223 (128) - 57.4%

\- of which Europe and Africa  - 314 (314) -

Other (1) (4) 3 75.0%

Total 7, 87 2 7,851 21 0.3%

Ordinary gross operating profit increased by €21

million, reflecting changes in the contribution of 

assets in Romania and Peru, being sold in the 4th

Quarter of 2023 and the 2nd Quarter of 2024, re-

spectively, and the recognition in 2023 of the

end-of-concession indemnity received by Enel CIEN

in Brazil. Net of these effects, the ordinary gross

operating profit of distribution assets increased by

€575 million, reflecting both the rate adjustments 

commented earlier, and the recognition of incen-

tives on the quality of service relating to previous 

years in Spain.

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

194

INTEGRATED ANNUAL REPORT 2024

Gross operating profit came to €10,080 million

(€7,461 million in 2023), an increase of €2,619 mil-

lion mainly reflecting, in addition to the factors com-

mented earlier, the recognition of gains on the sale 

of distribution assets in Peru, in the amount of €1,135 

million, and in a number of municipalities in the prov-

inces of Milan and Brescia in Italy, in the amount of

€989 million.

Ordinary operating profit/(loss)

Millions of euro 2024 2023 Change

Italy 2,570 2,139 431 20.1%

Iberia 1,043 872 171 19.6%

Rest of the World  1,177 1,738 (561) -32.3%

Argentina (144) (109) (35) -32.1%

Brazil 791 980 (189) -19.3%

Chile  12 51 (39) -76.5%

Colombia and Central America  457 424 33 7.8%

\- of which Colombia 457 424 33 7.8%

Rest of the World – Other countries 61 392 (331) -84.4%

\- of which Peru  61 150 (89) -59.3%

\- of which Europe and Africa  - 242 (242) -

Other (3) (6) 3 50.0%

Total 4,787 4,743 44 0.9%

The increase in ordinary operating profit for 2024 

essentially reflects the factors described in relation 

to ordinary gross operating profit, as well as the low-

er amortization, depreciation and impairment recog-

nized in 2024 mainly in Spain. 

Operating profit came to €6,995 million in 2024 

(€4,426 million in 2023), an increase of €2,569 million 

essentially reflecting the improved performance of or-

dinary operations and the gains on sales commented 

earlier.

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

195

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Capital expenditure

Millions of euro 2024 2023 Change

Italy 3,530 3,084 446 14.5%

Iberia 901 885 16 1.8%

Rest of the World  1,437 1,287 150 11.7%

Argentina 179 103 76 73.8%

Brazil 868 814 54 6.6%

Chile  120 111 9 8.1%

Colombia and Central America  270 238 32 13.4%

Rest of the World – Other countries - 21 (21) -

\- of which Peru  - 21 (21) -

Other - 24 (24) -

Total  5,868

(1)

5,280

(2)

588 11.1%

(1)  Does not include €62 million classified as held for sale or discontinued operations and relating to assets in Peru until completion of the sale.

(2)  Does not include €233 million classified as held for sale or discontinued operations and relating to assets in Peru and Romania.

The Group made significant investments in net-

works in 2024, showing ongoing commitment to 

increasing operational efficiency and infrastruc-

ture resilience.

These investments are a key component of the long-

term strategy aimed at ensuring service continu-

ity and reliability, as well as addressing challenges 

from the evolution of the energy market and climate 

change.

More specifically, capital expenditure in distribution 

assets increased by €588 million, of which €446 mil-

lion in Italy in line with the assumptions of the plan. In 

absolute terms, in addition to Italy, capital expenditure 

in Spain and Brazil amounted to €1,769 million.

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

196

INTEGRATED ANNUAL REPORT 2024

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

197

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

End-user Markets

273.5 TWh

ELECTRICITY 

SALES

300.9 TWh in 2023

€4,672 million

ORDINARY GROSS 

OPERATING PROFIT

€5,275 million in 2023

55.5 million

RETAIL CUSTOMERS

of which 23.7 million in the free

market

Operations

Electricity sales

Millions of kWh 2024 2023 Change

Free market 174,715 194,541 (19,826) -10.2%

Regulated market 98,834 106,313 (7,479) -7. 0 %

Total 273,549 300,854 (27,305) -9.1%

\- of which Italy 73,746 87, 239 (13,493) -15.5%

\- of which Iberia 74,375 77,689 (3,314) -4.3%

\- of which Rest of the World 125,428 135,926 (10,498) -7.7 %

\- of which Argentina 14,350 14,872 (522) -3.5%

\- of which Brazil 66,679 63,404 3,275 5.2%

\- of which Chile 25,105 24,754 351 1.4%

\- of which Colombia and Central America  14,459 14,059 400 2.8%

\- of which other countries 4,835 18,837 (14,002) -74.3%

26. Excluding “vulnerable” customers.

The lower volumes of electricity sold in 2024 com-

pared with the previous year are concentrated on 

both the regulated and free markets. In particular, with 

regard to the free market, the decrease was in both 

the business-to-business (B2B) and business-to-con-

sumer (B2C) customer segments, mainly in Italy and 

Spain. Sales in the free market increased in the coun-

tries in Latin America. The decrease in the regulated 

market of quantities sold affected the B2B segment 

mainly in Brazil, while in Italy the decrease reflected the 

elimination of the enhanced protection market from 

July 1, 2024.

26

The decrease in other countries reflects 

the sale of assets in Romania and Peru. 

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

198

INTEGRATED ANNUAL REPORT 2024

Natural gas sales

Millions of m

3

2024 2023 Change

Business to consumer  3,116 3,502 (386) -11.0%

Business to business  3,938 4,822 (884) -18.3%

Total  7,054 8,324 (1,270) -15.3%

\- of which Italy 3,427 4, 149 (722) -17. 4%

\- of which Iberia  3,372 3,802 (430) -11.3%

\- of which Rest of the World 255 373 (118) -31.6%

\- of which Chile 191 106 85 80.2%

\- of which Colombia and Central America  64 79 (15) -19.0%

\- of which other countries - 188 (188) -

The decrease in the volume of gas sold in 2024 mainly 

came in Italy and Spain. Both the B2B and B2C cus-

tomer segments showed lower sales volumes com-

pared with 2023. 

Demand response, storage and lighting points

2024 2023 Change

Demand response (MW) 9,250 9,588 (338) -3.5%

Lighting points (thousands) 2,908 3,259 (351) -10.8%

Public charging points (no.)

(1)

27,494 24,281 3,213 13.2%

Storage (MW) 2,858 1,730 1,128 65.2%

(1)  If the figures included charging points operated through joint ventures, the totals would amount to 28,809 at December 31, 2024 and 25,337 

at December 31, 2023.

Demand response capacity in 2024 amounted to 9,250 

MW, decreasing by 338 MW compared with 2023,

mainly in Italy (-189 MW), Spain (-104 MW) and Rest of 

the World (-45 MW).

Storage capacity came to 2,858 MW, an increase of 

1,128 MW, mainly reflecting the installation of new bat-

teries at energy plants with BESS technology (+1,231 

MW). The increase mainly regarded Italy (+983 MW),

Chile (+168 MW) and North America (+115 MW), partly

offset by a decrease in meter-related storage.

Lighting points, which concern the implementation of 

intelligent and energy-saving public lighting, decreased, 

mainly in Peru, following the sale of assets. The decrease 

was only partly offset by the increase in Brazil and Italy.

Performance

Millions of euro 2024 2023 Change

Revenue  41,861 52,119 (10,258) -19.7%

Gross operating profit/(loss) 4,702 5,158 (456) -8.8%

Ordinary gross operating profit/(loss) 4,672 5,275 (603) -11.4%

Operating profit/(loss) 2,432 3,042 (610) -20.1%

Ordinary operating profit/(loss) 2,555 3,241 (686) -21.2%

Capital expenditure 971

(1)

1,138

(2)

(167) -14.7%

(1)  Does not include €14 million classified as held for sale or discontinued operations.

(2)  Does not include €34 million classified as held for sale or discontinued operations.

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

199

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The following tables show a breakdown of performance by geographical area in 2024.

Revenue

Millions of euro 2024 2023 Change

Italy 22,869 28,717 (5,848) -20.4%

Iberia 16,467 20,747 (4,280) -20.6%

Rest of the World  2,458 2,644 (186) -7.0 %

Argentina 7 5 2 40.0%

Brazil 505 545 (40) -7.3 %

Chile  199 197 2 1.0%

Colombia and Central America  1,145 1,040 105 10.1%

\- of which Colombia 1,145 1,040 105 10.1%

United States and Canada 149 321 (172) -53.6%

Mexico  21 10 11 -

Rest of the World – Other countries  438 530 (92) -17.4%

\- of which Peru  242 370 (128) -34.6%

\- of which Europe and Africa  77 76 1 1.3%

\- of which Asia and Oceania  121 84 37 44.0%

\- of which eliminations  (2) - (2) -

Rest of the World eliminations (6) (4) (2) -50.0%

Other 239 212 27 12.7%

Eliminations and adjustments (172) (201) 29 14.4%

Total 41,861 52,119 (10,258) -19.7%

Revenue for 2024 decreased by 19.7%, mainly due 

to both a decline in revenue from electricity and gas 

sales, and decreasing average sales prices, mainly in 

Italy and Spain, in line with European market develop-

ments. Revenue also decreased in Enel X, in Italy and 

North America, and in Mobility, mainly in Italy, North 

America, Spain and Brazil.

Ordinary gross operating profit/(loss)

Millions of euro 2024 2023 Change

Italy 3,159 4,039 (880) -21.8%

Iberia 1,034 780 254 32.6%

Rest of the World  474 460 14 3.0%

Argentina 30 5 25 -

Brazil 207 220 (13) -5.9%

Chile  81 75 6 8.0%

Colombia and Central America  152 79 73 92.4%

\- of which Colombia 152 79 73 92.4%

United States and Canada (31) (15) (16) -

Mexico  7 4 3 75.0%

Rest of the World – Other countries  28 92 (64) -69.6%

\- of which Peru  22 45 (23) -51.1%

\- of which Europe and Africa  1 50 (49) -98.0%

\- of which Asia and Oceania  5 (3) 8 -

Other 5 (4) 9 -

Total 4,672 5,275 (603) -11.4%

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

200

INTEGRATED ANNUAL REPORT 2024

Ordinary gross operating profit for 2024 came to 

€4,672 million, a decrease of €603 million (-11.4%) 

compared with 2023. The decrease is mainly attribut-

able to Italy, reflecting a decline in electricity and gas 

sales volumes and re-pricing to end users activities. 

This is consistent with a market characterized by lower 

electricity prices and modification of contract terms 

for gas, taking due account of adjustments concerning 

2023. The decrease was only partly offset by a recovery 

of margins on the free market in Spain, mainly due to 

the reduction in provisioning costs, and the improved 

performance in Latin America, mainly in Colombia and 

Chile connected to higher volumes of electricity sales. 

Ordinary gross operating profit in 2024 also reflects 

changes in the scope of consolidation following sales 

of assets in Romania in 2023 and assets held in Peru 

and of a number of companies in the United States in 

2024\. Net of the effects of changes in the consolidation 

scope, the ordinary gross operating profit decreased by 

€503 million.

Gross operating profit came to €4,702 million 

(€5,158 million in 2023), a decrease of €456 million,

essentially attributable to the decrease in ordinary

profit partly offset by the recognition in 2024 of 

gains resulting from the sale of assets in Peru (€103

million), net of charges connected with energy tran-

sition and the elimination of the enhanced protec-

tion market (€51 million), relating to the provision 

provided for by Article 4 of Law 92/2012 in Italy and

the adjustment to the provision for the Acuerdo

Voluntario de Salida (AVS) plan in Spain, and the 

recognition of charges connected with the assets

of Enel X Way in the United States (€20 million). In 

2023, the gross operating profit did not take into 

account the performance of discontinued opera-

tions, essentially related to Romanian companies

(€59 million), and the charges related to the energy 

transition and digitalization relating to the adjust-

ment to the provision for the AVS plan in Spain (€58

million).

Ordinary operating profit/(loss)

Millions of euro 2024 2023 Change

Italy 1,953 2,987 (1,034) -34.6%

Iberia 536 268 268 -

Rest of the World  122 74 48 64.9%

Argentina (12) (5) (7) -

Brazil 14 10 4 40.0%

Chile  59 57 2 3.5%

Colombia and Central America  104 44 60 -

\- of which Colombia 104 44 60 -

United States and Canada (61) (57) (4) -7.0%

Mexico  7 4 3 75.0%

Rest of the World – Other countries 11 21 (10) -47.6%

\- of which Peru  14 26 (12) -46.2%

\- of which Europe and Africa  (2) 4 (6) -

\- of which Asia and Oceania  (1) (9) 8 88.9%

Other (56) (88) 32 36.4%

Total 2,555 3,241 (686) -21.2%

The change in the ordinary operating profit reflects 

the factors noted above in relation to ordinary gross 

operating profit, taking into account greater depre-

ciation and amortization (€2,117 million in 2024 from 

€2,034 million in 2023), essentially attributable to the 

amortization of customer acquisition costs mainly in 

Spain. 

Operating profit for 2024, in the amount of €2,432 

million (€3,042 million in 2023), reflects the factors 

noted above in relation to gross operating profit, as 

well as the greater depreciation, amortization and im-

pairment losses of €154 million, including the impair-

ment losses on software platforms in Italy, in 2024, and 

in the United States, in 2023.

  


Performance by primary segment (Business Line) and secondary segment (Geographical Area)

201

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Capital expenditure

Millions of euro 2024 2023 Change

Italy 549 566 (17) -3.0%

Iberia 324 311 13 4.2%

Rest of the World  48 164 (116) -70.7%

Brazil 7 50 (43) -86.0%

Chile  4 6 (2) -33.3%

Colombia and Central America  18 23 (5) -21.7%

Mexico - 1 (1) -

United States and Canada 16 68 (52) -76.5%

Rest of the World – Other countries 3 16 (13) -81.3%

\- of which Peru  - 5 (5) -

\- of which Europe and Africa  - 2 (2) -

\- of which Asia and Oceania  3 9 (6) -66.7%

Other 50 97 (47) -48.5%

Total 971

(1)

1,138

(2)

(167) -14.7%

(1)  Does not include €14 million classified as held for sale or discontinued operations.

(2)  Does not include €34 million classified as held for sale or discontinued operations.

Capital expenditure decreased by €167 million, par-

ticularly in the Enel X segment in Italy, Brazil and the 

United States, partly offset by the increase in the Re-

tail segment in Italy and Spain, with the digitalization 

of customer management processes.

  


Performance by primary segment (Business Line) and secondary segment (Geographical Area)

202

INTEGRATED ANNUAL REPORT 2024

  


Performance by primary segment (Business Line) and secondary segment (Geographical Area)

203

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Holding and Services

Performance 

Millions of euro 2024 2023 Change

Revenue  1,946 2,045 (99) -4.8%

Gross operating profit/(loss) (511) (609) 98 16.1%

Ordinary gross operating profit/(loss) (256) (319) 63 19.7%

Operating profit/(loss) (767) (858) 91 10.6%

Ordinary operating profit/(loss) (512) (569) 57 10.0%

Capital expenditure 176 190

(1)

(14) -7.4%

(1)  Does not include €3 million classified as held for sale or discontinued operations.

The following tables show a breakdown of perfor-

mance by geographical area in 2024\. “Other” reports 

the performance of the Parent of the Group and other 

companies providing global services.

Revenue

Millions of euro 2024 2023 Change

Italy 769 734 35 4.8%

Iberia 405 501 (96) -19.2%

Rest of the World  (11) - (11) -

Brazil 1 2 (1) -50.0%

Chile  (6) 8 (14) -

United States and Canada 1 1 - -

Rest of the World eliminations (7) (11) 4 36.4%

Other 988 1,028 (40) -3.9%

Eliminations and adjustments (205) (218) 13 6.0%

Total 1,946 2,045 (99) -4.8%

Revenue for 2024 decreased by €99 million compared with 2023, mainly due to the decrease in support services 

provided to the other companies of the Group.

Ordinary gross operating profit/(loss) 

Millions of euro 2024 2023 Change

Italy 61 56 5 8.9%

Iberia (5) 39 (44) -

Rest of the World  (115) (132) 17 12.9%

Argentina (1) (5) 4 80.0%

Brazil (34) (37) 3 8.1%

Chile  (78) (89) 11 12.4%

United States and Canada (1) (2) 1 50.0%

Rest of the World – Other countries  (1) 1 (2) -

\- of which Peru  (1) (1) - -

\- of which Europe and Africa  - 2 (2) -

Other (197) (282) 85 30.1%

Total (256) (319) 63 19.7%

  


Performance by primary segment (Business Line) and secondary segment (Geographical Area)

204

INTEGRATED ANNUAL REPORT 2024

The decrease in the ordinary gross operating loss in 

2024 is mainly attributable to the decrease in costs 

for IT services, only partially offset by the decrease 

in revenue commented above. In 2023 the perfor-

mance reflected an increase in provisions for risks 

and charges set aside by Enel Insurance (now Enel 

Reinsurance) following requests related to adverse

weather conditions.

Gross operating loss for 2024 decreases by €98 mil-

lion compared with 2023 due to the improvement of

the ordinary performance and reflects the extraordi-

nary solidarity levy in Spain, in the amount of €138 

million (€208 million in 2023), and charges for the en-

ergy transition in Italy and Spain, totaling €103 million 

(€81 million in 2023).

Ordinary operating profit/(loss)

Millions of euro 2024 2023 Change

Italy (6) (12) 6 50.0%

Iberia (45) (5) (40) -

Rest of the World  (127) (143) 16 11.2%

Argentina (1) (5) 4 80.0%

Brazil (40) (42) 2 4.8%

Chile  (84) (93) 9 9.7%

United States and Canada (1) (2) 1 50.0%

Rest of the World – Other countries (1) (1) - -

\- of which Peru (1) (2) 1 50.0%

\- of which Europe and Africa  - 1 (1) -

Other (334) (409) 75 18.3%

Total (512) (569) 57 10.0%

Ordinary operating loss for 2024 is essentially in line 

with the decrease in the ordinary gross operating loss. 

The operating loss for 2024 reflects the factors de-

scribed in relation to the gross operating loss, as well 

as higher depreciation, amortization and impairment 

in the amount of €7 million.

Capital expenditure

Millions of euro 2024 2023 Change

Italy 47 74 (27) -36.5%

Iberia 17 21 (4) -19.0%

Rest of the World  14 8 6 75.0%

Brazil 2 1 1 -

Chile  12 7 5 71.4%

Other 98 87 11 12.6%

Total 176 190

(1)

(14) -7.4%

(1)  Does not include €3 million classified as held for sale or discontinued operations.

The decrease in capital expenditure in 2024 is mainly attributable to higher costs incurred in 2023 for the redevel-

opment of the Group headquarters in Italy.

  


Intangibles

205

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Intangibles

Innovation

67

Proofs of Concept launched 

to test innovative solutions

21

solutions in scale-up 

phase in the business

€46.8 million

technological innovation investment

The Group’s innovation model leverages several tools 

to find new solutions to business needs, that allow to 

involve an extended ecosystem of industrial partners, 

large companies, small and medium-sized enterpris-

es, research centers, universities, entrepreneurs and 

startups in the innovation process.

The main channels include the www.openinnovability.

enel.com crowdsourcing platform for innovative solu-

tions, and the global network of Innovation Hubs, lo-

cated in the innovation ecosystems most relevant for 

the Group, such as Europe and the United States, and 

which provide the main source of scouting for innova-

tive solutions.

Enel provides participating companies with skills, 

structures for the technical and economic valida-

tion of new solutions in an industrial environment as 

well as a global network of partners to support their 

development and possible scale-up. Furthermore, 

through co-development with suppliers, the Group

aims to quickly and effectively implement innovative 

solutions at the pre-commercial development level 

and leverages existing skills and the customization

and transfer of solutions already used in other pro-

duction sectors. 

The Enel Group adopted the ISO 56002 standard for 

innovation management; the standard covers all as-

pects of innovation management, from the birth of an 

idea to its implementation on a global scale. In 2024, 

the UNI/PdR 155 practice “Management of sustainable 

innovation – Guidelines for the management of sus-

tainable innovation processes in companies through 

open innovation” was issued in collaboration with UNI. 

The document, of a pre-regulatory nature, aims to of-

fer a practical support to entities wanting to address 

the organizational and production changes required 

to implement an effective internal process of sustain-

able innovation management.

Initiatives launched to promote the culture of innova-

tion within the Group in 2024 include internal webi-

nar cycles with the involvement of external research 

centers and universities and the launch of new in-

novation communities on relevant technological 

topics; these are informal working groups in which 

colleagues participate spontaneously with the aim of 

sharing experiences and knowledge, proposing solu-

tions, overseeing developments in the internal and 

external ecosystem. 

In 2024, the innovation project portfolio was simpli-

fied and constantly aligned with both the strategic di-

rections and business priorities in the various areas, 

through a careful process of selection and allocation 

of resources to the best initiatives in terms of value 

generation, sustainability and scalability, focusing on 

the development, digitalization and resilience of net-

works, flexibility, new technologies for renewable gen-

eration and models to enable new services, innovative 

systems for energy storage, solutions to support safe-

ty, development of digital solutions based on artifi-

cial intelligence to improve operational efficiency and 

profitability, solutions for customer electrification, new 

processes and tools to engage customers and innova-

tive offer models. 

During 2024, 67 Proofs of Concept were launched to 

test new solutions, while 21 innovative solutions were 

identified by the business to be implemented on a 

large scale. 

  


Intangibles

206

INTEGRATED ANNUAL REPORT 2024

Intellectual property

Enel’s intellectual property portfolio (also referred to 

below as “IP”) includes a body of information function-

al to sustainable growth, generated within an open 

innovation ecosystem that finds protection and valor-

ization in IP regulation. 

In 2024, Enel consolidated and further streamlined 

the processes for managing the generation and ex-

ploitation of intellectual property rights within the In-

tellectual Property Management organizational pro-

cedure, which looks at human capital as an essential 

element in the creation of IP and aims to encourage 

employee participation in the creative process, mak-

ing them responsible for the strategic importance of

all inventions.

In parallel, Enel progressed in the design of digital pro-

cesses for the management of intellectual property 

rights provided for by the aforementioned organiza-

tional procedures. The use of proprietary digital tools, 

in line with Enel’s specific needs, allows for the ration-

alization of IP titles based on business strategies, re-

porting and constant monitoring of both the status of 

the Group’s entire IP portfolio and the codification of 

intellectual property rights which originate from inven-

tions developed within Enel’s innovative ecosystem, 

thus increasing the transparency of procedures and 

the reliability of internal processes. 

At December 31, 2024, the Group owned 503 patents 

for industrial inventions, 265 of which are granted ti-

tles, belonging to 183 patent families, 17 utility models 

and 184 design registrations.

In addition to patents, utility models and designs, IP 

rights also include copyright, sui generis rights on da-

tabases and know-how. 

As regards trademarks, the Group holds 1,831 regis-

trations, 1,709 of which have already been granted. 

Digitalization

Digital transformation is one of the strategic pillars for 

achieving environmental, social and governance sus-

tainability objectives. Digital technology plays a central 

role in reducing environmental impacts and creating 

shared value for all stakeholders.

Digitalization allows us to optimize the use of natural 

resources, monitor greenhouse gas emissions in real 

time and implement solutions for the smart manage-

ment of electricity distribution and consumption. At 

the same time, it provides a fundamental tool for pro-

moting social inclusion, improving accessibility to ser-

vices and supporting the development of digital skills 

in the territories in which Enel operates.

Enel continues to adopt advanced digital technologies, 

such as artificial intelligence, integrating them into op-

erational and management processes to increase ef-

ficiency, effectiveness and resilience, with impacts on 

the entire value chain and on working methods.

Enel is committed to ensuring that the digital trans-

formation process is sustainable to guarantee a fair 

and responsible future. This means adopting ethical 

approaches in the design of technologies, investing 

in sustainable digital infrastructures and promoting 

a circular economy also in the digital sphere. To this 

end, Enel is committed to integrating sustainability 

into every phase of the digital process, from design 

to implementation, so that each innovation actively 

contributes to the fight against climate change and to 

improvement of the living conditions of global com-

munities.

Cyber security 

In the era of digital transformation, cyber security 

takes on a key role in ensuring the normal operations 

of businesses, in a context characterized by increas-

ingly sophisticated cyber threats and by laws and 

regulations requiring the adoption of rigorous meas-

ures to guarantee the security of data and IT infra-

structures (especially critical ones), with heavy fines

and criminal penalties in cases of non-compliance. 

In such a scenario, collaboration between the public

and private sectors becomes essential to counter cy-

ber threats and to strengthen the protection and re-

silience of national critical infrastructures. To address 

  


Intangibles

207

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

these challenges, it is necessary to adopt a systemic 

and proactive approach, providing for the definition 

of a clear and shared strategy, the identification and 

continuous assessment of risks, the implementation 

of adequate preventive measures and response to 

cyber incidents, together with the creation of a cul-

ture of cyber security.

To monitor and manage cyber risk, Enel has defined 

a Cyber Security operating model, entrusted to the 

Group’s Chief Information Security Officer (CISO). The 

model provides for synergy with the business units and 

is designed to ensure the definition of the cyber strat-

egy, the monitoring and coordination of regulatory 

compliance in the matter, the design of security solu-

tions for the protection of the Group’s environments, 

the monitoring of the “risk posture” through technical 

and process controls, the prevention, management 

and response to cyber incidents. The Cyber Security 

Committee, chaired by the Group CEO and composed 

27. The numerical value referred to in the KPI “Total number of information security breaches” is related to cyber incidents with a potentially critical 

level (considering breaches resulting from “digital” incidents).

28. The numerical value referred to in the KPI “Total number of customers, consumers and employees impacted by the breaches affecting the 

Group” refers to the number of customers, consumers and employees impacted by cyber incidents with a potentially critical level. 

by the CEO first reports, approves the global cyber 

security strategy and monitors its implementation. In 

addition, initiatives implemented for the mitigation of 

cyber risk are subject to constant in-depth analysis by 

the main executive and control bodies of all legal enti-

ties and countries where the Group is present.

The Cyber Security Framework, adopted in 2017, es-

tablishes the principles and operational processes 

for managing cyber security, transversally applicable 

to IT (Information Technology), OT (Operational Tech-

nology) and IoT (Internet of Things) environments.

A key element is the Cyber Emergency Readiness 

Team (CERT), active 24/7, to proactively manage and 

respond to cyber incidents, through sophisticated 

data monitoring and correlation systems. In 2024, 

CERT responded to 31 cyber incidents classified as 

potentially medium-high impact, none as potentially

critical. The table below reports the number of cyber 

security events recorded in 2024.

2024

Total number of information security breaches

27

-

Total number of customers, consumers and employees impacted by breaches affecting the Group

28

-

In the cases identified, in order to allow an efficient and 

rapid response aimed at minimizing the impacts on 

people, services and assets, all operating procedures 

defined at company level for incident management 

have been activated.

In line with the integrated and holistic approach 

adopted by the Group for the management of cyber 

risk, various initiatives are implemented that act in 

three fundamental areas, namely people, processes 

and technologies, since each of them plays a crucial 

role in the protection of company resources.

Firstly, awareness-raising and continuous training ac-

tivities are promoted, with mandatory content, for all 

Group employees, in order to develop a culture of cyber

security and increase awareness of threats and attacks 

that target the human vector. At the process level, de-

tailed policies, procedures and guidelines are adopted 

that define the rules and principles of cyber security,

together with the security controls (aligned with inter-

national standards and industry best practices) to be 

designed and applied (e.g. management and control of 

access to company systems, analysis and management 

of cyber incidents). Finally, advanced technological 

tools and solutions are implemented to ensure ade-

quate protection of company resources against cyber

threats, and technical security controls are constantly

carried out, also with the support of appropriately se-

lected independent external suppliers, in all the Group’s

environments (IT, OT and IoT) in order to identify any vul-

nerabilities and mitigate the associated risks.

  


Enel shares

208

INTEGRATED ANNUAL REPORT 2024

Enel shares

Enel and the financial markets

2024 2023

Gross operating profit per share (euro)  2.37 1.99

Operating profit per share (euro)  1.52 1.07

Group profit per share (euro) 0.69 0.34

Group ordinary profit per share (euro) 0.70 0.64

Dividend per share (euro)  0.47 0.43

Group equity per share (euro) 3.32 3.12

Share price – 12-month high (euro) 7.34 6.73

Share price – 12-month low (euro) 5.70 5.17

Average share price in December (euro) 6.91 6.63

Market capitalization (millions of euro)

(1)

70,230 67, 3 6 9

No. of shares outstanding at December 31 (millions)

(2)

10,167 10,167

(1)  Calculated on average share price in December.

(2)  The number of shares includes 12,079,670 treasury shares in 2024 and 9,262,330 treasury shares in 2023. 

Rating at Dec. 31, 2024 at Dec. 31, 2023

Standard & Poor’s Outlook STABLE STABLE

Medium/long-term BBB BBB

Short-term A-2 A-2

Moody’s Outlook STABLE NEGATIVE

Medium/long-term Baa1 Baa1

Short-term - -

Fitch Outlook STABLE STABLE

Medium/long-term BBB+ BBB+

Short-term F2 F2

The main European stock indices – after a 2023 

characterized by a general rising development –

closed 2024 on the rise: FTSE-MIB +12.6%, Ibex35 

+14.8%, DAX +18.8%, with the exception of CAC40 

(-2.2%). The euro area utilities index (EURO STOXX 

Utilities) closed the year with a decline of 3.1%.

Finally, as regards the Enel stock, 2024 ended with a 

price of €6.89 per share, a slight rise (+2.3%) on the 

previous year, in contrast to the European sectoral 

index.

  


Enel shares

209

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

PERFORMANCE OF ENEL SHARE PRICE AND THE EURO STOXX UTILITIES

AND FTSE-MIB INDICES FROM JANUARY 1, 2024 TO DECEMBER 31, 2024

Enel

FTSE-MIB

EURO STOXX Utilities

80

85

90

95

100

105

110

115

120

1-Jan-24 1-Feb-24 1-Mar-24 1-Apr-24 1-May-24 1-Jun-24 1-Jul-24 1-Aug-24 1-Sep-24 1-Oct-24 1-Nov-24

1-Dec-24

Source: Bloomberg. 

On January 24, 2024 Enel paid an interim dividend of 

€0.215 per share from 2023 profits and on July 24, 2024

it paid the balance of the dividend for that year in the 

amount of €0.215\. Total dividends distributed in 2024 

amounted to €0.43 per share, 7.5% higher than the 

€0.40 distributed in 2023\. 

On January 22, 2025 an interim dividend of €0.215 per 

share was paid in respect of ordinary profit for 2024, 

while the balance of the dividend is scheduled for pay-

ment on July 23, 2025.

ESG analysts and rating agencies use different method-

ologies to continuously monitor Enel’s performance in 

terms of sustainability, in relation to environmental, so-

cial and governance aspects. ESG ratings are also stra-

tegic tools for investors (active and passive), supporting 

them in the evaluation of sustainable business models, 

the identification of risks and opportunities related to 

sustainability and consequently the development of 

sustainable investment strategies.

Enel is committed to managing and constantly reporting 

all ESG aspects and considers the assessments of ESG 

rating agencies as an important opportunity to improve 

its sustainability performance and identify specific ac-

tion plans, involving the various units and business lines 

of the Group. 

Main ESG ratings

RATING  RANKING  SECTOR AVERAGE SCALE (LOW | HIGH) 

MSCI AA (Leadership 

band)

Top 35% 

utilities

BBB CCC | AAA

Sustainalytics ESG Risk Rating 21.6

(Medium risk)

26/237 

electric utilities

31.8 100 | 0

S&P ESG Scores 78 16/267 

electric utilities

37 0 | 100

CDP A (climate) 

A- (water)

- - D- | A

  


Enel shares

210

INTEGRATED ANNUAL REPORT 2024

For further information we invite you to visit the Inves-

tor Relations section of our corporate website (https://

www.enel.com/investors/overview), which contains 

both economic and financial information (annual re-

ports, semi-annual and quarterly reports, presenta-

tions to the financial community, analyst estimates 

and stock market trading trends involving the shares 

issued by Enel and its main listed subsidiaries, rat-

ings and outlooks assigned by rating agencies) and 

up-to-date data and documentation of interest to 

shareholders and bondholders in general (price sen-

sitive press releases, outstanding bonds, bond issue 

programs, composition of Enel’s corporate bodies, 

bylaws and regulations of Shareholders’ Meetings, in-

formation and documentation relating to Sharehold-

ers’ Meetings, procedures and other documentation 

concerning corporate governance, the Code of Ethics 

and organizational and management arrangements). 

We have also created contact centers for private 

investors (which can be reached by phone at +39-

0683054000 or by e-mail at azionisti.retail@enel.

com) and for institutional investors (phone: +39-

0683057975; e-mail: investor.relations@enel.com).

  


Significant events in 2024

211

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Significant events in 2024

Finalized the agreement to sell a 

geothermal and solar portfolio in the 

United States to Ormat

On January 4, 2024, Enel SpA, acting through its

wholly-owned subsidiary Enel Green Power North 

America (EGPNA), closed an agreement with ORMAT 

Technologies Inc. on the sale of a renewable asset

portfolio in the United States for a total of $277 mil-

lion, equivalent to €253 million. The assets sold in-

clude EGPNA’s entire geothermal portfolio as well as 

a number of small solar plants, with a total capacity

of about 150 MW of operating plants.

The overall transaction had a positive effect on the 

Enel Group´s results of about €8 million. 

At December 31, 2023, the assets involved had al-

ready been reclassified under ‘‘Non-current assets 

held for sale and discontinued operations’’ pursu-

ant to IFRS 5 and following the reclassification at the 

lower of their fair value and book carrying amount, 

an impairment loss of €34 million was recognized 

through operating profit.

Enel issues a dual-tranche €1.75 

billion sustainability-linked bond in the 

Eurobond market

On January 16, 2024, Enel Finance International NV, a 

finance company controlled by Enel SpA, issued a du-

al-tranche sustainability-linked bond for institutional 

investors in the Eurobond market in the total amount 

of €1.75 billion.

The new issue envisages the use of two sustainability 

Key Performance Indicators for each tranche, illus-

trated in the Sustainability-Linked Financing Frame-

work, last updated in January 2024.

The issue is structured in the following two tranches:

• €750 million at a fixed rate of 3.375%, with settle-

ment date set on January 23, 2024, maturing July 23, 

2028;

• €1,000 million at a fixed rate of 3.875%, with settle-

ment date set on January 23, 2024, maturing January 

23, 2035.

Enel issues a new €900 million 

perpetual hybrid bond with coupon at 

4.75%

On February 20, 2024, Enel SpA issued a non-con-

vertible, subordinated perpetual hybrid bond for 

institutional investors on the European market, de-

nominated in euros, with an aggregate principal

amount of €900 million.

The transaction refinanced the €900 million equi-

ty-accounted perpetual hybrid bond with first call 

date in February 2025 and a 3.5% coupon.

The bond has no fixed maturity, and is due and paya-

ble only in the event of the winding up or liquidation 

of the Company. An annual fixed coupon of 4.75% will 

be paid until (but excluding) the first reset date of May 

27, 2029, which is the last day for the first optional 

redemption.

Agreement with A2A on electricity 

distribution operations in a number of 

municipalities in Lombardy

On March 9, 2024, the Enel subsidiary e-distribuzione 

SpA signed an agreement with A2A SpA for the sale 

to the latter of 90% of Duereti Srl, an incorporated 

vehicle to which electricity distribution operations in 

a number of municipalities of the provinces of Milan 

and Brescia will be transferred.

The sale became effective from December 31, 2024, 

following fulfillment of the conditions precedent set 

forth in the agreement signed on March 9, including 

the clearance from the competent Antitrust authority.

The consideration, based on an enterprise value (for 

100% of the company) of about €1.35 billion, came to 

about €1.2 billion.

e-distribuzione retains a 10% stake of Duereti’s capital 

to support the start-up phase of the company, which 

will be subject to a put and call option mechanism that 

can be exercised one year after the closing date.

In 2024, the closing generated a positive effect on 

the Enel Group’s consolidated net debt in 2024 of 

€1,229 million and a positive impact on the Group’s 

net income of €978 million.

  


Significant events in 2024

212

INTEGRATED ANNUAL REPORT 2024

Bargi hydroelectric plant

On April 9, 2024, an accident occurred at the hydro-

electric power plant in Bargi (province of Bologna) in-

volving 14 people, 7 of whom died. Enel Green Power 

Italia is working with the authorities to reconstruct the 

event, the causes of which are being investigated by 

the Public Prosecutor’s Office of Bologna, which initi-

ated proceedings against unknown persons.

Enel finalizes the sale of generation 

assets in Peru

On May 10, 2024, Enel Perú SAC, controlled by Enel SpA 

through the Chilean company Enel Américas SA, final-

ized the sale of all the equity stakes held in the power 

generation companies Enel Generación Perú SAA and 

Compañía Energética Veracruz SAC to Niagara Energy 

SAC.

The transaction has been closed following the fulfillment 

of the conditions precedent set forth in the agreement, 

signed on November 22, 2023, including the clearance 

from the competent Antitrust authority in Peru.

The sale was carried out for a total €1,198 million and

generated a positive impact of €9 million on Group

profit.

Enel finalizes the sale of distribution 

assets in Peru

On June 12, 2024, Enel Perú SAC controlled by Enel 

Américas SA, finalized the sale of all the equity stakes 

held in power distribution and supply company Enel 

Distribución Perú SAA and in advanced energy servic-

es company Enel X Perú SAC to North Lima Power Grid 

Holding SAC, controlled by China Southern Power Grid 

International (HK) Co. Ltd.

The transaction was carried out for a total €2,880 mil-

lion and generated a positive impact on Group profit 

of €509 million. 

Enel successfully places a multi-

tranche $2 billion sustainability-linked 

bond with an average cost of about 

4%, in line with the funding cost on the 

European market

On June 19, 2024 Enel Finance International NV, the 

finance company controlled by Enel SpA, launched a 

multi-tranche sustainability-linked bond for institu-

tional investors in the US and international markets for 

a total aggregate amount of $2 billion, equivalent to 

about €1.9 billion. 

The issue is linked to the achievement of Enel’s sustain-

able objective relating to the reduction of Scope 1 GHG 

emissions Intensity relating to Power Generation, which 

contributes to the United Nations Sustainable Develop-

ment Goal 13 (Climate Action) and is in compliance with 

the Group’s Sustainability-Linked Financing Framework.

Enel finalizes the partnership with

Sosteneo to develop battery energy

storage systems and open-cycle plant

projects, aimed at regulated capacity 

services

On June 26, 2024 Enel Italia SpA finalized the sale to 

Sosteneo Energy Transition 1, for a consideration of 

€1,095 million, of the minority stake equal to 49% of 

the share capital held in Enel Libra Flexsys Srl, a com-

pany established for the implementation and opera-

tion of a portfolio of projects aimed at regulated ca-

pacity services, specifically:

• 23 Battery Energy Storage Systems (BESS) with a to-

tal capacity of 1.7 GW;

• 3 renovation projects for Open Cycle Gas Turbine 

(OCGT) plants with a total capacity of 0.9 GW.

The transaction generated an overall reduction of about 

€1,095 million of the Enel Group’s consolidated net 

debt in 2024, while bearing no impact on the Group’s 

economic results as Enel continues to maintain control

and, therefore, fully consolidate Enel Libra Flexsys Srl.

Enel signs a partnership agreement 

with Masdar to manage its 

photovoltaic plants already operating in 

Spain

On July 25, 2024, Enel signed an agreement with Mas-

dar for the sale to the latter of a minority stake, equal 

to 49.99% of the share capital in Enel Green Power Es-

paña Solar 1 SLU (EGPE Solar) for the management of 

photovoltaic plants in Spain. 

The sale was closed during the 4th Quarter of 2024 

following the fulfilment of the conditions precedent 

set forth in the agreement signed on July 25, including 

clearance from the Spanish government on foreign 

investments.

  


Significant events in 2024

213

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

In line with the agreement, Masdar paid a consideration 

of €849 million for the acquisition of 49.99% of the share 

capital of EGPE Solar. The enterprise value on a 100% ba-

sis of EGPE Solar is equal to around €1.7 billion. The trans-

action led to a reduction of the Enel Group’s consolidated 

net debt of €849 million in 2024, while bearing no impact

on the Group’s economic results as Enel continues to 

maintain control and fully consolidate EGPE Solar.

Enel signs an agreement with Acciona 

for the acquisition of a 626 MW 

portfolio of hydro plants in Spain

On November 15, 2024 Endesa Generación (controlled 

through the Spanish listed company Endesa) signed 

an agreement with Corporación Acciona Energías 

Renovables, a company of the Acciona Group, for the 

acquisition of the entire share capital of Corporación 

Acciona Hidráulica SL (CAH). The agreement provides 

for a consideration of €1 billion subject to customary 

adjustments for these types of transactions. The enter-

prise value on a 100% basis of CAH recognized in the 

agreement is equal to €1 billion. The portfolio of plants

held by CAH is composed of 34 hydro plants, located in 

northeastern Spain, for a total installed capacity of 626 

MW, most of which can be modulated, which generated 

around 1.3 TWh in 2023\. The transaction was closed on 

February 26, 2025; for more information, please see the 

section “Events after the reporting period”.

Exercise by Energetický a průmyslový

holding (through the subsidiary EP 

Slovakia BV) of the early call option 

already foreseen by the 2020 contract 

to acquire the residual interest in 

the stake held by Enel Produzione in 

Slovenské elektrárne 

On December 18, 2024 the subsidiary Enel Produzione 

and Energetický a průmyslový holding (EPH) signed 

an agreement through which EPH, as foreseen by the 

early call option, will purchase 50% of the share capi-

tal, currently held by Enel Produzione, in Slovak Power 

Holding BV, a company which owns 66% of the share 

capital of Slovenské elektrárne.

The agreement governs the acquisition of the above 

stake on the basis of the early call option introduced 

in 2020 within the framework of the amendments to 

the contract originally signed by Enel Produzione and 

EPH on December 18, 2015 and subject to subsequent 

amendments.

The transfer to EPH is divided in two phases, the first 

of which was completed on July 28, 2016 with the sale 

to EPH of 50% of the Slovak Power Holding’s share 

capital held by Enel Produzione. The transfer of the

remaining 50% of Slovak Power Holding’s share capi-

tal is expected to occur at phase 2 closing, in the first 

half of 2025. 

Based on the agreement, the total consideration for 

the sale of 100% of Slovak Power Holding is equal to

€150 million, already paid by EPH to Enel Produzione 

at the time of completion of the first phase of the

sale.

Within the agreement, the parties also envisaged that 

EPH guarantees the repayment of the credit facilities 

provided by the Enel Group in favor of Slovenské ele-

ktrárne at the latest at transaction closing, for a total 

amount of €970 million, plus the unpaid accrued inter-

ests at the actual repayment date.

The repayment was completed on January 30, 2025.

The agreement also foresees the expiry of any fur-

ther financial commitment still in place upon the Enel 

Group towards Slovak Power Holding and Sloven-

ské elektrárne, including the compensation by virtue 

of which Enel Produzione would have borne a share 

in any liabilities arising from disputes relating to the 

Gabčíkovo power plant.

  


Significant events in 2024

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Regulatory and rate issues

215

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Regulatory and rate issues

The European regulatory framework

Electricity Market Design

The Electricity Market Design was published in 

June 2024\. Specifically, the reform amends Regula-

tion 2019/943 (Electricity Regulation) and Directive 

2019/944 (Electricity Directive), establishing incen-

tives for the adoption of long-term contracts to 

lock in electricity prices, such as power purchase 

agreements (PPAs) and two-way contracts for dif-

ferences (two-way CfD), as well as for the promotion 

of non-fossil flexibility solutions, the increase of the

share of generation from renewable energy sources 

(decarbonization), the security of energy supply and 

the flexibility of the system. Furthermore, it also es-

tablishes a remuneration system for distribution sys-

tem operators (DSO) that considers both investments 

and operating expenses and anticipatory invest-

ments. Furthermore, it ensures that customers can 

enter into fixed-term and fixed-price contracts and 

share energy (Energy Sharing Communities), while 

suppliers would be required to implement adequate 

hedging strategies. It also provides for a supplier of

last resort system in each Member State and for the

protection of vulnerable customers from electricity 

disconnections, as well as authorizing further public

intervention in electricity pricing during an emergen-

cy price crisis. 

Gas package and hydrogen

In July 2024 a reform package was published providing 

for a series of measures and initiatives to promote the 

use of decarbonized gases, such as hydrogen, in the 

European Union.

Building energy efficiency

In May 2024 the recast version of the directive on 

the energy performance of buildings (Directive 

UE/2024/1275, EPBD) was published. The Directive 

seeks to green the EU building stock in this and com-

ing decades, with a view to achieving a decarbonized 

stock by 2050. The Directive also introduces new 

measures to help decarbonize transport and expand 

distributed renewable generation. The new measures 

include strengthened obligations for the develop-

ment of private charging infrastructure in buildings, a 

progressive obligation to introduce solar roofs in new 

and existing buildings, requirements to increase the 

efficiency and energy renovation of buildings, a ban 

on subsidies based on fossil fuels, and the promotion 

of intelligent and digitalized buildings. Electrification 

will play a key role in the implementation of these and 

other provisions of the directive. Member States will

now have two years to transpose the directive into 

national law and develop their national building ren-

ovation plans.

Net-Zero Industry Act (NZIA)

In June 2024, the NZIA was published, the EU’s re-

sponse to the Inflation Reduction Act (IRA) in the Unit-

ed States, to increase competitiveness while support-

ing the dual transition. It establishes a clear European 

framework to reduce the EU’s dependence on high-

ly concentrated imports and seeks to increase the 

production of technologies that are key to achieving 

climate neutrality, such as solar panels, batteries and 

  


Regulatory and rate issues

216

INTEGRATED ANNUAL REPORT 2024

electrolyzers, among others, or key components of 

such technologies, such as photovoltaic cells or wind 

turbine blades, simplifying the regulatory framework 

for the production of these technologies.

REMIT

On May 7, 2024, the reform of the regulation for the 

surveillance of wholesale energy markets and the pro-

hibition of abuses such as insider trading and market 

manipulation came into force. Due to the increasingly 

close interrelation between financial and energy mar-

kets, the new legislation creates a regulatory frame-

work aligned with financial market legislation. The di-

rective establishes that all inside information (with an 

impact on prices) must be made public and broadens 

the definition of “inside information”.

EMIR

On April 29, 2024, the new EMIR came into force, in-

troducing specific obligations for counterparties to 

a derivative contract in order to reduce the systemic 

risk of OTC (over the counter) derivatives markets and 

improving their transparency. These obligations differ 

depending on the nature of the counterparties, i.e. 

whether they are non-financial counterparties (NFC, 

such as companies belonging to the Enel Group), or 

financial counterparties (FC).

Mobility

Published in the Official Journal in May 2024, the Energy 

Performance of Buildings Directive (EPBD), that estab-

lishes installation objectives for private recharging in-

frastructure, and the Euro 7 regulation for the reduction 

of exhaust gas emissions for new registered vehicles. 

Also in June 2024 the new regulation was published 

for the development of the Trans-European Transport

Network (so-called TEN-T). The regulation provides the 

mapping of motorways and main roads, ports, airports 

and urban nodes affected by the obligation to install 

public charging infrastructure for light and heavy elec-

tric vehicles, to which the Alternative Fuels Infrastruc-

ture Regulation (so-called AFIR) published last year 

applies.

New State aid regulations

On April 4, 2024, the European Commission published 

updated State aid guiding templates to assist Member 

States in designing measures that will be included in 

their National Recovery and Resilience Plans (NRRPs), 

in line with EU state aid rules.

On April 9, 2024, the European Commission published 

the State Aid Scoreboard which provides an overview 

of State aid granted by the various Member States 

mainly under the GBER (General Block Exemption Reg-

ulation) and the TCTF (Temporary Framework for Crisis 

and Transition).

On May 31, 2024, the Commission amended the Re-

gional State Aid Guidelines (RAG) to allow Member 

States to grant higher amounts of regional aid for in-

vestment projects covered by the Strategic Technolo-

gies for European Platform (STEP). In particular, the aid 

intensity increased by up to 10 percentage points in 

“a” areas (regions referred to in Article 107, paragraph 

3, letter a) of the Treaty on the Functioning of the Eu-

ropean Union (TFEU) and up to 5 percentage points in 

“c” areas (regions referred to in Article 107, paragraph 

3, letter c) of the TFEU. STEP aims to support the de-

velopment and production of critical technologies rel-

evant to the EU’s green and digital transitions, as well 

as to European strategic sovereignty. 

The Commission launched a public consultation un-

til September 6, 2024 to gather input on the latest 

review on the application of the Aarhus Convention, 

aimed at ensuring public access to judicial procedures 

to challenge specific decisions on State aid measures 

that allegedly infringe European environmental law.

Regulatory and rate issues

217

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The new European Commission (2024-2029) has 

committed to proposing a revision of the framework 

of State aid rules in line with the objectives of the en-

ergy transition and European competitiveness (Clean 

Industrial Deal).

Cases of State aid

In 2024, we continued to monitor the funds author-

ized by the European Commission for the countries of 

importance to the Group. 

On January 31, 2024, the Commission approved a 

€550 million Italian scheme for investments to replace 

methane and other fossil fuels with renewable hydro-

gen, which can be combined with electrification or en-

ergy efficiency improvements in industrial processes.

On March 8, 2024, the Commission approved a €1.1 

billion Italian scheme to support investments in the 

production of equipment, key components and es-

sential raw materials needed to enable the transition 

to a net-zero emissions economy.

On May 14, 2024, the Commission approved a €120 

million Spanish scheme to support investments in As-

turias for companies producing batteries, solar panels, 

wind turbines, heat pumps, electrolyzers, carbon cap-

ture and storage equipment.

On June 4, 2024, the Commission approved an Ital-

ian FER2 scheme to support 4,590 MW of electricity 

generation from innovative renewable sources. The 

measure will last until December 31, 2028 and will be 

financed through a levy on end-consumer electricity 

bills. The cost is estimated at €1.85 billion per year for 

the entire 20-year scheme. The scheme will support

the construction of new geothermal, offshore wind, 

solar thermal, floating solar, tidal, wave and other ma-

rine energy plants, as well as biogas and biomass. The 

expected increase in supply from renewable sources is 

estimated at 15 TWh. 

On June 17, 2024, the Commission approved the Ital-

ian “cold ironing” scheme to incentivize ship operators 

to connect to land-based electricity infrastructure in 

ports. The budget is €570 million with a duration un-

til December 31, 2033\. The aid will be provided in the 

form of a reduction of general system charges includ-

ed in the cost of electricity, including renewables.

On July 12, 2024, the Commission approved a €400 

million Italian scheme to support the decarboniza-

tion of industrial processes with the aim of reducing 

greenhouse gas emissions from production process-

es by at least 40% and/or reducing energy consump-

tion by at least 20% compared to today.

On July 26, 2024, the Commission approved a €1.2 

billion Spanish scheme for investments in renewable 

hydrogen production with an installed capacity of 100 

MW. This includes the production of renewable fuels 

derived from hydrogen, storage of renewable hydro-

gen and production of renewable electricity. The aid 

will be granted by December 31, 2025.

On August 8, 2024, the Commission approved a 

budget increase of €785 million to the Italian scheme 

to support investments in photovoltaic panels in the 

agricultural sector. The scheme supports agricultural, 

livestock and agro-industrial businesses to invest in 

the use of renewables.

On December 17, 2024, the Commission approved a 

€9.7 billion Italian scheme to promote electricity pro-

duction from renewable sources. The measure will 

support the construction of new onshore wind, solar 

PV, hydroelectric and sewage gas generation plants. 

The aid will be granted by December 31, 2025 and the 

announced renewable electricity capacity is 17.65 GW.

On December 17, 2024, the Commission approved the 

transitional FER-X decree to support Italian renewables 

(onshore wind, PV, hydroelectric and sewage gas). The 

aid is granted until December 31, 2025. The measure

aims to support 17.65 GW of new capacity, of which 14.65

GW assigned through competitive procedures based on 

technology, for plants with nominal power >1 MW. The

remaining 3 GW will be directly accessible (Register) with 

installed capacity ≤1 MW. The total budget is €9.7 billion,

with an annual forecast investment of €490 million for 20 

years. The financing is covered by the Asos component 

of electricity rates paid by end consumers, managed by 

the Energy and Environmental Service Fund (CSEA) and

regulated by the Regulatory Authority for Energy, Net-

works and the Environment (ARERA). For 2026-2028, the 

new definitive DM FER-X regime will have to be negotiat-

ed with the Commission.

We continued to provide support in 2024 to the as-

sessment of the State aid aspects of priority projects 

for the Group under the NRRP.

The Spanish government is negotiating the Spanish 

Capacity Remuneration Mechanism (CRM) with the 

European Commission. 

Regulatory and rate issues

218

INTEGRATED ANNUAL REPORT 2024

Regulatory framework by business line

Thermal Generation and Trading

Italy

Generation and the wholesale market

Within the rules governing ancillary services, certain

plants are classified as essential due to their territo-

rial location, their technical characteristics and their 

relevance for Terna SpA in resolving specific critical

issues with the grid. In return for meeting availability 

and market supply requirements, these plants receive 

specific remuneration determined by the Regulatory 

Authority for Energy, Networks and the Environment

(hereinafter “ARERA” or the “Authority”). The reg-

ulation provides for three main regimes, governed 

by ARERA Resolution no. 111/2006 and subsequent 

amendments:

• alternative contracts pursuant to Article 65-bis, 

which provide for the payment of a fixed premium 

based on the power identified as essential against 

the obligation to offer that power on the ASM (An-

cillary Services Market) within maximum/minimum 

price limits, with specific obligations on the quan-

tities to be offered and maximum/minimum prices;

• ordinary regime pursuant to Article 64, which estab-

lishes requirements to supply the DAM (Day-Ahead 

Market) and the IM (Intraday Market) solely for quan-

tities of power requested by Terna, against payment 

of the higher specific variable costs of the units in-

volved. Outside the hours and quantities specified 

by Terna, supply on the DAM and IM is free of con-

straints;

• the cost reimbursement regime pursuant to Arti-

cle 65, which provides for payment of fixed costs, 

including a return on invested capital, and variable 

costs, net of revenue generated. Participation in this 

regime is subject to an ARERA decision, which de-

termines the value of the reimbursement through 

specific measures.

For 2024, the remuneration rate for plants admitted 

to the cost reimbursement regime was set at 9.7%, 

as established by ARERA Resolution no. 481/2023/R/

eel. The Sulcis, Portoferraio and Assemini plants 

were declared eligible for the cost reimbursement

scheme, while the Porto Empedocle plant is eligi-

ble for long-term cost reimbursement until 2025. 

Plants located on the smaller islands are automat-

ically eligible for cost reimbursement for all years in

which they are declared essential. The remainder of 

essential capacity was contracted under alternative 

contracts pursuant to Article 65-bis  of Resolution

no. 111/2006.

Moreover, the capacity market regulation established 

by the Decree of the Minister for the Ecological Transi-

tion of October 28, 2021, regulates the allocation and 

remuneration of production capacity. Enel was award-

ed annual contracts, through the 2022 auction, for ap-

proximately 10.4 GW of existing capacity with delivery 

in 2024 and 1.5 GW of new capacity, with contracts 

lasting 15 years (2024-2038).

The methodology for calculating the strike price for 

the capacity market, initially modified by ARERA with 

Resolution no. 83/2022/R/eel to address the volatili-

ty of the natural gas spot markets, was confirmed for 

2024 by Resolution no. 583/2023/R/eel.

Iberia

On July 4, 2024, the Resolution of the Secretary of

State for Energy was published in Spain’s Official 

Journal launching a competitive bidding procedure 

for the issue of the resolution of compatibility for the 

purpose of recognizing the additional remuneration 

regime for the Electricity Systems of the Non-Penin-

sular Territories (NPT). This procedure, provided for in

Royal Decree 738/2015 of July 31, aims to cover the 

power needs of these territories. The power subject 

to the call, based on the coverage ratios prepared 

by the system operator, amounts to a total of 1,361 

MW in 2028\. The deadline for applications expired

on October 5, 2024, and the Directorate General for 

Energy Policy and Mines has six months to issue the 

Resolution, i.e. by April 5, 2025. As part of this proce-

dure, on December 23, 2024 the Ministry for Ecolog-

ical Transition and Demographic Challenge (MITECO)

approved and published on its website the Resolu-

tion approving the final list of admitted and excluded

applications.

Previously, on May 10, 2024, Order TED/430/2024 of 

May 8 was published, which establishes the meth-

Regulatory and rate issues

219

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

od of calculating the price of liquefied petroleum 

gases as fuel and defines new standard installations

for the purposes of the additional remuneration re-

gime of electricity generation plants in the NPT. The 

Order includes the calculation method for liquefied 

petroleum gases (LPG), to be used in the NPT of the

Canary Islands. In addition, in view of the competi-

tive procedure regulated in Royal Decree 738/2015 

of August 31, it introduces new standard installa-

tions for gas engines.

Method for updating the regulated 

remuneration of cogeneration, biomass 

and waste treatment plants

On June 4, 2024, Order 526/2024 was published

in Spain’s Official Journal, establishing a new meth-

odology for updating the regulated remunera-

tion received by cogeneration, biomass and waste 

treatment plants. As from the 2nd Half of 2024, re-

muneration will be updated quarterly with incentives 

being established based on the projections of fuel 

costs and emission rights, as well as the forecast of 

the electricity market price for the quarter.

Thus, adjustments for deviations in the market price 

will no longer be necessary, as the forecasts will be 

made more frequently and in advance. Incentives re-

ceived by the technologies affected by this method-

ology represent approximately 30% of the total reg-

ulated remuneration of the regime for renewables, 

cogeneration and waste (RECORE).

Aid to storage and pumping systems

On December 27, 2023, the Secretary of State for En-

ergy published a resolution approving the grant of aid 

corresponding to the first call for innovative projects 

in which energy storage is combined with renewable 

electricity generation. Aid was granted to projects to-

taling 900 MW of 2-hour storage capacity, to go on-

line before 2030.

On July 23, 2024, the Secretary of State for Ener-

gy published a resolution approving the grant of aid 

corresponding to the first call for innovative projects 

of storage by reversible pumping. Aid was granted to 

mixed pumping projects totaling 402 MW and to pure 

pumping projects totaling 1,594 MW, to go online be-

fore 2030\. 

On December 5, 2024, the Directorate-General for 

Energy Policy and Mines published a resolution ap-

proving the grant of aid corresponding to the first call

for innovative projects of independent (stand-alone) 

electrical storage. Aid was granted in the amount 

of €150 million to 35 projects totaling 690.2 MW of 

4-hour batteries of storage capacity, to go online be-

fore 2030.

Capacity market in Spain

In 2024, the development and implementation of a ca-

pacity market in Spain progressed as follows:

• the European Commission issued an opinion in 

March in response to the implementation plan pre-

sented by Spain in November 2023, with a series 

of recommendations such as limiting the regulat-

ed tariff to vulnerable consumers and regulating 

the right to close plants, urging the government to 

modify the plan; 

• the National Commission for Markets and Compe-

tition (CNMC) issued a report in November on the 

value of the reliability indicator; 

• the European Resources Adequacy Assessment 

(ERAA 2023) has identified potential security of sup-

ply issues in Spain in 2026 and 2028. 

On these bases, the government launched a public 

consultation in December with a detailed proposal for 

the implementation of a capacity market in Spain that 

complies with the guidelines of European regulation 

(State Aid Framework and Regulation on the Internal 

Electricity Market 2019/943).

The proposal is open to generation, storage and de-

mand installations that can provide idle power in hours 

previously defined by the system operator, in which 

reduced coverage margins (difference between the 

available power and the demand in the system) are ex-

pected.

The proposal is based on auctions carried out in ad-

vance of the delivery period, in which the demand for 

idle power will be defined by the system operator and 

participants will offer blocks of power and price until 

they reach the level of idle power requested.

Participants undertake to maintain an annual average 

idle power in the hours of system stress equal to that 

awarded in the auctions and to respond to activation 

requests sent by the system operator.

Regulatory and rate issues

220

INTEGRATED ANNUAL REPORT 2024

Rest of the World

Chile

Law 21.667 – Modification of certain rules 

governing the stabilization of rates 

On April 30, 2024, Law 21.667 was published, with four 

relevant articles regarding the Chilean rates stabiliza-

tion system with the following effects:

• supplier companies will not accumulate additional 

debts, as rates for customers subject to price reg-

ulation will gradually return to the real costs of the 

energy price;

• supplier companies will recover the balances gen-

erated under Laws 21.185 and 21.472 or under the 

PEC and MPC stabilization mechanisms;

• the MPC fund will be increased by $5.5 billion, of 

which an additional $3.7 billion will have a 30% guar-

antee. These balances must be restored by Decem-

ber 31, 2035;

• the most vulnerable users will be protected through 

the creation of an electricity subsidy.

Enel Green Power

Italy

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, expected procedures are:

• 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 re-

newable sources through two-way contracts for dif-

ferences under which the successful tenderer returns 

any positive differences between the zonal price and 

the auction price. The successful tenderer for renew-

ables capacity will benefit from the incentive mecha-

nism for the entire useful life of the plant (20, 25 or 30 

years, according to the technology).

On November 30, 2021, Legislative Decree 199 of No-

vember 8, 2021 transposing Directive (EU) 2018/2001 

on the promotion of the use of energy from renewa-

ble sources (the RED II Decree) was published in the 

Gazzetta Ufficiale.

The decree provides that capacity not assigned in the 

auction procedures referred to in the Ministerial De-

cree of July 4, 2019 shall be put up for auction in sub-

sequent procedures in 2022, until the publication of 

the new auction schedule for the next five years. Pend-

ing the new planning, an additional three auctions 

were called in 2024, for a total of 16 auctions since the 

launch of this mechanism. 

In December 2024, the European Commission ap-

proved the draft Decree implementing Legislative De-

cree 199/2021 (so-called the transitional FER-X decree) 

which introduces the transitional support mechanism for

renewable energy plants with generation costs close to

market competitiveness. The incentive quota through 

this mechanism, valid until December 31, 2025, is equal to 

17.65 GW of new renewable capacity. The remuneration 

method involves a two-way contract for difference with 

the Energy Services Operator (GSE), with the exception of 

plants with a power lower than 200 kW which can opt for 

the all-inclusive fixed rate.

On June 19, 2024, the Ministry of the Environment and 

Energy Security (MASE) adopted a Ministerial Decree 

aimed at incentivizing innovative technologies for the 

generation of electricity from renewable sources. The 

decree establishes an incentivized quota of 4.6 GW for 

the period 2024-2028 divided between the following 

sources: biogas and biomass sources, thermodynamic 

solar, geothermal, offshore wind, floating photovoltaic 

both offshore and on inland waters and plants pow-

ered by tidal energy, wave motion and other forms of 

marine energy. The mechanism provides for the allo-

cation of the incentive through participation in com-

petitive procedures. The remuneration is based on a 

two-way contract for difference mechanism with the 

GSE for plants with a power greater than 300 kW and 

through an all-inclusive tariff for smaller plants. The 

first auction procedure was launched in 2024, exclu-

sively for biogas or biomass plants.

Iberia

Renewable energy

In 2024, Spain recorded a significant volume of pro-

jects that required an Administrative Construction 

Regulatory and rate issues

221

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Authorization, to be obtained before July 25, 2024

to maintain the validity of building permits. Although

the published data only concern projects under the 

jurisdiction of the Ministry for the Ecological Transi-

tion and the Demographic Challenge (MITECO) and 

not those of the Autonomous Communities, it is es-

timated that the authorized wind and photovoltaic 

plants have a total capacity of between 40 and 45 

GW. These projects will have to obtain authorization 

to start operations by 2028.

Another important development in 2024 was the 

launch, on December 21, of the electricity transmis-

sion network planning process for the 2025-2030 

period. Order TED/1375/2023 kicked off this process, 

which will last almost two years. However, producers 

only had until March 31, 2024 to submit proposals for 

the infrastructure needed to develop renewable gen-

eration, battery storage, pumping, and other projects. 

During the rest of the year, the system operator, the 

National Commission for Markets and Competition, 

and the MITECO carried out a number of analyses. A 

first draft of the planning is expected to be published 

in early 2025, with a public hearing process to follow.

On October 11, 2024, the Circular on access and 

connection to the grid was published, which updates 

and collects in a single document the rules previous-

ly dispersed in various provisions. The document in-

troduces the concept of “flexible capacity”, which is 

essential for optimizing the use of networks in the

energy transition.

As for Galicia, in the second half of 2024 two signifi-

cant laws were approved for the promotion of renew-

able energy:

• Law 2/2024 (November 7), promoting the social and 

economic benefits arising from the use of the re-

gion’s natural resources;

• Law 5/2024, introducing fiscal and administrative 

measures, including the obligation to repower wind 

projects after a certain number of years from com-

missioning, as well as the obligation to allocate part

of the renewable energy produced for PPA contracts 

with local consumers.

During the first half of 2024, the MITECO carried out 

a public consultation on the future of the renewable 

energy remuneration regime. The issues discussed in-

cluded criteria to avoid fixing the price in auctions and 

ways to further incentivize renewable energy, especial-

ly during periods of excess production. Following this 

consultation, the MITECO is working on a regulatory 

proposal, the first version of which is expected to be 

presented at a public hearing in the first half of 2025.

Finally, significant progress was made in 2024 in reg-

ulating new generation in Non-Peninsular Territories. 

A resolution issued at the end of December approved 

the final list of projects admitted and excluded from 

the competitive procedure for these territories, fol-

lowing a review process. Most of the projects present-

ed by Endesa were admitted at this stage.

Rest of the World

United States

Update on US duties on imported solar 

equipment

In February 2022, the US administration extended for 

another four years duties of Section 201 applicable to 

imported solar panels, confirming the exclusion for bi-

facial modules. In May 2024, the removal of the exclu-

sion for bifacial panels and a bonus for domestically 

produced iron and steel content were also announced. 

The US Department of Commerce has initiated an in-

vestigation to determine whether crystalline silicon 

photovoltaic (CSPV) cells and modules from Vietnam, 

Malaysia, Thailand and Cambodia are evading the 2012 

antidumping and countervailing duties against CSPV 

cells and modules imported from China. Enel is not ex-

posed to these decisions.

Impact of the Inflation Reduction Act (IRA) of 

2022

The Inflation Reduction Act (IRA) provides about $415 

billion over 10 years to support clean technology pro-

jects, renewable energy generation and the electrifi-

cation of transport systems. The goal is to reduce US 

greenhouse gas emissions by nearly 40% by 2030\. The 

IRA extends and expands federal clean energy tax cred-

its, expanding the Investment Tax Credit (ITC) and Pro-

duction Tax Credit (PTC), and introducing new credits 

for energy storage and microgrids. Projects must meet 

wage and apprenticeship requirements to receive the 

full value of the credits. There are also bonus tax credits 

for projects that meet domestic content requirements 

or are located in “energy communities” or “low-income 

communities”. The Department of the Treasury is devel-

oping a technology-neutral ITC/PTC, which is sched-

uled to take effect on January 1, 2025. 

Regulatory and rate issues

222

INTEGRATED ANNUAL REPORT 2024

Enel Grids

Italy

The Regulatory Authority for Energy, Networks and 

the Environment (“ARERA” or the “Authority”) has ap-

proved the TIROSS 2024-2031, the integrated text 

of the criteria and general principles of regulation by 

spending and service objectives (ROSS) for the 2024-

2031 period; with Resolution no. 497/2023/R/com it 

then specified the application criteria of the ROSS 

regulation. The ROSS methodology provides for an 

integrated approach based on “total expenditure”

(TOTEX), divided between the “slow money” and “fast 

money” components on the basis of a capitalization 

rate established ex-ante by ARERA.

The rate regulation of electricity distribution and me-

tering services relating to the sixth regulatory period 

(2024-2027) is governed by ARERA with Resolution no. 

616/2023/R/eel, with which the new integrated texts 

of TIT, TIME and TIC were published.

The methodology for determining the WACC for the 

period 2022-2027 was updated with Resolution no. 

614/2021/R/com, establishing a value of 5.2% for elec-

tricity distribution and metering for the 2022-2024 

period. The regulation provides for an annual update 

(in 2023 and 2024), if some financial indicators were 

to lead to a variation in the WACC of at least 50 bps. 

With Resolution no. 556/2023/R/com, the Authority 

confirmed the activation of the mechanism for 2024, 

updating the value of the WACC to 6%. Resolution no. 

513/2024/R/com updated the remuneration rate for 

the 2025-2027 period, determining a value of 5.6%, 

and confirmed the trigger mechanism for the years 

2026 and 2027, reducing the triggering threshold to 

30 bps. 

As for distribution and metering rates, the Authority 

approved the definitive reference rates for 2023 on 

the basis of the update of the final balance sheet data 

for 2022 (Resolution no. 77/2024/R/eel) and the pro-

visional reference rates for 2024 on the basis of the 

pre-final balance sheet data for 2023 and the expend-

iture forecasts for 2024, pursuant to the new ROSS 

regulation (Resolution no. 206/2024/R/eel). The defin-

itive reference rate for the year 2024 will be published 

during 2026.

With Resolutions no. 232/2022/R/eel and no. 

712/2022/R/eel, ARERA updated the rate regulation of 

reactive energy by providing rates for reactive power 

injected as from April 1, 2023.

With Resolution no. 616/2023/R/eel, the Authority 

provided, with effect from 2024, a single fee for exces-

sive withdrawals and for reactive injections for MT and 

BT customers and, with Resolution no. 617/2023/R/eel, 

introduced a mechanism that incentivizes distributors 

to install compensation systems for injections into the 

National Transmission Network.

As regards service quality, with Resolutions no. 

617/2023/R/eel (including the associated TIQC and 

TIQD attachments) and no. 614/2023/R/eel, the Au-

thority updated the output-based incentive regula-

tion of technical and commercial service quality and 

network resilience with effect as from January 1, 2024. 

With these provisions, ARERA has adopted some 

measures, in particular on the subject of continuity of 

the distribution service, and introducing an incentive 

mechanism for development works. With Resolution 

no. 425/2024/R/eel, ARERA admitted 14 measures 

for the development of the e-distribuzione network 

to the new incentive mechanism, based on the ben-

efits pursuant to Title 10 of the TIQD. With Resolution 

no. 588/2024/R/eel, ARERA identified the economic 

items relating to the regulatory measures on continu-

ity of the electricity distribution service, for the 2020-

2023 period. Resolution no. 584/2024/R/eel identified 

the economic items relating to bonuses and penal-

ties for the continuity of the electricity distribution

service for 2023.

Pursuant to Article 1, paragraphs 50-53, of the 2025 

Budget Law (Law 207 of December 30, 2024), elec-

tricity distribution concession holders (which includes 

e-distribuzione SpA) can present an extraordinary 

multi-year investment plan, the approval of which will 

entail the remodulation of the current concession (ex-

piring on December 31, 2030), in line with investments 

envisaged in the plan and in any case for a period not 

exceeding 20 years. The measure is intended to im-

prove safety, reliability and efficiency of the electricity 

distribution grids.

A specific decree of the Ministry of the Environment 

and Energy Security, to be issued within 180 days 

of the entry into force of the Budget Law (January 1, 

2025), in agreement with the Ministry for the Econ-

omy and Finance, on the proposal of the Regulatory 

Regulatory and rate issues

223

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Authority for Energy, Networks and the Environment 

(ARERA), after consultation, for the aspects of compe-

tence, with the Unified Conference referred to in Arti-

cle 8 of Legislative Decree 281 of August 28, 1997, and 

with the competent Parliamentary Committees, will 

establish the terms and procedures for the presenta-

tion of the aforementioned plan and for its evaluation 

and approval, as well as the criteria for determining 

the charges that the concession holders – including 

e-distribuzione SpA – are required to pay due to the 

remodulation of existing concessions.

Iberia

2024 electricity rates

On December 25, 2023, the CNMC Resolution of De-

cember 21, 2023 was published in Spain’s Official 

Journal, establishing the access charges for electricity 

transmission and distribution networks to be applied 

starting from January 1, 2024, providing for an average 

reduction of 1.1% compared with January 1, 2023.

In relation to charges for 2024, the Royal Decree Law 

8/2023 of December 27, which adopts measures to 

address the economic and social consequences of 

the conflicts in Ukraine and the Middle East, as well as 

to alleviate the effects of drought, has extended the 

2023 charges until the approval of the Ministerial Or-

der that will approve those applicable for 2024\. In this 

regard, on February 14, 2024, Order TED/113/2024 of 

February 9 was published in Spain’s Official Journal, 

establishing the electricity system charges and vari-

ous regulated costs of the electricity system for 2024, 

maintaining the level of 2023, with entry into force on 

February 15, 2024\. 

2025 electricity rates

On December 16, 2024, the CNMC Resolution of De-

cember 4, 2024 was published in Spain’s Official Jour-

nal, establishing the access charges for electricity 

transmission and distribution networks for 2025, with 

an average reduction of 4.0% compared with January 

1, 2024.

Moreover, on December 28, 2024 Order TED/1487/2024 

of December 26, 2024 was published in Spain’s Official 

Journal, establishing the electricity system charges 

and various regulated costs of the electricity system 

for 2025 and approving the distribution of amounts to 

be financed relating to the Bono Social for 2025. The 

Order provides for a reduction of 33% of charges from 

January 1, 2025.

Natural gas rates for 2024

On June 2, 2023 the CNMC Resolution of May 30, 2023 

was published in Spain’s Official Journal, establishing 

the charges for access to transport networks, local 

networks and regasification for the gas year 2024, 

which runs from October 1, 2023 to September 30, 

2024\. Tariffs for the regulated activities of regasifica-

tion, transport and local network had an average in-

crease/decrease of -42.7%, +15.5% and -1.9%, respec-

tively, compared with January 1, 2023.

On September 28, 2023 the Order TED/1072/2023 of 

September 26 was published in Spain’s Official Jour-

nal, establishing the costs of the Gas System and the 

remuneration and fees for basic underground stor-

age for the gas year 2024, which runs from October 

1, 2023 to September 30, 2024\. Costs had an average 

increase of 21.8% and underground storage fees de-

creased by 12.9%.

On September 29, 2023, the Resolution of Septem-

ber 28, 2023 of the Directorate General for Energy 

Policy and Mines was published in Spain’s Official 

Journal. It establishes the rate of last resort (TUR)

for natural gas to be applied in the 4th Quarter 

of 2023, with a reduction of about 3.4%, 0.3% and

1.1%, respectively (excluding taxes), compared with

the previous quarter, for TUR1, TUR2, and TUR3. The

TURs applicable to homeowners’ associations (from

TUR1 to TUR11) changed by around -3.4% to +20.2% 

(excluding taxes). VAT applied to natural gas bills is

still at 5%.

On March 29, 2024, the Resolution of March 26, 

2024 of the Directorate General for Energy Policy 

and Mines was published in Spain’s Official Journal. 

It establishes the rate of last resort (TUR) for natural 

gas to be applied in the 2nd Quarter of 2024, with 

a reduction of about 10.1%, 12.1% and 13%, respec-

tively (excluding taxes), compared with the previous

quarter, for TUR1, TUR2, and TUR3. The TURs appli-

cable to homeowners’ associations (from TUR1 to 

TUR11) decreased by 5.3% and 11% (excluding tax-

es). VAT applied to natural gas bills increased from 

10% to 21%.

Regulatory and rate issues

224

INTEGRATED ANNUAL REPORT 2024

On June 29, 2024 the Resolution of June 27, 2024 of the 

Directorate General for Energy Policy and Mines was 

published in Spain’s Official Journal. It establishes the

rate of last resort (TUR) for natural gas to be applied in 

the 3rd Quarter of 2024, with no change compared with 

the rates of the previous quarter for the TUR1, TUR2 

and TUR3 and an average increase of 0.8% (excluding 

taxes) of the variable component of the TURs applicable 

to homeowners’ associations (from TUR1 to TUR11).

Natural gas rates for 2025

On May 30, 2024 the CNMC Resolution of May 23, 

2024 was published in Spain’s Official Journal, estab-

lishing the charges for access to transport networks, 

local networks and regasification for the gas year 

2025, which runs from October 1, 2024 to September 

30, 2025. Tariffs for the regulated activities of regas-

ification, transport and local network had an average 

increase/decrease of +21.7%, -16% and +11%, respec-

tively, compared with January 1, 2024.

On September 25, 2024 the Order TED/1013/2024

of September 20 was published in Spain’s Official 

Journal, establishing the costs of the Gas System and 

the remuneration and fees for basic underground

storage for the gas year 2025. Costs have an aver-

age increase of 0.5% and underground storage fees 

decrease by 2%.

On September 28, 2024 the Resolution of September

26, 2024 of the Directorate General for Energy Poli-

cy and Mines was published in Spain’s Official Journal. 

It establishes the rate of last resort (TUR) for natural 

gas to be applied in the 4th Quarter of 2024, with an 

increase of about 5.3%, 11.9% and 14.7%, respective-

ly (excluding taxes), compared with the rates of the

previous quarter, for the TUR1, TUR2 and TUR3. The 

TURs applicable to homeowners’ associations (from 

TUR1 to TUR11) increased between 5.3% and 18.4% 

(excluding taxes). VAT applied to natural gas bills is

21% from July 2024.

On December 30, 2024, the Resolution of December 

26, 2024 of the Directorate General for Energy Policy

and Mines was published in Spain’s Official Journal. It es-

tablishes the rate of last resort (TUR) for natural gas to 

be applied in the 1st Quarter of 2025, with an increase 

of 8.9%, 10.5% and 11.6% respectively (excluding taxes),

compared with the rates of the previous quarter, for the 

TUR1, TUR2 and TUR3. The TURs applicable to home-

owners’ associations (from TUR1 to TUR11) increased 

between 8.9% and 17.8% (excluding taxes).

Remuneration for distribution activities

On July 31, 2024 the CNMC Resolution was published 

establishing the remuneration of distribution compa-

nies for 2020, updating remuneration established for 

the year 2024\. 

Rest of the World

Argentina

The sector is regulated by Law 24.065, which separates 

generation, transmission and distribution activities.

DNU 70/2023 eliminated restrictions on the export of 

electricity and the related taxation regime.

From June 1, 2024, the regulator ENRE updated elec-

tricity rates with increases of 20% for level 1 customers 

and up to 130% for level 3 customers.

Finally, the debt regulation mechanisms between

the distribution companies and CAMMESA have 

been extended.

Brazil

Regulation is managed by the regulator ANEEL under 

the supervision of the Ministry of Mines and Energy 

(MME).

The results of rate revision for 2024 are as follows:

• Enel Distribuição Rio de Janeiro (+4.97% HV, +3.00% LV);

• Enel Ceará (-2.10% HV, -3.03% LV);

• Enel São Paulo (-3.52% HV, -2.11% LV).

Chile

The sector is regulated by the Comisión Nacional de 

Energía (CNE), which establishes energy policies, and 

the Superintendencia de Electricidad y Combustibles

(SEC), which is responsible for technical supervision 

and safety. Electricity rates are subject to periodic re-

view and are influenced by various factors, including 

generation and transmission costs.

In 2024, the Chilean government announced a signif-

icant increase in electricity rates, estimated at around 

57% for residential users, following the unfreezing of 

rates that had been frozen since 2020.

Regulatory and rate issues

225

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Colombia

Regulated by Laws 142 and 143 of 1994, separating 

generation, transmission and distribution.

The regulatory body has also started a review of the 

regulatory framework to ensure the sustainability of 

electricity rates, with developments expected during 

2025.

End-user Markets

Italy

Elimination of price protection

The current regulatory framework governing the pro-

cess of eliminating regulated prices in the electrici-

ty sector (Law 124/2017 – the Competition Act – as 

most recently amended by Decree Law 152/2021 

implementing the NRRP, ratified with Law 233/2021) 

provides for the removal of the enhanced protection 

service as from:

• January 1, 2021 for small businesses; 

• April 1, 2023 for micro-enterprises and non-resi-

dential customers under 15 kW; 

• July 2024 for non-vulnerable residential customers.

Customers who have not chosen or are left without 

a free-market supplier will have access to specific 

last resort services (“graduated safeguard servic-

es”) provided by operators awarded the conces-

sion in a tender. The graduated safeguard service

for small businesses was awarded in a first auction

for the period to June 30, 2024 and in a second

auction for the period from July 1, 2024 to March

31, 2027 (ARERA Resolution no. 119/2024/R/eel). 

The graduated safeguard service for micro-enter-

prises (ARERA Resolution no. 208/2022/R/eel) and 

non-vulnerable residential customers (ARERA Res-

olution no. 362/2023/R/eel) will also be available

until March 31, 2027.

At the end of that period, supplies still served un-

der graduated protection will switch to the most

economically advantageous free-market offer of the 

same operator. 

In the auction for small businesses, Enel Energia was 

awarded four regions in northern Italy, including the 

province and city of Milan. With regard to non-vulner-

able residential customers, Enel Energia was awarded 

seven geographical areas in central and northern Italy, 

which also include supplies to the province and city of 

Milan and the city of Rome.

Vulnerable residential customers will continue to be 

served by the current operator of the enhanced pro-

tection service until ARERA defines the methods for 

the exit of customers from that service through the 

assignment of a “vulnerability service” by tender.

Competition Law 193/2024 has provided the possi-

bility for vulnerable residential customers to request 

access to the graduated safeguard service by June 30, 

2025, deferring the definition of the operating meth-

ods to ARERA.

Legislative Decree 181 of December 9, 2023 (“Energy 

Decree”), ratified by Law 11 of February 2, 2024, has 

introduced the provision in favor of operators provid-

ing enhanced protection service for the recovery of 

not-recoverable costs directly incurred from April 1, 

2023 and attributable to the service. 

As regards the gas sector, the elimination of price 

protections took effect as from January 1, 2024 for 

non-vulnerable residential customers and condo-

miniums who, having not selected a free market of-

fer, moved to that market in accordance with rules 

defined by ARERA. Customers identified as vulnerable 

will continue to be served under the economic and 

contractual conditions specified by ARERA for the vul-

nerability protection service.

Electricity

In the electricity sector, the levels of the rate compo-

nent covering the marketing costs of the operators 

of the enhanced protection service (RCV) and that of 

the price applied to vulnerable customers in enhanced 

protection and reference price for sellers on the free 

market (PVC) defined with Resolution no. 136/2023/R/

eel were applied in the first half of 2024\. The RCV 

and PCV levels were updated with Resolution no. 

262/2024/R/eel establishing the rates to be applied to 

customers under enhanced protection as from July 1, 

2024\. With Resolution no. 538/2024/R/eel ARERA also 

Regulatory and rate issues

226

INTEGRATED ANNUAL REPORT 2024

introduced an additional remuneration mechanism, 

designed to cover, in the presence of specific require-

ments, any fixed costs not covered by the rates arising 

from customers leaving the enhanced protection ser-

vice for the graduated safeguard service.

The TIV envisages specific equalization mechanisms 

for operators of the enhanced protection service, 

such as a mechanism that makes it possible to reg-

ulate any imbalances in the costs incurred by the op-

erator for the supply of electricity. In this regard, in 

order to sterilize any further distortions emerging in 

the quantification of electricity allocated in advance to 

the operators of the enhanced protection service in 

relation to the points not treated on hourly basis, with 

Resolution no. 535/2024/R/eel, ARERA provided for 

an extraordinary advance of the 2024 purchase equal-

ization adjustment, compared to the ordinary deadline 

set by the regulation for August 2025.

Gas

With reference to the gas sector, from January 1, 2024 

the levels of the QVD component defined by Resolu-

tion no. 137/2023/R/gas will apply to vulnerable cus-

tomers. These levels have been updated as from April 

1, 2024 with Resolution no. 112/2024/R/gas.

With regard to reimbursement mechanisms for end 

users in arrears in the gas sector, in Articles 33 and 

41.1 letter b) of the TIVG (Integrated Retail Gas Sales 

Code), ARERA regulates specific mechanisms for the 

reimbursement of arrears for providers of the last 

resort service and the default service on distribution 

grids.

Iberia

Energy efficiency

On March 23, 2024, Order TED/268/2024 of March 

20 was published in Spain’s Official Journal, establish-

ing the contribution to the National Energy Efficiency 

Fund for 2024 (established by Law 18/2014), amount-

ing to €98.63 million for Endesa. 

Endesa is expected to provide a contribution to the 

National Energy Efficiency Fund in the amount of 

€131.8 million in 2025, of which it must contribute at 

least €13.18 million (10%). It can satisfy at least 15% of 

its obligation by submitting energy efficiency certifi-

cates (EEC).

Consumer protection measures: 

Bono Social

Following the publication of Royal Decree Law 4/2024 

of June 26, adopting urgent measures in fiscal, energy 

and social matters, the incremental discounts of the 

Bono Social for vulnerable customers are extended 

until June 30, 2025, albeit with a gradual reduction. 

The final discounts from July 1, 2025 will be 35% for 

vulnerable consumers and 50% for severely vulnera-

ble consumers. Royal Decree Law 1/2025 of January 

28, adopting urgent measures in economic, transport, 

social security and to address situations of vulnerabil-

ity, brings these discounts to 42.5% and 57.5% in the 

2nd Half of 2025 and to 35% and 50% from January 

1, 2026\. 

The new 2025-2030 National Strategy against Energy 

Poverty adapts existing mechanisms to the new eco-

nomic and social context, and to an energy system 

that is moving towards decarbonization. The objective 

is to permanently and progressively reduce energy 

poverty in the medium and long term. On January 24, 

2025, the Ministry for Ecological Transition and the 

Demographic Challenge (MITECO) launched a public 

consultation for the update of this Strategy for the 

2025-2030 horizon.

Consumer protection measures: guarantee 

of electricity services

The Royal Decree Law 4/2024 of June 26 also ex-

tended until December 31, 2024 the prohibition to 

cut off essential electricity, water and gas services to 

vulnerable customers in the event of non-payment. 

Subsequently, Royal Decree Law 1/2025 of January 

28, approving urgent measures in economic, trans-

portation, social security and to address situations of 

vulnerability, extended this extension until December 

31, 2025.

Consumer protection measures: tax 

measures

Royal Decree Law 8/2023, of December 27, adopting 

measures to address the economic and social con-

Regulatory and rate issues

227

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

sequences of the conflicts in Ukraine and the Middle 

East, and to alleviate the effects of drought, and Roy-

al Decree Law 4/2024, of June 26, adopting urgent 

measures in fiscal, energy and social matters, have ex-

tended previously approved energy taxation measures 

and adopted new ones. 

On the one hand, the reduced Value Added Tax (VAT) 

of 5%, in force until December 31, 2023, has been in-

creased to 10% for all of 2024 for electricity and until 

March 31, 2024 for natural gas.

On the other hand, the reduced rate of the Special 

Electricity Tax of 0.5% until December 31, 2023 was 

increased to 2.5% during the 1st Quarter of 2024 and 

to 3.8% during the 2nd Quarter. As for the Electrici-

ty Production Value Tax, it was set at 3.5% for the 1st 

Quarter of 2024, 5.25% in the 2nd Quarter of 2024 and 

7% from then on.

Consumer protection measures: 

electricity-intensive customers

Royal Decree Law 8/2023, of December 27, adopting 

measures to address the economic and social con-

sequences of the conflicts in Ukraine and the Middle 

East, and to alleviate the effects of drought, and Roy-

al Decree Law 4/2024, of June 26, adopting urgent 

measures in fiscal, energy and social matters, have ex-

tended the 80% discount on access charges to elec-

tricity transport and distribution networks for con-

sumers provided with electricity-intensive customers 

certificate during 2024. The discount was extended 

to December 31, 2025 by Royal Decree Law 9/2024, 

of December 23, adopting urgent measures in eco-

nomic, fiscal, transport and social security matters. 

However, this measure is not included in the new Royal 

Decree Law 1/2025, of January 28, approving urgent 

measures in economic, transport, social security and 

to address situations of vulnerability, so it is no longer 

in force.

Consumer protection measures: natural 

gas consumers

Starting from July 1, 2024, the measure established by 

Royal Decree Law 17/2021, setting at 35% the maxi-

mum increase in the cost of the raw material in the 

last resort rate for natural gas, as from October 1, 

2021, then revised to 15% from January 1, 2022 and 

extended until June 30, 2024, will no longer be ap-

plicable.

Extension for 2024 of certain measures 

adopted in the context of the crisis arising 

from the Russia-Ukraine conflict

In addition to the measures commented earlier on en-

ergy taxation and social protection, Royal Decree Law 

8/2023 of December 27, and Royal Decree Law 4/2024 

of June 26, extended previously approved measures 

and adopted new ones, including:

• in respect of access charges and costs, an amount 

equivalent to 62.5% of the provisional surplus corre-

sponding to the costs of the Electric System of 2023 

will be allocated to the 2024 financial year. The remain-

ing surplus may be allocated to offset the costs of the 

Electric System for the 2025 financial year. In addition,

up to 70% of any positive provisional balance for 2020 

and 2021 of the differentiated account of the Body in 

charge of the liquidations for the extra costs of elec-

tricity generation of the Non-Peninsular Territories 

(NPT) charged to the General Budgets of the State, may 

be transferred to the system of liquidation of the extra

costs of electricity generation of the Non-Peninsular 

Territories (NPT) for 2019, and for the remaining part, 

5% to 2023 and 95% to 2024;

• in respect of the deployment of renewable energy 

projects, the terms provided in the legislation for 

the completion of certain administrative objectives 

are extended. Thus, among others, the deadline for 

accrediting the administrative construction author-

ization for projects with access and connection per-

mits after December 31, 2017 and prior to this regu-

lation, is extended by six months, until July 25, 2024\. 

These projects may apply, by the later of a period of 

three months from the entry into force of the Royal 

Decree Law or the date of administrative construc-

tion authorization, for an extension of the deadline 

for obtaining the definitive exploitation authoriza-

tion, up to a maximum of eight years from July 25, 

2020 or from obtaining the access permits, if later. 

Similarly, Law 24/2013, of December 26, of the Elec-

tricity Sector, was amended to allow the inclusion of 

non-economic award criteria, with a weight of up to 

30% of the score, in renewable energy auctions.

Urgent measures for immediate response, 

reconstruction and recovery plan in 

response to damage caused by Isolated 

High-level Depression (DANA)

Following the natural disaster on Tuesday, October 29, 

2024, which caused the worst DANA of the century in 

Regulatory and rate issues

228

INTEGRATED ANNUAL REPORT 2024

several Autonomous Communities, and in particular 

in the Valencian Community, given the serious con-

sequences affecting certain municipalities and areas 

of the province of Valencia, the government of Spain

approved measures aimed at helping the affected 

population and restoring the state of damaged infra-

structure, goods and services, with Royal Decree Law

6/2024, of November 5, adopting urgent measures 

to respond to the damage caused by the Isolated 

High-level Depression (DANA) in several municipali-

ties between October 28 and November 4, 2024, and 

Royal Decree Law 7/2024, of November 11, adopting 

urgent measures for the immediate response, recon-

struction and recovery plan in response to the dam-

age caused by the Isolated High-level Depression 

(DANA) in several municipalities between October 28 

and November 4, 2024.

Rest of the World

Latin America

In all countries, distribution companies can supply 

electricity to their customers on a regulated basis, but 

may also do so under free market conditions if cus-

tomers exceed particular limits. The limits of the free 

market by country are as follows:

Country kW

Argentina >30 kW 

Brazil Group A customers

Colombia >100 kW or 55 MWh-month

Costa Rica Not applicable

Guatemala >100 kW

Panama >100 kW

Chile >300 kW 

Regulatory and rate issues

229

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

REPORT 

ON OPERATIONS

6.

OUTLOOK

Focus on distribution grids

Acceleration of investments in grids to improve 

their resilience, digitalization and efficiency, 

as essential enablers of the energy transition.

Selective investments in renewables 

Flexible capital allocation aimed at maximizing 

returns and minimizing risks, also taking 

advantage of brownfield opportunities 

(assets in operation), with the aim of further 

improving profitability.

Enhancing the central role 

of customers in the Retail segment

Bundled multi-play offers integrating energy, 

products and services.

A simple and sustainable 

dividend policy 

Enel’s dividend policy is based on a fixed 

minimum dividend over the Plan period, with 

a potential increase up to a 70% payout 

on the Group’s ordinary profit.

  


Outlook

232

INTEGRATED ANNUAL REPORT 2024

Outlook

In November 2024, the Group presented its new 

Strategic Plan for 2025-2027 with a strategy main-

ly focused on core countries and on flexible capital 

allocation, with the aim of increasing investments in 

regulated assets with solid and predictable returns.

For the three-year period 2025-2027, the Enel Group 

confirmed the strategic pillars presented with the pre-

vious 2024-2026 Plan:

• profitability, flexibility and resilience, pursuing value 

creation through selective capital allocation to opti-

mize the Enel Group’s risk/return profile, while keep-

ing a flexible approach; 

• effectiveness and efficiency, pursuing the contin-

uous optimization of processes, activities and the 

product and services portfolio, strengthening cash 

generation and developing innovative solutions to 

increase the value of existing assets;

• financial and environmental sustainability to main-

tain a solid structure, ensure the flexibility needed 

for growth and address the challenges of climate 

change.

The new Strategic Plan for 2025-2027 provides for a 

total gross capex of about €43 billion, an increase of 

about €7 billion compared with the previous Plan, al-

located as follows:

• €26 billion in Grids, to improve the resilience, digi-

talization and efficiency of the distribution network. 

The Group will also continue its advocacy efforts to 

promote regulatory frameworks that support the 

central role of grids in the energy transition;

• €12 billion in Renewable Generation, with a flexible 

capital allocation and a selective approach aimed 

at maximizing returns and minimizing risks, also 

taking advantage of brownfield opportunities, with 

the aim of further improving profitability. Over the 

plan period, we expect to add approximately 12 GW 

of capacity, with an improved technology mix that 

includes over 70% onshore wind and programma-

ble technologies (hydro and batteries), reaching a 

total installed renewable capacity of about 76 GW

in 2027;

• €2.7 billion in the Retail segment to enhance inte-

grated bundled offers and improve customer and 

service management. 

As a result of these strategic actions, in 2027 Group 

ordinary EBITDA is expected to grow to between €24.1 

and €24.5 billion, and Group net ordinary income is 

expected to increase to between €7.1 and €7.5 billion.

The Group 2024 financial results allow us to propose 

to the next Shareholders’ Meeting the distribution of a 

total dividend of €0.47 per share, exceeding the min-

imum fixed dividend per share (DPS) of €0.43 in the 

previous Plan. 

In the period 2025-2027, the implementation of stra-

tegic actions is expected to translate into visible and 

highly predictable returns; thus, the dividend policy 

provides for a minimum annual fixed DPS of €0.46 

and a potential increase up to a payout of 70% on the 

Group net ordinary income. Compared to the previous 

dividend policy, the constraint of achieving cash flow 

neutrality has also been removed.

  


Outlook

233

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

In 2025 Enel plans:

• investments in distribution grids focusing on geo-

graphical areas with a more balanced and clearer 

regulatory framework;

• selective investments in renewables, aimed at maximiz-

ing the return on invested capital and minimizing risks;

• active management of the customer portfolio 

through bundled multi-play offers.

In view of the foregoing, the financial targets on 

which the Group’s 2025-2027 Plan is based are re-

ported below.

Financial targets

Profit growth 2024  2025  2027

Ordinary EBITDA (€ billions) 22.8 22.9-23.1 24.1-24.5

Ordinary profit (€ billions) 7. 1 6.7-6.9 7. 1-7.5

Value creation

DPS (€/share) 0.47 0.46

(1)

0.46

(1)

Increase in DPS up to a payout of 70% of 

ordinary profit

(1)  Minimum DPS.

Disclosures on financial instruments 

The disclosures on financial instruments required by 

Article 2428, paragraph 2, no. 6-bis of the Italian Civil 

Code are reported in the following notes to the consol-

idated financial statements: 46 “Financial instruments 

by category”, 47 “Risk management”, 49 “Derivatives 

and hedge accounting” and 50 “Assets and liabilities 

measured at fair value”.

Atypical or unusual operations

Pursuant to the CONSOB Notice of July 28, 2006, the 

Group did not carry out any atypical or unusual oper-

ations in 2024.

Such operations include transactions whose signifi-

cance, size, nature of the counterparties, subject mat-

ter, method for calculating the transfer price or timing 

could give rise to doubts concerning the propriety 

and/or completeness of disclosure, conflicts of inter-

est, preservation of company assets or protection of 

non-controlling shareholders.

Subsequent events

Significant events following the close of the year are discussed in note 58 “Events after the reporting period” to 

the consolidated financial statements.

Transactions with related parties 

For more information on transactions with related parties, please see note 52 “Related parties” to the consolidated 

financial statements.

  


Outlook

234

INTEGRATED ANNUAL REPORT 2024

Reconciliation of equity and profit of Enel SpA and the 

corresponding consolidated figures

Pursuant to CONSOB Notice no. DEM/6064293 of July 

28, 2006, the following table provides a reconciliation 

of Group profit for the year and equity with the corre-

sponding figures for the Parent. 

Millions of euro

Income 

statement  Equity 

Income 

statement  Equity 

at Dec. 31, 2024 at Dec. 31, 2023

Separate financial statements - Enel SpA 2,598 36,386 3,032 37, 8 83

Carrying amount of and impairment losses on consolidated 

equity investments

6,287 (99,315) 608 (104,457)

Equity and profit (calculated using the same accounting policies) 

of the consolidated companies and groups and those accounted 

for using the equity method, net of non-controlling interests

9,180 90,368 6,299 90,392

Translation reserve - (6,352) - (5,289)

Goodwill (3) 12,850 (126) 13,042

Intercompany dividends (10,647) - (5,968) -

Elimination of unrealized intercompany profits, net of tax effects 

and other minor adjustments

(399) (206) (407) 184

OWNERS OF THE PARENT 7,016 33,731 3,438 31,755

NON-CONTROLLING INTERESTS 1,213 15,440 829 13,354

CONSOLIDATED FINANCIAL STATEMENTS 8,229 49,171 4,267 45,109

  


Outlook

235

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


1.

GRUPPO

ENEL

La politica dei dividendi

La politica dei dividendi di Enel rimane 

semplice e prevedibile, con un dividendo per 

azione (DPS) pari a 0,43 euro nel periodo 2 

023-2025, in aumento rispetto a 0,40 euro 

nel 2022. Il DPS nel 2024 e nel 2025 è da 

considerarsi come un minimo sostenibile.

Modello di business

Enel conferma il proprio modello di business 

basato sui collaudati modelli di Ownership, che 

ricomprende i cosiddetti Paesi “Tier 1” in cui 

il Gruppo sviluppa un business integrato o ha 

una posizione importante (Italia, Spagna, Cile, 

Colombia, Brasile, Stati Uniti), e di Stewardship, 

nei Paesi in cui joint venture, PPA, acquisizioni 

di quote di minoranza offrano prospettive 

particolarmente remunerative.

Crescita delle fonti 

di finanziamento sostenibili

In linea con il “Sustainability-Linked Financing 

Framework” e in vista del raggiungimento 

dell’obiettivo di Sostenibilità di Enel circa la 

riduzione di emissioni dirette di gas serra 

(Scope 1), è sempre più ampio il ricorso a 

strumenti di finanza sostenibile.

RELAZIONE

SULLA GESTIONE

7.

CONSOLIDATED

SUSTAINABILITY

STATEMENT 

General information

Enel actively engages with internal and external 

stakeholders to understand their point of view and 

expectations on sustainability and evaluate any actions to 

implement also with a view to strengthening corporate 

processes and procedures.

The “double materiality” analysis allows us to identify the 

environmental, social and governance issues that are 

relevant for the Group, in order to effectively manage the 

associated material impacts, risks and opportunities.

Environmental information

The Group is committed to protecting natural capital 

through the prevention and reduction of impacts on 

air and water, the conservation of biodiversity and the 

sustainable management of waste.

In line with the European Taxonomy, Enel has identified 

and classified its economic activities based on their 

contribution to environmental objectives, to encourage 

increasingly environmentally sustainable investments.

Social information

Enel promotes people’s centrality, workers’ safety, 

responsibility along the value chain, active engagement 

with communities and listening to and satisfying 

customers, with a focus on inclusion, protection of rights, 

sustainability and prevention and reduction of social 

impacts and risks.

Governance information

A solid model of business conduct and respect for 

human rights in business practices are the basis of the 

Group’s operations.

Tax contribution and transparency support value creation 

for communities.

REPORT 

ON OPERATIONS

  


General information

238

INTEGRATED ANNUAL REPORT 2024

General information

Basis for preparation of the consolidated Sustainability 

Statement

ESRS 2 BP-1; BP-2

The Enel Group’s 2024 consolidated Sustainability 

Statement (hereinafter also Sustainability Statement) 

is structured in four main sections, in accordance with 

current legislation, specifically:

• General information;

• Environmental information (including disclosure re-

quired under Regulation (EU) 2020/852 - “Taxonomy 

Regulation”);

• Social information;

• Governance information.

In particular, this section of the Report on Oper-

ations covers the environmental, social and gov-

ernance issues that are relevant to the Enel Group, 

taking into account the double materiality analy-

sis process described below in the section “Dou-

ble materiality – The process” as well as the spe-

cific activities and characteristics of the Group.

Furthermore, in order to standardize the reporting 

of the required data and information and to facili-

tate stakeholder understanding of the Sustainabil-

ity Statement, the following has been reported for 

each material topic:

• the related impacts, risks and opportunities (IROs);

• the Group’s strategy and commitment to man-

aging material topics and mitigating risks, in 

terms of policies adopted and action plans im-

plemented;

• the main results obtained in relation to the objec-

tives established;

• the relevant performance indicators to understand 

the results obtained.

Information managed through “Incorporation by reference”

As permitted under the relevant legislation, Sustainability Statement incorporates by way of reference the 

information required by the ESRS relating to the Group’s strategy and business model, risk management and 

corporate governance, as well as that related to climate change, presented in the respective chapters within 

the Report on Operations. 

For further details regarding the Group’s approach to the Report on Operations as a whole, reference should 

be made to the “Basis of Presentation” section of the Integrated Annual Report, while for details of the infor-

mation “incorporated by reference”, see the tables included in the section “Disclosure requirements of the 

ESRS covered by Sustainability Statement”.

The scope of the information contained in Sustainability Statement coincides with the scope of the consolidated 

financial statements.

  


General information

239

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

In 2024, Endesa was the only company in the con-

solidation scope subject to the Sustainability State-

ment obligation, which has prepared and published 

its reporting in accordance with regulations cur-

rently in force in Spain. There are no other com-

panies subject to mandatory reporting within the 

scope of consolidation.

As expressly requested by the ESRS, the information 

provided was extended to include the material IRO 

associated with the value chain, both upstream and 

downstream, of the Enel Group. In order to identify the 

main players in the value chain, as part of the double 

materiality analysis, a process was initiated to assess 

the relevance of the stakeholders, aimed at determin-

ing the key affected stakeholders. For more informa-

tion, see the sections “Stakeholder engagement” and 

“Double materiality – The process”.

In addition, the Group implemented an analysis pro-

cess to identify situations of so-called “operational 

control” by the Group over an entity, site, operation 

or asset, in order to meet specific disclosure require-

ments of the environmental ESRS.

The analysis involved all associates and joint ventures 

over which Enel exercised significant influence or joint 

control at the reporting date (for more information on 

this, see the section “Determination of the existence 

of joint control and of the type of joint arrangement” in 

the notes to these consolidated financial statements).

The analysis conducted did not reveal any significant 

impacts as of the reporting date.

The Enel Group has not made use of the option pro-

vided by the legislation to omit specific information 

corresponding to intellectual property, know-how or 

innovation results, nor of the exemption from the dis-

closure of information concerning upcoming devel-

opments or matters under negotiation.

This Statement was approved by the Board of Direc-

tors on March 13, 2025 and has been subjected to a 

limited assurance review.

Reporting policy

The quality of sustainability information provided is 

guaranteed by the observance of the materiality prin-

ciples, faithful representation, comparability, verifia-

bility and clarity. 

The reporting period of the Enel Group’s Sustainability 

Statement is consistent with that of financial disclo-

sures, in particular:

Time horizon Description

Short-term 12 months, in line with that adopted by 

the Group in the consolidated financial 

statements

Medium-term From the end of the short-term time horizon 

up to 3 years, in line with the Group’s 

Strategic Plan

Long-term Over 3 years

In line with the models and assessments generally ac-

cepted as market best practice, the Group adopts a 

short-term time horizon of 1 to 3 years, a medium-term 

time horizon of 4 to 10 years, and a long-term time ho-

rizon of over 10 years solely for information relating to 

climate change. 

The main assumptions used in the estimation process, 

as well as the judgmental component, where applied, 

are adequately described in the specific sections of 

reference of the Sustainability Statement.

The processing of comparative data published in previ-

ous years, following refinements in estimates or modifi-

cations in the definition methodologies, are clearly indi-

cated as such, in the specific sections of reference of the

Sustainability Statement.

In line with regulatory requirements, the Group has lim-

ited upstream and downstream value chain disclosures 

to information available internally or publicly available, 

where applicable. 

In the absence of sector ESRS, the Group has reported 

“sector-specific” disclosures following the provisions of 

international best practices (i.e. ISSB/SASB and GRI). 

  


General information

240

INTEGRATED ANNUAL REPORT 2024

The main phased-in rates provided by the ESRS that the Enel Group has chosen to use for the 2024 financial year are

listed below.

Standard Disclosure requirement

ESRS 2

• SBM-1 Breakdown of total revenue by significant sector, 40 b) and 40 c) 

• SBM-3 Anticipated financial effects, 48 e)

Environmental

Anticipated financial effects from:

• E1-9 Material physical and transition risks and potential climate-related opportunities

• E2-6 Pollution-related risks and opportunities

• E3-5 Water and marine resources-related risks and opportunities 

• E4-6 Biodiversity and ecosystem-related risks and opportunities

• E5-6 Resource use and circular economy-related risks and opportunities

Social 

• S1-7 Characteristics of non-employee workers in the company’s own workforce

• S1-8 Collective bargaining coverage and social dialogue

• S1-11 Social Protection

• S1-14 Work-related ill health number of days lost to injuries, accidents, fatalities and work-related ill 

health, 88 e) 88 d)

• S1-14 Health and safety of non-employees

• S1-15 Work-life balance

  


General information

241

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Stakeholder engagement

ESRS 2 SBM-2

Enel promotes a continuous, active and open dialogue 

with its stakeholders, through numerous listening and 

engagement initiatives, both direct and indirect, in or-

der to understand their point of view on sustainability 

issues, their expectations and any feedback, to eval-

uate actions to be implemented, including the defi-

nition of any projects and initiatives or the possible 

strengthening of company processes and procedures.

The categories of stakeholders relevant to the Group 

have been mapped and defined as part of the double 

materiality analysis process. For details on the meth-

odology followed and the results, see the section 

“Double materiality”.

The main engagement initiatives include, among oth-

ers, relations with the main representative and trade 

associations, including those of Enel’s own workforce,

consumers and the communities in which Enel oper-

ates; customer satisfaction surveys and channels for

handling commercial complaints; questionnaires from 

sustainability rating agencies and relations with ana-

lysts and investors, institutional relations at a national 

and local level, as well as media monitoring and opinion

polls. These initiatives are carried out within the scope 

of company processes to ensure that the expectations 

and requests of the various stakeholders with whom 

the Group interacts are adequately taken into consid-

eration in business processes, thus supporting growth 

and value creation throughout the value chain. Further-

more, the Group takes into account the point of view 

of stakeholders in the materiality process, for the iden-

tification and evaluation of material IRO and in the due 

diligence process to identify any negative impacts and 

define the related action plans. As regards the specif-

ic methods of engagement and its results within these 

processes, see the “Double materiality” and “Managing 

human rights” sections of the Sustainability Statement. 

In addition, a channel has been set up for all internal 

and external stakeholders to report anonymously any 

suspected breaches of the Code of Ethics, through 

a single Group-wide platform accessible both online 

and on the company intranet; for more information, 

see the section “Whistleblowing and stakeholder re-

porting channel”.

  


General information

242

INTEGRATED ANNUAL REPORT 2024

The table below summarizes the main initiatives and methods of engagement for each stakeholder category, in-

cluding the purpose of the engagement and how any findings were taken into account.

(1)  Includes suppliers of raw materials, products and components, suppliers of energy commodities, wholesalers, renewable energy producers, 

system operators, suppliers of works (contractors) and services, third-party disposal companies.

(2)  Includes B2B, B2C and B2G customers as well as end users.

Own

workforce 

Affected 

communitiesSuppliers

(1)

Customers

(2)

• Meetings with workers’

representatives on ESG, health 

and safety.

• Joint committees on sustainability 

and health and safety.

• Specific focus groups on 

workforce issues (e.g. well-

being, inclusion, diversity and 

development).

• Targeted awareness and 

information initiatives through 

internal communication channels 

(newsletters, internet, etc.).

• Targeted surveys on satisfaction, 

well-being and inclusion.

• Interviews and relations with the 

relevant Business Partner and 

those responsible for personnel 

development.

• Consultations and public 

workshops during the start-

up phase of new projects.

• Meetings and interviews 

during the ESIA and SECA 

evaluation phase for the 

start-up of new projects and/

or the closure of coal-fired 

power plants.

• National, regional and 

local round tables with 

associations for the closure 

of coal-fired power plants.

• Grievance mechanisms 

for collecting reports and 

complaints (local teams, 

toll-free numbers, online 

platforms or community 

leaders in isolated rural 

areas).

• Workshops with the various 

supply chains on ESG and 

health and safety issues.

• Awareness and information 

initiatives on ESG and health 

and safety issues.

• National, regional and local 

round tables with associations 

for the closure of coal-fired 

power plants.

• Relations with purchasing 

representatives during the 

qualification or tendering 

phase.

• Relations with contract 

managers during the contract 

execution phase.

• Channels for collecting and 

handling customer complaints 

(e.g. toll-free number, email, 

and dedicated “Voice of 

Customer” platform).

• Customer satisfaction surveys 

(Net Promoter Score-NPS 

index).

• Meetings and workshops with 

consumer associations.

• Energy efficiency awareness 

initiatives.

• Dedicated channels to 

companies through key-

account managers.

Engagement methods and initiatives 

• Collect and understand 

expectations, requests and 

suggestions for improving

working conditions.

• Increase awareness and 

information on company 

procedures. 

• Improve the satisfaction and 

retention rate.

• Ensure compliance with 

supplier management policies 

and practices, including 

the Code of Ethics and the 

Human Rights Policy.

• Guarantee respect for 

working conditions and 

workers’ rights.

• Support the conversion of 

supply chains impacted by the 

closure of coal-fired power 

plants. 

• Collect and understand 

expectations, requests, 

suggestions and complaints 

in order to improve 

community relations.

• Ensure respect for human 

rights, particularly for 

vulnerable groups, such as 

local, indigenous and tribal 

populations.

• Collect and understand 

expectations, requests, 

suggestions and complaints for 

the improvement of customer 

service quality.

• Management of any 

inefficiencies and emergency 

situations.

• Increase awareness on energy 

efficiency and responsible 

consumption.

• Ensure respect for human rights 

for accessibility and service 

quality to vulnerable customers.

Purpose

• Strengthening of 

communication channels and 

collective bargaining.

• Review and improvement 

of business processes and 

procedures.

• Organizational action plans and 

targeted development paths.

• Improvement plans in 

ESG and health and safety 

matters.

• Supply chain 

decarbonization plans.

• Action plans for the 

development of 

commercial and/or 

industrial initiatives at a 

local level to support the 

supply chains of local 

suppliers not impacted by 

the closure of coal-fired 

power plants.

• Development of dedicated 

projects to support 

communities (e.g. energy 

poverty, access to energy).

• Dedicated initiatives for the 

protection of vulnerable 

groups, particularly in critical 

contexts and/or conflict-

affected areas.

• Action plans for the 

development of local business 

and/or industry initiatives 

to support communities 

impacted by the closure of 

coal-fired power plants.

• Action plans for improving 

customer satisfaction and 

retention rate.

• Development of projects and 

business offerings dedicated 

to vulnerable customers.

Management of results

  


General information

243

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

(3)  Includes local governments and regulatory authorities.

Financial 

community

Businesses 

and trade 

associationsInstitutions

(3)

Media

• Questionnaires for ESG 

indices and ratings.

• Relations with analysts 

and investors (road shows, 

dedicated meetings, 

dedicated questionnaires, 

specific requests).

• Capital Markets Day, quarterly 

and annual calls.

• Consultations and public 

workshops.

• Participation in consultations, 

working groups and indirect 

advocacy initiatives.

• Participation in local 

socioeconomic development, 

research, and environmental 

protection projects.

• Consultations and public 

workshops during the start-

up phase of new projects.

• National, regional and 

local round tables with 

institutions for the closure 

of coal-fired power plants.

• Participation in 

consultations, working 

groups and direct advocacy 

initiatives.

• Press releases.

• Interactions on social 

channels (e.g. LinkedIn, etc.).

• Media monitoring.

• Collect expectations and 

specific requests to improve 

transparency of ESG 

information to the market.

• Contribute to local 

development of initiatives 

and projects to support 

communities and protect the 

environment.

• Support business operations 

and development. 

• Ensure compliance with 

national, European and 

international sustainability 

regulations.

• Promote the development 

of tools and policies for 

the decarbonization and 

adaptation plan.

• Improve the Group’s 

positioning and brand 

perception.

• Monitor public information 

and intercept any critical 

issues (e.g. disputes).

• Action plans to improve ESG 

information and disclosure for 

rating agencies and investors.

• Action plans to improve ESG 

performance.

• Dedicated local action 

plans for environmental 

protection.

• Developing indirect 

advocacy actions to support

the Group’s strategy and 

Strategic Plan.

• Shared action plans for the

development of commercial 

and/or industrial initiatives 

at a local level to support 

the communities and supply 

chains of local suppliers not 

impacted by the closure of 

coal-fired power plants.

• Alignment of strategy and 

development plan with new 

regulatory and normative 

frameworks. 

• Dedicated communications 

plan.

• Social and press channels 

monitoring plan.

  


General information

244

INTEGRATED ANNUAL REPORT 2024

Double materiality

The process

ESRS 2 IRO-1

In order to identify relevant environmental, social and 

governance issues (so-called “sustainability issues”) to 

be disclosed within the Sustainability Statement, the 

Enel Group conducted a double materiality analysis, in 

accordance with regulatory requirements. 

In addition, the Group continues to integrate sustain-

ability into its strategy and business model in order to 

effectively manage IROs deemed relevant, based on 

the double materiality process.

Specifically, during 2024, the Enel Group designed and 

implemented a process aimed at:

• improving and further strengthening the double 

materiality analysis process already adopted in pre-

vious years, in order to fully reflect the requirements 

introduced at the European level by the Corporate 

Sustainability Reporting Directive (CSRD), the Euro-

pean Sustainability Reporting Standards (ESRS) and 

related guidelines;

• defining the appropriate controls on the basis of 

specific Administrative Procedures to guarantee the 

system of internal control over corporate reporting; 

for more information, see the section “Internal con-

trol and risk management system on corporate re-

porting” under Governance information.

As per the ESRS 1 General requirements, the double 

materiality analysis process implemented by Enel, 

which includes the upstream and downstream value 

chain, is aimed at identifying sustainability issues that 

meet the criteria defined for impact materiality, finan-

cial materiality, or both. To this end: 

• impact materiality: refers to sustainability issues re-

lated to the Group’s significant negative or positive, 

actual or potential impacts on people or the envi-

ronment in the short, medium or long term;

• financial materiality: addresses how sustainability 

issues affect the Group’s financial performance and, 

in particular, focuses on how the resulting risks and 

opportunities may affect economic performance in 

the short, medium, and long term.

In line with current regulations, the double materiality 

process carried out by the Enel Group breaks down in 

four stages, summarized below:

1. understanding the context; 

2. identification of IROs and related sustainability is-

sues; 

3\. assessment and determination of material IROs; 

and 

4\. reporting.

Understanding the context 

In order to identify all sustainability issues and re-

lated IROs for the double materiality process, the 

Group carried out an analysis of the internal con-

text, mainly based on the Strategic Plan and other

information provided to investors, as well as the ex-

ternal context, also through the analysis of leading

publications in the electricity sector. In particular, 

the Group conducted a macro-analysis of the con-

text in which it operates, identifying and analyzing

the main external trends and uncertainties related 

to the energy transition, the competitive landscape, 

and the context in which the Group operates, iden-

tifying the ESG megatrends.

The Group also mapped key business relationships 

based on specific combinations of qualitative and 

quantitative characteristics. 

In order to understand which stakeholders are or 

could be affected by the Group’s operations and val-

ue chain, key affected stakeholders were identified

through stakeholder engagement and their subse-

quent mapping and prioritization. In this regard, the 

Group has established a structured process for as-

sessing the relevance of stakeholder activity, in line 

with the provisions of the Accountability AA1000 

Stakeholder Engagement Standard (AA1000SES) for

the results of which please see the section “Stake-

holder engagement”. 

  


General information

245

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Identification of IROs and related 

sustainability issues

In aiming to identify potentially material sustainability 

issues, the Group followed the following process:

• preparation of a list of IROs considering both that 

proposed in ESRS 1 and additional Group-specific 

issues identified through context analysis, stake-

holder engagement, and internal processes, includ-

ing risk management;

• identification of impacts directly caused by the 

Group, those to which the Group has contributed, 

and impacts directly related to operations, products 

and services caused by business relations;

• definition of risks and the associated opportunities, 

based on the identified impacts, e.g. risks or oppor-

tunities arising from environmental and social de-

pendencies; 

• correlation of identified IROs with the risks mapped 

in the Group’s Risk Catalogue, with a view to adopt-

ing an unambiguous and uniform language for rep-

resenting risks within the Group.

Assessment and determination of 

material IROs 

The list of identified IRO underwent the assessment 

of internal and external stakeholders relevant to the 

Group with the aim of determining the material im-

pacts – through the impact materiality, and material 

risks and opportunities – through financial materiality. 

For impact materiality, the specific methodology ap-

plied by the Group provides an assessment of the se-

verity of impacts, which in turn is determined on the 

basis of scale, scope and, for negative impacts only, 

irremediable character. 

For potential impacts, severity is weighted by the prob-

ability of occurrence over the relevant time horizon. 

These assessments, the subjectivity of which is limited 

by the utilization of scientific and statistical evidence 

and/or documentation, where available, allow the defi-

nition of a final score for each impact, on which ap-

propriate qualitative and quantitative thresholds are 

applied, aimed at defining material impacts. 

The consolidation of results of materiality analysis at 

Group level takes into account any differences with 

IROs identified at the subsidiary level, where appropri-

ate (a mixed top down and bottom up approach). 

The methodology applied by the Group for the analy-

sis of financial materiality is designed to identify and 

assess sustainability-related risks and opportunities, 

which are particularly relevant to primary users.

Risks and opportunities are assessed according to 

the potential magnitude of their financial effects and 

the likelihood of occurrence through the application 

of objective thresholds, established by considering 

the risk management process and assumptions in the 

Group’s accounting policies. 

Where a sustainability issue was found to be relevant 

from a financial materiality perspective but, neverthe-

less, its financial impacts could not be reliably meas-

ured at the reporting date, thresholds were based on 

qualitative factors and ranges of possible impacts 

(high/medium/low).

  


General information

246

INTEGRATED ANNUAL REPORT 2024

Results

ESRS SBM-3

The results of the double materiality process at Group 

level are shown below. The activity was implemented 

in the main countries where the Group is present, in-

volving the main companies in those countries. Where 

significant variations emerged in terms of material 

IROs in the various countries, these were reported in 

the disclosure relating to the Group’s material topics. 

The results take into account the engagement of 

stakeholders in the various stages of the process, both 

for the analysis of the reference context and for IRO 

evaluation.

In particular, the results of the context analysis con-

firm that the most significant ESG megatrends for the 

Group’s relevant stakeholders concern:

• climate change, since the continuous occurrence 

and worsening of extreme events emphasizes the 

urgency of taking action to counter the environ-

mental emergency;

• the digital revolution, accelerated by the adoption of 

digital innovations such as artificial intelligence and 

the Internet of Things (IoT), with new opportunities, 

but also risks or challenges such as cyber security, 

increasing income disparity and consequent in-

crease in social inequalities or greater energy con-

sumption due to the spread of data centers;

• geopolitical instability, with the potential risks this 

entails for economic and energy stability, as well as 

for the supply of critical raw materials in the global 

context.

The Group’s relevant stakeholders (companies and 

trade associations, customers, the financial com-

munity, institutions, interested communities, the

media, its own workforce and suppliers) were there-

fore involved in the process of analyzing ESG issues 

in terms of their priority in order to identify the

main issues of interest. The activity included over 

370 initiatives (surveys, focus groups, interviews,

document analysis, etc.), covering the main coun-

tries and regions where the Group is present. The 

main initiatives conducted include customer and 

employee satisfaction surveys, questionnaires from 

sustainability rating agencies, customer complaints, 

relations with analysts and investors, with repre-

sentative and trade associations, national and local 

institutional relations, media monitoring and opin-

ion polls.

This analysis defined the following Level I priorities for 

2024, as assigned by the Group’s stakeholders: 

• Climate change;

• Workers in the supply chain;

• Water and marine resources;

• Electrification of uses;

• Resilient grids.

Furthermore, in line with the provisions of the 

AA1000SES Standard, an analysis was conducted to 

identify key affected stakeholders, which for 2024 

are customers, the financial community, institutions, 

Enel’s own workforce, and suppliers.

  


General information

247

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

13 IROs

Climate change

Water and marine 

resources

Pollution

Biodiversity and 

ecosystems

Circular economy and 

waste management

9 IROs 6 IROs

28 MATERIAL IROs

11 MATERIAL TOPICS

ENTITY SPECIFIC

1 material topic

Entity specific

Risk  Opportunities  Positive impact  Negative impact

Own workforce

Business conduct

Resilient grids

Affected communities

Workers in the supply 

chain

Consumers and 

end users

ENVIRONMENT

5 environmental

material topics

SOCIAL

4 social material 

topics

GOVERNANCE

1 business 

conduct material 

topic

29. The topic “Transparency of corporate governance disclosures” refers to the material subtopic “Other compliance programs”.

Key external stakeholders, together with internal

stakeholders, were also involved in the IRO assess-

ment in order to determine the list of environmental,

social and governance issues, as well as entity-spe-

cific (i.e. industry-specific and representative of the

facts and circumstances in which the Group oper-

ates) issues.

Specifically, more than 70,000 key external stakehold-

ers were involved who were asked to evaluate IROs in 

terms of probability of occurrence and significance, 

with results in line with the internal analysis.

From the identification of 28 material IROs for the 

Group, 11 material topics, 23 material subtopics, 21 

material sub-subtopics were identified.

29

The material topics emerging from the analysis con-

ducted regard all regulatory ESRS issues, plus a num-

ber of specific topics related to distribution grids 

management, tax transparency, and transparency of 

corporate governance information. 

Considering the sector in which the Group operates, the

most significant issues concern climate change man-

agement in terms of both mitigation and adaptation and 

the impact on biodiversity and surrounding ecosystems. 

Regarding social aspects, the Group pays special atten-

tion to the worker health and safety management (em-

ployees and contractors) and customer relations. 

The stakeholder engagement process and the double 

materiality analysis, which are updated annually, are dis-

cussed in depth and shared with the Corporate Govern-

ance and Sustainability Committee, established within 

the Board, at the preparatory meeting on the Sustainabil-

ity Plan guidelines, as well as when the opinion is present-

ed to the Control and Risk Committee. In addition, both

processes are included in the overall opinion provided by

the auditing firm regarding the CSRD requirements.

  


General information

248

INTEGRATED ANNUAL REPORT 2024

The following are the material topics in detail. 

Material ESG topics

ESRS Material topic Material subtopic Material sub-subtopic

E1 – Climate change

Climate change

Mitigation: reduction of direct GHG emissions (Scope 1) -

Mitigation: reduction of direct GHG emissions (Scope 1)

Efficient energy consumption in business operations (fossil 

energy sources)

Mitigation: reduction of indirect GHG emissions (Scope 2 and 

Scope 3)

Decarbonization of the supply chain

Increase in sales of energy from renewable sources to the end 

customer

Climate change adaptation -

Climate change adaptation Adapting to extreme weather

Reducing GHG emissions of services and products to 

customers

-

E2 - Pollution

Pollution

Air pollution Reducing emissions into the air (excluding CO

2

)

E3 – Water and marine resources

Water and marine resources

Water Water withdrawals

E4 – Biodiversity and ecosystems

Biodiversity and ecosystems

Direct impact drivers on biodiversity loss Changes in land, fresh water and sea use

Impacts on the state of species Population size of species

E5 – Resource use and circular economy

Circular economy and waste management

Waste Non-hazardous waste from Operations and Maintenance (O&M)

S1 – Own workforce

Own workforce

Worker health and safety

Managing and monitoring worker’s safety

Promoting a safety culture among workers

Equal treatment and opportunities for all

Disability

Gender diversity

People development Skills and performance

S2 - Workers in the value chain

Workers in the supply chain

Supplier working conditions -

S3 – Affected communities

Affected communities

Supporting the social and economic development of 

communities

-

Access to electricity Breaking down the economic barriers to access to electricity

S4 – Consumers and end users

Consumers and end users

Social inclusion of consumers and/or end users

Optimizing products and services for the most vulnerable 

customers

Quality of customer relations Effective and fair relationship with customers

G1 – Business conduct

Business conduct

Managing relationships with suppliers Managing the procurement of supplies containing critical materials

Governance and advocacy for the environment -

Active and passive bribery Systems to safeguard against corruption

Additional information - Entity specific

Resilient grids

Operational management of grids Grid maintenance

Additional information - Entity specific

Business conduct

Tax transparency -

Other compliance programs Compliance with laws and regulations

  


General information

249

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Material ESG topics

ESRS Material topic Material subtopic Material sub-subtopic

E1 – Climate change

Climate change

Mitigation: reduction of direct GHG emissions (Scope 1) -

Mitigation: reduction of direct GHG emissions (Scope 1)

Efficient energy consumption in business operations (fossil 

energy sources)

Mitigation: reduction of indirect GHG emissions (Scope 2 and 

Scope 3)

Decarbonization of the supply chain

Increase in sales of energy from renewable sources to the end 

customer

Climate change adaptation -

Climate change adaptation Adapting to extreme weather

Reducing GHG emissions of services and products to 

customers

-

E2 - Pollution

Pollution

Air pollution Reducing emissions into the air (excluding CO

2

)

E3 – Water and marine resources

Water and marine resources

Water Water withdrawals

E4 – Biodiversity and ecosystems

Biodiversity and ecosystems

Direct impact drivers on biodiversity loss Changes in land, fresh water and sea use

Impacts on the state of species Population size of species

E5 – Resource use and circular economy

Circular economy and waste management

Waste Non-hazardous waste from Operations and Maintenance (O&M)

S1 – Own workforce

Own workforce

Worker health and safety

Managing and monitoring worker’s safety

Promoting a safety culture among workers

Equal treatment and opportunities for all

Disability

Gender diversity

People development Skills and performance

S2 - Workers in the value chain

Workers in the supply chain

Supplier working conditions -

S3 – Affected communities

Affected communities

Supporting the social and economic development of 

communities

-

Access to electricity Breaking down the economic barriers to access to electricity

S4 – Consumers and end users

Consumers and end users

Social inclusion of consumers and/or end users

Optimizing products and services for the most vulnerable 

customers

Quality of customer relations Effective and fair relationship with customers

G1 – Business conduct

Business conduct

Managing relationships with suppliers Managing the procurement of supplies containing critical materials

Governance and advocacy for the environment -

Active and passive bribery Systems to safeguard against corruption

Additional information - Entity specific

Resilient grids

Operational management of grids Grid maintenance

Additional information - Entity specific

Business conduct

Tax transparency -

Other compliance programs Compliance with laws and regulations

  


General information

250

INTEGRATED ANNUAL REPORT 2024

Material IROs are shown in the table below, together with information on the stage of the value chain involved and 

the impact on the planet and people.

Material IROs

ESRS Material 

subtopic

Material 

sub-subtopic

Material IRO Type

(1)

Actual/

potential

(2)

Time 

horizon

Value chain Impact on the planet 

and people

Risk/opportunity 

arising from 

social and natural 

dependencies 

and/or impacts

IRO management TARGET/ACTION PLAN

E1 – Climate change

Climate 

change 

adaptation

Adapting to 

extreme weather

Extreme weather events (e.g. 

cyclones, droughts, floods, storms, 

heat waves and fires) due to climate 

change, resulting in damage 

or reduced efficiency of power 

generation and distribution facilities 

and supporting infrastructure, 

causing capacities to be 

downgraded, operations temporarily 

stopped or shut down completely.

Medium 

term

OWN OPERATIONS

Power generation

Power distribution

Power marketing 

and services

_ Risk deriving from 

dependencies on 

natural resources

The Group adopts best practices for the fastest 

return to operation and invests for resilience, 

prepares maintenance prevention and internal risk 

management policies.

Preparation of actions and 

procedures for responding to 

adverse events and investments to 

increase resilience

- Increased public investment in 

infrastructure resilience to address 

mitigation and reduction of physical 

climate risk and reduce service 

disruptions.

Medium 

term

OWN OPERATIONS

Power generation

Power distribution

_ Opportunity 

arising from a 

positive impact 

of reducing 

greenhouse gas 

emissions

Enel identifies priority interventions to improve 

KPIs through the Guideline for Network Resilience 

Enhancement Plan policy. In Italy, this policy is 

translated into the Resilience Plan, an addendum 

to the Development Plan with a 3-year horizon, 

which e-distribuzione has been preparing annually 

since 2017. Similar issues are also being explored 

in other countries, both in Europe and South 

America, in order to prepare ad-hoc investment 

planning considering different territorial 

peculiarities.

Preparation of the Investment Plan 

(e.g. Italy Resilience Plan)

Mitigation: 

reduction of 

direct GHG 

emissions 

(Scope 1)

- New policies, regulations and timely 

and effective measures by public 

institutions, including simplified 

permit procedures, aimed at 

accelerating the energy transition 

and the development of related 

technologies.

Medium 

term

OWN OPERATIONS

Power generation

Power distribution

Power marketing 

and services

_ Opportunities 

deriving from 

dependencies on 

social resources

The Group maximizes opportunities through 

an integrated business focused on renewables 

development, distribution network expansion and 

retail sales. In addition, the Group uses transition 

scenarios for strategic assessments.

Active oversight and enhancement 

of regulatory and policy 

opportunities

- Mitigating climate change by 

reducing absolute greenhouse gas 

emissions from the thermoelectric 

phase-out.

Long term OWN OPERATIONS

Power generation

Reducing greenhouse gas 

emissions by phasing out 

thermal power plants contributes 

significantly to mitigating climate 

change by fostering greater 

ecosystem balance and reducing 

the risks associated with the 

effects of global warming.

_ Enel is committed to the process of 

decarbonization through the replacement of fossil 

power generation sources with renewable energy 

and a plan to phase-out electricity generation 

from thermal sources.

Reduction on Scope 1 GHG 

emissions Intensity relating to 

power generation (gCO

2eq

/kWh)

(1) Type:  Risk  Opportunities  Positive impact  Negative impact

(2) Actual/potential: 

Actual  Potential

  


General information

251

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

ESRS Material 

subtopic

Material 

sub-subtopic

Material IRO Type

(1)

Actual/

potential

(2)

Time 

horizon

Value chain Impact on the planet 

and people

Risk/opportunity 

arising from 

social and natural 

dependencies 

and/or impacts

IRO management TARGET/ACTION PLAN

E1 – Climate change

Climate 

change 

adaptation

Adapting to 

extreme weather

Extreme weather events (e.g. 

cyclones, droughts, floods, storms, 

heat waves and fires) due to climate 

change, resulting in damage 

or reduced efficiency of power 

generation and distribution facilities 

and supporting infrastructure, 

causing capacities to be 

downgraded, operations temporarily 

stopped or shut down completely.

Medium 

term

OWN OPERATIONS

Power generation

Power distribution

Power marketing 

and services

_ Risk deriving from 

dependencies on 

natural resources

The Group adopts best practices for the fastest 

return to operation and invests for resilience, 

prepares maintenance prevention and internal risk 

management policies.

Preparation of actions and 

procedures for responding to 

adverse events and investments to 

increase resilience

- Increased public investment in 

infrastructure resilience to address 

mitigation and reduction of physical 

climate risk and reduce service 

disruptions.

Medium 

term

OWN OPERATIONS

Power generation

Power distribution

_ Opportunity 

arising from a 

positive impact 

of reducing 

greenhouse gas 

emissions

Enel identifies priority interventions to improve 

KPIs through the Guideline for Network Resilience 

Enhancement Plan policy. In Italy, this policy is 

translated into the Resilience Plan, an addendum 

to the Development Plan with a 3-year horizon, 

which e-distribuzione has been preparing annually 

since 2017. Similar issues are also being explored 

in other countries, both in Europe and South 

America, in order to prepare ad-hoc investment 

planning considering different territorial 

peculiarities.

Preparation of the Investment Plan 

(e.g. Italy Resilience Plan)

Mitigation: 

reduction of 

direct GHG 

emissions 

(Scope 1)

- New policies, regulations and timely 

and effective measures by public 

institutions, including simplified 

permit procedures, aimed at 

accelerating the energy transition 

and the development of related 

technologies.

Medium 

term

OWN OPERATIONS

Power generation

Power distribution

Power marketing 

and services

_ Opportunities 

deriving from 

dependencies on 

social resources

The Group maximizes opportunities through 

an integrated business focused on renewables 

development, distribution network expansion and 

retail sales. In addition, the Group uses transition 

scenarios for strategic assessments.

Active oversight and enhancement 

of regulatory and policy 

opportunities

- Mitigating climate change by 

reducing absolute greenhouse gas 

emissions from the thermoelectric 

phase-out.

Long term OWN OPERATIONS

Power generation

Reducing greenhouse gas 

emissions by phasing out 

thermal power plants contributes 

significantly to mitigating climate 

change by fostering greater 

ecosystem balance and reducing 

the risks associated with the 

effects of global warming.

_ Enel is committed to the process of 

decarbonization through the replacement of fossil 

power generation sources with renewable energy 

and a plan to phase-out electricity generation 

from thermal sources.

Reduction on Scope 1 GHG 

emissions Intensity relating to 

power generation (gCO

2eq

/kWh)

  


General information

252

INTEGRATED ANNUAL REPORT 2024

ESRS Material 

subtopic

Material 

sub-subtopic

Material IRO Type

(1)

Actual/

potential

(2)

Time 

horizon

Value chain Impact on the planet 

and people

Risk/opportunity 

arising from 

social and natural 

dependencies 

and/or impacts

IRO management TARGET/ACTION PLAN

E1 – Climate change

Mitigation: 

reduction of 

direct GHG 

emissions 

(Scope 1)

Efficient energy 

consumption 

in business 

operations (fossil 

energy sources)

Prevention and minimization of 

climate impacts through efficient 

and sustainable use of fossil energy 

sources in business processes.

Short term OWN OPERATIONS

Power generation

The efficient and responsible use of

non-renewable energy resources

in business processes not only

facilitates a gradual shift toward

more sustainable sources but also

encourages the adoption of industrial

practices that are more respectful

of environmental balances, while

promoting a model of economic

growth that is compatible with the

protection of the planet.

_ The commitment to the reduction of fuel 

consumption in the electricity generation process 

is closely related to the process of phase-out of 

thermal capacity that the Group is carrying out, thus 

contributing to the reduction of direct emissions from 

the power generation process.

Reduction of Scope 1 GHG 

emissions Intensity relating to 

power generation (gCO

2eq

/kWh)

Mitigation: 

reduction of 

indirect GHG 

emissions 

(Scope 2 and 

Scope 3)

Decarbonization 

of the supply 

chain

Contributing to the reduction of 

Enel’s carbon footprint through a 

sustainable supply chain.

Medium 

term

UPSTREAM

Procurement of 

supplies, works and 

services

Procurement 

of energy 

commodities

Supplier performance must 

align with best practices and 

sustainability standards while 

ensuring necessary quality 

requirements. This approach 

promotes prudent resource 

management, encouraging 

low-impact practices and a more 

sustainable operating model 

throughout the value chain.

_ Introduction of rewarding criteria in key supply bidding 

processes that aim to demonstrate progressive 

improvement in environmental performance through 

relevant certifications (for example, EPD, ISO CFP).

Value of supply contracts covered 

by Carbon Footprint certification 

(EPD, ISO CFP) – %

Increase in sales 

of energy from 

renewable sources 

to the end 

customer

Contribution toward the reduction 

of Scope 3 emissions through the 

sale of renewable energy.

Short term UPSTREAM

Procurement 

of energy 

commodities 

DOWNSTREAM

Retail customer 

relations (B2B, B2C, 

B2G)

By providing customers with 

energy generated from renewable 

sources, they can reduce their 

dependence on fossil fuels and, 

consequently, indirect emissions 

along the value chain.

_ Enel is committed to reducing Scope 3 emissions 

through the sale of renewable energy to the end 

customer along with reducing the existing gap 

between own production and sale to the end 

customer.

Reduction of Scope 1 and 3 GHG 

emissions Intensity relating to 

integrated power (gCO

2eq

/kWh)

Reducing GHG 

emissions of 

services and 

products to 

customers

- Accelerating the process of 

electrification of consumption 

by implementing solutions and 

technologies for electrification of 

cities (e.g. smart cities and street 

lighting), for businesses (energy 

efficiency, demand response, 

etc.) and for people (e.g. energy 

efficiency of homes and apartment 

buildings).

Short term DOWNSTREAM

Retail customer 

relations (B2B, B2C, 

B2G)

Electrification of consumption 

to facilitate a more sustainable 

energy transition through 

integrated solutions that improve 

the efficiency of urban, business 

and household services, providing 

environmental and social benefits.

_ In addition to providing emission-free electricity to 

end customers (with positive impact on customers’

Scope 2 emissions), Enel offers technology solutions 

to reduce carbon emissions related to their energy 

consumption in a wide range of sectors including 

industrial services, electric transportation and street 

lighting.

Demand response - GW

E2 – Pollution

Air pollution Reducing 

emissions into the 

air (excluding CO

2

)

Improvement of industrial site 

conditions resulting from the 

reduction of air pollutant emissions 

(other than GHG) pursued through 

continuous monitoring and 

improvement programs.

Short term OWN OPERATIONS

Power generation

The reduction of non-GHG 

pollutant emissions, achieved 

through continuous monitoring 

and improvement programs, 

contributes to improved air quality 

in and around industrial areas. This 

approach promotes a healthier 

environment, with tangible 

benefits to the local ecosystem 

and the well-being of nearby 

communities.

_ Operations include the implementation of action 

plans aimed at:

• reducing total and specific emissions of the main

atmospheric macropollutants (SO

2

, NO

x

, dust and

mercury) through the implementation of the energy

transition plan and, in particular, the phase out of coal-

fired thermal power plants, to which they are mainly

attributable;

• adopting abatement and control technologies for air

pollutants in line with the best available technologies

and the most stringent emission limits in different

countries.

• Reduction in specific emissions 

of SO

2

– % 

• Reduction of NO

x

specific 

emissions – %

• Reduction of dust specific 

emissions – %

• Reduction of mercury emissions 

– %

(1) Type:  Risk  Opportunities  Positive impact  Negative impact

(2) Actual/potential: 

Actual  Potential

  


General information

253

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

ESRS Material 

subtopic

Material 

sub-subtopic

Material IRO Type

(1)

Actual/

potential

(2)

Time 

horizon

Value chain Impact on the planet 

and people

Risk/opportunity 

arising from 

social and natural 

dependencies 

and/or impacts

IRO management TARGET/ACTION PLAN

E1 – Climate change

Mitigation: 

reduction of 

direct GHG 

emissions 

(Scope 1)

Efficient energy 

consumption 

in business 

operations (fossil 

energy sources)

Prevention and minimization of 

climate impacts through efficient 

and sustainable use of fossil energy 

sources in business processes.

Short term OWN OPERATIONS

Power generation

The efficient and responsible use of 

non-renewable energy resources 

in business processes not only 

facilitates a gradual shift toward 

more sustainable sources but also 

encourages the adoption of industrial 

practices that are more respectful 

of environmental balances, while 

promoting a model of economic 

growth that is compatible with the 

protection of the planet.

_ The commitment to the reduction of fuel 

consumption in the electricity generation process 

is closely related to the process of phase-out of 

thermal capacity that the Group is carrying out, thus 

contributing to the reduction of direct emissions from 

the power generation process.

Reduction of Scope 1 GHG 

emissions Intensity relating to 

power generation (gCO

2eq

/kWh)

Mitigation: 

reduction of 

indirect GHG 

emissions 

(Scope 2 and 

Scope 3)

Decarbonization 

of the supply 

chain

Contributing to the reduction of 

Enel’s carbon footprint through a 

sustainable supply chain.

Medium 

term

UPSTREAM

Procurement of 

supplies, works and 

services

Procurement 

of energy 

commodities

Supplier performance must 

align with best practices and 

sustainability standards while 

ensuring necessary quality 

requirements. This approach 

promotes prudent resource 

management, encouraging 

low-impact practices and a more 

sustainable operating model 

throughout the value chain.

_ Introduction of rewarding criteria in key supply bidding 

processes that aim to demonstrate progressive 

improvement in environmental performance through 

relevant certifications (for example, EPD, ISO CFP).

Value of supply contracts covered 

by Carbon Footprint certification 

(EPD, ISO CFP) – %

Increase in sales 

of energy from 

renewable sources 

to the end 

customer

Contribution toward the reduction 

of Scope 3 emissions through the 

sale of renewable energy.

Short term UPSTREAM

Procurement 

of energy 

commodities 

DOWNSTREAM

Retail customer 

relations (B2B, B2C, 

B2G)

By providing customers with 

energy generated from renewable 

sources, they can reduce their 

dependence on fossil fuels and, 

consequently, indirect emissions 

along the value chain.

_ Enel is committed to reducing Scope 3 emissions 

through the sale of renewable energy to the end 

customer along with reducing the existing gap 

between own production and sale to the end 

customer.

Reduction of Scope 1 and 3 GHG 

emissions Intensity relating to 

integrated power (gCO

2eq

/kWh)

Reducing GHG 

emissions of 

services and 

products to 

customers

- Accelerating the process of 

electrification of consumption 

by implementing solutions and 

technologies for electrification of 

cities (e.g. smart cities and street 

lighting), for businesses (energy 

efficiency, demand response, 

etc.) and for people (e.g. energy 

efficiency of homes and apartment 

buildings).

Short term DOWNSTREAM

Retail customer 

relations (B2B, B2C, 

B2G)

Electrification of consumption 

to facilitate a more sustainable 

energy transition through 

integrated solutions that improve 

the efficiency of urban, business 

and household services, providing 

environmental and social benefits.

_ In addition to providing emission-free electricity to 

end customers (with positive impact on customers’

Scope 2 emissions), Enel offers technology solutions 

to reduce carbon emissions related to their energy 

consumption in a wide range of sectors including 

industrial services, electric transportation and street 

lighting.

Demand response - GW

E2 – Pollution

Air pollution Reducing 

emissions into the 

air (excluding CO

2

)

Improvement of industrial site 

conditions resulting from the 

reduction of air pollutant emissions 

(other than GHG) pursued through 

continuous monitoring and 

improvement programs.

Short term OWN OPERATIONS

Power generation

The reduction of non-GHG 

pollutant emissions, achieved 

through continuous monitoring 

and improvement programs, 

contributes to improved air quality 

in and around industrial areas. This 

approach promotes a healthier 

environment, with tangible 

benefits to the local ecosystem 

and the well-being of nearby 

communities.

_ Operations include the implementation of action 

plans aimed at:

• reducing total and specific emissions of the main 

atmospheric macropollutants (SO

2

, NO

x

, dust and 

mercury) through the implementation of the energy

transition plan and, in particular, the phase out of coal-

fired thermal power plants, to which they are mainly

attributable; 

• adopting abatement and control technologies for air

pollutants in line with the best available technologies 

and the most stringent emission limits in different 

countries.

• Reduction in specific emissions 

of SO

2

– % 

• Reduction of NO

x

specific 

emissions – %

• Reduction of dust specific 

emissions – %

• Reduction of mercury emissions 

– %

  


General information

254

INTEGRATED ANNUAL REPORT 2024

ESRS Material 

subtopic

Material 

sub-subtopic

Material IRO Type

(1)

Actual/

potential

(2)

Time 

horizon

Value chain Impact on the planet 

and people

Risk/opportunity 

arising from 

social and natural 

dependencies 

and/or impacts

IRO management TARGET/ACTION PLAN

E3 – Water and marine resources

Water Water withdrawals Depletion of fresh or marine 

water quantities or quality 

due to unsustainable use of 

water resources in direct or 

indirect activities (e.g. excessive 

withdrawals relative to the 

resource’s regenerative capacity 

or ecosystem and socioeconomic 

needs, particularly in water-stressed 

areas, wastewater discharges with 

excessive thermal or pollutant 

loading).

Short term OWN OPERATIONS

Power generation

Unsustainable use of water 

resources can compromise the 

quantity and quality of fresh 

and marine waters, causing 

negative impacts on the balance 

of ecosystems, jeopardizing 

socioeconomic and environmental 

sustainability.

_ Operations include the implementation of action 

plans aimed at:

• reducing the Group’s total and specific water 

withdrawals and consumption, and particularly fresh 

water consumption, through the implementation of 

the energy transition plan and phase out of coal-

fired thermal power plants, which are characterized 

by a significant water footprint; 

• maximize water withdrawals from non-draining 

sources and wastewater recoveries, both domestic 

and third-party supplied, in order to reduce fresh 

water withdrawals and consumption, with a special 

focus on facilities located in water-stressed areas;

• ensure the environmentally and socially sustainable 

management of the water resource at all of the 

Group’s reservoirs through water management 

plans shared with the basin authorities and local 

communities, aimed at protecting the good 

ecological and chemical status of water and the 

protection of local habitats by ensuring minimum 

viable flows.

Reduction of specific fresh water 

withdrawal – %

E4 – Biodiversity and ecosystems

Direct impact 

drivers on 

biodiversity 

loss

Changes in land, 

fresh water and 

sea use

Damage to the environment and 

local communities caused by 

inadequate prevention, mitigation, 

restoration or compensation for 

impacts on environmental matrices, 

biodiversity and ecosystems 

produced by activities under the 

operational control of the Group (for 

example, transformation of habitats 

and impact on protected species 

and/or protected areas as a result of 

construction activities or operation 

of assets).

Medium 

term

OWN OPERATIONS

Power generation 

Power distribution

Inadequate management of 

environmental impacts can 

seriously damage the planet, 

compromising biodiversity, 

altering ecosystems and putting 

natural habitats and protected 

species at risk, to say nothing 

of communities that depend 

on natural resources for their 

livelihood.

_ To reduce the impact on biodiversity, Enel applies the 

Mitigation Hierarchy in all phases of the design and 

management of its plants. Starting from the choice 

of the site of interest, the type of habitat is evaluated, 

prioritizing those that do not present potential 

environmental criticalities and defining appropriate 

action plans for biodiversity, and, where necessary, 

also including compensatory measures. To ensure the 

achievement of No Net Loss (NNL), the Group has also 

defined a roadmap with progress steps to measure its 

implementation, as well as Group application criteria.

• Achievement of NNL for new 

infrastructure by 2030

• Achievement of No Net 

Deforestation for new 

infrastructure by 2030 

• No Go in UNESCO World Heritage 

Natural Site Areas

Impacts on 

the state of 

species

Population size of 

species

Reputational damage, fines 

and increased construction, 

management and restoration 

costs due to loss of biodiversity 

and degradation of ecosystem 

services, reduced acceptability 

by local communities following 

the construction or operation 

of generation and network 

facilities (causing occupation and 

transformation of the territory, 

fragmentation and degradation of 

natural habitats, impact on local 

communities, protected areas or 

species).

Medium 

term

OWN OPERATIONS

Power generation 

Power distribution

_ Risk deriving from 

dependencies on 

natural resources

To reduce the impact on biodiversity, Enel applies 

the Mitigation Hierarchy in all phases of the design 

and management of its plants. Starting from the 

choice of the site of interest, the type of habitat 

is evaluated, prioritizing those that do not present 

potential environmental criticalities and defining 

appropriate action plans for biodiversity. To ensure the 

achievement of No Net Loss (NNL), the Group has also 

defined a roadmap with milestones.

• Achievement of NNL for new 

infrastructure by 2030

• Achievement of No Net 

Deforestation for new 

infrastructure by 2030 

• No Go in UNESCO World Heritage 

Natural Site Areas

(1) Type:  Risk  Opportunities  Positive impact  Negative impact

(2) Actual/potential: 

Actual  Potential

  


General information

255

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

ESRS Material 

subtopic

Material 

sub-subtopic

Material IRO Type

(1)

Actual/

potential

(2)

Time 

horizon

Value chain Impact on the planet 

and people

Risk/opportunity 

arising from 

social and natural 

dependencies 

and/or impacts

IRO management TARGET/ACTION PLAN

E3 – Water and marine resources

Water Water withdrawals Depletion of fresh or marine 

water quantities or quality 

due to unsustainable use of 

water resources in direct or 

indirect activities (e.g. excessive 

withdrawals relative to the 

resource’s regenerative capacity 

or ecosystem and socioeconomic 

needs, particularly in water-stressed 

areas, wastewater discharges with 

excessive thermal or pollutant 

loading).

Short term OWN OPERATIONS

Power generation

Unsustainable use of water 

resources can compromise the 

quantity and quality of fresh 

and marine waters, causing 

negative impacts on the balance 

of ecosystems, jeopardizing 

socioeconomic and environmental 

sustainability.

_ Operations include the implementation of action 

plans aimed at:

• reducing the Group’s total and specific water 

withdrawals and consumption, and particularly fresh 

water consumption, through the implementation of 

the energy transition plan and phase out of coal-

fired thermal power plants, which are characterized 

by a significant water footprint; 

• maximize water withdrawals from non-draining 

sources and wastewater recoveries, both domestic 

and third-party supplied, in order to reduce fresh 

water withdrawals and consumption, with a special 

focus on facilities located in water-stressed areas;

• ensure the environmentally and socially sustainable 

management of the water resource at all of the 

Group’s reservoirs through water management 

plans shared with the basin authorities and local 

communities, aimed at protecting the good 

ecological and chemical status of water and the 

protection of local habitats by ensuring minimum 

viable flows.

Reduction of specific fresh water 

withdrawal – %

E4 – Biodiversity and ecosystems

Direct impact 

drivers on 

biodiversity 

loss

Changes in land, 

fresh water and 

sea use

Damage to the environment and 

local communities caused by 

inadequate prevention, mitigation, 

restoration or compensation for 

impacts on environmental matrices, 

biodiversity and ecosystems 

produced by activities under the 

operational control of the Group (for 

example, transformation of habitats 

and impact on protected species 

and/or protected areas as a result of 

construction activities or operation 

of assets).

Medium 

term

OWN OPERATIONS

Power generation 

Power distribution

Inadequate management of 

environmental impacts can 

seriously damage the planet, 

compromising biodiversity, 

altering ecosystems and putting 

natural habitats and protected 

species at risk, to say nothing 

of communities that depend 

on natural resources for their 

livelihood.

_ To reduce the impact on biodiversity, Enel applies the 

Mitigation Hierarchy in all phases of the design and 

management of its plants. Starting from the choice 

of the site of interest, the type of habitat is evaluated, 

prioritizing those that do not present potential 

environmental criticalities and defining appropriate 

action plans for biodiversity, and, where necessary, 

also including compensatory measures. To ensure the 

achievement of No Net Loss (NNL), the Group has also 

defined a roadmap with progress steps to measure its 

implementation, as well as Group application criteria.

• Achievement of NNL for new 

infrastructure by 2030

• Achievement of No Net 

Deforestation for new 

infrastructure by 2030 

• No Go in UNESCO World Heritage 

Natural Site Areas

Impacts on 

the state of 

species

Population size of 

species

Reputational damage, fines 

and increased construction, 

management and restoration 

costs due to loss of biodiversity 

and degradation of ecosystem 

services, reduced acceptability 

by local communities following 

the construction or operation 

of generation and network 

facilities (causing occupation and 

transformation of the territory, 

fragmentation and degradation of 

natural habitats, impact on local 

communities, protected areas or 

species).

Medium 

term

OWN OPERATIONS

Power generation 

Power distribution

_ Risk deriving from 

dependencies on 

natural resources

To reduce the impact on biodiversity, Enel applies 

the Mitigation Hierarchy in all phases of the design 

and management of its plants. Starting from the 

choice of the site of interest, the type of habitat 

is evaluated, prioritizing those that do not present 

potential environmental criticalities and defining 

appropriate action plans for biodiversity. To ensure the 

achievement of No Net Loss (NNL), the Group has also 

defined a roadmap with milestones.

• Achievement of NNL for new 

infrastructure by 2030

• Achievement of No Net 

Deforestation for new 

infrastructure by 2030 

• No Go in UNESCO World Heritage 

Natural Site Areas

  


General information

256

INTEGRATED ANNUAL REPORT 2024

ESRS Material 

subtopic

Material 

sub-subtopic

Material IRO Type

(1)

Actual/

potential

(2)

Time 

horizon

Value chain Impact on the planet 

and people

Risk/opportunity 

arising from 

social and natural 

dependencies 

and/or impacts

IRO management TARGET/ACTION PLAN

E5 – Resource use and circular economy

Waste Non-hazardous 

waste from 

Operations and 

Maintenance 

(O&M)

Reputational and economic 

advantage linked to the reduction 

of the production and disposal of 

non-hazardous waste from direct 

and indirect operating assets 

by means of the optimization 

of transformation and recovery 

processes and the promotion of 

sustainable supply chains for final 

disposal.

Short term OWN OPERATIONS

Power generation

Power distribution

Marketing of 

energy and 

services

_ Opportunities 

arising from 

the positive 

impact related 

to the Group’s 

commitment to 

reducing waste 

production

Operations include the implementation of action 

plans aimed at:

• reducing the amount of waste produced by 

Operation and Maintenance activities through the 

implementation of the energy transition plan and, 

in particular, the phase out of coal-fired plants 

from which ash, gypsum and sludge and flue gas 

treatment originate; 

• avoiding waste production through optimization 

of processes to enhance the value of end-of-life 

equipment from decommissioning/refurbishment 

assets;

• minimizing the amount of waste going to landfills by 

promoting its recovery, in line with the principles of 

the environmental and waste management policy 

and the ISO 14001 environmental management 

system improvement objectives;

• adopting the principle of extended producer 

responsibility to the value chain stages, upstream 

and downstream, related to waste produced by 

contractors operating at Enel’s assets and the post-

consumer stages of electrical equipment installed at 

our customers’ premises.

Reduction in the total amount of 

waste – %

S1 – Own workforce

Worker health 

and safety

Managing and 

monitoring 

worker’s safety

Decrease in the number of work-

related injuries suffered by workers 

(including internal Enel workers and 

contractors), thanks to appropriate 

tools for managing and monitoring 

health and safety issues.

Medium 

term

UPSTREAM

Procurement of 

supplies, works and 

services

OWN OPERATIONS

Power generation

Power distribution

Marketing of 

energy and 

services

Reducing workplace injuries, 

achieved through effective health 

and safety management and 

monitoring instruments, improves 

worker well-being and promotes a 

more protected and reliable work 

environment.

_

Enel has processes/tools for the supervision/control,

recording and monitoring of all accidents and events, as

well as the related KPIs. Using these tools it is possible

to carry out checks on the various trends connected to

safety phenomena (accidents, non-compliance, etc.) and

the most significant safety KPIs, both at the business line

and country level, with the aim of accurately directing

corrective actions aimed at reducing the risk of accidents.

Average frequency rate of injuries 

weighted for their severity

Promoting a 

safety culture 

among workers

Increase in the number of injuries to 

workers (including Enel employees 

and contractors) within the Group, 

due to inadequate safety culture 

and procedures.

Short term UPSTREAM

Procurement of 

supplies, works and 

services

OWN OPERATIONS

Power generation

Power distribution

Marketing of 

energy and 

services

An increase in workplace 

accidents caused by insufficient 

safety practices and procedures 

compromises the good health 

and well-being of workers, and 

worsens the corporate climate 

within the organization.

_ Enel defines safety training plans with a “data driven”

approach with the aim of increasing the culture of 

safety and therefore compliance with procedures. 

Enel promotes initiatives to engage both internal 

personnel and those of contractor companies, with 

the aim of increasing the culture and awareness of 

safety issues, with a view to continuous improvement 

as envisaged in the various management systems.

• % of own workforce covered by 

certified management system

• Initiatives to engage contractor 

companies in Health and Safety 

issues

People 

development

Skills and 

performance

Enhancement of the talent of Enel 

people with the aim of recognizing 

individual skills and supporting 

performance appraisal.

Short term OWN OPERATIONS

Power generation

Power distribution

Marketing of 

energy and 

services

Enhancing employee skills, 

recognizing personal qualities 

and supporting performance 

measurement, promotes 

professional development 

and fosters a stimulating work 

environment.

_ Performance Management is a global process of 

evaluating performance and a key tool to support 

the rewarding mechanisms that promote the 

enhancement of talents, through the evaluation of 

the objectives achieved and adherence to company 

values and conduct.

The process is monitored through the company 

platform for data collection and analysis.

At the end of each year, feedback is collected with a 

view to improving the process.

• Performance Management - 

People involved – %

• Performance Management - 

People assessed – %

(1) Type:  Risk  Opportunities  Positive impact  Negative impact

(2) Actual/potential: 

Actual  Potential

  


General information

257

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

ESRS Material 

subtopic

Material 

sub-subtopic

Material IRO Type

(1)

Actual/

potential

(2)

Time 

horizon

Value chain Impact on the planet 

and people

Risk/opportunity 

arising from 

social and natural 

dependencies 

and/or impacts

IRO management TARGET/ACTION PLAN

E5 – Resource use and circular economy

Waste Non-hazardous 

waste from 

Operations and 

Maintenance 

(O&M)

Reputational and economic 

advantage linked to the reduction 

of the production and disposal of 

non-hazardous waste from direct 

and indirect operating assets 

by means of the optimization 

of transformation and recovery 

processes and the promotion of 

sustainable supply chains for final 

disposal.

Short term OWN OPERATIONS

Power generation

Power distribution

Marketing of 

energy and 

services

_ Opportunities 

arising from 

the positive 

impact related 

to the Group’s 

commitment to 

reducing waste 

production

Operations include the implementation of action 

plans aimed at:

• reducing the amount of waste produced by 

Operation and Maintenance activities through the 

implementation of the energy transition plan and, 

in particular, the phase out of coal-fired plants 

from which ash, gypsum and sludge and flue gas 

treatment originate; 

• avoiding waste production through optimization 

of processes to enhance the value of end-of-life 

equipment from decommissioning/refurbishment 

assets;

• minimizing the amount of waste going to landfills by 

promoting its recovery, in line with the principles of 

the environmental and waste management policy 

and the ISO 14001 environmental management 

system improvement objectives;

• adopting the principle of extended producer 

responsibility to the value chain stages, upstream 

and downstream, related to waste produced by 

contractors operating at Enel’s assets and the post-

consumer stages of electrical equipment installed at 

our customers’ premises.

Reduction in the total amount of 

waste – %

S1 – Own workforce

Worker health 

and safety

Managing and 

monitoring 

worker’s safety

Decrease in the number of work-

related injuries suffered by workers 

(including internal Enel workers and 

contractors), thanks to appropriate 

tools for managing and monitoring 

health and safety issues.

Medium 

term

UPSTREAM

Procurement of 

supplies, works and 

services

OWN OPERATIONS

Power generation

Power distribution

Marketing of 

energy and 

services

Reducing workplace injuries, 

achieved through effective health 

and safety management and 

monitoring instruments, improves 

worker well-being and promotes a 

more protected and reliable work 

environment.

_

Enel has processes/tools for the supervision/control, 

recording and monitoring of all accidents and events, as 

well as the related KPIs. Using these tools it is possible 

to carry out checks on the various trends connected to 

safety phenomena (accidents, non-compliance, etc.) and 

the most significant safety KPIs, both at the business line 

and country level, with the aim of accurately directing 

corrective actions aimed at reducing the risk of accidents.

Average frequency rate of injuries 

weighted for their severity

Promoting a 

safety culture 

among workers

Increase in the number of injuries to 

workers (including Enel employees 

and contractors) within the Group, 

due to inadequate safety culture 

and procedures.

Short term UPSTREAM

Procurement of 

supplies, works and 

services

OWN OPERATIONS

Power generation

Power distribution

Marketing of 

energy and 

services

An increase in workplace 

accidents caused by insufficient 

safety practices and procedures 

compromises the good health 

and well-being of workers, and 

worsens the corporate climate 

within the organization.

_ Enel defines safety training plans with a “data driven”

approach with the aim of increasing the culture of 

safety and therefore compliance with procedures. 

Enel promotes initiatives to engage both internal 

personnel and those of contractor companies, with 

the aim of increasing the culture and awareness of 

safety issues, with a view to continuous improvement 

as envisaged in the various management systems.

• % of own workforce covered by 

certified management system

• Initiatives to engage contractor 

companies in Health and Safety 

issues

People 

development

Skills and 

performance

Enhancement of the talent of Enel 

people with the aim of recognizing 

individual skills and supporting 

performance appraisal.

Short term OWN OPERATIONS

Power generation

Power distribution

Marketing of 

energy and 

services

Enhancing employee skills, 

recognizing personal qualities 

and supporting performance 

measurement, promotes 

professional development 

and fosters a stimulating work 

environment.

_ Performance Management is a global process of 

evaluating performance and a key tool to support 

the rewarding mechanisms that promote the 

enhancement of talents, through the evaluation of 

the objectives achieved and adherence to company 

values and conduct.

The process is monitored through the company 

platform for data collection and analysis.

At the end of each year, feedback is collected with a 

view to improving the process.

• Performance Management - 

People involved – %

• Performance Management - 

People assessed – %

  


General information

258

INTEGRATED ANNUAL REPORT 2024

ESRS Material 

subtopic

Material 

sub-subtopic

Material IRO Type

(1)

Actual/

potential

(2)

Time 

horizon

Value chain Impact on the planet 

and people

Risk/opportunity 

arising from 

social and natural 

dependencies 

and/or impacts

IRO management TARGET/ACTION PLAN

S1 – Own workforce

Equal 

treatment and 

opportunities 

for all

Disability and 

gender diversity

Enhancement of diversity (for 

example, inclusion of people with 

disabilities, gender diversity) thanks 

to the inclusive policies adopted by 

the Group.

Short term OWN OPERATIONS

Power generation

Power distribution

Marketing of 

energy and 

services 

DOWNSTREAM

Retail customer 

relations (B2B, B2C, 

B2G) 

Relations with 

distribution end 

users

Enhancing diversity and inclusion 

fosters the potential of each 

employee within a stimulating 

work environment.

_ Enel’s commitment to reducing the gender gap

involves initiatives and measures that influence

all the phases of women’s progress within the

organization, including representation on entering the

Company, empowerment, development in positions

of responsibility, and care for the various important

moments in life.

Targets for women managers and middle managers

in management succession plans meet the goal of

ensuring equal opportunity and greater representation

of women in the organization, as outlined in the DEIB

Policy for the Gender and Pay Equity dimension.

Inclusion of people with disabilities has been

nurtured over time by implementing action plans

at global and local levels and an ongoing process

of listening to colleagues. The DEIB Policy issued in

2024 consolidated the commitment to ensure full

participation and contribution by everyone, dedicating

a specific component for people with different abilities,

neurodivergent or vulnerable, providing for accessible

processes and environments, tools and assistive

technologies, constant listening and support at local

level.

• Women managers (including Top 

Managers) and middle managers 

– %

• Women managers (including Top 

Managers) – %

• Women middle managers – %

• Women in Top Manager 

succession plans – %

• Women in management 

succession plans – %

S2 – Workers in the value chain

Supplier 

working 

conditions

- Procurement of goods and services 

deriving from activities linked to 

potential violations of human rights 

(for example, unpaid work or work 

not in line with the conditions 

defined by a contract).

Medium 

term

UPSTREAM

Procurement of 

supplies, works and 

services

Procurement 

of energy 

commodities

Possible compromise of 

fundamental human rights with 

significant social and ethical 

implications.

_ Enel asks suppliers not only to operate in compliance 

with applicable laws and permits, but also to commit 

to adopting best practices in terms of governance, 

ethics, human rights, health, safety and the 

environment, in line with the Group’s strategy, main 

codes of conduct (Human Rights Policy, Code of 

Ethics, Zero Tolerance of Corruption Plan).

In addition, as part of the Group’s human rights due 

diligence process, a perceived risk assessment is 

conducted through which so-called salient human 

rights issues are identified.

Standard review of Group 

contractual clauses in order to 

increase supply chain visibility (Tier 

N number) to reduce the risk of 

potential violations of human rights

S3 – Affected 

communities

Access to 

electricity

Breaking down the 

economic barriers 

to access 

to electricity

Implementation of sustainability 

projects to foster energy poverty 

reduction toward vulnerable groups.

Short term DOWNSTREAM

Relations with retail 

customers (B2B, 

B2C, B2G)

Relations with 

network end users

Improved access to energy for 

the most vulnerable, resulting in 

improved quality of life.

_ In the process of electrification, Enel actively 

contributes to improving energy access by working 

with local governments and institutions to combat 

energy poverty and support customers in vulnerable 

conditions in communities in the countries where it 

operates, along the entire value chain.

Community projects – millions of 

beneficiaries

(1) Type:  Risk  Opportunities  Positive impact  Negative impact

(2) Actual/potential: 

Actual  Potential

  


General information

259

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

ESRS Material 

subtopic

Material 

sub-subtopic

Material IRO Type

(1)

Actual/

potential

(2)

Time 

horizon

Value chain Impact on the planet 

and people

Risk/opportunity 

arising from 

social and natural 

dependencies 

and/or impacts

IRO management TARGET/ACTION PLAN

S1 – Own workforce

Equal 

treatment and 

opportunities 

for all

Disability and 

gender diversity

Enhancement of diversity (for 

example, inclusion of people with 

disabilities, gender diversity) thanks 

to the inclusive policies adopted by 

the Group.

Short term OWN OPERATIONS

Power generation

Power distribution

Marketing of 

energy and 

services 

DOWNSTREAM

Retail customer 

relations (B2B, B2C, 

B2G) 

Relations with 

distribution end 

users

Enhancing diversity and inclusion 

fosters the potential of each 

employee within a stimulating 

work environment.

_ Enel’s commitment to reducing the gender gap 

involves initiatives and measures that influence 

all the phases of women’s progress within the 

organization, including representation on entering the 

Company, empowerment, development in positions 

of responsibility, and care for the various important 

moments in life.

Targets for women managers and middle managers 

in management succession plans meet the goal of 

ensuring equal opportunity and greater representation 

of women in the organization, as outlined in the DEIB 

Policy for the Gender and Pay Equity dimension. 

Inclusion of people with disabilities has been 

nurtured over time by implementing action plans

at global and local levels and an ongoing process 

of listening to colleagues. The DEIB Policy issued in 

2024 consolidated the commitment to ensure full 

participation and contribution by everyone, dedicating 

a specific component for people with different abilities, 

neurodivergent or vulnerable, providing for accessible 

processes and environments, tools and assistive 

technologies, constant listening and support at local 

level.

• Women managers (including Top 

Managers) and middle managers 

– %

• Women managers (including Top 

Managers) – %

• Women middle managers – %

• Women in Top Manager 

succession plans – %

• Women in management 

succession plans – %

S2 – Workers in the value chain

Supplier 

working 

conditions

- Procurement of goods and services 

deriving from activities linked to 

potential violations of human rights 

(for example, unpaid work or work 

not in line with the conditions 

defined by a contract).

Medium 

term

UPSTREAM

Procurement of 

supplies, works and 

services

Procurement 

of energy 

commodities

Possible compromise of 

fundamental human rights with 

significant social and ethical 

implications.

_ Enel asks suppliers not only to operate in compliance 

with applicable laws and permits, but also to commit 

to adopting best practices in terms of governance, 

ethics, human rights, health, safety and the 

environment, in line with the Group’s strategy, main 

codes of conduct (Human Rights Policy, Code of 

Ethics, Zero Tolerance of Corruption Plan).

In addition, as part of the Group’s human rights due 

diligence process, a perceived risk assessment is 

conducted through which so-called salient human 

rights issues are identified.

Standard review of Group 

contractual clauses in order to 

increase supply chain visibility (Tier 

N number) to reduce the risk of 

potential violations of human rights

S3 – Affected 

communities

Access to 

electricity

Breaking down the 

economic barriers 

to access 

to electricity

Implementation of sustainability 

projects to foster energy poverty 

reduction toward vulnerable groups.

Short term DOWNSTREAM

Relations with retail 

customers (B2B, 

B2C, B2G)

Relations with 

network end users

Improved access to energy for 

the most vulnerable, resulting in 

improved quality of life.

_ In the process of electrification, Enel actively 

contributes to improving energy access by working 

with local governments and institutions to combat 

energy poverty and support customers in vulnerable 

conditions in communities in the countries where it 

operates, along the entire value chain.

Community projects – millions of 

beneficiaries

  


General information

260

INTEGRATED ANNUAL REPORT 2024

ESRS Material 

subtopic

Material 

sub-subtopic

Material IRO Type

(1)

Actual/

potential

(2)

Time 

horizon

Value chain Impact on the planet 

and people

Risk/opportunity 

arising from 

social and natural 

dependencies 

and/or impacts

IRO management TARGET/ACTION PLAN

S3 – Affected communities

Supporting 

the social and 

economic 

development 

of 

communities

- Decreased social and economic 

development of local communities 

due to the closure of conventional 

generating facilities.

Short term OWN OPERATIONS

Power generation

Plant closures can cause a 

reduction in the social and 

economic development of local 

communities with damage to the 

social fabric and potential impacts 

on households.

_ In the path of energy transition, the Group is 

committed to maintaining the energy potential 

of shutdown thermoelectric plants through the 

development of new renewable plants and energy 

storage systems that are instrumental in the 

decarbonization process. Within this framework, 

those directly involved in Enel’s activities, such as, for 

example, suppliers and contractors, communities (e.g. 

youth and unemployed) in the areas of influence, and 

the local business community were identified as the 

main stakeholders affected by the coal-fired power 

plant phase-out process. The dialogue with local 

areas has therefore been intensified through regular 

national, regional and local round table discussions, 

with the aim of identifying shared and systemic 

approaches to support local industrial development 

and guarantee employment levels.

In line with corporate and territorial 

policies and in collaboration 

with local stakeholders, the Enel 

Group will focus on a series of 

initiatives in continuity with the 

actions already undertaken, aimed 

at strengthening support for the 

socio-economic development 

of the affected territories and 

minimizing negative impacts: 

• Training programs to improve 

employability, site repurposing 

programs through the 

development of integrated and 

innovative energy centers, and 

also through the promotion 

of projects developed by third 

parties.

• Initiatives to enhance the local 

heritage, improve the tourist offer 

and promote the development 

of professional skills in the 

community.

S4 – Consumers and end users

Quality of 

customer 

relations

Effective and fair 

relationship with 

customers

Lower economic losses due to good 

customer loyalty and satisfaction.

Medium 

term

DOWNSTREAM

Retail customer 

relations (B2B, B2C, 

B2G)

_ Opportunities 

arising from the 

positive impact in 

which the Group 

responds to 

customer needs 

with dedicated, 

convenient and 

sustainable 

solutions.

With the goal of building loyalty and satisfying its 

retail customers, Enel is committed to the creation 

of increasingly broad and personalized products and 

services, strengthening direct customer relations, 

including through greater territorial spread of Enel 

points, and the continuous revision of written and 

verbal communications with customers with a view to 

simplification.

Commercial complaints – no./10k 

customers

Social 

inclusion of 

consumers 

and/or end 

users

Optimizing 

products and 

services for the 

most vulnerable 

customers

Lack of solutions for vulnerable 

customers (e.g. promotion of 

accessible products and services, 

promotion of “slow shopping”

and inclusive offers, technical and 

commercial assistance, etc.).

Medium 

term

DOWNSTREAM

Relations with retail 

customers (B2B, 

B2C, B2G)

Relations with 

network end users

The scarcity of dedicated 

solutions for the vulnerable could 

contribute to increasing social 

inequality.

_ Enel works to promote accessibility to physical, 

digital and telephone channels, to promote the 

dissemination of information aimed at vulnerable 

customers, and to develop new products and services 

that meet the needs of these customers.

New inclusive products and 

services – no.

G1 – Business conduct

Managing 

relationships 

with suppliers

Managing the 

procurement 

of supplies 

containing critical 

materials

The limited global resources of 

equipment containing materials that 

are critical in the energy industry 

(lithium, cobalt, nickel, platinum, 

germanium and selenium) and fuels, 

concentrated in countries with 

limited regulatory and governance 

structures or subject to geopolitical 

tensions, can lead to supply 

chain disruptions and increases 

or volatility in the prices of these 

materials.

Medium 

term

UPSTREAM

Procurement of 

supplies, works and 

services

Procurement 

of energy 

commodities

_ Risk deriving from 

dependencies on 

natural resources.

Enel is committed to monitoring the risk associated 

with exposure to specific countries in its materials 

supply chain to prevent potential price spikes, delivery 

delays, or disruption in the availability of goods due 

to geopolitical instability, both during the contracting 

process and in the course of managing active 

contracts.

Introduction of specific contractual 

clauses and tracking and 

monitoring tools to ensure supply 

chain mapping in order to monitor 

its geo-political risk and reduce 

potentially negative impacts arising 

from supply chain disruptions 

and to increases or volatility in the 

prices of these materials.

Active and 

passive bribery

Systems to 

safeguard against 

corruption

Contribution to the raising of 

awareness and the spreading of the 

principles of integrity and ethics in 

business conduct.

Short term The entire value 

chain

Greater dissemination of ethical 

principles fosters a respectful 

work environment.

_ Online training on ethical issues extended to 

all employees of the Group’s Italian and foreign 

companies. Courses are mandatory in nature and are 

updated periodically according to special events. In 

order to track the effectiveness of training programs 

in this area, Enel monitors the levels of dissemination 

and frequency of the related courses on a six-monthly 

basis with periodic reports to the control bodies.

Training on ethical issues (e.g. 

Organiza-tion, Management and 

Control Model 231, Anti-corruption 

Management System, Enel Global 

Compliance Program).

(1) Type:  Risk  Opportunities  Positive impact  Negative impact

(2) Actual/potential: 

Actual  Potential

  


General information

261

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

ESRS Material 

subtopic

Material 

sub-subtopic

Material IRO Type

(1)

Actual/

potential

(2)

Time 

horizon

Value chain Impact on the planet 

and people

Risk/opportunity 

arising from 

social and natural 

dependencies 

and/or impacts

IRO management TARGET/ACTION PLAN

S3 – Affected communities

Supporting 

the social and 

economic 

development 

of 

communities

- Decreased social and economic 

development of local communities 

due to the closure of conventional 

generating facilities.

Short term OWN OPERATIONS

Power generation

Plant closures can cause a 

reduction in the social and 

economic development of local 

communities with damage to the 

social fabric and potential impacts 

on households.

_ In the path of energy transition, the Group is 

committed to maintaining the energy potential 

of shutdown thermoelectric plants through the 

development of new renewable plants and energy 

storage systems that are instrumental in the 

decarbonization process. Within this framework, 

those directly involved in Enel’s activities, such as, for 

example, suppliers and contractors, communities (e.g. 

youth and unemployed) in the areas of influence, and 

the local business community were identified as the 

main stakeholders affected by the coal-fired power 

plant phase-out process. The dialogue with local 

areas has therefore been intensified through regular 

national, regional and local round table discussions, 

with the aim of identifying shared and systemic 

approaches to support local industrial development 

and guarantee employment levels.

In line with corporate and territorial 

policies and in collaboration 

with local stakeholders, the Enel 

Group will focus on a series of 

initiatives in continuity with the 

actions already undertaken, aimed 

at strengthening support for the 

socio-economic development 

of the affected territories and 

minimizing negative impacts: 

• Training programs to improve 

employability, site repurposing 

programs through the 

development of integrated and 

innovative energy centers, and 

also through the promotion 

of projects developed by third 

parties.

• Initiatives to enhance the local 

heritage, improve the tourist offer 

and promote the development 

of professional skills in the 

community.

S4 – Consumers and end users

Quality of 

customer 

relations

Effective and fair 

relationship with 

customers

Lower economic losses due to good 

customer loyalty and satisfaction.

Medium 

term

DOWNSTREAM

Retail customer 

relations (B2B, B2C, 

B2G)

_ Opportunities 

arising from the 

positive impact in 

which the Group 

responds to 

customer needs 

with dedicated, 

convenient and 

sustainable 

solutions.

With the goal of building loyalty and satisfying its 

retail customers, Enel is committed to the creation 

of increasingly broad and personalized products and 

services, strengthening direct customer relations, 

including through greater territorial spread of Enel 

points, and the continuous revision of written and 

verbal communications with customers with a view to 

simplification.

Commercial complaints – no./10k 

customers

Social 

inclusion of 

consumers 

and/or end 

users

Optimizing 

products and 

services for the 

most vulnerable 

customers

Lack of solutions for vulnerable 

customers (e.g. promotion of 

accessible products and services, 

promotion of “slow shopping”

and inclusive offers, technical and 

commercial assistance, etc.).

Medium 

term

DOWNSTREAM

Relations with retail 

customers (B2B, 

B2C, B2G)

Relations with 

network end users

The scarcity of dedicated 

solutions for the vulnerable could 

contribute to increasing social 

inequality.

_ Enel works to promote accessibility to physical, 

digital and telephone channels, to promote the 

dissemination of information aimed at vulnerable 

customers, and to develop new products and services 

that meet the needs of these customers.

New inclusive products and 

services – no.

G1 – Business conduct

Managing 

relationships 

with suppliers

Managing the 

procurement 

of supplies 

containing critical 

materials

The limited global resources of 

equipment containing materials that 

are critical in the energy industry 

(lithium, cobalt, nickel, platinum, 

germanium and selenium) and fuels, 

concentrated in countries with 

limited regulatory and governance 

structures or subject to geopolitical 

tensions, can lead to supply 

chain disruptions and increases 

or volatility in the prices of these 

materials.

Medium 

term

UPSTREAM

Procurement of 

supplies, works and 

services

Procurement 

of energy 

commodities

_ Risk deriving from 

dependencies on 

natural resources.

Enel is committed to monitoring the risk associated 

with exposure to specific countries in its materials 

supply chain to prevent potential price spikes, delivery 

delays, or disruption in the availability of goods due 

to geopolitical instability, both during the contracting 

process and in the course of managing active 

contracts.

Introduction of specific contractual 

clauses and tracking and 

monitoring tools to ensure supply 

chain mapping in order to monitor 

its geo-political risk and reduce 

potentially negative impacts arising 

from supply chain disruptions 

and to increases or volatility in the 

prices of these materials.

Active and 

passive bribery

Systems to 

safeguard against 

corruption

Contribution to the raising of 

awareness and the spreading of the 

principles of integrity and ethics in 

business conduct.

Short term The entire value 

chain

Greater dissemination of ethical 

principles fosters a respectful 

work environment.

_ Online training on ethical issues extended to 

all employees of the Group’s Italian and foreign 

companies. Courses are mandatory in nature and are 

updated periodically according to special events. In 

order to track the effectiveness of training programs 

in this area, Enel monitors the levels of dissemination 

and frequency of the related courses on a six-monthly 

basis with periodic reports to the control bodies.

Training on ethical issues (e.g. 

Organiza-tion, Management and 

Control Model 231, Anti-corruption 

Management System, Enel Global 

Compliance Program).

  


General information

262

INTEGRATED ANNUAL REPORT 2024

ESRS Material 

subtopic

Material 

sub-subtopic

Material IRO Type

(1)

Actual/

potential

(2)

Time 

horizon

Value chain Impact on the planet 

and people

Risk/opportunity 

arising from 

social and natural 

dependencies 

and/or impacts

IRO management TARGET/ACTION PLAN

G1 – Business conduct

Governance 

and advocacy 

for the 

environment

- Improvement of environmental 

and climate performance in all 

the Group’s sites through the 

adoption of robust environmental 

governance, guaranteed by a 

widespread network of HSEQ 

professionals and certified 

environmental management 

systems, aimed at promptly 

adopting regulatory developments, 

participating in their preparation, 

meeting the expectations of 

stakeholders and promoting an 

environmental consciousness 

among employees, suppliers and 

customers.

Short term NA The prevention and minimization 

of environmental risks, through 

the Group’s environmental 

governance, represents an 

advantage for the surrounding 

ecosystem.

_ Enel has adopted an organizational and governance 

model that ensures that sustainability issues, including 

aspects related to nature, are given adequate 

consideration in all relevant company decision-making 

processes, through the definition of specific tasks and 

responsibilities for the main corporate bodies.

The Group ensures constant 

oversight and monitoring of 

environmentally relevant activities 

through a granular and harmonized 

organization at the level of central 

structures, for the coordination and 

direction of activities, and at the 

country level, for the management 

of specific and operational aspects 

at the Group’s various sites. 

The application of ISO 14001 

certified Environmental 

Management Systems (EMS) is one 

of the main tools for implementing 

the Group’s Environmental Policy.

Additional information - 

Entity specific

Operational 

management 

of grids

Grid maintenance Potential decrease in the reliability 

of the distribution network (QoS - 

Quality of Service) due to potential 

delays in investments and extreme 

weather events.

Short term OWN OPERATIONS

Power distribution

DOWNSTREAM

Network end user 

relations

Inconvenience to customers 

caused by interruptions in the 

service provided.

_ In all Group distribution companies, Enel has 

implemented appropriate procedures and strategies 

to increase the resilience of the distribution 

infrastructure in terms of:

• preventing the effect and impact of adverse weather 

services on electrical grids and plants;

• increasing the resilience of electric service through 

the availability of technical resources from an 

international task force:

• maintenance of grid component reliability over 

time through a policy of maintaining networks and 

telecontrol systems.

System Average Interruption 

Duration Index (SAIDI) (min)

Additional information - Entity specific

Tax 

transparency

- Adopting a tax strategy (set of 

principles and guidelines based on 

values of transparency and legality) 

by Group companies to ensure fair, 

responsible and transparent tax 

contributions.

Medium 

term

NA Adoption of a fair and transparent 

tax strategy promotes a more 

socially just distribution of 

economic resources, improving 

the confidence of local 

communities and stakeholders.

_ The tax strategy was approved by the Enel SpA 

Board of Directors in 2017 and its implementation 

is mandatory for all Group companies. Its 

implementation is further ensured by a dedicated 

organizational policy. The tax strategy, its principles 

and the results of their application are published in 

a dedicated section of Enel’s website, as well as in 

several corporate reports (e.g. the Tax Transparency 

Report).

Cooperative Compliance Index – %

Other 

compliance 

programs

Compliance 

with laws and 

regulations

Reputational benefits deriving from 

the market’s positive evaluation of 

the transparency that the Company 

ensures in the dissemination 

of information on corporate 

governance, in compliance with 

current legislation and with national 

and international best practices.

Medium 

term

NA _ Opportunities 

deriving from the 

positive impact in 

which the Group 

is committed to 

guaranteeing in a 

transparent way 

the best practices 

of corporate 

governance.

Enel’s corporate governance system complies with 

the principles contained in the Italian Corporate 

Governance Code and is inspired by international 

best practices, in light also of the recommendations 

of leading proxy advisors and leading institutional 

investors.

Recommendations and best 

practices: constant alignment 

with national recommendations 

and best practices in corporate 

governance.

(1) Type:  Risk  Opportunities  Positive impact  Negative impact

(2) Actual/potential: 

Actual  Potential

  


General information

263

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

ESRS Material 

subtopic

Material 

sub-subtopic

Material IRO Type

(1)

Actual/

potential

(2)

Time 

horizon

Value chain Impact on the planet 

and people

Risk/opportunity 

arising from 

social and natural 

dependencies 

and/or impacts

IRO management TARGET/ACTION PLAN

G1 – Business conduct

Governance 

and advocacy 

for the 

environment

- Improvement of environmental 

and climate performance in all 

the Group’s sites through the 

adoption of robust environmental 

governance, guaranteed by a 

widespread network of HSEQ 

professionals and certified 

environmental management 

systems, aimed at promptly 

adopting regulatory developments, 

participating in their preparation, 

meeting the expectations of 

stakeholders and promoting an 

environmental consciousness 

among employees, suppliers and 

customers.

Short term NA The prevention and minimization 

of environmental risks, through 

the Group’s environmental 

governance, represents an 

advantage for the surrounding 

ecosystem.

_ Enel has adopted an organizational and governance 

model that ensures that sustainability issues, including 

aspects related to nature, are given adequate 

consideration in all relevant company decision-making 

processes, through the definition of specific tasks and 

responsibilities for the main corporate bodies.

The Group ensures constant 

oversight and monitoring of 

environmentally relevant activities 

through a granular and harmonized 

organization at the level of central 

structures, for the coordination and 

direction of activities, and at the 

country level, for the management 

of specific and operational aspects 

at the Group’s various sites. 

The application of ISO 14001 

certified Environmental 

Management Systems (EMS) is one 

of the main tools for implementing 

the Group’s Environmental Policy.

Additional information - 

Entity specific

Operational 

management 

of grids

Grid maintenance Potential decrease in the reliability 

of the distribution network (QoS - 

Quality of Service) due to potential 

delays in investments and extreme 

weather events.

Short term OWN OPERATIONS

Power distribution

DOWNSTREAM

Network end user 

relations

Inconvenience to customers 

caused by interruptions in the 

service provided.

_ In all Group distribution companies, Enel has 

implemented appropriate procedures and strategies 

to increase the resilience of the distribution 

infrastructure in terms of:

• preventing the effect and impact of adverse weather 

services on electrical grids and plants;

• increasing the resilience of electric service through 

the availability of technical resources from an 

international task force:

• maintenance of grid component reliability over 

time through a policy of maintaining networks and 

telecontrol systems.

System Average Interruption 

Duration Index (SAIDI) (min)

Additional information - Entity specific

Tax 

transparency

- Adopting a tax strategy (set of 

principles and guidelines based on 

values of transparency and legality) 

by Group companies to ensure fair, 

responsible and transparent tax 

contributions.

Medium 

term

NA Adoption of a fair and transparent 

tax strategy promotes a more 

socially just distribution of 

economic resources, improving 

the confidence of local 

communities and stakeholders.

_ The tax strategy was approved by the Enel SpA 

Board of Directors in 2017 and its implementation 

is mandatory for all Group companies. Its 

implementation is further ensured by a dedicated 

organizational policy. The tax strategy, its principles 

and the results of their application are published in 

a dedicated section of Enel’s website, as well as in 

several corporate reports (e.g. the Tax Transparency 

Report).

Cooperative Compliance Index – %

Other 

compliance 

programs

Compliance 

with laws and 

regulations

Reputational benefits deriving from 

the market’s positive evaluation of 

the transparency that the Company 

ensures in the dissemination 

of information on corporate 

governance, in compliance with 

current legislation and with national 

and international best practices.

Medium 

term

NA _ Opportunities 

deriving from the 

positive impact in 

which the Group 

is committed to 

guaranteeing in a 

transparent way 

the best practices 

of corporate 

governance.

Enel’s corporate governance system complies with 

the principles contained in the Italian Corporate 

Governance Code and is inspired by international 

best practices, in light also of the recommendations 

of leading proxy advisors and leading institutional 

investors.

Recommendations and best 

practices: constant alignment 

with national recommendations 

and best practices in corporate 

governance.

  


General information

264

INTEGRATED ANNUAL REPORT 2024

Disclosure requirements of ESRSs covered by the 

sustainability statement

ESRS 2 IRO-2

Incorporation by Reference

The following table lists the disclosure requirements 

covered by reference to other parts of the Report on 

Operations, outside the Sustainability Statement (the 

“Incorporation by Reference” approach).

Disclosure Requirement - Incorporation by Reference

ESRS 2 – General disclosures Section

GOV-1 The role of the administrative, management 

and supervisory bodies

• Corporate boards

• The Enel corporate governance system and 

power structure

• Climate governance

GOV-2 Information provided to and sustainability 

matters addressed by the undertaking’s 

administrative, management and supervisory 

bodies

• The Enel corporate governance system and 

power structure

GOV-3 Integration of sustainability-related 

performance in incentive schemes

• Incentive system

GOV-5 Risk management and internal controls over 

sustainability reporting

• The Enel corporate governance system

• Internal control and risk management system 

on corporate reporting

SBM-1 Strategy, business model and value chain • Business model 

• The Strategic Plan

SBM-3 Material impacts, risks and opportunities and 

their interaction with strategy and business 

model

• The Strategic Plan

ESRS E1 – Climate change Section

ESRS 2, GOV-3 Integration of sustainability-related 

performance in incentive schemes

• Incentive system

E1-1 Transition plan for climate change mitigation • Zero emissions ambition: the 

decarbonization plan for mitigation of 

climate changes

• Actions for managing the IROs connected 

with climate change

ESRS 2 SBM-3 Material impacts, risks and opportunities and 

their interaction with strategy and business 

model

• Analysis of the scenarios and resiliency of the 

strategy

• Opportunities and risks of the energy 

transition

ESRS 2 IRO-1 Description of the processes to identify 

and assess material impacts, risks and 

opportunities

• Impacts, risks and opportunities related to 

climate change

• Analysis of the scenarios and resiliency of 

the strategy

• Identification and management of risks and 

opportunities

E1-2 Policies related to climate change mitigation 

and adaptation

• Policies related to climate change mitigation 

and adaptation

  


General information

265

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

ESRS E1 – Climate change Section

E1-3 Actions and resources in relation to climate 

change policies

• The Strategic Plan

• Actions for managing the IROs connected to 

climate change

E1-4 Targets related to climate change mitigation 

and adaptation

• Actions for managing the IROs connected to 

climate change

E1-5 Energy consumption and mix • Energy consumption and mix

E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions • Methodology for calculating greenhouse gas 

emissions

• Greenhouse gas emission trends in 2024

ESRS G1 - Business conduct Section

ESRS 2 GOV-1 The role of the administrative, management 

and supervisory bodies

• Corporate boards 

• The Enel corporate governance system and 

power structure

ESRS 2 IRO-1 Description of the processes to identify 

and assess material impacts, risks and 

opportunities

• Impacts, risks and opportunities related to 

climate change

• Analysis of the scenarios and resiliency of 

the strategy

• Identification and management of risks and 

opportunities

G1-1 Business conduct policies and corporate 

culture

• Values and pillars of corporate ethics

G1-3 Prevention and detection of corruption and 

bribery

• The Enel corporate governance system and 

power structure

• Values and pillars of corporate ethics

G1-5 Political influence and lobbying activities • Enel’s advocacy system on climate policies 

and a just energy transition

All ESRS regulatory requirements that were found to 

be material for the Group and thus guided the prepa-

ration of the Sustainability Statement are shown be-

low, again in tabular format, complementing those al-

ready presented in the previous table. 

ESRS 2 – General disclosures Section

BP-1 General basis for preparation of sustainability 

statements

• Basis for preparation of the Sustainability 

Statement

BP-2 Disclosure in relation to specific 

circumstances

• Basis for preparation of the Sustainability 

Statement

GOV-4 Statement on due diligence • Statement on due diligence

SBM-2 Interests and views of stakeholders • Stakeholder engagement

SBM-3 Material impacts, risks and opportunities and 

their interaction with strategy and business 

model

• Double materiality

IRO-1 Description of processes to identify 

and assess material impacts, risks, and 

opportunities

• Double materiality

IRO-2 Disclosure requirements in ESRS covered by 

the undertaking’s sustainability statement

• Disclosure requirements of ESRSs covered 

by the sustainability statement

  


General information

266

INTEGRATED ANNUAL REPORT 2024

ESRS E2 – Pollution Section

ESRS 2 IRO-1 Description of the processes to identify and 

assess material pollution-related impacts, 

risks and opportunities

• Process to identify and assess material IROs 

for the environment

E2-1 Policies related to pollution • Environmental Policy

• Policies related to pollution

E2-2 Actions and resources related to pollution • Pollution - Action plan for the management 

of material IROs

E2-3 Targets related to pollution • Targets related to air pollution

E2-4 Pollution of air, water and soil • Air pollution metrics

E2-6 Anticipated financial effects from pollution-

related impacts, risks and opportunities

• Anticipated financial effects from material 

pollution-related impacts, risks and 

opportunities

ESRS E3 – Water and marine resources Section

ESRS 2 IRO-1 Description of the processes to identify and 

assess material water and marine resources-

related impacts, risks and opportunities

• Process to identify and assess material IROs 

for the environment

E3-1 Policies related to water and marine resources • Environmental Policy

• Policies related to water management

E3-2 Actions and resources related to water and 

marine resources

• Water and marine resources - Action plan for 

the management of material IROs

E3-3 Targets related to water and marine resources • Water and marine resources - Targets

E3-4 Water consumption • Metrics: water withdrawal, water discharge 

and consumption

ESRS E4 – Biodiversity and ecosystems Section

E4-1 Transition plan and consideration of 

biodiversity and ecosystems in strategy and 

business model

• Environmental Policy

• Transition plan and consideration of 

biodiversity and ecosystems in strategy and 

business model

ESRS 2 SBM-3 Material impacts, risks and opportunities and 

their interaction with strategy and business 

model

• Biodiversity and ecosystems - Material 

IROs and their interaction with strategy and 

business model

ESRS 2 IRO-1 Description of processes to identify and 

assess material biodiversity and ecosystem-

related impacts, risks and opportunities

• Process to identify and assess material IROs 

for the environment

• Biodiversity and ecosystems - Material 

IROs and their interaction with strategy and 

business model

E4-2 Policies related to biodiversity and ecosystems • Policies related to biodiversity

E4-3 Actions and resources related to biodiversity 

and ecosystems

• Actions and resources related to biodiversity 

and ecosystems

E4-4 Targets related to biodiversity and ecosystems • Targets related to biodiversity and 

ecosystems

E4-5 Impact metrics related to biodiversity and 

ecosystems change

• Impact metrics related to biodiversity and 

ecosystems change

ESRS E5 – Resource use and circular economy Section

ESRS 2 IRO-1 Description of the processes to identify 

and assess material resource use and 

circular economy-related impacts, risks and 

opportunities

• Environmental Policy

• Process to identify and assess material IROs 

for the environment

E5-1 Policies related to resource use and circular 

economy

• Policies related to resource use and circular 

economy

E5-2 Actions and resources related to resource use 

and circular economy

• Resource use and circular economy - Action 

plan for the management of material IROs

E5-3 Targets related to resource use and circular 

economy

• Resource use and circular economy - Targets

E5-5 Resource outflows • Resource flows

  


General information

267

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

ESRS S1 – Own workforce Section

ESRS 2 SBM-2 Interests and views of stakeholders • Interests and views of stakeholders

ESRS 2 SBM-3 Material impacts, risks and opportunities and 

their interaction with strategy and business 

model

• Own workforce - Strategy and management 

of material IROs

• Health and safety - Strategy and 

management of material IROs

S1-1 Policies related to own workforce • Policies related to own workforce

• Health and safety policies

S1-2 Processes for engaging with own workers and 

workers’ representatives about impacts

• Engaging with workers and channels of 

communication

• Engaging with workers about health 

and safety issues and channels of 

communication

S1-3 Processes to remediate negative impacts and 

channels for own workers to raise concerns

• Engaging with workers and channels of 

communication

• Engaging with workers about health and 

safety issues and channels of communication

• Whistleblowing and stakeholder reporting 

channel

S1-4 Taking action on material impacts on own 

workforce, and approaches to mitigating 

material risks and pursuing material 

opportunities related to own workforce, and 

effectiveness of those actions

• Own workforce - Action plan and targets for 

the management of material IROs

• Health and safety - Action plan for the 

management of material IROs

S1-5 Targets related to managing material negative 

impacts, advancing positive impacts, and 

managing material risks and opportunities

• Own workforce – Targets

• Health and safety – Targets

S1-6 Characteristics of the undertaking’s 

employees

• Characteristics of the employees

S1-9 Diversity metrics • Diversity metrics

S1-12 Persons with disabilities • Metrics on persons with disabilities

S1-13 Training and skills development metrics • Training and skills development metrics

S1-14 Health and safety metrics • Health and safety metrics

S1-17 Incidents, complaints and severe human rights 

impacts

• Whistleblowing and stakeholder reporting 

channel

ESRS S2 – Workers in the value chain Section

ESRS 2 SBM-2 Interests and views of stakeholders • Strategy and management of material IROs

ESRS 2 SBM-3 Material impacts, risks and opportunities and 

their interaction with strategy and business 

model

• Strategy and management of material IROs

S2-1 Policies related to value chain workers • Policies related to value chain workers

• Human Rights Policy

S2-2 Processes for engaging with value chain 

workers about impacts

• Processes for engaging with value chain 

workers about impacts and channels of 

communication

S2-3 Processes to remediate negative impacts 

and channels for value chain workers to raise 

concerns

• Processes for engaging with value chain 

workers about impacts and channels of 

communication

• Whistleblowing and stakeholder reporting 

channel

S2-4 Taking action on material impacts on value 

chain workers, and approaches to managing 

material risks and pursuing material 

opportunities related to value chain workers, 

and effectiveness of those action

• Taking action for managing material IROs

ESRS S3 – Affected communities Section

ESRS 2 SBM-2 Interests and views of stakeholders • Strategy and management of material IROs

ESRS 2 SBM-3 Material impacts, risks and opportunities and 

their interaction with strategy and business 

model

• Strategy and management of material IROs

  


General information

268

INTEGRATED ANNUAL REPORT 2024

S3-1 Policies related to affected communities • Policies related to affected communities

• Managing human rights

S3-2 Processes for engaging with affected 

communities about impacts

• Processes for engaging with affected 

communities and channels for dialogue

S3-3 Processes to remediate negative impacts and 

channels for affected communities to raise 

concerns

• Processes for engaging with affected 

communities and channels for dialogue

• Whistleblowing and stakeholder reporting 

channel

S3-4 Taking action on material impacts on 

affected communities, and approaches to 

managing material risks and pursuing material 

opportunities related to affected communities, 

and effectiveness of those actions

• Affected communities - Taking action on 

material IROs

S3-5 Targets related to managing material negative 

impacts, advancing positive impacts, and 

managing material risks and opportunities

• Affected communities - Metrics and targets

ESRS S4 – Consumers and end users Section

ESRS 2 SBM-2 Interests and views of stakeholders • Strategy and management of material IROs

ESRS 2 SBM-3 Material impacts, risks and opportunities and 

their interaction with strategy and business 

model

• Strategy and management of material IROs

S4-1 Policies related to consumers and end-users • Policies related to consumers and end users

• Managing human rights

S4-2 Processes for engaging with consumers and 

end-users about impacts

• Processes for engaging with consumers and 

end users and channels for dialogue

S4-3 Processes to remediate negative impacts and 

channels for consumers and end-users to 

raise concerns

• Processes for engaging with consumers and 

end users and channels for dialogue

• Whistleblowing and stakeholder reporting 

channel

S4-4 Taking action on material impacts on 

consumers and end-users, and approaches to 

managing material risks and pursuing material 

opportunities related to consumers and end-

users, and effectiveness of those actions

• Consumers and end users - Taking action for 

managing material IROs

S4-5 Targets related to managing material negative 

impacts, advancing positive impacts, and 

managing material risks and opportunities

• Consumers and end users - Targets

ESRS G1 – Business conduct Section

G1-1 Business conduct policies and corporate 

culture

• Managing human rights

• Whistleblowing and stakeholder reporting 

channel

• Fight against corruption and bribery

G1-2 Management of relationships with suppliers • Management of relationships with suppliers

G1-3 Prevention and detection of corruption and 

bribery

• Fight against corruption and bribery

G1-4 Confirmed incidents of corruption and bribery • Fight against corruption and bribery

G1-5 Political influence and lobbying activities • Enel’s advocacy system on climate policies 

and a just energy transition

• Political influence and lobbying activities

  


General information

269

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


General information

270

INTEGRATED ANNUAL REPORT 2024

List of datapoints in cross-cutting and topical 

standards that derive from other EU Legislation 

ESRS 2 – Annex B

Disclosure 

requirement and 

related datapoint

SFDR reference Pillar 3 reference Benchmark Regulation 

reference

EU Climate 

Law 

reference

Reference

ESRS 2 GOV-1 Board’s 

gender diversity 

paragraph 21 (d)

Indicator 

number 13 

of Table #1 

of Annex 1

Delegated Regulation 

(EU) 2020/1816 (27), 

Annex II

Own workforce - The 

value of diversity and 

disability

ESRS 2 GOV-1 

Percentage of 

Board members who 

are independent 

paragraph 21 (e)

Delegated Regulation 

(EU) 2020/1816, 

Annex II

Governance - 

Corporate boards

ESRS 2 GOV-4 

Statement on due 

diligence paragraph 30

Indicator 

number 10 

Table #3 

of Annex 1

General information 

\- Statement on due 

diligence

ESRS 2 SBM-1 

Involvement in 

activities related to 

fossil fuel activities 

paragraph 40 (d) i

Indicator 

number 4 

Table #1 

of Annex 1

Article 449a 

Regulation (EU) No 

575/2013; Commission 

Implementing 

Regulation (EU) 

2022/2453 (28 ) Table 1: 

Qualitative information 

on Environmental risk 

and Table 2: Qualitative 

information on Social 

risk

Delegated Regulation 

(EU) 2020/1816, 

Annex II

Indicator not applicable 

to Enel.

ESRS 2 SBM-1 

Involvement in 

activities related to 

chemical production 

paragraph 40 (d) ii

Indicator 

number 9 

Table #2 

of Annex 1

Delegated Regulation 

(EU) 2020/1816, 

Annex II

Indicator not applicable 

to Enel.

ESRS 2 SBM-1 

Involvement in 

activities related to 

controversial weapons 

paragraph 40 (d) iii

Indicator 

number 14 

Table #1 

of Annex 1

Delegated Regulation 

(EU) 2020/1818 (29), 

Article 12(1) Delegated 

Regulation (EU) 

2020/1816, Annex II

Indicator not applicable 

to Enel.

ESRS 2 SBM-1 

Involvement in 

activities related 

to cultivation and 

production of tobacco 

paragraph 40 (d) iv

Delegated Regulation 

(EU) 2020/1818, 

Article 12(1) Delegated 

Regulation (EU) 

2020/1816, Annex II

Indicator not applicable 

to Enel.

ESRS E1-1 Transition 

plan to reach climate 

neutrality by 2050 

paragraph 14

Regulation 

(EU) 

2021/1119, 

Article 2(1)

Climate change - The 

strategy for tackling 

climate change

ESRS E1-1 

Undertakings ex-

cluded from Paris-

aligned Benchmarks 

paragraph 16 (g)

Article 449a 

Regulation (EU) 

575/2013; Commission 

Implementing Regulation 

(EU) 2022/2453 

Template 1: Banking 

book-Climate Change 

transition risk: Credit 

quality of exposures by 

sector, emissions and 

residual maturity

Delegated 

Regulation (EU) 

2020/1818, Article12.1 

(d) to (g), and Article 

12.2

Climate change - The 

strategy for tackling 

climate change

  


General information

271

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Disclosure 

requirement and 

related datapoint

SFDR reference Pillar 3 reference Benchmark Regulation 

reference

EU Climate 

Law 

reference

Reference

ESRS E1-4 GHG 

emission reduction 

targets paragraph 34

Indicator 

number 4 

Table #2 

of Annex 1

Article 449a Regulation 

(EU) 575/2013; 

Commission 

Implementing 

Regulation (EU) 

2022/2453 Template 3: 

Banking book – Climate 

change transition risk: 

alignment metrics

Delegated 

Regulation (EU) 

2020/1818, Article 6

Climate change -

Actions for managing 

climate change-related 

impacts, risks and 

opportunities

ESRS E1-5 Energy 

consumption from 

fossil sources 

disaggregated by 

sources (only high 

climate impact 

sectors) paragraph 38

Indicator 

number 5 

Table #1 and 

Indicator 

number 5 

Table #2 

of Annex 1

Climate change - 

Energy consumption 

and energy mix

ESRS E1-5 Energy 

consumption and mix 

paragraph 37

Indicator 

number 5 

Table #1 

of Annex 1

Climate change - 

Energy consumption 

and energy mix

ESRS E1-5 Energy 

intensity associated 

with activities in high 

climate impact sectors 

paragraphs 40 to 43

Indicator 

number 6 

Table #1 of 

Annex 1

Climate change - 

Energy consumption 

and energy mix

ESRS E1-6 Gross 

Scope 1, 2, 3 and 

Total GHG emissions 

paragraph 44

Indicators 

number 1 and 2 

Table #1 

of Annex 1

Article 449a; 

Regulation (EU) No 

575/2013; Commission 

Implementing 

Regulation (EU) 

2022/2453 Template 1: 

Banking book – Climate 

change transition 

risk: Credit quality of 

exposures by sector, 

emissions and residual 

maturity

Delegated Regulation 

(EU) 2020/1818, 

Article 5(1), 6 and 8(1)

Climate change - 

Greenhouse gas 

emission trends in 

2024

ESRS E1-6 Gross GHG 

emissions intensity 

paragraphs 53 to 55

Indicator 

number 3 

Table #1 

of Annex 1

Article 449a Regulation 

(EU) 575/2013; 

Commission 

Implementing 

Regulation (EU) 

2022/2453 Template 3: 

Banking book – Climate 

change transition risk: 

alignment metrics

Delegated Regulation 

(EU) 2020/1818, Article 

8(1)

Climate change - 

Enel’s performance 

in combating climate 

change

ESRS E2-4 Amount of 

each pollutant listed in 

Annex II of the E-PRTR 

Regulation (European 

Pollutant Release and 

Transfer Register) 

emitted to air, water 

and soil, paragraph 28

Indicator 

number 8 

Table #1 

of Annex 1 

Indicator 

number 2 

Table #2 of 

Annex 1 

Indicator 

number 1 

Table #2 

of Annex 1 

Indicator 

number 3 

Table #2 of 

Annex 1

Environmental 

information - Air 

pollution metrics

ESRS E3-1 Water and 

marine resources 

paragraph 9

Indicator 

number 7 

Table #2 

of Annex 1

Environmental 

information - Water 

and marine resources

ESRS E3-1 Dedicated 

policy paragraph 13

Indicator 

number 8 

Table #2 

of Annex 1

Environmental 

information - Water 

and marine resources

  


General information

272

INTEGRATED ANNUAL REPORT 2024

Disclosure 

requirement and 

related datapoint

SFDR reference Pillar 3 reference Benchmark Regulation 

reference

EU Climate 

Law 

reference

Reference

ESRS E3-1 Sustainable 

oceans and seas 

paragraph 14

Indicator 

number 12 

Table #2 of 

Annex 1

Environmental 

information - Water 

and marine resources

ESRS E3-4 Total water 

recycled and reused 

paragraph 28 (c)

Indicator 

number 6.2 

Table #2 

of Annex 1

Environmental 

information - Metrics 

on water withdrawal, 

discharge and 

consumption

ESRS E3-4 Total water 

consumption in m

3

per 

net revenue on own 

operations paragraph 

29

Indicator 

number 6.1 

Table #2 

of Annex 1

Environmental 

information - Metrics 

on water withdrawal, 

discharge and 

consumption

ESRS 2 - SBM-3 - E4 

paragraph 16 (a) i

Indicator 

number 7 

Table #1 

of Annex 1

Environmental 

information - 

Biodiversity and 

ecosystems

ESRS 2 - SBM-3 - E4 

paragraph 16 (b)

Indicator 

number 10 

Table #2 

of Annex 1

Environmental 

information - 

Biodiversity and 

ecosystems - Material 

impacts, risks and 

opportunities and 

their interaction with 

strategy and business 

model

ESRS 2 - SBM-3 - E4 

paragraph 16 (c)

Indicator 

number 14 

Table #2 

of Annex 1

Environmental 

information - 

Biodiversity and 

ecosystems

ESRS E4-2 Sustainable 

land/agriculture 

practices or policies 

paragraph 24 (b)

Indicator 

number 11 

Table #2 

of Annex 1

Indicator not applicable 

to Enel.

ESRS E4-2 Sustainable 

oceans/seas practices 

or policies paragraph 

24 (c)

Indicator 

number 12 

Table #2 

of Annex 1

Indicator not applicable 

to Enel.

ESRS E4-2 Policies to 

address deforestation 

paragraph 24 (d)

Indicator 

number 15 

Table #2 

of Annex 1

Environmental 

information 

\- Biodiversity 

management policies

ESRS E5-5 Non-

recycled waste 

paragraph 37 (d)

Indicator 

number 13 

Table #2 

of Annex 1

Environmental 

information - Outgoing 

resource flows

ESRS E5-5 Hazardous 

waste and radioactive 

waste paragraph 39

Indicator 

number 9 

Table #1 

of Annex 1

Environmental 

information - Outgoing 

resource flows

ESRS 2 - SBM-3 - S1 

Risk of incidents of 

forced labor paragraph 

14 (f)

Indicator 

number 13 

Table #3 

of Annex I

Governance 

information - Managing 

human rights

ESRS 2 - SBM-3 - S1 

Risk of incidents of 

child labor paragraph 

14 (g)

Indicator 

number 12 

Table #3 

of Annex I

Governance 

information - Managing 

human rights

  


General information

273

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Disclosure 

requirement and 

related datapoint

SFDR reference Pillar 3 reference Benchmark Regulation 

reference

EU Climate 

Law 

reference

Reference

ESRS S1-1 Human 

rights policy 

commitments 

paragraph 20

Indicator 

number 9 

Table #3 

and Indicator 

number 11 

Table #1 

of Annex I

Governance 

information - Managing 

human rights

ESRS S1-1 Due 

diligence policies 

on issues addressed 

by the fundamental 

International Labor 

Organization 

Conventions 1 to 8, 

paragraph 21

Delegated 

Regulation (EU) 

2020/1816, Annex II

Social information - 

Policies related to the 

Group’s workforce

ESRS S1-1 Processes 

and measures for 

preventing trafficking 

in human beings 

paragraph 22

Indicator 

number 11 

Table #3 

of Annex I

Governance - Values 

and pillars of corporate 

ethics - Human Rights 

Policy

ESRS S1-1 Workplace 

accident prevention 

policy or management 

system paragraph 23

Indicator 

number 1 

Table #3 

of Annex I

Social information 

\- Health and safety 

policies

ESRS S1-3 Grievance/

complaints handling 

mechanisms 

paragraph 32 (c)

Indicator 

number 5 

Table #3 

of Annex I

Governance 

information - 

Whistleblowing and 

stakeholder reporting 

channel

ESRS S1-14 Number of 

fatalities and number 

and rate of work-

related accidents 

paragraph 88 (b) and 

(c)

Indicator 

number 2 

Table #3 

of Annex I

Delegated Regulation 

(EU) 2020/1816, 

Annex II

Social information 

\- Analysis of safety 

indexes

ESRS S1-14 Number 

of days lost to injuries, 

accidents, fatalities or 

illness paragraph 88 (e)

Indicator 

number 3 

Table #3 

of Annex I

Social information 

\- Analysis of safety 

indexes

ESRS S1-16 

Unadjusted gender pay 

gap paragraph 97 (a)

Indicator 

number 12 

Table #1 

of Annex I

Delegated Regulation 

(EU) 2020/1816, 

Annex II

Social information - 

The remuneration 

metrics

ESRS S1-16 Excessive 

CEO pay ratio 

paragraph 97 (b)

Indicator 

number 8 

Table #3 

of Annex I

Governance 

information - 

Incentive system

ESRS S1-17 Incidents 

of discrimination 

paragraph 103 (a)

Indicator 

number 7 

Table #3 

of Annex I

Governance 

information - 

Whistleblowing and 

stakeholder reporting 

channel

ESRS S1-17 Non-

respect of UNGPs on 

Business and Human 

Rights and OECD 

Guidelines paragraph 

104 (a)

Indicator 

number 10 

Table #1 and 

Indicator 

number 14 

Table #3 

of Annex I

Delegated Regulation 

(EU) 2020/1816, Annex 

II Delegated Regulation 

(EU) 2020/1818 Art. 

12 (1)

Governance 

information - 

Whistleblowing and 

stakeholder reporting 

channel

ESRS 2 - SBM-3 – S2 

Significant risk of 

child labor or forced 

labor in the value chain 

paragraph 11 (b)

Indicators 

number 12 and 

number 13 

Table #3 

of Annex I

Social information - 

Workers in the value 

chain

  


General information

274

INTEGRATED ANNUAL REPORT 2024

Disclosure 

requirement and 

related datapoint

SFDR reference Pillar 3 reference Benchmark Regulation 

reference

EU Climate 

Law 

reference

Reference

ESRS S2-1 Human 

rights policy 

commitments 

paragraph 17

Indicator

number 9

Table #3 and

Indicator

number 11

Table #1

of Annex 1

Social information - 

Workers in the value 

chain

ESRS S2-1 Policies 

related to value chain 

workers paragraph 18

Indicator 

number 11 and 

number 4 

Table #3 

of Annex 1

Social information - 

Workers in the value 

chain

ESRS S2-1 Non-

respect of UNGPs on 

Business and Human 

Rights principles 

and OECD guidelines 

paragraph 19

Indicator 

number 10 

Table #1 

of Annex 1

Delegated Regulation 

(EU) 2020/1816,

Annex II Delegated 

Regulation (EU) 

2020/1818, 

Article 12 (1)

Governance 

information - 

Whistleblowing and 

stakeholder reporting 

channel

ESRS S2-1 Due 

diligence policies 

on issues addressed 

by the fundamental 

International Labor 

Organization 

Conventions 1 to 8, 

paragraph 19

Delegated Regulation 

(EU) 2020/1816, 

Annex II

Governance 

information - 

Whistleblowing and 

stakeholder reporting 

channel

Social information -

Workers in the value

chain

ESRS S2-4 Human 

rights issues and 

incidents connected 

to its upstream and 

downstream value 

chain paragraph 36

Indicator 

number 14 

Table #3 

of Annex 1

Governance 

information - 

Whistleblowing and 

stakeholder reporting 

channel

ESRS S3-1 Human 

rights policy 

commitments 

paragraph 16

Indicator 

number 9 

Table #3 of 

Annex 1 

and Indicator 

number 11 

Table #1 

of Annex 1

Governance 

information - Enel’s 

due diligence process

ESRS S3-1 Non-respect 

of UNGPs on Business 

and Human Rights, 

ILO principles or OECD 

guidelines paragraph 17

Indicator 

number 10 

Table #1 

Annex 1

Delegated Regulation 

(EU) 2020/1816, Annex 

II Delegated Regulation 

(EU) 2020/1818, Article 

12 (1)

Governance 

information - 

Whistleblowing and 

stakeholder reporting 

channel

ESRS S3-4 Human 

rights issues and 

incidents paragraph 

36

Indicator 

number 14 

Table #3 

of Annex 1

Governance 

information - 

Whistleblowing and 

stakeholder reporting 

channel

ESRS S4-1 Policies 

related to consumers 

and end-users 

paragraph 16

Indicator 

number 9 

Table #3 and 

Indicator 

number 11 

Table #1 

of Annex 1

Governance 

information - Enel’s 

due diligence process

ESRS S4-1 Non-respect 

of UNGPs on Business 

and Human Rights 

and OECD guidelines 

paragraph 17

Indicator 

number 10 

Table #1 

of Annex 1

Delegated Regulation 

(EU) 2020/1816, Annex 

II Delegated Regulation 

(EU) 2020/1818, Art 

12 (1)

Governance 

information - 

Whistleblowing and 

stakeholder reporting 

channel

ESRS S4-4 Human 

rights issues and 

incidents paragraph 35

Indicator 

number 14 

Table #3 

of Annex 1

Governance 

information - 

Whistleblowing and 

stakeholder reporting 

channel

  


General information

275

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Disclosure 

requirement and 

related datapoint

SFDR reference Pillar 3 reference Benchmark Regulation 

reference

EU Climate 

Law 

reference

Reference

ESRS G1-1 United 

Nations Convention 

against Corruption 

paragraph 10 (b)

Indicator 

number 15 

Table #3 

of Annex 1

Governance 

information - Fight 

against corruption and 

bribery

ESRS G1-1 Protection 

of whistleblowers 

paragraph 10 (d)

Indicator 

number 6 

Table #3 

of Annex 1

Governance 

information - 

Whistleblowing and 

stakeholder reporting 

channel

ESRS G1-4 Fines for 

violation of 

anti-corruption and 

anti-bribery laws 

paragraph 24 (a)

Indicator 

number 17 

Table #3 

of Annex 1

Delegated Regulation 

(EU) 2020/1816, 

Annex II

Governance 

information - Fight 

against corruption and 

bribery

ESRS G1-4 Standards 

of anti-corruption and 

anti-bribery paragraph 

24 (b)

Indicator 

number 16 

Table #3 

of Annex 1

Governance 

information - 

Whistleblowing and 

stakeholder reporting 

channel

Statement on due diligence

ESRS 2 GOV-4

The table below provides a mapping of the information provided in the Group’s Sustainability Statements on Enel’s 

due diligence process.

CORE ELEMENTS OF DUE DILIGENCE PARAGRAPHS IN THE SUSTAINABILITY STATEMENT

a) Embedding due diligence in governance, strategy and business 

model

Governance - Values and pillars of corporate ethics

Sustainability Statement – Due diligence process (includes the 

process and the results)

b) Engaging with affected stakeholders in all key steps of the due 

diligence

Sustainability Statement – Due diligence process (includes the 

process and the results)

c) Identifying and assessing adverse impacts Sustainability Statement - The double materiality analysis 

process; The results of the double materiality analysis; Due 

diligence process

d) Taking actions to address those adverse impacts Sustainability Statement - Due diligence process; Affected 

communities

e) Tracking the effectiveness of these efforts and communicating Sustainability Statement - Due diligence process; Affected 

communities

  


General information

276

INTEGRATED ANNUAL REPORT 2024

  


Environmental information

277

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Environmental information

The European Taxonomy

The following section provides the information

required under Article 8 of the Regulation (EU)

2020/852 (EU Taxonomy), in compliance with the

criteria established in the other delegated acts is-

sued by the European Commission and available at 

the date of publication of the Sustainability State-

ment, in particular:

• Delegated Regulation (EU) 2021/2139 of June 4, 

2021 (Climate Delegated Act);

• Delegated Regulation (EU) 2021/2178 of July 6, 2021 

(Delegated Act on Information to be Disclosed);

• Delegated Regulation (EU) 2022/1214 of March 9, 

2022 (Complementary Climate Delegated Act);

• Delegated Regulation (EU) 2023/2485 of June 27, 

2023, which amends the Climate Delegated Act;

• Delegated Regulation (EU) 2023/2486 of June 27, 

2023 (Environmental Delegated Act).

Going beyond the disclosure requirements of the Taxon-

omy, Enel is also including for the second year in a row 

the capex alignment percentage as one of the key per-

formance indicators of the Sustainability-Linked Financ-

ing Framework used to define the Company’s sustaina-

ble financial instruments. With this important decision, 

Enel reinforces the role of the Taxonomy as a driver to 

promote sustainable capital expenditure decisions and 

show how sustainability can be fully integrated into the 

financial landscape. Enel has therefore confirmed the 

alignment goal of the capex with EU Taxonomy of over 

80% for the 2025-2027 period, according to the new 

Strategic Plan presented during the Capital Markets Day 

in November 2024 (for more information, please see 

“The 2025-2027 Strategic Plan” in “Group strategy and 

risk management” chapter and “The strategy for tackling 

climate change” in “Climate change” chapter).

The implementation process

Enel has adopted a five-phase process to analyze the applicability of the EU Taxonomy along its entire value chain 

and in all the countries in which it operates.

ANALYSIS

ASSESSMENT

VERIFICATION

CALCULATION

1 2

3

4

5

IDENTIFICATION

of eligible economic 

activities

of substantial 

contribution

of the principle of 

Do No Significant 

Harm (DNSH) to 

other environmental 

objectives

of minimum social 

safeguards

of financial 

metrics

  


Environmental information

278

INTEGRATED ANNUAL REPORT 2024

1. Identification of eligible economic 

activities 

Through this process, Enel classified all econom-

ic activities along its value chain according to the

following three categories provided for by the reg-

ulation:  eligible-aligned, eligible-not aligned, not

eligible.

ELIGIBLE 

ALIGNED

ELIGIBLE 

NON-ALIGNED

NON-ELIGIBLE

Eligible aligned: refers to an economic activity that simultaneously satisfies the following three 

conditions:

• it is explicitly included in the EU taxonomy regulation for its substantial contribution to climate 

change mitigation; and

• it meets the specific criteria developed by the EU taxonomy regulation for that specific 

environmental objective; and

• it meets all DNSH criteria and minimum social safeguards.

Eligible non-aligned: refers to an economic activity that:

• is explicitly included in the EU taxonomy regulation for its substantial contribution to climate 

change mitigation or adaptation; but

• does not meet the specific criteria developed by the EU taxonomy regulation for those specific 

environmental objectives; or

• does not meet all the DNSH criteria and/or the minimum social safeguards.

Non-eligible: refers to an economic activity that has not been identified by the EU taxonomy 

regulation as a substantial contributor to climate change mitigation and for which no criteria have 

therefore been developed. The logic of the European Commission is that these activities might:

• not have a significant impact on climate change mitigation or could be integrated into the EU 

taxonomy regulation at a later stage;

• cause a very significant impact on climate change mitigation, so they cannot be eligible in any 

case.

With regard to the mapping carried out by Enel, all 

activities within the Group’s portfolio that are includ-

ed in the Climate Delegated Act, the Complementa-

ry Delegated Act, and the Environmental Delegated 

Act (related to the remaining four objectives) have 

been identified. The process was therefore conduct-

ed considering all six objectives, although the Group 

is mainly exposed to the climate change mitigation 

and adaptation objectives. In this regard, it is im-

portant to point out that the activities classified as 

eligible and aligned from the point of view of the mit-

igation of climate change also include several adap-

tation solutions (mainly during the asset design and 

construction phase) and therefore are also eligible 

and aligned for this other objective.

In contrast, the Group has marginal exposure to the 

remaining four targets. Specifically, only the follow-

ing activities related to biodiversity and ecosystem

protection and restoration and the circular economy 

were in fact identified as eligible, although both have 

marginal impact in terms of financial metrics: “Sale 

of spare parts (5.2)” in relation to the environmental 

objective “Circular economy” and “Conservation, in-

cluding restoration of habitats, ecosystems and spe-

cies (1.1)” with respect to the environmental objective 

“Biodiversity and ecosystems”.

  


Environmental information

279

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The following is a map of Enel’s business activities by contribution to the environmental goal “Climate change 

mitigation”.

• Solar and wind

• Hydro (99.3%)

• Geothermal

• RES storage

• Manufacture of solar 

panels

Distribution in Europe, 

Brazil, Argentina, Chile 

and Colombia without 

new connections 

between a substation

or grid and a generation 

plant with greenhouse 

gas intensity over 

threshold of

100 gCO

2eq

/kWh

Mapping in 

accordance 

with Climate 

Delegated 

Act and 

Complementary 

Delegated Act

Maintenance &

Repair Service, Green 

Products, Advisory 

Services, Battery Energy 

Storage, Smart Lighting, 

c-Transport, Smart 

& Efficient Building, 

e-Mobility, Condominium 

and Vivimeglio

• Hydro (0.7%)

• Gaseous fossil fuels 

(CCGT)

• New connections 

between a substation 

or grid and a generation 

plant with greenhouse 

gas intensity over 

threshold of 

100 gCO

2eq

/kWh

• Distribution in Peru

• Coal

• Nuclear

(1)

• Fuel-oil and OCGT

(2)

• Financial services, 

general services and 

other unmeasured 

product clusters

• Trading

• Retail sale of 

power or gas to 

end users

ALIGNED

EUROPEAN

TAXONOMY

ELIGIBLE

NON-ELIGIBLE

NON-ALIGNED

(1)  The operation of the nuclear generation portfolio is not included among the eligible activities considered by the Complementary Delegated Act 

in the generation of electricity from nuclear power plants.

(2) Includes both fuel-oil and gas (OCGT) as it is not possible to divide the two types of fuel. Fuel-oil was considered to be the prevalent fossil fuel 

and is therefore non-eligible under the EU taxonomy regulation.

During 2024, the eligibility analysis of Enel’s produc-

tive economic activities was updated in line with the 

Group’s business model.

2. Analysis of substantial contribution

2.1 Climate change mitigation:

eligible activities identified in the previous stage were 

analyzed in detail for their compliance with the spe-

cific technical criteria established with regard to their 

substantial contribution to climate change mitigation. 

The analysis was carried out following the criteria in 

the Climate Delegated Act and the Complementary 

Delegated Act, namely:

a. Technological analysis for power generation activi-

ties. The threshold of 100 gCO

2eq

/kWh measured on 

a life cycle basis was met according to the following 

technological approach:

• coal and liquid fossil fuels: technology excluded 

from the EU Taxonomy Regulation;

• gas: in all gas-fired power plants, compliance with 

the threshold of 100 gCO

2

/kWh established in the 

Supplementary Delegated Act was analyzed, while 

potential compliance with the alternative crite-

ria established in the Delegated Act for gas-fired 

electricity generation was also checked;

• nuclear: the eligibility of the three different activi-

ties related to nuclear electricity generation iden-

tified in the Complementary Delegated Act was 

Environmental information

280

INTEGRATED ANNUAL REPORT 2024

analyzed based on our portfolio of nuclear assets 

in Spain; 

• wind, solar and energy storage systems: these are 

exempt from the carbon intensity threshold test 

because of their substantial contribution to cli-

mate change mitigation;

• hydropower: the carbon intensity threshold was 

verified only in power plants whose power density 

is less than 5 W/m

2

. All power plants with power 

density greater than 5 W/m

2

, as well as flowing 

water plants and pumping plants, are exempt 

from threshold verification;

• geothermal: the threshold was verified by carrying 

out life cycle assessments certified by independ-

ent third parties.

b. Analysis at country, region and system level for the

distribution of electricity. Compliance with the fol-

lowing technical screening criteria was analyzed in 

all countries where Enel distributes electricity:

• the Distribution System Operator (DSO) is part of 

the European interconnected system; or 

• non-European DSOs belong to countries with 

more than 67% newly connected generation 

capacity in the system below the established 

threshold value for generation of 100 gCO

2eq

/kWh 

measured on a life cycle basis, in the period 2019-

2023 (data made available by national authorities 

over a rolling five-year period); or 

• the average emission factor of the non-Europe-

an DSO grid is below the threshold value of 100 

gCO

2eq

/kWh measured on a life cycle basis in ac-

cordance with electricity generation criteria, in 

the period 2019-2023.

The infrastructures dedicated to the construction 

of a direct connection or the expansion of an exist-

ing direct connection between a substation or grid

and an electricity generation plant that exceeds

the emission intensity threshold of 100 gCO

2eq

/kWh 

measured on a life cycle basis were identified and 

excluded from the Taxonomy aligned activities of

the DSOs.

c. Product cluster level analysis for Enel X Business 

Line. A comprehensive analysis of the Enel X port-

folio was performed, classifying eligible activities 

into the sectors identified in the Climate Delegated

Act, such as construction and real estate, trans-

portation, or professional, scientific and technical 

activities.

2.2 Climate change adaptation:

none of the activities carried out by the Group can be 

considered an enabling activity for climate adaptation, 

as Enel does not provide adaptation solutions within 

the meaning of Article 11(1)(b) of the EU Taxonomy. 

Therefore, no revenue can be considered eligible for 

this objective. 

However, some production activities carried out by 

the Group are considered effectively adapted because 

they include adaptation solutions in accordance with 

Article 11(1)(a) of the EU Taxonomy. In this case, capital 

and operational expenditure dedicated to adaptation 

solutions can be considered as meeting the climate 

adaptation goal. In Enel’s case, most adaptation solu-

tions are part of the design or renovation of facilities 

that are themselves aligned with the climate change 

mitigation objective, making it difficult to distinguish 

capital/operating expenditures from each of the two 

climate objectives (mitigation and adaptation). There-

fore, following the guidelines set out in European 

Commission Notice 2023/305, data on capital and op-

erating expenditures have been reported only under 

the climate change mitigation objective, as this is the 

prevailing objective for the Group, thus avoiding any 

potential double counting.

More information on Enel’s approach to climate ad-

aptation can be found in the “Climate change” and 

“Group strategy and risk management” chapters of 

this document.

2.3 Other environmental objectives:

concerning the activities related to the “Sale of 

spare parts (5.2)” with respect to the environmen-

tal objective “Circular economy” and “Conservation, 

including restoration of habitats, ecosystems and

species (1.1)” with respect to the environmental ob-

jective “Biodiversity and ecosystems”, considering 

the marginality both in economic terms and impact

on the Company’s business, it was decided to con-

sider both activities as EU Taxonomy-eligible but

non-aligned.

Environmental information

281

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

3\. Assessment of the principle of Do 

No Significant Harm (DNSH) to other 

objectives

An analysis of existing environmental procedures was 

carried out to verify compliance with the DNSH qual-

ity criteria for each type of technology (for electric-

ity generation), region (for distribution) and product 

cluster level (for activities of the Enel X Business Line), 

adapted to the specific requirements set out for each 

of the following environmental objectives:

• climate change mitigation: applicable only for Tax-

onomy-eligible activities for climate adaptation or 

any of the other four objectives. In this case, the cri-

teria are considered to be fulfilled, since the same 

activities carried out by Enel, which could contribute 

to climate adaptation, definitely contribute to cli-

mate mitigation, i.e. they fulfil the technical screen-

ing criteria of climate mitigation, which are equiv-

alent or more demanding than the corresponding 

DNSH criteria on climate mitigation;

• adaptation to climate change: analysis of global pro-

cedures (including emerging and restoration pro-

cedures), assessment of physical climate risks and 

solutions and adaptation plans in place covering all 

applicable activities related to electricity generation 

and networks and Enel X;

• sustainable use and protection of waters and marine 

resources: analysis of water-related procedures, 

permits, environmental impact assessments, na-

tional regulations and water management plans 

which in particular involve the business line related 

to energy generation; 

• transition to a circular economy: analysis of waste 

management plans, procurement requirements and 

circular economy projects and plans covering all ac-

tivities applicable to the generation and distribution 

of electricity and to the products of Enel X;

• pollution prevention and control: analysis of glob-

al procedures and national regulations concerning 

all applicable activities from electricity generation, 

distribution and the manufacture of solar panels. 

In addition, substances for the production of solar 

panels, electromagnetic radiation for distribution, 

and emissions from power generation activities 

were further analyzed for air quality;

• protection and restoration of biodiversity and eco-

systems: analysis of global procedures and national 

regulations covering all applicable activities from 

electricity generation and networks.

4\. Verification of minimum social 

safeguards

The Group’s human rights due diligence process cov-

ers the entire scope of Enel and is inspired by the 

main international reference standards such as the 

UN Guiding Principles on Business and Human Rights 

and the OECD Guidelines for Multinational Enterprises. 

In 2013, Enel adopted a specific Human Rights Policy 

that reflects its commitment in this area. In 2021, the 

policy was updated to take into account the evolution 

of international reference frameworks and operation-

al, organizational and management processes. The 

content of the policy refers to internationally recog-

nized human rights – understood, at a minimum, as 

those expressed in the International Charter of Human 

Rights and in the fundamental rights principles set 

forth in the International Labor Organization conven-

tions underlying the Tripartite Declaration of Principles 

on Multinational Enterprises and Social Policy. 

Environmental information

282

INTEGRATED ANNUAL REPORT 2024

The table below shows the approach to minimum safeguard criteria.

30. In the context of the Guiding Principles on Business and Human Rights (Principles 17-21), this term refers to a continuous management system 

that a company implements, taking into account the sector in which it operates, the contexts of its operations, its size, to ensure that it re-

spects human rights or is not complicit in human rights abuses. This involves “identifying, preventing, mitigating and reporting” adverse effects 

potentially caused by the company.

Minimum safeguard criteria

Human rights

• The main international standards of reference that inspire the Group’s commitment are the United Nations “Pro-

tect, Respect and Remedy” framework set forth in the Guiding Principles on Business and Human Rights and the 

OECD Guidelines for Multinational Enterprises. This commitment is also clearly reflected in the Group’s Human 

Rights Policy, drawn up and adopted back in 2013 and updated in 2021.

• The Group is committed to monitoring the implementation of the policy through a specific due diligence process

30

defined based on the United Nations Guidelines and the OECD Due Diligence Guidelines for Responsible Business 

Conduct. For more details, see the section “Enel’s due diligence process”.

Corruption

• As reflected in the Human Rights Policy, Enel rejects corruption in all its forms, direct and indirect, as it believes it 

is one of the factors that undermine institutions and democracy, ethical values and justice, and the well-being and 

development of society.

• To this end, Enel reaffirms its commitment to fighting corruption through a plan called the “Zero Tolerance of 

Corruption Plan”, which is one of the pillars on which the Group’s Anti-Corruption Management System and Code 

of Ethics are based.

Tax strategy

• The Enel Group has adopted a tax strategy to ensure fair, responsible and transparent taxation, with the aim of 

ensuring consistent and uniform tax management across all entities belonging to the Group. Tax management is 

based on the concomitant objectives of: 

1) correct and timely determination and settlement of taxes due under the law and implementation of the respec-

tive obligations; 

2) correct management of the tax risk, which is the risk of violating tax regulations or abusing the principles and 

purposes of the tax law. For additional details, please refer to the section “Tax transparency”.

Fair competition

• Enel promotes the principle of fair competition and refrains from collusive or predatory behavior and abuse of 

dominant position, as reflected in the Group’s Code of Ethics.

5\. Calculation of financial metrics

Financial metrics were associated with each econom-

ic activity according to the classification made in steps 

1-4, collecting the relevant financial information from the 

Group’s accounting system. The following are the criteria 

and considerations made during the calculation process.

• The three financial metrics required by the EU Tax-

onomy Regulation (turnover (revenue), capital ex-

penditure (capex) and operating expenditure (opex)) 

were calculated according to the eligibility analysis 

described in the previous section.

• The financial information was gathered from the ac-

counting system used by the Enel Group, i.e. from the 

management systems in use by the Company’s busi-

ness lines. However, some powers were delegated to 

provide a more detailed representation of the values 

or to exclude specific activities from the overall cal-

culation of eligible alignment (such as not aligned hy-

droelectric power generation or infrastructure con-

sidered eligible but not aligned among eligible and 

aligned distribution network systems). For illustrative 

purposes, the proxies used are shown below: 

• hydroelectric: eligible not aligned hydroelectric 

power plants were excluded by considering their 

output multiplied by the average turnover per unit 

in the years 2023 and 2024\. This approach was 

also extended to capex and opex;

• networks: as regards capex, new connections 

between a substation or grid and an electricity 

generation plant with a greenhouse gas intensity 

above the threshold of 100 gCO

2eq

/kWh have been

excluded considering their power (in MW) multi-

plied by the average unit capex (k€/MW) for 2023 

and 2024\. This approach has also been extended to 

turnover based on the lifespan of assets. 

• The aggregated financial data in the reports are pre-

sented according to the activities required by the EU 

Taxonomy Regulation and include only items related 

to third parties.

• Financial metrics were represented by considering all

electricity and gas sales as “Taxonomy-non-eligible”.

• Absolute revenue/capex/opex correspond to the 

revenue/capex/opex (measured in euros) of each

specific activity. The share of individual KPIs cor-

responds to each individual economic activity on 

Environmental information

283

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

the total revenue/capex of the Group (with the 

exception of opex, the total of which refers only

to the type of costs required by the EU Taxonomy, 

i.e. it includes non-capitalized direct costs related 

to research and development, building renovation 

measures, short-term leases, maintenance and re-

pair as well as any other direct expense related to

the daily maintenance of buildings, plant and ma-

chinery, by the company or third parties to whom

these tasks are outsourced, necessary to ensure 

the continuous and effective functioning of these 

assets). 

• In accordance with Article 11(1)(a) of the Taxonomy, 

capex and opex data that may correspond to ad-

aptation solutions in business activities that already 

contribute to climate mitigation have not been al-

located to the climate adaptation objective, thus 

avoiding any potential double counting with data 

provided on the climate mitigation objective. In ad-

dition, no revenue was considered Taxonomy-eli-

gible for the climate adaptation objective because 

Enel does not provide adaptation solutions under 

Article 11(1)(b) of the Taxonomy.

• For minor activities that contribute to the biodiver-

sity and ecosystem protection and restoration goal 

and the circular economy goal, a figure rounded 

to “0” has been reported because of its marginal 

weight in the overall financial figures.

Environmental information

284

INTEGRATED ANNUAL REPORT 2024

Statement on the alignment of Enel’s business with the 

EU Taxonomy Regulation

Overall results

31. Figures for 2023 reflect a more accurate calculation.

The level of alignment of the Group’s economic activi-

ties with the EU Taxonomy during 2024 is shown below, 

based on their substantial contribution to the climate 

change mitigation and compliance with the principle 

of doing no significant harm (DNSH) to other environ-

mental objectives and minimum social safeguards.

TURNOVER “REVENUES” 2024

61.0%

3.1%

35.9%

78.9

billions of euro

eligible-aligned

not eligible

eligible-not aligned

In 2024, 35.9% of revenue (equal to €28,317 million) 

relates to business activities aligned with the EU Tax-

onomy (compared with 27. 1% or €25,909 million in 

2023

31

). The change is attributable to an increase in 

eligible activities in renewable energy distribution 

and generation and a decrease in non-eligible activi-

ties in retail and trading. As regards eligible activities, 

revenue mainly reflects the performance of electricity 

distribution (in the amount of €18,264 million, up by

€2,012 million from 2023) mainly in Italy due to the 

greater quantity of energy distributed and tariff ad-

justments, and in Spain due to the recognition of in-

centives on the quality of service relating to previous 

years as well as to the greater quantities of electricity 

distributed in the country; electricity generation from

renewable sources in the amount of €9,017 million 

(up by €902 million from 2023) mainly due to great-

er hydraulicity solar and wind generation; the offer of 

products and services for customers in the amount

of €1,036 million (down by €507 million from 2023) 

mainly due to a slowdown on the market of activi-

ties related to energy efficiency and the installation 

of green products.

Taking into account revenue including intercompany 

relations, the percentage deriving from taxonomy-eli-

gible-aligned activities would be 43.5% compared with 

33.7% in 2023, an increase of 9.8%, For more information 

on revenue developments, see note 8 “Performance and

financial position by primary segment (Business Line) and 

secondary segment (Geographical Area)”, note 9a “Rev-

enues from sales and services” and 9b “Other income”.

Environmental information

285

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

CAPEX 2024

13.5%

2.7%

83.8%

11.4

billions of euro

(1)

(1)  Includes increases in leased assets related to leasing

operations (€0.4 billion).

eligible-aligned

not eligible

eligible-not aligned

32. Opex figures for 2023 reflect a more accurate calculation.

In 2024, 83.8% of capex (equal to €9,588 million) relates 

to business activities aligned with the EU Taxonomy.

More specifically, this reflects investments in grids in the

amount of €6,113 million (up €611 million from 2023) in 

order to guarantee the reliability and quality of service 

through efficient, resilient and digital networks; invest-

ments in renewables in the amount of €3,211 million

(down €2,927 million on 2023) due to the substantial

completion of some projects in Battery Energy Storage 

Systems - BESS, and investments relating to products 

and services for customers for the remaining amount of 

€264 million (down €194 million from 2023) mainly due 

to the completion of activities related to energy efficien-

cy measures.

The percentage of capex aligned with the European Tax-

onomy in 2024 is slightly lower than in 2023 (84.8% equal 

to €12,097 million) mainly reflecting: lower capital ex-

penditure in absolute terms (particularly in the renewable

sector for the reasons commented earlier) and a slight 

increase in the share of non-eligible activities over total 

investments (in particular the digitalization of customer 

management operational processes in the Retail seg-

ment). For more information on capital expenditure, see 

the section “Group performance” in the Report on Oper-

ations, in particular the paragraph “Cash flows - Capital

expenditure”. 

OPEX 2024

1.3

billions of euro

(1)

72.4%

11.7%

15.9%

(1)  It only includes expense types required by the taxonomy.

eligible-aligned

not eligible

eligible-not aligned

In 2024, 72.4% of opex, equal to €973 million, relates 

to business activities aligned with the EU Taxonomy 

(compared with 68.2% or €837 million in 2023

32

). More 

specifically, this includes €664 million in costs on dis-

tribution grids, mainly for maintenance (up by €133 

million from 2023), €305 million in maintenance costs 

on renewable generation (up by €4 million from 2023 

due to increased costs on solar technology partly off-

set by lower costs on hydroelectric) and the remaining 

€4 million mainly including operational costs for the 

offer of products and services for end users (essential-

ly in line with 2023). 

Environmental information

286

INTEGRATED ANNUAL REPORT 2024

Results in detail

The tables below are presented according to Regulation (EU) 852/2020\. 

Turnover “Revenue”

(1)

according to the criteria of the EU Taxonomy

2024 Substantial contribution criteria DNSH (“Do No Significant Harm”) Category

Economic 

activities

Code

2024 Turnover 

“Revenue”

Proportion of 2024 

Turnover “Revenue”

Climate Change 

Mitigation (CCM)

Climate Change Adaptation 

(CCA)

Water (WTR)

Circular

economy (CE)

Pollution (PPC)

Biodiversity (BIO)

Climate Change 

Mitigation (CCM)

Climate Change Adaptation 

(CCA)

Water (WTR)

Circular

economy (CE)

Pollution (PPC)

Biodiversity (BIO)

Minimum 

safeguards

Proportion of Turnover Taxonomy-

aligned (A.1) or -eligible (A.2) in 

2023

(2)

Enabling activities

Transitional activities

Millions 

of euro

%

Yes; No; 

N/EL

Yes; No; 

N/EL

Yes; No; 

N/EL

Yes; No; 

N/EL

Yes; No; 

N/EL

Yes; No; 

N/EL

Yes/No Yes/No Yes/

No

Yes /

No

Yes /

No

Yes /

No

Yes /

No

% E T

A.1 Environmentally sustainable activities (Taxonomy-aligned)

Electricity generation 

using solar photovoltaic 

technology

CCM 

4.1

1,380 1.7 YES N/EL N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 0.9

Electricity generation 

from wind power

CCM 

4.3

1,835 2.3 YES N/EL N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 1.8

Electricity generation 

from hydropower

CCM 

4.5

5,058 6.4 YES N/EL N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 5.3

Electricity generation 

from geothermal energy

CCM 

4.6

556 0.7 YES N/EL N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 0.4

Storage of electricity CCM 

4.10

188 0.3 YES N/EL N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 0.1 E

Transmission and 

distribution of electricity

CCM 

4.9

18,264 23.1 YES N/EL N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 17.0 E

Installation, 

maintenance and repair 

of energy efficiency 

equipment

CCM 

7.3

659 0.8 YES N/EL N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 1.0 E

Installation, 

maintenance and repair 

of renewable energy 

technology

CCM 

7.6

164 0.2 YES N/EL N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 0.3

Professional services 

related to energy 

performance of 

buildings

CCM 

9.3

31 0.0 YES N/EL N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 0.0 E

Urban and suburban 

transport, road 

passenger transport

CCM 

6.3

55 0.1 YES N/EL N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 0.1 E

Infrastructure for 

personal mobility

CCM 

6.13

127 0.2 YES N/EL N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 0.2 E

Turnover of 

environmentally 

sustainable activities 

(Taxonomy-aligned) 

(A.1)

28,317 35.9 35.9 0.0 0.0 0.0 0.0 0.0 YES YES YES YES YES YES YES 27. 1

Of which enabling 24.5 24.5 0.0 0.0 0.0 0.0 0.0 YES YES YES YES YES YES YES 18.4 E

Of which transitional 0.0 0.0 0.0 T

Environmental information

287

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

2024 Substantial contribution criteria DNSH (“Do No Significant Harm”) Category

Economic 

activities

Code

2024 Turnover 

“Revenue”

Proportion of 2024 

Turnover “Revenue”

Climate Change 

Mitigation (CCM)

Climate Change Adaptation 

(CCA)

Water (WTR)

Circular

economy (CE)

Pollution (PPC)

Biodiversity (BIO)

Climate Change 

Mitigation (CCM)

Climate Change Adaptation 

(CCA)

Water (WTR)

Circular

economy (CE)

Pollution (PPC)

Biodiversity (BIO)

Minimum 

safeguards

Proportion of Turnover Taxonomy-

aligned (A.1) or -eligible (A.2) in 

2023

(2)

Enabling activities

Transitional activities

Millions 

of euro

%

Yes; No; 

N/EL

Yes; No; 

N/EL

Yes; No; 

N/EL

Yes; No; 

N/EL

Yes; No; 

N/EL

Yes; No; 

N/EL

Yes/No Yes/No Yes/

No

Yes /

No

Yes /

No

Yes /

No

Yes /

No

% E T

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

Electricity generation 

from hydropower

CCM 

4.5

24 0.0 EL N/EL N/EL N/EL N/EL N/EL 0.1

Transmission and 

distribution of electricity 

(new connections to 

plants with threshold 

>100 gCO

2eq

/kWh)

CCM 

4.9

1 0.0 EL N/EL N/EL N/EL N/EL N/EL 0.9

Electricity generation 

from fossil gaseous 

fuels (CCGT)

CCM 

4.29

2,419 3.1 EL N/EL N/EL N/EL N/EL N/EL 2.9

Sale of spare parts CE 

5.2

0 0.0 N/EL N/EL N/EL EL N/EL N/EL 0.0

Conservation including 

restoration of habitats, 

ecosystems and species

BIO 

1.1

0 0.0 N/EL N/EL N/EL N/EL N/EL EL 0.0

Turnover of Taxonomy-eligible

but not environmentally 

sustainable activities (not 

Taxonomy-aligned activities) 

(A.2)

2,444 3.1 310% 0.0 0.0 0.0 0.0 0.0 3.9

A. Turnover of Taxonomy-

eligible activities (A.1+A.2)

30,761 39.0 39.0 0.0 0.0 0.0 0.0 0.0 31.0

B. Turnover of Taxonomy-non-

eligible activities

48,186

61.0 69.0

Total (A + B) 78,947 100.0 100.0

N/EL – non eligible

(1)  No revenue data were considered eligible for the climate adaptation target because Enel does not provide adaptation solutions under Article 

11(b) of the EU Taxonomy.

(2)  The figure for 2023 reflects a more accurate calculation. 

Proportion of turnover/Total turnover

Taxonomy aligned 

per objective (%)

Taxonomy eligible 

per objective (%)

CCM 35.9

39.0

CCA 0.0 0.0

WTR 0.0

0.0

CE 0.0

0.0

PPC 0.0

0.0

BIO 0.0

0.0

Environmental information

288

INTEGRATED ANNUAL REPORT 2024

Capex

(1)

according to the criteria of the European Taxonomy

2024 Substantial contribution criteria DNSH (“Do No Significant Harm”) Category

Economic 

activities

Code

Capex 2024

Proportion of Capex 2024

Climate Change 

Mitigation (CCM)

Climate Change Adaptation

(CCA)

Water (WTR)

Circular

economy (CE)

Pollution (PPC)

Biodiversity (BIO)

Climate Change 

Mitigation (CCM)

Climate Change Adaptation

(CCA)

Water (WTR)

Circular

economy (CE)

Pollution (PPC)

Biodiversity (BIO)

Minimum 

safeguards

Proportion of Taxonomy-aligned 

(A.1.) or -eligible (A.2.) Capex

Enabling activities

Transitional activities

Millions 

of euro

% Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes/No Yes/No Yes/

No

Yes /

No

Yes /

No

Yes /

No

Yes /

No

% E T

A.1 Environmentally sustainable activities (Taxonomy-aligned)

Electricity generation 

using solar photovoltaic 

technology

CCM 

4.1/ 

CCA

4.1

1,479 12.9 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 17. 9

Electricity generation 

from wind power

CCM 

4.3/ 

CCA

4.3

418 3.7 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 8.4

Electricity generation 

from hydropower

CCM 

4.5/ 

CCA

4.5

413 3.6 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 3.5

Electricity generation 

from geothermal energy

CCM 

4.6/ 

CCA

4.6

123 1.1 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 1.0

Storage of electricity CCM 

4.10/ 

CCA 

4.10

602 5.3 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 9.7 E

Manufacture of 

renewable energy 

technology

CCM 

3.1/ 

CCA 

3.1

176 1.5 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 2.5 E

Transmission and 

distribution of electricity

CCM 

4.9/ 

CCA 

4.9

6,113 53.5 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 38.6 E

Installation, 

maintenance and repair 

of energy efficiency 

equipment

CCM 

7.3 / 

CCA 

7.3

140 1.2 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 1.5 E

Installation, 

maintenance and repair 

of renewable energy 

technology

CCM 

7.6

23 0.2 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 0.8 E

Professional services 

related to energy 

performance of 

buildings

CCM 

9.3

3 0.0 YES N/EL N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 0.0 E

Urban and suburban 

transport, road 

passenger transport

CCM 

6.3/ 

CCA 

6.3

3 0.0 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 0.1

Infrastructure for 

personal mobility

CCM 

6.13/ 

CCA 

6.13

95 0.8 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 0.8 E

Capex of 

environmentally 

sustainable activities 

(Taxonomy-aligned) 

(A.1)

9,588 83.8 83.8 0.0 0.0 0.0 0.0 0.0 YES YES YES YES YES YES YES 84.8

Of which enabling 62.5 62.5 0.0 0.0 0.0 0.0 0.0 YES YES YES YES YES YES YES 53.9 E

Of which transitional 0.0 0.0 0.0 T

Environmental information

289

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

2024 Substantial contribution criteria DNSH (“Do No Significant Harm”) Category

Economic 

activities

Code

Capex 2024

Proportion of Capex 2024

Climate Change 

Mitigation (CCM)

Climate Change Adaptation

(CCA)

Water (WTR)

Circular

economy (CE)

Pollution (PPC)

Biodiversity (BIO)

Climate Change 

Mitigation (CCM)

Climate Change Adaptation

(CCA)

Water (WTR)

Circular

economy (CE)

Pollution (PPC)

Biodiversity (BIO)

Minimum 

safeguards

Proportion of Taxonomy-aligned 

(A.1.) or -eligible (A.2.) Capex

Enabling activities

Transitional activities

Millions 

of euro

% Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes/No Yes/No Yes/

No

Yes /

No

Yes /

No

Yes /

No

Yes /

No

% E T

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

Electricity generation 

from hydropower

CCM 

4.5/ 

CCA 

4.5

2 0.0 EL EL N/EL N/EL N/EL N/EL 0.0

Transmission and 

distribution of electricity 

(new connections to 

plants with threshold 

>100 gCO

2eq

/kWh)

CCM 

4.9/ 

CCA 

4.9

5 0.0 EL EL N/EL N/EL N/EL N/EL 0.9

Electricity generation 

from fossil gaseous 

fuels (CCGT)

CCM 

4.29/ 

CCA 

4.29

307 2.7 EL EL N/EL N/EL N/EL N/EL 2.0

Sale of spare parts CE 

5.2

0 0.0 N/EL N/EL N/EL EL N/EL N/EL 0.0

Conservation including 

restoration of habitats, 

ecosystems and species

BIO 

1.1

0 0.0 N/EL N/EL N/EL N/EL N/EL N/EL 0.0

Cogeneration of heat/

cool and power from 

bioenergy

CCM 

4.20/ 

CCA 

4.20

0 0.0 EL EL N/EL N/EL N/EL N/EL 0.0

Capex of Taxonomy-

eligible but not 

environmentally 

sustainable activities 

(not Taxonomy-aligned 

activities) (A.2)

314 2.7 2.7 0.0 0.0 0.0 0.0 0.0 2.9

A. Capex of Taxonomy-eligible 

activities (A.1+A.2)

9,902 86.5 86.5 0.0 0.0 0.0 0.0 0.0 87.7

B. Capex of Taxonomy-non 

eligible activities

1,546 13.5 12.3

Total (A+B)

11,448

100.0 100.0

N/EL – non eligible

(1)  The climate adaptation objective has not been attributed any capital expenditure that could correspond to adaptation solutions pursuant 

to Article 11(1)(a) of the EU Taxonomy in business activities that already contribute to climate mitigation, thus avoiding any potential double 

counting with the data provided on the climate mitigation objective.

Proportion of Capex/Total Capex

Taxonomy aligned 

per objective (%)

Taxonomy eligible 

per objective (%)

CCM 83.8 86.5

CCA 0.0 86.3

WTR 0.0 0.0

CE 0.0 0.0

PPC 0.0 0.0

BIO 0.0 0.0

Environmental information

290

INTEGRATED ANNUAL REPORT 2024

Opex

(1)

according to the criteria of the European Taxonomy

2024 Substantial contribution criteria DNSH (“Do No Significant Harm”) Category

Economic 

activities

Code

Opex 2024

Proportion of opex 2024

Climate Change 

Mitigation (CCM)

Climate Change Adaptation

(CCA)

Water (WTR)

Circular

economy (CE)

Pollution (PPC)

Biodiversity (BIO)

Climate Change 

Mitigation (CCM)

Climate Change Adaptation

(CCA)

Water (WTR)

Circular

economy (CE)

Pollution (PPC)

Biodiversity (BIO)

Minimum 

safeguards

Proportion of Taxonomy-aligned 

(A.1.) or -eligible (A.2.) Opex, 

2023

(2)

Enabling activities

Transitional activities

Millions 

of euro

% Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes/No Yes/No Yes/

No

Yes /

No

Yes /

No

Yes /

No

Yes /

No

% E T

A.1 Environmentally sustainable activities (Taxonomy-aligned)

Electricity generation 

using solar photovoltaic 

technology 

CCM 

4.1/ 

CCA 

4.1

66 4.9 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 4.6

Electricity generation 

from wind power

CCM 

4.3/ 

CCA 

4.3

85 6.3 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 7. 0

Electricity generation 

from hydropower 

CCM 

4.5/ 

CCA 

4.5

149 11.1 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 12.5

Electricity generation 

from geothermal energy

CCM 

4.6/ 

CCA 

4.6

5 0.4 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 0.4

Transmission and 

distribution of electricity

CCM 

4.9/ 

CCA 

4.9

664 49.4 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 43.3 E

Installation, 

maintenance and repair 

of energy efficiency 

equipment 

CCM 

7.3 / 

CCA 

7.3

1 0.1 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 0.1 E

Installation, 

maintenance and repair 

of renewable energy 

technology

CCM 

7.6

1 0.1 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 0.1 E

Professional services 

related to energy 

performance of 

buildings 

CCM 

9.3

0 0.0 YES N/EL N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 0.0 E

Urban and suburban 

transport, road 

passenger transport 

CCM 

6.3/ 

CCA 

6.3

0 0.0 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 0.0

Infrastructure for 

personal mobility

CCM 

6.13/ 

CCA 

6.13

2 0.1 YES NO N/EL N/EL N/EL N/EL YES YES YES YES YES YES YES 0.2 E

Opex of environmentally 

sustainable activities 

(Taxonomy-aligned) (A.1)

973 72.4 72.4 0.0 0.0 0.0 0.0 0.0 YES YES YES YES YES YES YES 68.2

Of which enabling 49.7 49.7 0.0 0.0 0.0 0.0 0.0 YES YES YES YES YES YES YES 43.7 E

Of which transitional 0.0 0.0 0.0 T

Environmental information

291

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

2024 Substantial contribution criteria DNSH (“Do No Significant Harm”) Category

Economic 

activities

Code

Opex 2024

Proportion of opex 2024

Climate Change 

Mitigation (CCM)

Climate Change Adaptation

(CCA)

Water (WTR)

Circular

economy (CE)

Pollution (PPC)

Biodiversity (BIO)

Climate Change 

Mitigation (CCM)

Climate Change Adaptation

(CCA)

Water (WTR)

Circular

economy (CE)

Pollution (PPC)

Biodiversity (BIO)

Minimum 

safeguards

Proportion of Taxonomy-aligned 

(A.1.) or -eligible (A.2.) Opex, 

2023

(2)

Enabling activities

Transitional activities

Millions 

of euro

% Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes; 

No; N/

EL

Yes/No Yes/No Yes/

No

Yes /

No

Yes /

No

Yes /

No

Yes /

No

% E T

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

Electricity generation 

from hydropower

CCM 

4.5/ 

CCA 

4.5

1 0.1 EL EL N/EL N/EL N/EL N/EL 0.1

Transmission and 

distribution of electricity 

(new connections to 

plants with threshold 

>100 gCO

2eq

/kWh)

CCM 

4.9/ 

CCA 

4.9

0 0.0 EL EL N/EL N/EL N/EL N/EL 0.8

Electricity generation 

from fossil gaseous 

fuels (CCGT)

CCM 

4.29/ 

CCA 

4.29

156 11.6 EL EL N/EL N/EL N/EL N/EL 10.9

Sale of spare parts CE 

5.2

0 0.0 N/EL N/EL N/EL EL N/EL N/EL 0.0

Conservation including 

restoration of habitats, 

ecosystems and species

BIO 

1.1

0 0.0 N/EL N/EL N/EL N/EL N/EL EL 0.0

Opex of Taxonomy-eligible but 

not environmentally sustainable 

activities (not Taxonomy-

aligned activities) (A.2)

157 11.7 11.7 0.0 0.0 0.0 0.0 0.0 11.8

A. Opex of Taxonomy eligible 

activities (A.1+A.2)

1,130 84.1 84.1 0.0 0.0 0.0 0.0 0.0 80.0

B. Opex of Taxonomy-non 

eligible activities

213 15.9 20.0

Total (A + B) 1,343 100.0 100.0

N/EL – non eligible

(1)  In accordance with Article 11(1)(a) of the EU Taxonomy, no opex that could correspond to adaptation solutions in business activities that already 

contribute to climate mitigation were attributed to the climate adaptation goal, thus avoiding any potential double counting with the data 

provided on the climate mitigation goal.

(2)  The figure for 2023 reflects a more accurate calculation. 

Proportion of Opex/Total Opex

Taxonomy aligned 

per objective (%)

Taxonomy eligible 

per objective (%)

CCM 72.4 84.1

CCA 0.0 84.0

WTR 0.0 0.0

CE 0.0 0.0

PPC 0.0 0.0

BIO 0.0 0.0

Environmental information

292

INTEGRATED ANNUAL REPORT 2024

Additional information on electricity generation from 

nuclear and gas activities

The following data are reported in accordance with Commission Delegated Regulation (EU) 2022/1214 of March 9, 

2022 amending Delegated Regulation (EU) 2021/2139 regarding economic activities in certain energy sectors and 

Delegated Regulation (EU) 2021/2178 regarding public information specific to those economic activities. 

Template 1 – Nuclear and fossil gas related activities

Nuclear energy related activities

1 The undertaking carries out, funds or has exposures to research, development, demonstration and 

deployment of innovative electricity generation facilities that produce energy from nuclear processes with 

minimal waste from the fuel cycle.

No

2 The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear 

installations to produce electricity or process heat, including for the purposes of district heating or 

industrial processes such as hydrogen production, as well as their safety upgrades, using best available 

technologies.

No

3 The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that 

produce electricity or process heat, including for the purposes of district heating or industrial processes 

such as hydrogen production from nuclear energy, as well as their safety upgrades.

Yes

Fossil gas related activities

4 The undertaking carries out, funds or has exposures to construction or operation of electricity generation 

facilities that produce electricity using fossil gaseous fuels.

Yes

5 The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of 

combined heat/cool and power generation facilities using fossil gaseous fuels.

No

6 The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat 

generation facilities that produce heat/cool using fossil gaseous fuels.

No

As shown in the table above, the only applicable activities for Enel are the safe operation of existing nuclear power 

plants and the operation of electricity generation plants using gaseous fossil fuels. The first activity is 100% Taxono-

my-non-eligible, while the second is 100% Taxonomy-eligible-non-aligned. Consequently, the following tables refer to 

models number 4 and 5 included in the Annexes section of the Complementary Delegated Act. The remaining mod-

els included in said Delegated Act (models number 2 and 3) are not applicable to Enel’s business model, since these 

activities are not considered eligible-aligned. In addition, the information refers only to the climate change mitigation 

objective, since this appears to be the prevailing one for the Group.

Environmental information

293

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Template 4 – Taxonomy-eligible but not taxonomy-aligned 

economic activities

TURNOVER “REVENUE”

Economic activities Climate change mitigation

Amount in 

millions of 

euros

%

Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred 

to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the 

applicable KPI

2,419 3.1

Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities 

not referred to in rows 1 to 6 above in the denominator of the applicable KPI

25 0.0

Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities 

in the denominator of the applicable KPI

2,444 3.1

CAPEX

Economic activities Climate change mitigation

Amount in 

millions of 

euros

%

Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred 

to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the 

applicable KPI

307 2.7

Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities 

not referred to in rows 1 to 6 above in the denominator of the applicable KPI

7 0.0

Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities 

in the denominator of the applicable KPI 

314 2.7

OPEX

Economic activities Climate change mitigation

Amount in 

millions of 

euros

%

Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred 

to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the 

applicable KPI

156 11.6

Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities 

not referred to in rows 1 to 6 above in the denominator of the applicable KPI

1 0.1

Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities 

in the denominator of the applicable KPI

157 11.7

Environmental information

294

INTEGRATED ANNUAL REPORT 2024

Template 5 - Taxonomy non-eligible economic activities

TURNOVER “REVENUE”

Economic activities Climate change mitigation

Amount in 

millions of 

euros

%

Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-

non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 

in the denominator of the applicable KPI

1,316 1.7

Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 

1 to 6 above in the denominator of the applicable KPI

46,870 59.3

Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of 

the applicable KPI

48,186 61.0

CAPEX

Economic activities Climate change mitigation

Amount in 

millions of 

euros

%

Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-

non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 

in the denominator of the applicable KPI

174 1.5

Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 

1 to 6 above in the denominator of the applicable KPI

1,372 12.0

Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of 

the applicable KPI

1,546 13.5

OPEX

Economic activities Climate change mitigation

Amount in 

millions of 

euros

%

Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-

non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 

in the denominator of the applicable KPI

89 6.6

Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 

1 to 6 above in the denominator of the applicable KPI

124 9.3

Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of 

the applicable KPI

213 15.9

Environmental information

295

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Climate change

ESRS E1

The disclosure requirements of ESRS E1 “Climate change” standard have been covered by reference to other parts 

of the Report on Operations that are external to the Sustainability Statement (the “Incorporation by Reference”

approach).

ESRS E1 – Climate change Section

ESRS 2, GOV-3 Integration of sustainability-related 

performance in incentive schemes

• Incentives system

E1-1 Transition plan for climate change mitigation • Zero emissions ambition: the 

decarbonization plan for mitigation of 

climate changes

• Actions for managing the IROs connected 

with climate change

ESRS 2 SBM-3 Material impacts, risks and opportunities, and 

their interaction with strategy and business 

model

• Analysis of the scenarios and resiliency of the 

strategy

• Opportunities and risks of the energy 

transition

ESRS 2 IRO-1 Description of the processes to identify and 

assess material climate-related impacts, risks 

and opportunities

• Impacts, risks and opportunities related to 

climate change

• Analysis of the scenarios and resiliency of the 

strategy

• Identification and management of risks and 

opportunities

E1-2 Policies related to climate change mitigation 

and adaptation

• Policies related to climate change mitigation 

and adaptation

E1-3 Actions and resources in relation to climate 

change policies

• The Strategic Plan

• Actions for managing the IROs connected to 

climate change

E1-4 Targets related to climate change mitigation 

and adaptation

• Actions for managing the IROs connected to 

climate change

E1-5 Energy consumption and mix • Energy consumption and mix

E1-6 Gross Scopes 1, 2, 3 and total GHG emissions • Methodology for calculating greenhouse gas 

emissions

• Greenhouse gas emission trends in 2024

Environmental information

296

INTEGRATED ANNUAL REPORT 2024

Conservation of natural capital

Environmental Policy

ESRS E2-1; E3-1; E4-1; E5-1 

Enel’s Environmental Policy defines the Group’s com-

mitment to protecting natural capital and fighting cli-

mate change. It also provides guidelines to support the 

development of action plans and specific targets for 

the management of environmental issues found to be 

material and their associated IROs (climate change, at-

mospheric pollution, water resource management, bi-

odiversity and waste). The Policy was approved by the 

Board of Directors and signed by the Chief Executive 

Officer and consequently disseminated and applied at 

Group level as a guiding tool for defining specific pro-

cesses and instructions. The Policy further stipulates 

that management roles and responsibilities for imple-

menting environmental management processes are 

identified at the organization level. 

In addition, as a complement to the Group’s Policy, 

specific policies have been defined for the manage-

ment of material topics and IROs reported in the spe-

cific sections of the document. 

ENVIRONMENTAL POLICY DESCRIPTION

MAIN CONTENTS

•

Reduce environmental impacts through the application of the best available 

technologies and best practices at all stages of the value chain.

•

Promote the fight against climate change in line with limiting global temperature 

to 1.5 °C compared to the pre-industrial era, accelerating the energy transition 

to zero emissions and increasing the resilience of business activities.

•

Preserve water, air and soil and optimize resource management. 

•

Build plants and infrastructure while protecting the land and biodiversity.

•

Optimize waste management.

•

Promote the circular economy approach and initiatives.

•

Develop innovative technologies for the environment.

SCOPE

•

Assets under Enel’s operational control and entire value chain.

IROs COVERED AND 

REFERENCES

•

Mitigation, adaptation and energy consumption, paragraph “Climate 

change”.

•

Reducing emissions into the air, paragraph “Pollution”.

•

Withdrawal of water resources, paragraph “Water and marine resources”. 

•

Changes in land, fresh water and sea usage, paragraph “Biodiversity and 

ecosystems”.

•

Population size of species, paragraph “Biodiversity and ecosystems”. 

•

Non-hazardous waste from Operation and Maintenance activities, 

paragraph “Resource use and circular economy”.

STAKEHOLDERS INVOLVED 

IN THE DEFINITION

•

Promote corporate sustainability practices among suppliers, contractors, 

customers and partners.

•

Communicate Enel’s environmental performance to the public, institutions, 

Group employees and other relevant stakeholders.

DIFFUSION

•

Public policy available at the link https://www.enel.com/content/dam/enel-

com/documenti/investitori/sostenibilita/enel-group-enviromental-policy.

pdf.

•

https://globalprocurement.enel.com/content/dam/enel-gp/documents/

other-useful-documents/health-and-safety/New_Enel_Group_

Environmental_Policy_2024_EN.pdf.

Environmental information

297

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Actions and resources related to governance and advocacy for the

environment

SUBTOPIC  DESCRIPTION OF IRO TYPE

ACTION PLAN

GOVERNANCE AND 

ADVOCACY FOR THE

ENVIRONMENT

Improvement of environmental and climate 

performance in all the Group’s sites through the 

adoption of robust environmental governance,

guaranteed by a widespread network of HSEQ 

professionals and certified environmental 

management systems, aimed at promptly 

adopting regulatory developments, participating 

in their preparation, meeting the expectations of 

stakeholders and promoting an environmental 

consciousness among employees, suppliers and 

customers.

The Group guarantees constant 

control and monitoring of activities 

of environmental importance 

through its organization. 

The application of ISO 14001 

certified Environmental 

Management Systems (EMS) is one 

of the main tools for implementing 

the Group’s Environmental Policy.

Positive impact

Enel has adopted an organizational and governance 

model that ensures that sustainability issues, including 

aspects related to nature, are given adequate considera-

tion in all relevant company decision-making processes, 

through the definition of specific tasks and responsibili-

ties for the main corporate bodies (for more information, 

see the chapter “Governance” in this document). The 

Group ensures constant oversight and monitoring of en-

vironmentally relevant activities through a granular and 

harmonized organization at the level of central struc-

tures, for the coordination and direction of activities, and

at the country level, for the management of specific and 

operational aspects at the Group’s various sites. Roles

and responsibilities on Health, Safety, Environment and 

Quality issues are defined and reported in the company 

organization charts; delegations of function with power 

of attorney are also issued in both environmental and

workplace safety matters, with assignment of necessary 

related decision-making and spending powers. 

The application of ISO 14001 certified Environmental

Management Systems (EMS) is one of the main tools for 

implementing the Group’s Environmental Policy. At the

end of 2024, almost all Enel people (95%) were covered 

by certification. In support of the EMS, Enel engages in 

a structured environmental training program, which in 

2024 resulted in the delivery of approximately 28,600 

hours of training on the environment and nature, ad-

dressing various topics such as waste management, 

water and biodiversity impacts. An awareness cam-

paign was also launched for these issues, involving the 

entire Enel population. 

As regards environmental advocacy more specifically, see 

the section on “Political influence and lobbying activities”.

In order to identify and minimize environmental impacts 

and risks related to its activities, Enel has equipped it-

self at Group level with a number of important tools for 

guidance, investigation and intervention. Specifically:

• Group Policy for the Classification and Analysis of 

Environmental Incidents: this classifies events by 

type and significance of impact on the environment 

and the organization, defining procedures for analyz-

ing causes and monitoring corrective actions.

• Policy for Assessment of Risks and Opportunities 

Related to Environmental Impacts: this Policy is com-

pliant with ISO 14001:2015 and applies a single model 

for assessing environmental risks and opportunities 

at all operational sites utilizing the Environmental Risk

Analysis (ERA) tool. 

• Policy for Extra Checking on Site (ECoS): this regu-

lates the planning and conduct of visits to operation-

al sites to identify improvement plans and share best 

practices.

• Emergency Management Policy: this Policy defines 

criteria for preventing and managing emergencies 

at Enel sites, ensuring safety, environmental protec-

tion and business continuity, in coordination with 

local authorities.

• Environmental and Social Impact Assessment 

(ESIA) Policy: provides guidelines for integrated 

management of impacts in new projects, in line with 

international standards, promoting risk mitigation, 

transparency and stakeholder engagement, starting 

with local communities.

Special policies and contract clauses have been de-

fined for the Qualification and Contractor Manage-

ment processes in order to assess suppliers and 

manage environmental risks arising from contracted 

activities (for more details see the section “Workers in 

the value chain”).

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298

INTEGRATED ANNUAL REPORT 2024

Process to identify and assess material IROs for the environment

ESRS 2 IRO-1

33. The assessments were updated in 2024, also based on evidence from some site-specific analyses.

Enel has adopted a structured process for identifying, 

assessing and managing IROs related to environmen-

tal aspects material to the organization. This is based 

on recommendations developed for the utility sector 

by major international frameworks, such as the Task-

force on Nature-related Financial Disclosure (TNFD), 

in which Enel is an active participant and of which it 

will be an early adopter by 2025, the WBCSD World 

Business Council for Sustainable Disclosure, of which 

Enel was a pilot case for the utility sector, and, where 

applicable, the Science Based Targets Network (SBTN). 

The relevant impacts and dependencies are in fact 

essential for understanding the organization’s interac-

tions with the environment and their future evolution, 

in order to define the Group’s strategies and its action 

plans, in line with the commitment to pursue the ob-

jectives of the Kunming-Montreal Global Biodiversity 

Framework.

Identification of impacts and

dependencies relevant to Enel 

technologies 

The identification of the potential IROs, adopted by 

Enel in the double materiality analysis, was conducted

starting from the definition of significant impact factors 

and dependencies for the various technologies relevant

to the Group, which have been collected in the priority 

maps (hotmaps) developed starting from the indications 

of the tool ENCORE (Exploring Natural Capital Opportu-

nities, Risks and Exposure) applied to the utility sector 

and revised according to the specific construction and 

operational solutions adopted by Enel in compliance with

industry guidelines. Where appropriate, impact factors

relevant to Operation & Maintenance activities have been 

distinguished from Construction & Demolition activities, 

the latter referring only to the main construction or re-

powering sites of generation plants.

33

BothOperation & Maintenance Construction & Demolition

Technology hotmaps

Impact factors

Use of freshwater ecosystems

Water pollutants

Disturbance factors

Air pollutants (non-GHG)

Soil pollutants

Solid waste

Use of terrestrial ecosystems

Greenhouse gas emissions (GHG)

Water withdrawal

Dependencies

Climate regulation

Soil stabilization and erosion control

Flood and storm protection

Use of groundwater

Use of surface water

Conservation of the water cycle

The potential impacts on nature and biodiversity are

mainly related to water consumption and climate-chang-

ing and polluting emissions from fossil fuel technologies, 

which Enel is committed to drastically reducing with the

ongoing phase-out of coal-fired plants, the Net Zero 

pathway, and the energy transition to renewable sources, 

mainly wind and solar. The spread of the latter technolo-

gies has, on the other hand, introduced new possible im-

Environmental information

299

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

pacts especially related to the transformation of natural

habitats, also indicated by the map. 

Dependencies on ecosystem services appear to be 

primarily attributable to climate regulation and thus, pro-

spectively, to the effects of climate change, both chronic 

and acute. Indeed, the preservation of the water cycle, 

with the risk of unavailability or heating of the resource in 

some countries and regions, is a potentially critical factor 

for the proper operation of hydroelectric, thermal and 

nuclear power plants. In addition to this, the increased 

frequency of extreme weather and climate events, in 

conjunction with local conditions of hydrogeological 

disruption due to soil instability or natural degradation, 

constitute additional factors of dependence on essential 

ecosystem services, which are also capable of jeopard-

izing the integrity and operation of facilities, especially 

wind and solar. 

34. Italy, Spain, Chile, Colombia, Brazil and United States.

Evaluation of IROs with reference to 

the entire value chain 

The  assessment of environmental IROs was per-

formed on the entire value chain adopting a combined 

and diversified approach, considering separately the 

Operation & Maintenance activities of operating as-

sets from the design and on-site construction of new 

assets and the decommissioning of end-of-life assets. 

Also included within these activities are those con-

tracted by Enel to third-party companies to operate at 

its sites and operating assets (works and services). Fi-

nally, an additional phase of investigation involved IRO 

analysis related to upstream activities of equipment, 

component and commodity procurement, which are 

considered to be a priority for the utilities sector in 

terms of potential impacts compared to downstream 

activities (customer management). 

IRO valuation for operating assets 

As regards Enel’s consolidated operating assets, the 

analysis included the identification of hotspots at which 

to perform the IRO assessment according to the TN-

FD-LEAP (Taskforce on Nature-related Financial Dis-

closures - Locate, Evaluate, Assess, Prepare) method-

ology. For this purpose, the geographical localization 

of assets in the different countries where the Group is 

present

34

and their prioritization on the basis of local 

natural conditions and the intensity of the impacts pe-

culiar to the applied technology was carried out. 

Land 

occupation

Transformation 

of natural areas

Habitat 

significance 

(biodiversity value 

or water stress)

Intensity 

of impact 

factors 

(significance 

thresholds)

Relevance 

to the 

organization 

(environmental 

events, improvement 

plans, EMS risks)

IDENTIFICATION 

OF PRIORITY 

SITES 

(HOTSPOTS)

IMPACT ON NATURE

BY THE ORGANIZATION

LOCAL CONDITIONS

(STATE OF NATURE)

INTENSITY OF IMPACT

FACTORS

&

=

Local natural conditions were assessed by con-

sidering indicators of natural area transformation, 

the presence of biodiversity-significant habitats

(protected areas, endangered species and critical 

habitats, for which see the “Biodiversity and eco-

systems” section of this chapter for details) and

Environmental information

300

INTEGRATED ANNUAL REPORT 2024

areas subject to water stress conditions (assessed

through the Aqueduct tool Water Ratio Index (WRI)). 

Conversely, the significance of impact factors was 

estimated by introducing threshold values for the 

main technology indicators, chosen from the rele-

vant hotmaps (see figure above). Technology indi-

cators range from land occupation and transforma-

tion, water withdrawals, pollutant emissions, waste 

generation and disturbance effects on animal spe-

cies. To the assets thus selected were added ad-

ditional ones considered relevant to the organiza-

tion as a result of the occurrence of environmental

events, improvement actions that emerged from in-

spections/audits (e.g. ECoS), and the results of en-

vironmental risk analysis provided by management

systems.

The LEAP (Locate, Evaluate, Assess, Prepare) analysis 

conducted on the priority sites, which started in 2024 

and will be completed in 2025, analyzed potential and 

residual IROs in the specific local contexts, introducing 

qualitative metrics for estimating their scope, magni-

tude/gravity, likelihood, and level of control, and also 

included assessment of relationships with local stake-

holders and communities. Their engagement takes 

place both in the initial stages of authorization and 

in the subsequent stages of asset operation, through 

the definition and constant updating of action plans, 

controls, projects and improvement objectives, both 

mandatory and voluntary, the outcomes of which are 

periodically communicated externally through public 

and press initiatives (for more details see the section 

“Stakeholder engagement”). 

The main types of impact, economic risk and oppor-

tunity found to be relevant to the LEAP analysis are 

summarized in the table below. Any financial risks will 

also be valued in 2025, in line with the international 

TNFD framework.

MAIN IMPACTS, RISKS AND OPPORTUNITIES 

Impacts (change in environmental conditions) Risks (increased expenses) Opportunities (increased revenue)

• transformation/land  degradation 

• habitat  loss/fragmentation 

• decrease in the richness/abundance of 

endangered species (flora, fauna)

• reduction in water resource availability 

• reduction of ecosystem services (e.g. 

protection from natural hazards)

• depletion of soil quality/soil sealing 

• delays in obtaining permits

• greater operational obligations 

• reduction/shutdown of power 

generation capacity 

• restoration/repair of assets 

• adaptation/technological innovation 

• additional insurance fees

• loss of competitiveness

• reputational damage

• reputational and competitive 

advantage resulting from improved 

environmental and sustainability 

performance (e.g. more efficient use 

of resources, habitat protection and 

restoration initiatives) 

• development of new businesses 

(offer of “nature-positive” energy 

products and services; new sustainable 

innovation partnerships; access to 

green funding)

From a quantitative point of view, the surveys con-

ducted yielded the following results:

• by applying the asset-level prioritization criteria, 54 

hotspots were identified (see figure below). These 

represent a very small fraction of the overall geo-

graphic footprint of Group activities (less than 5%);

• residual risk values in the 18 hotspots analyzed in 

2024 (wave 1) using the LEAP methodology are all 

LOW, indicating that potential impacts and risks

are at all times managed/mitigated by appropri-

ate procedures and action plans in place. Only 

for two assets were higher levels of risk (medium 

and medium-high) temporarily assessed, pending

completion of action plans already underway, with 

no need for further management or mitigation

actions.

  


Environmental information

301

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

no. 

assets

(baseline)

(1)

238

12,817

(2)

54

144

36

577

Priority on local impacts and 

dependencies

(3)

Technological 

impact 

indicators

• Impacts on 

birds

• Silting and 

quality of water 

bodies

• Atmospheric 

emissions 

(Hg/H

2

S)

• Land 

occupation

• Freshwater 

withdrawals in 

water stressed 

areas

• Percentage of 

conductors in 

cable

Biodiversity 

indicators

(all technologies) 

• Land 

occupation

• Transformation 

of natural 

habitat

• Significance 

for biodiversity 

(protected 

areas, 

protected 

species, IUCN 

I-IV or critical 

habitats)

Stakeholder 

indicators 

• Significant 

or severe 

environmental 

events:

• Accidents

• Adverse media 

events

• Administrative 

proceedings

• Environmental 

Analysis EMS ISO 

14001

• CSR (Corporate 

Social 

Responsibility) 

and Biodiversity 

Projects

Indicators of 

dependence 

• Climate 

regulation

• Flood and storm 

protection

• Soil stabilization 

and erosion 

control 

8 2

17

54

8

4

2

5

2

4

2

16

2

Hotspot Wave 1

18

Risks Action plan

L M H

Not 

necessary

Adopted/

in progress

Not 

necessary

Not 

necessary

Not 

necessary

Adopted/

in progress

22

24

27

18

15

48

1

1

1

Total

L: low

M: medium

H: high

(1)  Core countries.

(2)  Common technical fraction.

(3)  TNFD-LEAP methodology.

IRO assessment for new plant design 

and implementation 

The identification and management of the IROs relat-

ed to the siting, authorization and construction of new 

plants are the specific objective of the ESIA Policy for 

the evaluation of Environmental and Social Impacts 

and of the Biodiversity Management Policy, which pro-

vide the guidelines to be followed for the management 

of the authorization process and the definition of the 

Group’s objectives, with reference to international 

standards and directives.

IRO assessment for decommissioning 

power generation plants

For the management of the end-of-life power plants, 

after making them safe and before proceeding with 

their dismantling and the redevelopment of the area 

for new projects, Enel proceeds, in accordance with 

the permit requirements and legal provisions in force 

in the various countries, to an additional verification 

of the environmental quality status of the soil, subsoil 

and groundwater in the plant areas. In the event of po-

tential contamination phenomena, characterization 

of the environmental matrices in the areas potentially 

affected and, if necessary, implementation of safety 

measures and subsequent remediation, are execut-

ed according to intervention plans shared with the 

competent authorities and by resorting to specialist, 

qualified companies that are able to promptly restore 

the level of quality suitable for the intended use of the 

area. Adopted procedures ensure that impacts and 

risks relevant to the organization are identified and 

managed optimally.

IRO assessment for the supply chain 

The IRO analysis of the supply chain was conducted 

according to the approach taken for estimating GHG 

emissions in Scope 3. Starting from the annual pro-

curement plans, commodity categories were iden-

tified and purchase volumes assessed. By analyzing 

data from Environmental Product Declaration (EPD) 

  


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302

INTEGRATED ANNUAL REPORT 2024

certifications provided by accredited suppliers, proxy 

environmental indicators were selected for different 

impact categories (pollutant emissions, water re-

sources, biodiversity, waste generation) and average 

values per unit of product were calculated. Based on 

the quantities procured, cumulative values were de-

termined and then normalized into an impact index 

35. The relevance threshold for sanctions is $10,000, therefore only sanctions that individually exceed this amount are reported.

36\.  The relevance threshold of significant sanctions is €100,000, as defined in Enel’s internal policies.

for each product category. In addition, through inter-

nal and external databases (such as Yale University’s 

Environmental Performance Index) an ESG indicator 

of countries of origin was identified. By combining the 

impact index with the ESG indicator, an indicator of 

potential environmental risk was estimated, making it 

possible to define a priority ranking for the analysis.

PRIORITY

RANKING/LCA IMPACT

INDICATORS

DISTRIBUTION OF

PURCHASES/ENVIRONMENTAL

PERFORMANCE OF COUNTRY

POTENTIAL

RISK 

= &

This process has therefore made it possible to identi-

fy, based on the relevance of the quantities procured, 

the specific environmental footprints of the prod-

ucts, the performance of the countries of origin, the 

priority supply categories, including transformers, 

electric cables and  storage batteries, with respect 

to which direct discussions will be initiated with the 

main suppliers over the next year, aimed at sharing 

joint improvement actions.

For  commodities (coal and gas), the IRO analysis 

was also initiated starting with the potential impacts 

identified by Encore for the oil & gas supply chain, on

different environmental issues (pollutant emissions, 

water resources, biodiversity, waste generation) and

mapping the mitigation actions declared by the main

direct suppliers. 

Environmental legal disputes 

The number of legal proceedings at December 31, 

2024 was 131 across the whole Group. The main en-

vironmental disputes related to Latin America and 

Spain. The amount of fines imposed in 2024

35

was 

approximately €1.4 million. In 2024

36

the most signif-

icant fines were recorded in Brazil and Chile and were 

related to impacts on habitat and archaeological sites, 

respectively.

  


Environmental information

303

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Pollution 

ESRS E2 

0.10 g/kWh

SO

2

SPECIFIC EMISSIONS

0.09 in 2023

0.25 g/kWh

NO

X

SPECIFIC EMISSIONS

0.26 in 2023 

0.006 g/kWh

DUST SPECIFIC EMISSIONS

0.006 in 2023

The results of the 2024 double materiality process for aspects related to “Pollution” are reported below, with details 

of the material IROs used in the preparation of this section.

SUBTOPIC DESCRIPTION OF IRO  TYPE

TARGET/ACTION 

PLAN

AIR POLLUTION

Sub-subtopic 

Reducing emissions into the air 

(excluding CO

2

)

Improvement of industrial site 

conditions resulting from the 

reduction of air pollutant emissions 

(other than GHG) pursued through 

continuous monitoring and 

improvement programs.

Target:

•

Reduction in specific emissions of SO

2

• Reduction of NO

x

specific emissions

• Reduction of dust specific emissions

• Reduction of mercury emissions

Positive impact

Policies related to pollution 

ESRS E2-1

The prevention of air, water and soil pollution and the

minimization of the impact on the environment and

ecosystems associated with the Group’s operating 

assets are strategic objectives of Enel’s Environmen-

tal Policy, reported in the section “Conservation of 

natural capital” to which reference should be made 

for further details. These goals are implemented 

through an ongoing effort to prevent and control the 

pollutant load in environmental matrices through the 

application of the most advanced available technol-

ogies and best practices, including minimizing and,

where possible, replacing the utilization of substanc-

es of concern. The Group has also defined suitable 

and adequate measures for the prevention and man-

agement of emergencies and any remedial actions

where necessary. 

Action plan for the management of material IROs

ESRS E2-2

Based on the materiality analysis conducted, emis-

sions related to the macro air pollutants SO

2

, NO

x

and 

dust were found to be relevant. The Enel Group has 

adopted an action plan to reduce these emissions at 

all its power generation sites in line with its energy 

transition strategy.

  


Environmental information

304

INTEGRATED ANNUAL REPORT 2024

YES  NO

ACTION DESCRIPTION 

Application of best 

practices (BAT-

AEL, Best Available 

Technique-

Associated 

Emission Level) for 

the emission of air 

pollutants

Adoption of air pollutant 

abatement and control 

technologies in line 

with the permitting and 

operating requirements 

valid in different 

countries. 

Reduced 

emissions of 

SO

2

, NO

x

, dust 

and mercury*

The decarbonization 

and energy transition 

plan enables drastic 

reductions in mass 

and specific emissions 

of air pollutants. 

Thermal 

power plants 

* in Italy, Chile 

and Spain

Implementation of the 

decarbonization and 

energy transition plan.

Decarbonization 

plan (2030)

Scope Target Timing Monitoring

Thermal 

power plants

• Internal procedures 

and environmental 

management 

systems ISO 14001.

• Quarterly Group KPI 

monitoring.

According to the 

specific permit 

requirements for 

the construction 

and operation of 

plants

37. Zero discharge involves the adoption of Zero Liquid Discharge (ZLD) solutions through Softening, Evaporation & Crystallization (SEC) plants.

38. In a very limited number of cases, the quantities of some pollutants in water foreseen in the E-PRTR list were found to be above the threshold 

for the year 2023 and therefore subject to communication by the plants. However, these are (over)estimated quantities, as they are calculated 

by assuming a concentration equal to the analytical detection limits of the control laboratory, multiplied by the water flow rates (cooling water). 

These are mainly thermoelectric plants in the closure phase, with end of activity planned for 2025. 

Aligned with the Paris Agreement and SBTi-certified, 

the decarbonization plan sets targets and action plans 

for emission reductions with potential positive impacts 

on the natural state and local communities by setting 

the transition path from thermal to renewable technol-

ogies (see the chapter “Climate change” for information 

on the action plan).

In addition, Enel is committed in all its operating assets 

to the continuous application of the most advanced 

available technologies and best practices in all its oper-

ating assets to minimize all possible forms of pollution 

of environmental matrices (air, water and soil). These 

protection principles are rendered operational through 

the establishment of quantitative, mandatory and vol-

untary action plans and targets applied to those pro-

duction and service sites and infrastructures for which 

these impacts may be significant, from the design and 

construction phases to end-of-life operation and rede-

velopment. 

For the additional pollutants in air indicated by the Pol-

lutant Release and Transfer Registers (E-PRTR) for the 

energy sector, assessment of annual emissions from

individual plants for 2024 and reporting of any amounts 

above threshold values will be carried out by April 30, 

2025, as required by Regulation (EC) no. 166/2006. The 

resulting values will then be published on the European 

Industrial Emissions Portal. With reference to the data 

reported for 2023, the main point worth noting is the 

emission by coal-fired thermal power plants of some

metallic micropollutants (Cu, Zn, Ni, Hg) present in the 

dust, and of some trace acid gases (HCl, HF) abated by 

SO

2

removal systems. These quantities, linked as men-

tioned to those of dust and SO

2

already targeted, are 

also expected to decrease rapidly, in line with the ex-

pected gradual phase-out of coal-fired plants.

As regards the management of discharges from the 

Group’s operating assets, in thermal power plants not

equipped with “zero discharge”

37

systems, these al-

ways take place downstream of a treatment process 

for the removal of any pollutants present. This is done 

up to concentration levels such as not to cause neg-

ative impacts on the receiving water bodies and not 

significant with respect to disclosure obligations,

38

as 

verified by sampling and analysis plans and in compli-

ance with the limits and requirements set forth by the 

relevant national regulations and operating permits.

The pollutants potentially present in the discharges, 

among those listed as relevant for the energy sector 

by the E-PRTR Registry, consist mainly of metals (Fe,

Al, Si, Ca, Mg) present in solution or, to a lesser ex-

tent, as suspended solids; nitrates and phosphates, 

related to combustion processes and not to the uti-

lization of chemicals, are also present in insignificant

amounts.

  


Environmental information

305

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Finally, with respect to the potential subsoil and 

groundwater pollution, Enel adopts protection and 

safety measures at all stages of plant life in order to limit 

and reduce to insignificant levels the risk of contami-

nation by pollutants. Operations are subject to com-

pliance checks and monitoring plans according to ISO 

14001-certified Environmental Management Systems. 

In the event of accidental spills, the immediate applica-

tion of Stop Work and Emergency Management Policies

minimizes impacts and ensures compliance with regu-

lations. In the decommissioning and repurposing phase 

of the plants, Enel verifies the environmental quality of 

the areas and, if necessary, implements characteriza-

tion, safety and remediation measures in cooperation 

with the competent authorities to ensure environmen-

tal restoration in accordance with the intended use of 

the area.

Enel’s commitment also extends to activities upstream 

and downstream in its value chain. Indeed, the qualifi-

cation criteria for contractors and the contractual con-

ditions assigned ensure that the principles and good 

practices adopted by Enel apply to the works and ser-

vices performed by outside firms operating at opera-

tional assets (for further details see the section “Work-

ers in the value chain”). On the other hand, as regards 

the analysis of IROs associated with the value chain, see 

the section “IRO assessment for the supply chain” for 

further discussion. 

Metrics and targets

Targets related to air pollution

ESRS E2-3

Not in line  In line  Achieved

KPI POLICIES SCOPE

Reduction 

in specific 

emissions of SO

2

Reduction of 

specific NO

x

emissions

Reduction of 

specific dust 

emissions

Reduction 

of mercury 

emissions 

Environmental 

Policy

Environmental 

Policy

Environmental 

Policy

Environmental 

Policy

Thermal power 

generation plants 

in all countries 

and regions where 

Enel is present

Thermal power 

generation plants 

in all countries 

and regions where 

Enel is present

Thermal power 

generation plants 

in all countries 

and regions where 

Enel is present

Coal-fired 

plants in Italy,

Chile and Spain

Year: 2017

Value: 0.36

[g/kWh]

Year: 2017

Value: 0.55

[g/kWh]

Year: 2017

Value: 0.013

[g/kWh]

Year: 2017

Value: 378 [kg]

0.10 [g/kWh]

(-72% vs 2017)

0.25 [g/kWh]

(-55% vs 2017)

0.006 [g/kWh]

(-54% vs 2017)

8 [kg] 

(-98% vs 2017)

0.09 [g/kWh]

(-75% vs 2017)

in 2027

0.05 [g/kWh]

(-85% vs 2017)

in 2030

0.25 [g/kWh]

(-55% vs 2017)

in 2027

0.16 [g/kWh]

(-70% vs 2017)

in 2030

0.006 [g/kWh]

(-54% vs 2017)

in 2027

0.005 [g/kWh]

(-60% vs 2017)

in 2030

0 [kg]

(-100% vs 2017)

in 2030

BASELINE ACTUAL

2024

TARGET

STATUS

In line with the decarbonization plan included in the 

Group’s Strategic Plan and its commitment to mini-

mizing atmospheric pollution, Enel has set voluntary 

targets to reduce specific emissions of the main pol-

lutants emitted by its thermal power generation plants 

(SO

2

, NO

x

, dust and mercury). These targets call for a 

reduction in specific emissions of 85% for sulfur oxides 

(SO

2

), 70% for nitrogen oxides (NO

x

) and 60% for dust 

by the year 2030 compared to the base year (2017). A 

further target provides for a 100% reduction in mercury

  


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INTEGRATED ANNUAL REPORT 2024

emitted by coal-fired plants in Italy, Chile and Spain by 

2030, with an expected value of 3 kg in 2027, in line with 

planned plant closures. The 2024 results, with specific 

emission values of 0.10 g/kWh for SO

2

, 0.25 g/kWh for 

NO

x

, 0.006 g/kWh for dust, and 8 kg for Hg, are in line 

with expectations and confirm the reduction trend.

The definition of these objectives stems primarily from 

Enel’s commitment to decarbonization adopted in ac-

cordance with the Kyoto Protocol and the Paris Agree-

ment, and its precise declination follows the techno-

logical specificities of the electricity industry and the 

comparison with the main peers, applying the indica-

tions in international best practices (BAT-AEL) and EU 

frameworks (Directive 2010/75/EU on Industrial Emis-

sions, WHO Guidelines on Air Quality, ISO 14001:2015 

Standard - Environmental Management Systems). At 

the local plant level, during plant permit and technolo-

gy renewal reduction targets are shared with the gov-

ernments and stakeholders affected. 

Air pollution metrics

ESRS E2-4

Absolute emissions of the main pollutants into the at-

mosphere for the year 2024 were in line with or slight-

ly lower than those recorded in 2023; in particular, SO

2 

emissions were 18,777 tons, in line with the 2023 figure

(18,701 tons) and on a par with dust emissions, which 

were 1,191 tons compared to the 2023 figure of 1,259 

tons, despite a significant reduction in the Group’s to-

tal coal-fired power generation. These results are the 

consequence of increased coal-fired operation in Co-

lombia, of normally inactive units, which occurred due to 

point production needs resulting from intense drought 

phenomena due to the effects of El Niño, which caused 

a significant alteration of the balance in rainfall. As for

NO

x

emissions, the amount emitted in 2024 was 47,871 

tons, slightly down compared to 2023 (-11.1%, 53,850 

tons), due not only to coal-fired but also gas-fired op-

eration. Mercury emissions (8 kg in 2024), on the other

hand, were down sharply from the previous year (44 kg)

as a result of the gradual closure of several coal-fired 

plants in Italy and Spain.

The measurement of macro-pollutants (SO

2

, NO

x

and particulate matter) is carried out in compliance 

with the regulatory framework of each country and, 

in most plants, involves a “continuous” measure-

ment system of concentrations capable of verifying

compliance with the limits in real time, the reliabil-

ity of which is guaranteed by accredited certifica-

tion bodies and joint verifications with the bodies 

in charge of the inspections. The quantities emitted

are subsequently calculated from the flow rates of

the relevant gaseous effluents. The collected data 

are recorded semi-annually in the Group data col-

lection tool, and validated and aggregated at the 

different levels of the organization. The processes 

of data collection and processing and evaluation of 

deviations from expected performances are subject 

to specific internal control procedures. By contrast, 

the concentration of micropollutants (trace metals 

and acidic gases) is measured periodically (quarter-

ly or semi-annually), subject to reporting according 

to licensing and operating regulations. Total annual

quantities are estimated based on the volumes of 

flue gas emitted and subject to E-PRTR registration,

if relevant.

  


Environmental information

307

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Air emissions by pollutant 

UM 2024 2023 Change

SO

2

emissions  t 18,777 18,701 76 0.4%

NO

x

emissions  t 47,87 1 53,850 (5,979) -11.1%

Dust emissions t 1,191 1,259 (68) -5.4%

H

2

S emissions t 5,272 5,114 158 3.1%

Hg emissions (coal-fired thermoelectric)

(1)

t 0.01 0.04 (0.03) -75.0%

Emissions of Ozone Depleting Substances kgCFC-11

eq

1 14 (13) -92.9%

Specific emissions 

SO

2

emissions  g/kWh 0.10 0.09 0.01 11.1%

NO

x

emissions  g/kWh 0.25 0.26 (0.01) -3.8%

Dust emissions g/kWh 0.006 0.006 - -

(1)  Mercury emissions in 2024 were 8 kg, due to thermal electricity generation in Italy and Spain. This is in addition to the mercury emissions from 

the geothermal sector, amounting to 435 kg. In Europe, mercury emissions are declared to the competent authorities for registration in the 

European Pollutant Release and Transfer Register (E-PRTR) in accordance with EU Regulation no. 166/2006 and are subject to the relevant 

checks in terms of completeness, consistency and credibility (Article 2 of Regulation no. 166/2006).

Anticipated financial effects from material pollution-related 

impacts, risks and opportunities

ESRS E2-6

In the past year, there were no serious accidents, clas-

sified as “severe” according to the internal policy on 

accident management (see the general section on en-

vironmental policies), that led to pollution of the envi-

ronmental matrix.

With regard to deposits, the Enel Group has evaluated 

and recognized the related expected financial effects 

within the “provision for disposal, removal and site re-

mediation”, which accommodates the present value of 

the estimated cost of decommissioning, removal of 

non-nuclear plants, and site remediation in the pres-

ence of legal or implied obligations (for more informa-

tion, see note 38 “Provisions for risks and charges” in 

these consolidated financial statements at December 

31, 2024).

  


Environmental information

308

INTEGRATED ANNUAL REPORT 2024

Water and marine resources 

ESRS E3 

30,881 thousand m

3

TOTAL WATER CONSUMPTION

35,449 in 2023

0.16 l/kWh

eq

SPECIFIC WITHDRAWAL OF FRESH WATER

0.20 in 2023

The results of the 2024 double materiality process for aspects related to “Water and marine resources” are reported 

below, with details of the material IROs used in the preparation of this section.

SUBTOPIC  DESCRIPTION OF IRO TYPE

TARGET/ACTION 

PLAN

WATER

Sub-subtopic 

Water withdrawals

Depletion of fresh or marine water 

quantities or quality due to unsustainable 

use of water resources in direct or indirect 

activities (e.g. excessive withdrawals

relative to the resource’s regenerative 

capacity or ecosystem and socioeconomic 

needs, particularly in water-stressed areas, 

wastewater discharges with excessive 

thermal or pollutant loading).

Target:

•

Reduction of specific fresh water 

withdrawal

Negative impact

Policies related to water management 

ESRS E3-1

To complement the Group Environmental Policy (see

the section “Environmental Policy”), Enel has adopted an 

internal Water Management Policy, which defines guide-

lines for the utilization and supply of water and marine re-

sources, considering the entire life cycle of the assets, with 

particular attention to water-stressed areas and engaging 

communities, in line with international directives (Water 

Framework Directive).

  


Environmental information

309

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

WATER MANAGEMENT

POLICY 

DESCRIPTION

MAIN CONTENTS

•

Defines criteria for wastewater treatment and reuse, with regular 

monitoring and systems to remove contamination while avoiding impacts 

on other environmental matrices.

•

Identifies risks, mitigation measures, and emergency management, with 

periodic checks on water quality.

•

Promotes the adoption of sustainable technology solutions, products 

and services to minimize water impacts and conserve marine resources 

throughout the entire value chain.

•

Reaffirms commitment for operating assets to reduce water consumption 

in water-prone areas by establishing tools to assess water stress (Aqueduct 

WRI) and commitment to apply sustainable practices and specific targets. 

•

Recommends the adoption of Group targets and action plans aimed at 

limiting freshwater withdrawals and protecting natural habitats and local 

communities, giving priority attention to areas of high water stress and 

marine ecosystems.

SCOPE

•

Assets under Enel’s operational control and entire value chain.

IROs COVERED

AND REFERENCES

•

Water withdrawals.

STAKEHOLDERS INVOLVED 

IN THE DEFINITION

•

Promotes interaction with local communities, governments, and key 

stakeholders during resource use authorization and during withdrawal.

DIFFUSION

•

Internal policies. 

Action plan for the management of material IROs

ESRS E3-2 

Regarding water management and protection, the 

main negative impact revealed by the IRO analysis is 

related, for direct operations, to water withdrawals 

for thermal and nuclear power generation, mainly for 

cooling thermal cycles and for the operation of air 

emission abatement systems. In order to reduce its 

water withdrawals and consumption, with a priori-

ty focus on fresh water and water-prone areas, Enel 

is committed in all its operating assets for which the 

resource becomes material to adopt specific action 

plans directed at minimizing its water consumption, 

reducing withdrawals and maximizing recoveries. At 

the Group level, this commitment is reinforced by 

setting a target related to the conservation of fresh-

water, the most valuable and vulnerable water re-

source for natural well-being and community needs.

The overall reduction of consumption is also being 

pursued at the Group level through the gradual re-

duction of generation from fossil fuels and the evolu-

tion of the energy mix towards renewable sources, in 

line with the Decarbonization Plan and the “Net Zero”

commitment (see the “Climate change” chapter for 

more information on the action plan).

Moreover, Enel adopts technical and management 

solutions aimed at reducing, where possible, its overall 

water needs through withdrawals from “non-drain-

ing” sources, including wastewater treated internally 

or supplied by third parties and reused as industrial 

water, or seawater used in open-cycle cooling pro-

cesses or subjected to desalination for the production 

of demineralized water. Only when necessary is water 

supplied from “scarce” sources, such as fresh surface 

water, groundwater, or civilian use. 

  


Environmental information

310

INTEGRATED ANNUAL REPORT 2024

YES  NO

ACTION DESCRIPTION 

Maximize water 

withdrawals 

from non-

scarce sources 

and wastewater 

recoveries in 

order to reduce 

freshwater 

withdrawals and 

consumption

Definition of technical 

and management 

solutions aimed at:

• covering total water 

needs through 

withdrawals from 

non-scarce sources;

• recovering wastewater 

and runoff treated 

internally or supplied by 

third parties and reused 

as industrial water.

Reduction of 

specific fresh 

water withdrawal

The decarbonization 

and energy transition 

plan enables a drastic 

reduction in the total and 

specific amounts of water 

withdrawn and consumed 

in generation processes.

Electricity 

generation

Implementation of the 

decarbonization and 

energy transition plan.

2030

Scope Target Timing Monitoring

Thermal 

power plants, 

even in water-

stressed areas 

• Internal procedures 

and environmental 

management 

systems ISO 14001.

• Quarterly Group KPI 

monitoring.

Plans for plant 

improvement

Water 

management 

plans for 

hydroelectric 

reservoirs

Establishment of shared 

programs and action 

plans with watershed 

authorities and local 

communities in order to:

• protect the good 

ecological and chemical 

status of water;

• ensure minimum viable 

runoff and protection of 

local habitats.

Hydroelectric 

plants

Application 

requirements reservoir 

water management 

plans.

The frequency of 

updating water 

management 

plans for 

hydroelectric 

reservoirs 

depends 

on national 

legislation and 

specific local 

concessions and 

regulations

Improvements focus on maximum process wastewa-

ter recovery and cooling plant efficiency, for example, 

with upgrades to purge control and recovery systems 

in evaporative towers. In thermal power plants, the uti-

lization of crystallizers allows for the complete reuse 

of wastewater, eliminating ZLD (Zero Liquid Discharge).

In addition, the recovery of rainwater collected from 

potentially contaminated industrial areas is enhanced 

through storage and reuse in power generation pro-

cesses, according to specific plans for each plant.

Water resource management is also essential for 

hydroelectric plants, for which the conditions of the 

relevant watersheds and the ecological and chemi-

cal status of the water were considered, according to 

the requirements of the Water Framework Directive 

and the Water Framework Directive (2000/60/EC), as 

part of the asset prioritization process and subse-

quent LEAP analysis. For the purpose of conserving 

the resource and protecting surrounding habitats, 

these facilities adopt water management plans and 

continuous improvement programs shared with local 

stakeholders (reservoir authorities, local governments, 

regulators, citizen committees and NGOs) to mitigate 

impacts, ensure minimum viable flows and protect lo-

cal habitats. 

Hydroelectric reservoirs, which do not contribute to 

the Group’s water consumption by fully returning the 

water withdrawn, also provide an important environ-

mental as well as recreational opportunity for the sur-

rounding area. In fact, there are nature areas and pro-

tected habitats around many of the basins. In addition, 

the basins provide important services to local com-

munities, from flood control to drinking and irriga-

tion uses, from fire prevention to the management of 

riverine waste retained by the retention works. Finally, 

reservoirs play a key role in responding to the effects 

  


Environmental information

311

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

of climate change by increasing the level of protection 

for communities subject to extreme flood events and 

prolonged periods of drought. 

Priority is given by the Environmental Policy and the Wa-

ter management policy to areas at risk of water scarcity 

(water-stressed areas). Mapping of generation, thermal, 

nuclear and renewable sites falling within water-stressed 

areas is carried out in line with the criteria of GRI 303 

(2018) with reference to the conditions of “(baseline) 

water stress” indicated by the World Resources Institute 

Aqueduct Water Risk Atlas (version 4.0 2024). Among

the sites mapped, those defined as “critical sites” are 

the ones positioned in water-stressed areas and which 

procure significant volumes of fresh water. These condi-

tions, in particular, were assumed as asset prioritization 

criteria within the TNFD-LEAP analysis.

At critical sites, mainly thermoelectric and nuclear 

power plants that use water for process and closed-

loop cooling needs, water management methods and 

process performance are constantly monitored in 

order to minimize water consumption and prioritize 

withdrawals from less valuable or non-draining sourc-

es, according to locally defined action plans based on 

plant-specific needs and opportunities. Solar plants 

located in water-stressed areas, although the volumes 

are insignificant, Enel adopts innovative solutions 

aimed at drastically reducing local water consumption 

used for the periodic cleaning of photovoltaic panels.

Metrics and targets

Water-related targets

ESRS E3-3 

Not in line  In line  Achieved

KPI POLICIES SCOPE

Reduction 

of specific 

fresh water 

withdrawal

• Environmental 

Policy

• Water 

management 

policy

Enel’s activities 

in all countries 

and regions, 

water-stressed 

areas included

Year: 2017

Value: 0.43

[l/kWh

eq

]

0.16 [l/kWh

eq

]

(-63%)

0.18 [l/kWh

eq

]

(-58%)

in 2027

0.15 [l/kWh

eq

]

(-65%)

in 2030

BASELINE ACTUAL

2024

TARGET

STATUS

Enel has adopted the voluntary target of a 65% reduc-

tion in specific freshwater withdrawal in 2030 com-

pared to the 2017 base year. The metrics adopted in 

formulating the target, referring to withdrawals, fol-

lows the guidance of the scientific community (SBTN 

Technical Guidance 2023 Step 3 Freshwater) while 

aiming to reduce the Group’s water consumption.

The specific freshwater withdrawal for the year 2024 

was 0.16 l/kWh

eq

, with a 63% reduction from the base 

year (2017) and in line with the target forecast to 2030 

(-65%).

The target definition stems primarily from the imple-

mentation of the Energy Transition and Net Zero pro-

gram adopted by Enel, and its declination according to 

the technological specificities of the electricity sector, 

applying the indications of international best practic-

es (IFC Performance Standard, TNFD, SBTN) and EU 

frameworks (European Green Deal, Water Framework 

Directive). The target also takes into account possi-

ble scenarios of evolution of the relevant regulatory 

framework (in order to ensure continued compli-

ance of the activities carried out and reduce possible 

transition risks) and of future availability of the water 

resource in the Group’s reservoirs of interest, as a 

consequence of the medium- and long-term effects 

of climate change outlined in the different Intergov-

ernmental Panel on Climate Change (IPCC) and Rep-

resentative Concentration Pathways (RCP) scenarios 

(for further details see the chapter “Climate change”). 

At the local plant level, during plant permit and tech-

nology renewal reduction targets are shared with the 

governments and stakeholders affected.

  


Environmental information

312

INTEGRATED ANNUAL REPORT 2024

Water withdrawal, water discharge 

and consumption metrics

ESRS E3-4

During 2024, there was an overall decrease in water 

withdrawal due to lower thermal power generation. In 

particular,  withdrawal related to the power genera-

tion process and open-cycle cooling water decreased 

by 21.1% (43,386 thousand m

3

in 2024 compared to 

54,956 thousand m

3

in 2023) and 25.4% (8,102,028 

thousand m

3

in 2024 compared to 10,866,253 thou-

sand m

3

in 2023), respectively. With regard to scarce 

sources, there was also a consistent decrease in fresh-

water withdrawals for process uses (-23.5%) compared 

to the previous year (31,019 thousand m

3

in 2024 

compared to 40,552 thousand m

3

in 2023), a trend 

also confirmed by the target value referring to the 

specific freshwater withdrawal of 0.16 l/kWh (-20.0%, 

0.20 l/kWh in 2023).

This downward trend was also recorded for total wa-

ter withdrawal in water-stressed areas for generation 

process uses, which was found to be 12,308 thousand 

m

3

, although with a less substantial decrease (-3.7%) 

compared to 2023 (12,783 thousand m

3

), a conse-

quence of the gradual closure of coal-fired power 

plants, which are not located in water-stressed are-

as, compared to those in water-stressed areas where 

gas-fired and nuclear power plants remain in opera-

tion. 

Water consumption was 30,881 thousand m

3

, down 

12.9% (35,449 thousand m

3

in 2023), again as a re-

sult of lower thermal power operations. On the other 

hand, with regard to consumption in water-stressed 

areas, these were 6,724 thousand m

3

, down 14.3% 

from 2023 (7,850 thousand m

3

), as a result of lower 

conventional thermal power generation. This con-

sumption accounts for 21.8% of total consumption,

in line with the previous year. 

The volume of water stored in the Group’s hydroelec-

tric reservoirs amounted to 33,074,048 thousand m

3

.

Water withdrawal values are determined through 

specific ways for different sources and uses. Process 

withdrawals and discharges are generally determined 

through direct volumetric measurements, while large 

volumes associated with open-cycle cooling process-

es are generally calculated based on plant operating 

parameters such as circulating pump operating hours. 

On the other hand, rainfall data on the site, and the 

associated volumes of rainwater collected and dis-

charged, are generally estimated. Consumption is 

then calculated as the difference between the quanti-

ties withdrawn and those released.

Data type % Main category

Measured 60% Process flows

Calculated 25% Open-cycle cooling flows

Estimated 15% Volumes of rainwater

The processes of data collection and processing and 

evaluation of deviations from expected performances 

are subject to specific internal control procedures. The 

data collected is recorded quarterly or semi-annual-

ly in the Group’s environmental data collection tool, 

where it is validated and aggregated at different levels 

of the organization and target values and its period 

changes are calculated.

  


Environmental information

313

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

UM 2024 2023 Change

Water withdrawals

Total withdrawals

(1)

,000 m

3

8,145,414

10,921,209

(2,775,795) -25.4%

Withdrawals by type of use

For production process  ,000 m

3

43,386 54,956 (11,570) -21.1%

For open-cycle cooling ,000 m

3

8,102,028 10,866,253 (2,764,225) -25.4%

Withdrawals by source:

Withdrawals from scarce sources ,000 m

3

2,855,450 3,022,322 (166,872) -5.5%

\- of which freshwater for the production process ,000 m

3

31,019 40,552 (9,533) -23.5%

Withdrawals from non-scarce sources ,000 m

3

5,289,964 7,898,844

(2,608,880)

-33.0%

Specific freshwater withdrawal from the production process l/kWh

eq

0.16 0.20 (0.04) -20.0%

Process water withdrawals by source in water-stressed areas

(2)

Total withdrawals ,000 m

3

12,308 12,783 (475) -3.7%

Withdrawals from scarce sources  ,000 m

3

10,761 10,705 56 0.5%

\- of which freshwater ,000 m

3

10,423 10,335 88 0.9%

Withdrawals from non-scarce sources ,000 m

3

1,547 2,078 (531) -25.6%

Percentage of water withdrawn in water-stressed areas % 28.4 23.3 5.1 -

Volume of water recycled and reused ,000 m

3

2,230 4,711 (2,481) -52.7%

Percentage of recycled and reused water  % 5.1 8.6 (3.5) -

Water discharge

Total discharge ,000 m

3

8,114,534

10,885,759

(2,771,225) -25.5%

Water consumption 

Total consumption ,000 m

3

30,881 35,449 (4,568) -12.9%

\- of which consumption in water-stressed and water risk areas ,000 m

3

6,724 7,850 (1,126) -14.3%

Percentage of consumption in water-stressed areas  % 21.8 22.1 (0.3) -1.4%

Total volume of water stored ,000 m

3

33,074,048

n.a. - -

Water intensity

(3)

,000 m

3

/€mil

0.44 0.43 0.01 2.3%

(1)  The value of “Total withdrawals” is equal to the sum of “Withdrawals of water for production process” and “Withdrawals of water used for 

open-cycle cooling”. It excludes civil uses and the contribution of through stormwater.

(2)  GRI 303 has defined as “water-stressed” areas those in which, on the basis of the classification provided by the WRI Aqueduct Water Risk Atlas, 

the ratio between the total annual withdrawal of surface water or groundwater for different uses (civil, industrial, agricultural and livestock) and 

the total annual renewable water supply available (“base water stress”, understood, therefore, as the level of competition between all users) 

is high (40-80%) or extremely high (>80%). By way of greater environmental protection, Enel has also considered as located in water-stressed 

areas those plants falling in zones classified by the WRI as “arid”. This category also includes the thermal plants that use “freshwater”. All 2024 

values refer to the WRI Aqueduct 4.0 mapping, which involved the inclusion in water-stressed areas of additional facilities not present in 2023. 

Values for 2023 are based on the WRI Aqueduct 3.0 mapping and do not include quantities for these additional power plants, making the 

2024 withdrawal and consumption reduction performance values conservative compared to 2023. Volumes of water withdrawn for open-cycle 

cooling in water-stressed areas were not included because these do not involve consumption of the water resource. 

(3)  The “Water Intensity indicator: Total consumption compared to net revenue” was calculated utilizing the IFRS 15 revenue amount of €70,626 

million in 2024 (€82,483 million in 2023) as shown in note 9.a “Revenue from sales and services” to the consolidated financial statements as of 

December 31, 2024.

  


Environmental information

314

INTEGRATED ANNUAL REPORT 2024

Biodiversity and ecosystems 

ESRS E4

2.3%

SURFACE OCCUPIED BY 

OPERATING GENERATION 

PLANTS THAT FALL WITHIN 

PROTECTED AREAS, 

COMPARED TO TOTAL

2.9%

SURFACE OCCUPIED BY 

OPERATING DISTRIBUTION 

MV/HV PLANTS THAT FALL 

WITHIN PROTECTED AREAS, 

COMPARED TO TOTAL

>240

PROJECTS FOR THE 

PROTECTION OF SPECIES 

AND NATURAL HABITATS IN 

OPERATING PLANTS AND 

CONSTRUCTION SITES

The results of the 2024 double materiality process for aspects related to “Biodiversity and ecosystems” are reported 

below, with details of the material IROs used in the preparation of this section.

SUBTOPIC  DESCRIPTION OF IRO  TYPE

TARGET/

ACTION PLAN

DIRECT IMPACT DRIVERS ON 

BIODIVERSITY LOSS

Sub-subtopic 

Changes in land, fresh water 

and sea use

Damage to the environment and local

communities caused by inadequate 

prevention, mitigation, restoration, 

or compensation of impacts on 

environmental matrices, biodiversity, and 

ecosystems produced by activities under 

the operational control of the Company 

(e.g. habitat transformation and impacts on 

protected species and/or protected areas 

as a result of construction, operation, or 

decommissioning of assets).

Target:

• Achievement of No Net Loss for 

new infrastructure by 2030

• Achievement of No Net 

Deforestation for new 

infrastructure by 2030 

• No Go in UNESCO World 

Heritage Natural Site Areas

(1)

SUBTOPIC 

IMPACTS ON THE STATE

OF SPECIES

Sub-subtopic

Population size 

of species

Reputational damage, fines, and increased 

costs of implementation, management, 

and restoration due to loss of biodiversity

and degradation of ecosystem 

services, reduced acceptability by local 

communities as a result of construction, 

operation, or decommissioning of 

power generation and distribution 

activities (causing occupation and land 

transformation, fragmentation and 

degradation of natural habitats, impact 

on local communities, protected areas, or 

species).

Target:

•

Achievement of No Net Loss for 

new infrastructure by 2030

•

Achievement of No Net 

Deforestation for new 

infrastructure by 2030 

•

No Go in UNESCO World 

Heritage Natural Site Areas

(1)

(1)  Target related to new generation infrastructures.

Risk  Negative impact

Transition plan and consideration of biodiversity and ecosystems 

in strategy and business model 

ESRS E4-1

The protection of biodiversity is one of the strategic ob-

jectives of Enel’s environmental policy, in order to pursue

environmental sustainability and sustainable development 

of renewables and distribution networks, envisaged in 

the decarbonization strategy of the Enel Group (for more

information see the “Climate change” chapter, “Transi-

tion plan for climate change mitigation”). The Group has 

adopted an integrated holistic approach to designing 

  


Environmental information

315

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

climate and nature transition plans to achieve concrete 

and sustainable results, in line with the guidance of TNFD, 

the Glasgow Financial Alliance for Net Zero (GFANZ) and

the World Wildlife Fund (WWF). This approach is support-

ed by the fact that nature scenarios appear to be closely 

related to climate scenarios, and that no scientifically ac-

cepted models for defining nature scenarios are available 

due, in particular, to the local specificities, complexity and

non-linearity of natural systems. For more specific details 

on the transition plan, see the “Climate change” chapter.

Material IROs and their interaction with strategy 

and business model

ESRS 2 IRO-1; SBM-3

The massive analysis on impacts, risks and opportuni-

ties carried out on operational assets led to the identifi-

cation of 54 priority sites (hotspots), at which site-spe-

cific IRO assessment was initiated using TNFD-LEAP 

methodology (for more information see the section 

“Process to identify and evaluate material IROs for the 

environment”). Prioritization criteria included local nat-

ural conditions through the utilization of indicators of 

natural area transformation and the presence of assets 

in biodiversity-sensitive areas (protected areas, threat-

ened species and critical habitats). The site-specific 

LEAP analysis also assessed additional impacts, such 

as land degradation, habitat loss and/or fragmentation,

and a decrease in threatened species richness/abun-

dance (flora, fauna). Only 2 sites were found to be rele-

vant from the analysis conducted, a hydroelectric plant 

in Colombia and a solar farm in Brazil, for which the 

action plans already defined and being implemented 

ensure that the associated risks are properly managed, 

with no provision for the need for further action.

Policies related to biodiversity 

ESRS E4-2

To complement the Group Environmental Policy, in 2015 

Enel adopted a public Group Biodiversity Policy, updated 

in 2023 and approved by the Board of Directors, in line 

with the Global Biodiversity Framework Kunming-Mon-

treal (COP 15) and the EU Biodiversity Strategy. The Pol-

icy defines the guidelines and principles under which to 

operate, for all biodiversity protection initiatives to be 

applied in all countries and regions in the value chain.

BIODIVERSITY POLICY DESCRIPTION

MAIN CONTENTS

•

Commitment to applying the principle of the mitigation hierarchy by reducing 

impacts on areas of high biodiversity value and ecosystem services.

•

Commitment to the implementation of “No Net Loss” of biodiversity and “No 

Net Deforestation”.

•

Assess and transparently communicate the impacts, dependencies, risks and 

opportunities on biodiversity for operating assets, the value chain and supplies.

SCOPE

•

Assets under Enel’s operational control, including those owned, leased or 

managed assets and entire value chain.

IROs COVERED

AND REFERENCES

•

Changes in land, fresh water and sea usage.

•

Population size of species.

STAKEHOLDERS INVOLVED 

IN THE DEFINITION

•

Promote the integration of biodiversity into business services and products for 

customers.

•

Collaborate with governments, research centers, environmental and social 

associations, and international stakeholders as partners in conservation, 

restoration, and sustainable use of resources. 

DIFFUSION

•

Public policy available at the link https://www.enel.com/investors/sustainability/

strategy-sustainable-progress/biodiversity/policy.

  


Environmental information

316

INTEGRATED ANNUAL REPORT 2024

In addition to public policy, Enel has a Group Biodiver-

sity Management Policy, which sets down guidelines 

for managing impacts on biodiversity and ecosys-

tems, with a focus on biodiversity-sensitive areas and 

engaging local communities, in line with international 

regulations and standards. 

BIODIVERSITY 

MANAGEMENT POLICY

DESCRIPTION

MAIN CONTENTS

•

Defines the analyses to be carried out to identify impacts, dependencies,

and risks on biodiversity, for each asset life cycle stage and in relation 

to ecosystem type (e.g. natural areas, biodiversity sensitive areas, etc.) 

taking into consideration potential impacts on ecosystem services and 

communities.

•

Guides the mitigation actions to be taken, applying the Mitigation Hierarchy. 

•

Defines the goal of No Net Loss, No Net Deforestation and No Go in 

UNESCO areas, aligned with the EU Biodiversity Strategy, and the criteria for 

implementation. It also includes guidelines for the quantitative assessment of 

habitat and priority species losses and for the establishment of Biodiversity 

Action Plans (BAPs). 

SCOPE

•

Assets under Enel’s operational control, including those owned, leased or 

managed, entire value chain.

IROs COVERED

AND REFERENCES

•

Changes in land, fresh water and sea usage.

•

Population size of species.

STAKEHOLDERS INVOLVED 

IN THE DEFINITION

•

Confirms the importance of consultation with local communities and 

stakeholders at all stages of the asset lifecycle, starting with the design 

phase, and defines reporting metrics for biodiversity-related targets, 

impacts and actions.

DIFFUSION

•

Internal Group policy.

Actions and resources related to biodiversity and ecosystems

ESRS E4-3

Enel has a proven track record in managing and pro-

tecting biodiversity within its entire value chain: from 

the design and construction phase of new assets, in 

their operational management to decommissioning, 

as well as in selling sustainable products and services 

to customers. More specifically, in recent years action 

has focused on managing the potential impacts asso-

ciated with the development and operation of renew-

able plants and distribution networks, in line with the 

Group’s decarbonization strategy, and proposing na-

ture-based solutions to customers, in the marketing 

of products and services. 

YES  NO

ACTION DESCRIPTION 

Minimization 

of biodi-

versity impacts 

related to new 

infrastructure 

development 

and man-

agement of 

existing assets

Application of the 

Mitigation Hierarchy 

in all phases of plant 

design and operation, 

defining appropriate 

biodiversity action plans 

where necessary. 

• Renewable 

power plants

• Distribution 

networks

• Annual monitoring and 

reporting of habitat and 

species impacts through 

KPIs, based on international 

maps and georeferenced 

sites. 

• Quarterly collection and 

update of biodiversity

projects. 

Roadmap 

implementation 

target of 

2030, with 

intermediate 

steps beginning 

2025

Scope Target Timing Monitoring

  


Environmental information

317

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

YES  NO

ACTION DESCRIPTION 

Scope Target Timing Monitoring

Integration of 

nature-based 

solutions into 

products and 

services sold 

to customers

• Defining design 

techniques and 

approaches for 

industrial and 

government 

customers. 

• Development of a 

model for evaluating 

the positive 

impacts generated 

by solutions and 

products.

Products for 

customers 

Defining KPIs 

for monitoring 

and reporting on 

environmental 

performance achieved 

on individual projects.

Timing depends 

on the product 

and type of 

biodiversity 

project 

implemented.

Biodiversity risk is taken into account as early as the fea-

sibility and design phase of a new asset/infrastructure, 

through the selection of the site of interest. At this stage,

the type of habitat is evaluated, prioritizing those that do 

not have potential environmental impacts, such as geo-

graphic proximity to protected areas or critical habitat, or 

any aspects that may adversely affect natural areas (de-

terioration of natural habitats and species, resource use,

etc.). Where impacts cannot be avoided, actions are de-

fined on the ground to mitigate or compensate for them, 

through the engagement of local stakeholders, such as 

communities, relevant authorities, universities, etc. In the 

construction phase of new plants, specific action plans 

are also adopted and their effectiveness monitored. In 

the operational phase, biodiversity protection becomes 

an integral part of environmental management plans, 

through periodic monitoring to control the impacts 

highlighted in the permitting phase and the ongoing 

assessment of potential impacts that might occur later,

as well as the effectiveness of ongoing actions. At this 

stage, the plant consolidates its relationship with the lo-

cal area and also develops initiatives on a voluntary basis, 

such as projects to safeguard local species and improve 

habitat conditions, based on knowledge of the envi-

ronment around the site itself. The results of local-lev-

el monitoring actions are communicated and analyzed 

globally through internal tools, enabling the identifica-

tion of Group-wide improvement plans as well as best 

practices to be implemented in different countries and 

regions or technologies.

The projects, developed on a voluntary basis or in com-

pliance with ongoing authorization processes, cover all

different technologies: 

• wind plants: initiatives are mainly concerned with 

reducing interference with birds and bats, including 

the installation of detection & deterrent systems, 

the subject of ongoing research by the Group’s In-

novation area;

• hydroelectric plants: the initiatives of operating 

plants focus mainly on restocking the fish population 

for ecosystem and species recovery are highlight-

ed, such as the restoration or improvement of juve-

nile fish reproduction or growth areas. Furthermore,

to control soil stability and improve habitat condi-

tions, native species have been planted directly in

the reservoir or near to its banks, in addition to the 

implementation of programs to monitor erosion and 

degradation of the banks. Some projects still have 

significant compensatory actions underway, such as

the Restoration and Natural Protected Area Program 

at the “El Quimbo” hydroelectric power plant (400

MW), which involves the restoration of an area of 

more than 11,000 hectares, agreed with local author-

ities and developed in several phases. To date, more 

than 7,000 hectares have been recovered through 

the planting of numerous native species. A Tropical 

Dry Forest Research Center called “Attalea” was also 

established, which works in collaboration with local 

universities on numerous ecological restoration ini-

tiatives and projects to support biodiversity research. 

Within the restoration zone, an area of about 3,600 

hectares has been established as a Civil Society Na-

ture Reserve called “Cerro Matambo”, recognized as 

the largest regional protected area in the tropical dry 

forest ecosystem and an integral part of the National 

System of Protected Areas (SINAP) in Colombia;

• solar plants: improvement interventions mainly af-

fect habitat conditions, including for the benefit of 

the species present at the affected site, e.g. in Bra-

zil, at the São Gonçalo plant (256 MW), which is the 

subject of numerous soil restoration measures and 

projects to protect habitats and biodiversity, both 

mandatory and voluntary, there are ongoing pro-

  


Environmental information

318

INTEGRATED ANNUAL REPORT 2024

grams to monitor and restore local fauna through 

rescue and care, carried out in collaboration with 

local veterinary clinics. Also in Italy, in the Trino pho-

tovoltaic plant (86 MW), reforestation and creation 

of ecological corridors are being carried out. These 

aim to promote the preservation and enhancement 

of the biodiversity of the naturalistic and forested 

area in the vicinity of the site, as agreed with the 

local authorities during the authorization process. 

Among these, it is worth mentioning the reforesta-

tion of a total area of about 9 hectares, through the 

planting of native species. In addition to the forestry 

work, additional environmental compensation works 

were carried out such as the creation of a double 

tree row with the planting of 80 trees and addi-

tional perimeter hedges. The areas to be restored 

were identified both for the purpose of offsetting 

the visual impact of the plant and restoring the eco-

logical connectivity of the area. It is also important 

to note the increasing development of agrivoltaic 

plants, which provide spaces between the rows of 

photovoltaic modules for planting aromatic and me-

dicinal herbs, food plants and nectar flowers that 

promote the establishment of pollinator species; 

• distribution networks: starting from the design phase 

and throughout the Operation and Maintenance 

phase of existing networks, measures are taken to 

protect birds, including through the installation of 

anti-collision devices on conductors at regular in-

tervals along overhead power lines and insulating 

live parts. In addition, when necessary, replanting 

is provided, often requested by local authorities, to 

compensate for impacts on natural habitats result-

ing from the construction of new lines or cabins, as 

well as from maintenance activities, such as cutting 

vegetation along lines. In Colombia, for example, 

Enel is involved in reforestation and habitat restora-

tion projects, in accordance with the impact com-

pensation scheme set forth in the Manual de Com-

pensaciones del Componente Biótico issued by the 

Colombian government. In particular, in the Cundi-

namarca region, a major environmental compensa-

tion project has been initiated to mitigate the impact 

of work related to the Zipaquirá-Ubaté transmission 

line, which has seen the implementation during 

2024 of several activities, including the explantation, 

collection, storage, and replanting of vascular flora, 

in order to preserve the native species of the area 

impacted by the construction site. Added to these 

actions is the planting of about 2,400 trees belong-

ing to native species. In the Alto del Cabra area, on 

the other hand, Enel implemented an environmental 

compensation project to mitigate impacts from the 

Nueva Esperanza-Indumil transmission line related 

to forest cutting and ecological effects, particular-

ly on non-vascular epiphytes, with the planting of 

more than 700 trees, of native species. Also in Brazil, 

in the São Paulo area, a number of compensation 

projects are underway, such as the implementation 

of reforestation and habitat restoration, as part of 

the Plantio Compensatório Rurais initiative, in com-

pliance with legal requirements, to compensate for 

the impacts associated with the construction and 

maintenance phases of the grids, which involves ru-

ral plantings, carried out mainly along the banks of 

the hydroelectric reservoirs or, to a lesser extent, in 

conservation units or parks in the city. From 2017 to 

date, Enel has managed the reforestation of 71 hec-

tares of which about 8 hectares have been replant-

ed against the construction of lines and substations. 

Also launched in São Paulo is Programa Nascentes, 

an initiative aimed at reforestation and habitat res-

toration, with mainly mandatory interventions aimed 

at preserving springs, protecting waterways and re-

storing ecological corridors. Part of these projects 

are developed in protected areas, such as Anhembi 

I, at the Barreiro Rico state ecological station, which 

is home to numerous wildlife mammals and birds, in-

cluding 7 species classified as endangered. In addi-

tion, 5 primate species have been identified making 

the station one of the richest areas in primates with-

in the Mata Atlântica biome. Enel currently manages 

85 hectares reforested under the program, with in-

terventions initiated since 2017. Of these, about 11 

hectares were replanted against the construction of 

new lines, particularly for the construction of 11 km 

of line HV (RAC Sabesp).

Impact mitigation measures, which include compen-

satory measures, when necessary, are defined locally

through active consultation with relevant stakehold-

ers, such as local communities, permitting authori-

ties, research institutions collaborating in the pro-

ject design, and others. With a view to achieving No 

Net Loss (NNL) status, Enel has equipped itself with 

a methodology to quantitatively define, during the 

construction phase of new plants, the impacts on 

habitats and species and give unambiguous guid-

ance on how to compensate for them, in order to be

able to consider the plant NNL.

  


Environmental information

319

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Integrating nature-based solutions into 

the products and services sold to Enel’s 

customers 

Enel is also committed to enhancing biodiversity

through the integration of Nature-Based Solutions 

(NBS) into commercial service and product offerings,

i.e. techniques and design approaches for industri-

al and public administration customers that employ 

nature and nature-inspired processes to increase 

city resilience and enhance biodiversity. To this end, 

Enel has developed specific models, respectively, to 

identify NBS solutions that can be associated with 

different business solutions and assess their poten-

tial positive impacts generated on climate, natural 

resources and communities. During 2024, the mod-

el has already been applied to a number of projects 

such as, for example, the Imperia city park redevel-

opment project in Italy, the project carried out at the 

Mandarin Oriental hotel in Santiago, Chile, and the 

agri-voltaic project carried out in the state of Per-

nambuco in Brazil. 

Metrics and targets

Targets related to biodiversity and ecosystems 

ESRS E4-4

Enel’s commitment

Enel undertakes to achieve No Net Loss of biodiversity for new infrastructures by 2030, commencing its adoption 

on selected projects in areas of high biodiversity importance beginning 2025. To achieve this goal, Enel will work 

in accordance with the principles of the Mitigation Hierarchy to avoid, minimize and reverse impacts on natural 

habitats or species that are threatened, endemic or restricted in range.

In addition, Enel is committed to conserving forests and, if deforestation cannot be avoided, will reforest areas of 

equivalent value in line with the principle of “No Net Deforestation”.

Enel will not build new-generation infrastructures in areas designated as UNESCO World Heritage Natural Sites.

Not in line  In line  Achieved

KPI POLICIES SCOPE

Achievement 

of No Net Loss 

(NNL) for new 

infrastructure by 

2030

(1)

Achievement 

of No Net 

Deforestation 

for new 

infrastructure by 

2030

(1)

• Biodiversity 

Policy

• Biodiversity 

Management 

Policy

• Biodiversity 

Policy

• Biodiversity 

Management 

Policy

Enel at the 

global level

Enel at the 

global level

Year: 2024

(2)

40% expected

% number of 

assets meeting 

the NNL out of 

total number of 

assets that went 

into operation in

the reporting year

100%

in 2030

100%

in 2030

BASELINE MILESTONE

2027

TARGET

STATUS

(1)  The commitment was made in 2021.

(2)  In 2024, the 2027 milestone was defined, calculated based on the additional capacity built in 2027 (referring to power generation plants) in line 

with the assumptions of the 2025-2027 Business Plan.

  


Environmental information

320

INTEGRATED ANNUAL REPORT 2024

Enel’s commitment to protecting biodiversity and 

ecosystems finds substance in the adoption of a vol-

untary No Net Loss and No Net Deforestation target, in 

line with the global post-2020 biodiversity framework 

and relevant aspects of the EU Biodiversity Strategy 

2030.

39

The metrics adopted in formulating the target fol-

low the guidance of the scientific community (IFC 

Standard 6

40

and SBTN Technical Guidance 2024 for 

Land

41

). Implementation of NNL on new assets com-

ing on line ensures protection of potentially impact-

ed habitats and species, mitigating biodiversity im-

pacts and risks. 

To implement its commitment, Enel developed a

quantitative methodology for site-specific adoption

of the NNL principle on biodiversity in 2022 and in-

cluded it as a guideline in the Group’s internal Pol-

icy on Biodiversity Management. The methodology

involves the application of the Mitigation Hierarchy 

principle, avoiding where possible the construction

of new generation plants and grid-relevant assets 

in Natural Habitats,

42

defined at the Global level as 

the first ecological threshold to be considered. In 

the case of falling into such habitats or in the pres-

ence of priority species,

43

calculation criteria are

defined for quantifying impacts and given indica-

39. Excluded are assets and/or grid connections on which location regulations insisted on by authorities, at the tender stage. 

40. Biodiversity Conservation and Sustainable Management of Living Natural Resources (2012); ref. https://www.ifc.org/en/insights-reports/2012/

ifc-performance-standard-6.

41. Ref. https://sciencebasedtargetsnetwork.org/wp-content/uploads/2023/05/Technical-Guidance-2023-Step3-Land-v0.3.pdf.

42. Defined by IUCN - International Union for Conservation of Nature (https://www.iucnredlist.org/resources/habitat-classificationscheme).

43. Priority species are those classified as threatened according to the IUCN Red List classification or other literature studies; in addition, stake-

holders or authorities may also identify priority species during the authorization phase.

44. The following categories are considered included:

• areas defined by the Repower EU Directive as acceleration areas, or for which a simplified permitting procedure has been defined by Europe-

an national laws, to accelerate the development of renewables; 

• MT lines and primary substations where environmental impact assessments are not required;

• “Repowering” projects on existing assets;

• refurbishment and repurposing projects.

tions for compensation, prioritizing on-site habitat

recovery actions, respecting the criticality of local

ecosystems. If, on the other hand, Modified Habitats 

or areas of low biodiversity risk are selected,

44

the 

project is considered aligned with the NNL goal, as-

sessing only where impacts on priority species are 

present. Application of the NNL also ensures com-

pliance with the No Net Deforestation commitment.

Since 2023, the methodology has been tested on 

plants in the planning and operating stages of both

renewable generation and networks, allowing for the 

refinement of impact assessment and remuneration 

metrics. 

In line with its commitment defined in 2021 to achieve 

No Net Loss and No Net Deforestation for new infra-

structure by 2030, Enel has committed to the applica-

tion of NNL on selected projects in areas of high biodi-

versity value, starting in 2025. In addition, in 2024, Enel 

set a milestone at 2027, in line with the 2025-2027 

Strategic Plan, providing that 40% of the new power 

generation plants that will contribute to the additional 

capacity built in the year will meet the NNL principle. 

These goals are in addition to the commitment made 

in 2021 and implemented from 2022 not to build new 

generation infrastructure in areas designated as UNE-

SCO World Heritage Natural Sites.

Impact metrics related to biodiversity 

and ecosystems change

ESRS E4-5

Enel has defined calculation metrics for biodiversi-

ty impact indicators based on business technology 

and their distribution throughout the area. To define 

the indicators, Enel uses geo-referenced applica-

tion tools such as the GIS (Geographic Information 

System) Portal for generation assets, represented 

mainly by plant layout, and the PUC (Portale Unico

Cartografico) Portal for distribution assets, the extent 

of which is represented in linear mode for MV and HV 

networks and point mode for primary and second-

  


Environmental information

321

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

ary substations.

45

The goal is to correlate georefer-

enced information related to global maps of species 

and habitats against the location of the infrastruc-

ture itself to assess its impacts, taking into account 

technology-related specificities. These indicators are 

used in the design phase of new infrastructure for 

site selection and preliminary analysis of potential 

environmental impacts, in the prioritization analy-

45. Land occupation for primary and secondary substations it is reported as the surface area occupation (variable depending on the technology), 

whereas for MV and HV lines it is calculated as the geometric projection on the ground of their length for the width of the corresponding 

buffer zone, which varies depending on the technology and on the country.

46. Ref. United Nations Environment Programme - World Conservation Monitoring Centre (UNEP-WCMC) Resources where the types of sensitive 

areas are mentioned, including Key Biodiversity Areas.

47. International Union for the Conservation of Nature (https://www.iucnredlist.org/resources/habitat-classificationscheme).

48. The number of plants in areas of high biodiversity importance has been modified following the updating of thematic maps and the refinement 

of calculation methodologies (e.g. for hydroelectric plants, plant auxiliaries have been merged with the generation island and related basins).

sis of operating assets as well as for Group report-

ing purposes. For more information, see the section 

“Process to identify and assess material IROs for the 

environment”.

The following table shows the main indicators of

biodiversity impacts relating to the Group’s main

technologies.

Indicator Generation Distribution

Assets in sensitive 

areas

Generation sites that fall in at least one of the areas 

of High Significance for Biodiversity classified as 

follows: 

• Protected Areas: UNESCO World Heritage Natural 

Sites and IUCN I-IV.

• Critical habitats: defined by IFC Performance 

Standard 6, mapped “likely” by UNEP-WCMC, 

Conservation International and Fauna & Flora 

International.

46

• Presence of threatened species as per IUCN Red 

List classification, weighted against extinction risk.

Distribution assets (substations and HV/MV lines) that 

fall into one of the following classifications: 

• Protected  Areas: UNESCO World Heritage Natural 

Sites and IUCN I-IV. 

• Critical habitat: defined by International Finance 

Corporation (IFC) Performance Standard 6, mapped 

“likely” by UNEP-WCMC, Conservation International 

and Fauna & Flora International. 

Soil transformation Areas of land classified as “Natural Habitat”

according to IUCN

47

habitat categories on which new 

assets that came into operation in the reporting 

year are built.

Area of land classified as “Natural Habitat” according 

to IUCN habitat categories on which distribution 

assets are present.

Number and types of 

threatened species

Number and types of threatened species mapped in biodiversity projects related to operating facilities. The 

typology of species follows the IUCN Red List classification. 

Assets in sensitive areas 

Generation 

Facilities in sensitive areas are mainly hydroelectric 

plants, mostly built in the 1970s or earlier (in many

cases before the creation of protected areas, the

classification of critical habitat or the identifica-

tion of threatened animal species), both in Europe 

and Chile, and managed according to reservoir

management plans shared with local authorities. In

2024, no new plants came into operation in sensi-

tive areas.

Generation sites in sensitive areas

48

60/162 110/251 514/590 34/56 35/36

Power generation facilities in protected areas total 

106, accounting for 2.3% of the total area occupied by 

all assets (245,786 hectares). No new plants have been 

built in protected areas since 2013.

Environmental information

322

INTEGRATED ANNUAL REPORT 2024

POWER GENERATION FACILITIES IN PROTECTED AREAS (HECTARES)

5,611

119

1

5,731

Total

Thermal

Hydroelectric

Wind

Geothermal

Solar

Distribution

49. Land occupation related to assets is being updated. It includes MV and HV grids in Italy, Spain, Chile, Colombia and Brazil

MV/HV assets that fall in protected areas account for 

2.9% of the total area occupied (484,191

49

hectares), 

equal to 14,186.8 hectares (15,358 km). When facili-

ties are within a protected area, Enel applies the best

solutions to mitigate impact on the surrounding en-

vironment, also considering the need to comply with 

its service obligation. 

In contrast, MV/HV assets falling under Critical Hab-

itat are 7.8% of the total area, equivalent to 37,804.0 

hectares (58,659 km).

Biodiversity and ecosystems

UM 2024 2023 Change

Operating power generation plants that fall within biodiversity-sensitive areas no. 753 n.a. - -

\- of which operating power generation plants that fall within protected areas no. 106

n.a.

- -

\- of which hectares occupied by operating power generation plants that fall within 

protected are-as

hectares 5,731.3 n.a. - -

Hectares occupied by distribution assets

(1)

that fall under Critical Habitat hectares 37,804.0 n.a. - -

Hectares occupied by distribution assets that fall in protected areas hectares 14,186.8 n.a. - -

(1)  The scope includes MV and HV grids in Italy, Spain, Chile, Colombia and Brazil.

Soil transformation 

Generation

Power generation plants that entered operation in 2024 

occupy 5,005 hectares of land, of which 2,497 hectares 

(50%) have been built on habitats that have already been 

modified and the remaining 2,508.1 hectares (50%) on 

natural habitats of which about 50% in Brazil. Of the im-

pacted natural habitats, only 223 hectares are listed in 

the global databases as forest habitat, normally asso-

ciated with a portion of the project area, which during 

the construction phase Enel attempted to preserve or 

compensate through local initiatives. 

Transformation of natural habitats

UM 2024 2023 Change

Hectares occupied by power generation assets that became operational in the 

current year falling within natural habitats

hectares 2,508.1 n.a. - -

Distribution

Almost all HV and MV distribution lines were built in the 

1970s, mainly in urbanized habitats. Specifically, about

70% of distribution MV/HV assets are located in modi-

fied habitats, 30% in natural habitats.

Environmental information

323

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Number and types of endangered species

50. These are recovered hectares, relative only to ongoing habitat recovery projects in 2024\. 

51. https://www.enel.com/investors/sustainability/strategy-sustainable-progress/biodiversity.

Enel identifies and assesses the presence of endan-

gered species, with a focus on those on the Interna-

tional Union for Conservation of Nature (IUCN) Red List 

and national conservation lists. Below is a breakdown 

of the total number of species identified in biodiversi-

ty project areas related to operating power plants by 

level of extinction risk. 

Country no. of 

projects

of which 

voluntary

Project type Species

no. of species on the IUCN Red List

(1)

Conservation 

(species)

Monitoring

Restoration 

(habitats)

Research 

and other 

purposes

Class CR END VUL NT LC Total

Iberia 62 50% 36 3 12 11 Birds; Bats; Terrestrial 

fauna (Mammals);

Terrestrial flora

- 2 12 9 29 52

Italy 38 61% 25 8 5 0 Birds; Bats; Terrestrial 

fauna (Mammals);

Terrestrial flora; Fish fauna

4 14 16 - 12 46

Rest of the 

world

(2)

101 15% 14 52 28 7 Birds; Bats; Terrestrial 

fauna (Mammals);

Terrestrial flora; Aquatic 

fauna (Amphibians and 

Reptiles); Fish fauna

4 10 57 40 760 871

Total 201 34% 75 63 45 18 8 26 85 49 801 969

(1)  Critically Endangered (CR) - Endangered (EN) - Vulnerable (VUL) - Near Threatened (NT) - Least Concern (LC).

(2)  Argentina, Brazil, Chile, Colombia, Guatemala, Mexico, North America and South Africa.

Action plan for monitoring metrics 

In 2024, 200 projects were brought to completion to 

protect species and natural habitats at operating power 

plants, of which about 40 were developed in partnership

with government agencies and non-governmental or-

ganizations and universities, for a total capital expendi-

ture of around €16 million. The projects are implemented 

in all countries and regions and mainly involve operating 

renewable power generation plants and distribution net-

works and have included habitat restoration activities of 

10,455 hectares,

50

most of which are related to ecologi-

cal restoration and reforestation activities, mainly in Brazil

and Spain. In addition, an additional 40 projects related

to construction sites of power generation plants were

implemented in 2024, 27 of which related to plants that

came into operation during the year, mainly in Colom-

bia and Spain, aimed at habitat restoration, conservation 

and monitoring of impacted native species, for a total 

capital expenditure of over €5.8 million. There are two 

active projects for power plant decommissioning in Italy 

and Chile.

Examples of the measures to mitigate impacts on bi-

odiversity carried out in compliance with the related 

policy are available on the sustainability section of the 

www.enel.com website.

51

2024 assessment of biodiversity project impacts Number of sites Hectares

Number of sites and total area used for operating assets

(1)

512 60,537

Assessment

Sites where biodiversity impact assessments have been carried out in the last five years 512 60,537

Exposure

Sites with biodiversity impact assessment in the vicinity of critical areas and total area of these sites

(2)

240 9,887

Management plans

Sites with biodiversity impact assessment located in the vicinity of critical areas that have a 

biodiversity management plan in place, and total area of these sites

(3)

24 2,493

(1)  Power generation assets in operation, excluding nuclear, and considering only hydroelectric reservoirs in operation in the last 10 years.

(2)  Generation assets in critical habitat include all sensitive areas (ref. ESRS E4-5).

(3)  Biodiversity projects underway in 2024.

Environmental information

324

INTEGRATED ANNUAL REPORT 2024

Resource use and circular economy 

ESRS E5

3,775,638 t

TOTAL WASTE PRODUCED

3,777,325 in 2023

2,634,863 t

OF WHICH WASTE PRODUCED BY OPERATIONAL 

AND MAINTENANCE ACTIVITIES

3,207,895 in 2023

The results of the 2024 double materiality process for aspects related to “Resource use and circular economy” are 

reported below, with details of the material IROs used in the preparation of this section.

SUBTOPIC DESCRIPTION OF IRO  TYPE

TARGET/

ACTION PLAN

WASTE

Sub-subtopic 

Non-hazardous waste from 

Operations and Maintenance 

(O&M)

Reputational and economic advantage 

linked to the reduction of the production 

and disposal of non-hazardous waste 

from direct and indirect operating 

assets by means of the optimization of 

transformation and recovery processes 

and the promotion of sustainable supply 

chains for final disposal.

Target:

• Reduction of the total quantity of 

waste

Opportunities

Policies related to resource use and circular economy

ESRS E5-1

The reduction of waste produced and its optimal man-

agement are strategic objectives of Enel’s Environ-

mental Policy, to which reference is made for further 

details. These goals are pursued with constant efforts 

to prevent their production and to maximize their re-

use, recycling and recovery from a circular resource 

economy perspective in line with the waste manage-

ment hierarchy, as well as in internal Waste Manage-

ment and Circular Goods and Materials Management 

policies.

Environmental information

325

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

WASTE MANAGEMENT 

POLICY

DESCRIPTION

MAIN CONTENTS

•

Collect and share the best practices and management rules developed 

within the Group.

•

Introduce the hierarchy of priorities adopted in waste management: 

prevention, reuse, recycling, recovery and disposal, emphasizing the focus 

from the procurement stage on the selection of products with reduced 

environmental impact. 

•

Identify roles, responsibilities, classification criteria and control procedures 

to prevent and reduce risks to the environment and the organization and to 

ensure corporate compliance with local laws and regulations.

SCOPE

•

Assets under Enel’s operational control and entire value chain.

IROs COVERED AND 

REFERENCES

•

Non-hazardous waste from Operations and Maintenance (O&M).

STAKEHOLDERS INVOLVED 

IN THE DEFINITION

•

Qualified suppliers of services and goods.

DIFFUSION

•

Internal policies.

CIRCULAR GOODS 

AND MATERIALS

MANAGEMENT POLICY 

DESCRIPTION

MAIN CONTENTS

•

Defines how secondary raw materials and used goods are managed, aiming 

to maximize their economic and socio-environmental leveraging, in line 

with a circular approach. 

SCOPE

•

Assets under Enel’s operational control and value chain.

IROs COVERED

AND REFERENCES

STAKEHOLDERS INVOLVED 

IN THE DEFINITION

•

Qualified suppliers of services and goods. 

DIFFUSION

•

Internal policies.

Action plan for the management of material IROs

ESRS E5-2 

The decarbonization process undertaken by Enel 

has resulted in a gradual and drastic reduction in the 

amount of waste produced by the Operation and Main-

tenance (O&M) activities of coal-fired thermal plants, 

which used to predominate in waste generation. In the 

coming years, the production and subsequent dispos-

al of coal ash and desulfurization gypsum is expected 

to be eliminated, in line with the “Net Zero” Plan, which 

contemplates the closure of power plants by 2030. For 

more details see the “Climate change” chapter. 

Environmental information

326

INTEGRATED ANNUAL REPORT 2024

(1)  For distribution grids, this includes asset construction and refurbishment activities, based on the size and distribution of construction sites.

YES  NO

ACTION DESCRIPTION 

Increased 

recovery rate

Extended 

producer 

responsibility

Extended 

producer 

responsibility

Technical and 

economic 

valuation of 

end-of-life and 

waste goods

Establishment of 

specific programs and 

procedures to maximize 

waste recovery and 

recycling. 

• Inclusion in the Group’s 

target of the amount 

of waste produced by 

contracting companies.

• In the post-consumer 

phase, take-back and 

recovery of equipment 

installed at customer 

premises.

• Periodic customer 

awareness campaigns.

• Adoption of procedures 

and recommendations 

for the collection, 

classification and final 

destination of goods 

and wastes. 

Reduction 

of waste 

generation from 

O&M activities

(1)

The ongoing phase-out 

of coal-fired plants allows 

for a drastic reduction in 

related process wastes 

(ash, gypsum, and sludge). 

Direct and 

indirect O&M 

activities 

involving 

operational

assets 

Implementation of the 

decarbonization and 

Net Zero plan.

2030

Scope Target Timing Monitoring

Direct and 

indirect O&M,

construction 

sites and 

decommissioning 

activities 

Direct and 

indirect O&M 

activities involving 

operational 

assets 

Products 

and services 

offered to end 

customers

Activities 

under the 

operational 

control of the 

Group

Monitoring and 

reporting KPIs. 

Monitoring and 

reporting KPIs.

Based on the country’s 

implementation 

programs.

Based on specific 

plans for the 

operation, 

refurbishment or 

decommissioning of 

assets.

Based on local 

country/business 

initiatives

2030

Based on the 

country’s 

implementation 

programs

Based on specific 

plans for the 

operation, 

refurbishment or 

decommissioning 

of assets

52. For distribution grids, this includes asset construction and refurbishment activities, based on the size and distribution of construction sites.

53. https://www.photorama-project.eu/.

Enel is committed to reducing waste produced from 

O&M

52

activities, at its operating sites, by setting a vol-

untary target to reduce in absolute terms the waste 

produced directly by Enel and by contractors operat-

ing at its sites. As for the share of waste produced by 

the latter, it derives predominantly from the electricity 

distribution activities, consisting mostly of excavated 

earth and rocks and inert materials from civil and road 

construction and demolition, which in some major 

countries, including Italy, are classified and managed 

as waste and mainly destined for recovery. The defi-

nition of the target adopts the principles of extended 

producer responsibility for waste recommended by EU 

standards and, in the context of the ongoing energy 

transition, highlights the growing role within Enel of 

the management of electricity distribution networks, 

services (for example, public lighting and electric mo-

bility networks) and renewable energy plants.

Enel is engaged in several programs to maximize ma-

terial recovery and waste recycling, including through 

innovative initiatives such as the Photorama project,

53

which focuses on recycling solar panels.

Finally, regarding the products and services offered to 

end customers, Enel is committed to minimizing their

impact in production cycles by selecting its providers 

also on the basis of information (verified, transparent and 

Environmental information

327

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

comparable) on the environmental impact of individual 

products and on the basis of the utilization of recycla-

ble raw materials in products and packaging. In addition, 

periodic campaigns are conducted to raise awareness 

among customers on sustainability issues, end-of-life

management, ensuring in the post-consumer phase the 

take-back and recovery of installed equipment accord-

ing to an extended producer responsibility model.

Metrics and targets

Targets 

ESRS E5-3

Not in line  In line  Achieved

KPI POLICIES SCOPE

Reduction of the 

total quantity of 

waste 

• Environmental 

Policy

• Waste 

Management 

Policy

Direct and indirect

O&M activities in 

all countries and 

regions

Year: 2017

Value: 6.7 Mt

2.6 [Mt]

(-61% vs 2017)

3.1 [Mt]

(-54% vs 2017)

in 2027

3.0 [Mt]

(-55% vs 2017)

in 2030

BASELINE ACTUAL

2024

TARGET

STATUS

Enel has adopted a 2030 target of reducing waste 

produced by O&M activities at its operating sites by 

55% from the base year (2017). This objective stems 

primarily from the implementation of the decarbon-

ization and energy transition plan adopted by Enel, 

which involves, in particular, the elimination of process 

waste from coal-fired plants, such as ash, gypsum and 

desulfurization sludge, by 2030\. 

In 2024, total waste produced from O&M activities was 

2.6 Mt, corresponding to -61% from the 2017 baseline, 

and a significant decrease (-17.9%) from 2023 (3.2 Mt). 

This result is mainly due to the drastic reduction in the 

past year in the amount of waste produced by coal-fired 

thermal power plants that have reached phase-out. To-

tal O&M waste produced has reached values in line with 

the final target, although fluctuations will be possible in 

the coming years due to the significant capital expend-

iture being made in the maintenance and moderniza-

tion of electricity grids, especially in Italy, from which 

most of the Group’s waste is generated. Efforts for the 

coming years will be prioritized on confirming and fur-

ther improving recovery accruals where possible. 

Environmental information

328

INTEGRATED ANNUAL REPORT 2024

Resource outflows 

ESRS E5-5

Total waste produced by Enel in 2024 amounted to

3,775,638 tons, of which 2,634,863 came from O&M 

activities (70%) and 1,140,775 from the construction 

and demolition of power generation assets.

Waste from O&M activities is clearly predomi-

nantly (98%) represented by non-hazardous waste 

(2,591,234 tons), consisting mainly of stone aggre-

gates and excavated earth and rocks, including ash

and gypsum, the production of which was found to 

have decreased sharply (-81.3%) in 2024 compared

to the previous year, due to the gradual closure of

coal-fired power plants. The overall percentage of 

O&M waste sent for recovery was 88.4%, an improve-

ment from the previous year (85.2% in 2023). Exca-

vated earth and rocks and stone aggregates, which 

are the main fractions, resulting mainly from activities

on power grids, are recovered to an almost complete 

extent. The recovery rates of the other major cate-

gories, such as industrial waste from maintenance of

generating plants and power grids, WEEE and metal

scrap, including iron, copper and aluminum, are also 

very high. On the other hand, a decrease in ash and 

gypsum recovery rates of 15.9% and 67.9%, respec-

tively, compared to the previous year (with values of 

75% and 88% in 2023) is reported, due to both the 

lower quality of residual waste and a contraction of 

local reuse markets.

The total amount of O&M hazardous waste sent for 

disposal was 12,637 tons in 2024 (or 29.0% of total 

hazardous waste), as a result of the lower quantities 

generated but also better management performance

(36,293 tons in 2023, or 53% of hazardous waste pro-

duced).

Waste from generation construction and demolition 

activities is mainly associated with renewable plant 

construction and end-of-life thermal power plant 

demolition activities, in line with the implementation 

of the decarbonization and energy transition pro-

cess. In particular, for waste resulting from the de-

commissioning of end-of-life facilities, consisting 

mainly of reusable assets and valuable metal waste, 

selective demolition techniques of the facilities and

dedicated management procedures are adopted for 

their best economic utilization. On the other hand, 

from the construction of new renewable facilities,

mainly inert materials, such as excavated soil and 

rocks, are generated and prioritized for reuse on 

site as secondary raw materials. A total of 1,140,775

tons of waste was generated, a significant increase 

from the previous year (569,430 tons in 2023) main-

ly due to the increased contribution from construc-

tion sites of new renewable plants. These are mainly 

non-hazardous wastes (98.0%), mainly for recovery 

(79.5%), consisting mainly of excavated soil and rocks, 

stone aggregates, and, for demolition, also industri-

al wastes, mainly including metals. In contrast, the 

overall percentage of waste, hazardous and non-haz-

ardous, going to disposal was 22.1%, down from the 

previous year (42.5%).

Values for hazardous and non-hazardous waste gen-

eration, as well as quantities sent to different final

destinations, are determined in most cases through 

direct measurements. Waste is weighed at the final 

delivery recipients and, in some cases, already within 

the Enel asset where it is generated, if that asset is 

equipped with a certified weighing instrument. With 

regard to waste produced by contracted work, data 

and transport documents are recorded by contrac-

tors, including through the utilization of computer-

ized tools for work accounting, which are periodi-

cally verified by Enel. The data collected are entered 

semi-annually into the Group environmental data 

collection tool, where they are validated and aggre-

gated at different levels of the organization. 

Environmental information

329

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

UM 2024 2023 Change

Total amount of waste generated t 3,775,638 3,777,325 (1,687) -

\- of which from O&M activities

(1)

t 2,634,863

3,207,895

(573,032) -17.9%

\- of which from construction and demolition activities from 

construction sites 

t 1,140,775 569,430 571,345 -

Radioactive waste m

3

235.0 172 .4 62.6 36.3%

Operation & Maintenance

Non-hazardous waste t 2,591,234 3,139,191 (547,957) -17.5 %

Hazardous waste t 43,629 68,704 (25,075) -36.5%

\- of which ash gypsum t 138,158 739,883 (601,725) -81.3%

Waste diverted from disposal t 2,328,331 2,732,658

(404,327)

-14.8%

Recycling and reuse  t 2,328,331 2,732,658 (404,327) -14.8%

\- of which hazardous waste t 30,991 32,411 (1,420) -4.4%

\- of which non-hazardous waste t 2,297,340 2,700,247 (402,907) -14.9%

Waste directed to disposal t 306,532 475,365 (168,833) -35.5%

Landfill disposal t 263,250 360,182 (96,932) -26.9%

\- of which hazardous t 6,185 7, 15 5 (970) -13.6%

\- of which non-hazardous t 257,065 353,027 (95,962) -27.2%

Incineration t 9,579 2,829 6,750 -

\- of which hazardous t 1,670 2,396 (726) -30.3%

\- of which non-hazardous t 7,909 433 7,476 -

Other disposal operations t 33,703

112,354

(78,651) -70.0%

\- of which hazardous t 4,782 26,742 (21,960) -82.1%

\- of which non-hazardous t 28,921 85,612 (56,691) -66.2%

Percentage of waste recycled and reused % 88.4 85.2 3.2 -

Percentage of waste directed to disposal % 11.6 14.8 -3.2 -21.6%

Coal Combustion Products (CCPs) Mt

0.18

0.81 (1) -77.8%

\- of which recycled % 36 79 (43) -

(1)  The O&M figure for 2023 has been updated from last year due to improvements in the waste management process.

Waste from construction and demolition activities from construction sites

UM 2024 2023 Change

Non-hazardous waste t 1,117,505 546,388 571,116 -

Hazardous waste t 23,270 23,042 229 1.0%

\- of which ash gypsum t 25,387 4,361 21,026 -

Waste diverted from disposal t 888,643 32 7, 25 8 561,385 -

Recycling and reuse  t 888,643 327,258 561,385 -

\- of which hazardous waste t 9,810  13,320 (3,510) -26.4%

\- of which non-hazardous waste t 878,833  313,938 564,895 -

Waste directed to disposal t 252,131 242 ,172 9,959 4.1%

Landfill disposal t 242,821 241,606 1,215 0.5%

\- of which hazardous t 8,931  9,645  (714) -7.4 %

\- of which non-hazardous t 233,890 231,961 1,929 0.8%

Incineration t - 34 (34) -100.0%

\- of which hazardous t - 12 (12) -100.0%

\- of which non-hazardous t - 22 (22) -100.0%

Other disposal operations t 9,310 531 8,779 -

\- of which hazardous t 4,529 64 4,465 -

\- of which non-hazardous t 4,781  467 4,314 -

Percentage of waste recycled and reused % 77.9  57.5 20 -

Percentage of waste for disposal % 22.1 42.5 (20) -

Environmental information

330

INTEGRATED ANNUAL REPORT 2024

Social information

331

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Social information

Own workforce 

ESRS S1

60,359 

ENEL PEOPLE

61,055 in 2023

27. 2%

WOMEN MANAGERS 

(INCLUDING TOP MANAGERS)

26.2% in 2023

99.65%

ASSESSED EMPLOYEES

(1)

(PERFORMANCE MANAGEMENT)

(1)  The percentage of assessed employees is calculated over the total number of eligible employees.

The results of the 2024 double materiality process for aspects related to “Own workforce” are reported below, with 

details of the material IROs used in the preparation of this section.

SUBTOPIC  DESCRIPTION OF IRO TYPE

TARGET/

ACTION PLAN

PEOPLE DEVELOPMENT

Sub-subtopic

Skills and performance

Enhancement of the talent of Enel people 

with the aim of recognizing individual skills 

and supporting performance appraisal.

Demand management – %

SUBTOPIC

EQUAL TREATMENT AND 

OPPORTUNITIES FOR ALL

Sub-subtopic

Disability and gender diversity

Enhancement of diversity (for example, 

inclusion of people with disabilities, gender 

diversity) thanks to the inclusive policies 

adopted by the Group.

Women managers and middle 

managers – % and women in 

top manager and managerial 

succession plans – %

Positive impact

Strategy and management of material IROs

ESRS 2 SBM-3 

Enel bases its strategy on the centrality of all people in 

Enel, who are considered the key players in the Group’s 

changes, challenges and results. To support this strate-

gy, several lines of action have been defined:

• increase people’s involvement through listening in-

itiatives;

• sustain a high level of satisfaction among Group 

employees;

• promote gender equality, in particular the rep-

resentation of women in management and middle 

management roles;

• recognize the value of people through the promotion

of merit, the adaptation of skills and a sense of re-

sponsibility as the basis of the evaluation model;

• ensure full inclusion through the recognition and 

potential of each person by implementing policies, 

projects and initiatives aimed at people with different 

abilities.

During 2024, the development strategy and people de-

velopment tools were revised in line with the Group’s 

objectives. Corporate values have been redefined, in-

tegrating flexibility and respect and confirming trust, 

Social information

332

INTEGRATED ANNUAL REPORT 2024

proactivity and innovation. In this context, entrepre-

neurship and attention to merit are key elements in 

sustaining change.

Enel promotes initiatives aimed at listening to its employ-

ees, with the goal of ensuring inclusion, engagement, 

well-being and satisfaction. In 2024, the Inside Enel glob-

al survey combined three key listening moments on cli-

mate, well-being, and inclusion into one initiative.

Enel continues to pursue its commitment to gender 

equity and equal pay through the adoption of policies 

54. The EWC is an essential tool for the gradual extension and strengthening of a “fully fiduciary” and “high-quality” corporate social dialogue 

involving workers and their representatives on the economic, social and strategic objectives of the enterprise. The EWC routinely meets twice 

a year, normally to coincide with the publication of the yearly results and the half-year report. The select committee meets four times a year.

and action plans that enhance merit, promoting equal 

opportunity and inclusion.

With a view to enhancing people’s talents, the growth of 

technical and soft skills is central, through experiences 

and training and development programs based on indi-

vidual awareness, accompanying people at every stage 

of their career path and designing customized learning 

paths, also in accordance with mobility programs that 

encourage upskilling. 

Interests and views of stakeholders

ESRS 2 SBM-2

Enel confirms the distinctive features of its system of 

industrial relations, continuing to extend the process-

es of information and consultation with workers and 

their representatives to all Group companies operating 

in the EU. This system allows workers’ representatives 

to express their evaluations and proposals regard-

ing company strategies, with a view to seeking every 

possible convergence between the parties, within the

framework of their distinctive roles and responsibilities.

This system is explicitly spelled out in the text of the 

2016 Enel European Works Council (EWC) Agreement, 

extended in 2022 and currently under renegotiation,

54

which is one of the most advanced agreements in the 

EU electricity sector for its focus on bilateral issues such 

as occupational health and safety, training and diversity. 

Enel also signed an agreement with trade unions (the 

Charter of the Person) to protect individuals in their 

work, personal and social spheres first in Italy and 

then in other countries where the Group is present. 

The document not only outlines new guidelines in 

industrial relations, but more generally reaffirms the 

centrality of people, starting with their well-being and 

motivation, guaranteeing quality training in terms of 

self-learning and high safety standards, rooted in the 

responsible approach of all. 

Enel intends to continue its commitment to social di-

alogue with labor organizations to address issues that 

affect the interests of the Group and the people who 

work for it.

Social information

333

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Material IROs and their interaction with strategy and business model

ESRS 2 SMB-3

55. https://corporate.enel.it/content/dam/enel-corporate/chi-siamo/Policy-Diritti-Umani/politica-diritti-umani-human-rights-policy_2021.pdf.

56\.  https://www.enel.com/content/dam/enel-com/documenti/investitori/governance/sistema-di-controllo-interno/codice-etico-enel_2021.pdf.

The enhancement of the uniqueness of individuals and 

their well-being is supported by a broad procedural 

framework and initiatives to prevent potential negative im-

pacts and strengthen material positive impacts that have 

emerged, especially in the areas of gender equality, inclu-

sion of people with different abilities, and performance

management. These issues have long been a focus of at-

tention and were addressed through the development of 

global and local programs and action plans based on an 

ongoing process of listening to colleagues. 

As for talent development, performance management 

was revamped in 2024 in line with the new corporate 

values and a focus on merit.

The policies relevant to gender equality and inclusion of 

people with different abilities address all workers in Enel, 

including external collaborators and, indirectly, those 

involved in the supply chain. In particular, with regard

to gender diversity, some specific initiatives produce

positive impacts on female staff with educational back-

grounds in Science, Technology, Engineering and Math-

ematics (STEM), and externally through outreach initi-

atives aimed at students and educational institutions, 

with the goal of promoting interest in STEM careers. 

Policies related to own workforce

ESRS S1-1

The path that led to Enel’s present day results on 

its people policies began in 2013 with the publica-

tion of the Human Rights Policy,

55

updated in 2021 in 

parallel with the Enel Code of Ethics,

56

and with the 

adherence in 2015 to the seven Women’s Empow-

erment Principles (WEP), promoted by UN Global 

Compact and UN Women contextually with the pub-

lication of the first version of the Diversity and Inclu-

sion Policy. In particular, the Code of Ethics explicitly 

states the principles of impartiality, non-discrimina-

tion, dignity and physical and moral integrity, as well 

as the criteria of conduct inspired by fairness and

equal opportunities, and defines the ethical respon-

sibilities of all those who carry out activities and

business with regard to all the Group’s stakeholders.

The Human Rights Policy reaffirms the rejection of

all forms of discrimination, committing to ensur-

ing that Enel’s current and potential employees are 

treated with respect for diversity and equal oppor-

tunity, both upon joining the Group and throughout

their work, and ensuring fair and favorable working 

conditions that reject any form of harassment or in-

timidation at work.

Below is the detail on policies directly related to ma-

terial topics.

Social information

334

INTEGRATED ANNUAL REPORT 2024

DEIB - DIVERSITY EQUITY

INCLUSION BELONGING

(2024)

(1)

DESCRIPTION

MAIN CONTENTS

•

Provides clear direction on gender equity and diverse abilities, including 

attention to parenting and caregiving, generations, gender equality

and pay equity, cultural integration, inclusion of people with disabilities, 

neuro diversity and vulnerability, dissemination of respectful and inclusive 

language that accommodates the uniqueness of each person in all their 

characteristics, affective orientation and gender identity. Responsibility for 

implementation belongs to the Holding Units of Personnel & Organization 

affected by the DEIB strategy. The Policy complies with ISO 30415:2021 –

Human Resources Management – Diversity, Equity and Inclusion.

SCOPE

•

It applies to people working in the Enel Group and represents a standard to 

be respected by stakeholders in the Enel value chain. Those who believe that a 

violation of the DEIB Policy has occurred may use the whistleblower channel, 

adopted in accordance with the legal framework on whistleblower protection.

IROs COVERED

AND REFERENCES

•

Diversity (includes Gender and Disability).

STAKEHOLDERS INVOLVED

IN THE DEFINITION

•

All relevant Enel Functions were involved.

•

The policy is open-ended, based on the principle of continuous 

improvement, so as new global Employee Resource Groups (ERGs)

(2)

are 

soon established, it may be updated to incorporate any new needs.

DIFFUSION

•

Available in English on the Company’s internal channels and for all Enel 

stakeholders on the Enel Group website.

ENEL SPA GENDER EQUALITY

POLICY AND ENEL ITALIA SPA

GENDER EQUALITY POLICY

(2024)

(3)

DESCRIPTION

MAIN CONTENTS

•

Gender Equality Policies for the promotion and maintenance of a Management 

System aligned with the practice pursuant to Italian national standard UNI/

PdR 125:2022 (in force in Italy) working on the areas of culture and strategy, 

governance, P&O processes, equitable growth opportunities, pay equity 

and parenting. The Policies ensure fairness on selection, development and 

remuneration processes, attention to parenting, work-life balance, harassment 

prevention, dissemination of awareness-raising actions on inclusive behavior 

and language. The highest level of responsibility lies respectively with the CEO 

of the Enel Group, the senior management of Enel SpA, the Gender Equality 

Steering Committee, the CEO of Enel Italia SpA, the senior management of Enel 

Italia SpA and the respective Gender Equality Steering Committee. The Policies 

are based on the aforementioned UNI/PdR 125:2022. 

SCOPE

•

The Policies apply to Enel SpA employees in the Italy scope and Enel Italia 

SpA employees in the Italy scope, respectively. 

IROs COVERED AND 

REFERENCES

•

Diversity – Gender.

STAKEHOLDERS INVOLVED IN 

THE DEFINITION

•

All relevant Functions were involved.

•

The Policy is open-ended, based on the principle of continuous 

improvement, so following the upcoming establishment of the new Global 

ERGs it may be updated to incorporate any new needs.

DIFFUSION

•

The Policies were shared on internal communication channels to all 

employees of Enel SpA and Enel Italia SpA in Italy. The Policy relating to Enel 

SpA is available on the Enel Group website (Global Procurement).

(1)  https://openinnovability.enel.com/content/dam/enel-com/documenti/media/diversity-equity-inclusion-and-belonging-policy-2024.pdf.

(2)  Formal and informal networks of colleagues who share similar interests and needs, generally promoted, managed and sponsored by the or-

ganization as they facilitate the creation of community spirit, are supportive in personal and professional development, and foster advocacy 

on issues important to the strategy.

(3)  https://globalprocurement.enel.com/content/dam/enel-gp/documents/other-useful-documents/health-and-safety/Enel_SPA_Politica_per_

la_parita_di_genere.pdf.

Social information

335

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

DIGITAL ACCESSIBILITY

POLICY (2021)

DESCRIPTION

MAIN CONTENTS

•

Ensures equal access opportunities to digital information and systems and 

applies to all those conducting business in Enel and promotes adherence 

to the same standards for contractors, suppliers, partners, with a focus on 

contexts and civil society. 

SCOPE

•

It applies to the conduct of business and corporate activities carried out 

by the Enel Group, or by the collaborators of Enel SpA and the companies 

directly or indirectly controlled by it, whether they are directors or 

employees of such companies.

IROs COVERED AND 

REFERENCES

•

Diversity - Disability (Digital Accessibility).

STAKEHOLDERS INVOLVED IN

THE DEFINITION

•

Global Digital Solutions Function.

DIFFUSION

•

Dedicated section on the corporate intranet and accessibility

(1)

statement 

on the Enel Group website. 

DIVERSITY POLICY REGARDING

THE COMPOSITION OF THE

BOARD (2018)

(2)

DESCRIPTION

MAIN CONTENTS

•

Describes the optimal characteristics of the composition of the Board so 

that it can most effectively carry out its tasks, making decisions that can 

concretely draw on the contribution of a plurality of qualified viewpoints and 

that take into account the importance of balanced gender representation as 

well as the benefits that can be derived from the presence of different age 

groups and seniority in office.

SCOPE

•

The Policy refers exclusively to the composition of Enel’s Board of 

Directors. A separate Policy is provided for the composition of the 

Company’s Board of Statutory Auditors. 

IROs COVERED AND 

REFERENCES

•

Diversity (includes Gender and Disability).

STAKEHOLDERS INVOLVED IN

THE DEFINITION

•

The Policy has been shared with Enel’s directors in both the relevant 

board committees and the Board of Directors, which has given its 

approval.

DIFFUSION

•

Available for all Enel stakeholders on the Enel Group website.

(1)  https://www.enel.com/content/dam/enel-com/documenti/accessibilita/accessibility-statement-enel-com.pdf.

(2)  https://www.enel.com/content/dam/enel-com/documenti/investitori/governance/statuto-regolamenti-politiche/en/diversity-poli-

cy-of-the-board-of-directors.pdf.

Social information

336

INTEGRATED ANNUAL REPORT 2024

POLICY ON HARASSMENT

IN WORKPLACE (2019)

AND STATEMENT AGAINST

HARASSMENT IN THE 

WORKPLACE (2020)

(1)

DESCRIPTION

MAIN CONTENTS

•

Promotes the principles of diversity, inclusion and equal opportunity by 

fostering a work environment in which people are treated with dignity, 

decorum and respect, rejecting all forms of harassment and offensive 

behavior with the goal of improving access to and participation in work 

activities and achieving higher levels of well-being and quality of life at 

work. Identifies types of harassment, reporting and management methods 

and channels, and preventive measures.

SCOPE

•

It is targeted at all employees and third parties who work with Enel in any 

operational context.

IROs COVERED AND 

REFERENCES

•

Diversity (includes Gender and Disability).

STAKEHOLDERS INVOLVED IN

THE DEFINITION

•

Corporate Functions of People Care & Diversity Management, Legal, and 

Industrial Relations.

DIFFUSION

•

Policy available on the Company’s intranet and public commitment available 

to all Enel stakeholders on the Enel Group website.

Engaging with workers and channels of communication

ESRS S1-2; S1-3

57. In 2024, the rule for calculating the positive of all indices (responses 3+4+5) was standardized and a uniform scale was chosen (1 to 5 without 

a “don’t know” option).

58. In 2022, the Open Listening Survey measured the level of employee engagement, with a participation of 75.6% with an overall job satisfaction 

(engagement) rate of those involved of 89.6% (scale from 1 to 5 plus the option “don’t know”, positive answers 3, 4 and 5 out of the total an-

swers, including the “don’t know”).

59. In 2022, the Well-being & Motivation Survey measured the level of well-being and motivation of employees, recording an overall level of 

well-being of 60% (scale from 1 to 5 plus the option “don’t know”, Global Well-being Index equivalent to answers 4 and 5 on the total answers, 

excluding the “don’t know”).

60. In 2023, the Global Inclusive Survey measured perceptions of inclusion with a participation rate of 48% (scale from 1 to 6, without the option 

“don’t know”, average of the respondents’ ratings on this aspect is 4.5 out of 6).

Enel has always placed great emphasis on promoting 

initiatives aimed at listening to all Enel people, with the 

goal of ensuring inclusion, involvement, well-being 

and satisfaction. This commitment allows for the de-

velopment of sustainable and inclusive organizational 

action plans and development paths that enhance the 

diversity and expertise in the organization. 

In 2024, with the Inside Enel Global Survey,

57

three key 

listening moments on climate,

58

well-being,

59

and in-

clusion

60

were brought together in one initiative. This

integrated approach has reduced redundancies and in-

creased employee engagement by enabling a clearer and

more comprehensive collection of employees’ needs, 

motivations and opinions. A decisive step to strengthen 

the connection with people and build an increasingly in-

clusive and wellness-oriented corporate culture. 

82.6% of the Group’s employees responded to the In-

side Enel 2024 survey, recording an overall job satisfac-

tion (engagement) rate of the people involved of 85.4%, 

a well-being level of 82%, and an inclusion level of 89.3%. 

Based on the evidence collected, action plans will be de-

fined during 2025 to target and address the identified ar-

eas. Globally, some priorities have already been identified: 

• deliver training sessions dedicated to improving 

well-being, team functioning and awareness of 

available company services; 

(1)  https://www.enel.com/content/dam/enel-com/documenti/investitori/sostenibilita/enel-statement-against-harassment.pdf.

Social information

337

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

• enhance the role of Employee Resource Group (ERG) 

communities,

61

on issues related to diversity, equity, 

inclusion and belonging (DEIB); 

• promote initiatives to spread inclusive language and 

behavior. 

Another essential element for Enel people are the 

People Business Partners, P&O resources dedicated 

to listening and dialoguing with people, capable of 

grasping individual aspirations and integrate them 

with the needs of the organization, interpreting the 

role in a holistic way. 

Moreover, Enel considers internal communication a 

mainstay in the creation of corporate culture, people 

growth and the growth of the organization, stimu-

lating and promoting the exchange of information, 

know-how and experience. Internal communications 

are the main vector to disseminate the Enel strategy 

and the objectives identified for the near future. 

Through its high-profile industrial relations, and in 

compliance with the provisions of national legislation, 

Enel recognizes as negotiating partners the trade 

unions representing workers in the Company and 

seeks every possible convergence between the par-

ties, each within the framework of their distinct roles 

responsibilities. Furthermore, Enel provides adequate 

information to its employees and to the trade union 

organizations that represent them, in order to facili-

tate collective bargaining, and provides its people with 

a full range of information, concerning collective la-

bor agreements and trade union agreements, in ac-

cordance with current legislation. In many countries, 

bilateral committees have been set up with represent-

atives of the trade unions to deal jointly with impor-

tant issues. One example is the Bilateral Committee on 

Health and Safety in Italy and Spain. More information 

can be found in the section “Health and safety”.

As regards social dialogue, Enel complies with the 

labor law in force in the various countries in which it 

operates, with the fundamental principles of the Unit-

ed Nations Universal Declaration of Human Rights and 

with the conventions of the International Labour Or-

ganization (ILO) concerning workers’ rights (freedom 

of association and collective bargaining, consultation, 

right to strike, etc.), systematically promoting discus-

sion between employer and worker organizations and 

seeking a broad level of agreement and sharing of 

corporate strategies by employees. 

The global dialogue strategy conforms to the model 

provided by the Global Framework Agreement (GFA) 

61. Formal and informal networks of colleagues sharing similar interests and needs, usually promoted, managed and sponsored by the organiza-

tion, as they facilitate the creation of community spirit, support personal and professional development and foster support for issues impor-

tant to the strategy.

first signed in Rome in 2013, renewed in virtual mode in 

2023 and ratified in presence in July 2024 between Enel 

and the Italian industry federations and the global fed-

erations IndustriALL and Public Services International. 

The Agreement is based on international human rights 

and business principles and is inspired by the best and 

most advanced transnational industrial relations sys-

tems of key institutions and multinational groups at

the global level, including the ILO. One of the particu-

larly material principles of the GFA is that of remuner-

ation, whereby the minimum payment made to Group 

employees cannot be lower than the level established 

by the collective bargaining agreements and applica-

ble laws and regulations in force in the various coun-

tries in question, in accordance with the provisions of

the relevant ILO conventions. The GFA establishes the 

Global Works Council, a body for analysis and discus-

sion of the UN and OECD international conventions on 

fundamental workers’ rights, which, as a rule, meets in 

plenary session once a year and regularly thereafter as 

a select committee in order to maintain a constant flow 

of communication with the Group. The agreement also 

provides for the possibility of establishing ad-hoc com-

mittees of a bilateral nature to address specific topics. 

Enel and the domestic and European federations (In-

dustriALL Europe and the European Public Services 

Union) have transferred their consolidated experi-

ence of social dialogue to the Sectoral Social Dialogue 

Committee of the electricity sector, established at the 

European Commission – DG Employment – regarding 

the employment impacts of the energy transition and 

digitalization in the coming years in all European and 

global electricity companies.

The Group maintains a strict policy of neutrality re-

garding workers’ decisions to join trade unions and 

which trade unions they choose. Enel also recognizes 

trade unions as representatives of its workers in ac-

cordance with national legislation. Where local and 

international standards differ, Enel applies those that 

best protect workers’ rights. Finally, Enel is committed 

to ensuring that workers’ representatives are not dis-

criminated against as a result of their representational 

activities. The Company rejects any form of discrimi-

nation based on trade union affiliation or activity with 

regard to recruitment, remuneration and career ad-

vancement, which must be based solely on ability and 

merit. The percentage of employees covered by col-

lective agreements at the Group level stood at 91.7% 

in 2024, up from 90.8% in 2023, an increase of 0.9%.

Social information

338

INTEGRATED ANNUAL REPORT 2024

Taking action on material IROs and targets related to managing them

ESRS S1-4

62. Eligible and reachable: those who have a permanent contract and were employed and active in the evaluation period of 2024.

Action plan for development

ACTION DESCRIPTION

Performance 

Management

A global process of evaluating 

performances and a key tool to 

support the rewarding mechanisms 

for pay policies that promote the 

enhancement of talents, through 

the evaluation of the objectives 

achieved and adherence to 

corporate values and conduct. 

The process is 

monitored through 

the Company’s data 

collection and analysis 

platform. 

At the end of each year, 

feedback is collected 

with a view to improving 

the process.

Yearly

Scope Timing Monitoring

Succession 

plans 

Comprehensive annual process 

in which each position holder 

proposes up to 3 ready-for-the-role 

successors and up to 3 “pipeline”

successors (i.e. who will be ready in 

the medium term), subject to shared 

criteria.

The process is monitored 

through the Company’s 

data collection and 

analysis platform. 

Yearly

Global

Global

The new performance management system, an eval-

uation process and a key tool to support compen-

sation policy management mechanisms, promotes 

the enhancement of talent through the evaluation of 

achieved goals, adherence to corporate values and 

behaviors. The program, which involved 100% of the 

Group’s eligible people,

62

provides an annual time for 

direct and exclusive discussion between managers 

and employees to evaluate the results and the behav-

iors enacted in achieving them. 

It is also possible within the same platform to ex-

change feedback involving not only employees but 

also interns.

Another important development goal is to identify 

and value colleagues with technical and specialized 

skills and recognize the value they can bring to the

Company.

Strongly linked to talent development is the training 

plan defined by the collection of training needs in line 

with Enel’s strategy and business challenges, which 

are implemented throughout the year.

The succession plan initiative for management po-

sitions was also relaunched, confirming the crite-

ria aimed at inclusion and enhancement of diversity, 

which take into account the Group’s commitments, 

with special attention to gender equality, thus ena-

bling the percentage of women in succession plans to 

be increased. 

Social information

339

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The value of diversity and disability

63. Women working in managerial roles (managers and middle managers) in revenue-generating business areas account for 25.8% of the total 

number of people present therein. 

Actions to reduce the gender gap 

ACTION DESCRIPTION

Program 

dedicated to 

women

Fostering the development of female

colleagues by working on leadership 

enhancement and facilitating new 

connections within the organization with 

network expansion.

Periodic survey 

(women’s advancement 

between categories 

and their presence in 

succession plans).

December 31, 

2025

Global, 

Enel 

people

Scope Timing Monitoring

Parenting 

support 

Inclusive 

language

To protect the significant moments 

of life, such as parenting and family 

care, by promoting a balance between 

personal and work dimensions and 

focusing on shared parenting.

The planned actions are: 

• encouraging the utilization of 

paternity leave; 

• strengthening the parental program.

Disseminate common guidelines 

on the use of respectful language 

among all people in the Group to 

break down prejudice and develop 

an inclusive corporate culture. 

Periodic survey on:

• number of fathers’ on 

leave (number of leave 

days taken vs. leave 

entitlement);

• number of colleagues 

placed in parental 

program vs. number of 

new parents.

Launch of the initiative: 

ON/OFF. 

December 31, 

2025

December 31, 

2025

Global, 

Enel 

people

Global, 

Enel 

people

Enel continues to pursue its commitment to gender 

equity and equal pay through the adoption of policies 

and action plans that enhance merit, promote equal 

opportunity and inclusion, and ensure transparency. 

These interventions span all stages of women’s career 

paths within the organization. 

Enel’s gender strategy is not limited to women already 

in the organization but also looks to the next STEM 

generation in order to nurture a pipeline of future 

candidates for emerging and higher-growth profes-

sions in which women are still under-represented. For 

years, in all countries where it is present, Enel has been 

helping to create shared value and promote interest in 

STEM disciplines with dedicated initiatives. 

The gender gap action plan also consists of meas-

ures that directly and indirectly affect equal pay. 

Given the fact that the gradual increase in female

representation at different organizational levels is

a prerequisite for natural generational exchange 

and thus for achieving parity in remuneration over 

time, Enel guarantees equal pay for equal tasks 

and seniority for all new managers through internal

development. 

• The Board of Enel SpA consists of 44.4% women. 

• In 2024, 27.2%

63

of managers were women (26.2% in 

2023) and held 27% of executive positions (CEO-1) 

(4 out of 15), while 34% of middle managers were 

female (33.1% in 2023).

• The percentage of women within top management 

(CEO-1 and CEO-2) was 20% in 2024 (19% in 2023).

• Over the last year, the percentage of women in the 

Group working in STEM roles has stood at around 

20%, in line with 2023. 

Social information

340

INTEGRATED ANNUAL REPORT 2024

Selection processes are closely monitored to ensure a 

fair balance of the two genders in the applicant pools 

(51.8% in 2024).

64

The 2024 long-term incentive plan supports this 

trend through a results-oriented objective, with a 

weighting of 10% of the total, represented by the 

“Percentage of women managers and middle man-

agers out of the total population of managers and 

middle managers at the end of 2026” with the aim

of strengthening and giving continuity to a policy of 

preparing a suitable pool for managerial appoint-

ments in the near future. The curve of this target in-

cludes an entry level of 33.5% of women managers 

and middle managers at the end of 2026 and an over 

performance of 34%.

The processes for managing succession plans and 

salary reviews are governed by specific policies, and 

constant monitoring of remuneration for all positions 

is carried out. 

For the purpose of equal pay monitoring, the Equal Re-

muneration Ratio (ERR) Adjusted indicator (calculated on 

the theoretical Total Remuneration data as the average 

of the ERRs of each category weighted by the impor-

tance of each category in the population excluding blue 

collar workers) for 2024 was 93.8%

65

(92.3% in 2023). As 

a result of the gender equity compensation policies pro-

moted by Enel, the managerial ERR stands at 82.5%, reg-

istering an improvement over past years (81.4% in 2023). 

Enel’s parenting strategy has a significant impact on 

promoting gender equality, as shared parenting is a 

key tool for fostering an inclusive, equitable and sus-

tainable work environment. Through welfare policies 

and dedicated initiatives, Enel supports parents at dif-

ferent stages of raising children, helping to improve 

work-life balance. 

Key initiatives dedicated to parents include the Paren-

tal Program, launched in Italy in 2013 and subsequently 

expanded globally. This program aims to promote gen-

der equality and support parents in the work context, 

with listening and support measures that accompany 

them from the time of parenting disclosure until they

return to the Company. Globally, Enel also promotes the 

64. Selection processes involving blue-collar workers and similar technical roles are not included (as of 2021), nor is the US and Canadian perim-

eter, due to local anti-discrimination legislation that does not allow gender monitoring at the recruiting stage.

65. The indicator in 2023 was 92.3%. Blue-collar workers are excluded from the calculation of this index because the presence of women is ex-

tremely limited, and minimal changes in the female population result in high volatility of the result.

We Are Energy project, a contest associated with an 

international campus aimed at school-age children of

employees. 

Enel offers parenting initiatives and services in vari-

ous countries, such as lactation rooms and training 

programs for new parents and birth gifts. In addition, 

almost all countries provide welfare services and 

support, including financial support, for family and 

childcare. 

Distinctive local initiatives in Italy include New Parents 

New Energy training for new parents, and Parenting 

Lab support on parenting issues. In addition, in Rome, 

the corporate daycare center Crescere con Energia 

was opened with a contribution from Enel to tuition 

fees. In other countries, Spain’s shared parenting in-

itiatives stand out, which offer equal leave for moth-

ers and fathers, and supports employees with children 

with disabilities with a monthly contribution through 

the Fondo Ayuda a la Discapacidad. Brazil provides the 

Healthy Pregnancy Program, consultations and online 

workshops with health specialists for pregnant wom-

en, employees or their partners. 

Attention to and care for people with 

disability and neurodiversity 

Enel is committed to ensuring the full inclusion of every 

person by recognizing the potential arising from the 

diverse perspectives and needs of individuals through 

policies, projects and initiatives related to people with 

different abilities, neurodiversity or vulnerabilities that 

enable the full participation and contribution of all to 

corporate life in pursuit of the Group’s mission. This 

is ensured by providing accessible workplaces and 

processes, digital tools and aids based on universal 

design principles, as well as channels for listening and 

support in each country. 

A relevant role is played by the focal point, who col-

lects and provides support for the specific needs of

people with disabilities. He or she is a competent 

point of reference for disability issues and acts as a 

glue between people, the organization and special-

ized individuals, to offer tools, services and initiatives

Social information

341

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

that create an inclusive work and relational context, 

encouraging the independent performance of work 

activities. Globally, Inclusive Travel services are in

place to ensure travel and living experience for col-

leagues with disabilities covering 90% of employees

in the Group, and the global Accessibility and Design 

for All awareness initiative to coach and develop an

inclusive mindset in process and project design in all

business contexts.

In several countries, workshops and webinars are or-

ganized to raise awareness and build an inclusive and 

diversity-conscious corporate culture and dialogue

on issues of neurodiversity and invisible disabilities.

On the topic of reasonable arrangements, a dedicat-

ed sign language service has been activated in Brazil. 

Furthermore, a project has been launched in Chile to 

improve physical accessibility in workplaces. 

In addition, several Employee Resource Groups (ERGs) 

are active on these issues in Italy, Spain and Mexico. 

The action plan dedicated to the issue of disability in-

cludes the following topics as a priority: encouraging 

the spread of a positive disability culture, supporting 

the professional development of colleagues with disa-

bilities, and improving digital and physical accessibility 

at all stages of an employee’s career path.

Targets

ESRS S1-5

KPI POLICIES SCOPE

Performance 

Management 

% of people 

involved

Women

managers 

(including Top

Managers) and 

middle managers 

– %

Performance 

Management 

Vademecum

100% refers to the total number 

of eligible people, all of whom 

are involved in the process. 

Scope: Enel at the global level.

Includes all those who have 

received a direct assessment 

from their manager.

Scope: Enel at the global level.

Number of women managers 

(including Top Managers) + number 

of women middle managers/total 

women + men managers (including 

Top Managers) and middle managers. 

Scope: Enel at the global level.

Number of women managers (including 

Top Managers) /total women + men

managers (including Top Managers).

Scope: Enel at the global level.

Number of women middle managers/

total women + men middle managers.

Scope: Enel at the global level.

Scope: Enel at the global 

level.

Total women (net value) 

appointed in top level succession

plans/total successors of top level 

plans (women + men) net value.

(2)

Scope: Enel at the global level.

DEIB - Diversity 

Equity Inclusion 

Belonging 

(2024)

(1)

DEIB - Diversity Equity 

Inclusion Belonging 

(2024)

(1)

Organizational 

Procedure no. 1814 

Succession Plan 

Process

Succession Plan 

Vademecum

Year: 2016

Value: 100%

Year: 2016

Value: 99%

Year: 2020

Value: 29.4%

managers 

and middle 

managers

Year: 2020

Value: 21.6%

managers

Year: 2020

Value: 30.4%

middle 

manager

Year: 2021

Value: 42.7%

Year: 2022

Value: 50%

100%

99.65%

33.3%

27. 2 %

34%

48.1%

50.3%

100% 

in 2027

99% 

in 2027

33.6%

in 2027

>27%

in 2027

>34%

in 2027

>46%

in 2027

>45%

in 2027

BASELINE ACTUAL

2024

TARGET STATUS

Women in 

Top Manager 

succession plans 

– %

Women in 

management 

succession plans 

– %

Performance 

Management 

% of people 

evaluated

Women 

managers 

(including Top 

Managers) – %

Women middle 

managers – %

(1) https://openinnovability.enel.com/content/dam/enel-com/documenti/media/diversity-equity-inclusion-and-belonging-policy-2024.pdf.

(2)  Net Value = net of multiple nominations, i.e. a name is counted only once even if nominated in more than one succession plan.

Not in line  In line  Achieved

Social information

342

INTEGRATED ANNUAL REPORT 2024

Calculation methods 

Performance management 

The performance management system is a compre-

hensive process of evaluating the performance of Enel’s

people with a focus on results and value-related behav-

iors and reflected in a meritocratic system of remuner-

ation policies. On the platform related to the process 

is the “Vademecum” document available to everyone in 

all languages with guidelines and explanations related 

to methods, objectives, values, behaviors and skills. All 

“eligible” Group employees are included in the process, 

i.e. all employees net of colleagues with fixed-term con-

tracts, long-term absences (including illness, maternity 

leave), administration contracts, internships, and CEO 

and CEO-1.

Gender equality 

Enel’s commitment to reducing the gender gap involves 

initiatives and measures that influence all the phases of

women’s progress within the organization, including

representation on entering the Company, empower-

ment, development in positions of responsibility, and 

care for the various important moments in life. Different 

KPIs, including the above, aimed at ensuring this princi-

ple are then monitored.

Succession plans

A global rolling process in which each position holder 

proposes up to 3 ready successors (ready for the role) 

and up to 3 pipeline successors (ready in the medium 

term), subject to shared criteria. Each position holder in 

a managerial position identifies their ready and pipeline 

successors subject to specific selection criteria (e.g. % 

women, performance evaluation, transversality).

66\.  Net Value = net of multiple nominations, i.e. a name is counted only once even if nominated in more than one succession plan.

Total women (net value) appointed in managerial suc-

cession plans/total successors of managerial plans 

(women + men) net value.

66

The targets are: position level top and manager, posi-

tion level CEO-3 also non-managerial.

Targets for women managers and middle managers in 

management succession plans meet the goal of en-

suring equal opportunity and greater representation 

of women in the organization, as outlined in the DEIB 

Policy for Gender and Pay Equity. Trends are constantly 

monitored, and targets are reviewed periodically to en-

sure effective impact on this dimension.

In the Succession Plans management system there is a

vademecum available to position holders and P&O in all 

languages with explanations of objectives, targets and

criteria. The goals are to ensure business continuity, im-

prove the gender gap, and identify resources with the 

highest potential.

Disability

Inclusion of people with disabilities has been nur-

tured over time by implementing action plans ded-

icated to this topic global and local levels and an 

ongoing process of listening to colleagues. The DEIB

Policy issued in 2024 consolidated the commit-

ment to ensure full participation and contribution 

by everyone, dedicating a specific dimension to the 

approach to be adopted for people with disabilities, 

neurodivergent or vulnerable, providing for accessi-

ble processes and environments, tools and assistive 

technologies, constant listening and support at local 

level. Action lines for 2025 will focus on initiatives 

for the professional development of colleagues with

disabilities and actions to encourage a positive dis-

ability culture.

  


Social information

343

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The metrics for Enel workforce

Characteristics of the employees

ESRS S1-6

Enel employs 60,359 people, belonging to 82 na-

tionalities and speaking 20 languages. In 2024 there 

was a reduction in the workforce of 696 people 

mainly due to refocusing on core businesses, as

contemplated in the Group Strategic Plan. For more 

information regarding the size of the workforce, see

“People at the Enel Group” in the “Group Perfor-

mance” chapter.

Headcount and composition 

UM 2024 2023 Change

Total employees no. 60,359 61,055 (696) -1.1%

Average number of employees no. 60,276 64,396 (4,120) -6.4%

Employees by gender

\-  of which men no. 47,311 47, 202 109 0.2%

\-  of which men (%) % 78.4 77.3 1.1 -

\-  of which women no. 13,048 13,853 (805) -5.8%

\-  of which women (%) % 21.6 22.7 (1.1) -

Employees by geographical area and gender

UM 2024 2023 Change

Italy

(1)

no. 31,384 31,470 (86) -0.3%

\-  of which men no. 24,901 24,802 99 0.4%

\-  of which women no. 6,483 6,668 (185) -2.8%

Iberia

(2)

no. 9,365 9,504 (139) -1.5%

\-  of which men no. 6,834 6,951 (117) -1.7%

\-  of which women no. 2,531 2,553 (22) -

Rest of the world no. 19,610 20,081 (471) -2.3%

\-  of which men no. 15,576 15,449 127 0.8%

\-  of which women no. 4,034 4,632 (598) -12.9%

(1)  Includes Enel Produzione Slovakia and Dutch financial companies.

(2)  Includes Branches of Endesa. 

Employees by type of contract and gender

UM 2024 2023 Change

Permanent contracts no. 60,143 60,540 (397) -0.7%

\-  of which men no. 47,148 46,840 308 0.7%

\-  of which women no. 12,995 13,700 (705) -5.1%

Temporary contracts no. 216 515 (299) -58.1%

\-  of which men no. 163 362 (199) -55.0%

\-  of which women no. 53 153 (100) -65.4%

Use of temporary contracts and inclusion/Centre for Labor Training 

(CFL) on the total

% 0.4 0.8 (0.4) -

  


Social information

344

INTEGRATED ANNUAL REPORT 2024

Employees by type of contract and geographical area

UM 2024 2023 Change

Italy no. 31,384 31,470 (86) -0.3%

Permanent contracts no. 31,379 31,467 (88) -0.3%

Temporary contracts  no. 5 3 2 66.7%

Iberia  no. 9,365 9,504 (139) -1.5%

Permanent contracts no. 9,271 9,384 (113) -1.2%

Temporary contracts no. 94 120 (26) -21.7%

Rest of the world no. 19,610 20,081 (471) -2.3%

Permanent contracts no. 19,493 19,689 (196) -1.0%

Temporary contracts no. 117 392 (275) -70.2%

Workforce by type of contract and gender

UM 2024 2023 Change

Full-time contracts no. 59,915 60,590 (675) -1.1%

\-  of which men no. 47, 228 47,114 114 0.2%

\-  of which women no. 12,687 13,476 (789) -5.9%

Part-time contracts no. 444 465 (21) -4.5%

\-  of which men no. 83 88 (5) -5.7%

\-  of which women no. 361 377 (16) -4.2%

Percentage of part-time % 0.7 0.8 (0.1) -

Changes in headcount

UM 2024 2023 Change

Hires no. 4,855 3,837 1,018 26.5%

Changes in scope no. (1,262) (3,868) 2,607 67.4%

Terminations  no. 4,289 4,038 251 6.2%

Balance no. (696) (4,069) 3,374 82.9%

Hiring rate

(1)

% 8.0 6.3 1.7 -

Open positions filled by internal candidates % 50.9 37. 0 13.9 -

Turnover rate

(2)

% 7. 1 6.6 0.5 -

Turnover rate by gender

\-  men % 7.1 6.6 0.5 -

\-  women % 7. 1 6.8 0.3 -

Turnover rate by age range 

up to 30 % 5.5 6.5 (1.0) -

30-50 years old % 5.2 5.1 - -

over 50 % 11.7 9.5 2.2 -

Voluntary turnover rate % 2.4 2.3 0.1 -

Voluntary turnover rate by gender

\-  men % 1.7 1.6 0.1 -

\-  women % 0.7 0.6 0.1 -

Voluntary turnover rate by age range 

up to 30 % 0.5 0.5 0.3 -

30-50 years old % 1.8 1.7 0.7 -

over 50 % 0.1 0.1 (0.1) -

(1)  Hiring rate = Total new hires/Total workforce.

(2)  Turnover rate = Total terminations/Total workforce.

  


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and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

In line with the pillars of the Company’s strategy, in 

2024 the global recruitment plan focused on identify-

ing outside key roles to manage the energy transition 

while ensuring financial and environmental sustaina-

bility and customer centricity. 

At the same time, action was taken to strengthen the 

Group’s internal competencies by supporting the job 

mobility of Enel people with a view to upskilling and 

retraining. 

New hires in the year came to 4,855, meeting the tar-

gets established in the Strategic Plan and in the new 

organizational structure. 

The identification and attraction of profiles needed to 

pursue our strategy have relied on a constant com-

mitment in relations with universities and professional 

institutes and on the search for increasingly inclusive 

methods. 

In this perspective, further attention was paid to map-

ping both hard and soft skills through the ME-Profile 

tool, which is useful for mapping colleagues’ work ex-

perience, skills, interests and motivation to change. 

The use of the tool was then also encouraged with an 

ad-hoc communication campaign.

Diversity metrics

ESRS S1-9

Workforce by category and gender 

UM 2024 2023 Change

Managers no. 1,256 1,310 (54) -4.1%

Managers  % 2.1 2.1 - -

\-  of which men no. 914 966 (52) -5.4%

\-  of which women no. 342 344 (2) -0.6%

Middle managers no. 12,013 12,389 (376) -3.0%

Middle managers % 19.9 20.3 (0.4) -

\-  of which men no. 7,933 8,286 (353) -4.3%

\-  of which women no. 4,080 4,103 (23) -0.6%

White collar no. 28,402 31,308 (2,906) -9.3%

White collar % 47. 0 51.3 (4.3) -

\-  of which men no. 20,106 22,116 (2,010) -9.1%

\-  of which women no. 8,296 9,192 (896) -9.7%

Blue collar no. 18,688 16,048 2,640 16.5%

Blue collar % 31.0 26.3 4.7 -

\-  of which men no. 18,358 15,833 2,525 15.9%

\-  of which women no. 330 215 115 53.5%

Women in succession plans

UM 2024 2023 Change

Number of female managers and middle managers no. 4,422 4,447 (25) -0.6%

Percentage of female managers and middle managers

(1)

% 33.3 32.5 0.9 -

Percentage of women in the managerial succession plans % 48.1 47. 2 0.9 -

Percentage of women in succession plans for Top managers % 50.3 50.4 (0.1) -

(1)  Percentage of women managers and middle managers = women managers + middle managers/total managers + middle managers.

  


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Workforce by age group

UM 2024 2023 Change

<30 no. 7,8 57 7,661 196 2.6%

% 13.0 12.5 0.5 -

30-50 no. 35,081 35,111 (30) -0.1%

% 58.1 57.6 0.5 -

>50 no. 17,42 1 18,283 (862) -4.7%

% 28.9 29.9 (1.0) -

Average age years 43.5 43.6 (0.1) -0.2%

Workforce by nationality

UM 2024 2023 Change

Total workforce

Italy % 51.7 51.2 0.5 -

Brazil % 15.5 13.3 2.2 -

Spain % 15.1 15.2 (0.1) -

Argentina % 6.0 5.8 0.2 -

Colombia % 3.7 3.8 (0.1) -

Chile % 3.1 3.2 (0.1) -

Other % 4.9 7.5 (2.6) -

Workforce in management positions (manager and middle manager)

Italy % 52.3 50.8 1.5 -

Brazil % 4.6 4.9 (0.3) -

Spain % 31.0 30.6 0.4 -

Argentina % 1.7 1.8 (0.1) -

Colombia % 2.4 2.3 0.1 -

Chile % 2.7 2.8 (0.1) -

Other % 5.3 6.8 (1.5) -

Metrics on persons with disabilities

ESRS S1-12

Disabled or belonging to protected categories

UM 2024 2023 Change

Employees with disabilities no. 2,040 2,046 (6) -0.3%

% 3.4 3.4 - -

\-  of which men no. 1,409 1,416 (7) -0.5%

% 69.1 69.2 (0.1) -

\-  of which women no. 631 630 1 0.2%

% 30.9 30.8 0.1 -

There are 2,040 colleagues in the Group with disabilities recognized and certified by local legislation (3.4% of the 

company population at the Group level), 74% of whom are in Italy. 

  


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and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Training and skills development metrics

ESRS S1-13

Assessment 

UM 2024 2023 Change

Dissemination of assessment

(1)

% 87. 3 89.3 (2.0) -

\-  men % 86.1 88.5 (2.4) -

\-  women % 91.5 91.7 (0.2) -

People assessed by category

Managers % 96.4 96.3 0.1 -

Middle managers % 93.6 94.4 (0.8) -

White collar % 93.2 91.0 2.2 -

Blue collar % 73.5 81.2 (7.7) -

Training

Total training hours ,000 h 3,202 3,099 103 3.3%

Training hours per employee h/per-capita 53.1 48.1 5.0 10.4%

by gender: 

\-  men h/per-capita 56.6 50.7 5.9 11.6%

\-  women h/per-capita 40.7 39.7 1.0 2.5%

by category:

Managers h/per-capita 33.4 34.0 (0.6) -1.8%

Middle managers h/per-capita 38.4 42.9 (4.5) -10.5%

White collar h/per-capita 42.0 40.3 1.7 4.2%

Blue collar h/per-capita 84.6 69.3 15.3 22.1%

(1)  The calculation of the assessed percentage considers all headcounts and not just those eligible by process for the denominator.

Training on sustainability

UM 2024 2023 Change

Training per capita on sustainability  h/per-capita 35.0 32.2 2.8 8.7%

Total training hours on sustainability issues ,000 h 2,107 2,075 32 1.6%

\- of which environment ,000 h 29 32 (3) -10.5%

\-  of which safety ,000 h 1 ,614 1,452 162 11.1%

\-  of which human rights ,000 h 5 9 (3) -37.5 %

\-  of which the Code of Ethics ,000 h 10 11 (1) -7. 0 %

The main KPIs monitored are training hours per cap-

ita, which reached 53.1 hours per capita in 2024\. 

Training activities include refresher and retrain-

ing activities and Training on the Job (TotJ), a train-

ing course that enables people to acquire spe-

cific new technical skills through direct learning. 

Furthermore, great emphasis has been placed on 

fully integrating new recruits through the Group’s 

“Onboarding” program, which offers a unique and

inclusive experience, providing all necessary cultur-

al and organizational content to ensure a success-

ful start to their full integration into the Company. 

Specific training paths have been activated to ac-

celerate the development of technical skills through

dedicated programs. 

The main training initiatives in DEIB have focused on 

women’s empowerment and “Design for All” inclusive 

design. With respect to mandatory training, Enel’s 

commitment to ensuring the utilization and comple-

tion of key corporate compliance courses continues. 

Finally, in early 2024, a new “Workforce Evolution”

unit was created to define and implement strategic 

insourcing guidelines and coordinate its activities 

related to specific training programs and communi-

  


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cation campaigns in connection with internal and ex-

ternal stakeholders. During the year, the A.I. TALK in-

itiative was launched, targeting all Group employees, 

with the aim of covering various aspects of Artificial 

Intelligence, providing a comprehensive overview of 

its applications, benefits and ethical implications. The 

67. In terms of parental leave, the Company offers better conditions than the law. Before the child is 6, both mother and father are granted 90% 

for the first two months of pay compared to the statutory 80%, while the third month is paid at 60% compared to the statutory 30%. With 

children between 6 and 12, for the three months of non-transferable leave Enel grants 60% of pay compared to 30% contemplated by law. In 

addition, for the additional three months of leave that can be used alternately by mother or father by the child’s 12th birthday, Enel pays 45% 

of pay compared to 30% granted under the law.

initiative aimed to promote greater understanding 

and awareness among employees, thereby fostering 

a more informed work environment that is prepared 

to meet future challenges related to this emerging

technology. 

Work-life balance metrics

Parental leave

UM 2024 2023 Change

Employees entitled to take family-related leave no. 2,614 2,600 14 0.5%

Men no. 1,807 1,798 9 0.5%

Women no. 807 802 5 0.6%

Employees that took family related leave no. 2,614 2,600 14 0.5%

Men no. 1,807 1,798 9 0.5%

Women no. 807 802 5 0.6%

Employees returned to work by gender no. 2,484 2,471 13 0.5%

Men no. 1,778 1,770 8 0.5%

Women no. 706 701 5 0.7%

Return-to-work rate of employees who took family-related leave % 89.1 95.0 (5.9) -6.2%

Men % 91.8 98.4 (6.6) -6.7%

Women % 83.6 87.4 (3.8) -4.3%

In 2024, Enel signed a new labor agreement in Italy in-

troducing important benefits for parents and caregiv-

ers, including:

• the increase in paid leave days for fathers recog-

nized by Enel from 10 to 20 days, in addition to those 

provided by law; 

• improved parental leave pay for all months covered 

under legislation;

67

• new paid leave, including a day for children’s place-

ment in school, for children’s high school or univer-

sity graduation and for grandparents at the birth of 

their grandchildren; 

• a one-time financial contribution for enrolment in 

the FOPEN pension fund for dependent children 

under the age of 3; 

• two days of leave for caregivers who do not avail of 

Law 104/1992\. 

  


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1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Remuneration metrics

Ratio of gross annual salary women to men

UM 2024 2023 Change

Ratio of basic salary women/men

(1)

Managers % 85.6 84.5 1.1 -

Middle managers % 95.0 93.9 1.1 -

White collar % 93.8 92.1 1.7 -

Blue collar % 83.3 101.4 (18.1) -

Women/men remuneration ratio

(2)

Managers % 82.5 81.4 1.1 -

Middle managers % 93.9 92.8 1.1 -

White collar % 94.2 92.5 1.7 -

Blue collar % 84.0 102.1 (18.1) -

(1)  Calculated as the ratio of women’s average (theoretical fixed) base salary to men’s average base salary. The calculation is made for each pro-

fessional category.

(2)  Calculated as the ratio of women’s average pay (theoretical fixed plus short-term variable) to men’s average pay. The calculation is made for 

each professional category.

  


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INTEGRATED ANNUAL REPORT 2024

Health and safety 

0.58

LOST TIME INJURY FREQUENCY 

RATE (LTI FR) FOR BOTH ENEL 

AND CONTRACTORS 

0.61 in 2023

0.64

AVERAGE INJURY FREQUENCY 

RATE WEIGHTED BY SEVERITY

96%

% OWN WORKFORCE COVERED 

BY CERTIFIED MANAGEMENT 

SYSTEM

94% in 2023

The results of the 2024 double materiality process for aspects related to “Health and safety” are reported below, 

with details of the material IROs used in the preparation of this section.

SUBTOPIC  DESCRIPTION OF IRO TYPE

TARGET

WORKER HEALTH

AND SAFETY

Sub-subtopic 

Managing and monitoring 

worker’s safety

Decrease in the number of workplace 

injuries suffered by workers (both Enel 

and contractors), through appropriate 

management instruments and monitoring 

tools for health and safety issues.

Average frequency rate of injuries 

weighted for their severity.

SUBTOPIC 

WORKER HEALTH

AND SAFETY

Sub-subtopic

Promoting a safety culture 

among workers

Increase in the number of injuries suffered 

by workers (both Enel and contractors) 

within the Group due to inadequate safety 

culture and procedures.

•

% own workforce covered by 

certified management system.

•

Initiatives to engage contracting 

companies on health and safety 

issues.

Positive impact  Negative impact

Strategy and IRO management

ESRS 2 SBM-2; ESRS 2 SBM-3

The double materiality 2024 analysis process identi-

fied two impacts, one positive and the other negative, 

that may influence the risk of injury occurrence for 

both its own workers and those of contracting firms. 

Consistent with the assessment of these impacts, Enel 

has taken on board the contents of this analysis, ori-

enting its strategy and business model on health and 

safety issues toward compliance with these drivers in 

all activities in which it will be involved, through the 

definition of an action plan and specific targets aimed 

at containing safety risks and thus averting the occur-

rence of accidents. For issues related to the interests 

and opinions of its own workers and contracting com-

panies as well as the main initiatives promoted by Enel 

and how to engage them, please refer to “Stakeholder 

engagement” section of “General information”.

  


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1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Health and safety policies 

ESRS S1-1 

At Enel, the health, safety, psychological and physical in-

tegrity of people, understood both as employees as in-

dividuals with interests related to the business dynamics 

and processes of the Enel Group and of the contracting 

companies, are considered the most valuable asset to be 

protected in every moment of life, at work as at home 

and during leisure time. Therefore, Enel’s commitment 

has always been focused on making all work spaces in-

creasingly safe and healthy.

To make this commitment clear and evident to all 

Group employees, as well as to external stakehold-

ers, Enel has developed and disseminated a Health 

and Safety Policy, which is shared with the Board of 

Directors and signed by the Chief Executive Officer. 

It should be noted that this commitment is also en-

shrined within the Human Rights Policy.

HEALTH AND SAFETY

POLICIES

DESCRIPTION

MAIN CONTENTS

•

Guiding principles, relating to the responsibility of all workers in Enel’s value 

chain to respect and safeguard the health and safety of the people with 

whom they interact.

•

Implementation, promotion and maintenance of management systems for 

worker health and safety.

•

Strategic goals focused on making work processes and methods 

increasingly safer with a view to zero accidents and strengthening the 

culture of safety and health.

•

Defining the approach to health and safety issues, consisting of the 

implementation of processes and action plans aimed at reducing risks as a 

result of data analysis (“data-driven” approach), thanks also to the support 

of appropriate tools and digital systems for surveillance and control in the 

field.

•

The key element in increasing and consolidating a health and safety culture 

in an organization is the active participation of workers.

•

The areas of action on which Enel is committed to achieving its targets in 

line with materiality impacts are:

•

people, understood as both internal workers, for whom initiatives are 

planned to consolidate awareness and from the culture of health and 

safety through appropriate training, information and awareness actions;

•

workers for contractors working with the Group, to whom Enel is 

committed to promoting the adoption of the same health and safety 

approach.

SCOPE

•

Health and Safety of own workforce and contractors.

IROs COVERED AND 

REFERENCES

•

Specific objective on the reduction of occupational accidents through the 

adoption of appropriate management instruments and monitoring tools.

•

Specific goal on strengthening a health and safety culture.

STAKEHOLDERS INVOLVED IN

THE DEFINITION

•

Enel’s own workers and workers of contracting companies working with 

Enel.

DIFFUSION

•

The “Health and Safety Policy” is available on Enel’s website at the following 

link: https://www.enel.com/content/dam/enel-com/documenti/investitori/

sostenibilita/enel-group-health-and-safety-policy.pdf.

In the context of its nuclear operations, Enel has made a 

public commitment, in the role of shareholder, to guar-

antee that a clear nuclear safety policy is adopted in its 

nuclear power plants and that the plants are managed 

in accordance with criteria capable of assuring the ab-

solute priority of safety and protection of workers, the 

community and the environment. Further details are 

available on the Enel website (https://www.enel.com/in-

vestors/sustainability/strategy-sustainable-progress/

occupational-health-and-safety/enel-nuclear).

  


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Engaging with workers about health and safety issues and 

channels of communication

ESRS S1-2; S1-3

68. Rappresentante per la Sicurezza dei Lavoratori.

69. Near Miss: potentially damaging event, since it is linked to the presence of situations or agents that have the intrinsic characteristic of “dan-

gerousness” which, thanks to fortuitous situations, has not caused real damage to workers, whether internal or of contracting companies.

70. Safety Observation: an unsafe behavior or situation adopted by Enel personnel or contractors, to which they could be exposed and which 

could potentially cause an injury.

The key element in increasing and consolidating a 

health and safety culture in an organization is the 

active participation of workers. Enel promotes their 

empowerment in having an active and proactive role 

in their work, providing systematic information and 

consultation of stakeholders on decisions related to 

prevention, dissemination of tools for collecting in-

formation and suggestions, etc. To this end, bilateral 

committees have been established with represent-

atives of labor organizations to define, together with 

management, improvement initiatives on health and 

safety in the workplace and working methods. The 

committees meet periodically, mostly monthly, as well 

as on a timely basis as needed/critical, with the aim of 

gathering prior insights on risk assessment functional 

to the identification and implementation of prevention 

initiatives in the Company, or on lessons learned from 

more significant injury events in terms of severity. This 

approach, based on active participation and feedback, 

promotes better understanding, acceptance and im-

plementation of preventive measures throughout the 

Group.

Country  Italy Spain Brazil Chile Colombia Mexico Argentina USA and 

Canada

Frequency Monthly Monthly Monthly Monthly Monthly Every 3 

months

Min. 6 times 

a year

Monthly

In addition to the committees and in compliance with 

the regulations in force in all countries, Enel work-

ers have an internal health and safety representative 

(RLS

68

), thanks to whom they actively participate in the 

system of risk assessment and prevention of the work 

environment, reporting potentially dangerous situa-

tions to the responsible individuals for the adoption of 

corrective measures. 

As for how to ensure the availability of the channels 

of listening and dialogue for the workforce, as well as 

the monitoring and control of the reports that have 

emerged, see the section “Involvement of the work-

force and channels of communication”.

In addition, Enel is equipped with company reporting 

tools such as Near Miss

69

and Safety Observation

70

that allow workers to report potential risks or dan-

gerous situations to their supervisors for immediate 

implementation of remedial actions. These reports, 

monitored in both frequency and absolute number, 

contribute to the implementation of processes and 

action plans to reduce workplace health and safety 

risks.

To ensure the coverage of all Group people, both in-

ternal and external, in 2024 Enel committed to pro-

moting the involvement of suppliers both through 

direct engagement initiatives, including the “Partner-

ship for safety, health and environment”, which raises

contractors’ awareness of safety values by sharing 

best practices, and through the provision of a page 

dedicated to the topics of health, safety and envi-

ronment in the suppliers portal, with informational/

training materials, key policies and illustrative videos,

to support the improvement of the health and safety 

performance. Specific initiatives have also been or-

ganized at the level of individual countries to involve 

the staff of contractors to share indicators on health 

and safety issues, lessons learned from accidents, 

and Enel standards and policies, strengthening the 

culture on safety in company workers.

  


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1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Country  Italy Spain Brazil Chile

Main 

initiatives

• Workshop for suppliers

• “Quality of H&S officers” initiative

• Stop Work and recirculating 

lessons learned

• Safety Day: meeting with 

companies

• Safety Day with 

contractors 

• Diffusion of specific 

E&C campaigns 

• Stop work – Electrical 

hazard

• “Safety in plants forum”

initiative 

• “Cross inspections and 

safety walks” project

• “Safety Blitz” initiative

• Days with contractor 

companies

• Days with contractor 

companies

• HSEQ walks with 

contracting firms

• “Trial camp” initiative

• “HSE video induction 

for photovoltaic farms”

project

Country  Colombia

Mexico Argentina USA and Canada

Main 

initiatives

• Safety meetings with businesses

• Contractors Safety Days

• “High risk activities safety 

workshop” initiative

• Safety innovation initiatives with 

contractors

• Contractors Safety Days

• Workshops with 

companies

• Contractors Safety Days

• Workshops with 

contractor companies

• “Stop Work and lessons 

learned on H&S issues”

initiative

• Contractors Safety Days

• Workshops with 

companies

Taking action on material IROs and approaches to managing them

ESRS S1-4 

In line with corporate policies and in collaboration with

relevant stakeholders, the Enel Group has defined a 

series of initiatives and projects in continuity with the 

actions already initiated. These aim to strengthen the

safeguards in place for the prevention and mitigation of 

the negative impact that has emerged as material in re-

lation to the increase in the number of injuries associat-

ed with inadequate culture and ineffective procedures 

on safety issues. In addition, the Group continues its 

efforts to ensure the dissemination of appropriate tools 

for managing and monitoring health and safety issues. 

The defined action plans are given below.

Development of health and safety culture: training, information 

and awareness raising

Based on the analysis of injury data and evidence from

inspections and audits, Enel has found it necessary to fo-

cus on the three main strands to promote the strength-

ening and maximum dissemination of safety culture to 

its own workers and those of contracting companies, 

namely, training, information and awareness.

The Enel Group has developed an HSE&Q training

management process for all its employees, calibrat-

ed to the activities they perform and the specific risks 

to which they are exposed. This approach integrates 

safety at the various levels of the organization, making 

it an integral part of all processes and activities, pro-

moting a model shared by all people.

In addition, Enel is actively promoting this approach 

also to contractors, implementing appropriate control 

processes aimed at verifying that the same compa-

nies operating within its scope also provide training 

for their employees.

To complement specialized training, as is customary, 

Enel promotes and organizes courses on a health and 

safety culture based on analysis of accident data and 

evidence from inspections and audits. These courses 

will evolve in 2025 with supplementary content to im-

prove health and safety performance and raise aware-

ness on the adoption of policies and procedures. 

Staff information and awareness raising is system-

atically promoted through the intranet, informational 

emails, newsletters, and dedicated columns by dis-

seminating information on safety events, their caus-

es, and on actions to be implemented to avoid the 

  


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INTEGRATED ANNUAL REPORT 2024

recurrence of similar situations, to raise awareness 

on the importance of prevention and safety culture. In 

2025, the development of a global GO Safety project is 

planned, aimed at increasing the safety culture in peo-

ple regardless of their role, thus specifically involving 

operational targets, rewarding people for their knowl-

edge (through participation in quizzes) and virtuous 

behavior.

Below is the table with the main training, informa-

tion and awareness initiatives planned as part of the 

Group’s planned action plan for 2025-2027.

ACTION DESCRIPTION

Major training 

initiatives:

1\.  Inspector 

training.

2. Leadership in 

health, safety and 

environment.

3\. Study of cognitive 

biases in health

and safety.

4\.  Continuous 

improvement.

1\. Training course on how to detect 

non-conformities at work sites 

with a specific focus on root 

cause analysis of events.

2\. Training course on health, safety 

and environment with a focus on 

procedures and behaviors as well 

as leadership in HSEQ. 

3\. Training course aimed at 

analyzing and eliminating 

cognitive distortions that prevent 

proper perception of safety risks.

4\. Application program to make 

processes, plant quality and 

operational efficiency more 

effective.

• Reduction in the 

weighted injury 

frequency rate on the 

topics covered in the 

training activities.

• Reduction in the injury 

frequency rate with 

lost days compared to 

previous years.

• Decrease in the 

number of non-

compliances detected 

in field inspections 

based on the number 

of hours worked. 

2025Action 

aimed at 

internal 

Enel 

people 

Scope Timing Monitoring

  


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4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

ACTION DESCRIPTION

Scope Timing Monitoring

Information 

for workers:

1\.  Safety 

Message 

for serious 

injuries.

2.  Safety 

Bulletin.

Awareness

initiatives

1. A tool for communicating and 

sharing, via email, to all business 

lines colleagues, information about

serious injuries, actions adopted 

in order to recirculate the lessons

learned and avoid the recurrence 

of similar events.

2\. Summary report that collects

all fact sheets related to serious

events that occurred during the

quarter disclosed to the entire 

organization at periodic team 

meetings or training initiatives. 

Corporate channels such as the 

intranet, informational emails, 

newsletters and dedicated 

columns.

• Reduction in the 

weighted injury 

frequency rate with 

days lost compared 

with the average of the 

previous three years on 

the topics covered in 

training activities.

• Reduction in the injury 

frequency rate with 

lost days compared to 

previous years.

• Reduction in the 

weighted injury 

frequency rate with 

days lost compared 

with the average of the 

previous three years on 

the topics covered in 

training activities.

• Reduction in the injury 

frequency rate with 

lost days compared to 

previous years.

2025-2027

2025-2027

Action 

aimed at 

internal 

Enel 

people 

Action 

aimed at 

internal 

Enel 

people 

71. Life Changing Accidents (LC ACC) are injuries that have health consequences that permanently change an injured person’s life (for example, 

amputation of limbs, paralysis, extensive and visible burns, etc.). 

72. HiPo are injuries that differ from Fatal and Life Changing ones only in terms of the consequences (not serious) that they have on the worker 

but not in the dynamics of the event.

During 2024, a total of approximately 1,600,000 

hours (up 10% from 2023) of training on health and 

safety topics was provided to Enel people, many of

which were carried out at the country level in ac-

cordance with respective local legislation, aligned 

with existing hazards and associated risks, and tak-

ing into account the tasks performed. Mandatory 

training accounted for over 520,000 hours or 33% 

of the total training. Total annual per capita training 

was around 26.4 hours.

Inspections and audits

In Enel, inspections are functional for the verifica-

tion of behavior and compliance with procedures 

and working methods for the detection of potential 

risk situations (non-compliance) and the creation 

of additional opportunities for training, coaching 

and dissemination of a safety culture. Inspections 

are defined on the basis of a data-driven approach, 

based on IT tools and analytical dashboards for the

performance appraisal of organizational units and 

suppliers and identifying areas at higher risk of fatal, 

Life Changing

71

and high potential (HiPo) injuries.

72

  


As for the contracting companies, their performance

is monitored both in the preventive stage, through the 

qualification system, and in the contract execution stage,

through numerous monitoring tools. 

  


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The table below details the actions planned for 2025-

2027 regarding inspection and control processes on 

in-house and contracted workers, with specific focus on 

particular issues to be attended to, based on the 2024 

health and safety data assessment.

ACTION DESCRIPTION

Field 

inspections

Carrying out inspections 

proportionate to the activities 

performed in all months of the year, 

ensuring surveillance and control 

of all health and safety aspects and 

compliance with work methods and 

proper use of safe equipment.

• Reduction in the injury 

frequency rate with lost days 

compared to previous years.

• Reduction in the weighted 

injury frequency rate with 

lost days compared to the 

average of the previous 

three years.

• Decrease in the number of 

non-compliances detected 

in field inspections based 

on the number of hours 

worked.

• For businesses, positive 

monthly variation of the 

Fatality Risk Index (FRI).

(1)

2025-2027Enel and 

company 

people in 

all activities 

carried 

out by the 

Group 

and in the 

various 

countries 

and regions 

in which it 

operates

Scope Timing Monitoring

Extra 

Checking on 

Site (ECoS)

Contractor 

Assessment 

(CA)

Assessment program to evaluate, 

in the areas of highest risk, the 

adequacy of the organization and 

processes in all business areas of 

the Group. ECoS planning is carried 

out in data-driven logic based on 

assessments performed on the 

values and trends of key safety KPIs, 

as well as processes considered 

most at risk to serious events in the 

recent past.

A contractor assessment plan has 

been defined to assess security 

processes, organization, work 

methods and vendor performance, 

including cultural and leadership 

aspects, based on evidence 

garnered from audits and analysis 

of security data from the recent 

past. 

• Reduction in the injury 

frequency rate with lost days 

compared to previous years.

• Reduction in the weighted 

injury frequency rate with 

lost days compared to the 

average of the previous 

three years.

• Decrease in the number of 

non-compliances detected 

in field inspections based 

on the number of hours 

worked. 

• Positive monthly variation of 

the Fatality Risk Index (FRI).

(1)

• Reduction in the injury 

frequency rate with lost days 

compared to previous years.

• Reduction in the weighted 

injury frequency rate with 

lost days compared to the 

average of the previous three 

years.

• Decrease in the number of 

non-compliances detected 

in field inspections based on 

the number of hours worked. 

• Positive monthly variation of 

the Fatality Risk Index (FRI).

(1)

2025

2025

Enel and 

company 

people in 

all activities 

carried 

out by the 

Group 

and in the 

various 

countries 

and regions 

in which it 

operates

Action aimed 

at companies 

working 

with Enel or 

involved in the 

qualification 

process

(1)  Fatality Risk Index (FRI): a predictive parameter based on a modular logic: through the weighted combination of the main safety indicators (such 

as injuries, hours worked, inspections and non-compliance), it establishes the level of accident risk of the specific contractor operating in a 

specific Country or at Group level. The FRI therefore aims to intercept possible critical situations that could cause an injury.

  


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and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

ACTION DESCRIPTION

Scope Timing Monitoring

Evaluation 

Group (EG)

Supplier 

qualification 

system process

HSE 

TERMS

The Evaluation Group is a cross-

functional committee (HSEQ, 

Procurement, business lines) to 

evaluate all applicable consequence 

management measures against the 

contractor involved in major health 

and safety events (Fatalities, LCA 

and HiPo incidents). In 2025, an EG

execution plan was defined with 

a view to proactive consequence 

management through a preventive 

and selective contractor monitoring 

approach, based on data-driven 

logic, to anticipate and correct 

possible future critical issues.

Process declined based on the H&S 

risk level of the type of activities 

performed (Product Group): 

• Low-risk Product Group: 

completion by the company of an 

H&S questionnaire 

(self-assessment);

• Product Group at medium risk: 

to conduct a dedicated field 

assessment by Enel (Contractor 

Safety Assessment); 

• High-risk Product Group: in 

addition, possession of an ISO 

45001-certified Management 

System is also required.

Document shared and accepted at 

the qualification stage, attached to 

all contracts signed by all companies 

when the work is awarded. The 

HSE Terms, applied throughout the

Group, define the health, safety and

environmental obligations with which

contractors must comply and also 

enforce on their subcontractors. 

They also stipulate safety and 

environmental violations that could 

result in specific penalties, from the 

application of fines to suspension 

of work, contract termination or 

suspension of qualification on the 

Enel Supplier Register.

• Reduction in the injury 

frequency rate with lost 

days compared to previous 

years.

• Reduction in the weighted 

injury frequency rate with 

lost days compared to the 

average of the previous 

three years.

• Decrease in the number of 

non-compliances detected 

in field inspections based 

on the number of hours 

worked. 

• Positive monthly variation of 

the Fatality Risk Index (FRI).

(1)

• Reduction in the injury 

frequency rate with lost 

days compared to previous 

years.

• Reduction in the weighted 

injury frequency rate with 

lost days compared to the 

average of the previous 

three years.

• Number of non-

conformities detected in 

field inspections.

• Positive monthly variation 

of the FRI.

(1)

• Reduction in the injury 

frequency rate with 

lost days compared to 

previous years.

• Reduction in the 

weighted injury 

frequency rate with lost 

days compared to the 

average of the previous 

three years.

• Number of non-

conformities detected in 

field inspections.

• Positive monthly variation 

of the Fatality Risk Index 

(FRI).

(1)

2025

2025-2027

2025-2027

Action 

targeted at 

companies 

collaborating 

with Enel

Action 

targeted at 

companies 

interested in 

collaborating 

with Enel

Action 

targeted at 

companies 

interested in 

collaborating 

with Enel

(1)  Fatality Risk Index (FRI): a predictive parameter based on a modular logic: through the weighted combination of the main safety indicators (such 

as injuries, hours worked, inspections and non-compliance), it establishes the level of accident risk of the specific contractor operating in a 

specific Country or at Group level. The FRI therefore aims to intercept possible critical situations that could cause an injury.

  


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INTEGRATED ANNUAL REPORT 2024

ACTION DESCRIPTION

Scope Timing Monitoring

Safety and 

technological 

innovation 

Enel promotes technological innovation 

to improve health and safety processes 

to support workers to better mitigate 

and manage safety risks and reduce 

workplace injuries. Key initiatives 

planned for adoption in 2025 include:

• Closer Project, aimed at equipping 

Enel people working in confined 

spaces with tools to maintain 

communication with manning 

personnel;

• Laser Barriers Project, to improve 

the demarcation of work areas and 

prevent access to unauthorized 

personnel through laser barriers;

• “GORE” project, aimed at 

operative Enel people adopting the 

latest generation of PPE with high

performance in terms of both arc 

flash protection and ergonomic 

comfort.

• % of definition of new 

innovative initiatives in 

H&S compared with the 

previous year. 

• % of innovative H&S 

projects in scale-up/

handover compared to 

previous year.

2025Only for 

Enel people

In 2024, more than 431,000 safety inspections

were conducted on site. The scope and frequen-

cy of inspections were also redefined in 2024 to

optimize the process, ensuring root cause analysis

on which to base the implementation of corrective 

actions.

Also in 2024, 82 Safety Extra Checking on Site were 

performed, highlighting the need to focus mainly on 

activities with electrical hazards and performed at 

height, as well as a focus on human behaviors related 

to risk perception and work organization.

Moreover, 1,049 Contractor Assessments (CA) and 95 

Evaluation Groups (EG) were performed, broken down 

into 19 reactive (following safety event) and 76 proac-

tive. The following table shows the main actions result-

ing from reactive EGs.

Safety events 

2024

no. EG Safety 

support

(1)

Qualification 

suspended / Tender 

limitation / “Under 

investigation” status

Total or partial 

suspension of 

activities

Contract termination 

or suspension 

/ Reduction of 

contracted activities 

/ Non-award of 

contracts

Other (training/

inspections/contactor 

assessment/review of 

working methods, etc.)

Fatal injuries 7 1 14 4 5 9

Life Changing 

injuries

- - - - - -

HiPo accidents 12 1 8 2 5 12

TOTAL 19 2 22

(2)

6 10 21

(1)  Safety Support = surveillance process to be applied to the contractor with low or deteriorating performance or after an accident in order to 

support actions as long as foreseen in the remediation plan.

(2)  Includes 10 suppliers involved in the Bargi event currently “under investigation”.

With a view to improving the selection of main contrac-

tors and verification of subcontractors, Policy 1316 was 

published in 2024 on HSE audits, which are instrumen-

tal in the authorization of subcontracting by suppliers.

  


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1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Enel also carries out periodic checks on its own plants 

and work equipment to assess their actual state of 

preservation, efficiency and to protect the safety of 

personnel. In addition to statutory inspections, which 

are carried out by certified and competent techni-

cians, additional inspections are conducted with a 

view to regulatory over-compliance in the field of 

workplace safety. In addition, periodic verifications 

of hygiene, safety and ergonomics of workplaces are 

carried out (e.g. level of ventilation, temperature and 

humidity, level of cleanliness of workstations and ser-

vices, etc.) both during periodic inspections required 

by law out at the sites in the presence of the company 

doctor and workers’ health and safety representatives, 

and in those carried out by companies specialized in 

the maintenance of conditions of healthiness, hygiene 

and ergonomics of work environments. 

Targets

ESRS S1-5 

(1)  The actual values are calculated considering the 2025 scope to make them homogeneous and comparable with the plan target values.

(2)  The target of the Weighted Frequency Rate (WFR) is calculated by associating a weight to the frequency rates based on the severity of the 

injury they represent, distinguishing between fatal, Life Changing, High Potential and other, considering all injuries with at least one day of 

absence.

(3)  The initiative is to be carried out on one or more Business Lines.

KPI POLICIES SCOPE

Average 

frequency 

rate of injuries 

weighted for 

their severity 

(all injuries with 

at least one 

day of absence 

from work are 

considered in the 

indicator)

% of coverage 

of Enel’s own 

workers with 

certified 

management 

system 

Initiatives 

to engage 

contracting 

companies 

on health and 

safety issues

Health and Safety Policy

• Continuous  improvement 

through monitoring of 

performance measurement 

indicators on health and safety.

• Make processes, work methods 

and equipment increasingly 

safer.

• Reduce the injury frequency 

index.

• Achieve Zero Fatalities.

• Promotion, implementation and 

maintenance of Occupational 

Health and Safety Management 

Systems according to the ISO

45001 standard, with a view to 

continuous improvement.

• Promotion and dissemination of culture 

on health and safety also within the

companies that collaborate with Enel.

• Make processes, work methods and

equipment increasingly safer.

• Consolidate the health and safety 

culture.

• Reduce the injury frequency index.

• Achieve Zero Fatalities.

Enel at the global 

level

Enel at the global 

level

Enel at the global 

level

Year: 2024

(calculated 

based on the 

average value 

of the last 3 

years 2022-

2024)

Value (last 

3-year 

average): 0.53

Year: 2023

Value: 94%

Year: 2023

Value: 1

0.64

(1)

96%

5

0.47

(2)

in 2025

≥94%

in 2027

1 

initiative 

per year 

in the 

period 

2025-

2027

(3)

BASELINE ACTUAL

2024

TARGET STATUS

Not in line  In line  Achieved

For the 2025-2027 period, the Enel Group has set a 

series of targets aimed at applying to its business 

model the strategic guidelines and evidence that 

emerged from the 2024 double materiality process, 

with the aim of adopting all the necessary actions, and 

related deadlines, aimed at spreading the culture of 

safety and promoting the adoption of adequate tools 

among internal workers and those of contracting 

companies, thus reducing the risk of accidents. These 

targets are shared with employees, with the aim of de-

fining appropriate action plans, through the dialogue 

channels and active engagement and involvement in-

itiatives better described in the section “Involvement 

of workers in health and safety issues and channels of 

communication”.

  


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INTEGRATED ANNUAL REPORT 2024

Health and safety metrics

ESRS S1-14

The management system

In line with the Health and Safety Policy, all Enel Group 

companies adopt and implement their own Manage-

ment System for Workers’ Health and Safety, in com-

pliance with the international standard ISO 45001 as 

a tool to contain risks related to workers’ health and 

safety and a supplementary tool to the internal control 

system expressly referred to in Special Part “F” of the 

Organization, Management and Control Model pur-

suant to Legislative Decree 231/2001, i.e. a company 

management system that identifies the operating pro-

cedures that Enel develops to reduce the risk of senior 

management and subordinates committing crimes to 

the benefit or interest of the company itself. In 2024, 

the Enel Group had the following level of coverage.

Enel’s own workers covered by the health and safety management system

UM 2024 2023 Change

Percentage of Enel’s own workers covered by the Company’s 

health and safety management system

% 96 94 2

The Parent Company Enel SpA has also long adopt-

ed and consistently and timely implemented its

own management system, together with neces-

sary guidance and coordination activities towards

Group companies, promoting the dissemination 

and sharing of best practices and external com-

parison with top international players. The various 

business lines and countries are responsible for ap-

plying the guidelines defined by Enel SpA through 

their own management systems, according to the

specific risks of their business and local regulatory

framework.

Analysis of safety indicators

In line with previous years, 2024 was also characterized by

a decrease in the Enel Group scope of consolidation fol-

lowing the sale of its Peru business and the decreasing in 

construction activities due to the completion of construc-

tion sites, with a consequent reduction in hours worked 

(-11.5% compared with 2023). Scope reduction and con-

struction site completion are situations often character-

ized by a decrease in accuracy, especially in the scope

exit procedures (as already observed in 2023) and time

pressures in the completion of works; this can normally 

translate in stress factors and negatively influence safety

performance. Thanks to the experience gained in 2023

and the consequent preventive measures adopted, the 

number of total Lost Time Injuries (LTIs) in 2024 decreased 

by 40 compared with 2023 (237 in 2023 vs 197 in 2024),

translating into a LTI FR of 0.58, down from 0.61 in 2023.

The total number of accidents with Total Recordable Inju-

ries (TRI) injuries (including first aid injuries) also decreased

by 6.7% (677 in 2024 compared to 726 in 2023), mainly 

due to the decrease in accidents that did not require days 

off work (478 in 2024 compared to 489 in 2023), mainly 

attributable to contractors (-18%), partly offset by a slight

increase in events involving Enel people (+18%). On the 

contrary, the related Total Recordable Injury Frequency

Rate (TRI FR) shows a slight increase of 5.3% compared

with 2023 (to 1.98 in 2024 from 1.88 in 2023), due to the 

smaller decrease in first aid compared to 2023, stand-

ing, as a whole, at about 2 injury events per million hours 

worked.

In spite of the responsible decrease in LTIs and TRIs com-

pared with 2023, the number of serious injuries (Fatal,

Life Changing and High Potential) in 2024 remained sta-

ble around the value recorded in the last two years (40, 

from 39 in 2022 and 2023, the lowest value recorded in

the last 10 years). While serious injuries (number of peo-

ple injured) have been almost constant over the past three

years, the number of serious events has been steadily and 

significantly decreasing, with a major 27% decrease from

the previous year to 27 events, from 37 in 2023 (see figure 

below).

  


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and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

TREND OF SERIOUS EVENTS IN THE PERIOD 2021-2024

2021 2022 2023 2024

46

39

37

27

This shows that focusing on serious injuries and ana-

lyzing their dynamics is helping to reduce the risk sit-

uations that cause them. However, data nonetheless 

signal the need to keep the focus on accidents dy-

namics and their consequences, particularly on activ-

ities involving the simultaneous presence of multiple 

workers at construction sites with risks of operational 

interference, especially for highly complex jobs.

Within the serious injuries cluster, fatal injuries came 

to 14, a 27.3% increase from 2023 (11), due to the April 

9, 2024 accident at the Bargi hydroelectric power 

plant on Lake Suviana in the Bolognese Apennines, 

while other serious injuries (HiPo and Life Changing), 

despite this event, dropped to 26 from 28 in 2023 (see 

figure below).

DISTRIBUTION OF TYPES OF ACCIDENTS IN THE PERIOD 2021-2024

FAT LC ACC HiPo

2021 2022 2023

2024

40

31

27

11

6

2

1

2

39

39 40

9

53

4

24

14

With regard to the Bargi accident, Enel Green Power 

Italia is cooperating with the relevant authorities in the 

reconstruction of the event, the causes of which are be-

ing investigated by the Bologna Public Prosecutor’s Of-

fice, which has initiated proceedings against unknown 

persons. As far as is known, in November 2024, techni-

cal consultants hired by the Prosecutor’s Office filed a 

preliminary report speculating on a number of possible 

causes of the event, which are technical in nature.

As regards fatal accidents, 1 death was recorded in the 

Global Energy and Commodities Management Business 

Line in Colombia due to drowning while taking bathym-

etric measurements, 4 occurred in the Enel Grids Busi-

ness Line (2 in Italy, 1 in Colombia and 1 in Brazil) due to 

impact with branches during power lines maintenance 

and accidental collision with a moving vehicle, and final-

ly 8 in the Enel Green Power and Thermal Generation 

Business Line, 1 during maintenance work on a hydroe-

lectric turbine in Spain and 7 in the Bargi accident. 

Among serious injuries, 14 were associated with elec-

trical risk, while remaining the main risk as in the past 

10 years, in 2024 did not cause any fatal injuries, un-

like previous years. 6 injuries were related to the risk 

of falling from height, 2 to the risk of entrapment and 

2 to the risk of impact with objects were reported.

Consequently, in order to continue to reduce occur-

rences and injuries it is essential to maintain a high 

focus on electrical hazard prevention programs, while 

strengthening those dedicated to the prevention of

falls from height.

  


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INTEGRATED ANNUAL REPORT 2024

UM 2024 2023 Change

Number of hours worked

(1)

Total hours worked mil h 341 386 (45) -11.5%

Employee hours worked mil h 109 121 (11) -9.3%

Hours worked by contractor personnel mil h 232 265 (33) -12.5%

Fatalities due to work-related injuries and illnesses

\- of which fatalities due to work-related injuries no. 14 11 3 27. 3 %

\- of which employees no. 2 3 (1) -33.3%

\- of which contractor company personnel no. 12 8 4 50.0%

\- of which fatalities due to work-related illnesses no. - n.a. - -

\- of which employees no. - n.a. - -

\- of which contractor company personnel no. - n.a. - -

Number of Life Changing Accidents (LCA)

Total LCA accidents no. 2 1 1 100.0%

\- of which employees no. 2 - 2 -

\- of which contractor company personnel no. - 1 (1) -100.0%

Number of High Potential (HiPo) accidents 

Total HiPo accidents no. 24 27 (3) -11.1%

\- of which employees no. 9 6 3 50.0%

\- of which contractor company personnel no. 15 21 (6) -28.6%

Number of Recordable Injuries (TRI)

(2)

Total Recordable Injuries (TRI) no. 677 726 (49) -6.7%

\- of which employees no. 203 176 27 15.3%

\- of which contractor company personnel no. 474 550 (76) -13.8%

Total Recordable Injuries by geographical area

\- of which employees

Italy no. 75 59 16 27. 1 %

Iberia no. 22  22 - -

Rest of the world no. 106 95 11 11.6%

\- of which contractor company personnel

Italy no. 80  74 6 8.1%

Iberia no. 44  54 (10) -18.5%

Rest of the world no. 350 422 (72) -17. 1 %

Total Recordable Injury Frequency Rate (TRI FR)

(3)

Total TRI Frequency Rate i 1.98  1.88  0.10 5.3%

\- of which employees i 1.86  1.46 0.40 27.4%

\- of which contractor company personnel i 2.04  2.07 (0.03) -1.4%

TRI frequency rate by geographic area

\- of which employees

Italy i 1.36  0.98 0.38 38.8%

Iberia i 1.42  1.32 0.10 7.6%

Rest of the world i 2.73 2.17 0.56 25.8%

\- of which contractor company personnel

Italy i 1.11  1.14 (0.03) -2.6%

Iberia i 1.14  1.30 (0.16) -12.3%

Rest of the world i 2.88 2.66 0.22 8.3%

Number of days lost due to injuries no. 8,921 11,847 (2,926) -24.7%

Number of Lost Time Injuries (LTI)

Total LTIs

(4)

no. 197 237 (40) -16.9%

\- of which employees no. 75 87 (12) -13.8%

\- of which contractor company personnel no. 122 150 (28) -18.7%

LTI Frequency Rate (LTI FR)

(5)

Total LTI Frequency Rate (LTI FR) i 0.58  0.61 (0.03) -4.9%

\- of which employees i 0.69 0.72  (0.03) -4.2%

\-  of which contractor company personnel i 0.53  0.57 (0.04) -7.0%

Near Misses

\-  of which employees i 5.08 5.58 (0.50) -8.9%

\-  of which contractor company personnel i 2.68 4.38 (1.70) -38.8%

(1)  The measurement of hours worked by the Group’s own workforce and those of contracting companies is carried out regularly in all the coun-

tries in which the Enel Group operates by adopting specific collection criteria depending on the country, types of activity and business. In 

fact, data is collected “directly” in areas equipped with attendance recording systems and, if it is not possible to use such systems, “indirectly”, 

based on appropriate algorithms that allow to estimate hours worked on the basis of contractual final figures and/or hourly work rates, specific 

to individual countries. The data collected is recorded monthly in the Group’s data collection tool, validated and aggregated at the various 

levels of the organization through structured data collection and processing and specific internal control procedures aimed at assessing 

deviations from expected performance and promptly implementing corrective actions.

  


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1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

(2)  Total Recordable Injuries (TRI): includes all accidents that resulted in injuries, including injuries that resulted in days of absence from work (LTI) and

First Aid injuries, i.e. injuries that did not require days of absence from work.

(3)  Total Recordable Injury Frequency Rate (TRI FR): reflects the number of accidents that caused injuries per million hours worked.

(4)  Lost Time Injury (LTI): injuries that caused at least one day of absence from work. The figure for 2023 were recalculated following a reclassifi-

cation of events.

(5)  Lost Time Injury Frequency Rate (LTI FR): reflects the number of injuries with at least one day of absence from work per million hours worked.

Employee health

Protecting the health and welfare of workers is one of 

the drivers of the Enel Group health and safety strat-

egy. Enel implements multiple initiatives each year to 

foster a 360° prevention-oriented approach, focusing 

not only on the health and mental and physical integrity 

of colleagues during work but also on daily life. Based 

on the analysis of the local context, services offered by 

national health systems, and national prevention and 

health plans, prevention campaigns (e.g. screening pro-

grams, medical check-ups, etc.) and information and 

awareness campaigns on various issues, such as those 

focusing on risks related to climate change and expo-

sure to high temperatures, are promoted annually in all 

countries, totaling about 140 initiatives in the Group. 

Emergencies management

Climate change-related events have increased rapidly 

in recent decades worldwide, both in intensity and fre-

quency. This exponential increase significantly affects 

not only the continuity of operating assets, but espe-

cially the safety of people. With a view to adapting to 

these changes, Enel has seen fit to review the tools for 

assessing and managing these phenomena and related 

safety risks, starting with the definition of the new Pol-

icy 1293 “HSE and Security Emergency preparedness, 

management and response”, which promotes an inte-

grated approach to emergency preparedness and man-

agement and provides guidelines for identifying appli-

cable emergency scenarios and assessing their relative 

level of risk, including all emergency scenarios that may 

impact on worker health and safety, the environment 

and local communities, assets and business continuity.

Finally, in Italy, an innovative digital emergency man-

agement training initiative was conducted for employ-

ees in office locations aimed at minimizing errors dur-

ing the management of an emergency and increasing 

awareness. The solution consists of realistic digital 

tests representing possible emergency situations and 

consequential scenarios.

Community relations

Training, information and awareness-raising activities fo-

cus mainly on Enel people and on contractors working 

on operations. However, there is a third stakeholder to 

whom Enel is directing its health and safety awareness 

efforts, with a focus on electrical risk. This third party is 

represented by the communities that live near the in-

stallations distributed in the various areas in which Enel 

operates. The goal is to create a general awareness and 

culture that will help prevent electrical accidents, thereby 

protecting the public from possible risks related to this 

type of hazard. For more information, see the dedicated 

action plan in the “Affected communities” section. 

  


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INTEGRATED ANNUAL REPORT 2024

Workers in the value chain 

7,4 89

SUPPLIERS WITH ACTIVE CONTRACT

8,458 in 2023 

6,952

QUALIFIED SUPPLIERS WITH ACTIVE CONTRACT

8,277 in 2023

The results of the 2024 double materiality process for aspects related to “Workers in the value chain” are reported 

below, with details of the material IROs used in the preparation of this section.

SUBTOPIC  DESCRIPTION OF IRO TYPE

TARGET/ 

ACTION PLAN

SUPPLIER WORKING 

CONDITIONS 

Sub-subtopic

–

Procurement of goods and services 

deriving from activities linked to potential 

violations of human rights (for example, 

unpaid work or work not in line with the 

conditions defined by a contract).

Action plan

•

Risk mitigation through the 

introduction of specific contract 

clauses.

SUBTOPIC

MANAGING RELATIONSHIPS

WITH SUPPLIERS

Sub-subtopic

Managing the procurement 

of supplies containing critical 

materials

The limited global resources of equipment

containing materials that are critical in 

the energy industry (lithium, cobalt, nickel, 

platinum, germanium and selenium) 

and fuels, concentrated in countries 

with limited regulatory and governance 

structures or subject to geopolitical 

tensions, can lead to supply chain 

disruptions and increases or volatility in the 

prices of these materials.

Action plan

•

Monitoring geo-political risk 

for key supplies by introducing 

specific contract clauses. 

Risk  Negative impact

With regard to additional material IROs related to the supply chain, please see the “Climate change” chapter (Contribution to reducing Enel’s car-

bon footprint through a sustainable supply chain) and the “Health and safety” section (Promoting a safety culture among workers and Managing 

and monitoring worker safety).

Strategy and management of material IROs

ESRS 2 SBM-2; ESRS 2 SBM-3

The transformation of the energy system, together 

with the digital revolution, entails a change in the way 

works are performed and goods and services are sup-

plied. It also means suppliers are essential partners to 

achieve sustainable progress across the entire context 

in which the Group operates.

The types of workers in the value chain potentially im-

pacted by business activities are mainly those belong-

ing to entities in the Company’s upstream value chain, 

with particular reference to upstream activities in 

countries and regions at greater risk of human rights 

violations.

Enel requires that suppliers not only operate in compli-

ance with applicable laws and authorizations, but that 

they also commit to adopting best practices in terms 

of governance, ethics, human rights, health, safety and 

the environment, in line with the Group’s strategy, with 

its main codes of conduct (the Human Rights Policy, 

the Code of Ethics, the Zero Tolerance of Corruption 

Plan approved by the Enel SpA Board of Directors) 

and its global compliance programs. Enel works with 

suppliers to maximize the economic, productive, so-

  


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1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

cial and environmental benefits of the transition and 

strives to create sustainable, innovative and circular 

processes to mitigate the impact generated by its ac-

tivities through efficient use of resources, technolog-

ical innovation and proper waste management, mind-

ful of the need to prevent pollution and reduce energy 

consumption and GHG emissions. 

The management of the procurement of goods, works 

and services needed to carry out the Group’s activities 

is entrusted to the Global Procurement Service Func-

tion, whose organizational model consists of global 

purchasing units and country units for other types 

of purchases, so as to foster standardization, optimi-

zation and value creation for the types of purchases 

common to all the countries and regions in which Enel 

operates. The resulting organization is matrix-based: 

all procurement units, both global and country-based, 

are linked with business structures to enable strong 

integration and collaboration between Enel’s request-

ing and purchasing units. 

Also with regard to the procurement of energy com-

modities, Enel encourages a responsible sourcing ap-

proach by requiring suppliers to adhere to the Group’s 

main codes of conduct, noted above, and global com-

pliance programs. It is through the “Know Your Cus-

tomer” process that suppliers of energy commodities 

and transportation services are selected by means of 

an evaluation of reputational aspects, economic-fi-

nancial and technical-commercial requirements (for 

more information on the energy commodity supply 

chain, see the section “Energy commodity supply 

chain information” at the end of this chapter). 

During 2024, the Enel Group managed procurement 

activities for goods, works and services totaling about 

€14 billion of contracted business. Within the core 

product types, the most significant purchases on sup-

plies concern work on power lines and primary sub-

stations, transformers, electronic meters, photovoltaic 

plants, BESS systems and cables. Other relevant cate-

gories are related to the procurement and construc-

tion of renewable power generation plants, and low- 

and medium-voltage work.

Moreover, in pursuing decarbonization goals and the 

IRO climate change target, Enel aims to reduce the 

cost of CO

2

avoided in the supply chain as low as pos-

sible and seeks to efficiently allocate carbon footprint 

reduction efforts. 

On the other hand, with regard to issues related to the 

interests and opinions of workers in the value chain as 

well as the main initiatives promoted by Enel and the 

ways in which they are involved, see “Stakeholder en-

gagement” in the “General information” section.

Policies related to value chain workers

ESRS S2-1

In line with the Group’s Human Rights Policy, in addi-

tion to ensuring the necessary quality standards, Enel 

partners are required to commit to best practices on 

human rights, including working conditions, occupa-

tional health and safety, environmental responsibility, 

and respect for privacy by design and by default. These 

principles are also an integral part of development and 

awareness programs: each person must feel that they 

are responsible for their own health and safety as well 

as for the health and safety of others. In terms of specif-

ic actions, Enel ensures that its procurement processes 

are based on criteria that promote sustainable devel-

opment and social stability, as well as the principles of 

free competition, equal treatment, non-discrimination, 

transparency and rotation over and above compliance 

with local legislation. 100% of the purchased product 

categories are preliminarily assessed in terms of risk, 

based on human, environmental, social and economic 

rights criteria. Furthermore, Enel supports its partners 

to increase their resilience, promoting practices to sup-

port a just transition. More details about the contents 

of the Human Rights Policy can be found in the section 

“Managing human rights”, along with measures to rem-

edy any human rights impacts.

  


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Processes for engaging with value chain workers about impacts 

and channels of communication

ESRS S2-2; S2-3

73. Product Group (PG): specific category of goods/works/services that Enel purchases. The qualification process and related verifications that Enel 

carries out vary depending on the level of risk associated with each PG. There are 4 risk components: technical, safety, environmental, and repu-

tational. The risk of each component is assessed according to the type of goods/works/services (and related activities) and the country context.

Enel promotes extensive supplier engagement, in or-

der to support them as they adapt and grow given that 

the transformation of the energy sector, combined 

with the drive towards digital, requires a different ap-

proach to the performance of works or the provision 

of goods and services. There are several channels 

through which the Group has set up dialogue with 

suppliers, including, as part of the Group’s human 

rights due diligence process, a perceived risk assess-

ment through which so-called salient human rights 

issues are identified. 

The assessment is carried out in the countries of op-

eration and relevant stakeholders and various experts, 

including from the academic world and civil society. 

In particular, the process involves direct and indirect 

workers, representatives of local communities (for ex-

ample, indigenous and tribal populations), local insti-

tutions, trade unions, businesses, trade associations, 

and customers. 

The Global Framework Agreement (GFA) also applies 

to suppliers and on this basis the Enel Group requires 

its contractors to fully comply with local laws and reg-

ulations, and includes in contractual terms the com-

pliance with obligations pursuant to labor law, health, 

safety and environment regulations and respect for 

human rights, in accordance with the Principles of the 

United Nations Global Compact.

Suppliers have several options for dialogue with Enel in 

order to report actual or potential negative impacts on 

workers in the value chain:

• Whistleblowing channel (see the “Whistleblowing 

and stakeholder reporting channel” section for more 

information);

• specific provisions of Global Procurement at the 

qualification or tender stage;

• contract managers of the different business lines 

during the execution of the contract.

Management of relationships with suppliers

ESRS G1-2

In addition to ensuring the necessary quality stand-

ards, supplier performance must go hand in hand with 

a commitment to adopt best practices according to 

the highest sustainability criteria. The criteria under-

lying procurement practices are reviewed periodically 

to ensure their alignment with policies (including the 

Human Rights Policy, the Code of Ethics, the Zero 

Tolerance of Corruption Plan and global compliance 

programs) and evolving ESG requirements relevant to 

the Group. Analysis and monitoring activities are also 

carried out throughout the procurement process. 

Supplier qualification system

Enel has adopted a qualification system to identify 

suppliers who meet the requirements needed to co-

operate with the Group. Supplier qualification is or-

ganized by product categories, called product groups 

(PG).

73

Based on their business, companies can, at any 

time, access the dedicated supplier portal and start a 

qualification path for one or more PGs, selecting the 

countries where it intends to supply goods and ser-

vices. The assessment process varies depending on 

the level of risk (high, medium or low) associated with 

the PG for each issue (technical, safety, environmen-

tal, reputational aspects, etc.). In addition, regardless 

of the risk level of PGs, checks are carried out on the 

following aspects: 

• legal/reputational: in addition to compliance with the 

relevant laws and regulations, suppliers are required 

to adhere to the principles to which Enel has commit-

ted with the Human Rights Policy, the Code of Eth-

ics, the Zero Tolerance of Corruption Plan and global 

compliance programs, with specific reference to the 

absence of conflict of interest (including potential);

• economic-financial: these audits aim to assess the 

economic and financial viability of suppliers based 

  


Social information

367

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

on an analysis of their financial and sustainability 

statements;

• sustainability: completion of a questionnaire on all 

sustainability topics is required, specifically: 

• health and safety: the “Safety Self-Assessment”

is required, as it informs suppliers in a straight-

forward way of the fundamental requirements on 

which to work and grow together; 

• environment: on a scale of 1 to 3 (1=worst; 3=best, 

respectively), different environmental criteria are 

evaluated depending on the relevant PG and its 

associated level of risk; 

• human rights: through the utilization of a ques-

tionnaire regarding how the supplier manages la-

bor practices (such as rejection of forced or child 

labor and respect for diversity) and community 

relations (local, indigenous and tribal peoples).

With regard to health, safety and environmental as-

pects, an on-site assessment at the supplier’s prem-

ises or worksites is always required for the highest risk 

PGs, which is performed partially through outsourcing.

If the outcome of these analyses and assessments is 

positive, individual suppliers can qualify and be added 

to the Supplier Register for 5 years and then be invited 

to participate in the Group’s procurement procedures. 

Enel monitors the maintenance of qualification re-

quirements throughout the period of inclusion in the 

Supplier Register. Should it be found that even one of 

the requirements has been lost, the supplier’s quali-

fication status will be temporarily suspended for the 

period necessary to carry out the appropriate inves-

tigations that may lead either to readmission to the 

Register or revocation of the qualification. 

Evaluation of the actions described above is performed 

by the Qualification Commission, which is present in all 

major countries and is in charge of assessing requests 

for qualification, as well as possible suspensions, and 

of examining proposals for changes to the technical 

qualification requirements and Product Group tree 

made by business lines. 

As of December 31, 2024, the total number of active 

qualified companies is about 18,500, 100% of which 

was assessed according to social, environmental and 

safety criteria. The total number of suppliers with a 

contract still active at the end of 2024 is about 7,489, 

6,952 of which are qualified.

Tendering and contracting processes 

Consistent with its commitment to introduce sus-

tainability aspects into the tendering processes, Enel 

adopted a structured process for defining sustaina-

bility “requirements” (the conditions necessary for a 

supplier to participate in the tendering process) and 

“sustainability Ks” (optional factors whereby a score/

prize is awarded to the supplier who possesses them) 

that can be used by the various purchasing and mon-

itoring units throughout the entire life of the contract. 

The process includes two “Libraries”, in which all 

sustainability requirements and Ks are catalogued, 

grouped into environmental and circularity aspects, 

such as waste management and carbon footprint as-

sessments, as well as social aspects, such as training 

and employment of people from local communities 

and actions to respect gender diversity. These are pe-

riodically updated within a cross-functional working 

group dedicated to sustainability and circularity issues 

and which takes into account market maturity and 

new corporate strategies. 

During the tendering process, the supplier may decide 

to take on additional obligations by accepting the sus-

tainability requirements and Ks applied in the tender, 

the monitoring of which is carried out during the term 

of the contract. 

As for the path to Net Zero, a key role is to be attrib-

uted to the application at the bidding stage of CO

2

targets aligned with the curves certified by SBTi (Sci-

ence Based Targets initiative). Specifically, a model was 

developed which, having set the CO

2

price, promptly 

identifies the percentage value of the K to be applied 

to the supplier’s bid depending on the positioning ac-

cording to the target of the different suppliers. 

As regards contractual aspects, Enel has defined 

specific clauses which are updated periodically in all 

works, services and supply contracts so as to take into 

account different regulatory adjustments and align 

with international best practices. 

The General Terms and Conditions of the Contract 

stipulate that suppliers, subcontractors, sub-suppliers,

third parties and the entire supply chain involved com-

ply with the applicable wage, contribution, insurance 

and tax regulatory conditions with respect to all work-

ers employed in any capacity in the performance of the 

contract. In addition, compliance with the principles set 

  


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INTEGRATED ANNUAL REPORT 2024

forth in the International Labour Organization (ILO) Con-

ventions and legal obligations regarding the protection 

of child and women’s labor, equal treatment, prohibition 

of discrimination, abuse and harassment, freedom of 

trade unions, association and representation, rejection

of forced labor, safety and environmental protection, 

and sanitary conditions are explicitly required. In the 

event of a conflict between the above legal obligations 

and the ILO Conventions, the more restrictive rules shall 

prevail. The clauses further stipulate that suppliers, sub-

contractors, sub-suppliers, third parties, and the entire

supply chain involved, must commit to prevent all forms

of corruption (Article 29.1.5 of the General Terms and 

Conditions of the Contract). 

In addition to the legal provisions, the contractual con-

ditions require that suppliers: 

• recognize the “Ten Principles” of the United Nations 

Global Compact and declare that they manage their 

business activities and operations in order to meet 

these fundamental responsibilities in the fields of 

human rights, labor, the environment and the fight 

against corruption (Article 28 of the General Terms 

and Conditions); 

• acknowledge the commitments Enel has made in 

the principles listed in the documents below and re-

fer to them in the execution of the contract: 

• Human Rights Policy, which also includes a prin-

ciple related to respect for the environment and 

biodiversity; 

• Code of Ethics, in which the value of fair compe-

tition is also promoted through abstention from 

collusive, predatory and abuse of dominant posi-

tion behavior;

• Zero Tolerance of Corruption Plan, and the com-

prehensive models for the prevention of criminal 

risks (Article 29.1.1 of the General Terms and Con-

ditions of Contract); 

• adopt suitable conduct to avoid the emergence

of conflicts of interest throughout the duration of

the contract and undertake to notify Enel prompt-

ly in writing if any such circumstances arise (Arti-

cle 29.2 of the General Terms and Conditions of 

the Contract).

In addition, the General Terms and Conditions provide 

specific regulation of payment terms to suppliers.

Supplier Performance Management (SPM)

These monitoring threads feed into Supplier Perfor-

mance Management (SPM), a process for systemat-

ically collecting data and information related to the 

performance of the contract the goal of which, in a 

collaborative effort with suppliers, is not only to take 

any corrective actions during contract execution, but 

also to incentivize a path of improvement through ac-

tions that reward best practices. In addition, all Enel 

people who interact with suppliers have the opportu-

nity to express their own assessment utilizing the ded-

icated “Track & Rate” app. 

Depending on the performance achieved by suppliers, 

a “consequence management” model is applied. This 

may include actions aimed at improvement, reduction 

of risk and measures to reward excellence. Monitoring 

of categories is carried out: 

• at contract level: analysis performed periodically 

that takes into account the supplier’s performance 

during the contract period in order to minimize 

contract-related risk. As a result of this analysis, or-

dinary consequence management actions can be 

taken (i.e. termination of the contract, application 

of penalties, where applicable, assignment of an im-

provement plan and an increase in contract volume, 

if applicable, etc.); 

• at Product Group level: long-term analysis carried 

out periodically that takes into account the suppli-

er’s performance over the past 12 months, with the 

aim of implementing consequence management 

actions at a broader level such as maintaining listing 

on the Supplier Register (suspension, extension, du-

ration of qualification, increase or decrease in award 

class, etc.). 

To support suppliers in corrective actions, digital tools 

are available through which they can communicate 

with the relevant areas and exchange any related doc-

umentation. 

Through the SPM process, about 8,000 suppliers 

have been monitored over the past year.

In addition to these audits, and again for suppliers 

with an active contract, there are plans to monitor the 

additional obligations arising from the application of 

sustainability requirements and Ks during the contract 

period. As these obligations are an integral part of the 

contract itself, failure to comply with them shall result 

in consequence management actions ranging from 

the application of penalties to termination of the con-

tract.

  


Social information

369

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Taking action for managing material IROs

ESRS S2-4

ACTION DESCRIPTION

Monitoring 

geo-political 

risk

Introduction of specific 

contractual clauses to 

ensure supply chain 

mapping to monitor its 

geo-political risk and 

reduce any negative 

impacts arising from 

supply chain disruptions 

and to increases or 

volatility in the prices of 

these materials.

Supply chain 

tracking

Standard review of Group 

contractual clauses in 

order to increase supply

chain visibility (Tier N 

number) to reduce the 

risk of potential violations

of human rights.

Supplier 

working 

conditions

Action plan constantly 

monitored by a 

dedicated work 

group.

By the 

end of 

2025

Links with

material IRO

Scope Timing Monitoring

Management 

of supplier 

relationships

Management 

of the 

purchase 

of supplies 

containing 

critical 

materials

Action plan constantly 

monitored by a 

dedicated work group.

By the 

end of 

2025

Strategic 

supplies

Strategic 

supplies

Reduction of 

Enel’s carbon 

footprint 

through a 

sustainable 

supply chain

Introduction of 

rewarding criteria in 

bidding processes that 

aim to demonstrate 

progressive improvement 

in the environmental 

performance of key 

supplies through relevant 

certifications. Definition of 

KPI to measure the value of 

supply contracts covered 

by Carbon Footprint 

certification (EPD, ISO CFP)

on a global perimeter.

Contributing 

to the 

reduction of 

Enel’s carbon 

footprint 

through a 

sustainable 

supply chain

KPI monitoring on a 

bimonthly basis.

See target on 

the % of supply 

contracts covered 

by Carbon Footprint 

certifications reported 

in the “Climate 

change” chapter.

By the 

end of 

2027

Strategic 

supplies 

Energy commodity supply chain information 

As mentioned in the section on strategy and manage-

ment of material IROs, the Group also implements a 

responsible sourcing approach for the supply of en-

ergy commodities, based on suppliers’ adoption of 

global compliance programs and the main codes of 

conduct. Enel also promotes dialogue with suppliers 

on issues such as sustainable approach and emissions 

reporting, and has developed additional specific cri-

teria for different phases/commodities in order to as-

sess adherence to the principles that Enel advocates.

For shipping, Enel uses the vetting process to eval-

uate carriers, applying it also to solid commodities. 

For coal, an internal process has been implemented 

for suppliers that evaluates labor safety, environment 

and human rights, with the possibility of site visits for 

strategic sources. In addition, Enel is an active partic-

ipant in Bettercoal, an initiative that promotes social 

and environmental responsibility in the coal supply 

chain by setting ethical and environmental standards 

for mining companies to undergo independent audits 

and implement improvement plans. 

The initiative more recently has expanded to other en-

ergy commodities, evolving from Bettercoal to RECO-

SI (The Responsible Commodities Sourcing Initiative 

https://www.recosi.com/), particularly in the develop-

ment of a new ESG program designed specifically for 

  


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the gas business. By fostering collaboration among 

stakeholders, its members and its suppliers to raise 

social and environmental standards in global energy 

generation and supply chains, RECOSI supports par-

ticipating suppliers through continuous improvement 

plans. 

Metrics of workers in the value chain

UM 2024 2023 Change

Suppliers with an active contract

(1)

no. 7,4 89 8,458 (969) -11.5%

Number of suppliers with which a new contract was signed in the 

year

no. 4,113 5,134 (1,021) -19.9%

\- of which underwent environmental assessment

(2)

% 96 97 - -

\- of which underwent a social assessment

(2)

% 96 97 - -

Workforce of contracting and subcontracting companies

(3)

no. 131,851 150,820 (18,969) -12.6%

Local suppliers of materials and services 

Local suppliers with contracts >€1 million  no. 1,400 1,827 (427) -23.4%

Foreign suppliers with contracts >€1 million  no. 159 220 (61) -27.7%

Concentration of spending on local suppliers % 83 86 (3) -

Concentration of spending on foreign suppliers % 17 14 3 -

Management instruments

Qualified suppliers with an active contract no. 6,952 8,277 (1,325) -16.0%

(1)  The figure for 2023 is restated on new baseline, excluding contracts outside the scope of procurement.

(2)  Figures for 2023 reflect a more accurate calculation.

(3)  Calculated in FTE (Full Time Equivalent).

The decrease in contracts and consequently pur-

chases of materials and services is due to a reduction 

in capital expenditure in some countries and regions 

and a greater refocusing of the business in line with 

the Company’s strategy of cost optimization. Invest-

ments are directed more at distribution grids to en-

able the energy transition and achieve fair and regu-

lated returns.

  


Social information

371

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Affected communities 

0.96 million

NO. OF BENEFICIARIES IN PROJECTS FOR CLEAN 

AND AFFORDABLE ENERGY (SDG 7)

1.25 million in 2023

The results of the 2024 double materiality process for aspects related to “Affected communities” are reported 

below, with details of the material IROs used in the preparation of this section.

SUBTOPIC DESCRIPTION OF IRO TYPE

TARGET/ 

ACTION PLAN

ACCESS 

TO ELECTRICITY

Sub-subtopic 

Breaking down the economic 

barriers to access to electricity

Implementation of sustainability projects 

to reduce energy poverty in vulnerable 

groups.

Target:

•

Community projects – millions of 

beneficiaries

SUBTOPIC

SUPPORTING THE

SOCIAL AND ECONOMIC 

DEVELOPMENT OF 

COMMUNITIES

Sub-subtopic 

-

Decreased social and economic 

development of local communities due to 

the closure of traditional power generation 

plants.

Action plan:

•

See the specific section

Positive impact  Negative impact

Strategy and management of material IROs

ESRS 2 SBM-2; ESRS 2 SBM-3

The Enel Group’s activities can have an impact, both di-

rect and indirect, on the communities in which it oper-

ates. To this end, Enel adopts a sustainability model that 

spans the entire value chain, integrating social sustain-

ability criteria (i.e. ensuring inclusive and quality educa-

tion, guaranteeing access to reliable and sustainable 

energy, and promoting equitable economic growth in 

the territory in which it operates), as well as environ-

mental criteria (i.e. preserving biodiversity and eco-

systems, ensuring appropriate management of water 

resources and air, water and soil quality) into business 

development. This approach involves the active involve-

ment of communities and institutions from the earliest 

stages of development to identify different characteris-

tics and needs and assess impacts in the Group’s areas 

of influence, depending on the geographical context

and type of infrastructure.

• Renewable plants (hydroelectric, geothermal, solar, 

wind): located in both industrial and rural or isolat-

ed areas, they can also involve indigenous and tribal 

people. Key benefits include employment opportu-

nities and vocational training to promote access to 

the green labor market, reducing the gender gap 

and improving basic education.

• Thermal power plants: located in industrialized set-

tings, near population centers or even in rural set-

tings with a strong dependence on plant activity 

and/or a close correlation with industry-induced 

labor.

• Distribution networks: run through uninhabited ar-

eas, urban centers and rapidly urbanizing suburbs 

(especially in Latin America), where ensuring reliable 

electric service is essential for sustainable socioec-

onomic development of the area.

  


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In the process of electrification, Enel actively contrib-

utes to improving access to energy by working with 

local governments and institutions to combat energy 

poverty and support customers in vulnerable condi-

tions in the countries where it operates, along the en-

tire value chain. This commitment is realized through 

initiatives aimed at promoting solutions for energy ef-

ficiency, responsible consumption, infrastructure mod-

ernization, and the development of renewable sources, 

in line with the sustainable business model and with the 

goal of fostering a just transition.

In pursuing the path of energy transition, the Enel 

Group is primarily committed to maintaining the energy 

potential of closing thermoelectric plants through the 

development of new renewable plants and energy stor-

age systems (Battery Energy Storage System), which 

are instrumental in the decarbonization process. Within 

this framework, those directly involved in Enel’s opera-

tions, such as direct workers, suppliers and contractors, 

local communities and businesses, were identified as 

the main stakeholders affected by the coal-fired pow-

er plant phase-out process. Other affected parties are 

port and maritime system authorities and the adminis-

trations of the municipalities where the plants are locat-

ed, due to a decrease in direct and indirect tax revenue. 

On the other hand, with regard to issues related to the 

interests and opinions of the affected communities as 

well as the main initiatives promoted by Enel and the 

ways in which they are involved, see the “Stakeholder 

engagement” section in “General information”.

Policies related to affected communities

ESRS S3-1

In line with the public commitment made by the Group 

through the adoption of the Human Rights Policy and 

the application of corporate policies in line with ma-

jor international standards, such as the Environmen-

tal Social Impact Assessment (ESIA), Enel adopts an 

integrated approach to assess, identify and manage 

potential environmental and social risks as well as 

impacts throughout the life cycle of new infrastruc-

ture projects. The Group protects the human rights of 

communities located in project areas while contribut-

ing to their economic and social growth, with special 

attention to indigenous and tribal peoples, in accord-

ance with International Labor Organization (ILO) Con-

vention no. 169.

In compliance with the aforementioned policies, Enel 

is committed to promoting access to energy for an 

increasing number of people, offering innovative and 

inclusive services aimed at vulnerable customers, indi-

gent families, and people with disabilities, while ensur-

ing an ongoing dialogue with communities and advo-

cacy groups. The closure of thermal plants can also be 

addressed through a structured process of assessing 

environmental and social impacts, aimed at identifying 

actions to minimize impacts on local communities and 

employment. These measures are guided by a prin-

ciple of mitigating negative impacts through ad-hoc

measures and, to a residual extent, through compen-

satory actions involving social and economic develop-

ment initiatives. 

For more information about the Human Rights Policy, 

see the “Governance information - Managing human 

rights” and “Enel’s due diligence process” sections.

  


Social information

373

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Processes for engaging with affected communities and channels 

for dialogue

ESRS S3-2; S3-3

Processes for engaging with affected communities about impacts

Managing relationships with the communities in which 

Enel operates is an enabler for all the Group’s activi-

ties. This approach allows the integration of the needs 

of local communities into the development of initia-

tives such as renewable expansion, grid digitization, 

and electrification of uses. Knowing and engaging 

communities in different contexts becomes a strate-

gic lever to promote sustainable business, minimizing 

or offsetting impacts and fostering inclusive and equi-

table growth in the area.

Stakeholder engagement is a structured, continuous 

and normalized process in the Group, beginning at the 

earliest stages of a project’s development and contin-

uing throughout its life cycle, through action coordi-

nated by the Sustainability Function with the involve-

ment of other relevant Functions, such as Environment 

and Institutional Affairs, in the countries where the 

Group operates, providing:

1. context analysis and stakeholder mapping: 

• collection and analysis of socioeconomic and en-

vironmental data;

• identification of stakeholders in areas of influence 

and verification of representativeness of all affect-

ed groups;

• analysis of the type of relationship between Enel 

and stakeholders to avoid conflicts of interest;

2. proactive consultation:

• inclusive, free, preventive and informed process, 

adapted to the local context, in line with international 

standards, with special regard for vulnerable groups;

• engage independent third parties in negotiation 

processes because of their expertise in the area 

and as a “bona fide witness”, if applicable;

3\. continuous dialogue:

• transparent and collaborative sharing of project in-

formation at all relevant stages (e.g. communication 

of potential social and/or environmental risks and/

or impacts and their relevant mitigation measures); 

4\. listening and remedy channels (Grievance Mecha-

nism):

• implementation of accessible tools for sending 

social reports and complaints, such as local teams, 

toll-free numbers, online platforms or community 

leaders in isolated rural areas.

Throughout the stakeholder engagement process, 

special attention is given to conflict-affected and 

high-risk contexts and vulnerable groups, such as lo-

cal, indigenous and tribal peoples.

In the specific case of programs aimed at promoting 

energy access, Enel implements the different opera-

tional steps of the engagement process, starting with 

the identification of affected suburban neighbor-

hoods, followed by a feasibility study aimed at assess-

ing the possibilities of regularizing access to energy. 

Subsequently, a social relations strategy is developed 

with local government authorities to foster institution-

al collaboration. These activities are followed by the 

design and execution of the necessary infrastructure 

works, accompanied by the standardization of meas-

urement systems to ensure effective monitoring. 

Regarding the gradual phase-out of coal-fired power 

plants, dialogue with local communities has been in-

tensified through national, regional and local discus-

sion tables organized on a regular basis. The goal is to 

identify shared and systemic approaches to intercept 

new local industrial development initiatives. 

In Italy, for example, Enel is actively working with employ-

ers’ associations and trade unions to find new lines of 

business for ancillary companies and new employment 

outlets for workers through support for the conversion 

of those companies to the new businesses generated by

the energy transition and/or through actions on workers. 

Also in this context, in 2020, the “Agreement for a fair 

energy transition of coal-fired power plants in closure: 

employment, industry and local areas” was signed in 

Spain, which involved the Ministerio para la Transición 

Ecológica y el Reto Demográfico, the Ministerio de 

Trabajo y Economía Social, and trade union represent-

atives. With this agreement, Enel reaffirms its priori-

ty goal of maintaining and creating development and 

employment in areas impacted by the closure of coal-

fired power plants through specific action plans aimed 

at promoting local economic development activities 

in different sectors, training and reskilling of directly 

impacted workers.

  


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INTEGRATED ANNUAL REPORT 2024

Processes to remediate negative 

impacts and channels for affected 

communities to raise concerns

Complaint mechanisms and related remedial systems 

are key tools for gathering reports, concerns and re-

quests, ensuring an adequate degree of involvement 

of potentially impacted communities, with particular 

attention to vulnerable groups, such as indigenous 

peoples or people with disabilities. More information 

on remedial processes is in the “Business conduct”

section.

Taking action on material IROs

ESRS S3-4

Enel contributes to the social and economic devel-

opment of the areas in which it operates through di-

versified and targeted interventions, ranging from the

expansion of infrastructure to training programs, to 

initiatives for social inclusion and projects aimed at 

supporting local cultural life as well as interventions to

protect the environment and the resources present in 

the areas of interest, in line with the Sustainable Devel-

opment Goals, in particular to:

• ensure inclusive and quality education (SDG 4);

• provide reliable and sustainable energy (SDG 7);

• promote sustainable economic growth and social 

inclusion (SDG 8).

Continuous stakeholder engagement enables effective 

management of the positive and negative material im-

pacts, real or potential, generated by the Group’s activi-

ties on communities of interest, as well as material risks 

and opportunities, through the identification of specific 

solutions and action plans that concretely address the

needs of communities and environmental protection.

Promoting access to energy and combating energy poverty

ACTION DESCRIPTION

Regularization 

and 

standardization 

of electrical 

services and 

connections

Support projects 

at the stage of first 

access to electricity 

or normalization of 

irregular connections 

to the electricity grid. 

Six-monthly report on the 

number of dwellings/families

regularly connected to the 

electricity grid.

2025-2027Chile – Colombia – Brazil –

Argentina: implementation 

of interventions for safe 

electricity connections and 

regularization of service 

in informal settlements in 

suburban areas.

Scope Timing Monitoring

Increasing 

energy 

affordability 

through 

efficiency 

upgrades

Initiatives and 

projects to improve 

energy accessibility, 

including installation 

of photovoltaic plants, 

upgrading projects, 

and donation of solar 

panels and appliances.

Six-monthly report on 

the number of homes/

families benefiting 

from the interventions 

implemented.

2025-2027Chile: replacement of 

wood-burning stoves with 

air-conditioning systems in 

communities (intervention 

under the remediation 

plan of the Ministry of 

Environment).

Colombia: delivery of the 

first home appliance to 

families in the Cundinamarca 

100% program, improving 

their quality of life.

Italy: public lighting energy 

upgrades.

  


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375

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

ACTION DESCRIPTION

Scope Timing Monitoring

Incentives to 

reduce energy

poverty

Initiatives to promote 

economic benefits, 

such as rebates or 

supplements on utility 

bills and the replacement 

of household appliances 

with energy-efficient 

models.

Six-monthly report on 

the number of people 

or families supported.

2025-2027Brazil: encouraging sustainable 

behavior through a program 

that offers bonuses on 

electricity bills to citizens who 

drop off recyclable materials at 

collection points or participate 

in roving collection initiatives. 

By reducing the overall amount

of the bill, the bonus increases 

energy affordability for low-

income households. 

Spain: training programs 

for social organizations that 

support vulnerable people, with 

a focus on energy bills, energy 

efficiency, and access to the 

social bonus. The program

also provides individualized 

assistance to facilitate access to 

available benefits.

Energy 

awareness 

training

Raising awareness 

of energy issues and 

electrical hazards, with 

the aim of preventing 

accidents, optimizing 

consumption and 

encouraging the 

conscious use of 

resources.

Six-monthly report on 

people trained.

2025-2027Italy – Spain – Argentina –

Brazil – Chile – Colombia: 

meetings and collaborations 

with entities, trade

associations, institutions (fire 

department, civil defense) to 

raise awareness and inform 

the categories most exposed

to safety issues and prevent 

electrical accidents.

Meetings in neighborhoods 

with vulnerable communities 

to raise awareness of accident 

prevention, energy-conscious

consumption, and offer

solutions to technical and 

business needs.

Some initiatives carried out in 2024 and continuing 

in the coming years, as envisaged in the above-men-

tioned action plans, are listed here. These actions aim 

to regularize and standardize electrical services and 

connections, as well as promote training for ener-

gy-conscious use: in Colombia, the “Safe Energy for 

All” program was developed to provide safe and reli-

able electricity to low-income communities by aiming 

to improve the safety of electricity grids by means of 

appropriate technical standards. In Spain, on the other 

hand, the “Energy Access Training Program for NGOs 

and Social Services” was promoted with the aim of 

providing NGOs and social services with energy skills 

to expand their capacity to support families in vulner-

able conditions.

Social impact of the closure of thermal power plants

In line with corporate and territorial policies and in 

collaboration with local stakeholders, in 2025 the 

Enel Group will focus on a series of initiatives in con-

tinuity with the actions already undertaken, aimed at 

strengthening support for the socioeconomic devel-

opment of the affected areas.

  


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INTEGRATED ANNUAL REPORT 2024

ACTION DESCRIPTION

External training 

programs 

to improve 

employability 

with the aim of 

reducing the 

gap between 

labor supply and 

demand

Training courses, mainly 

reskilling, to develop 

technical, professional and 

operational skills mainly 

in the fields of renewable 

energy and distribution 

networks, as well as other 

strategic areas for the 

industrial development of 

the target area.

Number of courses / 

Number of beneficiaries 

with annual final balance.

2025-

2026

Italy – Spain: involvement of:

• workers in ancillary 

companies;

• young people and the 

unemployed.

Scope Timing Monitoring 

Area initiatives 

to enhance 

local heritage, 

enhance 

tourism 

offerings and 

promote the 

development 

of professional 

skills in the 

community

• Projects for the protection 

and teaching of biodiversity, 

such as the promotion 

of beekeeping and local 

tourism.

• Projects for biodiversity 

protection and education, 

such as promoting 

beekeeping activities and 

local tourism.

• Awareness-raising and 

training initiatives on energy 

transition issues and skills.

List of interventions.

List of interventions.

Number of beneficiaries 

with annual final 

balance.

2025-2027Italy: involvement of 

local governments and 

communities.

Spain: involvement of local 

micro-entrepreneurship, 

local authority, local 

community, service sector 

enterprises.

Italy: involvement of 

students from the Istituti 

Tecnici Superiori (ITS) at 

Civitavecchia (in Lazio) and 

Macomer (in Sardinia).

Some initiatives as of 2024, identified through a shared 

and systemic approach involving national, regional 

and local discussion tables, are outlined below. These 

actions, aimed at mitigating impacts and generating 

positive spillovers in the target area, focus on two main 

areas and will continue in the coming years, in line with 

the aforementioned action plans.

• External training programs for employability: as of 

2024 Enel has organized numerous training courses 

to improve the employability of workers in the supply 

chain and local communities. Courses were provid-

ed in Italy, particularly in Brindisi, Civitavecchia, and 

Corigliano-Rossano, and in Spain, involving ancillary 

workers, youth, and the unemployed in the area. 

• Local community initiatives: in Italy, Spain and Chile, 

up to 2024, sustainable tourism, biodiversity protec-

tion and energy transition awareness projects have 

been developed, involving local operators, public 

agencies, educational institutions, small business-

es, students and communities in the affected areas. 

Among the most significant examples in Italy is “Ac-

cogliere ad Arte” in Brindisi, a cultural-historical herit-

age education project aimed at first-time tourist re-

ception professionals (e.g. taxi drivers) and developed 

with agencies, educational institutions and the local 

community. Also, in Spain (Andorra, Teruel province), 

the project “El Pictopueblo”, an inclusive initiative in-

volving the installation of pictograms on more than 

200 public buildings, stores and monuments, ena-

bling people with functional diversity to easily identify 

spaces, through a clear and intuitive visual language, 

has been implemented.

  


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377

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Metrics and targets

ESRS S3-5

KPI POLICIES SCOPE

Community 

projects - 

millions of 

beneficiaries 

(no. of 

beneficiaries 

related to clean 

and affordable 

energy (SDG 7))

• Human Rights 

Policy

• Internal 

Policy 211 

“CSV Process 

definition and 

management”

The target, measured in 

number of beneficiaries, 

considers the countries 

in which the Group 

operates along the

entire value chain, 

starting from the project 

development phase.

Year: 2023

Value: 1.25

million 

beneficiaries

0.96 million 

beneficiaries 

3.2 million

beneficiaries 

in 2030

(cumulative 

value from 

2024 to 2030)

BASELINE ACTUAL

2024

TARGET STATUS

Not in line  In line  Achieved

The target only considers projects that actively con-

tribute to energy poverty reduction in the countries 

where the Group operates. The following are meas-

ured:

• direct beneficiaries: those who obtain, for example, 

an electrical connection, receive a household appli-

ance, or participate in educational initiatives on en-

ergy consumption;

• indirect beneficiaries: people dependent on direct 

beneficiaries, calculated by average household size 

(3 in Europe, 4 in the rest of the world, according to 

World Bank data).

The target is monitored semi-annually, measuring 

the number of beneficiaries for each project and 

geographical area. The data is managed through a 

dedicated platform for reporting and monitoring the 

project portfolio. For the application of stakeholder 

engagement policies to support goal achievement 

(such as ESIA, Human Rights Policy, and other tools in-

cluded in Enel’s sustainability model) see the sections 

on policies and stakeholder engagement.

Access to remedy

COLOMBIA – WINDPESHI – La Guajira

The Windpeshi wind farm, construction of which is 

currently suspended. With capacity of 200 MW it 

could contribute to the diversification of the country’s 

energy mix.

On May 24, 2023, Enel announced it was suspending 

construction of Windpeshi for an indefinite period of 

time. This resulted in the interruption of all construction 

work other than that strictly necessary to fulfil the pro-

ject’s social and environmental commitments. The de-

cision was made by the Board of Directors of Enel Co-

lombia given the impossibility of guaranteeing the pace 

of construction of the project. The decision, as stated 

in the specific press release from Enel Colombia dat-

ed May 24, 2023, “was taken after careful analyses and 

feasibility studies which led to the conclusion that it is 

not possible for the Company to continue with the con-

struction of Windpeshi, as projects must be sustainable 

not only socially but also economically, and their suc-

cess depends on collaboration between businesses, 

institutions and communities”. The Group will however 

continue to engage with communities and all relevant

stakeholders to address the implications of this deci-

sion. More specifically, in addition to the resources used 

to carry out the commitments made during the prior 

consultation, more than 7.1 billion Colombian pesos 

have been invested in projects relating to quality edu-

cation, access to water and economic progress.

The community in the area where the plant would be 

built is made up of indigenous populations residing in 

the Municipalities of Maicao and Uribia, belonging to 

the Department of La Guajira. This area is character-

ized by a significant presence of indigenous commu-

nities, which represent 20% of the total population of 

Colombia. In addition to Enel’s commitment to listen-

ing to and proactively engaging with local communi-

ties, with particular attention to the most vulnerable 

communities, such as indigenous and tribal popula-

tions in line with ILO Convention no. 169, the nation-

al law provides that prior consultation of indigenous 

populations must take place according to a specific 

process. This process involves the national prior con-

sultation authority of the Ministry of the Interior.

  


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INTEGRATED ANNUAL REPORT 2024

COLOMBIA – El Quimbo

In line with our approach of sharing and involving all 

stakeholders affected by our activities in the areas in-

volved, a multi-year plan of social-environmental pro-

jects that concern the areas affected by their execution 

has been defined. In particular, this involves families who 

are residents or who own property in the area of the 

project, as well as those who work or have commercial 

and service activities in that area. The surveyed fami-

lies who met the specified requirements were able to

decide between resettlement (collective/individual) and 

the sale of their land. Of the 150 families who select-

ed the first option, 39 selected individual resettlement, 

benefiting from the availability of land that could be 

used for a home as well as for production purposes. The 

remaining 111 families opted for collective resettlement

(Nuevo Veracruz, Nuevo Balseadero, Llano de la Virgen, 

San José de Belén) with new homes equipped with es-

sential services and inserted in an urban context with 

schools, churches, multifunctional sports facilities, soc-

cer fields, green areas, collection centers for the recy-

cling of waste and waste water treatment plants. Each 

family also received 5 hectares of land with an irrigation 

system in order to develop their own productive activi-

ty (crops or mini ranches). In addition, Enel Colombia is 

carrying out the biggest large-scale ecological restora-

tion project in the Tropical Dry Forest ecosystem in Co-

lombia, with an area of more than 11,000 hectares, as a 

biotic compensation measure for the construction of 

the “El Quimbo” hydroelectric plant in the department

of Huila.

For more information, see the paragraph on El Quimbo, 

in note 55 “Contingent assets and liabilities” section of 

the consolidated financial statements at December 31, 

2024.

Boujdour

The Boujdour wind farm in Western Sahara, with a 

capacity of 300 MW, is operated by a joint venture in 

which Enel has an unconsolidated interest. During the 

construction phase of this plant, Enel initiated a con-

sultation process with relevant stakeholders through, 

in particular:

• 2015: preliminary analysis of the social, econom-

ic and environmental context (“SEECA”) to identify 

the relevant socioeconomic issues and the specific 

needs of local communities, including the develop-

ment of infrastructure, education, healthcare, pov-

erty problems, social services and the protection of 

inherited cultural assets;

• 2019: Environmental and Social Impact Assessment 

(ESIA);

• 2020: human rights due diligence, a SEECA update, 

and consultation involving several relevant stake-

holder groups.

In particular, through the various stages of human 

rights due diligence, Enel put in place a process of 

consultation with communities impacted by the pro-

ject, thereby enabling it to verify its level of social ac-

ceptance.

To enable local use of the renewable energy generat-

ed by the plant, the electrical connection between the 

plant itself and the city of Boujdour was also strength-

ened.

Through the Boujdour project, Enel also contributed 

to the sustainable and socioeconomic development of 

the area, with specific, concrete, substantial and veri-

fiable benefits for, in particular, the Saharawis, who are 

the direct beneficiaries of the following initiatives:

i. training and hiring of Saharawi people:

• setting up a training center in the base camp dur-

ing the construction phase with civil and electrical 

training aimed at closing the local skills gap, thus 

creating the opportunity to use these skills in the 

future;

• hiring of around 200 people for non-specialist 

jobs, of which >90% from the local Saharawi com-

munity during the construction phase;

• hiring of technical personnel for O&M manage-

ment, turbine service provider and substation 

maintenance, security and cleaning services;

ii. hiring of more than 100 small and medium-sized lo-

cal businesses for auxiliary services (including trans-

port, cleaning, catering, supply of materials, etc.), 

intended to support the local economy, particularly 

affected by the consequences of the pandemic;

iii. creation of ad-hoc infrastructure for the needs of 

people and small local businesses in the area of the 

project:

• during civil works, new sections of road were built, 

and existing ones were redeveloped (around 60 

km). This activity allowed the main roads to be re-

connected with pastures, for the benefit of pasto-

ral communities in remote areas;

• thanks to the renewable energy generated by the 

plant, the local electricity connection with the city 

of Boujdour has been strengthened;

  


Social information

379

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

iv. support for local Saharawi nomadic camel

drivers through the provision of water tanks

and cisterns;

v. supply of food to the most vulnerable local families;

vi. vocational education and training programs de-

signed to combat primary school dropouts, bridge 

the gap between training and job opportunities, 

provide knowledge on renewable energy. The in-

itiatives involved around 1,000 beneficiaries from 

11 schools in the area, with the support of local ex-

perts;

vii. educational programs regarding renewable energy 

and wind plant operation, with the establishment 

of an annual scholarship for a college student from 

the local community;

viii. setting up of a health facility (caravan) made avail-

able to 1,000 students from neighboring schools 

for various types of specialist visits (general prac-

titioners, dentists, ENT specialists, etc., and supply 

of glasses where necessary) in order to combat 

school dropout among children caused by health 

problems.

Reports

The management system for the plant has been de-

fined in line with the United Nations Guiding Princi-

ples on Business and Human Rights. Once received, 

reports are recorded, analyzed and classified from 1 to 

3 (the rating takes into account repetition and severity; 

1 is the lowest score, 3 the highest). The analysis allows 

a potential solution to be identified. Once the solution 

is agreed, the report is deemed to be completed. The 

communities have various channels available: on-site 

suggestion boxes, post and electronic mail, telephone, 

company staff present during site visits. The language 

used is Arabic and, when a member of the community 

is not able to write and speaks a dialect, a translator is 

identified inside or outside the construction site. Spe-

cifically, the reports handled included:

1. request to use local labor by the community. Agreed 

solution: non-specialist workers hired as described 

above under point i;

2. request to use local small and medium-sized en-

terprises. Agreed solution: the contractors, with the 

support of local stakeholders, launched a tender to 

select local suppliers for the necessary services and 

equipment described in point ii. above.

Blackout in Brazil 

On October 11, 2024, Enel Distribuição São Paulo was 

hit by a storm ranging among the most severe weath-

er events in the São Paulo Metropolitan Region of the 

past 30 years, with winds of up to 107.6 km/h and one 

of the largest in terms of impact on power grids.

The total number of Enel Distribuição São Pau-

lo customers initially affected totaled 3.1 million on 

the night of October 11. On the same night, mainly 

thanks to automation systems and remote operating 

of the power grid, the number of customers without 

power was reduced to 2.1 million. By the end of Octo-

ber 12, electricity supply had been restored for about 

80% of affected consumers.

Although Enel Distribuição São Paulo had restored 

90% of electricity for all households within 48 hours 

of the extreme weather event, considering the com-

plexity of the works needed to restore the grid dam-

aged by the strong winds, on October 14 the com-

pany announced that it would restore power supply 

to all customers within 3 days, as agreed with the 

government. On the morning of October 17, the CEO 

of Enel Distribuição São Paulo explained at a press

conference that the company had already restored 

power supply to all affected customers.

For more information, see the paragraph “Black-out

October 2024 São Paulo – Brazil” in note 55 “Contin-

gent assets and liabilities” of the consolidated finan-

cial statements at December 31, 2024.

Blackout in Chile

On August 1 and 2, 2024, an extreme weather event hit 

the Santiago Metropolitan Region and the concession 

area of Enel Distribución Chile SA, hereinafter referred 

to as the “event”.

This event, unforeseen and of exceptional severity, was 

characterized by the presence of strong and unusual 

wind gusts, which reached speeds of up to 124 km/h, 

unprecedented in the Santiago Metropolitan Region 

nor in the concession area of Enel Distribución Chile 

SA. In addition to the strong winds, intense rainfall was 

recorded during the event, lasting until the morning 

of August 2, 2024. The bad weather caused a large 

number of trees to fall, power lines and poles to break, 

and significant damage to Enel Distribución Chile SA’s 

electrical infrastructure.

  


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INTEGRATED ANNUAL REPORT 2024

Given the magnitude and extent of the event, the op-

erations of Enel Distribución Chile SA and, in particu-

lar, the electrical supply service offered to customers 

were compromised, causing interruptions of varying 

degrees for a considerable number of users.

In this context, Enel Distribución Chile SA is currently 

involved in several litigations against the SEC, both in 

administrative proceedings to challenge the fine re-

ceived and in court, with the aim of clarifying that the 

company cannot be held responsible for this event, 

since it is a case of force majeure and an aggravated 

exceptional situation.

Regardless of pending legal proceedings, Enel Distri-

bución Chile SA has taken a number of measures to 

mitigate the negative effects of the event on the elec-

tricity supply to customers, including:

(i) the recent agreement reached with Sernac within the 

framework of the Voluntary Collective Proceedings, 

initiated at the request of the company, which al-

lowed the definition of a quick, transparent and com-

prehensive solution to protect the interests of resi-

dential customers/consumers affected by the event;

(ii) the signing of a collaboration agreement be-

tween Enel Distribución Chile SA and the Asso-

ciation of Electro-dependent Patients, aimed at 

implementing improvements that can positively

impact service for people with electro-depend-

ent conditions.

In order to mitigate the risks associated with extreme 

weather events, Enel Distribución has implemented a 

number of measures, including:

• expansion of plans to strengthen customer service 

platforms through call centers and digital channels, 

especially in emergency situations;

• verification of customer service systems infra-

structure, with emphasis on telephone and digital

channels;

• introduction of features for recognition of elec-

tro-dependent patients in digital channels;

• extension of the provision of backup devices in per-

manent mode for registered electro-dependent pa-

tients who request them;

• acceleration of the process of installing electronic 

meters with remote communication capabilities for 

electro-dependent patients.

  


Social information

381

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Consumers and end users 

167 (no./10 thousand customers)

COMMERCIAL CLAIMS

177 in 2023

205.2 (average minutes)

(1)

SAIDI

208 in 2023

(1)  173 minutes, excluding non-core countries (Argentina and Peru).

The results of the 2024 double materiality process for aspects related to “Consumers and end users” are reported 

below, with details of the material IROs used in the preparation of this section.

SUBTOPIC DESCRIPTION OF IRO TYPE

TARGET

QUALITY OF CUSTOMER 

RELATIONS

Sub-subtopic 

Effective and fair relationship 

with customers

Lower economic losses due to good 

customer loyalty and satisfaction.

Commercial claims no./10,000 

customers

SUBTOPIC

SOCIAL INCLUSION

OF CONSUMERS AND/OR

END USERS

Sub-subtopic 

Optimizing products and 

services for the most vulnerable 

customers

Lack of solutions for vulnerable customers 

(e.g. promotion of accessible products and 

services, promotion of “slow shopping”

and inclusive offers, technical and 

commercial assistance, etc.)

New inclusive products and services 

– no.

SUBTOPIC

OPERATIONAL

MANAGEMENT OF GRIDS

Sub-subtopic 

Grid maintenance

Potential decrease in the reliability of the 

distribution network (QoS - quality of 

service) due to potential delays in capital

expenditure and extreme weather events.

SAIDI – min.

Opportunities  Negative impact

See also the “Climate change” chapter for an additional material IRO related to consumers and end users (Acceleration in the process of electrifi-

cation of consumption through the implementation of solutions and technologies for the electrification of cities, for companies and for people).

Strategy and management of material IROs

ESRS 2 SBM-2; ESRS 2 SBM-3

Enel’s goal in retail markets is to “Take care of all cus-

tomers, at every stage of their lives” ranging from 

households to small and medium-sized businesses to 

large corporations.

• Residential segment: increasingly aware of the need 

to make informed energy choices. Enel is constantly 

working to provide innovative products and servic-

es to curb energy spending as well as information 

and support services regarding customized direc-

tions with respect to the customer’s consumption 

profile. Significant attention is devoted to vulnera-

ble customers – who have a significant incidence in 

the customer base – to whom Enel offers bundled 

solutions with dedicated support services and tariffs 

(see the dedicated action plan below).

  


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INTEGRATED ANNUAL REPORT 2024

• Micro and small enterprises: these are very sensitive 

to the cost of energy. This is why Enel is paying in-

creasing attention to this target audience with offers 

that guarantee both reduced energy costs and pro-

tection from possible market price increases. 

• Medium and large companies: need to diversify 

energy sources in order to electrify industrial pro-

cesses and reduce CO

2

emissions. To support these 

objectives, in addition to the supply of commodities 

offered in Power Purchase Agreement (PPA) mode 

with medium- and long-term purchase agreement, 

Enel provides technical expertise and integrated 

solutions for fleet electrification from planning to 

project implementation. 

• Government bodies: Enel is looking for new solu-

tions that guarantee high levels of service to the 

public, improving their quality of life in terms of 

environmental and social impact, ensuring great-

er efficiency in energy management and reducing 

emissions. In support of this, Enel acts as a single in-

tegrated partner for their energy transition, offering 

an ecosystem of value-added products and services 

and customized solutions.

Starting from the knowledge of the various categories 

of retail customers (as well as their needs), Enel is com-

mitted to the creation of products that are increasing-

ly customized and adapted to the various profiles in 

order to maximize the satisfaction and loyalty of each 

consumer category. 

The Group also distributes electricity to millions of us-

ers around the world through its grid infrastructure. 

Inadequate grid maintenance and/or the occurrence 

of adverse weather events, which are increasingly fre-

quent in all countries where Enel operates electricity 

grids, can generate widespread negative impacts in 

terms of reduced service continuity. For this reason, 

Enel has implemented appropriate dedicated proce-

dures and strategies aimed at increasing the resilience 

of the distribution infrastructure in all Group distribu-

tion companies, in terms of:

• prevention of the effect and impact of adverse 

weather on power grids and plants by means of ap-

propriate tools and actions geared toward the effi-

ciency of power grid operation processes (weather 

alerting and operation efficiency improvement);

• increased capacity for resumption of electric ser-

vice through the availability of technical resources 

from different countries (international task force) 

and increased availability of means and devices for 

re-powering (mobile generators and temporary ca-

bles);

• maintaining reliability of grid components over time 

through a maintenance policy for networks and tel-

econtrol systems (based on IEC and UNI internation-

al standards). In particular, preventive maintenance 

prevents the deterioration of grid performance, re-

ducing consequent failures, through planned activ-

ities, or “on conditions”, i.e. determined by the study 

and observation of grid phenomena.

With the same objective, Enel intends to invest €26 

billion in its distribution networks in the three-year pe-

riod 2025-2027, a 40% increase compared to the pre-

vious three-year plan. This capital expenditure will pre-

cisely focus on improving service quality and resilience 

of the infrastructure to weather events, as well as on 

customer connections (for more information see the 

paragraph on the Strategic Plan in this document). In 

addition, the Group will continue its advocacy efforts 

to promote regulatory frameworks that support the 

central role played by grids in the energy transition

(see below for a dedicated action plan). 

On the other hand, with regard to issues related to the 

interests and opinions of consumers and end users as

well as the main initiatives promoted by Enel and the ways 

in which they are involved, see the paragraph on “Stake-

holder engagement” in the “General information” section.

Policies related to consumers and end users

ESRS S4-1

With reference to customer relations, the Group’s 

Human Rights Policy enshrines Enel’s commitment to 

always respond to any suggestions, reports and com-

plaints from customers and the associations that pro-

tect them, making use of appropriate and timely com-

munication systems (e.g. call center, email), in order to 

consider all customer needs and ensure quality ser-

vice, with particular regard to people with vulnerabili-

ties. The policy itself provides a process for reporting 

alleged violations of the principles of the policy itself, 

which includes protecting the identity of whistleblow-

ers. Finally, Enel has adopted an internal policy that 

  


Social information

383

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

provides guidelines on the process of monitoring and 

classifying complaints in order to maximize service 

quality and increase customer satisfaction.

More details about the contents of Enel’s Human 

Rights Policy can be found in the sections “Values and 

74. The Voice of Customer operates on two fronts: relational and transactional. As regards the relational aspects, Enel relies on the global standard 

of the Net Promoter Score (NPS), on a scale of -100/+100 which allows the degree of happiness and “advocacy” of customers to be meas-

ured globally through simple and immediately understandable data. As regards the precise monitoring of satisfaction on the “transactional”

aspects, or in correspondence with the so-called “moments of truth” (such as for example the completion of the activation process, the inter-

action with the contact center, the delivery of the bill, the increase in power or even the charging session of an electric car or the installation 

of a photovoltaic system), Enel customers are asked to express their “Customer Satisfaction” (CSAT) on a scale of 1-5.

75. ESO: Energy Service Operator; ESR: Energy System Research.

pillars of corporate ethics” and “Enel’s due diligence 

process” and in the full text of the Policy at https://

www.enel.com/content/dam/enel-com/documenti/in-

vestitori/sostenibilita/diritti-umani/human-rights-pol-

icy_december2021.pdf.

Processes for engaging with consumers and end users and channels

for dialogue

ESRS S4-2; S4-3

Direct customer engagement in Enel is mainly through 

the “Voice of Customer” platform, which enables the 

collection of about 4 million feedbacks per year from 

residential and small business customers. Through 

this platform Enel can understand satisfaction levels 

on products and services offered, in the form of sat-

isfaction ratings, text comments on reasons for satis-

faction or dissatisfaction, and other feedback on as-

pects such as simplicity of experience, courtesy, etc.

74

Customers receive an invitation to participate in sur-

veys made available in the “Voice of Customers” and 

are thus informed of the opportunity to express their 

feedback through this channel.

In addition, since 2024 Enel has been proactively con-

tacting customers who scored low in customer satis-

faction surveys in order to understand and resolve any 

critical issues reported by customers. Then the same 

customers are contacted again to assess their new 

level of satisfaction. Enel also responds to written or 

verbal complaints that customers submit through the 

channels made available for this purpose. Even in cases 

where Enel works with business partners (e.g. compa-

nies that operate call centers), customer satisfaction is 

checked directly through the channels set up by Enel.

With reference in particular to companies, especially 

medium to large ones, an important channel of dia-

logue as well as a key lever in terms of satisfaction and 

retention is the relationship between the customer 

and the key account manager: the latter is increasing-

ly evolving in the direction of becoming a reference 

partner, offering consultancy support for consumption 

optimization, management of price fixing policies and 

customer energy transition. 

In addition, Enel acts with regard to collective stake-

holders with moments of listening and managing cus-

tomer needs as well as training/information on energy 

issues. In 2024, this included the third edition of the 

“Energy Academy” project in Italy, with an education-

al and informational purpose on energy transition is-

sues: through the participation of “experts” from the 

academic or institutional world (by way of example, 

ARERA, ESO, ESR

75

), we organized a debate in which a 

manager from Enel and some senior figures from na-

tional consumer associations brought their contribu-

tion, exchanging perceptions and positioning on the 

issues for the benefit of the class of trainees: junior 

or senior resources selected by the same associations. 

Another tool for listening to and supporting the needs 

of consumers and industry associations is that of ded-

icated channels (web, telephone, email) that allow the 

management of cases of greater complexity or urgen-

cy, as well as reports on situations that, according to 

the associations, represent case studies apt to stimu-

lating discussion with the Company.

Regarding vulnerable customers, Enel uses communi-

cation tools to support the dialogue channels in order 

to make them more accessible to people with disa-

bilities or non-native speakers in the country in which 

Enel operates (e.g. video interpreting services for deaf 

people or simultaneous translation services for for-

eign speakers).

  


Social information

384

INTEGRATED ANNUAL REPORT 2024

As for distribution service users, Enel provides 24/7 

toll-free numbers to report faults and power outages. 

For the benefit of customers, in addition to the tele-

phone channel, Enel also provides web and app chan-

nels that enable customers to receive quick answers 

and resolve electricity supply issues.

Taking action for managing material IROs 

ESRS S4-4

Effective and fair relationship with customers

ACTION DESCRIPTION

Clear and 

transparent 

communication

Continued review of written and 

verbal communications to the 

customer with a view to simplifying 

and accessibility of information 

through the Plain Language 

project, in accordance with the 

latter’s international standards, 

analysis of qualitative data and 

insights from Voice of Customer 

and other customer experience 

monitoring tools (e.g. analysis of 

language in samples of phone 

call transcripts, checks on post-

writing communications in terms 

of complainability, contact ease, 

satisfaction, etc.).

The effects of the 

initiatives are monitored 

through:

I. Customer Satisfaction 

and Net Promoter 

Score dashboards, 

available for all 

countries and regions 

where Enel operates;

II. timely verification 

of the number of 

“detractors” or 

dissatisfied customers, 

and the reasons for 

dissatisfaction;

III. dashboards dedicated 

to the utilization 

of terminology 

that more or less 

adheres to “plain 

language” standards 

in interactions with 

customers.

RollingItaly

Scope Timing Monitoring

Strengthening 

the direct 

relationship

Expand the 

catalogue of 

offerings and 

products

Increased proximity to the 

customer, such as through 

greater territorial spread of Enel 

points, and through timely and 

proactive contact with customers 

immediately downstream of a low 

satisfaction rating (“close the loop”

project).

Making available to customers, 

through an extensive and 

customized catalogue of products

and services, offerings that meet 

their needs with an omnichannel

approach.

The effects of the “close 

the loop” project are 

monitored through 

surveys that measure 

post-contact satisfaction,

as well as verification of 

process KPIs (e.g. timing, 

resolution status, etc.).

Monitoring of requests 

made on all available 

channels.

Rolling

Rolling

Italy and 

Spain

Italy

Furthermore, the guidelines adopted in previous years 

on monitoring and classifying complaints were con-

solidated on all business lines in all countries where 

Enel operates in 2024, in order to maximize service 

quality and increase customer satisfaction in accord-

ance with applicable laws, regulations and rules of 

governance.

  


Social information

385

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Optimizing products and services for the most vulnerable 

customers

Regarding the social inclusion of consumers, Enel is 

committed to promoting access to electricity in all 

countries where it operates the retail segment, includ-

ing the most remote areas, and works to ensure that 

customers in vulnerable conditions also benefit from 

the products and services offered as well as that they 

are increasingly informed about them. The following 

are the main lines of action on the issue.

ACTION DESCRIPTION

Accessibility 

of Enel’s 

channels

Integration of tools and services 

to support the accessibility of our 

physical, digital and telephone 

channels, for example, through the 

extension of the video interpreting 

service in sign language for 

deaf people to all Enel spaces 

throughout the country (in 2024 

experimentation in some cities 

was concluded) and the telephone 

interpreting service available in 20 

languages.

Annual final count of the 

number of minutes of 

service usage.

2025-2027Italy

Scope Timing Monitoring

Engagement, 

information and 

awareness

New products 

and services 

dedicated to 

vulnerable 

customers

Supporting the dissemination 

of targeted information to 

customers with vulnerabilities, 

e.g. through advisory services, 

accompaniment and specific 

support to vulnerable people 

to apply for social bonuses, 

workshops with NGOs and social 

services dedicated to combating 

energy poverty, and also training 

of the energy supply chain 

on energy poverty issues (e.g. 

“Siamo Energia” with Banco 

dell’Energia).

The development of new products 

and services that meet the needs 

of vulnerable customers (e.g. 

over-65, people with disabilities, 

etc.), such as offering special rates, 

subsidized financing solutions, etc. 

Number of people 

involved/trained. 

Half-yearly monitoring 

of the KPI “new inclusive 

products and services”.

Rolling

2025-2027

Italy and 

Spain

Global 

  


Social information

386

INTEGRATED ANNUAL REPORT 2024

Operational grid management 

ACTION DESCRIPTION

Proactive 

advocacy 

activities

Proactive 

advocacy 

activities

Consolidation and simplification of 

incentive systems to support capital 

expenditure in resilience and service 

quality improvement.

Establishment of incentive 

mechanisms for resilience and 

review of quality remuneration 

systems.

The effects of the activity 

can be seen from the 

Regulator’s interventions 

on the incentive 

methods.

The effects of the activity 

can be seen from the 

Regulator’s interventions 

on the incentive 

methods.

2025-2028Italy and 

Spain

Brazil, Chile,

Colombia and 

Argentina

Scope Timing Monitoring

Enhancing 

the availability 

of contact 

channels

Proactive

communications

Increase the resilience and 

flexibility of our contact 

channels to ensure their 

availability, effectively handle 

peak requests, and reduce 

waiting times, delivering 

increasingly efficient service.

Anticipate customers’ needs by 

automatically sending notifications 

in the event of a service disruption, 

with detailed information about 

the problem, tracking of resolution 

progress, and timelines for service 

restoration.

Monthly monitoring of 

the operational KPIs of 

the contact channels.

Monthly monitoring of 

the operational KPIs of 

the contact channels.

Rolling

2025

Global

Latam

Next regulatory 

cycle:

Brazil and Chile 

2027

Colombia and 

Argentina 2025

In 2024, the increase in the severity of critical weath-

er events in some countries significantly impacted the 

power grid. The largest events affected Chile and Brazil. 

Due to the impact on the grid from exceptional weath-

er events, a large number of customers (peaking at 3 

million in Brazil) were disconnected; service restoration

required an exceptional effort of men and means giving 

priority to the most critical customers. An internation-

al task force of more than 50 people from other Enel 

Group distributors (Colombia, Argentina, Brazil, Italy)

was activated to speed up service resumption; in addi-

tion, remote support for back-office management ac-

tivities has been activated with staff from other coun-

tries (Argentina, Colombia, Italy, Spain). 

In addition, in terms of contact channels with distri-

bution service users, communication campaigns were 

launched in 2024 on all channels, with a focus on en-

couraging the utilization of digital channels and up-

dating contact data, which are essential for reaching 

customers quickly in emergencies, especially the most 

vulnerable ones. An important step forward was taken 

in Brazil, where Enel implemented automatic tracking 

services via WhatsApp and email to reach customers 

in a more timely manner, with increasingly accurate 

indications of service restoration times in São Paulo 

and Ceará.

Finally, as part of advocacy in support of capital 

expenditure in the service quality and resilience of

grids, the first technical working groups were set up 

in Italy in 2024 and the first proposals were submit-

ted to the regulator on the simplification of incen-

tive systems.

  


Social information

387

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Targets

ESRS S4-5

(1)  In 2025, the geographical scope also includes Ceará (Brazil) and Argentina.

(2)  GRI-GRI-OPI-CO&M-0004 dated December 5, 2024.

(3)  The scope includes distribution companies that are no longer part of the Enel Group.

(4)  Including non-core countries (Argentina and Peru), the value of SAIDI is 205.2.

KPI POLICIES SCOPE

New inclusive 

products 

and services 

– Offering 

new products 

and services 

dedicated to 

customers with 

vulnerabilities

Commercial 

claims per 

10,000 

customers

System Average 

Interruption 

Duration Index

(SAIDI) – The 

service continuity 

indicator is 

defined as 

the average 

duration in 

minutes of supply 

interruptions for 

each customer 

served

Enel Group’s Human Rights Policy 

promotes a “fair for all” energy 

transition, respect for diversity 

and non-discrimination.

Enel X Global Retail Policy no. 

1183 provides guidelines on 

the process of monitoring and 

classifying complaints with 

details on how to calculate the 

KPI in order to maximize service 

quality and increase customer 

satisfaction.

The Internal Group Operating 

Instruction aims to establish uniform 

calculation criteria for indicators 

of duration and frequency of 

interruptions.

(2)

Enel at the global 

level (commodity 

and beyond 

commodity B2C 

customers).

Stage of the 

value chain: 

downstream.

Enel at the global 

level (commodity 

customers 

for B2C/B2B/

B2G segments 

and beyond 

commodity 

customers for 

B2C segment).

Stage of the 

value chain: 

downstream.

Core countries.

Stage of the 

value chain: 

Operations.

Year: 2024

Value: 12

new inclusive 

products and 

services

Year: 2022

Value: 212

commercial 

claims per 

10,000 

customers

Year: 2020

(3)

Value: 259

minutes

12

167

commercial 

claims per 

10,000 

customers 

173

minutes

(4)

At least 

3 new 

products

and 

inclusive 

services in 

the period 

2025-

2027 

158

commercial 

claims per 

10,000

customers 

in 2025

(1)

160

minutes 

in 2027

BASELINE ACTUAL

2024

TARGET STATUS

Not in line  In line  Achieved

  


Social information

388

INTEGRATED ANNUAL REPORT 2024

Calculation methods

New inclusive products and services: as from 2025, 

targets were revised to include only catalogue prod-

ucts and services (e.g. subsidized rates, dedicated 

financing solutions for vulnerable customers, etc.) 

focusing on countries where the market does not

particularly cater this user base. While continuing to

offer ancillary services and develop engagement in-

itiatives (e.g. for inclusivity in Enel’s physical and dig-

ital channels, for more information on how to access 

social incentives and bonuses, etc.), the revision of 

this KPI aims to focus the business efforts on de-

veloping valuable solutions for the most vulnerable

customers.

Commercial claims per 10,000 customers: every year, 

based on the closing balance of the previous year, a 

global target value is defined for each individual coun-

try, which incorporates the improvement actions to 

be implemented during the year and any changes in 

scope or process. The KPI is recorded in the Compa-

ny’s CRM system and is monitored and tracked on a 

regular basis throughout the year using Enel’s Global 

Customer Room near-real time system, with the aim 

of analyzing deviations from set targets and identify-

ing any opportunities to improve service and thus cus-

tomer satisfaction. 

SAIDI: the calculation formula, shown below and 

standardized for all network companies, considers 

all power outages lasting longer than three minutes. 

The calculation does not include interruptions due to 

causes not directly attributable to the network com-

pany, such as force majeure. 

Calculation formula: SAIDI, the System Average Inter-

ruption Duration Index, represents the average time 

of supply interruption to a customer connected with 

low voltage (LV). It is calculated for long outages and 

is expressed in minutes per customer through the fol-

lowing formula, where:

SAIDI=

∑

n

i

=

1

D

i

x U

i

U

t

• U

i

is the number of LV customers interrupted dur-

ing the i-th long interruption either at all voltage 

levels or for a selected voltage level; 

• D

i

is the duration of the i-th interruption; 

• U

t

is the total number of LV customers served by 

the network company at the end of the period. 

The number of LV customers must be updat-

ed monthly by each network company. The total 

number of LV clients served refers to the perime-

ter in which the index is calculated (company, local 

area, MV line, etc.); 

• n is the number of interruptions in a specific pe-

riod. 

• Frequency of monitoring: monthly.

• Target evolution from baseline: there has been a 

significant improvement in performance since 2020 

due to technological capital expenditure made on 

the grid, operational efficiencies, and maintenance 

activities aimed at reducing the average time of ser-

vice interruption and the number of customers ex-

periencing disruption. 

  


Social information

389

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


Social information

390

INTEGRATED ANNUAL REPORT 2024

  


Governance information

391

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Governance information

The results of the 2024 double materiality process for aspects related to the “Business conduct” are reported 

below, with details of the material IROs used in the preparation of this section.

SUBTOPIC DESCRIPTION OF IRO TYPE

TARGET

OTHER COMPLIANCE 

PROGRAMS

Sub-subtopic 

Compliance with laws 

and regulations

Reputational benefits deriving from 

the market’s positive evaluation of the 

transparency that the Company ensures 

in the dissemination of information on 

corporate governance, in compliance with 

current legislation and with national and 

international best practices.

Continual alignment with national 

and international recommendations 

and best practices for corporate 

governance.

Opportunities

Enel’s corporate governance system complies with the 

principles contained in the Italian Corporate Govern-

ance Code and is inspired by international best prac-

tices, in light also of the recommendations of leading 

proxy advisors and leading institutional investors. 

In this regard, Enel considers it to be in its specific 

interest – as well as a duty toward the market – to en-

sure a constant and open relationship that is based 

on the mutual understanding of the roles with all 

shareholders and stakeholders, as well as with the 

institutional investors and their representative as-

sociations in order to increase the related level of 

understanding regarding the activities performed 

by the Company and the Group. Enel’s dialogue with 

counterparties is based on principles of fairness and 

transparency, in compliance with EU and national 

regulations on market abuse, as well as in line with 

international best practices. In order to regulate the

methods for developing dialogue, in March 2021 the

Board of Directors adopted a specific Engagement

Policy that has largely crystallized the practices al-

ready followed by Enel and which clarified to a large 

extent the practices already followed by Enel taking 

into account the applicable best practices adopt-

ed by the institutional investors and reflected in the 

stewardship codes.

During 2024, the Company maintained an ongoing di-

alogue with institutional investors and financial analysts 

on both economic-financial and ESG issues. In this con-

text, the Company conducted an engagement activity 

on corporate governance, environmental, and social 

issues in the period between the end of January and 

the beginning of March 2024 with key proxy advisors 

and a number of relevant institutional investors in Enel’s 

capital.

Moreover, the Enel Group has adopted a special reg-

ulation containing provisions regarding the manage-

ment and treatment within the Company of confiden-

tial information, and identifying the procedures for the 

external communication of documents and informa-

tion regarding Enel and its subsidiaries, with particular 

reference to privileged information. It is adopted in 

implementation of the recommendations of the Ital-

ian Code of Corporate Governance and the CONSOB 

Guidelines on the management of insider information, 

as well as in compliance with current EU and national 

regulations on market abuse.

  


Governance information

392

INTEGRATED ANNUAL REPORT 2024

Business conduct 

ESRS G1

215

REPORTS RECEIVED 

(CODE OF ETHICS)

207 in 2023

45

VIOLATIONS 

OF CODE OF ETHICS

47 in 2023 

93.5%

EMPLOYEES TRAINED ON 

ANTI-CORRUPTION POLICIES 

AND PROCEDURES

49.6% in 2023

Whistleblowing and stakeholder reporting channel

ESRS G1-1; S1-3; S2-3; S3-3; S4-3; S1-17

76. Anyone can make a report on the Whistleblowing platform. By way of example and not limited to: people in companies of the Group, whether 

they are directors, employees or collaborators; former employees or people involved in recruiting processes; self-employed workers, freelanc-

ers or consultants with a collaboration relationship with the Group companies; workers or collaborators who provide goods or services or who 

carry out works for the Group companies; volunteers, paid or unpaid, who provide their services; shareholders and people with administrative, 

management, control, supervisory or representation functions, even if such functions are exercised on a mere de facto basis; representatives 

of local communities, customers or other stakeholders.

77. The Ethics Channel can also be used to send reports regarding the Group’s commitments regarding human rights.

The Group’s internal and external stakeholders

76

can 

report, even anonymously, any violation – or suspected 

violation – of the Compliance Programs or behavior, 

acts or omissions that harm the Company’s integrity 

and constitute relevant wrongdoing under the whis-

tleblowing regulations, through a single Group-wide 

platform (“Ethics Point”) accessible from www.enel.

ethicspoint.com,

77

published on the Group’s website 

and on the corporate intranet. The platform, which is 

available in the Group’s main languages (English, Ital-

ian, Spanish and Portuguese), allows reports to be sub-

mitted in the following ways:

• in written form, via the web;

• orally, by telephone;

• or, at the request of the whistleblower, by means of a 

face-to-face meeting set within a reasonable time, 

through the above channels.

An information document containing guidance on the 

legal grounds, procedures and channels for handling 

whistleblowing is also published on the Group’s web-

site in order to strengthen the awareness of whistle-

blowers in relying on these tools.

In 2024, training and awareness-raising initiatives im-

plemented by the Enel Group companies to promote 

behaviors in line with the Compliance Program and 

to spread awareness of the whistleblowing channel 

also continued, including newsletters addressed to 

employees on ethical issues and the whistleblowing 

channel, events organized with internal and external 

stakeholders to raise awareness on compliance issues 

and respect for people’s integrity (e.g. conflict of inter-

est/corruption, harassment, etc.).

  


Governance information

393

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Reports are handled according to a specific process 

set out in the policy for handling whistleblowers’ re-

78. The information document on handling whistleblowers’ reports is available on the corporate intranet in the Group’s main languages (English, 

Italian, Spanish and Portuguese).

79. The policy for handling of whistleblowers’ reports provides for the adoption of disciplinary measures against anyone who has implemented or 

threatened to implement any form of retaliation against whistleblowers and other subjects subject to protection.

80. The figure on 2024 reports, also reported in the tables below, do not include 3 anonymous reports referring to Peruvian companies and re-

ceived before the disposal operation finalized on June 12, 2024. In these reports, all relating to issues related to labor practices, the stakehold-

ers were employees. The analyses have ascertained 2 violations, of which 1 for harassment.

81\.  The violations did not involve serious human rights incidents, such as forced labor, human trafficking or child labor.

ports

78

and also in Enel’s Human Rights Policy, under 

3.1 “Stakeholder reports”, as summarized below.

SENDING

A GRIEVANCE

ANALYZING

A GRIEVANCE

ACTING UPON AN

EFFECTIVE VIOLATION

MANAGEMENT AND

MONITORING

Maximum confidentiality 

and anonymity is 

guaranteed to every 

stakeholder. Stakeholders 

may send grievance 

through physical and 

online channels

The Audit Function 

receives and analyzes the 

grievance and activates 

the necessary verifications

Should a violation be 

ascertained, the relevant 

corporate functions 

define the necessary 

actions and specification 

plans, if necessary

The Group has in place 

an information system 

to manage and monitor 

grievance received and 

ascertained violations

The key elements of the mechanism are:

• protection of confidentiality;

• protection against any form of retaliation against 

the reporter and other persons protected by law;

79

  


• protection against unfounded allegations made 

with malice or gross negligence to harm or cause 

injury to individuals.

The management of the whistleblowing channel is 

entrusted to the Audit Function, which employs per-

sonnel specifically trained to handle it. In this regard, 

it should be noted that a special training course was 

conducted for the Audit Function with a specific focus 

on the regulatory aspects and operational manage-

ment of the reporting channel.

The Audit Function receives and analyzes these re-

ports, providing acknowledgment of receipt and 

feedback to the reporter and ensuring the related 

verification activities performing the related checks 

and ensuring uniform treatment at Group level, in

compliance with company policies and local regula-

tions.

If, as a result of the report, the Function establishes a 

violation of the principles contained in the Compliance 

Programs or that affects the integrity of the Compa-

ny, the relevant corporate structures shall implement 

the resulting measures in line with the applicable na-

tional regulations. The Audit Function ensures that all 

reports received through the whistleblowing channel 

are monitored and reports any violations that come to 

light:

• to the Control and Risk Committee, the Chairman of 

the Board of Directors and the Chief Executive Of-

ficer of Enel SpA, who determine whether to report

the most significant cases to the Board of Directors;

• to the corporate bodies of direct and indirect sub-

sidiaries for issues within their remit.

During 2024, 215 reports were received,

80

up 3.9% 

from 207 in 2023. Specifically, the violations estab-

lished refer to employee and/or supplier behavior not 

complying with policies for the protection of people or 

internal procedures, among which:

• “conflict of interest/corruption” for the pursuit of 

personal interests or interests that harm the Com-

pany;

• “fraud/misappropriation” to the detriment of the 

Company;

• “labor practices”, connected to inappropriate be-

havior by individual employees that is detrimental 

to respect for diversity and non-discrimination and 

the failure to comply with the internal procedures on 

health and safety issues, principles approved by the 

Group’s Human Rights Policy.

It should be noted that the ascertained cases of viola-

tions

81

refer to precise conduct and/or private inter-

ests of the individuals responsible that was to Enel’s 

detriment and have not involved convictions or finan-

cial fines on the Group’s listed companies.

  


Governance information

394

INTEGRATED ANNUAL REPORT 2024

In addition to adopting disciplinary measures and/

or sanctions against responsible individuals, train-

ing and awareness initiatives implemented by Group 

companies to promote behavior in line with the Com-

pliance Program and adopted policies continued 

during the year.

UM 2024 2023 Change

Total reports received

(1)(2)

no. 215 207 8 3,9%

Reports received by type of stakeholder: 

Internal stakeholders no. 34 30 4 13.3%

External stakeholders no. 32 33 (1) -3.0%

Anonymous no. 149 144 5 3.5%

Reports received for harmed or potentially harmed stakeholder: 

Shareholder no. 79 66 13 19.7%

Customer no. 9 12 (3) -25.0%

Employee no. 86 78 8 10.3%

Communities no. 2 4 (2) -50.0%

Suppliers no. 39 47 (8) -17. 0 %

Reports related to:

Conflict of interest/corruption  no. 51 34 17 50.0%

Misappropriation no. 24 28 (4) -14.3%

Labor practices no. 113 118 (5) -4.2%

Community and society no. 2 1 1 100.0%

Other reasons no. 25 26 (1) -3.8%

(1)  The analysis of reports received in 2023 was completed in 2024 and one report was reclassified from “labor practices” to “other”. 

(2)  Of the 215 reports received in 2024, 43 are undergoing review. Data on 2024 reports does not include 3 anonymous reports referring to 

Peruvian companies and received before the disposal operation finalized on June 12, 2024. In these reports, all relating to issues related to 

labor practices, the stakeholders were employees. The analyses have ascertained 2 violations, of which 1 for harassment.

Violations

(1)

  


related to:

Shareholder Employee Supplier Customer Community Total by episode 

type

2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023

Conflict of interest/

corruption

11 3 1 2 1 2 13 7

Misappropriation 11 10 1 2 13 11

Labor practices

(2)

2 9 11 5 6 1 14 20

Community and 

society

- -

Other reasons 2 4 1 1 1 2 3 5 9

Total per stakeholder 24 19 10 13 8 9 3 5 - 1 45 47

(1)  The analysis of reports received in 2023 was completed in 2024, hence the number of confirmed violations for 2023 was revised from 41 

to 47. Among the 6 additional violations, 2 are misappropriation – one in Argentina and one in Italy, respectively; 2 violations are related to 

labor practices in Brazil; and 2 cases involve non-compliance with company procedures (one in Chile and one in Italy).

(2)  Of the 14 labor practice violations, 7 were related to cases of workplace discrimination, particularly harassment.

Violations related to conflict of interest incidents and actions taken

UM 2024 2023 Change

Number of violations no. 13 7 6 85.7%

Actions taken no. 11 9 2 22.2%

\-  of which: actions taken against employees in response to cases of 

conflict of interest/corruption

no. 9 5 4 80.0%

\-  of which: actions taken against contractors in response to cases of 

conflict of interest/corruption

no. 2 4 (2) -50.0%

See section on “Fight against corruption and bribery” for the overall data on established cases of conflict of in-

terest/corruption.

  


Governance information

395

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Fight against corruption and bribery

ESRS G1-1; G1-3; G1-4

SUBTOPIC DESCRIPTION OF IRO TYPE

TARGET/ 

ACTION PLAN

ACTIVE AND

PASSIVE BRIBERY

Sub-subtopic 

Systems to safeguard 

against corruption

Contribution to the raising of awareness 

and the spreading of the principles of 

integrity and ethics in business conduct.

Training on ethical issues (e.g. 

Organization, Management and 

Control Model 231, Anti-corruption 

Management System, Enel Global 

Compliance Program).

Positive impact

82. Most recently updated on May 3, 2024.

83. Verifications for the purposes of Enel’s Anti-Bribery Management System ensure three-year coverage of the main business processes at risk.

In compliance with the 10th Global Compact princi-

ple, according to which “companies are committed to 

combating corruption in all its forms, including extor-

tion and bribery”, Enel intends to pursue its commit-

ment to fight corruption in all its forms – whether di-

rect or indirect – by applying the principles expressed 

in the pillars of its Anti-Bribery Management System.

Enel’s Anti-Bribery Control System is based on the 

Group’s commitment to fighting corruption by applying 

the criteria of transparency and conduct as set out in 

the Zero Tolerance of Corruption Plan (“ZTC Plan”) and

confirmed in the Anti-Bribery Policy

82

adopted in com-

pliance with international standard ISO 37001:2016 (on 

anti-bribery management systems). Together with the 

ZTC Plan, the pillars into which Enel’s Anti-Bribery Man-

agement System is structured are the Code of Ethics, 

the Models for the Prevention of Major Criminal Risks, 

and the Enel Global Compliance Program (“EGCP”). 

These governance measures, together with the cur-

rent body of procedures, outline an effective preven-

tion system, which is an integral part of the Group’s 

Internal Control System.

In 2024, the Audit Function

83

plan included an anal-

ysis of the suitability of the Anti-Bribery Internal

Control System for all Group business lines and staff

functions; the specific audit plans included checks 

to assess the risk and suitability of the design and 

operation of the controls, complementing the spot 

checks required by the compliance programs adopt-

ed by Group companies.

In 2017, Enel SpA obtained certification of compliance 

of its Anti-Bribery Management System with the In-

ternational Standard ISO 37001:2016\. After the certi-

fication, Enel SpA gradually extended its anti-bribery 

management system to the Group’s main Italian and 

foreign subsidiaries, guaranteeing maintenance of the 

certifications already obtained.

Regarding the control activities on Functions con-

sidered to be at risk of corruption, given the rele-

vance of the issue, all company functions are con-

sidered potentially exposed to corruption risk and

therefore they are all recipients of the specific train-

ing programs.

UM 2024 2023 Change

Percentage of functions-at-risk covered by training programs 

against active and passive corruption

% 100 n.a.  - -

Based on the reports received via the whistleblowing 

platform, 13 cases of “Corruption/Conflict of interest”

for the pursuit of personal interests and/or to the det-

riment of the Group were established during the year; 

these involved internal staff and/or contractors and 

resulted in 11 measures: 9 disciplinary actions against 

Enel people (e.g. dismissal, suspensions, reprimands) 

and 2 against contractors (e.g. fines).

  


Governance information

396

INTEGRATED ANNUAL REPORT 2024

Furthermore, as a result of checks within the Compa-

ny’s operations, an additional 5 cases of “Corruption”

in pursuit of private interest were identified, for which 

5 employees were dismissed.

It should be noted that the ascertained cases of con-

flict of interest/corruption refer to private interests of 

the individuals responsible to the detriment of Enel 

and have not involved convictions or financial fines to 

Group’s listed companies.

Training on ethical issues

Online training on ethical issues is extended to all em-

ployees of the Group’s Italian and foreign companies. 

By way of example, one can mention training related to:

• Model 231, with the purpose of disseminating 

knowledge of the basic elements of the adminis-

trative liability of entities and the Organizational and 

Management Model adopted, in order to ensure ef-

fective implementation of the behavior and proce-

dural principles contained therein;

• Case solved, short videos from the supervisory 

board, with the aim of delving deeper, through con-

crete examples, into some relevant cases provided 

for under Legislative Decree 231/2001, pertaining 

exclusively to the Italy scope;

• the  Code of Ethics, with the goal of making all 

Group employees aware of the importance of the 

provisions contained therein and promoting the 

adoption of behavior consistent with these provi-

sions, including through the illustration of events 

that have occurred;

• Enel’s Anti-Corruption Program, with the aim of help-

ing to strengthen awareness on the issue of corrup-

tion through insights into how to behave in line with 

the Company’s procedures on receiving gifts and hos-

pitality, on sponsorship and on whistleblowing;

• Enel Global Compliance Program, governance tool 

aimed at strengthening the Group’s ethical and pro-

fessional commitment to prevent the commission

outside Italy of offenses from which corporate criminal 

liability and the associated reputational risks may arise.

Courses are mandatory and are periodically updated.

Training on anti-corruption policies and procedures

UM 2024 2023 Change

Training on anti-corruption policies and procedures no. 56,349 30,304 26,045 85.9%

% 93.5 49.6 43.9 -

Training by country and region

Italy no. 31,135 15,952 15,183 95.2%

% 98.8 50.7 48.1 -

Iberia no. 8,085 4,038 4,047 -

% 87. 3 42.5 44.8 -

Rest of the world no. 17, 129 10,314 6,815 66.1%

% 87. 9 51.4 36.5 -

Anti-corruption improvement plan

In order to track the effectiveness of anti-corruption 

training programs, Enel monitors the dissemination 

and attendance of relevant courses on a semi-annu-

al basis through the Company’s information systems 

managing e-learning platforms.

The results of the monitoring activities are the subject 

of periodic reports to the supervisory bodies.

  


Governance information

397

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Political influence and lobbying activities

ESRS G1-5

84. Global Biodiversity Framework Kunming-Montreal of 2022 in the Conference of the Parties (COP 16) on biodiversity held in Cali, Colombia.

85. Enel does not finance parties either in Italy or abroad, or their representatives or candidates, and neither does it make sponsorships of con-

gresses or parties that have an exclusive purpose of political propaganda.

86\.  https://transparency-register.europa.eu/searchregister-or-update/organisation-detail_en?id=6256831207-27, number 6256831207-27. By 

registering, Enel signed the Transparency Register Code of Conduct, and also declared that it is bound by its own Code of Ethics.

Enel conducts advocacy on climate change and nature 

protection to promote policies consistent with the 

Paris Agreement and the Company’s commitment to 

the goals of the Kunming-Montreal Global Biodiversity 

Framework.

84

Coordination of advocacy activities takes place at the 

holding company level through the Legal Corporate 

Regulatory and Antitrust Function, ensuring strategic 

coherence with the support of the Country and Global 

Business Lines, constantly ensuring the alignment of 

its advocacy

85

actions with corporate objectives and 

strategy. In carrying out these activities, Enel is com-

mitted to acting in a transparent and responsible man-

ner. As such, it is a member of the European Transpar-

ency Register,

86

whose specific activities are related to 

major EU legislative and/or policy proposals.

Regarding climate-related lobbying, the section “Enel’s 

advocacy system on climate policies and a just energy 

transition”. The following is a summary of environmen-

tal activities.

Direct advocacy – Positioning on 

environmental policies

During 2024, the Group strengthened its participation 

in global and European initiatives and in multilateral 

dialogue to promote the energy transition and inno-

vation in the sector.

At the European level, it has supported the activities of

institutions aimed at the publication of a series of regu-

lations in the environmental field (including those relat-

ed to air emissions, soil monitoring, etc.) and took part

in discussions about the introduction of incentives for 

positive actions on nature, water resilience and the cre-

ation of a single European market on waste. In particular, 

as part of the official publication of the new Nature Res-

toration Law, the Group promoted synergies between 

the restoration of degraded areas and the development

of renewable energy. In addition, it actively participated 

in the revision of the Air Quality Directives, promoting 

the adoption of zero-emission technologies. In addi-

tion, Enel actively supported institutions in the design 

of the new legislation on Consumer protection against 

unfair environmental information. 

Indirect advocacy – Collaborations with 

associations and organizations

Enel places great value on engaging with key global 

sustainability networks (including the UN Global Com-

pact, the World Business Council for Sustainable De-

velopment, CSR Europe for regulatory developments 

related to the EU Green Deal, TNFD, WWF, etc.), rec-

ognizing the importance of dialogue and cooperation 

in the development of new international frameworks 

through active participation in the environmental (such 

as the Coalition Linking Energy And Nature for Action 

promoted by WWF) and social (Taskforce on Inequali-

ty and Social-related Financial Disclosures of the BCTI 

\- Business Commission to Tackle Inequality, launched 

during the last UN General Assembly in New York) 

roundtables. In this context, it actively participates in 

major global events, such as the Conference of Parties 

on Climate and Nature, confirming its commitment to 

the sustainability goals of the 2030 Agenda, with a fo-

cus on climate, nature and social issues so as to drive 

the energy transition through innovative and respon-

sible energy solutions. For example, during COP 16, as 

a member of GRI, Enel took part in an event dedicated 

to the new GRI Biodiversity Framework, sharing a case 

study on integrating TNFD and GRI reporting for as-

sessing biodiversity impacts and defining action plans.

Finally, Enel is involved in several associations active on 

the circular economy theme (e.g. the European Semi-

conductor Industry Association (ESIA), the Alliance for 

Industry Decarbonization (IRENA AFID), Wind Europe, 

Solar Power Europe, and the Global Alliance for Sus-

tainable Energy) with the aim of collaborating with 

other energy companies to improve the traceability of 

raw materials along the value chain.

  


Governance information

398

INTEGRATED ANNUAL REPORT 2024

Managing human rights 

Enel’s human rights management system is based on the three pillars of the UN Guiding Principles:

ENEL’S

COMMITMENT

THE DUE DILIGENCE

PROCESS

ACCESS TO

REMEDY

It includes:

• the strategic approach to human 

rights in business operations

• Enel’s public commitment: the 

Human Rights Policy

• embedding of the commitment into:

•

operating policies and procedures

•

training

•

governance

It includes:

• identification of salient issues

• gap identification and definition of 

potential improvement plans

• stakeholder relations (workplace, 

procurement processes and relations 

with business partners, communities, 

customers and cross-cutting and 

specific topics)

It includes:

• Enel’s commitment to provide an 

adequate remedy in the event of 

impacts

• grievance channels information

• redressing in legacy projects

Enel’s public commitment: the Human Rights Policy

ESRS G1-1; ESRS S1-1; ESRS S2-1; ESRS S3-1; ESRS S4-1

Respect for human rights is a fundamental element for 

pursuing sustainable progress. Enel’s business mod-

el is based on sustainable value generation, together 

with its internal and external stakeholders, and on con-

stant innovation, the pursuit of excellence and respect 

for human rights throughout the value chain. This 

translates into rejecting practices such as modern 

slavery, forced labor and human trafficking, promoting 

diversity, inclusion, equal treatment and opportunity, 

and ensuring that people are treated with dignity and 

valued for their uniqueness, whether within the Group 

or along the value chain in which it operates. The main 

international standards of reference that drive Enel’s 

commitment are the International Charter of Human 

Rights together with the International Labour Organi-

zation (ILO) conventions underlying the Tripartite Dec-

laration of Principles on Multinational Enterprises and 

Social Policy define the human rights that Enel applies 

to business practice. 

Enel’s commitment also takes into account:

• the 10 principles of the United Nations Global Com-

pact, to which it signed up as an active member in 

2004;

• the letter of commitment, signed by Enel in 2019, 

in which the United Nations called on companies 

around the world to commit to a just transition and 

the creation of decent jobs;

• the United Nations framework “Protect, Respect 

and Remedy”, set forth in the Guiding Principles on 

Business and Human Rights;

• the OECD Guidelines intended for Multinational En-

terprises.

This commitment is clearly reflected in the Human Rights 

Policy, which identifies twelve principles divided into two 

macro-themes: labor practices and community relations.

The document reinforces and expands the commitments 

already present in other codes of conduct adopted by 

Enel, such as the Code of Ethics, the Zero Tolerance of 

Corruption Plan and global compliance models. This poli-

cy was drafted and adopted as early as 2013 and updated 

in 2021 to take into account the evolution of frameworks, 

international reference and the Group’s operational, or-

ganizational and management processes. The update 

was approved by the Board of Directors of Enel SpA, 

then adopted by the subsidiaries. Enel is committed to 

respecting these principles in every country in which it 

operates, respecting local cultural, social and economic 

diversity and requiring that each stakeholder adopts con-

duct in line with these principles, paying particular atten-

tion to high-risk or conflict-affected contexts. 

  


Governance information

399

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

HUMAN RIGHTS POLICY DESCRIPTION

MAIN CONTENTS

The Human Rights Policy enshrines a commitment on the part of the Group 

to:

• proactively considering the needs and priorities of people and society 

since this enables innovation in processes and products, a key aspect of 

an increasingly competitive, inclusive and sustainable business model, 

including through the adoption of principles of circularity, protection of 

natural capital and biodiversity;

• promoting the engagement of its main external and internal stakeholders in 

order to increase their awareness and develop a constructive dialogue that 

can provide a valuable contribution toward the creation of solutions that 

mitigate climate change.

SCOPE

•

All the Group’s activities and its upstream and downstream value chain.

IROs COVERED AND 

REFERENCES

•

Specific goal on the topic of health and safety culture (see section on 

“Health and safety”).

•

Specific objective related to supplies with potential human rights violations 

(see the section “Workers in the value chain”).

•

Specific objective concerning communities with reference to the social 

impact related to the closure of thermal power plants (see the section 

“Affected communities”).

•

Goal related to energy access of vulnerable customers (see the section 

“Consumers and end users”).

STAKEHOLDERS INVOLVED 

IN THE DEFINITION

•

The principles of the Policy have been identified based on their relevance 

to the Group’s business activities and relationships, and are the result of a 

consultation with relevant stakeholders based on the criteria listed in the 

“UN Global Compact Guide for business: How to Develop a Human Rights 

Policy” (people who work within the organization, as well as suppliers, 

human rights experts, think tanks, NGOs, other companies).

DIFFUSION

•

The Human Rights Policy is available on Enel’s website at https://www.enel.

com/content/dam/enel-com/documenti/investitori/sostenibilita/diritti-

umani/enel-politica-diritti-umani-human-rights-policy_2021.pdf.

Enel’s due diligence process

As required by the United Nations Guiding Principles 

on Business and Human Rights and the Organization 

for Economic Cooperation and Development (OECD) 

Guidance on the Duty of Care for Responsible Business 

Conduct, Enel has defined a process for assessing the 

robustness of its management system to oversee hu-

man rights, which has been codified in an internal pro-

cedure applied globally. The process covers the entire 

value chain in the different countries in which the Group 

operates and allows assessments to be made of both 

the level of alignment of processes and procedures 

with the management requirements of the United Na-

tions Guiding Principles and the level of integration of 

compliance with the principles contained in the Human 

Rights Policy within business practices. Through this 

process, 100% of the adopted operational policies and 

procedures are evaluated in order to identify any risks 

in the management of direct and indirect operations 

related to the entire value chain and the establishment 

of new business relationships (e.g. acquisitions, merg-

ers, joint ventures, etc.). Based on the results obtained, 

if necessary, an improvement plan is defined.

  


Governance information

400

INTEGRATED ANNUAL REPORT 2024

Specifically, activities carried out in three-year cycles and involving both internal Group structures and external 

human rights experts and key stakeholders, include:

Assessment of the 

perceived risk

Identification of potential gaps

Improvement plans

Implementation of actions 

and monitoring

A

C

C

E

S

S

T

O

R

E

M

E

D

Y

S

T

A

K

E

H

O

L

D

E

R

E

N

G

A

G

E

M

E

N

T

D

U

E

D

I

L

I

G

E

N

C

E

O

N

H

U

M

A

N

R

I

G

H

T

S

87. Risks are classified based on the assessment scale: acceptable risk (minimum level), risk to monitor, high-priority risk, high risk (maximum level).

Activities related to the 2023-2025 cycle continued 

in 2024, thus completing the phases of perceived risk 

assessment and identification of potential gaps at 

the country level and at the Group level. Relevant im-

provement plans, where necessary, will be implement-

ed during 2025. In order to make the analysis process 

even more robust, the new cycle makes use of an in-

ternally developed computer system that handles col-

lection and aggregation. The subject of the new cycle 

is the version of the Human Rights Policy updated in 

2021\. The adoption of a digital system ensures greater 

traceability of the flow of information and its approval 

process, automatic consolidation of the information 

collected as well as accuracy of the results, reducing 

manual activity in the collection, processing and vali-

dation work through automation. 

Assessment of perceived risk 

(identification of salient issues)

Identification of the salient issues relating to human 

rights and their potential impacts allow for activities to 

be prioritized and the perspectives of affected stake-

holders to be considered. The assessment is carried 

out in the different countries where the Group has a 

presence and involves relevant stakeholders and ex-

perts from various fields, including civil society and 

academic institutions. Specifically, consultations were 

held with direct and indirect workers, civil society rep-

resentatives from local communities and indigenous 

and tribal peoples, labor unions, local institutions, 

businesses and trade associations, and customers. In 

addition, periodic stakeholder and sustainability expert

engagement activities are planned to identify priority 

issues and material topics, i.e. the most significant im-

pacts of the Company on the economy, environment 

and people, including impacts on human rights.

The significance of a perceived risk is determined by 

the severity and probability of a potential violation of 

human rights.

87

Below are the results:

• corruption (integrity: zero tolerance of corruption), 

environment, diversity and non-discrimination, com-

munity relations, and privacy are among the most 

salient issues (“to be monitored”). In particular, stake-

holders in North America identified privacy protection 

as a more salient issue than the other three;

• labor practices (freedom of association and collec-

tive bargaining, rejection of forced labor and child 

  


Governance information

401

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

labor, fair and favorable working conditions, and 

good health, safety, and welfare in the workplace) 

and potential impacts from customer-facing com-

munication activities were ranked lowest in terms of 

risk (“acceptable level’’).

Seriousness

Probability

1.00 2.00 3.00 4.00 5.00

4.00

5.00

3.00

2.00

1.00

0.00

Rejection of forced or compulsory labor

Rejection of child labor

Respect for diversity and non-discrimination

Freedom of association

and collective bargaining

Health and safety and well-being

Just and favorable working conditions

Environment

Community

Integrity: zero tolerance of corruption

Privacy

Communications

Gap identification and definition of potential improvement plans

In addition to the identification of salient issues, the 

management system includes gap identification, 

which is intended to analyze the organizational and 

control systems that oversee the proper integration 

of human rights into business practices and to detect 

potential areas for improvement.

This process is divided into two segments:

1.  assessment of the general framework of operation-

al procedures and processes based on four param-

eters defined by the United Nations Guiding Prin-

ciples:

• public commitment to protect human rights;

• adoption of a due diligence process for the respect 

of human rights;

• preparation of an action plan to remedy any gaps 

identified by the due diligence process;

• adaptation to match local context and regulations;

2. assessment of the level of integration of the prin-

ciples contained in the Human Rights Policy within 

business practices. 

  


Governance information

402

INTEGRATED ANNUAL REPORT 2024

Below are the preliminary results for 2024:

Human Rights Policy 

Principles

SDG

System to 

protect

Priority 

for action

Labor practices

Rejection of forced or compulsory 

labor

Robust None

Rejection of child labor

Robust None

Respect for diversity and 

non-discrimination

Robust Low

Freedom of association and 

collective bargaining

Robust None

Health and safety and well-being

Robust None

Fair and favorable working conditions

Robust None

Community and society

Environment

Robust Low

Respecting the rights 

of communities

Robust Low

Respecting the rights of local 

communities

Robust Low

Respecting the rights of indigenous 

and tribal peoples

Robust Low

Integrity: zero tolerance 

of corruption

Robust Low

Privacy

Robust Low

Communications

Robust None

Reference scales of performance values:

– Scale of the system to protect: Robust (75%-100%); Good (50%-74%); Sufficient (25%-49%); Needs improvement (0%-24%).

– Scale of priorities for action: none; very low; low; medium; high; very high.

In line with the findings of the previous cycle, the 

safeguards included in the management system in

place to mitigate potential impacts are robust and 

enable to adequately manage the salient issues 

identified, which, based on the definitions of the 

classification included in the UN Guiding Principles, 

means that the management system is effective. 

This is also borne out by the fact that, despite the 

greater granularity added to the themes assessed

or the addition of new ones, the evaluation was im-

proved. This is the case, for example, with the health

and safety theme, where the dimension of mental 

and physical well-being and work-life integration

was added, with which a low priority for action was 

associated in the previous cycle and which in the

current cycle showed no priority for action.

Improvement plans 

The results of the previous phase identified some are-

as for improvement leading to the development of an 

improvement plan both at the country and global level 

that is being finalized. Examples include the strength-

ening of human rights training activities through the 

support and development of specific training activities 

and internal communication campaigns aimed at rais-

ing awareness of compliance with the commitments 

included in the Group’s Human Rights Policy; develop-

ment of communication and awareness campaign on 

the Human Rights Policy targeted at all relevant stake-

holders, with a particular focus on suppliers; strength-

ening of safeguards on environmental and social im-

pact assessment and access to reporting channels.

  


Governance information

403

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Access to remedy

Enel constantly monitors any impacts of business ac-

tivities on stakeholders and, if it identifies any, under-

takes to provide an adequate remedy. Access to rem-

edy is guaranteed through specific mechanisms that 

allow people, internal or external to the Company, to 

report the existence of an issue and obtain a response:

• a whistleblowing channel, available to internal and 

external stakeholders.

Whistleblowing reports are handled in accordance 

with a specific process detailed in the “Handling of 

anonymous and non-anonymous reports” policy, 

also illustrated in point 3.1 “Stakeholders grievance”

of the Human Rights Policy. For further information 

and details on stakeholder grievances, see the sec-

tion “Values and pillars of corporate ethics”;

• various processes and tools available to communi-

ties in the area of influence of the Group’s activities. 

People who wish to contact Enel can do so through 

local channels, such as the Group’s local team or a 

specific person, toll-free numbers, or, in the case of 

isolated rural communities, a local leader available to 

periodically collect any lodged complaints;

• customer information or complaint channels (via 

email, website or toll-free number).

Customer reports are managed through dedicated 

channels and analyzed by a specific working group so 

that the most suitable actions are taken, both at the 

complaint management stage and, above all, in pre-

venting the underlying causes.

  


Governance information

404

INTEGRATED ANNUAL REPORT 2024

Tax transparency 

GRI 207-1; 207-2; 207-3; 207-4

93%

COOPERATIVE COMPLIANCE INDEX (CCI) %

95% in 2023

88. Updated on September 21, 2022 with resolution of the Board of Directors of Enel SpA.

The results of the 2024 double materiality process for aspects related to “Tax transparency” are reported below, 

with details of the material IROs used in the preparation of this section.

SUBTOPIC DESCRIPTION OF IRO TYPE

TARGET

TAX TRANSPARENCY

Sub-subtopic 

–

Adopting a tax strategy (set of principles 

and guidelines based on values of 

transparency and legality) by Group 

companies to ensure fair, responsible and 

transparent tax contributions.

Cooperative Compliance Index 

(CCI) – %

Positive impact

Approach to tax

Tax strategy

Since 2017, the Board of Directors of Enel has 

equipped the Group with a tax strategy

88

consisting

of a set of principles and guidelines inspired by the

values of transparency and legality and published 

online at www.enel.com. The Group’s subsidiaries 

are required to adopt the approved tax strategy 

and ensure that they are aware of it and that they 

implement it.

Tax strategy objectives

The Board of Directors of Enel SpA defines the tax 

strategy of the entire Group in order to ensure equita-

ble, accountable and transparent tax contribution with 

the aim of ensuring uniform management of taxation 

for all concerned entities, which is inspired by the fol-

lowing logic: 

• correct and timely determination and settlement 

of taxes due under the law and implementation of

the respective obligations;

• correct management of the tax risk, understood as 

the risk of violating the tax rules or abusing the prin-

ciples and purposes of the tax system.

Principles of the tax strategy

The tax strategy principles are the guidelines for

Group companies, underpinning their business op-

erations when managing the fiscal variable. The prin-

ciples also require suitable processes to be adopt-

ed to ensure their effectiveness and application.

• Values: honesty and integrity.

• Legality: compliance with tax rules, observing their 

spirit and purpose.

• Tone at the top: the key role of the Board of Directors.

• Transparency: the Group is transparent towards all 

  


Governance information

405

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

stakeholders and actively cooperates with the tax 

authorities.

• Stakeholders: a sustainable business model, aimed 

at creating and distributing value to all stakeholders 

over the long term.

Governance

Enel SpA ensures that the tax strategy is acknowl-

edged and applied within the Group through the gov-

ernance bodies. Its interpretation is left to the Parent 

Company, through the Tax unit, which also manages 

its periodic updates. In particular, the tax strategy is 

reviewed at least annually and any changes that may 

be deemed necessary are submitted to the Board of 

Directors, which decides on them.

Compliance

Group entities must respect the principle of legality, 

by swiftly applying the tax laws of the countries where 

the Group operates, to ensure that the wording, spirit 

and purpose of the applicable tax rule or system are 

respected. 

In addition, the Enel Group does not engage in behav-

iors and operations, domestic or cross-border, that 

result in purely artificial constructions that do not re-

spect economic reality and which may be reasonably 

assumed to offer undue tax advantages. This is because 

they are contrary to the purpose or spirit of the relevant 

tax provisions or system and generate phenomena of 

double deduction, deduction/non-inclusion or double

non-taxation, including as a result of asymmetries be-

tween the tax systems of the different jurisdictions.

Intercompany transactions

The Enel Group structures intercompany transac-

tions in accordance with the arm’s length principle,

in line with the OECD Transfer Pricing Guidelines 

and international regulations. The transfer pricing 

model adopted ensures the creation of value in the

countries in which the Group operates and ensures 

compliance with applicable tax regulations.

The Group manages transfer pricing compliance

by following the “Three-Tiered Approach”, which 

includes the preparation of a Local File for each

company that has had intercompany transactions,

the preparation of a Group Master File and the

Country-by-Country Report sent to the relevant

tax authorities.

In addition, where possible, the Group promotes 

transparency and tax certainty through Advance Pric-

ing Agreements (APA) with local tax authorities.

Tax incentives

Tax incentives are a key, development-oriented mech-

anism for economic policy, which countries use to 

stimulate growth and attract investments to support

the national policy. The use of tax incentives generally 

determines a reduction in long-term tax payables (tax 

reduction) or else only the temporary deferral of the 

tax payment (tax deferral).

The Enel Group only uses widely applicable tax in-

centives for all operators and respects all specific

regulations, where the incentives are in line with its 

industrial and operational objectives and are con-

sistent with the economic substance of its capital

expenditure. The main incentives that the Group

benefits from relate to capital expenditure in re-

newable energy in countries that support the en-

ergy transition with these economic policy instru-

ments, mainly the United States.

Governance information

406

INTEGRATED ANNUAL REPORT 2024

Tax governance, control and risk management

Governance body

89. In particular, in order to implement the recommendations of the Corporate Governance Code, as well as to optimize its work, the Board of Di-

rectors of Enel SpA has established an internal Control and Risk Committee. The Committee receives a constant flow of information regarding, 

for example: the risk management and control system (including tax risk), the Tax Transparency Report, the Report on the tax risk management 

and control system in the context of the regimes for cooperative compliance with the tax authorities and the tax strategy.

Enel’s organizational model provides for: (i) at least an an-

nual flow of information to the Board of Directors from

the Tax unit (so-called “Tone at the top”) regarding the 

tax risk management and control system and the Tax

Transparency Report, in which all relevant tax aspects 

of the Group are set out;

89

(ii) the Tax Affairs unit of the 

holding company is tasked, among other things, with 

implementing the Group’s tax strategy defined by the 

Board of Directors, identifying, analyzing and managing 

the various optimization initiatives, monitoring the most 

significant tax issues, and providing support to the vari-

ous business lines; (iii) the Tax Affairs units in the different 

countries, acting alongside the Holding Function, in ac-

cordance with the values and principles set out in the tax 

strategy, are in charge of compliance management and 

tax planning and monitoring activities at the local level.

Organization

Enel has adopted a set of rules, procedures and stand-

ards which are part of the Group’s wider organization 

and control system and which are considered key 

points of reference that all parties, depending on their 

type of relationship with the Group, are required to ob-

serve. The various corporate policies and procedures 

applicable both at Group and country level govern the

activities, as well as their management procedures and 

Tax Affairs responsibilities, including in relation to other 

corporate Functions. These documents are published 

on the company intranet and are accessible to all Enel 

people. They form the general rules of conduct applica-

ble within the Group when carrying out activities. 

Specifically in relation to taxation, in addition to the tax 

strategy there are specific organizational documents 

in force – both at global and local level – regarding the 

processes of tax compliance, tax planning, transfer 

pricing, tax risk management and tax policy.

The general principle is that the Tax units must be of the 

appropriate size and equipped with the necessary skills

to perform the role of a decision-making analysis center 

within the governance and business processes, in addi-

tion to the role of compliance oversight. For this purpose, 

specific and ongoing training initiatives on tax issues at 

both country and global level have been set up, with re-

curring meetings between all of the Group’s Tax Manag-

ers in order to ensure appropriate alignment.

Tax risks

The Group adopts a structured approach to tax risk 

management, integrated into its corporate govern-

ance system, with the aim of ensuring full compliance 

with tax regulations in the countries in which it oper-

ates and transparency to stakeholders.

The tax governance model is based on:

• a Tax Control Framework (TCF) in line with interna-

tional standards and cooperative compliance re-

quirements;

• a tax risk monitoring and management system de-

signed to prevent and mitigate potential regulatory 

uncertainties;

• a transparent and collaborative relationship with 

tax authorities by joining cooperative compliance 

schemes;

• a regular reporting process to ensure alignment of 

tax strategy with ESG objectives and international 

best practices.

The Group is committed to ensuring that tax man-

agement is consistent with the principles of integrity, 

transparency and accountability, thereby contributing 

to the creation of sustainable value for the Group and 

the countries in which it operates.

Participation in cooperative compliance 

schemes

For companies that meet the legal requirements for 

participation, the Enel Group promotes participation in 

cooperative compliance schemes where they exist in 

the various countries in which it operates. In particular,

Enel has joined the Adempimento Collaborativo regime 

in Italy for larger companies, the equivalent regime in 

Spain (Código de Buenas Prácticas Tributarias), France 

Governance information

407

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

and Portugal, and is working with the federal tax author-

ities in Brazil on the pilot project (Projeto CONFIA – Con-

formidade Cooperativa Fiscal). In addition to the afore-

mentioned countries, monitoring of the existence and 

potential membership of further cooperative compli-

ance regimes in the countries of operation is ongoing.

In order to monitor the progress of this activity, an index 

(the Cooperative Compliance Index – CCI) was developed 

to measure the participation of Enel Group companies 

in cooperative compliance regimes in various countries

based on their size and membership requirements.

90

COOPERATIVE COMPLIANCE INDEX: 93%

91

The 2024 Cooperative Compliance Index (CCI) is 

slightly down from the 2023 CCI (95%), despite the 

fact that six additional companies have entered coop-

erative compliance in Italy. This is due to a significant 

decrease in the Group’s revenue, mainly in Spain and 

Italy (where many companies have entered the coop-

erative compliance scheme).

Mechanism for stakeholder reports

The Enel Group considers tax compliance a backbone 

of the Company’s ethical and accountable manage-

ment. As such, breaches that can be reported through 

90. The index compares the revenue of companies that have joined the existing cooperative compliance schemes to those of all Enel companies 

legally eligible to join. The index does not consider countries in which the schemes have not been legally established, or companies that do not 

meet qualifications to join (e.g. because their size is below statutory thresholds), even though the schemes exist in their countries.

91. The index was adjusted for accounting effects related to the distribution of capital reserves of Enel Finance International NV, which, in accordance 

with the relevant accounting standards, generated the recognition of financial income for the Italian companies Enel Holding Finance Srl (not yet a 

member of the cooperative compliance regime) and Enel SpA (already a member). Otherwise the index would have been 89%. The Group’s overall 

coverage for the year was more than 66% in terms of cooperative compliance companies’ revenue compared to the Group’s revenue.

the Group’s internal channels also include those relat-

ing to tax. The Group’s Code of Ethics is the framework 

of “ethical management” in which Enel operates, tying 

in full with the tax strategy. Provisions for violations of 

the Code of Ethics are appropriate to ensure the ef-

fectiveness of the requirements contained therein and 

should be understood to extend to the provisions of 

the tax strategy. 

Internal and external stakeholders, whether em-

ployees or customers, suppliers, community rep-

resentatives, etc., may report any violation of the

Organizational and Management Model pursuant

to Legislative Decree 231/2001, the Code of Eth-

ics, the Human Rights Policy and any other wrong-

doing, including fiscal wrongdoing – in accord-

ance with national whistleblowing regulations – as

well as behaviors and practices that may cause

economic damage or harm to Enel, referable to

Group personnel or their counterparties, through

a single Group-wide platform (“Ethics Point”) ac-

cessible from the address NAVEX - Enel Italia Srl

(ethicspoint.eu).

Additionally, all stakeholders can send in their remarks, 

questions and opinions on tax issues utilizing the 

contact information channels provided by Enel and 

available on the website (https://www.enel.com/media/

explore and https://www.enel.com/investors/overview). 

Transparent relations with stakeholders

The constant commitment of the Enel Group to 

transparency with respect to the tax authorities

and all stakeholders concretely underlines the im-

portance it attributes to taxes and their role in the 

sustainable development of society. Therefore, the

Group is committed to providing a transparent ex-

planation of the tax issues that can be of interest to

third parties, also on its website, making the latter

an information hub that is easily accessible and un-

derstandable to all.

The Enel Group ensures transparency and integrity in 

its relations with tax authorities, in the event of audits 

on both the Group companies and third parties. To re-

inforce this transparency with tax authorities, the Enel 

Group promotes engagement in cooperative compli-

ance schemes for companies that integrate the re-

quirements of their respective domestic regulations 

in order to reinforce their relations. It also complies 

with the transfer pricing documentation provisions in 

accordance with OECD Guidelines, taking the “three-

tiered approach”, divided into Master File, Local File 

and Country-by-Country Report. Moreover, to avoid 

Governance information

408

INTEGRATED ANNUAL REPORT 2024

double taxation, the Group promotes amicable proce-

dures for the settlement of international disputes (Mu-

tual Agreement Procedure – MAP) or bilateral agree-

ments (Bilateral Advance Pricing Agreements – BAPA), 

which include the direct involvement of tax authorities 

from the contracting countries. 

In 2024 Enel was again included in the VDBO Tax Trans-

parency Benchmark, an index that measures good tax 

governance practices for 116 listed companies, scor-

ing 38 out of 38 points and ranking first. According to 

the EU Tax Observatory, which assesses fiscal trans-

parency in terms of the voluntary publication of CbCR 

data by multinational corporations, Enel in 2021 (the 

latest year at the time of the Report) achieved a score 

of 97 out of 100.

92

Tax advocacy

Enel actively supports the adoption of fair, transpar-

ent and sustainable tax systems by participating in di-

alogue with national and international institutions. The 

Group engages in a collaborative approach with tax 

authorities, promoting legal certainty and dispute pre-

vention through cooperative compliance initiatives.

92. https://www.taxplorer.eu/Home.

In line with its sustainability strategy, Enel considers 

taxation a key element in economic development and 

the energy transition. To this end, Enel:

• participates in public consultations and working 

groups on international taxation;

• supports tax policies that incentivize decarboniza-

tion and energy transition;

• promotes carbon pricing and policies consistent 

with the Paris Agreement;

• is registered with the EU Transparency Register to 

ensure disclosure of its tax advocacy activities.

Enel subscribes to international principles for fiscal 

responsibility, including the B Team Responsible Tax 

Principles, and collaborates with organizations such 

as the European Business Tax Forum (EBTF) and CSR 

Europe to develop standards for tax transparency.

Enel actively participates in international initiatives to 

promote cooperative compliance and the adoption of 

advanced tax risk control systems (Tax Control Frame-

work – TCF). These include the Cooperative Compli-

ance Project at the Vienna University of Economics 

and Business, aimed at fostering dialogue between 

businesses and tax authorities. 

Reporting

Acting with honesty and integrity is one of the main cor-

nerstones of Enel tax strategy, as is its commitment to 

transparency. The publication of Country-by-Country 

Reporting (CbCR OECD) supplemented with details of 

the overall tax contribution in the main economies in 

which the Group operates (hereafter also “Tax Trans-

parency Report”), underlines the importance that the 

Group attaches to tax related issues, to their social role 

and, in general, to transparency as a factor that facili-

tates sustainable development.

The approach followed also aims to eliminate poten-

tial ambiguities that may derive from complex ac-

counting and tax treatments, while supporting and, 

at the same time, improving other annual financial 

information and continuing along a pathway targeted 

at supplying an increasingly in-depth and clear vision 

of Enel’s tax position.

As of 2019 (FY 2018-2017), Enel has adopted a Total 

Tax Contribution model for the main countries where 

it operates, providing evidence of taxes paid and of 

withholding tax deductions.

Beginning in 2021 (FY 2020), on the other hand, Enel 

adopted an integrated model: the Tax Transparency 

Report. This is prepared consistently with the rules 

provided for under OECD Country-by-Country Re-

porting and includes information and data for Total Tax 

Contributions in the main countries where it is present. 

The integrated model of the Tax Transparency Report

is available on Enel website (https://www.enel.com). The 

Group believes that this model ensures a broad vision 

and a detailed measurement of the organization’s 

contributions to economic and social development in 

the regions/countries in which it operates.

Governance information

409

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Tax Transparency Report - principles

The Tax Transparency Report adopts the cash basis 

accounting criterion as a general principle for repre-

senting tax data, considering it to be the most ade-

quate for disclosing the actual tax contribution. More 

specifically, the total tax data, as defined and detailed 

in what follows, is determined through the various tax-

es paid

93

by all the entities in the scope of each tax 

jurisdiction in the year subject to reporting, regardless 

of the tax year to which the taxes refer.

As anticipated previously, the Tax Transparency Report

applies an approach adopted by the OECD

94

classify-

ing the different taxes into categories and distinguish-

ing them between those that constitute an expense 

for a company (taxes borne) and those that the com-

pany pays due to rebate mechanisms, substitution, 

etc. (taxes collected) but that, at any rate, are the result 

of the Company’s own economic activities. 

In addition, the economic and financial data repre-

sented follow the following reporting requirements, 

which are aligned with the OECD CbCR for the items 

stipulated in that regulation.

Data source: the data represented in the report are ex-

pressed on the basis of IFRS-EU accounting principles 

adopted by the Group and are at stand-alone entity level. 

Subsequently, these data are aggregated by tax jurisdic-

tion. To take account of intercompany relations, the data 

are represented according to logic of aggregation by tax 

jurisdiction (that is, the country in which the entities are

resident for tax purposes and where they enjoy fiscal au-

tonomy) and not according to a logic of consolidation.

Entities in the consolidation scope: falling within the 

scope of the report are all those companies consoli-

dated using the line-by-line method or the proportional 

93. Tax paid includes payments on account, taxes for previous years, also due to assessments, net of repayments and redemptions obtained. Does 

not include interest and fines.

94. Working Paper no. 32, “Legal tax liability remittance responsibility and tax incidence”.

95. However, companies accounted for using the equity method are excluded. Furthermore, the data of permanent establishments are reported 

in the jurisdiction of their operations and not in the jurisdiction of residence of associated companies. Therefore, the data of the latter do not 

include the data of the permanent establishment. Finally, stateless companies in the Enel Group are flow-through entities incorporated in the 

same country in which income is imputed and is effectively taxed in the partner company (e.g. the United States).

96. With reference to the list of associates, the country of the registered office shown also corresponds to the tax residence. The relevant permanent 

establishments of the various Group companies are located as follows: Endesa Energia SA in Portugal, Germany, the Netherlands and France; 

Endesa X way SL and Endesa Servicios in Portugal; Enel Green Power SpA in Australia and Chile; Enel Produzione SpA in Slovakia and Lebanon; 

Enel Innovation Hub Srl in Israel; Enel Global Trading SpA in Singapore; and Enel Generación Chile SA in Argentina (Gasducto de Atacama).

97. Specifically, it includes (i) other income, (ii) all extraordinary income (e.g. capital gains from the sale of property, unrealized capital gains/losses) 

and (iii) financial income (excluding dividends from other companies within the scope) or any extraordinary item. Revenue from income taxes 

(deriving from deferred tax or tax consolidation) are excluded.

98. Revenue does not include payments received from other entities within the scope of consolidation that are considered dividends in the tax 

jurisdiction of the payer.

99. Revenue does not include payments received from other entities within the scope of consolidation that are considered dividends in the tax 

jurisdiction of the payer.

method (hereafter also “entity within the scope”) on the 

basis of accounting principles used for preparing the 

consolidated financial statements by the Ultimate Par-

ent Entity (Enel SpA).

95

For a list of Group Companies 

and related activities, see the attachments “Subsidiar-

ies, associates and other significant equity investments 

of the Enel Group at December 31, 2024”.

96

Currency: the report considers the euro as the functional 

currency in that it is the one used by the Parent Company.

Since IFRS-EU accounting data are extracted in local 

currencies, economic data (such as revenue, earnings 

before taxes, taxes accrued and taxes paid) have been 

converted into euro at the average exchange rate, 

while balance sheet data (tangible fixed assets) have 

been converted into the euro at the exchange rate in 

force at year’s end.

Third party revenue: the sum of third party revenue 

accounted for by the entities within the scope in the 

pertinent tax jurisdiction in the reporting year. The 

term “revenue” is understood in the broadest possible 

sense

97

to include all revenue, comprising those from 

extraordinary operations. 

Cross-border intercompany revenue: the sum of rev-

enue from transactions carried out between entities 

within the scope of consolidation in different jurisdic-

tions in the tax reporting year, including income from 

extraordinary operations and excluding dividends.

98

In-country intercompany revenue: the sum of reve-

nue from transactions carried out between entities 

within the scope of consolidation in the same jurisdic-

tion in the tax reporting year, including income from 

extraordinary operations and excluding dividends.

99

Profit/(Loss) before taxes: the sum of profits/(loss-

es) before income taxes generated in the reporting

Governance information

410

INTEGRATED ANNUAL REPORT 2024

period and involving all entities within the scope in 

each tax jurisdiction. Profit/(Loss) before income 

taxes must include all income and extraordinary ex-

pense items.

100

Companies income taxes (current taxes): the sum 

of current tax on taxable income of all entities with-

in the scope of consolidation in all tax jurisdiction in 

the reporting year, regardless of whether or not they 

have been paid. This does not take account of provi-

sions for tax liabilities that are not certain in terms of 

amounts or existence, of adjustment of current taxes 

for previous years and of deferred tax assets and liabil-

ities. Income taxes do not include taxes on dividends 

paid by Enel Group entities. 

Deferred taxes: the sum of deferred taxes on taxa-

ble income in the reporting year for all entities with-

in the scope of consolidation in all tax jurisdictions.

Deferred taxes are taxes paid in advance or that 

will be paid in the future and generated by tempo-

rary differences (deferred tax assets and liabilities,

respectively).

100. Consistent with the reporting criteria applied to revenue, profit/(loss) before taxes is indicated net of dividends paid by the companies within 

the scope of consolidation (as indicated by the OECD in the report “Guidance on the Implementation of Country-by-Country Reporting” pub-

lished in 2019 point II.7).

101. Fixed assets do not include cash and cash equivalents, intangible assets or financial assets.

Corporate income taxes paid: the sum of corporate 

income taxes paid in the reporting period by all entities 

within the scope of consolidation in each tax jurisdic-

tion, regardless of whether or not they relate to the 

current year.

Property, plant and equipment: the sum of net car-

rying amounts of fixed assets as presented in the 

statement of financial position of all entities within the 

scope of consolidation in each tax jurisdiction.

101

Number of employees and remuneration: the number 

of employees at the end of the period considering all 

the entities within the scope of consolidation; as re-

gards their remuneration, see the Tax Transparency 

Report.

Reported capital: the sum of share capital and capital 

reserves of all entities within the scope of consolida-

tion in each tax jurisdiction.

Earnings reserves: the amount of profit realized by the 

entities within the scope of consolidation in each tax ju-

risdiction over the past years, net of dividends paid and 

any other reduction due to losses, capital increases, etc.

Tax Transparency Report – general analysis

Total Tax Contribution

Millions of euros

Tax categories Total 2024 Total 2023 Change

Taxes on labor 1,843.6 1,897.6 (53.9) -2.8%

Environmental taxes 2,611.8 2,454.7 157. 1 6.4%

Income taxes 3,7 97. 1 2,733.6 1,063.5 38.9%

Property taxes 382.2 362.1 20.1 5.6%

Taxes on products and services 6,566.8 5,506.6 1,060.2 19.3%

Total Tax Contribution  15,201.6 12,954.6 2 , 247.0 17.3%

Income

taxes 

Environmental

taxes

Property

taxes 

Taxes on products

and services 

Taxes

on labor 

1,843.6

1 , 8 87.6

2024 2023

2,611.8

2,454.7

2024

2023 2024 2023

382.2

362.1

2024 2023

6,566.8

5,506.6

Total 

2024

Total

2023

15,201.6

12,954.6

2024 2023

3,7 97. 1

2,733.6

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Governance information

411

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

In 2024, the Total Tax Contribution

102

(TTC), with re-

spect to all the countries in which the Group operates, 

was €15,201.6 million, an overall increase of €2,247.0 

million (+17.3%) compared with 2023.

103

Total Taxes 

Borne

104

amounted to €6,714.2 million and Total Taxes 

Collected

105

amounted to €8,487.4 million.

Income taxes, at the aggregate level, and taxes on 

products and services increased significantly, with a 

more moderate increase in environmental taxes. More 

specifically, an analysis of the total tax contribution 

data broken down into the tax categories shows:

i. a significant overall increase in direct income taxes, 

mainly related to the increase in payments made in 

Italy in 2024 resulting from the income growth of 

2023 compared with the previous year, since these 

amounts are the historical basis for the calculation 

of advance payments for these taxes;

ii. an overall increase in taxes on products and services 

mainly related to the increase in VAT rates for elec-

tricity and gas in Spain, and the general increase in 

VAT paid in Italy attributable to the developments of 

the electricity generation and distribution business;

iii. an overall increase in environmental taxes, mainly 

caused by the reintroduction in Spain of the Im-

puesto sobre el valor de la producción eléctrica, 

temporarily suspended since the end of 2021, and 

102. The total tax contribution was calculated considering the main countries where the Group is present, representing around 96% of revenue 

and income taxes paid. However, corporate income taxes for all other countries are shown in detail in the following tables. This includes: Italy, 

Spain, Brazil, Colombia, Chile, Portugal, France, United States, Canada, Germany, Argentina, Panama, the Netherlands, Mexico, Guatemala, 

India, South Africa and Costa Rica.

103. Note that data adjustments and changes in the consolidation scope have been introduced for the purpose of preparing this section of the 

document. The 2024 figures presented in this document may not coincide with those in the Enel Group’s 2023 “Sustainability Report”.

104. Taxes Borne are taxes that constitute a cost for the company.

105. Taxes Collected are taxes that the company pays as a result of substitution mechanisms but which are still generated by its economic activity.

106\. For the purposes of Country-by-Country Reporting (BEPS Project – Action 13).

the increase, also in Spain, of the Impuesto sobre la 

electricidad (ISE) due to the progressive increase in 

previously reduced rates. These increases are offset 

in Italy by the significant reduction in the carbon tax 

and ecotax and coal excise payments, consistent 

with the decarbonization strategy adopted at the 

Group level. 

Analysis of the tax contribution by geographical areas 

confirms that the distribution of taxes paid according 

to jurisdiction is consistent with that of revenue gener-

ated and personnel employed. Indeed, Italy, Spain and 

Brazil account for about 87% of aggregate tax contri-

butions, 74% of total revenue and 83% of employees.

Tax Transparency Report - Country-by-Country 

tables

In line with OECD best practice,

106

the following ta-

bles show corporate income taxes paid on a cash 

basis and current taxes recognized on an accrual 

basis country by country. Current taxes represent 

taxes calculated on the basis of income produced in 

the year applying the tax rules of each country and 

normally deviate from taxes paid in the same year

in so far as the definitive actual payment is made in 

the year following that in which they accrued. Trends

in the two values are substantially destined to rea-

lign over time. In 2024, current income taxes at the

Group level came to €3,900.2 million, while income 

taxes paid were €3,744.1 million.

Governance information

412

INTEGRATED ANNUAL REPORT 2024

Tax Transparency Report – tables

Tables – Main countries

Total Tax Contribution - Millions of euros

Tax categories Italy Spain Brazil Colombia Chile Argentina Portugal France USA Germany Netherlands Mexico Guatemala Canada South Africa Panama Costa Rica India Total 2024 Total 2023 Change

Taxes Borne 2,990.3  2,046.4  670.1 490.3  227.6  86.8  5.4 10.8 88.7  3.4 57. 3 12.6 5.6 8.4 3.0 3.6 2.8 1.2 6,714.2 5,638.0  1,076.1 19.1%

Income Taxes 2,287. 2 562.1  134.7  356.8  197.8 33.3  4.3  8.9  4.0  3.1 57. 1 9.8 5.1 \-  3.0 2.0 1.3 0.8 3,671.4 2,575.9  1,095.4  42.5%

Corporate Income Taxes paid 2,2 87. 2 525.9  134.7  331.1  197. 8 28.7  4.3  8.7 4.0  3.1 57. 1 9.8 4.5 \-  3.0 2.0 0.3 0.5 3,602.9  2,515.9  1,087.0  43.2%

Property Taxes 157.4 95.0  35.4  2.5  3.5 8.4 0.01 0.1  71.1  \-  \-  \-  0.2 6.9  \-  0.4 0.2 \-  381.2  360.8  20.4  5.7%

Taxes on Labor 532.9  147.0 54.4  17.6 \-  22.4  1.1  1.8  12.8  0.3 0.3 2.7 0.3 1.4 \-  0.5 0.6 0.4 796.4  793.2 3.2 0.4%

Taxes on Products and Services 2.3  3 97.6 445.4  85.2  11.9  16.5  \-  0.01 0.8 \-  \-  \-  0.01 \-  \-  \-  0.7 \-  960.5  1,148.4  (187.9) -16.4%

Environmental Taxes 10.5 844.7  0.1 28.2  14.4 6.1  \-  0.0 \-  \-  \-  0.01 0.0 \-  \-  0.6 0.0 \-  904.7  759.8 144.9  19.1%

Taxes Collected 4,061.4  1,822.1  1,587.9  69.3 114.3  233.6  233.3  186.0  46.9  94.5  1.9  19.7 4.4 1.1 3.6 2.2  2.4 3.0 8,487.4  7,316.6 1,170.9  16.0%

Income Taxes 2.0 56.0  12.7 18.2  22.3  10.8  0.0  \-  \-  \-  \-  0.0 0.7 \-  0.4 1.5 0.02 1.2 125.8 157.7 (31.9) -20.3%

Property Taxes \-  0.3 \-  \-  \-  \-  0.1  \-  \-  \-  \-  0.6 \-  \-  \-  \-  \-  \-  1.0 1.3 (0.3) -23.0%

Taxes on Labor 652.2  247.7 37.3 14.6 19.2 15.6 1.7 1.2 46.9  0.5 0.9  3.7 0.1 0.1 3.2 0.4 0.2 1.6 1,047.2  1,104.4  (57.2) -5.2%

Taxes on Products and Services 2,240.9  1,124.0  1,538.0  19.1 72.8  207.2  213.1 113.0  \-  54.7  0.9  15.3 3.7 0.9  \-  0.3 2.3 0.2 5,606.3  4,358.2  1,248.1  28.6%

Environmental Taxes 1,166.3  394.1  \-  17.3 \-  \-  18.4 71.8  \-  39.3 0.1 \-  \-  \-  \-  \-  \-  \-  1,707. 1 1,694.9  12.2 0.7%

Total Tax Contribution – TTC (cash basis accounting) 7,051.7  3,868.4  2,258.0  559.6  341.9  320.5  238.6  196.7 135.6  97.9  59.2 32.2 10.0 9.4 6.6 5.7 5.2 4.1 15,201.6  12,954.6  2,2 47. 0 17. 3%

Economic data - Millions of euros Italy Spain Brazil Colombia Chile Argentina Portugal France USA Germany Netherlands Mexico Guatemala Canada South Africa Panama Costa Rica India Total 2024 Total 2023 Change

Third Party Revenues 40,897.8  20,397. 5 8,458.3  3,607.7 4,971.9  3,397. 0 1,234.0  787.0 2,199.1  372.0 2,061.7  364.0  84.5  48.7  107.0 214.6 23.2 8.6 89,234.5  107,734.5 (18,500.0) -17. 2%

Cross-Border Intercompany Revenues 4,895.5  (45.0) 9.9  1.4  76.9  \-  126.0  10.0  73.9  184.1  2,046.4  13.0 1.4 \-  0.9  0.2 0.9  9.9  7,405.3  2,952.9  4,452.4 -

In-country Intercompany Revenues 27,631.6  12,039.7 1,003.0 13.1 1,792.7 50.6  0.1 \-  818.0 \-  1.2 46.3  32.4 1.6 11.4  25.6 5.2 0.9  43,473.4 52,676.7  (9,203.3) -17.5 %

Earnings (Loss) Before Taxes 7,270.9  2,882.8  551.5  702.7 118.7  (181.2) 41.7 30.0  242.2 19.4 464.1  (23.8) 12.7 (25.7) 11.7  78.6 4.4 (6.4) 12,194.3 6,599.3  5,595.0 84.8%

Corporate Income Taxes Accrued (current) 1,885.7  560.2  72.0 250.6  257.5 40.9  16.0  8.0  3.8  6.7  93.6 12.6 4.4 \-  3.1 23.9  0.5 0.1 3,239.6 2,583.4  656.2  25.4%

Deferred Tax Assets and Liabilities (17.2) 82.1 (3.8) 3.7  (29.8) (120.2) (1.6) \-  59.3 (0.0) 35.7  66.8  \-  0.3 4.4 1.3 0.4 (0.1) 81.4  85.5  (4.1) -4.8%

Tangible Assets 38,094.9  23,451.9  4,628.0  4,635.2  7,696.0  2,433.0  8.9  3.0  12,277.8  0.2 2.4 905.8  328.0 437.3  304.3  428.3 29.6  63.3 95,727.9  90,032.2 5,695.7 6.3%

Employees 31,366  9,198  9,377  2,225  1,951 3,725  95  63  1,073 18 16 269 87 18 158  80  29  290  60,038  59,654  384  0.6%

Retained Earnings 11,807.4  33,243.2  635.0  1,149.7 3,184.7  857.2  23.5  \-  (32.2) (37.0) (257.2) (676.7) 158.6 (52.2) (261.6) 181.1  (155.6) (47.3) 49,720.7 48,433.8  1,286.9  2.7%

Stated Capital 54,254.8  29,340.6  17,160.2  2,163.2  21,467.1  1,000.6  18.6 \-  30,982.1  52.7 6,845.5  2,212.8 243.0 664.8  648.2  451.1 344.2  193.2 168,042.9  164,451.6 3,591.3 2.2%

Tables – Minor countries

Economic data - Millions of euros Australia China Egypt El

Salvador

Ethiopia Indonesia Ireland Israel Japan Kenya Lebanon Morocco Namibia New

Zealand

Norway Peru Poland Russia Saudi 

Arabia

Singapore Slovakia

Korea Taiwan Turkey UK Uruguay Vietnam Zambia Total 

2024

Total 

2023

Change

Third Party Revenues 18.2 0.6 0.03  \-  \-  \-  12.6 1.0 60.6  \-  - 4.6 \-  3.0  0.01

3,611.0

39.7 2.3 \-  - \-  27. 0 4.6 0.04 23.9  0.1 0.01 4.5

3,813.8 1,815.9  1,997.8  -

Cross-Border Intercompany Revenues 0.6 1.0 \-  \-  \-  \-  4.0  \-  0.2  \-  \-  \-  \-  0.3 \- 

16.5

0.4 0.7 \-  \-  \-  1.1 \-  0.6 0.7 \-  2.6 \-  28.7

11.2  17.6 -

In-country Intercompany Revenues \-  \-  \-  \-  \-  \-  \-  \-  \-  \-  \-  \-  \-  \-  \- 

81.3

0.4 \-  \-  \-  \-  0.03 \-  \-  0.1 \-  \-  0.3 82.1

246.1  (164.0) -66.6%

Earnings (Loss) Before Taxes (3.9) (1.2) 0.03  \-  -0.02  \-  (6.4) 0.04 8.2  (0.5) (0.1) (0.7) - (0.2) (0.1)

3,023.7

8.0 2.1  \-  (0.2) (0.1) (2.2) (2.8) (1.1) (4.2) (0.4) 1.6 (1.0)

3,018.6 405.2  2,613.4 -

Corporate Income Taxes Accrued (current) 0.1 \-  0.01  \-  \-  \-  0.2  0.02  2.3 \-  \-  0.01  \-  0.1  \- 

656.2

2.2  0.2 \-  \-  - 0.3 (0.9) \-  \-  \-  \-  \-  660.6 

154.5  506.1  -

Deferred Tax Assets and Liabilities 0.5 \-  \-  \-  \-  \-  0.1 \-  0.5  \-  \-  \-  \-  (0.04) \- 

0.2

(0.4) 0.1 \-  \-  \-  \-  \-  \-  0.6 0.1 \-  0.1 1.7

5.9  (4.2) -71.4%

Corporate Income Taxes Paid 0.01  0.02  \-  \-  \-  \-  0.01  0.02  0.5 \-  \-  \-  \-  0.02  \- 

138.5

1.5 0.1 \-  \-  \-  0.1 \-  0.4 \-  - \-  \-  141.2

169.8 (28.6) -16.8%

Tangible Assets 12.0 0.2 \-  \-  \-  \-  - 0.02 1.8 \-  \-  0.6 \-  0.5 \- 

133.9

0.2 1.1 \-  - (0.01) 4.9  2.3 \-  1.3 \-  0.01 16.2  174.9 

2,877.7 

(2,702.8)

-93.9%

Employees 43  9  \-  \-  \-  \-  57 1  32  1  \-  19  \-  5  \- 

45

24 1  \-  \-  1  33  13 1  28 1  3  4  321

1,401  (1,080) -77.1%

Retained Earnings (7.7) (9.1) 0.6 3.4  (0.1) (3.2) 4.9  \-  3.5  (4.6) \-  (1.0) (0.3) (0.2) \- 

(2,266.4)

1.2 4.1 (0.4) (6.9) \- 

(26.0)

(5.4) (7.9) (4.1) 0.4 (2.9) (8.0)

(2,336.3)

(928.0)

(1,408.3)

-

Stated Capital 63.8  13.0  0.5  3.0 0.1  3.8  41.8 \-  1.9  3.3  \-  78.0  \-  1.8  \- 

66.1

5.0 1.5 1.3 5.7 \-  34.5  7. 2 1.1 19.9  0.2 2.2  7.0 362.5 

3,980.1  (3,617.6) -90.9%

Governance information

413

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Tax categories Italy Spain Brazil Colombia Chile Argentina Portugal France USA Germany Netherlands Mexico Guatemala Canada South Africa Panama Costa Rica India Total 2024 Total 2023 Change

Taxes Borne 2,990.3  2,046.4  670.1 490.3  227.6  86.8  5.4 10.8 88.7  3.4 57. 3 12.6 5.6 8.4  3.0  3.6 2.8  1.2  6,714.2 5,638.0  1,076.1 19.1%

Income Taxes 2,287. 2 562.1  134.7  356.8  197.8 33.3  4.3  8.9  4.0  3.1 57. 1 9.8 5.1  \-  3.0  2.0  1.3 0.8  3,671.4 2,575.9  1,095.4  42.5%

Corporate Income Taxes paid 2,2 87. 2 525.9  134.7  331.1  197. 8 28.7  4.3  8.7 4.0  3.1 57. 1 9.8 4.5  \-  3.0 2.0  0.3  0.5  3,602.9  2,515.9  1,087.0  43.2%

Property Taxes 157.4 95.0  35.4  2.5  3.5 8.4 0.01 0.1  71.1  \-  \-  \-  0.2  6.9  \-  0.4 0.2  \-  381.2  360.8  20.4  5.7%

Taxes on Labor 532.9  147.0 54.4  17.6 \-  22.4  1.1  1.8  12.8  0.3  0.3  2.7 0.3  1.4  \-  0.5 0.6  0.4  796.4  793.2 3.2 0.4%

Taxes on Products and Services 2.3  3 97.6 445.4  85.2  11.9  16.5  \-  0.01 0.8 \-  \-  \-  0.01  \-  \-  \-  0.7 \-  960.5  1,148.4  (187.9) -16.4%

Environmental Taxes 10.5 844.7  0.1 28.2  14.4 6.1  \-  0.0 \-  \-  \-  0.01 0.0  \-  \-  0.6 0.0  \-  904.7  759.8 144.9  19.1%

Taxes Collected 4,061.4  1,822.1  1,587.9  69.3 114.3  233.6  233.3  186.0  46.9  94.5  1.9  19.7 4.4  1.1  3.6  2.2  2.4  3.0 8,487.4  7,316.6 1,170.9  16.0%

Income Taxes 2.0 56.0  12.7 18.2  22.3  10.8  0.0  \-  \-  \-  \-  0.0 0.7 \-  0.4 1.5 0.02 1.2  125.8 157.7 (31.9) -20.3%

Property Taxes \-  0.3 \-  \-  \-  \-  0.1  \-  \-  \-  \-  0.6 \-  \-  \-  \-  \-  \-  1.0  1.3 (0.3) -23.0%

Taxes on Labor 652.2  247.7 37.3 14.6 19.2 15.6 1.7 1.2 46.9  0.5  0.9  3.7 0.1  0.1  3.2  0.4 0.2  1.6 1,047.2  1,104.4  (57.2) -5.2%

Taxes on Products and Services 2,240.9  1,124.0  1,538.0  19.1 72.8  207.2  213.1 113.0  \-  54.7  0.9  15.3  3.7 0.9  \-  0.3  2.3  0.2  5,606.3  4,358.2  1,248.1  28.6%

Environmental Taxes 1,166.3  394.1  \-  17.3 \-  \-  18.4 71.8  \-  39.3  0.1  \-  \-  \-  \-  \-  \-  \-  1,707. 1 1,694.9  12.2 0.7%

Total Tax Contribution – TTC (cash basis accounting) 7,051.7  3,868.4  2,258.0  559.6  341.9  320.5  238.6  196.7 135.6  97.9  59.2 32.2 10.0 9.4 6.6 5.7 5.2  4.1  15,201.6  12,954.6  2,2 47. 0 17. 3%

Economic data - Millions of euros Italy Spain Brazil Colombia Chile Argentina Portugal France USA Germany Netherlands Mexico Guatemala Canada South Africa Panama Costa Rica India Total 2024 Total 2023 Change

Third Party Revenues 40,897.8  20,397. 5 8,458.3  3,607.7 4,971.9  3,397. 0 1,234.0  787.0 2,199.1  372.0 2,061.7  364.0  84.5  48.7  107.0 214.6 23.2 8.6 89,234.5  107,734.5  (18,500.0) -17. 2%

Cross-Border Intercompany Revenues 4,895.5  (45.0) 9.9  1.4  76.9  \-  126.0  10.0  73.9  184.1  2,046.4  13.0  1.4 \-  0.9  0.2  0.9  9.9  7,405.3  2,952.9  4,452.4 -

In-country Intercompany Revenues 27,631.6  12,039.7 1,003.0 13.1 1,792.7 50.6  0.1 \-  818.0 \-  1.2  46.3  32.4 1.6 11.4  25.6 5.2  0.9  43,473.4  52,676.7  (9,203.3) -17.5 %

Earnings (Loss) Before Taxes 7,270.9  2,882.8  551.5  702.7 118.7  (181.2) 41.7 30.0  242.2 19.4  464.1  (23.8) 12.7 (25.7) 11.7  78.6 4.4 (6.4) 12,194.3  6,599.3  5,595.0  84.8%

Corporate Income Taxes Accrued (current) 1,885.7  560.2  72.0 250.6  257.5 40.9  16.0  8.0  3.8  6.7  93.6 12.6 4.4 \-  3.1  23.9  0.5  0.1 3,239.6 2,583.4  656.2  25.4%

Deferred Tax Assets and Liabilities (17.2) 82.1 (3.8) 3.7  (29.8) (120.2) (1.6) \-  59.3 (0.0) 35.7  66.8  \-  0.3 4.4 1.3  0.4  (0.1) 81.4  85.5  (4.1) -4.8%

Tangible Assets 38,094.9  23,451.9  4,628.0  4,635.2  7,696.0  2,433.0  8.9  3.0  12,277.8  0.2  2.4 905.8  328.0  437.3  304.3  428.3 29.6  63.3  95,727.9  90,032.2  5,695.7  6.3%

Employees 31,366  9,198  9,377  2,225  1,951 3,725  95  63  1,073 18  16 269 87 18  158  80  29  290  60,038  59,654  384  0.6%

Retained Earnings 11,807.4  33,243.2  635.0  1,149.7 3,184.7  857.2  23.5  \-  (32.2) (37.0) (257.2) (676.7) 158.6 (52.2) (261.6) 181.1  (155.6) (47.3) 49,720.7  48,433.8  1,286.9  2.7%

Stated Capital 54,254.8  29,340.6  17,160.2  2,163.2  21,467.1  1,000.6  18.6 \-  30,982.1  52.7 6,845.5  2,212.8 243.0  664.8  648.2  451.1  344.2  193.2 168,042.9  164,451.6 3,591.3  2.2%

Tables – Minor countries

Economic data - Millions of euros Australia China Egypt El

Salvador

Ethiopia Indonesia Ireland Israel Japan Kenya Lebanon Morocco Namibia New

Zealand

Norway Peru Poland Russia Saudi 

Arabia

Singapore Slovakia

Korea Taiwan Turkey UK Uruguay Vietnam Zambia Total 

2024

Total 

2023

Change

Third Party Revenues 18.2 0.6 0.03  \-  \-  \-  12.6 1.0 60.6  \-  - 4.6 \-  3.0  0.01

3,611.0

39.7 2.3  \-  - \-  27. 0 4.6 0.04  23.9  0.1 0.01  4.5

3,813.8  1,815.9  1,997.8  -

Cross-Border Intercompany Revenues 0.6 1.0 \-  \-  \-  \-  4.0  \-  0.2  \-  \-  \-  \-  0.3 \- 

16.5

0.4 0.7 \-  \-  \-  1.1  \-  0.6 0.7 \-  2.6 \-  28.7 

11.2  17.6 -

In-country Intercompany Revenues \-  \-  \-  \-  \-  \-  \-  \-  \-  \-  \-  \-  \-  \-  \- 

81.3

0.4 \-  \-  \-  \-  0.03  \-  \-  0.1  \-  \-  0.3 82.1

246.1  (164.0) -66.6%

Earnings (Loss) Before Taxes (3.9) (1.2) 0.03  \-  -0.02  \-  (6.4) 0.04 8.2  (0.5) (0.1) (0.7) - (0.2) (0.1)

3,023.7 

8.0  2.1  \-  (0.2) (0.1) (2.2) (2.8) (1.1) (4.2) (0.4) 1.6 (1.0)

3,018.6  405.2  2,613.4  -

Corporate Income Taxes Accrued (current) 0.1 \-  0.01  \-  \-  \-  0.2  0.02  2.3 \-  \-  0.01  \-  0.1  \- 

656.2

2.2  0.2 \-  \-  - 0.3  (0.9) \-  \-  \-  \-  \-  660.6 

154.5  506.1  -

Deferred Tax Assets and Liabilities 0.5 \-  \-  \-  \-  \-  0.1 \-  0.5  \-  \-  \-  \-  (0.04) \- 

0.2 

(0.4) 0.1  \-  \-  \-  \-  \-  \-  0.6 0.1 \-  0.1 1.7

5.9  (4.2) -71.4%

Corporate Income Taxes Paid 0.01  0.02  \-  \-  \-  \-  0.01  0.02  0.5 \-  \-  \-  \-  0.02  \- 

138.5

1.5  0.1  \-  \-  \-  0.1  \-  0.4 \-  - \-  \-  141.2 

169.8 (28.6) -16.8%

Tangible Assets 12.0 0.2 \-  \-  \-  \-  - 0.02 1.8 \-  \-  0.6 \-  0.5 \- 

133.9 

0.2  1.1  \-  - (0.01) 4.9  2.3  \-  1.3  \-  0.01  16.2  174.9 

2,877.7 

(2,702.8)

-93.9%

Employees 43  9  \-  \-  \-  \-  57 1  32  1  \-  19  \-  5  \- 

45 

24  1  \-  \-  1  33  13 1  28  1  3  4  321 

1,401  (1,080) -77.1%

Retained Earnings (7.7) (9.1) 0.6 3.4  (0.1) (3.2) 4.9  \-  3.5  (4.6) \-  (1.0) (0.3) (0.2) \- 

(2,266.4)

1.2  4.1 (0.4) (6.9) \- 

(26.0)

(5.4) (7.9) (4.1) 0.4  (2.9) (8.0)

(2,336.3)

(928.0)

(1,408.3)

-

Stated Capital 63.8  13.0  0.5  3.0 0.1  3.8  41.8 \-  1.9  3.3  \-  78.0  \-  1.8  \- 

66.1

5.0  1.5 1.3 5.7 \-  34.5  7. 2 1.1  19.9  0.2 2.2  7.0 362.5 

3,980.1  (3,617.6) -90.9%

Governance information

414

INTEGRATED ANNUAL REPORT 2024

Reconciliation with the Integrated Annual Report 2024

107. For the purposes of Country-by-Country Reporting (BEPS Project – Action 13).

In the following sections, a reconciliation of data rep-

resented in the Tax Transparency Report is made with 

respect to the contents of the Integrated Annual Re-

port 2024.

This reconciliation is necessary given the different 

methods of drafting the Tax Transparency Report –

borrowed from the rules for OECD Country-by-Coun-

try Reporting – compared with the standards adopted 

in preparing the consolidated financial statements.

Millions of euros

2024

Items subject to reconciliation Tax Transparency 

Report

Consolidated financial 

statements

Difference 

Third Party Revenue 93,048 78,947 14,101

Profit/(Loss) before tax 15,213 11,883 3,330

Tangible assets  95,856 94,615 1,241

Taxes paid  3,744 3,912 (168)

Third Party Revenue

REVENUE

Third Party Revenue - Tax Transparency Report 93,048

Net financial income (6,795)

Derivative instruments  (1,887)

System charges (3,590)

Dividends from companies accounted with the equity method (10)

Impairment losses on disposal of equity investments (1,743)

Other consolidation adjustments (76)

Revenue - Consolidated financial statements 78,947

The deviations between the Tax Transparency Report

data and the 2024 Integrated Annual Report are:

(i) Net financial income (-€6,795 million): for the pur-

poses of the Integrated Annual Report, net financial 

income is entered in the financial statements in a 

specific line of the income statement that is differ-

ent from the “Revenue” item, differing from what 

is required under the OECD rules

107

applied for the 

purposes of the Tax Transparency Report;

(ii)  Derivative instruments (-€1,887 million): for the 

purposes of the Integrated Annual Report, deriva-

tive instruments towards third parties classified as 

cash flow hedges are accounted for in an equity 

reserve while their impacts are recognized in a spe-

cific profit or loss item (different from revenue). In 

the Tax Transparency Report, income related to the 

measurement and impact of derivative instruments 

with third parties classified as trading instruments 

are all recognized in the profit or loss and included 

in revenue;

(iii) System charges (-€3,590 million): charges that 

Italian marketing companies re-invoice to end 

customers, which consist of the amount that was 

charged by network companies, are recognized 

in the income statement through a consolidation 

adjustment in order to align intercompany balanc-

es, passing through to the companies that do not 

operate on the market (direct accounting manage-

ment on the balance sheet) while in the individual 

financial statements of companies that operate 

on the market they are recognized in the income 

statement;

Governance information

415

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

(iv) Dividends from equity-accounted companies 

(-€10 million): for the purposes of the Integrat-

ed Annual Report, dividends received from con-

solidated companies

108

are eliminated. In the Tax 

Transparency Report such revenue are recognized 

when referred to equity-accounted companies;

(v) Revenue from the sale of equity investments 

(-€1,743 million): for the purposes of the Integrated 

Annual Report, income and expenses from the sale

of equity investments are recognized through con-

108. Using the line-by-line, proportional and equity method.

109. They include, but are not limited to, the following: (i) elimination of intercompany margins and gains, (ii) recognition of any negative goodwill 

following M&A transactions, (iii) capitalizations of financial expenses in cases of equity injection, (iv) adjustments to contracts with physical 

delivery recognized at fair value, (v) reclassification of insurance and reinsurance flows as intercompany, and (vi) changes in the scope of con-

solidation during the year.

110. They include, but are not limited to, the following: (i) value adjustments of depreciation and amortization, (ii) elimination of capital gains on 

intercompany sales of assets and consequent adjustments of depreciation and amortization, (iii) changes during the year in the scope of 

consolidation, (iv) accruals (or release) of provisions through profit or loss, and (v) intercompany capital losses (gains).

solidation entries taking into account the value of the 

companies sold in the Group’s consolidated financial 

statements. For the purposes of the Tax Transparen-

cy Report, these income/expenses are valued at the 

portion accounted for in the corporate financial state-

ments of the transferring company and determined 

based on the carrying amount in those statements; 

(vi) Other consolidation adjustments made on the 

basis of the application of international accounting 

principles (-€76 million).

109

Profit/(Loss) before taxes

EBT

Earnings Before Taxes - Tax Transparency Report 15,213

Impairment losses on equity investments (469)

Derivative management (890)

Capital gains/(loss) from sale of equity investments (1,743)

Results of equity-accounted companies  (209)

Other consolidation adjustments (19)

Profit/(Loss) Before Tax – Integrated Annual Report 11,883

The deviations between the Tax Transparency Report

data and the 2024 Integrated Annual Report are:

(i)  Impairment losses/gains from equity investments 

(-€469 million): items regarding investments con-

solidated line-by-line (e.g. impairment losses and/

or distribution of reserves) have no effect on the 

Income Statement in the Integrated Annual Report, 

but do have an impact on Profit Before Taxes in the 

Tax Transparency Report;

(ii) Derivative management (-€890 million): for the 

purpose of the Integrated Annual Report, items re-

lated to the Cash flow hedge reserve for a possibly 

different qualification of derivatives between the 

stand alone view of the Company and the Group 

do not have any impact on the income statement. 

These accounting records however involve an in-

crease in Earnings Before Taxes for the purposes of 

the Tax Transparency Report;

(iii) Adjustments of capital gains on disposal of equity in-

vestments (-€1,743 million): for the purposes of the 

Integrated Annual Report, income and expenses from 

the disposal of equity investments are recognized 

through consolidation entries taking into account the 

value of the companies sold in the Group’s consol-

idated financial statements. In the Tax Transparency

Report, these income/expenses are considered for 

the portion accounted for in the separate financial 

statements of the transferring company and deter-

mined based on the carrying amount of the same; 

(iv) Income from equity-accounted companies (-€209 

million): results from equity-accounted companies 

are included in the Integrated Annual Report, but are 

not considered in the Tax Transparency Report;

(v) Other consolidation adjustments made on the ba-

sis of the application of international accounting 

principles (-€18 million).

110

Governance information

416

INTEGRATED ANNUAL REPORT 2024

Tangible Assets

111. Adjustments due to the effects of (i) Purchase Price Allocations during acquisition of controlling interests in companies, (ii) impairment of cash 

generating units, (iii) capitalizations of financial expense on fixed assets realized internally, (iv) elimination of gains from the sale of intercom-

pany assets, and (v) elimination of effects related to discontinued operations and assets classified as held for sale.

112. By way of example, differences in 2024 can be related to: (i) inclusion in the data of the Integrated Annual Report of taxes on dividends (exclud-

ed from the Tax Transparency Report) and (ii) changes during the year in the scope of consolidation.

TANGIBLE ASSETS

Tangible Assets - Tax Transparency Report 95,903

Consolidation adjustments  (1,288)

Consolidated Tangible Assets 94,615

The deviations between data in the Tax Transparency Report and the Integrated Annual Report are due to consol-

idation adjustments (-€1,018 million).

111

Income Taxes

TAXES PAID

Taxes paid - Tax Transparency Report 3,744

Differences due to the use of the indirect method in the statement of cash flows 168

Taxes paid – Integrated Annual Report 3,912

The data on income taxes paid for the purposes of the 

Integrated Annual Report is determined with the indi-

rect method, according to IAS 7.

The Tax Transparency Report recognizes Income Tax-

es paid on the basis of information collected from the 

individual companies in the different tax jurisdictions, 

consistent with the rules laid down by the OECD for 

Country-by-Country Reporting.

The deviation is due to the different methods of rec-

ognizing data and standards applied.

112

Governance information

417

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Targets 

(1)  The ratio was normalized purely by accounting effects related to the distribution of capital reserves of Enel Finance International NV, which 

otherwise would have been 89% (see the section “Participation in cooperative compliance schemes”). 

KPI POLICIES SCOPE

Cooperative 

Compliance 

Index – Measures 

the level of 

adherence of 

Enel Group 

companies to 

cooperative 

compliance 

schemes

Tax Strategy 

\- provides for 

the promotion 

of cooperative 

compliance 

by the Group, 

which is the 

prerequisite for 

the CCI. 

Global scope of 

Enel countries (with 

significant entities 

with requirements to 

adhere to cooperative 

compliance over the 

Plan period): Italy, Spain, 

Portugal, France, South

Africa, the Netherlands 

and Chile. 

Year: 2021

Value: 89.9%

93%

(1)

94%

in 2027

BASELINE ACTUAL

2024

TARGET STATUS

Not in line  In line  Achieved

The indicator is the ratio between the revenue of the 

companies that have joined the existing cooperative 

compliance regimes and those of all Enel companies 

that are legally able to join. Therefore, this KPI is affect-

ed by both the activation of new cooperative compli-

ance regimes in countries where the Group is present 

and revenue trends that reflect changes in the mac-

roeconomic scenario. The index does not consider 

countries where schemes have not been legally estab-

lished at the time of calculation, nor companies that 

do not meet the requirements for membership (e.g. 

because their size is below statutory thresholds), even 

if the schemes exist in their countries. 

Actual revenue of entities are extracted from the con-

solidated financial statements (Primo system) accord-

ing to the CbCR logic. 

For the calculation of the target, revenue were estimat-

ed based on available final data and projected linearly in 

subsequent years. This makes the revenue static over

the target time horizon by providing a clear view of co-

operative compliance progress unaffected by trends. 

The target is also monitored annually using a power 

app tool (CCI) to support the collection, approval, and 

calculation of data.

RELAZIONE

SULLA GESTIONE

CONSOLIDATED 

FINANCIAL 

STATEMENTS

CONSOLIDATED

FINANCIAL

STATEMENTS

Revenue at €78,947 million 

(€95,565 million in 2023, -17.4%)

The change is mainly attributable to lower 

volumes of thermal generation and lower 

quantities of electricity and gas sold in 

end-user markets, against a backdrop of 

decreasing prices, as well as to changes in the 

consolidation scope. These effects were partly 

offset by positive developments in revenue 

from renewables and distribution grids.

Operating profit at €15,494 million 

(€10,832 million in 2023, +43%) 

The increase is mainly attributable to the 

positive performance of operations and lower 

value adjustments of property, plant and 

equipment and intangible assets.

Improvement of net financial debt 

Positive cash flows generated by operations, 

as well as by the finalization of disposals 

within the deleverage and rationalization 

program of the Group’s geographical presence 

have more than offset the cash flow absorbed 

by investing activities in the period and 

the payment of dividends.

Consolidated financial statements

420

INTEGRATED ANNUAL REPORT 2024

Consolidated financial 

statements

Consolidated Income Statement

Millions of euro Notes 2024 2023

of which with 

related parties

of which with 

related parties

Revenue

Revenue from sales and services

9.a 73,914 5,328 92,882 7,260

Other income

9.b 5,033 82 2,683 18

[Subtotal] 78,947 95,565

Costs

Electricity, gas and fuel

10.a 30,282 8,714 46,270 11,578

Services and other materials

10.b 19,240 3,820 18,304 3,351

Personnel expenses

10.c 4,938 5,030

Net impairment/(reversals) on trade receivables and 

other receivables

10.d 1,323 1,334

Depreciation, amortization and other impairment losses

10.e 7,249 8,089

Other operating costs

10.f 3,940 212 6,125 620

Capitalized costs

10.g (3,042) (3,385)

[Subtotal] 63,930 81,767

Net results from commodity contracts

11 477 3 (2,966) (7)

Operating profit 15,494 10,832

Financial income from derivatives

12 2,720 1,558

Other financial income

13 2,409 209 2,916 239

Financial expense from derivatives

12 1,023 2,167

Other financial expense

13 7,828 100 5,966 89

Net income from hyperinflation

13 321 284

Share of profit/(loss) of equity-accounted investments 

14 (210) (41)

Pre-tax profit  11,883 7,416

Income taxes

15 3,654 2,778

Profit from continuing operations  8,229 4,638

Attributable to owners of the Parent  7,016 3,813

Attributable to non-controlling interests 1,213 825

Profit/(Loss) from discontinued operations  - (371)

Attributable to owners of the Parent  - (375)

Attributable to non-controlling interests - 4

Profit for the year (owners of the Parent and non-

controlling interests)

8,229 4,267

Attributable to owners of the Parent 7,016 3,438

Attributable to non-controlling interests 1,213 829

Earnings per share

16

Basic earnings per share

16

Basic earnings per share 0.67 0.32

Basic earnings per share from continuing operations  0.67 0.36

Basic earnings/(loss) per share from discontinued 

operations 

- (0.04)

Diluted earnings per share

16

Diluted earnings per share 0.67 0.32

Diluted earnings per share from continuing operations  0.67 0.36

Diluted earnings/(loss) per share from discontinued 

operations 

- (0.04)

  


Consolidated financial statements

421

1. Enel Group 2. Governance 3. Group strategy 

and risk management

4. Climate 

change

5. Group 

performance

6. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Statement of Consolidated Comprehensive Income

Millions of euro Notes 2024 2023

Profit for the year 8,229 4,267

Other comprehensive income/(expense) that may be subsequently 

reclassified to profit or loss (net of taxes)

Effective portion of change in the fair value of cash flow hedges (628) 2,714

Change in the fair value of hedging costs 225 49

Share of the other comprehensive expense of equity-accounted investments (35) 98

Change in the fair value of financial assets at FVOCI 14 11

Change in translation reserve  (1,812) (523)

Cumulative other comprehensive income that may be subsequently 

reclassified to profit or loss in respect of non-current assets and disposal 

groups classified as held for sale/discontinued operations 

(41) 16

Other comprehensive income (expense) that may not be subsequently 

reclassified to profit or loss (net of taxes)

Remeasurement of net liabilities/(assets) for defined-benefit plans 127 (150)

Change in the fair value of equity investments in other companies 109 3

Cumulative other comprehensive income that may not be subsequently 

reclassified to profit or loss in respect of non-current assets and disposal 

groups classified as held for sale/discontinued operations

- (1)

Total other comprehensive income/(expense) for the year

35 (2,041) 2,217

Comprehensive income/(expense) for the year 6,188 6,484

Attributable to:

\- owners of the Parent 5,275 5,172

\- non-controlling interests 913 1,312

  


Consolidated financial statements

422

INTEGRATED ANNUAL REPORT 2024

Statement of Consolidated Financial Position

Millions of euro

ASSETS Notes at Dec. 31, 2024 at Dec. 31, 2023

of which with 

related parties

of which with 

related parties

Non-current assets

Property, plant and equipment

17 94,584 89,801

Investment property

20 30 97

Intangible assets

21 15,837 17,055

Goodwill

22 12,850 13,042

Deferred tax assets

23 9,025 9,218

Equity-accounted investments

24 1,456 1,650

Non-current financial derivative assets

25 2,003 2 2,383 4

Non-current contract assets 

26 523 444

Other non-current financial assets

27 7,607 864 8,750 1,930

Other non-current assets

29 1,937 3 2,249 6

[Total] 145,852 144,689

Current assets

Inventories

31 3,643 4,290

Trade receivables

32 15,941 1,486 17,773 1,266

Current contract assets

26 193 212

Tax assets 787 705

Current financial derivative assets

25 3,512 6,407

Other current financial assets

28 4,854 1,964 4,329 174

Other current assets 

30 3,891 102 4,099 92

Cash and cash equivalents 

33 8,051 6,801

[Total] 40,872 44,616

Assets classified as held for sale

34 415 5,919

TOTAL ASSETS  187,139 195,224

  


Consolidated financial statements

423

1. Enel Group 2. Governance 3. Group strategy 

and risk management

4. Climate 

change

5. Group 

performance

6. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Millions of euro

LIABILITIES AND EQUITY Notes at Dec. 31, 2024 at Dec. 31, 2023

of which with 

related parties

of which with 

related parties

Equity attributable to owners of the Parent

Share capital 10,167 10,167

Treasury share reserve (78) (59)

Other reserves 5,651 6,551

Retained earnings  17,991 15,096

[Total] 33,731 31,755

Non-controlling interests 15,440 13,354

Total equity 

35 49,171 45,109

Non-current liabilities

Long-term borrowings

36 60,000 651 61,085 659

Employee benefits

37 1,614 2,320

Provisions for risks and charges (non-current portion)

38 6,501 6,018

Deferred tax liabilities 

23 7,951 8,217

Non-current financial derivative liabilities

25 2,915 8 3,373 8

Non-current contract liabilities

26 5,682 17 5,743 18

Other non-current financial liabilities 

40 205 141

Other non-current liabilities

42 3,287 4,103

[Total] 88,155 91,000

Current liabilities

Short-term borrowings

36 3,645 9 4,769 3

Current portion of long-term borrowings

36 7,439 111 9,086 111

Provisions for risks and charges (current portion)

38 1,333 1,294

Trade payables

39 13,693 2,736 15,821 2,829

Income tax liabilities 1,589 1,573

Current financial derivative liabilities

25 3,584 6 6,461 15

Current contract liabilities

26 2,448 37 2,126 53

Other current financial liabilities

41 845 1 909 -

Other current liabilities

43 15,087 42 14,760 40

[Total] 49,663 56,799

Liabilities included in disposal groups classified 

as held for sale

34 150 2,316

Total liabilities  137,968 150,115

TOTAL LIABILITIES AND EQUITY 187,139 195,224

  


Consolidated financial statements

424

INTEGRATED ANNUAL REPORT 2024

Statement of Changes in Consolidated Equity (note 35)

Share capital and reserves attributable to owners of the Parent

Millions of euro

Share 

capital

Share premium 

reserve

Treasury share 

reserve

Reserve 

for equity 

instruments 

\- perpetual 

hybrid bonds  Legal reserve Other reserves

Translation 

reserve

Hedging 

reserve

Hedging costs 

reserve 

Reserve from 

measurement 

of financial 

instruments 

at FVOCI 

Reserve from 

equity-

accounted 

investments 

Actuarial 

reserve 

Reserve from 

disposal 

of equity 

interests 

without loss of 

control 

Reserve from 

acquisitions 

of non-

controlling 

interests 

Retained 

earnings 

Equity 

attributable 

to owners 

of the 

Parent 

Non-

controlling 

interests Total equity

At December 31, 2022 10,167 7,496 (47) 5,567 2,034 2,332 (5,912) (3,553) (81) (22) (476) (1,063) (2,390) (1,192) 15,797 28,657 13,425 42,082

Application of new 

accounting standards

- - - - - - - - - - - - - - (2) (2) -

At December 31, 2022 

restated 10,167 7,496 (47) 5,567 2,034 2,332 (5,912) (3,553) (81) (22) (476) (1,063) (2,390) (1,192) 15,795 28,655 13,425

Distribution of 

dividends 

- - - - - - - - - - - - - - (4,215) (4,215) (1,177)

Coupons paid to 

holders of hybrid 

bonds

- - - - - - - - - - - - - - (182) (182) - (182)

Reclassifications - - - - - - - - - 14 - - - - (14) - - -

Purchase of treasury 

shares

- - (21) - - 21 - - - - - - - - (26) (26) - (26)

Payments of own 

shares

- - 9 - - (9) - - - - - - - - 9 9 - 9

Reserve for share-

based payments 

(LTI bonus)

- - - - - (3) - - - - - - - - - (3) - (3)

Equity instruments - 

perpetual hybrid bonds

- - - 986 - - - - - - - - - - - 986 -

Monetary restatement 

(IAS 29)

- - - - - - - - - - - - - - 291 291 202 493

Change in the 

consolidation scope

- - - - - - 1,038 49 - - 4 (2) - - - 1,089 (397)

Transactions in non-

controlling interests

- - - - - - - - - - - - - (21) - (21) (11) (32)

Comprehensive 

income/(expense) 

for the year 

- - - - - - (415) 2,111 43 18 97 (120) - - 3,438 5, 172 1,312 6,484

of which:

- other comprehensive 

income/(expense)

- - - - - - (415) 2,111

43 18 97 (120) - - - 1,734 483 2 ,217

\- profit for the year - - - - - - - - - - - - - - 3,438 3,438 829 4,267

At December 31, 2023 10,167 7,496 (59) 6,553 2,034 2,341 (5,289) (1,393) (38) 10 (375) (1,185) (2,390) (1,213) 15,096 31,755 13,354 45,109

Distribution of 

dividends 

- - - - - - - - - - - - - - (4,367) (4,367) (811) (5,178)

Coupons paid to 

holders of hybrid 

bonds

- - - - - - - - - - - - - - (246) (246) - (246)

Purchase of treasury 

shares

- - (26) - - 26 - - - - - - - - (22) (22) - (22)

Payments of own 

shares

- - 7 - - (7) - - - - - - - - 7 7 - 7

Reserve for share-

based payments 

(LTI bonus)

- - - - - 3 - - - - - - - - - 3 - 3

Equity instruments - 

perpetual hybrid bonds

- - - 592 - - - - - - - - - - - 592 - 592

Monetary restatement 

(IAS 29)

- - - - - - - - - - - - - - 507 507 335 842

Change in the 

consolidation scope

- - - - - - 236 5 - - 6 - - - - 247 (304) (57)

Transactions in non-

controlling interests

- - - - - - (2) 10 (6) - - - (15) (7) - (20) 1,953 1,933

Comprehensive 

income/(expense) 

for the year 

- - - - - - (1,297) (850) 226 122 (35) 93 - - 7,016 5,275 913 6,188

of which:

- other comprehensive 

income/(expense)

- - - - - - (1,297) (850)

226 122 (35) 93 - - - (1 ,741) (300) (2,041)

\- profit for the year - - - - - - - - - - - - - - 7, 0 16 7,016 1,213 8,229

At December 31, 2024 10,167 7,496 (78) 7,145 2,034 2,363 (6,352) (2,228) 182 132 (404) (1,092) (2,405) (1,220) 17,991 33,731 15,440 49, 171

  


Consolidated financial statements

425

1. Enel Group 2. Governance 3. Group strategy 

and risk management

4. Climate 

change

5. Group 

performance

6. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Statement of Changes in Consolidated Equity (note 35)

Share capital and reserves attributable to owners of the Parent

Millions of euro

Share 

capital

Share premium 

reserve

Treasury share 

reserve

Reserve 

for equity 

instruments 

\- perpetual 

hybrid bonds  Legal reserve Other reserves

Translation 

reserve

Hedging 

reserve

Hedging costs 

reserve 

Reserve from 

measurement 

of financial 

instruments 

at FVOCI 

Reserve from 

equity-

accounted 

investments 

Actuarial 

reserve 

Reserve from 

disposal 

of equity 

interests 

without loss of 

control 

Reserve from 

acquisitions 

of non-

controlling 

interests 

Retained 

earnings 

Equity 

attributable 

to owners 

of the 

Parent 

Non-

controlling 

interests Total equity

At December 31, 2022 10,167 7,496 (47) 5,567 2,034 2,332 (5,912) (3,553) (81) (22) (476) (1,063) (2,390) (1,192) 15,797 28,657 13,425 42,082

Application of new 

accounting standards

- - - - - - - - - - - - - - (2) (2) - (2)

At December 31, 2022 

restated 10,167 7,496 (47) 5,567 2,034 2,332 (5,912) (3,553) (81) (22) (476) (1,063) (2,390) (1,192) 15,795 28,655 13,425 42,080

Distribution of 

dividends 

- - - - - - - - - - - - - - (4,215) (4,215) (1,177) (5,392)

Coupons paid to 

holders of hybrid 

bonds

- - - - - - - - - - - - - - (182) (182) - (182)

Reclassifications - - - - - - - - - 14 - - - - (14) - - -

Purchase of treasury 

shares

- - (21) - - 21 - - - - - - - - (26) (26) - (26)

Payments of own 

shares

- - 9 - - (9) - - - - - - - - 9 9 - 9

Reserve for share-

based payments 

(LTI bonus)

- - - - - (3) - - - - - - - - - (3) - (3)

Equity instruments - 

perpetual hybrid bonds

- - - 986 - - - - - - - - - - - 986 - 986

Monetary restatement 

(IAS 29)

- - - - - - - - - - - - - - 291 291 202 493

Change in the 

consolidation scope

- - - - - - 1,038 49 - - 4 (2) - - - 1,089 (397) 692

Transactions in non-

controlling interests

- - - - - - - - - - - - - (21) - (21) (11) (32)

Comprehensive 

income/(expense) 

for the year 

- - - - - - (415) 2,111 43 18 97 (120) - - 3,438 5,172 1,312 6,484

of which:

- other comprehensive 

income/(expense)

- - - - - - (415) 2,111

43 18 97 (120) - - - 1,734 483 2,217

\- profit for the year - - - - - - - - - - - - - - 3,438 3,438 829 4,267

At December 31, 2023 10,167 7,496 (59) 6,553 2,034 2,341 (5,289) (1,393) (38) 10 (375) (1,185) (2,390) (1,213) 15,096 31,755 13,354 45,109

Distribution of 

dividends 

- - - - - - - - - - - - - - (4,367) (4,367) (811) (5,178)

Coupons paid to 

holders of hybrid 

bonds

- - - - - - - - - - - - - - (246) (246) - (246)

Purchase of treasury 

shares

- - (26) - - 26 - - - - - - - - (22) (22) - (22)

Payments of own 

shares

- - 7 - - (7) - - - - - - - - 7 7 - 7

Reserve for share-

based payments 

(LTI bonus)

- - - - - 3 - - - - - - - - - 3 - 3

Equity instruments - 

perpetual hybrid bonds

- - - 592 - - - - - - - - - - - 592 - 592

Monetary restatement 

(IAS 29)

- - - - - - - - - - - - - - 507 507 335 842

Change in the 

consolidation scope

- - - - - - 236 5 - - 6 - - - - 247 (304) (57)

Transactions in non-

controlling interests

- - - - - - (2) 10 (6) - - - (15) (7) - (20) 1,953 1,933

Comprehensive 

income/(expense) 

for the year 

- - - - - - (1,297) (850) 226 122 (35) 93 - - 7,016 5,275 913 6,188

of which:

- other comprehensive 

income/(expense)

- - - - - - (1,297) (850)

226 122 (35) 93 - - - (1,741) (300) (2,041)

\- profit for the year - - - - - - - - - - - - - - 7,016 7,016 1,213 8,229

At December 31, 2024 10,167 7,496 (78) 7,145 2,034 2,363 (6,352) (2,228) 182 132 (404) (1,092) (2,405) (1,220) 17,991 33,731 15,440 49,171

  


  


Consolidated financial statements

426

INTEGRATED ANNUAL REPORT 2024

Consolidated Statement of Cash Flows

Millions of euro Notes 2024 2023

of which 

with 

related 

parties

of which 

with 

related 

parties

Profit for the year 8,229 4,267

Adjustments for:

Net impairment losses/(reversals) on trade receivables and other 

receivables

10.d 1,323 1,355

Depreciation, amortization and other impairment losses

10.e 7,249 8,457

Net financial (income)/expense

12-13 3,401 3,437

Net (gains)/losses from equity-accounted investments 

14 210 (17)

Income taxes

15 3,654 2,807

Changes in net working capital: (1,108) (604)

\- inventories

31 558 435

\- trade receivables 

32 490 (220) (2,487) 297

\- trade payables

39 (2,451) (93) (1,165) 19

\- other contract assets 

26 20 (107)

\- other contract liabilities 

26 209 (16) 172 10

\- other assets/liabilities 66 (736) 2,548 (52)

Accruals to provisions 1,377 1,403

Utilization of provisions (1,698) (1,647)

Interest income and other financial income collected 

12-13 2,103 209 2,049 239

Interest expense and other financial expense paid 

12-13 (5,276) (100) (5,657) (89)

Net (income)/expense from measurement of commodities (16) 1,359

Income taxes paid

15 (3,912) (2,958)

Net capital gains  (2,313) 369

Cash flows from operating activities (A) 13,223 14,620

of which: discontinued operations - 132

Investments in property, plant and equipment 

17-20 (8,931) (11,383)

Investments in intangible assets

21 (1,235) (1,385)

Capital grants received 1,135 413

Investments in non-current contract assets (844) (795)

Investments in entities (or business units) less cash and cash equivalents 

acquired

7 - (17)

Disposals of entities (or business units) less cash and cash equivalents sold

7 5,622 2,083

(Increase)/Decrease in other investing activities 145 474

Cash flows used in investing activities (B) (4,108) (10,610)

of which: discontinued operations - (442)

New long-term borrowings 6,017 6,093

Repayments of borrowings (10,430) (2) (6,006) (125)

Other changes in net financial debt  (691) (4,072)

Collections from disposal of equity investments without loss of control  1,944 -

Payments for acquisition of equity investments without change of control 

and other transactions in non-controlling interests

(22) (25)

Issues of perpetual hybrid bonds

(1)

889 1,738

Redemptions of perpetual hybrid bonds

(1)

(297) (752)

Purchase of treasury shares (27) (20)

Dividends and interim dividends paid (5,126) (5,135)

Coupons paid to holders of hybrid bonds (246) (182)

Cash flows used in financing activities (C)  (7,989) (8,361)

of which: discontinued operations - (16)

Impact of exchange rate fluctuations on cash and cash equivalents (D) (74) (49)

Increase/(Decrease) in cash and cash equivalents (A+B+C+D) 1,052 (4,400)

Cash and cash equivalents at the beginning of the year

(2)

7,143 11,543

Cash and cash equivalents at the end of the year

(3)

8,195 7,143 

(1)  In order to improve presentation, two separate lines have been inserted under cash flows from financing activities to report gross issues and 

redemptions of hybrid bonds

. 

  


(2)  Of which cash and cash equivalents equal to €6,801 million at January 1, 2024 (€11,041 million at January 1, 2023), short-term securities equal 

to €81 million at January 1, 2024 (€78 million at January 1, 2023) and cash and cash equivalents pertaining to “Assets classified as held for sale”

in the amount of €261 million at January 1, 2024 (€98 million at January 1, 2023) and cash and cash equivalents pertaining to “Discontinued 

operations” equal to €326 million at January 1, 2023

.

  


(3)  Of which cash and cash equivalents equal to €8,051 million at December 31, 2024 (€6,801 million at December 31, 2023), short-term securities 

equal to €138 million at December 31, 2024 (€81 million at December 31, 2023) and cash and cash equivalents pertaining to “Assets classified 

as held for sale” in the amount of €6 million at December 31, 2024 (€261 million at December 31, 2023).

  


  


Notes to the consolidated financial statements

427

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Notes to the consolidated

financial statements

Basis of presentation

  


  


  


  


  


1. Form and content of the consolidated financial statements

Enel SpA has its registered office 

in 

Viale Regina 

Margherita 137

  


, Rome, Italy, and since 1999 has been

listed on the Milan stock exchange. 

  


  


There were no changes in the company name in

2024.

  


Enel is an energy multinational and is one of the

world’s leading integrated operators in the electrici-

ty and gas industries, with a special focus on 

  


Europe 

and Latin America

  


.

  


The consolidated financial statements of the Group 

as at and for the year ended December 31, 2024 

comprise the financial statements of Enel SpA, its

subsidiaries and Group holdings in associates and 

joint ventures, as well as the Group’s share of the as-

sets, liabilities, costs and revenue of joint operations 

(“the Group”).

A list of the subsidiaries, associates, joint operations 

and joint ventures included in the consolidation 

scope is attached.

These consolidated financial statements were ap-

proved and authorized for publication by the Board

of Directors on March 13, 2025.

  


These consolidated financial statements have been

audited by KPMG SpA. 

  


  


Basis of presentation

The consolidated financial statements as at and for 

the year ended December 31, 2024 have been pre-

pared in accordance with international accounting 

standards (International Accounting Standards - IAS 

and International Financial Reporting Standards -

IFRS) issued by the International Accounting Stand-

ards Board (IASB), the interpretations of the IFRS 

Interpretations Committee (IFRSIC) and the Stand-

ing Interpretations Committee (SIC), recognized in

the European Union pursuant to Regulation (EC) no. 

1606/2002 and in effect as of the close of the year. 

All of these standards and interpretations are here-

inafter referred to as the “IFRS-EU”. 

  


  


The consolidated financial statements have also

been prepared in conformity with measures issued 

in implementation of Article 9, paragraph 3, of Leg-

islative Decree 38 of February 28, 2005.

The consolidated financial statements consist of the 

consolidated income statement, the statement of

consolidated comprehensive income, the statement

of consolidated financial position, the statement of 

changes in consolidated equity and the consolidated

statement of cash flows and the related notes.

The assets and liabilities recognized in the state-

ment of financial position are classified on a “current/

non-current basis”, with separate reporting of assets

held for sale and liabilities included in disposal groups 

classified as held for sale. Current assets, which in-

clude cash and cash equivalents, are assets that are 

intended to be realized, sold or consumed during the

normal operating cycle of the Group; current liabili-

ties are liabilities that are expected to be settled dur-

ing the normal operating cycle of the Group.

The income statement classifies costs on the basis 

of their nature, with separate reporting of profit/

(loss) from continuing operations and profit/(loss)

from discontinued operations attributable to own-

ers of the Parent and to non-controlling interests.

The consolidated statement of cash flows is prepared 

using the indirect method, with separate reporting of 

  


  


  


  


  


Notes to the consolidated financial statements

428

INTEGRATED ANNUAL REPORT 2024

  


any cash flows by operating, investing and financing 

activities associated with discontinued operations. 

More specifically, the statement of cash flows is pre-

sented on a gross basis and does not include non-

cash transactions.

In particular, although the Group does not diverge from 

the provisions of IAS 7 in the classification of items:

• cash flows from operating activities report cash flows 

from core operations, interest on loans granted and 

obtained and dividends received from associates or 

joint ventures;

• investing activities comprise investments in property, 

plant and equipment and intangible assets and dis-

posals of such assets and contract assets related to 

service concession arrangements. They include, also, 

the effects of business combinations in which the 

Group acquires or loses control of companies, as well 

as other minor investments;

• cash flows from financing activities include cash flows 

generated by liability management transactions and 

leases, dividends and interim dividends paid to owners 

of the Parent and non-controlling interests and the ef-

fects of transactions in non-controlling interests that 

do not change the status of control of the companies 

involved;

• a separate item is used to report the impact of ex-

change rates on cash and cash equivalents and their

impact on profit or loss is eliminated in full in order to

neutralize the effect on cash flows from operating ac-

tivities.

For more information on cash flows as reported in the

statement of cash flows, please see note 44 “Cash 

flows”.

  


  


  


The consolidated financial statements have been pre-

pared on a going concern

basis using the cost method, 

with the exception of items measured at fair value in ac-

cordance with IFRS, as explained in the measurement 

bases applied to each individual item, and of non-cur-

rent assets and disposal groups classified as held for 

sale, which are measured at the lower of their carrying 

amount and fair value less costs to sell.

The consolidated financial statements are presented in 

euro, the functional currency of the Parent Enel SpA. All 

figures are shown in millions of euro unless stated oth-

erwise.

The consolidated income statement, the statement of 

consolidated financial position and the consolidated 

statement of cash flows report transactions with related 

parties, the definition of which is given in note 2.2 “Mate-

rial accounting policies”.

The consolidated financial statements provide compara-

tive information in respect of the previous year.

  


2. Accounting policies 

2.1 Use of estimates and management 

judgment

Preparing the consolidated financial statements under 

IFRS-EU requires management to take decisions and 

make estimates and assumptions that may impact the 

carrying amount of revenue, costs, assets and liabili-

ties and the related disclosures concerning the items 

involved as well as contingent assets and liabilities. The 

estimates and management’s judgments are based 

on previous experience and other factors considered 

reasonable in the circumstances. They are formulated 

when the carrying amount of assets and liabilities is 

not easily determined from other sources. The actual 

results may therefore differ from these estimates. The 

estimates and assumptions are periodically revised 

and the effects of any changes are reflected through 

profit or loss if they only involve that period. If the revi-

sion involves both the current and future periods, the 

change is recognized in the period in which the revi-

sion is made and in the related future periods.

In order to enhance understanding of the consolidat-

ed financial statements, the following sections exam-

ine the main items affected by the use of estimates 

and the cases that reflect management judgments to 

a significant degree, underscoring the main assump-

tions used by management in measuring these items 

in compliance with the IFRS-EU. The critical element of 

such valuations is the use of assumptions and profes-

sional judgments concerning issues that are by their 

very nature uncertain. 

Changes in the conditions underlying the assump-

tions and judgments could have a substantial impact 

on future results.

The information included in the consolidated financial 

statements is selected on the basis of a materiality 

analysis carried out in accordance with the require-

ments of Practice Statement 2 “Making Materiality 

Judgments”, issued by the International Accounting 

Standards Board (IASB). 

With regard to the effects of climate change issues, the 

Group believes that climate change represents an im-

  


  


Notes to the consolidated financial statements

429

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

plicit element in the application of the methodologies 

and models used to perform estimates in the valua-

tion and/or measurement of certain accounting items. 

Furthermore, the Group has also taken account of the 

impact of climate change in the significant judgments 

made by management. In this regard, the main items 

included in the consolidated financial statements at 

December 31, 2024 affected by management’s use of 

estimates and judgments refer to the impairment of 

non-financial assets and obligations connected with 

the energy transition, including those for decom-

missioning and site restoration of certain generation 

plants. For further details on these items, see note 17 

“Property, plant and equipment”, note 22 “Goodwill”, 

and note 38 “Provisions for risks and charges”.

Use of estimates

Revenue from contracts with customers

Revenue from supply of electricity and gas to end 

users is recognized at the time the electricity or gas 

is delivered and includes, in addition to amounts in-

voiced on the basis of electricity consumption meas-

ured through periodic (and pertaining to the year) me-

ter readings or on the volumes notified by distributors 

and transporters, an estimate of the electricity and gas 

delivered during the period but not yet invoiced that is 

equal to the difference between the amount of elec-

tricity and gas delivered to the distribution network 

and that invoiced in the period, taking account of any 

network losses. Revenue between the date of the last 

meter reading and the year-end is based on estimates 

of the daily consumption of individual customers, pri-

marily determined on their historical information, ad-

justed to reflect the climate factors or other matters 

that may affect the estimated consumption. 

For more details on such revenue, see note 9.a. “Reve-

nue from sales and services”.

Impairment of non-financial assets

When the carrying amount of property, plant and 

equipment, investment property measured at cost, 

intangible assets, right-of-use assets, goodwill and in-

vestments in associates/joint ventures exceeds its re-

coverable amount, which is the higher of the fair value 

less costs to sell and the value in use, the assets are 

impaired. 

Verification of the recoverable amount of such assets 

is performed in accordance with the provisions of IAS 

36, as described in greater detail in note 22 “Goodwill”.

In order to determine the recoverable amount, the 

Group generally adopts the value in use criterion, in-

tended as the present value of the estimated future 

cash flows generated by the asset, discounted using 

a pre-tax discount rate that reflects the current mar-

ket assessment of the time value of money and of the 

specific risks of the asset. 

Future cash flows used to determine value in use are 

based on the most recent Business Plan, approved by 

the management, containing forecasts for volumes, 

revenue, operating costs and investments. These pro-

jections cover the next three years. For subsequent 

years, account is taken of:

• assumptions concerning the long-term evolution 

of the main variables considered in the calculation 

of cash flows, as well as the average residual useful 

life of the assets or the duration of the concessions, 

based on the specific characteristics of the busi-

nesses;

• a long-term growth rate equal to the long-term 

growth of electricity demand and/or inflation (de-

pending on the country and business) that does not 

in any case exceed the average long-term growth 

rate of the market involved.

The recoverable amount is sensitive to the esti-

mates and assumptions used in the calculation of 

cash flows and the discount rates applied. Nev-

ertheless, possible changes in the underlying as-

sumptions of such amounts could generate dif-

ferent recoverable amounts. The analysis of each

group of non-financial assets is unique and re-

quires management to use estimates and assump-

tions considered prudent and reasonable in the

specific circumstances.

In line with its business model and in the context of the 

energy transition process, the Group has also carefully 

assessed whether climate change issues have affect-

ed the reasonable and supportable assumption used 

to estimate expected cash flows. In this regard, where 

necessary, the Group has also taken account of the 

long-term impact of climate change, in particular by 

considering in the estimation of the terminal value a 

long-term growth rate in line with the change in elec-

tricity demand determined using energy models for 

each country.

Information on the main assumptions used to esti-

mate the recoverable amount of assets with reference 

to the impacts relating to climate change, as well as 

information on changes in these assumptions, is pro-

vided in note 22 “Goodwill”.

  


  


Notes to the consolidated financial statements

430

INTEGRATED ANNUAL REPORT 2024

Expected credit losses on financial assets

At the end of each reporting period, the Group rec-

ognizes a loss allowance for expected credit losses on 

trade receivables and other financial assets measured 

at amortized cost, debt instruments measured at fair 

value through other comprehensive income, contract 

assets and all other assets in scope.

Loss allowances for financial assets are based on as-

sumptions about risk of default and on the measure-

ment of expected credit losses. Management uses 

judgment in making these assumptions and selecting 

the inputs for the impairment calculation, based on 

the Group’s past experience, current market condi-

tions as well as forward-looking estimates at the end 

of each reporting period. 

The expected credit loss (ECL) – determined con-

sidering probability of default (PD), loss given default 

(LGD), and exposure at default (EAD) – is the difference 

between all contractual cash flows that are due in ac-

cordance with the contract and all cash flows that are 

expected to be received (including all shortfalls) dis-

counted at the original effective interest rate (EIR).

For additional details on the general simplified ap-

proach used to determine expected credit losses, 

please see note 46 “Financial instruments by catego-

ry ”.

Based on the specific reference market and the regu-

latory context of the sector, as well as expectations of 

recovery after 90 days, for trade receivables, contract 

assets and lease receivables, the Group mainly applies 

a default definition of 180 days past due to determine 

expected credit losses, as this is considered an effec-

tive indication of a significant increase in credit risk. 

Accordingly, financial assets that are more than 90 

days past due are generally not considered to be in 

default, except for some specific regulated markets.

For trade receivables and contract assets the Group 

mainly applies a collective approach based on group-

ing them into specific clusters, taking into account the 

specific regulatory and business context. Only if the 

trade receivables are deemed to be individually signifi-

cant by management and there is specific information 

about any significant increase in credit risk, does the 

Group apply an analytical approach.

Based on specific management evaluations, the for-

ward-looking adjustment can be applied considering 

qualitative and quantitative information in order to re-

flect possible future events and macroeconomic sce-

narios, which may affect the risk of the portfolio or the 

financial instrument.

For additional details on the key assumptions and in-

puts used, please see note 46 “Financial instruments 

by category”.

Depreciable amount of certain elements of 

Italian hydroelectric plants subsequent to 

enactment of Law 134/2012

Italian regulations governing large-scale hydroelec-

tric concessions were significantly modified by the

“Simplifications Decree” (Decree Law 135 of 2018, 

ratified with Law 12 of February 11, 2019). The reg-

ulations introduce a number of innovations which, 

if applied to existing concessions, would require a 

review of the useful lives of certain investments in 

hydroelectric plants in order to reflect the possibil-

ity that, at the end of the concession, some assets 

could be transferred free of charge to the new con-

cession holder. However, in estimating the useful lives 

of these plants, management, with the support of a 

legal opinion, considered the foreseeable outcome

of the appeals promptly lodged by the Group – and 

others – and the related constitutionality issues,

which have also been raised by industrial associa-

tions. Consequently, we believe that the legislation 

raises serious constitutionality issues that will be ef-

fectively recognized in the appropriate fora. Accord-

ingly, management deemed it appropriate not to re-

flect the changes introduced by the regulations and 

therefore has continued to measures the useful lives

of the plants as has been done in previous years un-

der the previous regulatory system, considering this 

to be the most realistic estimate.

Law 134 of August 7, 2012 containing “urgent meas-

ures for growth” (published in the Gazzetta Ufficiale

of August 11, 2012) introduced a sweeping overhaul 

of the rules governing hydroelectric concessions.

Among its various provisions, the law establishes that 

five years before the expiration of a major hydroelec-

tric water diversion concession and in cases of lapse,

relinquishment or revocation, where there is no pre-

vailing public interest for a different use of the wa-

ter, incompatible with its use for hydroelectric gen-

eration, the competent public entity shall organize a 

public call for tenders for the award for consideration 

of the concession for a period ranging from 20 to a

maximum of 30 years.

In order to ensure operational continuity, the law also

governs the methods of transferring ownership of the 

business unit necessary to operate the concession, 

including all legal relationships relating to the con-

cession, from the outgoing concession holder to the 

  


  


Notes to the consolidated financial statements

431

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


new concession holder, in exchange for payment of a

price to be determined in negotiations between the

departing concession holder and the grantor agency, 

taking due account of the following elements:

• for intake and governing works, penstocks and

outflow channels, which under the consolidated 

law governing waters and electrical plants are to 

be relinquished free of charge (Article 25 of Royal

Decree 1775 of December 11, 1933), the revalued

cost less government capital grants, also revalued, 

received by the concession holder for the con-

struction of such works, depreciated for ordinary

wear and tear;

• for other property, plant and equipment, the mar-

ket value, meaning replacement value, reduced by 

estimated depreciation for ordinary wear and tear.

While acknowledging that the new regulations intro-

duce important changes as to the transfer of owner-

ship of the business unit with regard to the operation 

of the hydroelectric concession, the practical appli-

cation of these principles faces difficulties, given the 

uncertainties that do not permit the formulation of a 

reliable estimate of the value that can be recovered 

at the end of existing concessions (residual value).

Accordingly, management has decided it could not 

produce a reasonable and reliable estimate of resid-

ual value.

The fact that the legislation requires the new con-

cession holder to make a payment to the departing 

concession holder prompted management to review 

the depreciation schedules for assets classified as to 

be relinquished free of charge prior to Law 134/2012 

(until the year ended on December 31, 2011, giv-

en that the assets were to be relinquished free of 

charge, the depreciation period was equal to the 

closest date between the term of the concession and

the end of the useful life of the individual asset), cal-

culating depreciation no longer over the term of the 

concession but, if longer, over the useful life of the 

individual assets. If additional information becomes 

available to enable the calculation of residual value, 

the carrying amounts of the assets involved will be 

adjusted prospectively. 

Determining the fair value of financial 

instruments

The fair value of financial instruments is determined on 

the basis of prices directly observable in the market, 

where available, or, for unlisted financial instruments, 

using specific valuation techniques (mainly based on 

present value) that maximize the use of observable 

market inputs. In rare circumstances where this is not 

possible, the inputs are estimated by management 

taking due account of the characteristics of the in-

struments being measured. 

For more information on financial instruments meas-

ured at fair value, please see note 50 “Assets and lia-

bilities measured at fair value”.

In accordance with IFRS 13, the Group includes a 

measurement of credit risk, both of the counterparty 

(Credit Valuation Adjustment or CVA) and its own (Deb-

it Valuation Adjustment or DVA), in order to adjust the 

fair value of financial instruments for the correspond-

ing amount of counterparty risk, using the method 

discussed in note 50 “Assets and liabilities measured 

at fair value”. 

Changes in the assumptions made in estimating the 

input data could have an impact on the fair value rec-

ognized for those instruments.

Pensions and other post-employment benefits

Some of the Group’s employees participate in pension 

plans offering benefits based on their wage history and 

years of service. Certain employees are also eligible for 

other post-employment benefit schemes.

The expenses and liabilities of such plans are calculated 

on the basis of estimates carried out by consulting ac-

tuaries, who use a combination of statistical and actu-

arial elements in their calculations, including statistical 

data on past years and forecasts of future costs. Other 

components of the estimation that are considered in-

clude mortality and retirement rates as well as assump-

tions concerning future developments in discount 

rates, the rate of wage increases, the inflation rate and 

trends in healthcare cost. 

These estimates can differ significantly from actual de-

velopments owing to changes in economic and market 

conditions, increases or decreases in retirement rates 

and the lifespan of participants, as well as changes in 

the effective cost of healthcare. 

Such differences can have a substantial impact on the 

quantification of pension costs and other related ex-

penses. 

For more details on the main actuarial assumptions 

adopted, please see note 37 “Employee benefits”.

Provisions for risks and charges

For more details on provisions for risks and charges, 

please see note 38 “Provisions for risks and charges”.

Note 55 “Contingent assets and liabilities” also pro-

  


  


  


Notes to the consolidated financial statements

432

INTEGRATED ANNUAL REPORT 2024

  


vides information regarding the most significant con-

tingent assets and liabilities for the Group at year end.

  


Litigation

The Group is involved in various civil, administrative 

and tax disputes connected with the normal pursuit 

of its activities that could give rise to significant lia-

bilities. It is not always objectively possible to predict 

the outcome of these disputes. The assessment of the 

risks associated with this litigation is based on com-

plex factors whose very nature requires recourse to 

management judgments, even when taking account 

of the contribution of external advisors assisting the 

Group, about whether to classify them as contingent 

liabilities or liabilities.

Provisions have been recognized to cover all signifi-

cant liabilities for cases in which legal counsel feels an 

adverse outcome is more likely than not and a reason-

able estimate of the amount of the expense can be 

made.

Obligations associated with generation plants, 

including decommissioning and site restoration 

Generation activities may entail obligations for the op-

erator with regard to future interventions that will have 

to be performed following the end of the operating life 

of the plant.

Such interventions may involve the decommission-

ing of plants and site restoration, or other obligations 

linked to the type of generation technology involved. 

The nature of such obligations may also have a major 

impact on the accounting treatment used for them.

In the case of nuclear power plants, where the costs 

regard both decommissioning and the storage of 

waste fuel and other radioactive materials, the estima-

tion of the future cost is a critical process, given that 

the costs will be incurred over a very long span of time, 

estimated at up to 100 years.

The obligation, based on financial and engineering as-

sumptions, is calculated by discounting the expected 

future cash flows that the Group considers it will have 

to pay to meet the obligations it has assumed.

The discount rate used to determine the present value 

of the liability is the pre-tax risk-free rate and is based 

on the economic parameters of the country in which 

the plant is located. That liability is quantified by man-

agement on the basis of the technology existing at the 

measurement date and is reviewed each year, taking 

account of developments in storage, decommission-

ing and site restoration technology, as well as the on-

going evolution of the legislative framework governing 

health and environmental protection.

Subsequently, the value of the obligation is adjusted 

to reflect the passage of time and any changes in es-

timates.

Please see note 38 “Provisions for risks and charges”

for more information on the discount rates, the esti-

mated non-discounted costs and their timing, used 

to calculate the decommissioning and site restoration 

provisions. 

Onerous contracts

In order to identify an onerous contract, the Group es-

timates the non-discretionary costs necessary to fulfil 

the obligations assumed (including any penalties) un-

der the contract and the economic benefits that are 

presumed to be obtained from the contract.

Leases

When the interest rate implicit in the lease cannot be 

readily determined, the Group uses the incremental 

borrowing rate (IBR) at the lease commencement date 

to calculate the present value of the lease payments. 

This is the interest rate that the lessee would have to 

pay to borrow over a similar term, and with a similar 

security, the funds necessary to obtain an asset of 

a similar value to the right-of-use asset in a similar 

economic environment. When no observable inputs 

are available, the Group estimates the IBR making as-

sumptions to reflect the terms and conditions of the 

lease and certain lessee-specific estimates.

One of the most significant judgments for the Group is 

determining this IBR necessary to calculate the pres-

ent value of the lease payments required to be paid to 

the lessor. The Group approach to determine an IBR 

is based on the assessment of the following three key 

components: 

• the risk-free rate, that consider the currency flows 

of the lease payments, the economic environment 

where the lease contract has been negotiated and 

also the lease term; 

• the credit spread adjustment, in order to calculate 

an IBR that is specific for the lessee considering any 

underlying Parent or other guarantee; 

• the lease related adjustments, in order to reflect into 

the IBR calculation the fact that the discount rate is 

directly linked to the type of the underlying asset, 

rather than being a general incremental borrowing 

rate. In particular, the risk of default is mitigated for 

  


  


Notes to the consolidated financial statements

433

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


the lessors as they have the right to reclaim the un-

derlying asset itself. 

For more information on lease liabilities, please see 

note 46 “Financial instruments by category”.

Income tax

Recovery of deferred tax assets

At December 31, 2024, the consolidated financial 

statements report deferred tax assets in respect of tax 

losses or tax credits usable in subsequent years and 

income components whose deductibility is deferred 

in an amount whose future recovery is considered by 

management to be highly probable.

The recoverability of such assets is subject to the 

achievement of future profits sufficient to absorb 

such tax losses and to use the benefits of the other 

deferred tax assets. 

Significant management judgment is required to as-

sess the probability of recovering deferred tax assets, 

considering all negative and positive evidence, and to 

determine the amount that can be recognized, based 

upon the likely timing and the level of future taxable 

profits together with future tax planning strategies 

and the tax rates applicable at the date of reversal. 

However, where the Group should become aware that 

it is unable to recover all or part of recognized tax as-

sets in future years, the consequent adjustment would 

be taken to profit or loss in the year in which this cir-

cumstance arises.

The recoverability of deferred tax assets is reviewed at 

the end of each period. Deferred tax assets not recog-

nized are reassessed at each reporting date in order to 

verify the conditions for their recognition.

For more detail in deferred tax assets recognized or 

not recognized, please see note 23 “Deferred tax as-

sets and liabilities”.

Management judgment

Identification of operating segments

In accordance with the requirements of IFRS 8, 

the Group’s primary operating segments are rep-

resented by the business lines, identified as com-

ponents:

• that engage in business activities from which they 

may earn revenue and incur expenses (including 

revenue and expenses relating to transactions with 

other components of the same entity);

• whose operating results are regularly reviewed by 

management to make decisions about resources to 

be allocated to the segment and assess its perfor-

mance; and

• for which discrete financial information is available. 

The Group’s secondary operating segments are repre-

sented by the regions and countries where it operates, 

and provide an additional dimension of management 

analysis, enabling the monitoring of the performance 

of each business line on a geographical basis.

  


  


Identification of cash generating units (CGUs)

For impairment testing, if the recoverable amount can-

not be determined for an individual asset, the Group 

identifies the smallest group of assets that generate 

largely independent cash inflows. The smallest group 

of assets that generates cash inflows that are largely 

independent of the cash inflows from other assets or 

group of assets is a CGU.

Identifying such CGUs involves management judg-

ments regarding the specific nature of the assets and 

the business involved (geographical segment, business 

segment, regulatory framework, etc.). The assets of 

each CGU are also identified on the basis of the manner 

in which management manages and monitors those 

assets, as well as the evidence that the cash inflows of 

the group of assets are largely independent of those 

associated with other assets (or groups of assets). 

The assets of each CGU are also identified on the ba-

sis of the manner in which management manages and 

monitors those assets. In particular, the number and 

scope of the CGUs are updated systematically to re-

flect the impact of new business combinations and 

reorganizations carried out by the Group. 

The CGUs identified by management to which the 

goodwill recognized in these consolidated financial 

statements has been allocated and the criteria for 

their identification are reported in note 22 “Goodwill”.

Determining the useful life 

of non-financial assets

In determining the useful life of property, plant and 

equipment and intangible assets with a finite useful 

life, the Group considers not only the future economic 

benefits – contained in the assets – obtained through 

their use, but also many other factors, such as physi-

cal wear and tear, the technical, commercial or other 

obsolescence of the product or service produced with 

the asset, legal or similar limits (e.g. safety, environ-

mental or other restrictions) on the use of the asset, 

if the useful life of the asset depends on the useful life 

of other assets.

  


  


Notes to the consolidated financial statements

434

INTEGRATED ANNUAL REPORT 2024

Furthermore, in estimating the useful lives of the assets 

concerned, the Group has taken account of its commit-

ment under the Paris Agreement. For more information, 

please see note 17 “Property, plant and equipment”.

Determination of the existence of control 

Under the provisions of IFRS 10, control is achieved 

when the Group is exposed, or has rights, to variable 

returns from its involvement with the investee and has 

the ability to affect those returns through its power 

over the investee. Power is defined as the current abili-

ty to direct the relevant activities of the investee based 

on existing substantive rights. 

The existence of control does not depend solely on 

ownership of a majority investment, but rather it arises 

from substantive rights that each investor holds over 

the investee. Consequently, management must use 

its judgment in assessing whether specific situations 

determine substantive rights that give the Group the 

power to direct the relevant activities of the investee 

in order to affect its returns. 

For the purpose of assessing control, management 

analyzes all facts and circumstances including any 

agreements with other investors, also in respect of 

voting or appointing directors, rights arising from 

other contractual arrangements and potential voting 

rights (call options, warrants, put options granted to 

non-controlling shareholders, etc.) and other legal 

provisions. These other facts and circumstances could 

be especially significant in such assessment when the 

Group holds less than a majority of voting rights, or 

similar rights, in the investee. 

Furthermore, even if it holds more than half of the vot-

ing rights in an entity, the Group considers all the rel-

evant facts and circumstances in assessing whether it 

controls the investee.

The Group reassesses whether or not it controls an in-

vestee if facts and circumstances indicate that there 

are changes to one or more of the elements consid-

ered in verifying the existence of control.

Determination of the existence of joint control 

and of the type of joint arrangement

Under the provisions of IFRS 11, a joint arrangement 

is an agreement where two or more parties have joint 

control. Joint control exists only when the decisions 

over the relevant activities require the unanimous 

consent of the parties that share joint control.

A joint arrangement can be configured as a joint ven-

ture or a joint operation. Joint ventures are joint ar-

rangements whereby the parties that have joint con-

trol have rights to the net assets of the arrangement. 

Conversely, joint operations are joint arrangements 

whereby the parties that have joint control have rights 

to the assets and obligations for the liabilities relating 

to the arrangement.

In order to determine the existence of the joint control 

and the type of joint arrangement, management must 

apply judgment and assess its rights and obligations 

arising from the arrangement. For this purpose, the 

management considers the structure and legal form 

of the arrangement, the terms agreed by the parties in 

the contractual arrangement and, when relevant, oth-

er facts and circumstances. 

Following that analysis, the Group has considered its 

interest in Asociación Nuclear Ascó-Vandellós II as a 

joint operation. 

The Group re-assesses whether or not it has joint con-

trol if facts and circumstances indicate that changes 

have occurred in one or more of the elements consid-

ered in verifying the existence of joint control and the 

type of the joint arrangement. 

For more information on the Group’s investments in 

joint ventures, please see note 24 “Equity-accounted 

investments”.

Determination of the existence of significant 

influence over an associate

Associates are those in which the Group exercises sig-

nificant influence, i.e. the power to participate in the 

financial and operating policy decisions of the inves-

tee but not exercise control or joint control over those 

policies. In general, it is presumed that the Group has a 

significant influence when it has an ownership interest 

of 20% or more.

In order to determine the existence of significant influ-

ence, management must apply judgment and consid-

er all facts and circumstances. 

The Group re-assesses whether or not it has signif-

icant influence if facts and circumstances indicate 

that there are changes to one or more of the elements 

considered in verifying the existence of significant in-

fluence.

For more information on the Group’s equity invest-

ments in associates, please see note 24 “Equity-ac-

counted investments”.

Determination of non-current assets 

(or disposal groups) held for sale and 

discontinued operations

An asset is classified as “held for sale” when its sale is 

highly probable.

  


  


Notes to the consolidated financial statements

435

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

To determine whether a sale is highly probable, the 

Group considers whether:

• management has committed to a plan to sell the 

asset (or disposal group), and an active program to 

locate a buyer and complete the plan has been in-

itiated;

• the sale should be expected to qualify for recog-

nition as a completed sale within one year from 

the date of classification, except where the delay 

is caused by events or circumstances beyond the 

Group’s control and there is sufficient evidence that 

the Group remains committed to its plan to sell the 

asset;

• the actions required to complete the plan should in-

dicate that it is unlikely that significant changes to 

the plan will be made or that the plan will be with-

drawn.

In addition, an asset (or group of assets) shall be pre-

sented as a discontinued operation when it is classi-

fied as held for sale and: 

• represents a separate major line of business or geo-

graphical area of operations; 

• is part of a single coordinated plan to dispose of a 

separate major line of business or geographical area 

of operations; or 

• is a subsidiary acquired exclusively with a view to re-

sale. 

Application of “IFRIC 12 – Service concession 

arrangements” to concessions

The Group, as operator, applies IFRIC 12 to “pub-

lic-to-private” service concession arrangements, un-

der which a public entity (the grantor) conveys to an 

operator the right to manage the infrastructure used 

to provide services. 

More specifically, management assesses whether 

“public-to-private” service concession arrange-

ments are within the scope of IFRIC 12 on the basis 

of whether:

• the grantor controls or regulates what services the 

operator must provide with the infrastructure, to 

whom it must provide them, and at what price; and

• the grantor controls – through ownership, beneficial 

entitlement or otherwise – any significant residual 

interest in the infrastructure at the end of the term 

of the arrangement.

On the basis of that analysis, the provisions of IFRIC 

12 are applicable to the service concession arrange-

ments of a number of companies that operate primar-

ily in Brazil. 

Further details about service concession arrange-

ments in the scope of IFRIC 12 are provided in note 18 

“Service concession arrangements”.

Revenue from contracts with customers

The Group carefully analyzes the contractual terms 

and conditions on a jurisdictional level in order to de-

termine when a contract exists and the terms of that 

contract’s enforceability so as to apply IFRS 15 only to 

such contracts. 

When a contract includes multiple promised goods 

or services, in order to assess if they should be ac-

counted for separately or as a group, the Group con-

siders both the individual characteristics of goods/

services (i.e. whether they are distinct or are a series 

of distinct goods or services that are substantially the 

same and that have the same pattern of transfer to 

the customer), and the nature of the promise within 

the context of the contract. To this end, it is necessary 

to evaluate all the facts and circumstances relating to 

the specific contract under the relevant legal and reg-

ulatory framework. To evaluate when a performance 

obligation is satisfied, the Group evaluates when the 

control of the goods or services is transferred to the 

customer, assessed primarily from the perspective of 

the customer. 

For each performance obligation, and in relation to the 

type of transaction:

• revenue is recognized over time on the basis of

the progress towards complete satisfaction of the 

performance obligation, as in the case of the pro-

vision of services. The measurement of progress 

towards complete satisfaction of a performance 

obligation is carried out consistently for perfor-

mance obligations and similar circumstances us-

ing an “output” or “input” method. In particular, 

the cost incurred method (cost-to-cost method) 

is considered appropriate for measuring pro-

gress except when a specific analysis of the con-

tract counsels the use of an alternative method. 

If it should prove impossible to reasonably assess

progress towards satisfaction of the performance 

obligation, the Group recognizes revenue only to

the extent of the incurred costs that are consid-

ered recoverable;

• if, on the other hand, the performance obligation is 

satisfied at a given moment, as in the case of the 

supply of goods, revenue is recognized at the point 

in time in which the customer obtains the control of 

the goods, considering all relevant indicators. 

  


  


Notes to the consolidated financial statements

436

INTEGRATED ANNUAL REPORT 2024

  


The Group considers all relevant facts and circum-

stances in determining whether a contract includes 

variable consideration (i.e. consideration that may vary 

or depends upon the occurrence or non-occurrence 

of a future event). In estimating variable consideration, 

the Group uses the method that better predicts the 

consideration to which it will be entitled, applying it 

consistently throughout the contract and for similar 

contracts, also considering all available information, 

and updating such estimates until the uncertainly is 

resolved. The Group includes the estimated variable 

consideration in the transaction price only to the ex-

tent that it is highly probable that a significant reversal 

in the cumulative revenue recognized will not occur 

when the uncertainty is resolved.

The Group considers that it is an agent in some con-

tracts in which it is not primarily responsible for ful-

filling the contract and therefore it does not control 

goods or services before they are being transferred to 

customers. For example, the Group acts as an agent 

in some contracts for electricity/gas network connec-

tion services and other related activities depending on 

local legal and regulatory framework.

For contracts that have more than one performance 

obligation (e.g. “bundled” sale contracts), the Group 

generally allocates the transaction price to each per-

formance obligation in proportion to its stand-alone 

selling price. The Group determines stand-alone sell-

ing prices considering all information and using ob-

servable prices when they are available in the market 

or, if not, using an estimation method that maximizes 

the use of observable inputs and applying it consist-

ently to similar arrangements. 

If the Group evaluates that a contract includes an op-

tion for additional goods or services (e.g. customer 

loyalty programs or renewal options) that represents a 

material right, it allocates the transaction price to this 

option since the option gives rise to an additional per-

formance obligation. 

The Group assesses recoverability of the incremen-

tal costs of obtaining a contract either on a con-

tract-by-contract basis, or for a group of contracts if 

those costs are associated with the group of contracts.

The Group supports the recoverability of such costs 

on the basis of its experience with other similar trans-

actions and evaluating various factors, including po-

tential renewals, amendments and follow-on contracts 

with the same customer.

The Group amortizes such costs over the average cus-

tomer term. In order to determine this expected peri-

od of benefit from the contract, the Group considers 

its past experience (e.g. “churn rate”), the predictive 

evidence from similar contracts and available informa-

tion about the market.

  


  


Power Purchase Agreements

Power Purchase Agreements (PPAs), which provide

for the physical delivery of energy and which do not 

comply with the requirements of IFRS 10 for the ex-

istence of control or joint control over a company or

an asset, and IFRS 16 for the recognition of a lease, 

but which comply with the definition of a derivative 

under IFRS 9, are accounted for on the basis of the 

own use exemption when the relevant conditions 

are met. 

For more information on Virtual PPAs complying with 

the definition of derivative pursuant to IFRS 9, please 

see note 49 “Derivatives and hedge accounting”.

Classification and measurement 

of financial assets

At initial recognition, in order to classify financial as-

sets as financial assets at amortized cost, at fair value 

through other comprehensive income and at fair val-

ue through profit or loss, management assesses both 

the contractual cash flow characteristics of the instru-

ment and the business model for managing financial 

assets in order to generate cash flows. 

In order to evaluate the contractual cash flow charac-

teristics of the instrument, management performs the 

SPPI test at an instrument level, in order to determine 

if it gives rise to cash flows that are solely payments of 

principal and interest (SPPI) on the principal amount 

outstanding, performing specific assessment on the 

contractual clauses of the financial instruments, as 

well as quantitative analysis, if required. 

The business model determines whether cash flows 

will result from collecting contractual cash flows, sell-

ing the financial assets, or both.

For more details, please see note 46 “Financial instru-

ments by category”.

Hedge accounting

Hedge accounting is applied to derivatives in order to 

reflect into the financial statements the effect of the 

Group’s risk management strategies. 

  


  


Notes to the consolidated financial statements

437

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Accordingly, at the inception of the transaction the 

Group documents the hedge relationship between 

hedging instruments and hedged items, as well as its 

risk management objectives and strategy. The Group 

also assesses, both at hedge inception and on an on-

going basis, whether hedging instruments are highly 

effective in offsetting changes in the fair values or cash 

flows of hedged items.

On the basis of management’s judgment, the ef-

fectiveness assessment based on the existence of

an economic relationship between the hedging in-

struments and the hedged items, the dominance of 

credit risk in the changes in fair value and the hedge

ratio, as well as the measurement of the ineffective-

ness, is evaluated through a qualitative assessment 

or a quantitative computation, depending on the

specific facts and circumstances and on the char-

acteristics of the hedged items and the hedging in-

struments.

For cash flow hedges of forecast transactions desig-

nated as hedged items, management assesses and 

documents that they are highly probable and present 

an exposure to changes in cash flows that affect profit 

or loss.

For additional details on the key assumptions about 

effectiveness assessment and ineffectiveness meas-

urement, please refer to note 49.1 “Derivatives and 

hedge accounting”.

Leases 

The complexity of the assessment of the lease con-

tracts, and also their long-term expiring date, requires 

considerable professional judgments for application 

of IFRS 16\. In particular, this regards: 

• the application of the definition of a lease to the 

cases typical of the sectors in which the Group op-

erates;

• the identification of the non-lease component into 

the lease arrangements;

• the evaluation of any renewable and termination op-

tions included in the lease in order to determine the 

term of leases, also considering the probability of 

their exercise and any significant leasehold improve-

ments on the underlying asset;

• the identification of any variable lease payments 

that depend on an index or a rate to determine 

whether the changes of the latter impact the future 

lease payments and also the amount of the right-

of-use asset;

• the estimate of the discount rate to calculate the 

present value of the lease payments; further details 

on assumptions about this rate are provided in the 

paragraph “Use of estimates”.

For more information on leases, please see note 19 

“Leases”.

Uncertainty over income tax treatments 

The Group determines whether to consider each un-

certain income tax treatment separately or together 

with one or more other uncertain tax treatments as

well as whether to reflect the effect of uncertainty by 

using the most likely amount or the expected value

method, based on which approach better predicts 

the resolution of the uncertainty for each uncertain

tax treatments, taking account of local tax regula-

tions.

The Group makes significant use of professional judg-

ment in identifying uncertainties about income tax 

treatments and reviews the judgments and estimates 

made in the event of a change in facts and circum-

stances that could change its assessment of the ac-

ceptability of a specific tax treatment or the estimate 

of the effects of uncertainty, or both.

For more information on income taxes, please see 

note 15 “Income taxes”.

  


  


  


2.2 Material accounting policies

Related parties

Pursuant to IAS 24, related parties are mainly those

that share the same controlling entity with Enel SpA, 

the companies that directly or indirectly are con-

trolled by Enel SpA, the associates or joint ventures 

(including their subsidiaries) of Enel SpA, or the asso-

ciates or joint ventures (including their subsidiaries)

of any Group company. 

Related parties also include 

entities that operate post-employment benefit plans

for employees of Enel SpA or its associates (specif-

ically, the FOPEN and FONDENEL pension funds), as 

well as the members of the boards of statutory au-

ditors, and their immediate family, and the key man-

agement personnel, and their immediate family, of 

Enel SpA and its subsidiaries. Key management per-

sonnel comprises management personnel who have

the power and direct or indirect responsibility for the 

planning, management and control of the activities

of the Company. They include directors (whether ex-

ecutive or not).

  


  


  


  


Notes to the consolidated financial statements

438

INTEGRATED ANNUAL REPORT 2024

  


  


  


  


Subsidiaries

Pursuant to IFRS 10, subsidiaries are all entities over 

which the Group has control. For more information on 

the definition of control, please see the section “De-

termination of the existence of control” in note 2.1 

“Use of estimates and management judgment”. 

The financial statements of subsidiaries used to pre-

pare the consolidated financial statements were pre-

pared at December 31, 2024 in accordance with the 

accounting policies adopted by the Group.

If a subsidiary uses different accounting policies from 

those adopted in preparing the consolidated finan-

cial statements for similar transactions and facts in 

similar circumstances, appropriate adjustments are 

made to ensure conformity with Group accounting

policies.

The figures of the subsidiaries are consolidated on a 

full line-by-line basis as from the date control is ac-

quired until such control ceases.

Profit or loss for the year and the other comprehen-

sive income are attributed to owners of the Parent and 

non-controlling interests, even if this results in a loss 

for non-controlling interests. 

All intercompany assets and liabilities, equity items, rev-

enue, expenses and cash flows relating to transactions 

between entities of the Group are eliminated in full.

Changes in ownership interest in subsidiaries that 

do not result in loss of control are accounted for as 

equity transactions, with the carrying amounts of the 

controlling and non-controlling interests adjusted to 

reflect changes in their interests in the subsidiary. Any 

difference between the amount to which non-con-

trolling interests are adjusted and the fair value of the 

consideration paid or received is recognized in con-

solidated equity. 

  


When the Group ceases to have control over a subsid-

iary, any interest retained in the entity is remeasured 

to its fair value, recognized through profit or loss, at 

the date when control is lost, recognizing any gain or 

loss from the loss of control through profit or loss. In 

addition, any amounts previously recognized in other 

comprehensive income in respect of the former sub-

sidiary are accounted for as if the Group had directly 

disposed of the related assets or liabilities. 

  


  


  


  


  


Investments in associates and joint 

ventures

In the consolidated financial statements, investments 

in associated companies and joint arrangements are 

measured in accordance with the requirements es-

tablished by “IAS 28 - Investments in Associates and

Joint Ventures” and “IFRS 11 - Joint Arrangements”.

In this respect, an associate is an entity over which the 

Group has significant influence, while a joint venture 

is a joint arrangement over which the Group exercis-

es joint control and has rights to the net assets of the 

arrangement. 

The Group’s investments in associates and joint ven-

tures are accounted for using the equity method, un-

der which these investments are initially recognized 

at cost and any goodwill arising from the difference 

between the cost of the investment and the Group’s 

share of the net fair value of the investee’s identifiable 

assets and liabilities at the acquisition date is included 

in the carrying amount of the investment. 

After the acquisition date, their carrying amount is ad-

justed to recognize changes in the Group’s share of 

profit or loss of the associate or joint venture in Group 

profit or loss. Adjustments to the carrying amount may 

also be necessary following changes in the Group’s 

share in the associate or joint venture as a result of 

changes in the other comprehensive income of the 

investee. The Group’s share of these changes is rec-

ognized in the Group’s other comprehensive income.

Distributions received from joint ventures and associ-

ates reduce the carrying amount of the investments. 

Gains and losses resulting from transactions between 

the Group and the associates or joint ventures are 

eliminated to the extent of the interest in the associate 

or joint venture. 

The financial statements of the associates or joint ven-

tures are prepared for the same reporting period as 

the Group. 

After application of the equity method, the Group de-

termines whether it is necessary to recognize an im-

pairment loss on its investment in an associate or joint

venture. If there is objective evidence of a loss of value, 

the entire carrying amount of the investment under-

goes impairment testing pursuant to IAS 36 as a single 

asset. For more information on impairment, please see 

the section “Impairment of non-financial assets” in note

2.1 “Use of estimates and management judgment”.

If the investment ceases to be an associate or a joint 

venture, the Group recognizes any retained investment 

at its fair value, through profit or loss. Any amounts 

  


  


  


  


  


  


Notes to the consolidated financial statements

439

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


  


previously recognized in other comprehensive income 

in respect of the former associate or joint venture are 

accounted for as if the Group had directly disposed of 

the related assets or liabilities. 

If the ownership interest in an associate or a joint ven-

ture is reduced, but the Group continues to exercise 

a significant influence or joint control, the Group con-

tinues to apply the equity method and the share of the 

gain or loss that had previously been recognized in 

other comprehensive income relating to that reduc-

tion is accounted for as if the Group had directly dis-

posed of the related assets or liabilities.

Joint operations are joint arrangements whereby the 

Group, which holds joint control, has rights to the as-

sets and obligations for the liabilities relating to the 

arrangement. For each joint operation, the Group rec-

ognized assets, liabilities, costs and revenue on the 

basis of the provisions of the arrangement rather than 

the interest held.

Where there is an increase in the interest in a joint ar-

rangement that meets the definition of a business:

• if the Group acquires control, and had rights over 

the assets and obligations for the liabilities of the 

joint arrangement immediately before the acquisi-

tion date, then the transaction represents a business 

combination achieved in stages, with the remeas-

urement of the interest it held previously in the joint 

operation at its fair value at each acquisition date;

• if the Group obtains joint control (i.e. it already had 

an interest in a joint operation without holding joint 

control), the interest previously held in the joint op-

eration shall not be remeasured.

For more information on the Group’s investments in 

associates and joint ventures, please see note 24 “Eq-

uity-accounted investments”.

  


  


  


  


Translation of foreign currency items

Pursuant to “IAS 21 - The Effects of Changes in Foreign

Exchange Rates”, transactions in currencies other than 

the functional currency are initially recognized at the 

spot exchange rate prevailing on the date of the trans-

action. 

Monetary assets and liabilities denominated in a for-

eign currency other than the functional currency are 

subsequently translated using the spot exchange rate 

prevailing at the reporting date.

Non-monetary assets and liabilities denominated in 

foreign currency that are recognized at historical cost 

are translated using the exchange rate at the date of 

the initial recognition of the transaction. Non-mone-

tary assets and liabilities in foreign currency measured 

at fair value are translated using the exchange rate at 

the date the fair value was determined. 

Any exchange differences are recognized through 

profit or loss. 

In determining the spot exchange rate to use on initial 

recognition of the related asset, expense or income 

(or part of it) on the derecognition of a non-monetary 

asset or non-monetary liability relating to advance 

consideration in foreign currency paid or received, 

the date of the transaction is the date on which the 

Group initially recognizes the non-monetary asset or 

non-monetary liability associated with the advance 

consideration.

Translation of financial statements 

denominated in a foreign currency

For the purposes of the consolidated financial state-

ments, all revenue, expenses, assets and liabilities are 

stated in euro, which is the presentation currency of 

the Parent.

Pursuant to IAS 21, in order to prepare the consoli-

dated financial statements, the financial statements 

of consolidated companies with functional currencies 

other than the presentation currency used in the con-

solidated financial statements are translated into eu-

ros by applying the closing exchange rate to the assets 

and liabilities, including goodwill and consolidation ad-

justments, and the average exchange rate for the pe-

riod to the income statement items on the condition 

it approximates the exchange rates prevailing at the 

date of the respective transactions. 

Any resulting exchange gains or losses are recognized 

as a separate component of equity in a special reserve. 

The gains and losses are recognized proportionately in 

the income statement on the disposal (partial or total) 

of the subsidiary.

When the functional currency of a consolidated com-

pany is the currency of a hyperinflationary economy, 

the Group restates the financial statements in accord-

ance with “IAS 29 - Financial Reporting in Hyperinfla-

tionary Economies” before applying the specific con-

version method set out below.

In order to consider the impact of hyperinflation on 

the local currency exchange rate, the financial po-

sition and performance (i.e. assets, liabilities, equity 

  


  


Notes to the consolidated financial statements

440

INTEGRATED ANNUAL REPORT 2024

items, revenue and expenses) of a company of the 

Group whose functional currency is the currency of 

a hyperinflationary economy are translated into the 

Group’s presentation currency (the euro) using the 

exchange rate prevailing at the reporting date, except 

for comparative amounts presented in the previous 

year’s financial statements which are not adjusted for 

subsequent changes in the price level or subsequent 

changes in exchange rates.

Goodwill

Goodwill represents the future economic benefits 

arising from other assets acquired in a business com-

bination that are not individually identified and sepa-

rately recognized and is recognized in the consolidat-

ed financial statements as at the date of acquisition of 

control of the business.

To this end, the Group recognizes business combina-

tions using:

• the “purchase method”, for all business combina-

tions initiated before January 1, 2010 and complet-

ed within that financial year on the basis of IFRS 3 

(2004), where the purchase cost is equal to the fair 

value at the date of the exchange of the assets ac-

quired and the liabilities incurred or assumed, plus 

costs directly attributable to the acquisition. This 

cost was allocated by recognizing the assets, liabil-

ities and identifiable contingent liabilities of the ac-

quired company at their fair values. Any positive dif-

ference between the cost of the acquisition and the 

fair value of the net assets acquired attributable to 

owners of the Parent was recognized as goodwill. In 

the case of business combinations achieved in stag-

es, at the date of acquisition any adjustment to the 

fair value of the net assets acquired previously was 

recognized in equity; the amount of goodwill was 

determined for each transaction separately based 

on the fair values of the acquiree’s net assets at the 

date of each exchange transaction;

• the “acquisition method”, for all business combina-

tions carried out as from January 1, 2010 that are 

recognized on the basis of IFRS 3 (2008), which 

is referred to as IFRS 3 (Revised) hereafter, where 

the purchase cost (the consideration transferred) 

is equal to the fair value at the purchase date of 

the assets acquired and the liabilities incurred or 

assumed, as well as any equity instruments issued

by the purchaser. The purchase cost includes the 

fair value of any asset or liability resulting from a 

contingent consideration arrangement. The con-

sideration transferred is allocated by recognizing 

the assets, liabilities and identifiable contingent lia-

bilities of the acquired company at their fair values 

as at the acquisition date. In this regard, goodwill is 

defined as the excess of the consideration trans-

ferred, measured at fair value as at the acquisition 

date, the amount of any non-controlling interest in 

the acquiree plus the fair value of any equity inter-

est in the acquiree previously held by the Group (in 

a business combination achieved in stages) over 

the net amount of the identifiable assets acquired 

and the liabilities incurred or assumed measured at 

fair value. 

The carrying amount of non-controlling 

interests is determined either in proportion to the 

interest held by non-controlling shareholders in the 

net identifiable assets of the acquiree or at their fair 

value as at the acquisition date.

IFRS 3 Revised requires, among other things, the fol-

lowing: 

• costs directly attributable to the acquisition are rec-

ognized through profit or loss;

• in the case of business combinations achieved 

in stages, at the date of acquisition of control the 

previously held equity interest in the acquiree is 

remeasured to fair value and any positive or nega-

tive difference is recognized in profit or loss;

• any contingent consideration is recognized at fair 

value at the acquisition date. Subsequent chang-

es to the fair value of the contingent consideration 

classified as an asset or a liability, or as a financial 

instrument within the scope of IFRS 9, are recog-

nized in profit or loss. If the contingent considera-

tion is not within the scope of IFRS 9, it is measured 

in accordance with the appropriate IFRS-IAS. Con-

tingent consideration that is classified as equity is 

not re-measured, and its subsequent settlement is 

accounted for within equity; 

• if the fair values of the assets, liabilities and contin-

gent liabilities can only be calculated on a provisional 

basis, the business combination is recognized using 

such provisional values. Any adjustments resulting 

from the completion of the measurement process 

are recognized within 12 months of the date of ac-

quisition, restating comparative figures.

Goodwill arising on the acquisition of subsidiaries is 

recognized separately. After initial recognition, good-

will is not amortized, but is tested for impairment at 

least annually. For the purpose of impairment testing, 

goodwill is allocated, from the acquisition date, to 

  


  


Notes to the consolidated financial statements

441

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

each CGU or group of CGUs that is expected to bene-

fit from the synergies of the combination.

For more information, please see the following section 

“Impairment of non-financial assets”. 

Goodwill relating to equity investments in associates 

and joint ventures is included in their carrying amount.

Fair value measurement

For all fair value measurements and disclosures of fair 

value, that are either required or permitted by IFRS, the 

Group applies IFRS 13.

Fair value is defined as the price that would be re-

ceived 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 fair value measurement assumes that the trans-

action to sell an asset or transfer a liability takes place 

in the principal market, i.e. the market with the great-

est volume and level of activity for the asset or liability. 

In the absence of a principal market, it is assumed that 

the transaction takes place in the most advantageous 

market to which the Group has access, i.e. the market 

that maximizes the amount that would be received to 

sell the asset or minimizes the amount that would be 

paid to transfer the liability.

The fair value of an asset or a liability is measured us-

ing the assumptions that market participants would use 

when pricing the asset or liability, assuming that market

participants act in their economic best interest. Market 

participants are independent, knowledgeable sellers 

and buyers who are able to enter into a transaction for

the asset or the liability and who are motivated but not 

forced or otherwise compelled to do so.

When measuring fair value, the Group considers the 

characteristics of the asset or liability, in particular:

• for a non-financial asset, a fair value measurement 

takes into account a market participant’s ability to 

generate economic benefits by using the asset in its 

highest and best use or by selling it to another mar-

ket participant that would use the asset in its highest 

and best use;

• for liabilities and own equity instruments, the fair 

value reflects the effect of non-performance risk, 

i.e. the risk that an entity will not fulfill an obligation, 

including among others the credit risk of the Group 

itself;

• for groups of financial assets and liabilities managed 

on the basis of their net exposure to market risks or 

credit risk, see note 50 “Assets and liabilities meas-

ured at fair value”.

In measuring the fair value of assets and liabilities, the 

Group uses valuation techniques that are appropriate 

in the circumstances and for which sufficient data are 

available, maximizing the use of relevant observable 

inputs and minimizing the use of unobservable inputs.

Property, plant and equipment

Pursuant to IAS 16, property, plant and equipment is 

stated at cost, net of accumulated depreciation and 

accumulated impairment losses, if any. Such cost in-

cludes expenses directly attributable to bringing the 

asset to the location and condition necessary for its 

intended use. 

The cost is also increased by the present value of the 

estimate of the costs of decommissioning and re-

storing the site on which the asset is located where 

there is a legal or constructive obligation to do so. The 

corresponding liability is recognized under provisions 

for risks and charges. More information on changes in 

the estimate of these costs, the passage of time and 

the discount rate is discussed in note 2.1 “Use of esti-

mates and management judgement”.

Property, plant and equipment transferred from cus-

tomers to connect them to the electricity distribution 

network and/or to provide them with other related 

services is initially recognized at its fair value at the 

date on which control is obtained.

Borrowing costs that are directly attributable to the 

acquisition, construction or production of a qualifying 

asset, i.e. an asset that takes a substantial period of 

time to get ready for its intended use or sale, are cap-

italized as part of the cost of the assets themselves. 

Borrowing costs associated with the purchase/con-

struction of assets that do not meet such requirement 

are expensed in the period in which they are incurred.

Certain assets that were revalued at the IFRS transition 

date or in previous periods are recognized at their fair 

value, which is considered to be their deemed cost at 

the revaluation date. 

Where individual items of major components of prop-

erty, plant and equipment have different useful lives, 

the components are recognized and depreciated sep-

arately.

Subsequent costs are recognized as an increase in the 

carrying amount of the asset when it is probable that 

  


  


Notes to the consolidated financial statements

442

INTEGRATED ANNUAL REPORT 2024

future economic benefits associated with the cost in-

curred to replace a part of the asset will flow to the 

Group and the cost of the item can be measured reli-

ably. All other costs are recognized in profit or loss as 

incurred.

The cost of replacing part or all of an asset is recog-

nized as an increase in the carrying amount of the as-

set and is depreciated over its useful life; the carrying 

amount of the replaced unit is derecognized through 

profit or loss.

Property, plant and equipment, net of its residu-

al value, is depreciated on a straight-line basis over

its estimated useful life, which is reviewed annually. 

Any changes in depreciation criteria shall be applied 

prospectively. Depreciation begins when the asset is

available for use. For more information on estimating 

useful life, please see note 2.1 “Use of estimates and

management judgment” and note 17 “Property, plant

and equipment”. For information on any changes in 

the useful lives made by the Group during the year, 

see note 10.e “Depreciation, amortization and other

impairment losses” and note 17 “Property, plant and 

equipment”.

Assets recognized under property, plant and equip-

ment are derecognized either upon their disposal (i.e. 

at the date the recipient obtains control) or when no 

future economic benefit is expected from their use or 

disposal. Any gain or loss, recognized through profit 

or loss, is calculated as the difference between the net 

disposal proceeds, determined in accordance with 

the transaction price requirements of IFRS 15, and the 

carrying amount of the derecognized assets.

Assets to be relinquished free of charge

The Group’s plants include assets to be relinquished 

free of charge at the end of the concessions. These 

mainly regard major water diversion works and the 

public lands used for the operation of the thermal 

power plants. 

Within the Italian regulatory framework in force until 

2011, if the concessions are not renewed, at those 

dates all intake and governing works, penstocks, out-

flow channels and other assets on public lands were 

to be relinquished free of charge to the State in good 

operating condition. Accordingly, depreciation on as-

sets to be relinquished was calculated over the shorter 

of the term of the concession and the useful life of 

the assets.

In the wake of the legislative changes introduced 

with Law 134 of August 7, 2012, the assets previ-

ously classified as assets “to be relinquished free of 

charge” connected with the hydroelectric water di-

version concessions are now considered in the same 

manner as other categories of “property, plant and 

equipment” and are therefore depreciated over the 

useful life of the asset (where this exceeds the term

of the concession), as discussed in the section above

on the “Depreciable amount of certain elements of 

Italian hydroelectric plants subsequent to enactment

of Law 134/2012”, which you are invited to consult for 

more details. 

In accordance with Spanish laws 29/1985 and 46/1999,

hydroelectric power stations in Spanish territory op-

erate under administrative concessions at the end of 

which the plants will be returned to the government in 

good operating condition. The terms of the conces-

sions extend up to 2078\. 

A number of generation companies that operate in 

Latin America hold administrative concessions with 

similar conditions to those applied under the Spanish 

concession system. These concessions will expire in 

in Argentina in 2087, in Brazil in 2047, in Costa Rica in 

2031, in Panama in 2062 and in Guatemala in 2062.

Service concession arrangements

When acting as operator under “public-to-private” ser-

vice concession arrangements, the Group constructs/

upgrades infrastructure used to provide a public ser-

vice and/or operates and maintains that infrastructure 

for the years of the concession, in accordance with the 

terms specified in the contract.

In these circumstances, the Group does not account 

for the infrastructure operated under a service con-

cession arrangement within the scope of IFRIC 12 

as property, plant and equipment, recognizing and 

measuring revenue in accordance with IFRS 15 for the 

services it performs. In particular, when the Group pro-

vides construction or upgrade services, depending on 

the characteristics of the service concession arrange-

ment, it recognizes:

• a financial asset, if the Group has an unconditional 

contractual right to receive cash or another financial 

asset from the grantor (or from a third party at the 

direction of the grantor), that is the grantor has little 

discretion to avoid payment; and/or

• an intangible asset, if the Group receives the right

(a license) to charge users of the public service 

provided and thus does not have an uncondition-

al right to receive cash because the amounts are 

contingent on the extent that the public uses the 

service.

  


  


Notes to the consolidated financial statements

443

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

If the Group (as operator) has a contractual right to 

receive an intangible asset, borrowing costs are capi-

talized using the criteria specified in note 17 “Property, 

plant and equipment”.

However, for construction/upgrade services, both 

types of consideration are classified as a contract as-

set during the construction/upgrade period.

For more details about such consideration, please see 

note 9.a “Revenue from sales and services”.

Conversely, where the service concession arrange-

ment provides that the infrastructure used for to op-

erate the concessions themselves do not comply with 

the requirements established by IFRIC 12 and, in par-

ticular, are owned and available to the operator or have 

an indefinite expiry, the carrying amount of the assets 

attributable to these concessions is recognized under 

“Property, plant and equipment” and accounted for in 

accordance with IAS 16\. 

Information on the main characteristics of the Group’s 

service concession arrangements can be found in 

note 18 “Service concession arrangements”.

Leases

At inception of a contract, the Group assesses wheth-

er a contract is, or contains, a lease applying the defini-

tion of a lease under IFRS 16, that is met if the contract 

conveys the right to control the use of an identified as-

set for a period of time in exchange for consideration.

When the Group acts as a lessee, it recognizes a right-

of-use asset and a lease liability at the commence-

ment date of the lease (i.e. the date the underlying 

asset is available for use).

The right-of-use asset is initially measured at cost, 

which includes the initial amount of lease liability ad-

justed for any lease payments made at or before the 

commencement date less any lease incentives re-

ceived, plus any initial direct costs incurred and an 

estimate of costs to retire and remove the underlying 

asset and to restore the underlying asset or the site on 

which it is located.

Right-of-use assets are subsequently depreciated on 

a straight-line basis over the shorter of the lease term 

and the estimated useful lives of the right-of-use as-

sets. If the lease transfers ownership of the underlying 

asset to the Group at the end of the lease term or if 

the cost of the right-of-use asset reflects the fact that 

the Group will exercise a purchase option, deprecia-

tion is calculated using the estimated useful life of the 

underlying asset. 

For information on the depreciation period of right-

of-use assets, see note 19 “Leases”. 

In addition, the right-of-use assets are subject to im-

pairment testing and adjusted for any remeasurement 

of lease liabilities. 

The lease liability is initially measured at the present val-

ue of lease payments to be made over the lease term, 

discounted using the lessee’s incremental borrowing 

rate at the lease commencement date when the inter-

est rate implicit in the lease is not readily determinable. 

Variable lease payments that do not depend on an in-

dex or a rate are recognized as expenses in the period 

in which the event or condition that triggers the pay-

ment occurs.

After the commencement date, the lease liability is 

measured at amortized cost using the effective inter-

est method and is remeasured upon the occurrence 

of certain events. 

The Group applies the short-term lease recognition 

exemption to its lease contracts that have a lease 

term of 12 months or less from the commencement 

date. It also applies the low-value assets recognition

exemption to lease contracts for which the underlying 

asset is of low-value whose amount is estimated not 

material. For example, the Group has leases of certain 

office equipment (i.e. personal computers, printing 

and photocopying machines) that are considered of 

low-value. Lease payments on short-term leases and 

leases of low-value assets are recognized as expense 

on a straight-line basis over the lease term.

Intangible assets

Pursuant to IAS 38, intangible assets are identifiable 

assets without physical substance controlled by the 

Group, when it is probable that the use of such assets 

will generate future economic benefits and the related 

cost can be reliably determined. 

They are measured at purchase or internal development 

cost for internally generated assets and are recognized 

only when the Group can demonstrate the technical fea-

sibility of completing the asset, its intention and ability to

complete development and to use or sell the asset and 

the availability of resources to complete the asset.

The cost includes any directly attributable expenses 

necessary to make the assets ready for their intend-

ed use.

Intangible assets with a finite useful life are recognized 

net of accumulated amortization and any impairment 

losses.

  


  


Notes to the consolidated financial statements

444

INTEGRATED ANNUAL REPORT 2024

Amortization is calculated on a straight-line basis over 

the asset’s estimated useful life, which is reassessed at 

least annually; any changes in amortization policies are 

reflected on a prospective basis. For more information 

on estimating useful life, please see note 2.1 “Use of 

estimates and management judgment” and note 21 

“Intangible assets”.

Amortization commences when the asset is ready for 

use. Consequently, intangible assets not yet available 

for use are not amortized, but are tested for impair-

ment at least annually. 

Infrastructure classified as intangible assets under IF-

RIC 12 is amortized over the term of the contract. For 

more information, see note 18 “Service concession 

arrangements”.

The Group’s intangible assets have a finite useful life, 

with the exception of a number of concessions and 

goodwill.

Intangible assets with indefinite useful lives are not 

amortized, but are tested for impairment annually. 

The assessment of indefinite useful life is reviewed an-

nually to determine whether the indefinite useful life 

continues to be supportable. If not, the change in use-

ful life from indefinite to finite is accounted for as a 

change in accounting estimate.

The Group presents costs to obtain a contract with a 

customer capitalized in accordance with IFRS 15 as in-

tangible assets, only if:

• the costs are incremental, that is they are directly 

attributable to an identified contract and the Group 

would not have incurred them if the contract had 

not been obtained;

• the Group expects to recover them, through reim-

bursements (direct recoverability) or the margin (in-

direct recoverability).

In particular, the Group generally capitalizes trade fees 

and commissions paid to agents for such contracts if 

the capitalization criteria are met.

Capitalized customer contract costs are amortized on 

a systematic basis, consistent with the pattern of the 

transfer of the goods or services to which they relate, 

and undergo impairment testing to identify any impair-

ment losses to the extent that the carrying amount of 

the asset recognized exceeds the recoverable amount.

The Group amortizes the capitalized customer con-

tract costs on a straight-line basis over the expect-

ed period of benefit from the contract (i.e. the aver-

age term of the customer relationship); any changes

in amortization policies are reflected on a prospec-

tive basis. 

Impairment of non-financial assets 

Pursuant to ”IAS 36 - Impairment of Assets” at each 

reporting date, property, plant and equipment, in-

vestment property recognized at cost, intangible 

assets, right-of-use assets, goodwill and equity 

investments in associates/joint ventures are re-

viewed to determine whether there is evidence of 

impairment (using internal and external sources of

information).

CGUs to which goodwill is allocated, intangible assets 

with an indefinite useful life and intangible assets not 

yet available for use are tested for recoverability annu-

ally or more frequently if there is evidence suggesting 

that the assets can be impaired.

If such evidence exists, the recoverable amount of any 

involved asset is estimated on the basis of the use of 

the asset and its future disposal, in accordance with 

the Group’s most recent Business Plan. For the esti-

mate of the recoverable amount, please see note 2.1 

“Use of estimates and management judgment”. 

The recoverable amount is determined for an individu-

al asset, unless the asset do not generate cash inflows 

that are largely independent of those from other as-

sets or groups of assets and therefore it is determined 

for the CGU to which the asset belongs. 

If the carrying amount of an asset or of a CGU to which 

it is allocated is greater than its recoverable amount, 

an impairment loss is recognized in profit or loss and 

presented under “Depreciation, amortization and oth-

er impairment losses”.

Impairment losses of CGUs are firstly charged against 

the carrying amount of any goodwill attributed to it 

and then against the other assets, in proportion to 

their carrying amount.

If the reasons for a previously recognized impairment 

loss no longer apply, the carrying amount of the as-

set is restored through profit or loss, under “Depreci-

ation, amortization and other impairment losses”, in an 

amount that shall not exceed the carrying amount that 

the asset would have had if the impairment loss had 

not been recognized. The original amount of goodwill 

is not restored even if in subsequent years the reasons 

for the impairment no longer apply. 

  


  


Notes to the consolidated financial statements

445

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Inventories

Pursuant to IAS 2, inventories are measured at the low-

er of cost and net realizable value except for invento-

ries involved in trading activities, which are measured 

at fair value with recognition through profit or loss. 

Cost is determined on the basis of average weighted 

cost, which includes related ancillary charges. Net es-

timated realizable value is the estimated normal selling 

price net of estimated costs to sell or, where applica-

ble, replacement cost.

For the portion of inventories held to discharge sales 

that have already been made, the net realizable value 

is determined on the basis of the amount established 

in the contract of sale.

Inventories include environmental certificates (for ex-

ample, green certificates, energy efficiency certificates 

and European CO

2

emissions allowances and guaran-

tees of origin and renewable energy certificates) not 

used for compliance in the reporting period. These 

inventories are allocated to different portfolios, distin-

guishing between those held for trading or non-trad-

ing purposes. For more details on inventories please 

see note 56 “Environmental programs”.

Materials and other consumables (including ener-

gy commodities) held for use in production are not 

written down if it is expected that the final product in 

which they will be incorporated will be sold at a price 

sufficient to enable recovery of the cost incurred.

Financial instruments

Financial instruments are recognized and measured in 

accordance with “IAS 32 - Financial Instruments: Pres-

entation” and “IFRS 9 - Financial Instruments”.

A financial asset or liability is recognized in the consol-

idated financial statements when, and only when, the 

Group becomes party to the contractual provision of 

the instrument (i.e. the trade date).

Trade receivables arising from contracts with custom-

ers, in the scope of IFRS 15, are initially measured at 

their transaction price (as defined in IFRS 15) if such 

receivables do not contain a significant financing 

component or when the Group applies the practical 

expedient allowed by IFRS 15.

Conversely, the Group initially measures financial as-

sets other than the above-mentioned trade receiva-

bles at their fair value plus, in the case of a financial 

asset not measured at fair value through profit or loss, 

transaction costs. 

Financial assets are classified, at initial recognition, as 

financial assets at amortized cost, at fair value through 

other comprehensive income and at fair value through 

profit or loss, on the basis of both:

• the Group’s business model for managing financial 

assets, that is the way in which the Group manages 

its financial assets in order to generate cash flows 

(i.e. collecting contractual cash flows, selling the fi-

nancial assets, or both); and

• the contractual cash flow characteristics of the in-

strument, to determine whether the instrument 

gives rise to cash flows that are solely payments of 

principal and interest based on the SPPI test.

For purposes of subsequent measurement, financial 

assets are classified in four categories:

• financial assets measured at amortized cost (debt 

instruments);

• financial assets at fair value through OCI with re-

classification of cumulative gains and losses (debt 

instruments);

• financial assets designated at fair value through 

OCI with no reclassification of cumulative gains

and losses upon derecognition (equity instru-

ments); and

• financial assets at fair value through profit or loss.

Financial assets measured at amortized cost 

This category mainly includes trade receivables, other 

financial assets and loan assets.

Financial assets at amortized cost are held within 

a business model whose objective is to hold finan-

cial assets in order to collect contractual cash flows 

and whose contractual terms give rise, on speci-

fied dates, to cash flows that are solely payments

of principal and interest on the principal amount

outstanding.

Such assets are initially recognized at fair value, ad-

justed for any transaction costs, and subsequently 

measured at amortized cost using the effective inter-

est method and are subject to impairment.

Gains and losses are recognized in profit or loss when 

the asset is derecognized, modified or impaired.

Financial assets at fair value through 

other comprehensive income (FVOCI) 

\- Debt instruments

Financial assets at fair value through other compre-

hensive income are assets held within a business 

model whose objective is achieved by both collecting 

contractual cash flows and selling financial assets and 

whose contractual cash flows give rise, on specified 

  


  


Notes to the consolidated financial statements

446

INTEGRATED ANNUAL REPORT 2024

dates, to cash flows that are solely payments of princi-

pal and interest on the principal amount outstanding. 

Changes in fair value for these financial assets are rec-

ognized in other comprehensive income as well as loss 

allowances that do not reduce the carrying amount of 

the financial assets.

When a financial asset is derecognized (e.g. at the 

time of sale), the cumulative gains and losses previ-

ously recognized in equity (except impairment and 

foreign exchange gains and losses to be recognized in 

profit or loss) are reversed to profit or loss.

Financial assets at fair value through 

other comprehensive income (FVOCI) 

\- Equity instruments

This category includes mainly equity investments in 

other entities irrevocably designated as such upon in-

itial recognition.

Gains and losses on these financial assets are never 

reclassified to profit or loss. The Group may transfer 

the cumulative gain or loss within equity. 

Equity instruments designated at fair value through 

OCI are not subject to impairment testing.

Dividends on such investments are recognized in prof-

it or loss unless they clearly represents a recovery of a 

part of the cost of the investment.

Financial assets at fair value through profit 

or loss

This category mainly includes: 

• financial assets with cash flows that are not solely 

payments of principal and interest, irrespective of 

the business model; 

• financial assets held for trading because acquired 

or held principally for the purpose of selling or re-

purchasing in the short term (i.e. securities, financial 

investments in funds, etc.); 

• derivatives, including separated embedded deriva-

tives, held for trading or not designated as effective 

hedging instruments; 

• financial assets that qualify as contingent consider-

ation.

Such financial assets are initially recognized at fair val-

ue with subsequent gains and losses from changes in 

their fair value recognized through profit or loss.

This category also includes equity investments which 

the Group had not irrevocably elected to classify at 

fair value through OCI. Dividends on such invest-

ments are also recognized as other income in the in-

come statement when the right of payment has been 

established.

Impairment of financial assets

At each reporting date, the Group recognizes a loss 

allowance for expected credit losses on trade receiva-

bles and other financial assets measured at amortized 

cost, debt instruments measured at fair value through 

other comprehensive income (FVOCI), contract assets 

and all other assets within the scope of IFRS 9.

The impairment model adopted by the Group in com-

pliance with IFRS 9 is based on the determination of 

expected credit losses (ECL) using a forward-looking 

approach. 

For trade receivables, contract assets and lease re-

ceivables, including those with a significant financial 

component, the Group adopts the simplified ap-

proach, determining expected credit losses over a 

period corresponding to the entire life of the asset, 

generally equal to 12 months.

For all financial assets other than trade receivables, 

contract assets and lease receivables, the Group ap-

plies the general approach under IFRS 9, based on the 

assessment of a significant increase in credit risk since 

initial recognition. 

The Group recognizes in profit or loss, as an impair-

ment gain or loss, the amount of expected credit loss-

es (or reversal) that is required to adjust the loss allow-

ance at the reporting date.

The Group applies the low credit risk exemption, 

avoiding the recognition of loss allowances at an 

amount equal to lifetime expected credit losses due 

to a significant increase in credit risk of debt securi-

ties at fair value through OCI, whose counterparty has 

a strong financial capacity to meet its contractual cash 

flow obligations (e.g. investment grade).

For more information on the impairment of financial 

assets, please see note 46 “Financial instruments by 

category”.

Cash and cash equivalents

This category includes deposits that are available on 

demand or at very short term, as well as highly liquid 

short-term financial investments that are readily con-

vertible into a known amount of cash and which are 

subject to insignificant risk of changes in value. 

In addition, for the purpose of the consolidated state-

ment of cash flows, cash and cash equivalents do not 

include bank overdrafts at period-end.

  


  


Notes to the consolidated financial statements

447

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Financial liabilities at amortized cost 

This category mainly includes borrowings, trade paya-

bles, lease liabilities and debt instruments.

Financial liabilities, other than derivatives, are recog-

nized when the Group becomes a party to the con-

tractual clauses of the instrument and are initially 

measured at fair value adjusted for directly attribut-

able transaction costs. Financial liabilities are subse-

quently measured at amortized cost using the effec-

tive interest rate method. The effective interest rate is

the rate that exactly discounts the estimated future

cash payments or receipts over the expected life of

the financial instrument or a shorter period, where 

appropriate, to the carrying amount of the financial 

asset or liability.

Financial liabilities at fair value through profit 

or loss

Financial liabilities at fair value through profit or loss 

mainly include: 

• financial liabilities held for trading incurred for the 

purpose of repurchasing in the near term;

• derivative financial instruments entered into by the 

Group that are not designated as hedging instru-

ments in hedge relationships as defined by IFRS 9;

• financial liabilities that qualify as contingent consid-

eration.

Derecognition of financial assets and liabilities

Financial assets are derecognized whenever one of 

the following conditions is met:

• the contractual right to receive the cash flows asso-

ciated with the asset expires; 

• the Group has transferred substantially all the risks 

and rewards associated with the asset, transferring 

its rights to receive the cash flows of the asset or 

assuming a contractual obligation to pay such cash 

flows to one or more beneficiaries under a contract 

that meets the requirements provided by IFRS 9 (the 

“pass through test”); 

• the Group has not transferred or retained substan-

tially all the risks and rewards associated with the as-

set but has transferred control over the asset.

On derecognition of a financial asset, the Group rec-

ognizes the difference between the carrying amount 

(measured at the date of derecognition) and the con-

sideration received through profit or loss.

Financial liabilities are derecognized when they are 

extinguished, i.e. when the contractual obligation has 

been discharged, cancelled or expired.

When an existing financial liability is replaced by an-

other from the same lender on substantially different 

terms, or the terms of an existing liability are substan-

tially modified, such an exchange or modification is 

treated as the derecognition of the original liability 

and the recognition of a new liability. The difference 

in the respective carrying amounts is recognized in 

profit or loss.

Derivative financial instruments

Derivative instruments are classified as financial assets 

or liabilities depending on the positive or negative fair 

value and they are classified as “held for trading” with-

in “Other business models” and measured at fair value 

through profit or loss, except for those designated as 

effective hedging instruments.

All derivatives held for trading are classified as current 

assets or liabilities. 

Derivatives not held for trading purposes, but meas-

ured at fair value through profit or loss since they do 

not qualify for hedge accounting, and derivatives des-

ignated as effective hedging instruments are classified 

as current or not current on the basis of their maturity 

date and the Group intention to hold the financial in-

strument till maturity or not.

For more details about derivatives and hedge ac-

counting, please see note 49 “Derivatives and hedge 

accounting”.

Embedded derivatives 

An embedded derivative is a derivative included in a 

“combined” contract (the so-called “hybrid instru-

ment”) that contains another non-derivative contract 

(the so-called “host contract”) and gives rise to some 

or all of the combined contract’s cash flows. Embed-

ded derivatives are separated from the host contract 

and accounted for as derivatives when:

• the host contract is not a financial instrument meas-

ured at fair value through profit or loss;

• the economic risks and characteristics of the em-

bedded derivative are not closely related to those of 

the host contract;

• a separate contract with the same terms as the em-

bedded derivative would meet the definition of a 

derivative.

Embedded derivatives that are separated from the 

host contract are recognized in the consolidated fi-

nancial statements at fair value with changes recog-

nized in profit or loss (except when the embedded 

derivative is part of a designated hedge relationship).

Contracts that do not represent financial instruments

  


  


Notes to the consolidated financial statements

448

INTEGRATED ANNUAL REPORT 2024

to be measured at fair value are analyzed in order to 

identify any embedded derivatives, which are to be 

separated and measured at fair value. This analysis 

is performed when the Group becomes party to the

contract or when the contract is renegotiated in a 

manner that significantly changes the original asso-

ciated cash flows.

The main Group contracts that may contain embed-

ded derivatives are contracts to buy or sell energy 

commodities.

Contracts to buy or sell non-financial items

In general, contracts to buy or sell non-financial items 

that are entered into and continue to be held for re-

ceipt or delivery in accordance with the Group’s nor-

mal expected purchase, sale or usage requirements 

are out of the scope of IFRS 9 and then recognized as 

executory contracts, in accordance with the “own use 

exemption”.

A contract to buy or sell non-financial items is classi-

fied as “normal purchase or sale” if it is entered into:

• for the purpose of the physical settlement;

• in accordance with the entity’s expected purchase, 

sale or usage requirements.

Moreover, contracts to buy or sell non-financial items 

with physical settlement (for example, fixed-price for-

ward contracts on energy commodities) that do not 

qualify for the own use exemption are recognized as 

derivatives measured at fair value from the trade date 

only if:

• they can be settled net in cash; and

• they are not entered into in accordance with the 

Group’s expected purchase, sale or usage require-

ments.

Trading contracts are valued at fair value through prof-

it or loss; the results of the measurement of changes 

in the fair value of contracts still outstanding at the re-

porting date are recognized on a net basis under the 

item “Net results from commodity contracts”, while at 

the settlement date:

• the results of the measurement of changes in the fair 

value of closed contracts for the sale of energy com-

modities as well as the related revenue, together with 

the impact on profit or loss of the derecognition of 

the derivative, are recognized in “Other revenue”;

• the results of the measurement of changes in the 

fair value of closed contracts for the purchase of 

energy commodities as well as the related cost, 

together with the impact on profit or loss of the 

derecognition of the derivative, are recognized un-

der “Electricity, gas and fuel” and “Services and oth-

er materials”.

Contracts to buy or sell non-financial items falling 

within the scope of application of IFRS 9 can also be 

subsequently designated as hedging instruments if 

they satisfy the requirements for hedge accounting.

The Group analyzes all contracts to buy or sell non-fi-

nancial assets on an ongoing basis, with a specific fo-

cus on forward purchases and sales of electricity and 

energy commodities, in order to determine if they shall 

be classified and treated in accordance with IFRS 9 or 

if they have been entered into for “own use”.

Offsetting of financial assets and liabilities

The Group offsets financial assets and liabilities when it:

• currently has a legally enforceable right to set off the 

recognized amounts; and 

• intends either to settle on a net basis, or to realize 

the asset and settle the liability simultaneously.

Hyperinflation

Pursuant to IAS 29, in a hyperinflationary economy, the 

Group adjusts non-monetary items, equity and items 

deriving from index-linked contracts up to the limit of 

recoverable amount, using a price index that reflects 

changes in general purchasing power. 

The effects of initial application are recognized in eq-

uity net of tax effects. Conversely, during the hyper-

inflationary period (until it ceases), the gain or loss 

resulting from adjustments is recognized in profit or 

loss and disclosed separately in financial income and 

expense. 

These provisions are applied to the Group’s transac-

tions in Argentina, whose economy has been declared 

hyperinflationary since July 1, 2018. 

Non-current assets (or disposal groups) 

classified as held for sale 

and discontinued operations

Pursuant to IFRS 5, non-current assets (or disposal 

groups) are classified as held for sale if their carrying 

amount will be recovered principally through a sale 

transaction, rather than through continuing use.

  


  


Notes to the consolidated financial statements

449

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

This classification criterion is applicable only when 

non-current assets (or disposal groups) are available 

in their present condition for immediate sale and the 

sale is highly probable.

For more details on the requirements for determining 

whether a sale is highly probable, please see note 2.1 

“Use of estimates and management judgment”.

If the Group is committed to a sale program involving 

loss of control of a subsidiary and the requirements 

provided for under IFRS 5 are met, all the assets and li-

abilities of that subsidiary are classified as held for sale 

when the classification criteria are met, regardless of 

whether the Group will retain a non-controlling inter-

est in its former subsidiary after the sale.

The Group applies these classification criteria as en-

visaged in IFRS 5 to an investment, or a portion of an 

investment, in an associate or a joint venture. Any re-

tained portion of an investment in an associate or a 

joint venture that has not been classified as held for 

sale is accounted for using the equity method until 

disposal of the portion that is classified as held for sale 

takes place.

Non-current assets (or disposal groups) and liabilities 

of disposal groups classified as held for sale are pre-

sented separately from other assets and liabilities in 

the statement of consolidated financial position.

The amounts presented for non-current assets or for 

the assets and liabilities of disposal groups classified 

as held for sale are not reclassified or re-presented for 

prior periods presented.

Immediately before the initial classification of non-cur-

rent assets (or disposal groups) as held for sale, the 

carrying amounts of such assets (or disposal groups) 

are measured in accordance with the account-

ing standard applicable to those assets or liabilities. 

Non-current assets (or disposal groups) classified as 

held for sale are measured at the lower of their carry-

ing amount and fair value less costs to sell. Impairment 

losses for any initial or subsequent write-down of the 

assets (or disposal groups) to fair value less costs to 

sell and gains for their reversals are recognized in 

profit or loss from continuing operations.

Non-current assets are not depreciated (or amortized) 

while they are classified as held for sale or while they 

are part of a disposal group classified as held for sale.

If a component of the Group is a discontinued oper-

ation, the Group presents, in a separate line item of 

the income statement, a single amount comprising 

the total of:

• the post-tax profit or loss of discontinued opera-

tions; and

• the post-tax gain or loss recognized on the meas-

urement at fair value less costs to sell or on the dis-

posal of the assets or disposal groups constituting 

the discontinued operation.

The corresponding amount is restated in the in-

come statement for prior periods presented in the 

financial statements, so that the disclosures relate 

to all operations that are discontinued by the end 

of the current reporting period. If the Group ceases

to classify a component as held for sale, the results 

of the component previously presented in discon-

tinued operations are reclassified and included in

profit or loss from continuing operations for all pe-

riods presented.

Environmental certificates

In the absence of specific IAS/IFRS rules, the account-

ing treatment adopted by the Group complies with the 

general rules included in the body of applicable IAS/

IFRS accounting standards and with international best 

practice.

In particular, the Group accounting treatment of en-

vironmental certificates reflects the business model 

of the entities involved and, therefore, the different 

features of the business conducted by these enti-

ties, distinguishing between those that generate 

electricity from renewable sources, obligated par-

ties, traders and other entities that operate in the

energy services sector even though they are not ob-

ligated parties.

Further details on the application of this account-

ing model are provided in note 56 “Environmental

programs”.

Employee benefits

Post-employment and other long-term 

benefits

Pursuant to IAS 19, the Group determines separately

for each plan liabilities related to employee bene-

fits paid upon or after ceasing employment or other 

long-term benefits accrued during the employment 

period. The Group uses actuarial assumptions to es-

timate the amount of the future benefits that em-

ployees have accrued at the reporting date (using

the projected unit credit method) and an appropri-

ate discount rate to determine the present value of 

those plans. 

  


  


Notes to the consolidated financial statements

450

INTEGRATED ANNUAL REPORT 2024

The liability, net of any plan assets, is recognized on an 

accruals basis over the vesting period of the related 

rights. These appraisals are performed by independ-

ent actuaries.

If the plan assets exceed the present value of the re-

lated defined-benefit obligation, the surplus (up to the 

limit of any cap) is recognized as an asset.

As regards the liabilities/(assets) of defined-benefit 

plans, the Group recognizes the cumulative actuarial 

gains and losses from the actuarial measurement of 

the liabilities, the return on the plan assets (net of the 

associated interest income) and the effect of the asset 

ceiling (net of the associated interest in other com-

prehensive income when they occur. For other long-

term benefits, the related actuarial gains and losses 

are recognized through profit or loss.

In addition, the Group is involved in defined contribu-

tion plans under which it pays fixed contributions to a 

separate entity (a fund) and has no legal or constructive 

obligation to pay further contributions if the fund does 

not hold sufficient assets to pay all employee benefits 

relating to employee service in the current and prior 

periods. Such plans are usually aimed to supplement 

pension benefits due to employees post-employment. 

The related costs are recognized through profit or loss 

on the basis of the amount of contributions paid in the 

period.

Termination benefits

Pursuant to IAS 19, liabilities for benefits due to em-

ployees for the early termination of employee service 

arise out of the Group’s decision to terminate an em-

ployee’s employment before the normal retirement 

date or an employee’s decision to accept an offer of 

benefits in exchange for the termination of employ-

ment. 

Termination benefits are recognized at the earlier of 

the following dates: 

• when the entity can no longer withdraw its offer of 

benefits; and 

• when the entity recognizes a cost for a restructuring 

that is within the scope of IAS 37 and involves the 

payment of termination benefits.

The liabilities are measured on the basis of the nature 

of the employee benefits. 

Share-based payments

The Group undertakes share-based payment trans-

actions settled with equity instruments as part of the 

remuneration policy adopted for the Chief Executive 

Officer/General Manager and for key management 

personnel.

The most recent long-term incentive plans provide for 

the grant to recipients of an incentive represented by 

an equity component (settled with equity instruments) 

and a monetary component (paid in cash), which will 

accrue if specific conditions are met. 

Pursuant to IFRS 2, the Group classifies the monetary 

component as a cash-settled transaction if it is based 

on the price (or value) of the equity instruments of the 

company that issued the plan or, in other cases, as an-

other long-term employee benefit.

In order to settle the equity component through the 

bonus award of Enel shares, a program for the pur-

chase of treasury shares to support these plans was 

approved. For more details on share-based incentive 

plans, please see note 51 “Share-based payments”.

In particular for the equity component, the Group rec-

ognizes the services rendered by employees as per-

sonnel expenses over the period in which the condi-

tions for remaining in service and for achieving certain 

results must be satisfied (vesting period) and indirectly 

estimates their value, and the corresponding increase 

in a specific equity item, on the basis of the fair value 

of the equity instruments (i.e. the issuer shares) at the 

grant date. 

The overall expense recognized is adjusted at each re-

porting date until the vesting date to reflect the best 

estimate available to the Group of the number of equi-

ty instruments for which the service and performance 

conditions other than market conditions or non-vest-

ing conditions will be satisfied at the end of the vest-

ing period.

Conversely, if the incentive based on equity instru-

ments is paid in cash, the Group recognizes the ser-

vices rendered by employees as personnel expenses 

over the vesting period and a corresponding liabili-

ty measured at the fair value of the liability incurred. 

Subsequently, and until its extinction, the liability is 

remeasured at fair value at each reporting date, con-

sidering the best possible estimate of the incentive 

that will vest, with changes in fair value recognized un-

der personnel expenses.

Provisions for risks and charges

Pursuant to IAS 37, provisions are recognized where

there is a legal or constructive obligation as a result 

  


  


Notes to the consolidated financial statements

451

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

of a past event at the end of the reporting period, the 

settlement of which is expected to result in an outflow 

of resources whose amount can be reliably estimated. 

Where the impact of the time value of money is materi-

al, the accruals are determined by discounting expect-

ed future cash flows using a pre-tax discount rate that 

reflects the current market assessment of the time val-

ue of money in respect of time and the risks for which 

the expected future cash flows have not been adjusted.

If the provision is discounted, the periodic adjustment 

of the present value for the time factor (i.e. the un-

winding of the discount) is recognized as a financial 

expense.

When the Group expects some or all charges to be 

reimbursed, the reimbursement is recognized as a 

separate asset, but only when the reimbursement is 

virtually certain.

Where the liability relates to decommissioning and/

or site restoration in respect of property, plant and 

equipment, the initial recognition of the provision is 

made against the related asset and the expense is 

then recognized in profit or loss through the depreci-

ation of the asset involved.

Where the liability regards the treatment and storage of 

nuclear waste and other radioactive materials, the pro-

vision is recognized against the related operating costs. 

A liability for restructuring refers to a program planned 

and controlled by management that materially chang-

es the scope of a business undertaken by the Group or 

the manner in which the business is conducted. Such 

a liability is recognized when a constructive obligation 

is established, i.e. when the Group has approved a de-

tailed formal restructuring plan and has started to im-

plement the plan or has announced its main features 

to those affected by it.

Provisions do not include liabilities in respect of un-

certain income tax treatments that are recognized as 

tax liabilities.

The Group could provide a warranty in connection 

with the sale of a product (whether a good or ser-

vice) from contracts with customers in the scope of 

IFRS 15, in accordance with the contract, the law or its 

customary business practices. In this case, the Group 

assesses whether the warranty provides the custom-

er with assurance that the related product will func-

tion as the parties intended because it complies with 

agreed-upon specifications or whether the warranty 

provides the customer with a service in addition to the 

assurance that the product complies with agreed-up-

on specifications.

After the assessment, if the Group establishes that an 

assurance warranty is provided, it recognizes a sep-

arate warranty liability and corresponding expense 

when transferring the product to the customer, as ad-

ditional costs of providing goods or services, without 

attributing any of the transaction price (and therefore 

revenue) to the warranty. The liability is measured and 

presented as a provision.

Otherwise, if the Group determines that a service war-

ranty is provided, it accounts for the promised war-

ranty as a performance obligation in accordance with 

IFRS 15, recognizing the contract liability as revenue 

over the period the warranty service is provided and 

the costs associated as they are incurred.

Finally, if the warranty includes both an assurance el-

ement and a service element and the Group cannot 

reasonably account for them separately, then it ac-

counts for both of the warranties together as a single 

performance obligation.

Changes in estimates of accruals to the provisions 

addressed here are recognized through profit or loss 

in the period in which the changes occur, with the 

exception of those in the costs of decommissioning, 

retiring and/or restoration resulting from changes

in the timetable and costs necessary to extinguish 

the obligation or from a change in the discount rate. 

These changes increase or decrease the carrying 

amount of the related assets and are taken to prof-

it or loss through depreciation. Where they increase 

the carrying amount of the assets, it is also deter-

mined whether the new carrying amount of the as-

sets is fully recoverable. If this is not the case, a loss 

equal to the unrecoverable amount is recognized 

through profit or loss.

Decreases in estimates are recognized up to the car-

rying amount of the assets. Any excess is recognized 

immediately in profit or loss.

For more information on the estimation criteria adopt-

ed in determining provisions for retiring and/or res-

toration of property, plant and equipment, especially 

those associated with decommissioning nuclear pow-

er plants and storage of waste fuel and other radioac-

tive materials, please see note 2.1 “Use of estimates 

and management judgment”.

For more information on the determination of provi-

sions for environmental certificates please see note 56 

“Environmental programs”.

  


  


Notes to the consolidated financial statements

452

INTEGRATED ANNUAL REPORT 2024

Revenue from contracts with customers

The Group recognizes revenue from contracts with 

customers at an amount that reflects the consid-

eration at which the Group expects to be entitled in 

exchange for those goods or services, using the five-

step model envisaged by IFRS 15: 

• identify the contract with the customer;

• identify the performance obligations in the contract, 

that is, all goods or services promised in the con-

tract; 

• determine the transaction price at inception of the 

contract considering any variable considerations, 

non-cash consideration received from a custom-

er or payable to the customer, significant financing 

components; 

• allocate the transaction price, at contract inception, 

to each separate performance obligation;

• recognize revenue, when (or as) each performance 

obligation is satisfied by transferring the promised 

good or service to the customer.

The Group does not disclose the information about 

the remaining performance obligations in existing 

contracts if the performance obligation is part of a 

contract that has an original expected duration of one 

year or less and if the Group recognizes revenue in the 

amount to which it has a right to invoice the customer. 

More information on the application of this revenue 

recognition model is provided in note 2.1 “Use of es-

timates and management judgment” and in note 9.a 

“Revenue from sales and services”. 

Other revenue

The Group recognizes revenue other than that de-

riving from contracts with customers mainly refer-

ring to:

• revenue from the sale of energy commodities based 

on contracts with physical settlement, which do not 

qualify for the own use exemption and therefore is 

recognized at FVTPL in accordance with IFRS 9;

• changes in the fair value of settled contracts to sell 

energy commodities with physical settlement, which 

do not qualify for the own use exemption and there-

fore are recognized at FVTPL in accordance with 

IFRS 9;

• operating lease revenue accounted for on an ac-

crual basis in accordance with the substance of the 

relevant lease agreement.

Other operating income

Other operating income primarily includes gains on 

disposal of assets that are not an output of the Group’s 

ordinary activities and government grants.

Pursuant to IAS 20, government grants, including 

non-monetary grants at fair value, are recognized 

where there is reasonable assurance that they will be 

received and that the Group will comply with all con-

ditions attaching to them as set by the government, 

government agencies and similar bodies whether lo-

cal, national or international.

When loans are provided by governments at a be-

low-market rate of interest, the benefit is regarded 

as a government grant. The loan is initially recognized 

and measured at fair value and the government grant 

is measured as the difference between the initial car-

rying amount of the loan and the funds received. The 

loan is subsequently measured in accordance with the 

requirements for financial liabilities.

Government grants are recognized in profit or loss on 

a systematic basis over the periods in which the Group 

recognizes as expenses the costs that the grants are 

intended to compensate.

When government grants are received to purchase, 

build or otherwise acquire non-current assets (for ex-

ample, an item of property, plant and equipment or an 

intangible asset), they are deducted from the carrying 

amount of the asset and are recognized in profit or loss 

over the depreciable/amortizable life of the asset as a 

reduction in the depreciation/amortization charge. If 

there is insufficient information to enable adequate 

attribution to the fixed assets to which they refer, cap-

ital grants are recognized as deferred income under 

other liabilities, and credited to profit or loss on a sys-

tematic basis over the useful life of the asset. 

Where the Group receives government grants in the 

form of a transfer of a non-monetary asset for the use 

of the Group, it accounts for both the grant and the 

asset at the fair value of the non-monetary asset re-

ceived at the date of the transfer.

Net results from commodity contracts

The net results from commodity contracts include:

• the net income or expense from commodity de-

rivatives, including derivatives designated as cash 

  


  


Notes to the consolidated financial statements

453

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

flow hedges and derivatives measured at fair value 

through profit or loss, whether settled or outstand-

ing at the reporting date; and

• the net gain/(loss) from the measurement through 

profit or loss of energy commodity contracts with 

physical settlement still outstanding at the reporting 

date.

Dividends

Pursuant to “IFRS 9 - Financial Instruments”, dividends 

are recognized when the unconditional right to re-

ceive payment is established.

Dividends and interim dividends payable to the Par-

ent’s shareholders and non-controlling interests are 

recognized as changes in equity in the period in which 

they are approved by the Shareholders’ Meeting and 

the Board of Directors, respectively.

Income taxes

IAS 12 specifies the requirements for the recognition 

of current and deferred tax assets and liabilities. The 

uncertainty in the determination of tax liabilities is de-

fined in accordance with the provisions of “IFRIC 23 

\- Uncertainty over Income Tax Treatments”.

Current income taxes

Current income taxes for the year, which are recog-

nized under “income tax liabilities” net of payments on 

account, or under “tax assets” where there is a credit 

balance, are determined using an estimate of taxable 

income and in conformity with the applicable regula-

tions.

Such liabilities and assets are determined using the 

tax rates and tax laws that are enacted or substantive-

ly enacted by the end of the reporting period in the 

countries where taxable income has been generated.

Current income taxes are recognized in profit or loss 

with the exception of current income taxes related to 

items recognized outside profit or loss that are recog-

nized in equity.

Deferred tax

Deferred tax liabilities and assets are calculated on the 

temporary differences between the carrying amounts 

of liabilities and assets in the financial statements and 

their corresponding amounts recognized for tax pur-

poses on the basis of tax rates in effect on the date the 

temporary difference will reverse, which is determined 

on the basis of tax rates that are enacted or substan-

tively enacted as at the end of the reporting period.

Deferred tax liabilities are recognized for all taxa-

ble temporary differences, except when such liability 

arises: (i) from the initial recognition of goodwill; or 

(ii) from the initial recognition of an asset or a liability 

in a transaction which is not a business combination 

and, at the time of the transaction, affects neither ac-

counting profit nor taxable profit (tax loss), and does 

not give rise to equal taxable and deductible tempo-

rary differences; or (iii) in respect of taxable temporary 

differences associated with investments in subsidi-

aries, associates and joint ventures, when the Group 

can control the timing of the reversal of the temporary 

differences and it is probable that the temporary dif-

ferences will not reverse in the foreseeable future.

Deferred tax assets are recognized for all deductible 

temporary differences, the carry forward of tax losses 

and any unused tax credits. For more information con-

cerning the recoverability of such assets, please see 

the appropriate section of the discussion of estimates. 

Deferred taxes and liabilities are recognized in profit 

or loss, with the exception of those in respect of items 

recognized outside profit or loss that are recognized 

in equity.

Deferred tax assets and deferred tax liabilities are off-

set only if there is a legally enforceable right to offset 

current tax assets with current tax liabilities and when 

they relate to income taxes levied by the same taxation 

authority on either the same taxable entity or different 

taxable entities which intend either to settle current 

tax liabilities and assets on a net basis, or to realize the 

assets and settle the liabilities simultaneously, in each 

future period in which significant amounts of deferred 

tax liabilities or assets are expected to be settled or 

recovered.

Uncertainty over income tax treatments

In defining ‘uncertainty’, it shall be considered whether a 

particular tax treatment will be accepted by the relevant 

taxation authority. If it is deemed probable that the tax 

treatment will be accepted (where the term ‘probable’

is defined as ‘more likely than not’), then the Group rec-

ognizes and measures its current/deferred tax asset or 

liabilities applying the requirements in IAS 12. 

  


  


Notes to the consolidated financial statements

454

INTEGRATED ANNUAL REPORT 2024

  


Conversely, when the Group feels that it is not likely 

that the taxation authority will accept the tax treat-

ment for income tax purposes, the Group reflects the 

uncertainty in the manner that best predicts the reso-

lution of the uncertain tax treatment. 

For more information on uncertainty over tax treat-

ments, please see note 2.1 “Use of estimates and 

management judgment”. 

Since uncertain income tax positions meet the defi-

nition of income taxes, the Group presents uncertain 

tax liabilities/assets as current tax liabilities/assets or 

deferred tax liabilities/assets.

  


  


3\. New and amended standards and interpretations 

The Group has applied the following standards, inter-

pretations and amendments that took effect as from 

January 1, 2024. 

• “Amendments to IAS 7 – Statement of cash flows 

and IFRS 7 – Financial Instruments Disclosures: Sup-

plier Finance Arrangements”, issued in May 2023. 

The amendments clarify the characteristics of sup-

plier finance arrangements (SFAs) and require the 

provision of additional disclosures to enable users of 

financial statements to evaluate the impact of such 

arrangements on liabilities, cash flows and exposure 

to liquidity risk.

The amendments also clarify that these arrange-

ments provide the entity with extended payment 

terms, or the entity’s suppliers with early payment 

terms, compared to the related payment due date.

The amendments to IAS 7 provide a list of disclo-

sures, to be reported in aggregate form, for SFAs 

with similar characteristics.

The amendments to IFRS 7 add SFAs to the list of 

factors that could be considered when providing 

required disclosures on liquidity risk management, 

and include such arrangements as a possible source 

of concentration of liquidity risk.

The IASB does not require disclosure of comparative 

information or disclosure of opening balances dur-

ing the first year of application. 

Following the implementation of these amend-

ments, the Group has provided further information 

on its SFAs. In this regard, please refer to note 39 

“Trade payables”.

• “Amendments to IAS 1 - Classification of Liabilities as 

Current or Non-current”, issued in January 2020. The 

amendments regard the provisions of IAS 1 concern-

ing the presentation of liabilities. More specifically,

the amendments eliminate the requirement that the 

right to defer be unconditional and clarify: 

• the criteria to adopt in classifying a liability as cur-

rent or non-current, specifying the meaning of 

right to defer settlement and that that right must 

exist at the end of the reporting period;

• that the classification is unaffected by the inten-

tions or expectations of management about the 

exercise of the right to defer settlement of a lia-

bility;

• that the right to defer exists if and only if the en-

tity satisfies the terms of the liability at the end 

of the reporting period, even if the creditor does 

not verify compliance with those terms until lat-

er; and

• that settlement regards the transfer to the coun-

terparty of cash, equity instruments, other assets 

or services. In this regard, terms of a liability that 

could, at the option of the counterparty, result in 

its settlement by the transfer of the entity’s own 

equity instruments (e.g. conversion options) do 

not affect its classification as current or non-cur-

rent if, applying IAS 32, the entity classifies the op-

tion as an equity instrument, recognizing it sepa-

rately from the liability.

The application of the amendments has not had 

a material impact in these consolidated financial 

statements.

• “Amendments to IAS 1 - Non-current Liabilities with 

Covenants”, issued in October 2022. The amend-

ments are intended to:

• clarify that the classification of a liability as current

or non-current is subject to any covenants, present 

in the arrangement if an entity is required to comply

with the covenant on or before the end of the re-

porting period; and

• improve disclosure when the right to defer settle-

ment of a liability for at least 12 months is subject 

to compliance with covenants. Specifically, the

amendments require disclosures that enable us-

ers of financial statements to understand the risk 

that the liabilities could become repayable within 

12 months after the reporting period, including: 

(a) information about the covenants (including 

the nature of the covenants and when the entity 

is required to comply with them) and the carrying 

amount of related liabilities; (b) facts and circum-

stances, if any, that indicate the entity may have 

difficulty complying with the covenants.

  


  


Notes to the consolidated financial statements

455

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The application of the amendments has not had 

a material impact in these consolidated financial 

statements.

• “Amendments to IFRS 16 - Lease Liability in a Sale 

and Leaseback”, issued in September 2022. The 

amendments specify the criteria that the seller-les-

see shall use in measuring the liability arising from 

a sale and leaseback transaction in order to en-

sure that the seller-lessee does not recognize any 

amount of the gain or loss that relates to the right of 

use retained by the seller-lessee.

Specifically, IFRS 16 requires the seller-lessee to

measure the right-of-use asset arising from a sale 

and leaseback transaction in proportion to the

previous carrying amount of the asset in respect 

of the retained right-of-use and, consequently, to 

recognize only the amount of any capital gain or 

loss relating to the rights transferred to the buy-

er-lessor. 

Moreover, the amendments apply to sale and lease-

back transactions in which lease payments include 

variable payments that do not depend on an index 

or rate.

The application of the amendments has not had 

a material impact in these consolidated financial 

statements.

  


4. Minimum tax

The Pillar II - Global Anti-Base Erosion Model Rules 

(GloBE Rules), which are intended to ensure that large

multinational enterprises pay a minimum level of in-

come tax in each jurisdiction in which they operate, 

have been enacted or substantially enacted in certain

jurisdictions in which the Enel Group operates. In gen-

eral, the rules envisage the application of a “top-up” tax 

to the excess profit in a jurisdiction to bring the effec-

tive tax rate on that income up to a minimum of 15%.

For this purpose, the Group has conducted an assess-

ment of its potential exposure to the top-up tax in 

such jurisdictions, which found that there are a limited 

number of circumstances in which the effective tax 

rate is below 15%. 

On the basis of this assessment, the potential top-up 

tax that the Enel Group will have to pay as the differ-

ence between the effective tax rates calculated per ju-

risdiction based on the GloBE Rules and the minimum 

rate of 15% will not have a significant impact.

In application of the provisions of the amendment 

of “IAS 12 – International Tax Reform – Pillar II Model

Rules”, the Group has applied the mandatory tempo-

rary exemption to requirements regarding deferred

taxes deriving from the application of Pillar II. The 

Group will recognize the taxes emerging from the 

application of the rules as current taxes when they 

are incurred (see note 23 “Deferred tax assets and 

liabilities”).

  


5\.  Argentina - Hyperinflationary economy: impact of the application 

of IAS 29

As from July 1, 2018, the Argentine economy has been 

considered hyperinflationary based on the criteria es-

tablished by “IAS 29 - Financial reporting in hyperin-

flationary 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 the consolidated finan-

cial statements at December 31, 2024, and in accord-

ance with IAS 29, certain items of the statements of 

financial position of the investees in Argentina have 

been remeasured by applying the general consumer 

price index to historical data in order to reflect chang-

es in the purchasing power of the Argentine peso at 

the reporting date for those companies.

  


  


Notes to the consolidated financial statements

456

INTEGRATED ANNUAL REPORT 2024

Bearing in mind that the Enel Group acquired control

of the Argentine companies on June 25, 2009, the

remeasurement of the non-monetary financial state-

ment figures was conducted by applying the inflation 

indices starting from that date. In addition to being al-

ready reflected in the opening statement of financial 

position, the accounting effects of that remeasurement 

also include changes during the period.

More specifically, the effect of the remeasurement of 

non-monetary items, the equity items and the income 

statement items recognized in 2024 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 year.

In order to also take account of the impact of hyper-

inflation on the exchange rate of the local currency, 

the income statement balances expressed in the hy-

perinflationary currency have been translated into the 

Group’s presentation currency (euro) applying, in ac-

cordance with IAS 21, the closing exchange rate rather 

than the average rate for the year in order to adjust 

these amounts to present values.

The cumulative changes in the general price indices 

from December 31, 2018 until December 31, 2024 are 

shown in the following table:

| Cumulative   
---|---  
change in general   
| consumer price   
Periods | 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 December 31, 2020 | 35.41%  
From January 1, 2021 to December 31, 2021 | 49.73%  
From January 1, 2022 to December 31, 2022 | 97.08%  
From January 1, 2023 to December 31, 2023 | 222.01%  
From January 1, 2024 to December 31, 2024 | 109.22%  
  
In 2024 the application of IAS 29 generated net finan-

cial income (gross of tax) of €321 million.

The following tables report the effects of IAS 29 on the 

balance at December 31, 2024 and the impact of hy-

perinflation on the main income statement items for 

2024, differentiating between that concerning the re-

valuation on the basis of the general consumer price 

index and that due to the application of the closing ex-

change rate rather than the average exchange rate for 

the period, in accordance with the provisions of IAS 21 

for hyperinflationary economies.

| Cumulative  | Hyperinflation  |  | Cumulative   
---|---|---|---|---  
| hyperinflation effect  | effect for  | Exchange  | hyperinflation effect   
Millions of euro | at Dec. 31, 2023 | the period | differences | at Dec. 31, 2024  
Total assets | 1,294 | 1,269 | (230) | 2,333  
Total liabilities | 438 | 348 | (76) | 710  
Equity | 856 | 921(1) | (154) | 1,623  
  
(1)  The figure includes profit for year equal to €79 million.

|  |  | Total effect   
---|---|---|---  
Millions of euro | IAS 29 effect | IAS 21 effect | at Dec. 31, 2024  
Revenue  | 259 | (86) | 173  
Costs | 387(1) | (87)(2) | 300  
Operating profit | (128) | 1 | (127)  
Net financial income/(expense)  | 19 | 28 | 47  
Net income/(expense) from hyperinflation | 321 | - | 321  
Pre-tax profit/(loss) | 212 | 29 | 241  
Income taxes | 133 | 16 | 149  
Profit/(Loss) for the year (owners of the Parent  | 79 | 13 | 92  
and non-controlling interests) |  |  |   
Attributable to owners of the Parent | 32 | 18 | 50  
Attributable to non-controlling interests | 47 | (5) | 42  
  
(1)  Includes impact on depreciation, amortization and impairment losses of €144 million.

(2)  Includes impact on depreciation, amortization and impairment losses of €(4) million.

  


  


Notes to the consolidated financial statements

457

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

6. Climate change disclosures

The move towards “net zero” is under way worldwide 

and the processes of decarbonization and electrifica-

tion of the global economy are crucial to avoiding the 

serious consequences of global warming. 

With this outlook, the Group has set its strategic 

guidelines as follows: 

• allocate investments consistently with achieving 

100% zero-emission generation by 2040;

• strengthening and digitizing distribution grids, im-

proving resilience to climate events;

• offer products and services to make electrification 

of consumption more efficient and simple. 

Considering the risks related to climate change and 

the commitments established under the Paris Agree-

ment, the Group has set the goal of zero emissions 

by 2040 reflecting its impact on assets, liabilities, and 

profit and loss and highlighting its significant and fore-

seeable impacts as required under the Conceptual 

Framework of the international accounting standards.

In this regard, in accordance with the provisions of 

the document published by the IFRS Foundation in 

July 2023, the Group provides explicit information in 

the notes to these consolidated financial statements 

regarding how climate change is reflected in our ac-

counts.

For a more effective and comprehensive communi-

cation concerning climate change disclosures pre-

pared as part of the notes to these consolidated fi-

nancial statements, we have mapped this disclosure 

as shown below, providing references to the vari-

ous sections where issues associated with climate

change are addressed. 

Topic | Note |  Content  
---|---|---  
Estimates  | Note 2.1 “Use of estimates  | • | Reference to management’s use of estimates and judgments   
and judgments  | and management judgment” |  | with regard to climate change (taking account of their materi-  
concerning climate  |  |  | ality within financial reporting).  
change |  | • | Focus on estimating expected cash flows from specific assets/  
|  |  | CGUs (section: “Impairment of non-financial assets”).  
|  | • | Focus on the effects of the Group’s commitments under the   
|  |  | Paris Agreement and their impact on the estimation of the use-  
|  |  | ful life of the assets involved (section “Determining the useful   
|  |  | life of non-financial assets”).  
Sustainable  | Note 17 “Property, plant and equipment” | • | Focus on infrastructure associated with the development of the   
investment |  |  | grid and investment in developing innovative solutions for cus-  
|  |  | tomers.  
Long-term renewable  | Note 47 “Risk management” | • | Focus on main features of power purchase agreements (PPAs/  
energy contracts  |  |  | virtual PPAs).  
Valuation  | Note 10.e “Depreciation, amortization  | • | Focus on the effects related to the commitments undertaken by   
of non-financial  | and other impairment losses” |  | the Group in line with the Paris Agreement in the context of the   
assets  | Note 17 “Property, plant and equipment” |  | valuations of non-financial assets with particular reference to the   
|  |  | residual useful life of certain assets and to the impairment tests.  
| Note 22 “Goodwill” |  |   
Provisions | Note 38 “Provisions for risks and  | • | Focus on provisions for the impact of climate change on distri-  
| charges” |  | bution grids and generation plants, including those for decom-  
|  |  | missioning and restoration of sites, and possible provisions for   
|  |  | restructuring plans linked to the energy transition.  
Sustainability-linked  | Note 46.3 “Borrowings” | • | Focus on:  
finance | Note 58 “Events after the reporting  |  | • | issues of sustainability-linked bonds connected with the  
| period” |  |  | achievement of sustainability objectives in line with the SDGs   
|  |  |  | issued by the UN;  
|  |  | • | Green Bonds used to finance specific sustainable Group pro-  
|  |  |  | jects and initiatives;  
|  |  | • | sustainable loans connected with the achievement of Sustain-  
|  |  |  | able Development Goals (SDGs).  
Share-based payments | Note 51 “Share-based payments” | • | Description of long-term incentive plans anchored to achieve-  
|  |  | ment of specific climate-related targets.  
Environmental programs | Note 56 “Environmental programs” | • | Description of costs relating to environmental compliance re-  
|  |  | quired by national and international regulations.   
|  | • | Description of costs generated by not having sufficient environ-  
|  |  | mental certificates to meet environmental compliance regula-  
|  |  | tions.  
  
  


Notes to the consolidated financial statements

458

INTEGRATED ANNUAL REPORT 2024

Changes in the consolidation scope

7. Main acquisitions and disposals during the year

In the two periods under review, the consolidation 

scope changed as a result of a number of transac-

tions.

2023

• On February 17, 2023, the Enel Group, through its 

subsidiary Enel Argentina, closed the deal for the 

sale to energy company Central Puerto SA of the 

Group’s stake in the thermal generation company 

Enel Generación Costanera for €42 million, which 

have been collected in full. The transaction resulted 

in the recognition of a capital loss of €132 million.

• On April 14, 2023, the Enel Group completed the 

sale to YPF and Pan American Sur SA of the shares 

held in Inversora Dock Sud SA and Central Dock Sud 

SA, for a total of €48 million. The transaction had 

a negative impact on profit or loss of about €194 

million.

• On September 29, 2023, the Enel Group, acting 

through its subsidiary Enel Green Power SpA, final-

ized the sale of 50% of the two companies that own 

all of the Group’s renewables operations in Australia, 

specifically Enel Green Power Australia (Pty) Ltd and 

Enel Green Power Australia Trust, to INPEX Corpora-

tion, for a total of €142 million. The operation result-

ed in the recognition of a gain of €103 million.

• On October 25, 2023, Enel SpA and its listed sub-

sidiary Enel Chile SA closed the sale of their entire 

equity interests in the share capital of Arcadia Gen-

eración Solar SA, a Chilean company which owns a 

portfolio of four operating PV plants for a total in-

stalled capacity of approximately 416 MW, to Sonn-

edix, an international renewable energy producer, 

for a total €535 million. The transaction resulted in 

the recognition of a capital gain of €195 million. 

• On October 25, 2023, the Enel Group finalized the 

sale to the Greek company Public Power Corpo-

ration SA of all the equity stakes held by the Enel 

Group in Romania, for a total €1,241 million. The 

transaction had a negative impact on profit or loss 

in 2023 of €847 million, of which €655 million re-

flecting the release of a currency translation re-

serve. 

• On December 29, 2023, Enel SpA, acting through 

its fully-owned subsidiary Enel Green Power SpA, 

finalized the sale of 50% of Enel Green Power Hel-

las, Enel Green Power’s fully-owned subsidiary

owner of renewable generation assets in Greece, 

to Macquarie Asset Management, for a total €351 

million. The overall transaction had a positive im-

pact on the profit or loss of the Group in 2023 of 

€422 million.

2024

• On January 4, 2024, the Enel Group, acting through 

the subsidiary Enel Green Power North America 

(EGPNA), finalized the sale of a renewable asset 

portfolio in the United States for a total of $277 

million, equivalent to €253 million. The assets sold 

include EGPNA’s entire geothermal portfolio as well 

as a number of small solar plants, with a total ca-

pacity of about 150 MW of operating plants. The

transaction had a positive impact on the Group re-

sult of €8 million.

Millions of euro |   
---|---  
Sale price | 253   
Total net assets sold | (245)  
Impact on operating profit | 8  
Impact on Group profit | 8  
  
At December 31, 2023, the assets involved had al-

ready been reclassified under ‘‘Non-current assets 

held for sale and discontinued operations’’ pursu-

ant to IFRS 5 and following the reclassification at the 

lower of their fair value and book carrying amount, 

an impairment loss of €34 million was recognized 

through operating profit.

• On May 10, 2024, Enel Perú SAC, controlled by

Enel SpA through Enel Américas SA, finalized

the sale to Niagara Energy SAC of all the equity

stakes held in the power generation companies

Enel Generación Perú SAA and Compañía En-

ergética Veracruz SAC for a total €1,198 million. 

The sale generated a positive impact of €9 million

on Group profit for the period taking account of 

the negative effects associated with the release

of the associated translation reserves.

  


  


Notes to the consolidated financial statements

459

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Millions of euro |   
---|---  
Sale price | 1,198   
Total net assets sold | (843)  
Release of OCI reserve | (94)  
Goodwill | (152)  
Gain/(Loss) on sale | 109   
Tax | (66)  
Impact on operating profit | 43  
Impact on Group profit | 9  
  
• On June 12, 2024, Enel Perú SAC finalized the sale to 

North Lima Power Grid Holding SAC of all the equity 

stakes held in Enel Distribución Perú SAA and in the 

advanced energy services company Enel X Perú SAC 

for a total €2,880 million. The transaction generated a 

positive impact on Group profit of €509 million, tak-

ing account of the negative effects associated with 

the release of the associated translation reserves. 

Millions of euro |   
---|---  
Sale price | 2,880   
Total net assets sold | (1,110)  
Release of OCI reserve | (212)  
Goodwill | (320)  
Gain/(Loss) on sale | 1,238   
Tax | (558)  
Impact on operating profit | 680   
Impact on Group profit | 509  
  
• At the beginning of October 2024 the Enel Group, 

acting through the subsidiary Enel North America, 

finalized the sale of assets related to the storage 

business in North America to MSS Energy Storage 

LLC (for assets in the United States) and MSS LP 

Holdings Inc. (for assets in Canada), for a total €160 

million. The transaction generated a negative im-

pact on Group profit of €44 million.

Millions of euro |   
---|---  
Sale price | 160   
Total net assets sold | (162)  
Gain/(Loss) on sale | (2)  
Adjustment of pre-sale plant value | (42)  
Impact on operating profit | (44)  
Impact on Group profit | (44)  
  
• On December 30, 2024 Enel SpA, acting through

the subsidiary e-distribuzione SpA, finalized the 

sale to A2A of 90% of the share capital of Du-

ereti Srl, a vehicle beneficiary of the contribution 

of electricity distribution services in a number of 

municipalities in the provinces of Milan and Bres-

cia for €1,229 million. The overall transaction gen-

erated a positive impact on Group profit of €978 

million.

Millions of euro |   
---|---  
Sale price | 1,229   
Total net assets sold | (339)   
Gain/(Loss) on sale | 890   
Remeasurement at fair value of the  | 99  
residual interest (10%) |   
Gain/(Loss) on sale | 989   
Tax | (11)  
Impact on operating profit | 978  
Impact on Group profit | 978  
  
Other changes

On June 26, 2024, Enel SpA, acting through the sub-

sidiary Enel Italia SpA, finalized the sale to Sosteneo 

Energy Transition 1 of 49% of the share capital held 

in Enel Libra Flexsys Srl, a company operating a num-

ber of battery energy storage systems and owner of 

a number of Open Cycle Gas Turbine (OCGT) plants, 

for €1,095 million. The transaction had no impact on 

Group economic results, as Enel continues to main-

tain control and, therefore, fully consolidate Enel Libra 

Flexsys Srl.

On December 23, 2024, Enel Green Power España SLU, 

a Group company controlled through Endesa SA, final-

ized the sale to Masdar, for a consideration of €849 

million, of 49.99% of the share capital of Enel Green 

Power España Solar 1 SLU owner of Endesa photovol-

taic plants in Spain, with a total installed capacity of 

about 2 GW.

The transaction had no impact on the Group econom-

ic results as Enel continues to maintain control and 

therefore fully consolidate Enel Green Power España 

Solar 1. 

  


  


Notes to the consolidated financial statements

460

INTEGRATED ANNUAL REPORT 2024

  


  


  


  


8\. Performance and financial position by primary segment 

(Business Line) and secondary segment (Geographical Area)

The representation of performance and financial po-

sition presented here is based on the approach used 

by management in monitoring Group performance for 

the two periods under review. In particular, manage-

ment monitors and reports on performance by busi-

ness line. Accordingly, the Group has adopted the fol-

lowing reporting sectors:

• primary segment: Business Line; 

• secondary segment: Geographical Area.

The business line 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 line and only thereafter are 

they broken down by geographical area. 

  


In this regard, note that following the organizational 

simplification process begun in 2023 with a restructur-

ing of the business lines and geographical areas, since 

December 2024 a further need has emerged to rede-

fine the figures by secondary segment (Geographical 

Area). In particular, the presentation of figures took into

account the current organization of the “Rest of the 

World” composed of Argentina, Brazil, Chile, Colombia

and Central America, United States and Canada, Mexico, 

Rest of the World - Other countries.

Following these changes, the figures for the previous 

year have been adjusted for comparative purposes only.

  


  


Notes to the consolidated financial statements

461

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Performance by primary segment (Business Line)

Results for 2024 |  |  |  |  |  |  |  |   
---|---|---|---|---|---|---|---|---  
| Thermal  | Enel  |  |  | Holding  | Total  | Eliminations  |   
| Generation  | Green  | Enel  | End-user  | and  | reporting  | and  |   
Millions of euro | and Trading | Power | Grids | Markets | Services | segment(1) | adjustments | Total  
Revenue and other income  | 10,355 | 8,940 | 20,449 | 39,215 | (12) | 78,947 | - | 78,947  
from third parties |  |  |  |  |  |  |  |   
Revenue and other income  | 13,921 | 3,277 | 2,787 | 2,646 | 1,958 | 24,589 | (24,589) | -  
from transactions with  |  |  |  |  |  |  |  |   
other segments |  |  |  |  |  |  |  |   
Total revenue  | 24,276 | 12, 217 | 23,236 | 41,861 | 1,946 | 103,536 | (24,589) | 78,947  
Total costs | 22,781 | 5,568 | 13,156 | 35,988 | 2,454 | 79,947 | (24,589) | 55,358  
Net results from  | 1,673 | (22) | - | (1,171) | (3) | 477 | - | 477  
commodity contracts |  |  |  |  |  |  |  |   
Depreciation and  | 788 | 1,701 | 3,078 | 861 | 255 | 6,683 | - | 6,683  
amortization |  |  |  |  |  |  |  |   
Impairment losses | 77 | 425 | 97 | 1,581 | 2 | 2,182 | - | 2,182  
Impairment gains | (17) | (13) | (90) | (172) | (1) | (293) | - | (293)  
Operating profit/(loss) | 2,320 | 4,514 | 6,995 | 2,432 | (767) | 15,494 | - | 15,494  
Capital expenditure | 673(2) | 3,133(3) | 5,868(4) | 971(5) | 176 | 10,821 | - | 10,821  
  
(1)  Segment revenue includes both revenue from third parties and revenue from transactions with other segments.

(2)  Does not include €13 million classified as held for sale or discontinued operations.

(3)  Does not include €100 million classified as held for sale or discontinued operations, of which €91 million refer to investments in the first five 

months of 2024 made by the company 3SUN, which since June 2024 has however been reclassified among “held-for-use” assets and liabilities, 

as the conditions that had determined the previous classification pursuant to IFRS 5 no longer apply.

(4)  Does not include €62 million classified as held for sale or discontinued operations.

(5)  Does not include €14 million classified as held for sale or discontinued operations.

Results for 2023  |  |  |  |  |  |  |  |   
---|---|---|---|---|---|---|---|---  
| Thermal  | Enel  |  |  | Holding  | Total  | Eliminations  |   
| Generation  | Green  | Enel  | End-user  | and  | reporting  | and  |   
Millions of euro | and Trading | Power | Grids | Markets | Services | segment(1)  | adjustments | Total  
Revenue and other  | 20,152 | 8,459 | 17,206 | 49,748 | - | 95,565 | - | 95,565  
income from third parties |  |  |  |  |  |  |  |   
Revenue and other  | 20,038 | 3,161 | 3,053 | 2,371 | 2,045 | 30,668 | (30,668) | -  
income from transactions  |  |  |  |  |  |  |  |   
with other segments |  |  |  |  |  |  |  |   
Total revenue  | 40,190 | 11,620 | 20,259 | 52,119 | 2,045 | 126,233 | (30,668) | 95,565  
Total costs | 35,140 | 6,377 | 12,798 | 46,038 | 2,659 | 103,012 | (30,668) | 72,344  
Net results from  | (1,983) | (65) | - | (923) | 5 | (2,966) | - | (2,966)  
commodity contracts |  |  |  |  |  |  |  |   
Depreciation and  | 775 | 1,603 | 2,957 | 785 | 233 | 6,353 | - | 6,353  
amortization |  |  |  |  |  |  |  |   
Impairment losses | 161 | 1,552 | 168 | 1,439 | 18 | 3,338 | - | 3,338  
Impairment gains | (49) | (19) | (90) | (108) | (2) | (268) | - | (268)  
Operating profit/(loss) | 2,180 | 2,042 | 4,426 | 3,042 | (858) | 10,832 | - | 10,832  
Capital expenditure | 761(2) | 5,345(3) | 5,280(4) | 1,138(5) | 190(6) | 12,714 | - | 12,714  
  
(1)  Segment revenue includes both revenue from third parties and revenue from transactions with other segments.

(2)  Does not include €14 million classified as held for sale or discontinued operations.

(3)  Does not include €565 million classified as held for sale or discontinued operations.

(4)  Does not include €233 million classified as held for sale or discontinued operations.

(5)  Does not include €34 million classified as held for sale or discontinued operations.

(6)  Does not include €3 million classified as held for sale or discontinued operations.

  


  


Notes to the consolidated financial statements

462

INTEGRATED ANNUAL REPORT 2024

Performance by secondary segment (Geographical Area)

Results for 2024(1) |  |  |  |  |  |  |  |  |  |  |  |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
|  |  |  |  |  |  | Colombia  | United  |  | Rest of |  | Other, |   
|  |  | Rest |  |  |  | and  | States |  | the World  | Eliminations  | eliminations  |   
|  |  | of the |  |  |  | Central  | and  |  | – Other  | Rest of the  | and  |   
Millions of euro | Italy | Iberia | World  | Argentina | Brazil  | Chile | America | Canada | Mexico  | countries | World | adjustments | Total  
Revenue and other  | 36,095 | 21,285 | 21,444 | 1,355 | 7,6 85 | 3,889 | 3,872 | 1,989 | 359 | 2,344 | (49) | 123 | 78,947  
income from third |  |  |  |  |  |  |  |  |  |  |  |  |   
parties |  |  |  |  |  |  |  |  |  |  |  |  |   
Revenue and other  | 145 | 11 | 46 | - | - | 9 | - | 2 | (1) | 4 | 32 | (202) | -  
income from  |  |  |  |  |  |  |  |  |  |  |  |  |   
transactions with other  |  |  |  |  |  |  |  |  |  |  |  |  |   
segments |  |  |  |  |  |  |  |  |  |  |  |  |   
Total revenue | 36,240 | 21,296 | 2 1,490 | 1,355 | 7,6 85 | 3,898 | 3,872 | 1,991 | 358 | 2,348 | (17) | (79) | 78,947  
Total costs | 25,698 | 15,199 | 14,295 | 1,309 | 5,626 | 3,208 | 2,503 | 798 | 238 | 630 | (17) | 166 | 55,358  
Net results from  | 1,496 | (908) | (107) | - | 1 | (18) | (1) | (73) | (16) | - | - | (4) | 477  
commodity contracts |  |  |  |  |  |  |  |  |  |  |  |  |   
Depreciation and  | 2,457 | 1,981 | 2,027 | 145 | 702 | 296 | 264 | 481 | 37 | 102 | - | 218 | 6,683  
amortization |  |  |  |  |  |  |  |  |  |  |  |  |   
Impairment losses | 964 | 534 | 592 | 46 | 238 | 51 | 74 | 148 | 2 | 33 | - | 92 | 2,182  
Impairment gains | (46) | (218) | (28) | - | (3) | - | (3) | (21) | (2) | 1 | - | (1) | (293)  
Operating profit/(loss) | 8,663 | 2,892 | 4,497 | (145) | 1,123 | 325 | 1,033 | 512 | 67 | 1,582 | - | (558) | 15,494  
Capital expenditure | 5,331(2) | 1,979 | 3,350(3) | 179 | 1,286 | 540 | 478 | 834(4) | 27 | 6(5) | - | 161 | 10,821  
  
(1)  Segment revenue includes both revenue from third parties and revenue from transactions with other segments. 

(2)  Does not include €91 million classified as held for sale or discontinued operations and referring to investments in the first five months of 2024 

made by the company 3SUN, which since June 2024 has however been reclassified among “held-for-use” assets and liabilities, as the condi-

tions that had determined the previous classification pursuant to IFRS 5 no longer apply. 

(3)  Does not include €98 million classified as held for sale or discontinued operations.

(4)  Does not include €96 million classified as held for sale or discontinued operations.

(5)  Does not include €2 million classified as held for sale or discontinued operations.

Results for 2023(1) |  |  |  |  |  |  |  |  |  |  |  |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
|  |  |  |  |  |  | Colombia  | United  |  | Rest of |  | Other, |   
|  |  | Rest |  |  |  | and  | States |  | the World  | Eliminations  | eliminations  |   
|  |  | of the |  |  |  | Central  | and  |  | – Other  | Rest of the  | and  |   
Millions of euro | Italy | Iberia | World  | Argentina | Brazil  | Chile | America | Canada | Mexico  | countries | World  | adjustments | Total  
Revenue and other  | 49,145 | 25,418 | 20,927 | 601 | 7, 8 25 | 4,986 | 3,583 | 1,809 | 320 | 2,144 | (341) | 75 | 95,565  
income from third |  |  |  |  |  |  |  |  |  |  |  |  |   
parties |  |  |  |  |  |  |  |  |  |  |  |  |   
Revenue and other  | 182 | 10 | 354 | - | 1 | 16 | 1 | 4 | 9 | 8 | 315 | (546) | -  
income from  |  |  |  |  |  |  |  |  |  |  |  |  |   
transactions with other  |  |  |  |  |  |  |  |  |  |  |  |  |   
segments |  |  |  |  |  |  |  |  |  |  |  |  |   
Total revenue | 49,327 | 25,428 | 21,281 | 601 | 7,826 | 5,002 | 3,584 | 1,813 | 329 | 2,152 | (26) | (471) | 95,565  
Total costs | 38,792 | 18,578 | 15,091 | 971 | 5,639 | 3,867 | 2,165 | 993 | 269 | 1,211 | (24) | (117) | 72,344  
Net results from  | 233 | (3,171) | (38) | (1) | - | 180 | - | (207) | (13) | 1 | 2 | 10 | (2,966)  
commodity contracts |  |  |  |  |  |  |  |  |  |  |  |  |   
Depreciation and  | 2,325 | 1,911 | 1,931 | 60 | 671 | 287 | 227 | 464 | 27 | 195 | - | 186 | 6,353  
amortization |  |  |  |  |  |  |  |  |  |  |  |  |   
Impairment losses | 824 | 558 | 1,879 | 11 | 227 | 20 | 181 | 1,424 | 1 | 15 | - | 77 | 3,338  
Impairment gains | (22) | (197) | (48) | (1) | (12) | (1) | (30) | - | - | (4) | - | (1) | (268)  
Operating profit/(loss) | 7,641 | 1,407 | 2,390 | (441) | 1,301 | 1,009 | 1,041 | (1,275) | 19 | 736 | - | (606) | 10,832  
Capital expenditure | 5,763(2) | 2,305 | 4,419(3) | 103(4) | 1,811 | 744 | 605 | 1,071(5) | 25 | 60(6) | - | 227(6) | 12,714  
  
(1)  Segment revenue includes both revenue from third parties and revenue from transactions with other segments.

(2)  Does not include €337 million classified as held for sale or discontinued operations.

(3)  Does not include €512 million classified as held for sale or discontinued operations.

(4)  Does not include €2 million classified as held for sale or discontinued operations.

(5)  Does not include €1 million classified as held for sale or discontinued operations.

(6)  Does not include €509 million classified as held for sale or discontinued operations.

  


  


Notes to the consolidated financial statements

463

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Financial position by primary segment (Business Line)

At December 31, 2024 |  |  |  |  |  |  |  |   
---|---|---|---|---|---|---|---|---  
| Thermal  | Enel  |  |  | Holding  | Total  | Eliminations  |   
| Generation  | Green  | Enel  | End-user  | and  | reporting  | and  |   
Millions of euro | and Trading | Power | Grids | Markets | Services | segment | adjustments | Total  
Property, plant and  | 8,128 | 43,144 | 41,679 | 975 | 889 | 94,815 | (1) | 94,814  
equipment |  |  |  |  |  |  |  |   
Intangible assets | 199 | 5,060 | 18,333 | 4,777 | 350 | 28,719 | - | 28,719  
Non-current and current  | 12 | 13 | 535 | 163 | 3 | 726 | (3) | 723  
contract assets |  |  |  |  |  |  |  |   
Trade receivables | 4,648 | 2,943 | 8,279 | 5,600 | 1,329 | 22,799 | (6,850) | 15,949  
Other | 6,457 | 647 | 2,459 | 2,984 | 5,513 | 18,060 | (10,879) | 7, 181  
Operating assets | 19,444(1) | 51,807(2) | 71,285(3) | 14,499 | 8,084 | 165,119 | (17,733) | 147,386  
Trade payables | 5,104 | 3,491 | 5,049 | 5,520 | 1,101 | 20,265 | (6,560) | 13,705  
Non-current and current  | 175 | 254 | 7,645 | 71 | 4 | 8,149 | (19) | 8,130  
contract liabilities |  |  |  |  |  |  |  |   
Sundry provisions | 3,514 | 1,596 | 2,380 | 751 | 1,270 | 9,511 | (56) | 9,455  
Other | 5,322 | 958 | 9,512 | 7, 211 | 5,111 | 28,114 | (10,867) | 17, 2 47  
Operating liabilities | 14,115(4) | 6,299(5) | 24,586(6) | 13,553 | 7,486 | 66,039 | (17,502) | 48,537  
  
(1)  Of which €189 million classified as held for sale or discontinued operations.

(2)  Of which €116 million classified as held for sale or discontinued operations.

(3)  Of which €37 million classified as held for sale or discontinued operations.

(4)  Of which €12 million classified as held for sale or discontinued operations.

(5)  Of which €12 million classified as held for sale or discontinued operations.

(6)  Of which €17 million classified as held for sale or discontinued operations.

At December 31, 2023  |  |  |  |  |  |  |  |   
---|---|---|---|---|---|---|---|---  
| Thermal  | Enel  |  |  | Holding  | Total  | Eliminations  |   
| Generation  | Green  | Enel  | End-user  | and  | reporting  | and  |   
Millions of euro | and Trading | Power | Grids | Markets | Services | segment | adjustments | Total  
Property, plant and  | 8,340 | 42,757 | 40,490 | 1,142 | 793 | 93,522 | (13) | 93,509  
equipment |  |  |  |  |  |  |  |   
Intangible assets | 271 | 5,555 | 20,188 | 4,926 | 443 | 31,383 | - | 31,383  
Non-current and current  | 20 | 17 | 484 | 169 | 2 | 692 | (1) | 691  
contract assets |  |  |  |  |  |  |  |   
Trade receivables | 7, 2 87 | 3,471 | 7, 771 | 8,373 | 792 | 27,694 | (9,711) | 1 7,983  
Other | 5,736 | 290 | 2,738 | 2,489 | 3,134 | 14,387 | (6,268) | 8,119  
Operating assets | 21,654(1) | 52,090(2) | 71,671(3) | 17,099(4) | 5,164(5) | 167,678 | (15,993) | 151,685  
Trade payables | 6,741 | 3,797 | 4,174 | 9,418 | 1,014 | 25,144 | (8,986) | 16,158  
Non-current and current  | 112 | 271 | 7,515 | 59 | 7 | 7,964 | (95) | 7,869  
contract liabilities |  |  |  |  |  |  |  |   
Sundry provisions | 3,468 | 979 | 3,348 | 742 | 1,208 | 9,745 | (63) | 9,682  
Other | 3,833 | 1,606 | 9,817 | 4,327 | 4,740 | 24,323 | (6,164) | 18,159  
Operating liabilities | 14,154(6) | 6,653(7) | 24,854(8) | 14,546(9) | 6,969(10) | 67, 176 | (15,308) | 51,868  
  
(1)  Of which €640 million classified as held for sale or discontinued operations.

(2)  Of which €2,254 million classified as held for sale or discontinued operations.

(3)  Of which €2,469 million classified as held for sale or discontinued operations.

(4)  Of which €84 million classified as held for sale or discontinued operations.

(5)  Of which €9 million classified as held for sale or discontinued operations.

(6)  Of which €142 million classified as held for sale or discontinued operations.

(7)  Of which €265 million classified as held for sale or discontinued operations.

(8)  Of which €207 million classified as held for sale or discontinued operations.

(9)  Of which €19 million classified as held for sale or discontinued operations.

(10)  Of which €3 million classified as held for sale or discontinued operations.

  


  


Notes to the consolidated financial statements

464

INTEGRATED ANNUAL REPORT 2024

Financial position by secondary segment (Geographical Area)

At December 31, 2024 |  |  |  |  |  |  |  |  |  |  |   
---|---|---|---|---|---|---|---|---|---|---|---  
|  |  |  |  |  |  | Colombia  | United  |  | Rest of |  | Other, |   
|  |  | Rest |  |  |  | and  | States |  | the World  | Eliminations  | eliminations  |   
|  |  | of the |  |  |  | Central  | and  |  | – Other  | Rest of the  | and  |   
Millions of euro | Italy | Iberia | World  | Argentina | Brazil  | Chile | America | Canada | Mexico  | countries | World  | adjustments | Total  
Property, plant and  | 36,659 | 23,553 | 34,457 | 2,430 | 4,748 | 7,6 89 | 5,423 | 12,733 | 891 | 543 | - | 145 | 94,814  
equipment |  |  |  |  |  |  |  |  |  |  |  |  |   
Intangible assets | 3,082 | 16,065 | 9,085 | 141 | 3,777 | 2,574 | 2,043 | 324 | 35 | 191 | - | 487 | 28,719  
Non-current and  | 61 | 82 | 560 | - | 517 | - | - | 8 | 3 | 32 | - | 20 | 723  
current contract |  |  |  |  |  |  |  |  |  |  |  |  |   
assets |  |  |  |  |  |  |  |  |  |  |  |  |   
Trade receivables | 7,397 | 3,442 | 5,013 | 246 | 1,585 | 2,456 | 400 | 165 | 92 | 106 | (37) | 97 | 15,949  
Other | 3,222 | 2,347 | 1,591 | 76 | 684 | 206 | 196 | 176 | 178 | 91 | (16) | 21 | 7, 1 81  
Operating assets | 50,421 | 45,489(1) | 50,706(2) | 2,893 | 11,311 | 12,925 | 8,062(3) | 13,406 | 1,199 | 963(4) | (53) | 770 | 147,386  
Trade payables | 6,855 | 2,270 | 5,277 | 543 | 1,366 | 2,286 | 435 | 389 | 132 | 160 | (34) | (697) | 13,705  
Non-current and  | 4,253 | 3,802 | 108 | - | 70 | - | 38 | - | - | - | - | (33) | 8,130  
current contract |  |  |  |  |  |  |  |  |  |  |  |  |   
liabilities |  |  |  |  |  |  |  |  |  |  |  |  |   
Sundry provisions | 3,508 | 3,000 | 2,103 | 50 | 1,215 | 327 | 302 | 181 | 4 | 24 | - | 844 | 9,455  
Other | 7,218 | 3,093 | 5,545 | 490 | 1,971 | 1,102 | 174 | 1,629 | 126 | 68 | (15) | 1,391 | 17, 2 47  
Operating liabilities | 21,834 | 12,165(5) | 13,033(6) | 1,083 | 4,622 | 3,715 | 949 | 2,199 | 262 | 252(7) | (49) | 1,505 | 48,537  
  
(1)  Of which €37 million classified as held for sale or discontinued operations.

(2)  Of which €306 million classified as held for sale or discontinued operations.

(3)  Of which €49 million classified as held for sale or discontinued operations.

(4)  Of which €257 million classified as held for sale or discontinued operations.

(5)  Of which €17 million classified as held for sale or discontinued operations.

(6)  Of which €28 million classified as held for sale or discontinued operations.

(7)  Of which €28 million classified as held for sale or discontinued operations.

At December 31, 2023 |  |  |  |  |  |  |  |  |  |  |   
---|---|---|---|---|---|---|---|---|---|---|---  
|  |  |  |  |  |  | Colombia  | United  |  | Rest of |  | Other, |   
|  |  | Rest |  |  |  | and  | States |  | the World  | Eliminations  | eliminations  |   
|  |  | of the |  |  |  | Central  | and  |  | – Other  | Rest of the  | and  |   
Millions of euro | Italy | Iberia | World  | Argentina | Brazil  | Chile | America | Canada | Mexico  | countries | World  | adjustments | Total  
Property, plant and  | 34,361 | 23,527 | 35,524 | 1,305 | 5,335 | 7, 475 | 5,328 | 11,972 | 818 | 3,291 | - | 97 | 93,509  
equipment |  |  |  |  |  |  |  |  |  |  |  |  |   
Intangible assets | 3,122 | 16, 178 | 11,397 | 88 | 4,701 | 2,576 | 2,173 | 446 | 36 | 1,377 | - | 686 | 31,383  
Non-current and  | 90 | 80 | 520 | - | 439 | - | - | 39 | 1 | 41 | - | 1 | 691  
current contract |  |  |  |  |  |  |  |  |  |  |  |  |   
assets |  |  |  |  |  |  |  |  |  |  |  |  |   
Trade receivables | 8,819 | 4,011 | 5,302 | 77 | 1,933 | 2,249 | 527 | 176 | 68 | 311 | (39) | (149) | 17,983  
Other | 4,281 | 2,375 | 1,706 | 34 | 762 | 225 | 218 | 214 | 57 | 209 | (13) | (243) | 8,119  
Operating assets | 50,673(1) | 46,171 | 54,449(2) | 1,504 | 13,170 | 12,525(3) | 8,246(4) | 12,847(5) | 980 | 5,229(6) | (52) | 392 | 151,685  
Trade payables | 9,001 | 2,888 | 5,011 | 173 | 1,300 | 1,696 | 659 | 834 | 15 | 365 | (31) | (742) | 16,158  
Non-current and  | 4,318 | 3,537 | 47 | - | - | - | 47 | - | - | - | - | (33) | 7,8 69  
current contract |  |  |  |  |  |  |  |  |  |  |  |  |   
liabilities |  |  |  |  |  |  |  |  |  |  |  |  |   
Sundry provisions | 3,078 | 3,177 | 2,686 | 32 | 1,920 | 312 | 224 | 129 | 5 | 64 | - | 741 | 9,682  
Other | 6,913 | 3,556 | 6,219 | 240 | 2,519 | 1,076 | 199 | 1,826 | 106 | 268 | (15) | 1,471 | 18,159  
Operating liabilities | 23,310(7) | 13,158 | 13,963(8) | 445 | 5,739 | 3,084 | 1,129 | 2,789(9) | 126 | 697(10) | (46) | 1,437 | 51,868  
  
(1)  Of which €631 million classified as held for sale or discontinued operations.

(2)  Of which €4,801 million classified as held for sale or discontinued operations.

(3)  Of which €5 million classified as held for sale or discontinued operations.

(4)  Of which €99 million classified as held for sale or discontinued operations.

(5)  Of which €242 million classified as held for sale or discontinued operations.

(6)  Of which €4,455 million classified as held for sale or discontinued operations.

(7)  Of which €155 million classified as held for sale or discontinued operations.

(8)  Of which €481 million classified as held for sale or discontinued operations.

(9)  Of which €3 million classified as held for sale or discontinued operations.

(10)  Of which €483 million classified as held for sale or discontinued operations.

  


  


Notes to the consolidated financial statements

465

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The following table reconciles segment assets and liabilities and the consolidated figures.

Millions of euro  | at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
Total assets | 187, 139 | 195,224  
Equity-accounted investments | 1,456 | 1,650  
Non-current financial derivative assets | 2,003 | 2,383  
Other non-current financial assets | 7,607 | 8,750  
Non-current tax assets included in “Other non-current assets” | 1,114 | 1,487  
Other current financial assets | 4,854 | 4,329  
Current financial derivative assets | 3,512 | 6,407  
Cash and cash equivalents | 8,051 | 6,801  
Deferred tax assets  | 9,025 | 9,218  
Tax assets | 2,059 | 2,016  
Financial and tax assets of “Assets classified as held for sale” | 72 | 498  
Segment assets  | 147,386 | 151,685  
Total liabilities | 137,968 | 150,115  
Long-term borrowings | 60,000 | 61,085  
Non-current financial derivative liabilities | 2,915 | 3,373  
Other non-current financial liabilities | 64 | 8  
Short-term borrowings | 3,645 | 4,769  
Current portion of long-term borrowings | 7,4 39 | 9,086  
Other current financial liabilities | 845 | 909  
Current financial derivative liabilities | 3,584 | 6,461  
Deferred tax liabilities | 7,9 51 | 8,217  
Income tax liabilities  | 1,589 | 1,573  
Other tax liabilities | 1,289 | 1,034  
Financial and tax liabilities of “Liabilities included in disposal groups classified as held for sale” | 110 | 1,732  
Segment liabilities | 48,537 | 51,868  
  
  


  


Notes to the consolidated financial statements

466

INTEGRATED ANNUAL REPORT 2024

Information on the consolidated income statement

  


Revenue

9.a Revenue from sales and services – €73,914 million

Millions of euro | 2024 | 2023 |  | Change  
---|---|---|---|---  
Sale of electricity  | 43,478 | 52,465 | (8,987) | -17. 1 %  
Transport of electricity  | 12,072 | 11,123 | 949 | 8.5%  
Fees from network operators | 961 | 1,142 | (181) | -15.8%  
Transfers from institutional market operators | 1 ,747 | 1 ,570 | 177 | 11.3%  
Sale of gas | 5,875 | 7,983 | (2,108) | -26.4%  
Transport of gas | 564 | 68 | 496 | -  
Sale of fuel | 1,578 | 3,458 | (1,880) | -54.4%  
Fees for connection to electricity and gas networks | 1,002 | 877 | 125 | 14.3%  
Construction contracts  | 1,054 | 995 | 59 | 5.9%  
Sale of environmental certificates | 132 | 283 | (151) | -53.4%  
Sale of value-added services | 1,263 | 1,653 | (390) | -23.6%  
Other sales and services | 900 | 866 | 34 | 3.9%  
Total IFRS 15 revenue | 70,626 | 82,483 | (11,857) | -14.4%  
Sale of commodities under contracts with physical settlement | 4,598 | 8,875 | (4,277) | -48.2%  
Gain/(Loss) on the measurement of commodity sales  | (1,333) | 1,508 | (2,841) | -  
contracts with physical settlement closed during the period  |  |  |  |   
Other revenue | 23 | 16 | 7 | 43.8%  
Total revenue from sales and services | 73,914 | 92,882 | (18,968) | -20.4%  
  
Revenue from the “sale of electricity” amounted to 

€43,478 million, a decrease of €8,987 million compared 

with the previous year (-17.1%), mainly reflecting low-

er sales volumes against a background of decreasing 

electricity sales prices, mainly in Italy (€6,176 million) and 

in Spain (€1,947 million). The decrease was only partly 

offset by higher revenue from “transport of electricity”

(€949 million), mainly attributable to the remuneration 

of distribution and metering charges in Italy.

“Transfers from institutional market operators” de-

creased by €181 million from 2023, in particular in Italy, 

mainly reflecting lower revenue from the maximization 

of coal-fired generation for security reasons, com-

pared with 2023. 

Revenue from the “sale of gas“ in 2024 amounted to 

€5,875 million (€7,983 million in 2023), a decrease of 

€2,108 million on the previous year. The decrease is at-

tributable to a decline in both sales and volumes han-

dled and the decrease in average selling prices, mainly 

in Spain (€1,091 million) and Italy (€1,011 million). The 

effect is partly offset by an increase in revenue from 

“transport of gas”, mainly in Italy (€497 million) due to 

the reinstatement of system charges.

Revenue from the “sale of fuel” decreased by €1,880 

million due to decreasing quantities and average gas 

sales prices, mainly in Spain and Italy.

The decrease in revenue from the “sale of commodi-

ties under contracts with physical settlement” (€4,277 

million) and in “gain/(loss) on the measurement of 

commodity sales contracts with physical settlement 

closed during the period” (€2,841 million) mainly re-

gards the sale of gas and reflects a decrease in prices 

as well as in volumes handled.

The following table shows the net results on contracts 

for the sale or purchase of commodities with physi-

cal settlement measured at fair value through profit or 

loss within the scope of IFRS 9.

  


  


  


Notes to the consolidated financial statements

467

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


Millions of euro | 2024 | 2023 |  | Change  
---|---|---|---|---  
Fair value gain/(loss) on contracts for energy commodities with  |  |  |  |   
physical settlement (within the scope of IFRS 9) closed in the period |  |  |  |   
Sales contracts |  |  |  |   
Sale of electricity  | 919 | 1,550 | (631) | -40.7%  
Fair value gain/(loss) on closed contracts | 1 | 281 | (280) | -99.6%  
Total electricity | 920 | 1,831 | (911) | -49.8%  
Sale of gas | 3,599 | 7, 271 | (3,672) | -50.5%  
Fair value gain/(loss) on closed contracts | (1,482) | 1,114 | (2,596) | -  
Total gas | 2,117 | 8,385 | (6,268) | -74.8%  
Sale of emissions allowances | 74 | 4 | 70 | -  
Fair value gain/(loss) on closed contracts | 139 | 109 | 30 | 27.5%  
Total emissions allowances  | 213 | 113 | 100 | 88.5%  
Sale of guarantees of origin | 6 | 50 | (44) | -88.0%  
Fair value gain/(loss) on closed contracts | 9 | 4 | 5 | -  
Total guarantees of origin | 15 | 54 | (39) | -72 .2%  
Total revenue | 3,265 | 10,383 | (7,118) | -68.6%  
Purchase contracts |  |  |  |   
Purchase of electricity  | 872 | 2,884 | (2,012) | -69.8%  
Fair value gain/(loss) on closed contracts | 555 | 570 | (15) | -2.6%  
Total electricity | 1,427 | 3,454 | (2,027) | -58.7%  
Purchase of gas | 4,793 | 8,063 | (3,270) | -40.6%  
Fair value gain/(loss) on closed contracts  | (2,173) | 1,370 | (3,543) | -  
Total gas | 2,620 | 9,433 | (6,813) | -72 .2%  
Purchase of emissions allowances | 236 | 624 | (388) | -62.2%  
Fair value gain/(loss) on closed contracts | (30) | (31) | 1 | 3.2%  
Total emissions allowances | 206 | 593 | (387) | -65.3%  
Purchase of guarantees of origin | 14 | 101 | (87) | -86.1%  
Fair value gain/(loss) on closed contracts | (28) | 32 | (60) | -  
Total guarantees of origin | (14) | 133 | (147) | -  
Total costs | 4,239 | 13,613 | (9,374) | -68.9%  
Net revenue/(costs) on contracts for energy commodities with  | (974) | (3,230) | 2,256 | 69.8%  
physical settlement (within the scope of IFRS 9) closed in the period |  |  |  |   
Gain/(Loss) from measurement of outstanding contracts for energy  |  |  |  |   
commodities with physical settlement (within the scope of IFRS 9) |  |  |  |   
Sales contracts |  |  |  |   
Electricity | (57) | 226 | (283) | -  
Gas | (647) | 136 | (783) | -  
Emissions allowances | (15) | 23 | (38) | -  
Guarantees of origin | 9 | 4 | 5 | -  
Total | (710) | 389 | (1,099) | -  
Purchase contracts |  |  |  |   
Electricity | (626) | 254 | (880) | -  
Gas | (1,187) | 586 | (1,773) | -  
Emissions allowances | (37) | 19 | (56) | -  
Guarantees of origin | 51 | 67 | (16) | -23.9%  
Total | (1,799) | 926 | (2,725) | -  
Gain/(Loss) from measurement of outstanding contracts for energy  | 1,089 | (537) | 1,626 | -  
commodities with physical settlement (within the scope of IFRS 9) |  |  |  |   
Total net revenue/(costs) on contracts with physical settlement | 115 | (3,767) | 3,882 | -  
(within the scope of IFRS 9) |  |  |  |   
  
  


  


  


Notes to the consolidated financial statements

468

INTEGRATED ANNUAL REPORT 2024

  


Revenue from contracts with customers (IFRS 15) breaks down into “point in time” and “over time” revenue as 

indicated in the following table.

| 2024  
---|---  
|  |  |  |  |  |  | Other, eliminations  |  |   
| Italy | Iberia | Rest of the World | and adjustments | Total  
| Over  | Point in  | Over  | Point in  | Over  | Point in  |  | Point in  | Over  | Point in   
Millions of euro | time | time | time | time | time | time | Over time | time | time | time  
Total IFRS 15 revenue | 30,167 | 990 | 20,207 | 690 | 18,227 | 239 | 54 | 52 | 68,655 | 1,971  
  
| 2023  
---|---  
|  |  |  |  |  |  | Other,  |  |   
|  |  |  |  |  |  | eliminations and  |  |   
| Italy | Iberia | Rest of the World | adjustments | Total  
| Over  | Point in  | Over  | Point in  | Over  | Point in  | Over  | Point in  | Over  | Point in   
| time | time | time | time | time | time | time | time | time | time  
Total IFRS 15 revenue | 36,982 | 1,169 | 23,063 | 1,973 | 17,887 | 1,342 | 13 | 54 | 77,945 | 4,538  
  
The table below gives a breakdown of revenue from sales and services by geographical area.

Millions of euro | 2024 | 2023  
---|---|---  
Italy  | 30,987 | 39,724  
Europe |  |   
Iberia  | 19,076 | 21,799  
France | 1,017 | 1,919  
Switzerland | 788 | 1,936  
Germany | 729 | 1,028  
Austria | 93 | 75  
Slovenia | 26 | 10  
Romania | 17 | 4  
Greece | 18 | 6  
Belgium | 30 | 13  
Czech Republic | 42 | 180  
Hungary | - | 13  
Netherlands | 68 | 145  
United Kingdom | 1,692 | 4,523  
Other European countries | 683 | 2,152  
Americas |  |   
United States | 719 | 864  
Canada | 42 | 62  
Mexico  | 331 | 315  
Brazil  | 7,5 61 | 7,621  
Chile | 3,793 | 4,369  
Peru | 667 | 1,565  
Colombia | 3,512 | 3,248  
Argentina | 1,333 | 613  
Panama | 213 | 200  
Costa Rica | 20 | 17  
Guatemala | 84 | 81  
Other |  |   
Africa | 103 | 96  
Asia | 249 | 266  
Oceania | 21 | 38  
Total | 73,914 | 92,882  
  
  


  


  


Notes to the consolidated financial statements

469

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


Performance obligations

The following table provides information about the 

Group’s performance obligations arising from contracts 

with customers with reference to the main revenue

streams only, with a summary of the specific judgments

made and the related revenue recognition policies.

For information on the use of estimates with revenue 

from contracts with customers, please see note 2.1 

“Use of estimates and management judgment”.

Type of  |   
| Nature and timing of satisfaction  |   
|   
---|---|---|---|---  
product/service |   
| of performance obligation |   
| Accounting policies  
Sale of electricity  |   
| In order to determine the nature of the promise con- |   
| The Group applies an output method to recognize   
produced by the Group |   
| tained in these contracts with customers for the sale  |   
| revenue from the sale of electricity on power ex-  
|   
| of electricity, the Group carefully analyzes the facts |   
| changes, recognized over time, so as to recognize   
|   
| and circumstances applicable to each contract. |   
| revenue in the amount to which it has a right to in-  
|   
| For the sale of electricity on power exchanges, the  |   
| voice the customer if that amount corresponds di-  
|   
| facts and circumstances (including the intrinsic char- |   
| rectly with the value to the customer of the perfor-  
|   
| acteristics of the commodity, contractual terms, in- |   
| mance completed to date, i.e. at the price defined in   
|   
| formation regarding infrastructure and other delivery  |   
| the market (without variable consideration).  
|   
| mechanisms) generally indicate that the performance  |   
|   
|   
| obligation is a service in which the customer simulta- |   
|   
|   
| neously receives and consumes the benefits of the  |   
|   
|   
| commodity as it is delivered. Thus, the Group identifies  |   
|   
|   
| a performance obligation satisfied over time as part of  |   
|   
|   
| a series of distinct goods/services (i.e. each unit of  |   
|   
|   
| commodity) that are substantially the same and have  |   
|   
|   
| the same pattern of transfer to the customer. |   
|   
Network connection  |   
| The network connection fees received from custom- |   
| Revenue from monetary and in-kind fees for connec-  
services |   
| ers for connecting them to the electricity/gas distri- |   
| tion to the electricity and gas distribution network   
|   
| bution networks require a specific Group assessment |   
| is recognized on the basis of the satisfaction of the   
|   
| to take into consideration a number of factors. |   
| performance obligations included in the contract. The  
|   
| This assessment is intended to determine whether  |   
| identification of distinct goods or services requires a   
|   
| the contract includes other distinct goods or servic- |   
| careful analysis of the terms and conditions of the   
|   
| es, such as for example the right to obtain ongoing  |   
| connection arrangements, which could vary from  
|   
| access to the infrastructure in order to receive the  |   
| country to country based on the local context, regula-  
|   
| commodity or, when the connection fee is a “non-re- |   
| tions and law. In order to finalize this assessment, the   
|   
| fundable up-front fee” paid at or near contract incep- |   
| Group considers not only the characteristics of the   
|   
| tion, a material right that gives rise to a performance  |   
| goods/services themselves (i.e. the good or service is   
|   
| obligation.  |   
| capable of being distinct) but also the implied prom-  
|   
|  |   
| ises for which the customer has a valid expectation   
|   
| In particular, in some countries in which the Group op- |   
| as it views those promises as part of the negotiated   
|   
| erates, it has determined that the nature of the con- |   
| exchange.   
|   
| sideration received represents a “non-refundable up- |   
| Furthermore, the Group acts as an agent in some   
|   
| front fee” whose payment provides a material right  |   
| contracts for electricity/gas network connection ser-  
|   
| to the customer. In order to determine if the period  |   
| vices and other related activities, depending on local   
|   
| over which this material right should be recognized  |   
| legal and regulatory framework. In such cases, it rec-  
|   
| extends beyond the initial contractual period, the  |   
| ognizes revenue on a net basis, corresponding to any   
|   
| Group also takes into consideration applicable local  |   
| fee or commission to which it expects to be entitled.  
|   
| legal and regulatory framework. |   
|   
Sale/Transport  |   
| An electricity/gas supply agreement signed with an  |   
| The Group applies an output method to recognize   
of electricity/gas  |   
| end user includes a single performance obligation  |   
| revenue from the sale and transport of electricity/  
to end users |   
| (sale and transport of the commodity) because the  |   
| gas to end users, so as to recognize revenue in the   
|   
| Group has determined that the contract does not  |   
| amount to which it has a right to invoice the customer   
|   
| provide distinct goods/services and the promise is  |   
| if that amount corresponds directly with the value to   
|   
| satisfied by transferring control over the commodi- |   
| the customer of the performance completed to date,   
|   
| ty to the customer when it is delivered at the point  |   
| i.e. the quantities provided during the period, even if   
|   
| of delivery. In order to determine the nature of the  |   
| these have not yet been invoiced; this revenue is de-  
|   
| promise included in such contracts, the Group care- |   
| termined using estimates as well as periodic meter   
|   
| fully analyzes the facts and circumstances applicable  |   
| readings. Where applicable, this revenue is based on   
|   
| to each contract and commodity. |   
| the rates and related restrictions established by law   
|   
| However, the Group considers that the performance  |   
| or by the Regulatory Authority for Energy, Networks   
|   
| obligation provided for in a repetitive service contract,  |   
| and the Environment (ARERA) and analogous foreign  
|   
| such as a supply contract for the provision of electric- |   
| authorities during the applicable period.   
|   
| ity/gas to end users, is typically satisfied over time (be- |   
|   
|   
| cause the customer simultaneously receives and con- |   
|   
|   
| sumes the benefits of the commodity as it is delivered)  |   
|   
|   
| as part of a series of distinct goods/services (i.e. each  |   
|   
|   
| unit of commodity) that are substantially the same and  |   
|   
|   
| have the same pattern of transfer to the customer.  |   
|   
  
  


  


  


Notes to the consolidated financial statements

470

INTEGRATED ANNUAL REPORT 2024

  


  


Type of  |   
| Nature and timing of satisfaction  |  |   
---|---|---|---|---  
product/service |   
| of performance obligation |  | Accounting policies  
Construction contracts |   
| The construction contracts typically include a perfor- |  | For construction contracts that include a performance   
|   
| mance obligation satisfied over time. For these con- |  | obligation satisfied over time, the Group recognizes   
|   
| tracts, the Group generally considers it appropriate to  |  | revenue over time by measuring progress toward the   
|   
| use an input method for measuring progress, except  |  | complete satisfaction of that performance obligation.  
|   
| when a specific contract analysis suggests the use of  |   
| The cost-to-cost method is generally considered the  
|   
| an alternative method that better depicts the Group’s |   
| best method to depict the Group’s performance obli-  
|   
| performance obligation fulfilled at the reporting date. |   
| gation fulfilled at the reporting date.   
|   
|  |   
| The amount due from customers under a construc-  
|   
|  |   
| tion contract is presented as a contract asset; the   
|   
|  |   
| amount due to customers under a construction con-  
|   
|  |   
| tract is presented as a contract liability.  
Concession service  |   
| The Group, as concession holder, provides services for  |  | When the Group provides construction/upgrade ser-  
arrangements (within the |   
| the construction/upgrade of the infrastructure used  |   
| vices, it recognizes intangible assets and/or financial   
scope of IFRIC 12) |   
| for the provision of public services and/or services for  |   
| assets, depending on the characteristics of the service   
|   
| the operation and maintenance of the infrastructure |   
| concession arrangement.   
|   
| itself for the period of the concession. |   
| The amounts received or receivable relating to both   
|   
| For performance obligations related to infrastructure  |   
| components are initially recognized as revenue from   
|   
| construction and improvement, please refer to the  |   
| contracts with customers. For more details on revenue   
|   
| section “Construction contracts”.  |   
| recognition, please refer to the section “Construction   
|   
| As far as revenue from operating services is con- |   
| contracts”.   
|   
| cerned, please refer to the sections “Sale of electricity  |   
| Furthermore, the component recognized in profit or  
|   
| produced by the Group” and “Sale/Transport of elec- |   
| loss deriving from the remeasurement at fair value of   
|   
| tricity/gas to end users”. |   
| the financial assets in respect of service concession   
|   
|  |   
| agreements for the distribution business in Brazil is   
|   
|  |   
| also classified as revenue, in order to adequately re-  
|   
|  |   
| flect the business model in line with the related con-  
|   
|  |   
| cession agreement.  
|   
|  |   
| Revenue from management and maintenance activ-  
|   
|  |   
| ities is recognized as revenue from the sale of elec-  
|   
|  |   
| tricity on the market or to end users (please refer to  
|   
|  |   
| sections “Sale of electricity produced by the Group”  
|   
|  |   
| and “Sale/Transport of electricity/gas to end users”,  
|   
|  |   
| respectively).  
  
  


  


9.b Other income – €5,033 million

Millions of euro | 2024 | 2023 |  | Change  
---|---|---|---|---  
Grants for environmental certificates(1) | 294 | 346 | (52) | -15.0%  
Other operating grants | 60 | 9 | 51 | -  
Capital grants (electricity and gas business) | 30 | 28 | 2 | 7. 1%  
Sundry reimbursements | 401 | 314 | 87 | 2 7.7 %  
Gains on the disposal of subsidiaries, associates, joint ventures,  | 2,351 | 584 | 1,767 | -  
joint operations and non-current assets held for sale |  |  |  |   
Gains on the disposal of property, plant and equipment,  | 90 | 44 | 46 | -  
and intangible assets |  |  |  |   
Service continuity bonuses | 12 | 13 | (1) | -7.7 %  
Other income | 1,795 | 1,345 | 450 | 33.5%  
Total  | 5,033 | 2,683 | 2,350 | 87.6 %  
  
(1)  For more on “Grants for environmental certificates”, please see note 56 “Environmental programs”.

Gains on the disposal of entities amounted to €2,351 

million in 2024, mainly reflecting gains on the disposal 

of electricity generation and distribution assets in Peru 

(totaling €1,347 million) and gains from the sale of elec-

tricity distribution assets in a number of municipalities in

the provinces of Milan and Brescia (totaling €989 million).

In 2023 the item mainly included recognition

by Enel CIEN (in Brazil) of €99 million for the

end-of-concession indemnity received for the

takeover of the concession by another entity and

the overall income of €103 million from the partial

sale with loss of control of assets held in Australia,

  


  


  


  


Notes to the consolidated financial statements

471

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


  


  


the gain on the sale of Arcadia Generación Solar

(€195 million) and the remeasurement at fair value 

of the residual interest in Enel Green Power Hellas

(€160 million). 

“Other income” increased by €450 million on 2023, 

mainly reflecting revenue from tax partnership agree-

ments (€440 million) following the entry into service of 

new plants in North America.

  


  


The following tables show a breakdown of total rev-

enue by business line based on the approach used 

by management to monitor the Group’s performance 

during the two years being compared.

  


  


  


| 2024  
---|---  
| Thermal  | Enel  |  |  | Holding  | Total  | Eliminations  |   
| Generation  | Green  | Enel  | End-user  | and  | reporting  | and  |   
Millions of euro | and Trading | Power | Grids | Markets | Services  | segment | adjustments | Total  
Total IFRS 15 revenue | 19,088 | 10,397 | 20,685 | 41,232 | 1,902 | 93,304 | (22,678) | 70,626  
Sale of commodities under  | 6,344 | - | - | - | - | 6,344 | (1,746) | 4,598  
contracts with physical  |  |  |  |  |  |  |  |   
settlement |  |  |  |  |  |  |  |   
Gain/(Loss) on the  | (1,333) | - | - | - | - | (1,333) | - | (1,333)  
measurement of  |  |  |  |  |  |  |  |   
commodity sales contracts  |  |  |  |  |  |  |  |   
with physical settlement  |  |  |  |  |  |  |  |   
closed during the period |  |  |  |  |  |  |  |   
Other revenue | 11 | 2 | 18 | - | 19 | 50 | (27) | 23  
Total revenue from sales  | 24,110 | 10,399 | 20,703 | 41,232 | 1,921 | 98,365 | (24,451) | 73,914  
and services |  |  |  |  |  |  |  |   
Other income | 166 | 1,818 | 2,533 | 629 | 25 | 5,171 | (138) | 5,033  
TOTAL REVENUE | 24,276 | 12,217 | 23,236 | 41,861 | 1,946 | 103,536 | (24,589) | 78,947  
  
| 2023  
---|---  
| Thermal  | Enel  |  |  | Holding  | Total  | Eliminations  |   
| Generation  | Green  | Enel  | End-user  | and  | reporting  | and  |   
Millions of euro | and Trading | Power | Grids | Markets | Services  | segment | adjustments | Total  
Total IFRS 15 revenue | 26,354 | 9,982 | 19,719 | 51,630 | 2,004 | 109,689 | (27,206) | 82,483  
Sale of commodities under  | 12,374 | - | - | 6 | - | 12,380 | (3,505) | 8,875  
contracts with physical  |  |  |  |  |  |  |  |   
settlement |  |  |  |  |  |  |  |   
Gain/(Loss) on the  | 1,504 | - | - | 4 | - | 1,508 | - | 1,508  
measurement of  |  |  |  |  |  |  |  |   
commodity sales contracts  |  |  |  |  |  |  |  |   
with physical settlement  |  |  |  |  |  |  |  |   
closed during the period |  |  |  |  |  |  |  |   
Other revenue | 6 | 3 | 18 | 1 | 16 | 44 | (28) | 16  
Total revenue from sales  | 40,238 | 9,985 | 19,737 | 51,641 | 2,020 | 123,621 | (30,739) | 92,882  
and services |  |  |  |  |  |  |  |   
Other income | (48) | 1,635 | 522 | 478 | 25 | 2,612 | 71 | 2,683  
TOTAL REVENUE | 40,190 | 11,620 | 20,259 | 52,119 | 2,045 | 126,233 | (30,668) | 95,565  
  
  


  


  


  


  


Notes to the consolidated financial statements

472

INTEGRATED ANNUAL REPORT 2024

  


Costs

10.a Electricity, gas and fuel – €30,282 million

Millions of euro | 2024 | 2023 | Change  
---|---|---|---  
Electricity | 19,348 | 24,098 | (4,750) | -19.7%  
\- of which purchases under contracts with physical settlement (IFRS 9) | 872 | 2,884 | (2,012) | -69.8%  
Gas  | 10,739 | 16,583 | (5,844) | -35.2%  
\- of which purchases under contracts with physical settlement (IFRS 9) | 4,793 | 8,063 | (3,270) | -40.6%  
Fair value gain/(loss) on contracts for purchase of electricity and gas with  | (1,618) | 1,940 | (3,558) | -  
physical settlement closed during the period  |  |  |  |   
Nuclear fuel | 103 | 99 | 4 | 4.0%  
Other fuels | 1,710 | 3,550 | (1,840) | -51.8%  
Total  | 30,282 | 46,270 | (15,988) | -34.6%  
  
“Electricity” purchase decreased by €4,750 million 

reflecting both a decline in average prices and quan-

tities purchased compared with the previous year, 

mainly in Italy (€3,992 million) and Spain (€1,127 mil-

lion).

The decrease in costs for “gas” purchases of €5,844 

million mainly reflects the decrease in average prices as 

well as the decrease in volumes handled, mainly in Italy

and Spain. 

In 2023 the item included charges of €515 million relat-

ed to the settlement of an arbitration dispute with the 

Qatari gas supplier in Spain.

Results of the fair value measurement of purchases of 

gas under contracts with physical settlement closed 

decreased by €3,558 million on the previous year, of 

which €3,544 million attributable to gas and €14 mil-

lion to electricity.

The decrease in “other fuels” is mainly attributable to 

the decrease in volumes purchased.

10.b Services and other materials – €19,240 million

Millions of euro | 2024 | 2023 |  | Change  
---|---|---|---|---  
Wheeling | 9,207 | 7,781 | 1,426 | 18.3%  
Maintenance and repairs | 1,216 | 1,134 | 82 | 7. 2 %  
Telephone and postal costs | 174 | 168 | 6 | 3.6%  
Communication services | 166 | 120 | 46 | 38.3%  
IT services | 744 | 840 | (96) | -11.4%  
Leases and rentals | 813 | 534 | 279 | 52.2%  
Costs for services connected with the electricity and gas business | 1,111 | 1,327 | (216) | -16.3%  
Value-added services | 697 | 822 | (125) | -15.2%  
Construction contracts | 288 | 394 | (106) | -26.9%  
Service concession arrangements | 451 | 429 | 22 | 5.1%  
Other services  | 1,927 | 2,008 | (81) | -4.0%  
Environmental certificates not used for compliance | 264 | 1,002 | (738) | -73.7%  
\- of which relating to purchases from contracts with physical settlement (IFRS 9) | 250 | 725 | (475) | -65.5%  
Fair value gain/(loss) on contracts for purchase of environmental certificates  | (58) | 1 | (59) | -  
with physical settlement closed during the period  |  |  |  |   
Change in inventories of environmental certificates  | 84 | (593) | 677 | -  
Other materials | 2,156 | 2,337 | (181) | -7.7 %  
Total | 19,240 | 18,304 | 936 | 5.1%  
  
Costs for services and other materials amounted to 

€19,240 million in 2024, an increase of €936 million 

from 2023. This change essentially reflected: 

• an increase in costs for wheeling, mainly in Italy and 

Iberia, reflecting the application of specific meas-

ures issued by rate-setting regulators;

  


  


  


Notes to the consolidated financial statements

473

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


• an increase in costs for leases and rentals, mainly in 

Italy, essentially due to higher hydroelectric conces-

sion fees;

• a decrease in costs for services connected with the 

electricity and gas business due to a decrease in 

volumes handled;

• a decrease in costs for construction contracts and 

value-added services due to lower sales and services 

attributable to energy efficient goods (€231 million);

• a decrease in costs for technical and professional 

services (€102 million);

• a decrease in costs of environmental certificates 

(€61 million) essentially due to higher use of inven-

tories;

• a decrease in “other materials” mainly attributable to 

lower procurement costs for materials and equip-

ment.

10.c Personnel expenses – €4,938 million

Millions of euro | 2024 | 2023 |  | Change  
---|---|---|---|---  
Wages and salaries | 3,350 | 3,498 | (148) | -4.2%  
Social security contributions | 932 | 903 | 29 | 3.2%  
Italian post-employment benefits | 114 | 114 | - | -  
Post-employment and other long-term benefits | 68 | 67 | 1 | 1.5%  
Early retirement incentives | 47 | 42 | 5 | 11.9%  
Early retirement incentives connected with restructuring  | 227 | 214 | 13 | 6.1%  
agreements |  |  |  |   
Other costs | 200 | 192 | 8 | 4.2%  
Total  | 4,938 | 5,030 | (92) | -1.8%  
  
Personnel expenses in 2024 amounted to €4,938 mil-

lion, a decrease of €92 million. 

The Group’s workforce decreased by 696 employ-

ees, due to the positive balance between new hires 

and terminations (566 employees) mainly reflecting 

new hires in Grids in Italy and Brazil, offset by negative 

changes in the consolidation scope (-1,262 employ-

ees), essentially attributable to:

• the sale of Enel Generación Perú;

• the sale of Enel Distribución Perú;

• the sale of Enel X Perú;

• the sale of Enel X Storage US LLC;

• the transfer of employees from e-distribuzione SpA 

to A2A as part of the sale of distribution assets relat-

ing to some municipalities in the provinces of Milan 

and Brescia.

The decrease in “wages and salaries” substantially re-

flects the decrease in the average headcount com-

pared with 2023, as shown in the following table, and 

the changes in scope commented earlier. 

The increase in “social security contributions” is mainly 

related to Argentina.

The increase in “early retirement incentives” and “ear-

ly retirement incentives connected with restructuring 

agreements” is mainly attributable to an increase in 

costs in Italy following a new provision in application 

of Article 4 of Law 92/2012 for the 2025-2028 period, 

partly offset by charges incurred in 2023 in Spain 

for the adjustment to the provision for the Acuerdo 

Voluntario de Salida plan.

The table below shows the average number of employ-

ees by category, along with a comparison with the pre-

vious year, and the headcount as of December 31, 2024.

| Average(1) | Headcount(1)  
---|---|---  
No. | 2024 | 2023 | at Dec. 31, 2024  
Senior managers | 1,285 | 1,374 | 1,256  
Middle managers | 12,062 | 12,589 | 12,013  
White collar | 29,872 | 33,906 | 28,402  
Blue collar | 17,057 | 16,527 | 18,688  
Total | 60,276 | 64,396 | 60,359  
  
(1)  For companies consolidated on a proportionate basis, the headcount corresponds to Enel’s percentage share of the total.

  


  


  


  


Notes to the consolidated financial statements

474

INTEGRATED ANNUAL REPORT 2024

  


  


  


10.d Net impairment/(reversals) on trade receivables and other receivables 

– €1,323 million

Millions of euro | 2024 | 2023 |  | Change |   
---|---|---|---|---|---  
Impairment losses on trade receivables | 1,337 | 1,384 | (47) |  | -3.4%  
Impairment losses on other financial assets | 234 | 162 | 72 |  | 44.4%  
Total impairment losses on trade receivables  | 1,571 | 1,546 | 25 |  | 1.6%  
and other financial assets |  |  |  |  |   
Impairment gains on trade receivables | (244) | (210) | (34) |  | -16.2%  
Impairment gains on other financial assets | (4) | (2) | (2) |  | -  
Total impairment gains on trade receivables  | (248) | (212) | (36) |  | \- 17.0%  
and other financial assets |  |  |  |  |   
NET IMPAIRMENT/(REVERSALS) ON TRADE  | 1,323 | 1,334 | (11) |  | -0.8%  
RECEIVABLES AND OTHER FINANCIAL ASSETS |  |  |  |  |   
  
The item is essentially in line with the previous year.

  


  


10.e Depreciation, amortization and other impairment losses – €7,249 million

Millions of euro | 2024 | 2023 |  | Change  
---|---|---|---|---  
Property, plant and equipment | 4,896 | 4,674 | 222 |  | 4.7%  
Investment property | 2 | 2 | - |  | -  
Intangible assets | 1,785 | 1,677 | 108 |  | 6.4%  
Other impairment losses | 611 | 1,792 | (1,181) |  | -65.9%  
Other reversals of impairment losses | (45) | (56) | 11 |  | 19.6%  
Total  | 7, 249 | 8,089 | (840) |  | -10.4%  
  
The decrease in “depreciation, amortization and other 

impairment losses” essentially reflected the decrease 

in impairment losses, partly offset by higher deprecia-

tion and amortization due to new capital expenditure, 

mainly in the sector of renewable energy and distri-

bution.

More specifically, impairment losses in 2024 mainly in-

clude:

• the value adjustment of €42 million of the assets in 

the storage business in North America sold in 2024;

• the impairment loss of €22 million on the renewa-

ble business in India, following its reclassification, in 

2024, under assets and liabilities held for sale and 

the related sale price adjustment;

• the impairment loss on a number of renewable elec-

tricity plants in Spain, Brazil, Chile, United States and 

Italy (€223 million);

• the value adjustment of a number of photovolta-

ic plants in Italy (€36 million) and wind plants in the 

United States (€45 million);

• impairment losses recognized on software, IT plat-

forms and support activities of Enel X in Italy (€62 

million) and the value adjustment of assets related 

to the e-mobility business (€56 million) mainly in Italy 

and the United States;

• the value adjustment of the Colombian wind project 

of Windpeshi in the amount of €46 million (€171 mil-

lion in 2023).

The figure for 2023 included the value adjustments on 

a number of renewable plant companies (€1,268 mil-

lion) and on the assets of Enel X and Enel X Way (€126 

million) in North America.

  


  


  


  


  


Notes to the consolidated financial statements

475

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


10.f Other operating costs – €3,940 million

Millions of euro | 2024 | 2023 |  | Change  
---|---|---|---|---  
System charges – Environmental certificates(1) | 1,449 | 2,603 | (1,154) |  | -44.3%  
Other costs connected with electrical and gas system | 175 | 568 | (393) |  | -69.2%  
Other taxes and duties | 1,341 | 1,529 | (188) |  | -12.3%  
Capital losses and other costs on the disposal of equity  | 4 | 404 | (400) |  | -99.0%  
investments |  |  |  |  |   
Extraordinary solidarity levies | 138 | 208 | (70) |  | -33.7%  
Other | 833 | 813 | 20 |  | 2.5%  
Total | 3,940 | 6,125 | (2,185) |  | -35.7%  
  
(1)  For more on “System charges – Environmental certificates”, please see note 56 “Environmental programs”.

“Other operating costs” decreased by €2,185 million 

compared with the previous year due to the following.

Costs for environmental certificates decreased re-

flecting the impact of a decrease in the purchase in 

CO

2

allowances mainly due to a decrease in generation 

from conventional sources.

The decrease in “other costs connected with electri-

cal and gas system” mainly reflected the decreasing 

impact of the Bono Social in Spain (€337 million) es-

sentially due to the recognition in 2024 of a surplus 

relating to the 2022-2023 period.

“Other taxes and duties” decreased in 2023 mainly due 

to the clawback mechanism in Italy (€357 million) in-

troduced with Decree Law 25 of March 28, 2022 and 

as a result of Royal Decree 17/2021 in Spain (€118 mil-

lion). The change was partly offset by the recognition 

in 2024 of the tax on the value on the production of 

electricity (IVPEE) reactivated in Spain by the Royal De-

cree 8/2023 for €342 million.

“Capital losses and other costs on the disposal of eq-

uity investments” in 2024 mainly include the capital 

losses on the disposal of assets related to the storage 

business in North America (€2 million).

The figure for 2023 mainly included capital losses rec-

ognized after the disposal of Enel Generación Cos-

tanera (€132 million) and Central Dock Sud (€194 mil-

lion) in Argentina, and the price adjustment in respect 

of the disposal of Celg Distribuição SA Celg-D (Enel 

Goiás) (€23 million). 

“Extraordinary solidarity levies” regard the extraordi-

nary solidarity levy recognized, in 2024, in Spain in the 

amount of €138 million (€208 million in 2023) following 

the approval of Law 38 of December 27, 2022.

  


  


10.g Capitalized costs – €(3,042) million

Millions of euro | 2024 | 2023 |  | Change |   
---|---|---|---|---|---  
Personnel | (1,064) | (1,120) | 56 |  | 5.0%  
Materials | (1,237) | (1,338) | 101 |  | 7.5%  
Other | (741) | (927) | 186 |  | 20.1%  
Total  | (3,042) | (3,385) | 343 |  | 10.1%  
  
Capitalized costs came to €3,042 million, a decrease 

of €343 million on the previous year, mainly reflecting 

the reallocation of investments, in line with the prior-

itites set in the Strategic Plan 2024-2026.

  


  


  


Notes to the consolidated financial statements

476

INTEGRATED ANNUAL REPORT 2024

11. Net results from commodity contracts – €477 million

Millions of euro | 2024 | 2023 | Change  
---|---|---|---  
Commodity derivatives |  |  |  |   
Income from derivatives designated as hedging derivatives | 876 | 836 | 40 | 4.8%  
Income from derivatives at fair value through profit or loss | 2,517 | 3,196 | (679) | -21.2%  
Income from commodity derivatives  | 3,393 | 4,032 | (639) | -15.8%  
Expense from derivatives designated as hedging derivatives | 1,208 | 2,892 | (1,684) | -58.2%  
Expense from derivatives at fair value through profit or loss  | 2,797 | 3,569 | (772) | -21.6%  
Expense from commodity derivatives  | 4,005 | 6,461 | (2,456) | -38.0%  
Net income/(expense) from commodity derivatives  | (612) | (2,429) | 1,817 | 74.8%  
Outstanding contracts for energy commodities with physical settlement: |  |   
\- results from outstanding contracts to sell energy commodities  | (710) | 389 | (1,099) | -  
with physical settlement  |  |  |  |   
\- results from outstanding contracts to purchase energy  | 1,799 | (926) | 2,725 | -  
commodities with physical settlement  |  |  |  |   
Net results from outstanding contracts for energy  | 1,089 | (537) | 1,626 | -  
commodities with physical settlement  |  |  |  |   
NET RESULTS FROM COMMODITY CONTRACTS  | 477 | (2,966) | 3,443 | -  
  
Net results from commodity contracts came to €477 

million in 2024 (a net expense of €2,966 million in 

2023), and mainly refer to hedges of price and curren-

cy risks, breaking down as follows:

• net expense from commodity derivatives total-

ing €612 million (net expense of €2,429 million in 

2023). More specifically, net expense on derivatives 

designated as hedging instruments came to €332 

million (net expense of €2,056 million in 2023) and

net expense on derivatives measured at fair value 

through profit or loss came to €280 million (net ex-

pense of €373 million in 2023);

• net income from the fair value measurement through

profit or loss of energy commodity contracts with 

physical settlement still outstanding at the reporting 

date, amounting to €1,089 million (net expense of 

€537 million in 2023).

The increase in net income, in the amount of €3,443 

million, is mainly attributable to the results of com-

modity price hedges mainly reflecting market price 

developments. 

For more information on derivatives, please see note 

49 “Derivatives and hedge accounting”.

  


  


  


12. Net financial income/(expense) from derivatives – €1,697 million

Millions of euro | 2024 | 2023 |  | Change  
---|---|---|---|---  
Income: |  |  |  |  |   
\- income from derivatives designated as hedging derivatives | 2,212 | 756 | 1,456 |  | -  
\- income from derivatives at fair value through profit or loss  | 508 | 802 | (294) |  | -36.7%  
Total income | 2,720 | 1,558 | 1,162 |  | 74.6%  
Expense: |  |  |  |  |   
\- expense from derivatives designated as hedging derivatives | (620) | (1,254) | 634 |  | 50.6%  
\- expense from derivatives at fair value through profit or loss  | (403) | (913) | 510 |  | 55.9%  
Total expense | (1,023) | (2,167) | 1,144 |  | 52.8%  
NET FINANCIAL INCOME/(EXPENSE) FROM DERIVATIVES | 1,697 | (609) | 2,306 |  | -  
  
  


  


  


  


Notes to the consolidated financial statements

477

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


In 2024, net income from derivatives on interest and ex-

change rates amounted to €1,697 million (net expense 

of €609 million in 2023) and breaks down as follows:

• net income from derivatives designated as hedging 

derivatives in the amount of €1,592 million (net ex-

pense of €498 million in 2023) mainly in regard of 

cash flow hedges; 

• net income from derivatives at fair value through 

profit or loss in the amount of €105 million (net ex-

pense of €111 million in 2023).

The net balances recognized in 2024 and 2023 on 

both hedging derivatives and those at fair value 

through profit or loss mainly referred to the hedging 

of exchange rate risk. For more information on deriva-

tives, see note 49 “Derivatives and hedge accounting”.

  


  


  


  


  


  


13\. Net other financial income/(expense) – €(5,098) million

  


Other financial income

Millions of euro | 2024 | 2023 |  | Change  
---|---|---|---|---  
Interest income from financial assets  |  |  |  |  |   
(current and non-current): |  |  |  |  |   
\- interest income at effective rate on non-current financial assets | 256  | 289  | (33) |  | -11.4%  
\- interest income at effective rate on current financial  | 359  | 335  | 24 |  | 7. 2%  
investments |  |  |  |  |   
Total interest income at the effective interest rate | 615 | 624  | (9) |  | -1.4%  
Exchange gains | 1,320  | 1,807  | (487) |  | -2 7.0%  
Income on equity investments | 2  | 3  | (1) |  | -33.3%  
Income from hyperinflation  | 1,953  | 1,575 | 378 |  | 24.0%  
Other income  | 472 | 482  | (10) |  | -2.1%  
TOTAL OTHER FINANCIAL INCOME | 4,362  | 4,491 | (129) |  | -2.9%  
  
Other financial income amounted to €4,362 million, 

a decrease of €129 million on 2023, mainly reflecting 

the decrease in income from exchange gains (€487 

million), mainly relating to Enel Finance International 

(€472 million), partly offset by the increase in income 

from hyperinflation (€378 million), recognized by the 

Argentine companies as a result of the application of 

IAS 29 on financial reporting in hyperinflationary econ-

omies; for more information, see note 5 of these con-

solidated financial statements at December 31, 2024.

  


  


  


Other financial expense

Millions of euro | 2024 | 2023 |  | Change  
---|---|---|---|---  
Interest expense on financial debt |  |  |  |  |   
(current and non-current): |  |  |  |  |   
\- interest on bank borrowings | 1,001  | 987 | 14 |  | 1.4%  
\- interest expense on bonds | 2,057  | 2,079 | (22) |  | -1.1%  
\- interest expense on other borrowings | 393 | 451 | (58) |  | -12.9%  
Total interest expense | 3,451  | 3,517 | (66) |  | -1.9%  
Financial expense on debt management transactions | 59 | 7 | 52 |  | -  
Exchange losses | 3,002  | 1,058 | 1,944 |  | -  
Adjustment to post-employment and other employee benefits | 142 | 165 | (23) |  | -13.9%  
Adjustment to other provisions | 291 | 255 | 36 |  | 14.1%  
Expense from hyperinflation | 1,632 | 1,291 | 341 |  | 26.4%  
Other expenses | 883  | 964 | (81) |  | -8.4%  
TOTAL OTHER FINANCIAL EXPENSE | 9,460  | 7, 257 | 2,203 |  | 30.4%  
  
  


  


  


  


  


Notes to the consolidated financial statements

478

INTEGRATED ANNUAL REPORT 2024

  


  


  


Other financial expense amounted to €9,460 million, 

a total increase of €2,203 million on 2023 essentially 

due to the following factors:

• an increase in expense from hyperinflation of 

€341 million, recognized by the Argentine compa-

nies as a result of the application of IAS 29 on fi-

nancial reporting in hyperinflationary economies;

for more information, see note 5 of these consoli-

dated financial statements at December 31, 2024;

• an increase in expense on exchange losses of 

€1,944 million, mainly relating to Enel Finance Inter-

national (€1,102 million), Enel Américas (€437 million) 

and Enel Chile (€385 million);

• a decrease in interest expense of €66 million, mainly 

attributable to the decrease in average debt in the 

period.

  


  


  


  


  


  


  


14\. Share of profit/(loss) of equity-accounted investments – €(210) million

Millions of euro | 2024 | 2023 |  | Change  
---|---|---|---|---  
Share of profit of joint ventures and associates  | 89 | 68 | 21 |  | 30.9%  
Share of loss of joint ventures and associates | (299) | (109) | (190) |  | -  
Total  | (210) | (41) | (169) |  | -  
  
The increase in the share of net loss of equity-ac-

counted investments in 2024 is mainly attributable 

to Slovak Power Holding BV (€189 million), due to the 

value adjustment of the investment to zero following 

the agreement between Enel Produzione and EPH, by 

which the latter, as foreseen by the early call option, 

will purchase 50% of the share capital of Slovak Pow-

er Holding BV now held by Enel Produzione; for more 

information, see note 24 “Equity-accounted invest-

ments”.

  


  


  


  


15\. Income taxes – €3,654 million

Millions of euro | 2024 | 2023 |  | Change |   
---|---|---|---|---|---  
Current taxes | 3,873 | 2,877 | 996 |  | 34.6%  
Adjustments for income taxes relating to prior years  | (91) | (75) | (16) |  | -21.3%  
Total current taxes | 3,782 | 2,802 | 980 |  | 35.0%  
Deferred tax liabilities | (33) | (197) | 164 |  | 83.2%  
Deferred tax assets | (95) | 173 | (268) |  | -  
TOTAL | 3,654 | 2,778 | 876 |  | 31.5%  
  
  


  


Notes to the consolidated financial statements

479

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Income taxes for 2024 came to €3,654 million, an in-

crease of €876 million on 2023.

The tax rate for 2024 came to 31%, compared with 

37% in 2023\. 

The decrease mainly reflects the following factors: 

• the recognition of deferred tax assets on previous 

years in Brazil relating to non-taxability of proceeds 

from the revaluation of tax credits (€113 million);

• higher reversal in 2023 of the portion of deferred tax 

assets no longer considered recoverable in the Unit-

ed States, Mexico and Peru (€180 million in 2023 and 

€91 million in 2024).

The effective income tax rate for 2024 reflected the sale 

of generation and distribution assets in Peru and the

sale to A2A of electricity distribution assets in a number 

of municipalities in the provinces of Milan and Brescia.

The effective tax rate for 2023 reflected a charge of no 

tax relevance on the sale of Enel Generación Costane-

ra and Central Dock Sud.

For more information on changes in deferred tax as-

sets and liabilities, see note 23.

The following table provides a reconciliation of the 

theoretical tax rate and the effective tax rate.

Millions of euro | 2024 | 2023  
---|---|---  
Pre-tax profit | 11,883 |  | 7,416 |   
Theoretical taxes | 2,852 | 24% | 1,780 | 24%  
Delta of tax effect on impairment adjustments and M&A  | 217 |  | 195 |   
transactions |  |  |  |   
Preferential tax treatment of disposals in Australia and Greece | - |  | (63) |   
Sundry tax effects of hyperinflation accounting in Argentina  | (20) |  | (58) |   
Write-off of deferred tax assets in Peru (for Enel Green Power  | - |  | 25 |   
Perú and Enel Generación Perú merger) |  |  |  |   
Recognition of deferred tax assets in Brazil | (113) |  | - |   
Write-off of deferred tax assets for the United States,  | 91 |  | 155 |   
Mexico and Brazil |  |  |  |   
IRAP | 383 |  | 352 |   
Non-deductibility of extraordinary solidarity levy in Spain  | 33 |  | 52 |   
Other differences, effect of different tax rates abroad compared  | 211 |  | 340 |   
with the theoretical rate in Italy, and other minor items |  |  |  |   
Total | 3,654 |  | 2,778 |   
  
  


  


16. Basic and diluted earnings per share

Both these indicators are calculated on the basis of the 

average number of ordinary shares for the year, equal 

to 10,166,679,946, adjusted by the average number of 

treasury shares held and payments made in the period.

  


The number of treasury shares, with a par value of 

€1 each, held at December 31, 2024 was equal to 

12,079,670 (9,262,330 at December 31, 2023). 

  


  


Notes to the consolidated financial statements

480

INTEGRATED ANNUAL REPORT 2024

Millions of euro | 2024 | 2023  
---|---|---  
Profit for the year attributable to owners of the Parent (basic) | 7,016  | 3,438   
of which from: |  |   
\- continuing operations  | 7,016  | 3,813   
\- discontinued operations  | - | (375)  
Effect of preference rights on dividends (e.g. preference shares) | - | -  
Dividends on equity instruments (e.g. hybrid bonds) | (246) | (182)  
Other | - | -  
Profit for the year attributable to ordinary owners of the Parent (basic)  | 6,770  | 3,256   
of which from: |  |   
\- continuing operations  | 6,770  | 3,631   
\- discontinued operations  | - | (375)  
Number of shares (units) |  |   
Number of ordinary shares issued at January 1 | 10,166,679,946  | 10,166,679,946   
Effect of treasury shares held | (10,830,775) | (7,696,284)  
Effect of share options exercised | 301,812  | 422,896   
Other | - | -  
Weighted average number of ordinary shares outstanding (total)  | 10,156,150,983  | 10,159,406,558   
for basic earnings per share |  |   
Profit for the year attributable to ordinary owners of the Parent (basic) | 6,770  | 3,256   
Effect of dilution: |  |   
\- interest on convertible bonds | - | -  
\- other | - | -  
Profit for the year attributable to ordinary owners of the Parent (diluted) | 6,770  | 3,256   
of which: |  |   
\- continuing operations | 6,770  | 3,631   
\- discontinued operations | - | (375)  
Number of shares (units) |  |   
Weighted average number of ordinary shares outstanding (total)  | 10,156,150,983 | 10,159,406,558   
for basic earnings per share |  |   
Effect of conversion of convertible notes | - | -  
Other | - | -  
Weighted average number of ordinary shares outstanding (total)  | 10,156,150,983 | 10,159,406,558   
for diluted earnings per share |  |   
Basic earnings per share |  |   
Basic earnings per share | 0.67 | 0.32  
Basic earnings per share from continuing operations  | 0.67 | 0.36  
Basic earnings per share from discontinued operations  | - | (0.04)  
Diluted earnings per share  |  |   
Diluted earnings per share | 0.67 | 0.32   
Diluted earnings per share from continuing operations  | 0.67 | 0.36  
Diluted earnings per share from discontinued operations  | - | (0.04)  
  
  


  


Notes to the consolidated financial statements

481

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Information on the statement of consolidated 

financial position

17. Property, plant and equipment – €94,584 million

The breakdown of and changes in property, plant and equipment for 2024 are given below.

|  |  |  |  |  |  |  | Assets  |   
---|---|---|---|---|---|---|---|---|---  
|  |  |  | Industrial  |  |  |  | under  |   
|  |  |  | and  |  |  |  | construction |   
|  |  | Plant and  | commercial  | Other  | Leased  | Leasehold  |  and  |   
Millions of euro | Land | Buildings | machinery | equipment | assets | assets | improvements | advances  | Total  
Cost net of accumulated  | 630 | 12,084 | 167, 123 | 592 | 1,456 | 4,318 | 572 | 14,149 | 200,924  
impairment losses |  |  |  |  |  |  |  |  |   
Accumulated depreciation | - | 5,787 | 101,864 | 423 | 1,159 | 1,454 | 436 | - | 111,123  
Balance at Dec. 31, 2023 | 630 | 6,297 | 65,259 | 169 | 297 | 2,864 | 136 | 14,149 | 89,801  
Capital expenditure | 1 | 64 | 2,499 | 23 | 152 | - | 4 | 5,991 | 8,734  
Assets entering service | 52 | 1,639 | 8,030 | 7 | 46 | 9 | 59 | (9,842) | -  
Exchange differences | (10) | (26) | (409) | 1 | (17) | 28 | - | (87) | (520)  
Disposals | - | (3) | (95) | (1) | (2) | (133) | (1) | - | (235)  
Depreciation | - | (237) | (4,076) | (25) | (118) | (350) | (30) | - | (4,836)  
Impairment losses | - | (15) | (94) | (1) | (4) | - | (3) | (98) | (215)  
Impairment gains | - | - | 3 | - | - | - | - | 4 | 7  
Leases | - | - | - | - | - | 429 | - | 9 | 438  
Other changes  | (5) | (92) | 828 | (53) | 24 | (1) | 2 | 612 | 1,315  
Reclassifications from/to  | (2) | 37 | (421) | (1) | 7 | (18) | - | 493 | 95  
assets held for sale |  |  |  |  |  |  |  |  |   
Total changes | 36 | 1,367 | 6,265 | (50) | 88 | (36) | 31 | (2,918) | 4,783  
Cost net of accumulated  | 666 | 13,671 | 175,047 | 610 | 1,662 | 4,578 | 612 | 11,231 | 208,077  
impairment losses |  |  |  |  |  |  |  |  |   
Accumulated depreciation  | - | 6,007 | 103,523 | 491 | 1,277 | 1,750 | 445 | - | 113,493  
Balance at Dec. 31, 2024 | 666 | 7,664 | 71,524 | 119 | 385 | 2,828 | 167 | 11,231 | 94,584  
  
For more information on “leased assets”, please see 

note 19 below.

Capital expenditure came to €8,734 million for “prop-

erty, plant and equipment”, €1,235 million for “intangi-

ble assets” (for more details see note 21) and €8 million 

for “property investments” (for more details see note 

20), for a total €9,977 million, summarized below by 

class of asset.

Millions of euro | 2024 | 2023 | Change  
---|---|---|---  
Power plants: |  |  |  |   
\- thermal | 444 | 550 | (106) | -19.3%  
\- hydroelectric | 402 | 458 | (56) | -12.2%  
\- geothermal | 119 | 136 | (17) | -12.5%  
\- nuclear | 167 | 163 | 4 | 2.5%  
\- alternative energy sources | 1,944 | 3,444 | (1,500) | -43.6%  
Total power plants | 3,076 | 4,751 | (1,675) | -35.3%  
Electricity distribution grids(1) | 5,024 | 4,485 | 539 | 12.0%  
Enel X (e-City, e-Industries, e-Home) | 231 | 449 | (218) | -48.6%  
Enel X Way (e-Mobility) | 94 | 106 | (12) | -11.3%  
Retail customers  | 660 | 617 | 43 | 7.0%  
Other | 892 | 1,511 | (619) | -41.0%  
TOTAL | 9,977 | 11,919 | (1,942) | -16.3%  
  
(1)  The figure for 2024 does not include €844 million in respect of infrastructure investments within the scope of IFRIC 12 (€795 million in 2023).

  


  


Notes to the consolidated financial statements

482

INTEGRATED ANNUAL REPORT 2024

The Group’s investments focus on the modernization 

of networks and renewables, in line with the Strategic 

Plan, which aims at improving their risk/return profile, 

starting a transformation with the objective to create 

more value for customers and achieve net zero emis-

sions by 2040.

Capital expenditure on the distribution grid were sub-

stantial; in particular, investments increased in Italy, 

Argentina, Brazil, Colombia and Spain for corrective 

maintenance and grid reliability, partly offset by lower 

investments in Peru, due to the sale of distribution and 

generation assets.

The decrease in capital expenditure in renewable en-

ergy mainly regarded Italy, Brazil, Spain, Chile, Colom-

bia and North America.

Capital expenditure in the End-user Markets Business 

Line decreased for the Enel X business mainly in Italy, 

Brazil and North America, partly offset by an increase 

in investments in the Retail business in Italy and Spain. 

Capital expenditure in Thermal Generation and Trad-

ing mainly decreased in Italy.

“Impairment losses” in 2024 amounted to €215 million 

and are mainly attributable to value adjustments of a 

number of renewable plants in Spain, Italy, the United 

States and Chile.

“Reclassifications from/to assets held for sale” (€95 

million) mainly refer to the reclassification of 3SUN 

among continuing operations (€677 million), partly off-

set by the classification under assets held for sale of 

e-distribuzione SpA assets, now merged into Duereti 

Srl (€393 million), regarding a number of municipalities 

in the provinces of Milan and Brescia, the storage busi-

ness portfolio in North America (€134 million) and net 

assets of renewable generation assets in India (€72 

million).

“Other changes” include the adjustment of plant 

decommissioning and site restoration costs in the 

amount of €303 million mainly referred to assets in 

Italy, Colombia and Spain, impairment losses on the 

property, plant and equipment of the Argentine com-

panies operating in a hyperinflationary economy in 

the amount of €1,289 million, as well as the effect of 

capitalizing interest on loans specifically dedicated to 

capital expenditure on property, plant and equipment 

of €245 million (€303 million in 2023), breaking down 

as follows.

Millions of euro | 2024 | Rate % | 2023 | Rate % | Change  
---|---|---|---|---|---  
EGP North America | 55-21.4% | 7.9% | 70 | 8.5% | (15) |   
EGP México | 12 | 9.9% | 16 | 9.8% | (4) | -25.0%  
Enel Américas Group | 32 | 7.4% | 55 | 6.4% | (23) | -41.8%  
Enel Chile Group | 83 | 6.0% | 90 | 6.0% | (7) | -7.8%  
Endesa Group | 11 | 3.6% | 12 | 3.2% | (1) | -8.3%  
Enel Italia Group | 49 | 5.1% | 58 | 2.1% | (9) | -15.5%  
Nuove Energie | 3 | 3.0% | 2 | 3.3% | 1 | 50.0%  
Total | 245 |  | 303 |  | (58) | -19.1%  
  
“Other changes” also include grants received in Italy

in the amount of €602 million.

At December 31, 2024, contractual commitments 

to purchase property, plant and equipment came to 

€4,123 million.

  


  


Notes to the consolidated financial statements

483

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


The estimated useful life of the main items of property, plant and equipment is as follows.

Civil buildings | 10-60 years  
---|---  
Buildings and civil works incorporated in plants | 10-100 years  
Hydroelectric power plants: |   
\- penstocks | 10-65 years  
\- mechanical and electrical machinery | 10-65 years  
\- other fixed hydraulic works | 10-100 years  
Thermoelectric power plants: |   
\- boilers and auxiliary components | 20-40 years  
\- gas turbine components | 10-40 years  
\- mechanical and electrical machinery | 5-40 years  
\- other fixed hydraulic works | 60 years  
Nuclear power plants | 50 years  
Geothermal power plants: |   
\- cooling towers | 20 years  
\- turbines and generators | 10-50 years  
\- turbine parts in contact with fluid | 10 years  
\- mechanical and electrical machinery | 20-40 years  
Wind power plants: |   
\- towers | 30-35 years  
\- turbines and generators | 30-35 years  
\- mechanical and electrical machinery | 15-30 years  
Solar power plants: |   
\- mechanical and electrical machinery | 15-40 years  
Public and artistic lighting systems: |   
\- public lighting systems | 10-35 years  
\- artistic lighting systems | 20-35 years  
Transport lines | 10-60 years  
Transformer stations | 20-55 years  
Distribution systems: |   
\- high voltage lines | 10-60 years  
\- primary transformer stations | 10-50 years  
\- low- and medium-voltage lines | 10-50 years  
Meters: |   
\- electromechanical meters | 5-40 years  
\- energy balance measurement equipment | 10-15 years  
\- electronic meters | 15-25 years  
Charging stations | 7-15 years  
Battery Energy Storage Systems (BESS) | 10-15 years  
  
The useful life of leasehold improvements coincides 

with the term of the lease or, if shorter, the duration of 

the benefits produced by the improvements. Land is 

not depreciated as it has an indefinite useful life.

  


  


  


  


Notes to the consolidated financial statements

484

INTEGRATED ANNUAL REPORT 2024

18. Service concession arrangements

The following table details service concession agreements that do not fall within the scope of IFRIC 12 and had a 

balance as at December 31, 2024.

|  |  |  | Concession  | Concession  | Renewal  |  |  | Initial fair   
---|---|---|---|---|---|---|---|---|---  
Millions of euro | Grantor | Activity | Country | period | period remaining | option | at Dec. 31, 2024 | at Dec. 31, 2023 | value   
Endesa  | - | Electricity | Spain | Indefinite | Indefinite | - | 5,677 | 5,677 | 5,673  
Distribución  |  | distribution |  |  |  |  |  |  |   
Eléctrica |  |  |  |  |  |  |  |  |   
Enel Colombia  | Republic of  | Electricity  | Colombia | Indefinite | Indefinite | - | 1,188 | 1,266 | 1,839  
(formerly  | Colombia | distribution |  |  |  |  |  |  |   
Codensa) |  |  |  |  |  |  |  |  |   
Enel  | Republic of  | Electricity  | Chile | Indefinite | Indefinite | - | 1,175 | 1,254 | 1,667  
Distribución  | Chile | distribution |  |  |  |  |  |  |   
Chile (formerly  |  |  |  |  |  |  |  |  |   
Chilectra) |  |  |  |  |  |  |  |  |   
  
Concessions for distribution activities in Spain, Co-

lombia and Chile, as shown in the table, were includ-

ed under intangible assets with an indefinite useful

life since there is no statutory or currently predict-

able expiration date. On the basis of the forecasts 

developed, cash flows for each CGU, with which the

various concessions are associated, were sufficient 

to recover the carrying amount. The change during 

the year was essentially attributable to changes in 

exchange rates in Latin America.

Service concession arrangements, which are recog-

nized in accordance with IFRIC 12, regard certain infra-

structure serving concessions for electricity genera-

tion in Brazil, electricity distribution in Brazil and Costa 

Rica and public lighting in Brazil.

  


  


Notes to the consolidated financial statements

485

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The following table summarizes the salient details of those concessions.

|  |  |  |  |  |  | Amount  | Amount  |  |   
---|---|---|---|---|---|---|---|---|---|---  
|  |  |  |  |  |  | recognized  | recognized  |  |   
|  |  |  |  |  |  | among  | among  | Amount  | Amount   
|  |  |  |  |  |  | contract  | contract  | recognized  | recognized   
|  |  |  |  |  |  | assets at  | assets at  | among  | among   
|  |  |  |  |  |  | December  | December  | financial  | intangible   
|  |  |  |  | Concession  |  | 31, 2024  | 31, 2024  | assets at  | assets at   
|  |  |  | Concession  | period  | Renewal  | (intangible  | (financial  | December  | December   
Millions of euro | Grantor | Activity | Country | period | remaining | option | assets) | assets) | 31, 2024 | 31, 2024  
Enel Distribuição  | Brazilian  | Electricity  | Brazil | 1996-2026 | 2 years | Yes | 99 | - | 1,305 | 336  
Rio de Janeiro | government | distribution |  |  |  |  |  |  |  |   
Enel Distribuição  | Brazilian  | Electricity  | Brazil | 1998-2028 | 4 years | Yes | 155 | - | 1,130 | 369  
Ceará | government | distribution |  |  |  |  |  |  |  |   
Enel Green  | Brazilian  | Electricity  | Brazil | 2016-2046 | 22 years | No | - | - | 5 | -  
Power Mourão | government | generation |  |  |  |  |  |  |  |   
Enel Green Power  | Brazilian  | Electricity  | Brazil | 2016-2046 | 22 years | No | - | - | 23 | -  
Paranapanema | government | generation |  |  |  |  |  |  |  |   
Enel Green  | Brazilian  | Electricity  | Brazil | 2017-2047 | 23 years | No | - | - | 246 | -  
Power Volta  | government | generation |  |  |  |  |  |  |  |   
Grande |  |  |  |  |  |  |  |  |  |   
Enel Distribuição  | Brazilian  | Electricity  | Brazil | 1998-2028 | 4 years | Yes | 229 | - | 1,457 | 551  
São Paulo | government | distribution |  |  |  |  |  |  |  |   
Luz de Angra  | Brazilian  | Public lighting | Brazil | 2021-2036 | 12 years | Yes | - | 4 | - | -  
Energia | government |  |  |  |  |  |  |  |  |   
Luz de Jaboatão  | Brazilian  | Public lighting | Brazil | 2023-2045 | 21 years | Yes | - | 7 | - | -  
Energia | government |  |  |  |  |  |  |  |  |   
Luz de Caruaru  | Brazilian  | Public lighting | Brazil | 2023-2043 | 19 years | Yes | - | 5 | - | -  
Energia | government |  |  |  |  |  |  |  |  |   
Luz de  | Brazilian  | Public lighting | Brazil | 2023-2048 | 24 years | Yes | - | 1 | - | -  
Cataguases | government |  |  |  |  |  |  |  |  |   
Luz de Itanhaém | Brazilian  | Public lighting | Brazil | 2024-2037 | 13 years | Yes | - | 2 | - | -  
| government |  |  |  |  |  |  |  |  |   
Luz de Caxias  | Brazilian  | Public lighting | Brazil | 2024-2048 | 24 years | Yes | - | 5 | - | -  
do Sul | government |  |  |  |  |  |  |  |  |   
Luz de Ponta  | Brazilian  | Public lighting | Brazil | 2024-2037 | 13 years | Yes | - | 3 | - | -  
Grossa | government |  |  |  |  |  |  |  |  |   
Luz de  | Brazilian  | Public lighting | Brazil | 2024-2037 | 13 years | Yes | - | 2 | - | -  
Alagoinhas | government |  |  |  |  |  |  |  |  |   
Luz de Maringá | Brazilian  | Public lighting | Brazil | 2024-2037 | 13 years | Yes(1) | - | 3 | - | -  
| government |  |  |  |  |  |  |  |  |   
PH Chucas | Costa Rican  | Hydroelectric  | Costa | 2012-2031 | 7 years | No | - | - | 38 | 35  
| Electricity  | plant | Rica |  |  |  |  |  |  |   
| Institute |  |  |  |  |  |  |  |  |   
Total |  |  |  |  |  |  | 483 | 32 | 4,204 | 1,291  
  
(1)  Depending on some performance criteria and acceptance by the granting authority.

The financial assets relating to electricity distribution on 

the Brazilian market by the companies Enel Distribuição 

Rio de Janeiro, Enel Distribuição Ceará and Enel Dis-

tribuição São Paulo are measured at the fair value at the 

end of the concessions. For more information, see note 

50 “Assets and liabilities measured at fair value”.

  


  


Notes to the consolidated financial statements

486

INTEGRATED ANNUAL REPORT 2024

  


19. Leases

The table below shows changes in right-of-use assets in 2024\. 

Millions of euro | Leased land | Leased buildings | Leased plants | Other leased assets | Total  
---|---|---|---|---|---  
Total at Dec. 31, 2023 | 1,488  | 632 | 278  | 466  | 2,864   
Increases | 100  | 131 | 8  | 190  | 429   
Exchange differences | 39  | (4) | - | (7) | 28   
Depreciation  | (62) | (114) | (26) | (148) | (350)  
Other changes | (87) | (33) | (7) | (16) | (143)  
Total at Dec. 31, 2024 | 1 ,478 | 612 | 253  | 485  | 2,828   
  
Lease liabilities and changes during the year are shown in the table below.

Millions of euro |   
---|---  
Total at Dec. 31, 2023 | 2,905  
Increases  | 419  
Payments  | (422)  
Other changes | 29   
Total at Dec. 31, 2024 | 2,931   
of which medium to long term  | 2,613  
of which short term  | 318  
  
Note that in 2024 no changes or renegotiations were 

made to leases. 

The following table shows the impact of leased assets 

on the income statement.

Millions of euro | 2024  
---|---  
Depreciation of right-of-use assets  | 357  
Interest expense on lease liabilities  | 148  
Expense relating to short-term leases (included in costs for services and other materials) | 38  
Variable lease payments (included in costs for services and other materials) | 30  
Total | 573  
  
Right-of-use assets are depreciated on a straight-

line basis over the shorter of the lease term and the 

estimated useful life of the right-of-use assets, as 

follows.

| Average residual life (years)  
---|---  
Buildings  | 7  
Ground rights of plants | 31  
Vehicles and other means of transport | 3  
  
  


  


  


Notes to the consolidated financial statements

487

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

20. Investment property – €30 million

Millions of euro |   
---|---  
Cost net of accumulated impairment losses | 114  
Accumulated depreciation  | 17  
Balance at Dec. 31, 2023 | 97  
Capital expenditure | 8  
Exchange differences | (2)  
Disposals | (54)  
Depreciation | (2)  
Impairment gains | 17  
Reclassification from/to assets held for sale | (37)  
Other changes | 3  
Total change | (67)  
Cost net of accumulated impairment losses | 45  
Accumulated depreciation  | 15  
Balance at Dec. 31, 2024 | 30  
  
Investment property at December 31, 2024 amounted 

to €30 million, a decrease of €67 million from 2023.

The Group’s investment property consists of proper-

ties in Italy, Spain, Brazil and Chile, which are free of 

restrictions on their sale or the remittance of income 

and proceeds of disposal. In addition, the Group has 

no contractual obligations to purchase, construct or 

develop investment property or for repairs, mainte-

nance or enhancements.

The change in 2024 was mainly due to a number of 

disposals of land in Spain.

For more information on the valuation of investment 

property, see notes 50 “Assets and liabilities measured 

at fair value” and 50.2 “Assets not measured at fair val-

ue in the statement of financial position”. 

  


  


Notes to the consolidated financial statements

488

INTEGRATED ANNUAL REPORT 2024

  


  


  


21. Intangible assets – €15,837 million

A breakdown of and changes in intangible assets for 2024 are shown below.

|  | Industrial  | Concessions,  |  |  |  |  |  |   
---|---|---|---|---|---|---|---|---|---  
|  | patents & | licenses,  |  |  |  |  |  |   
|  | intellectual  | trademarks  | Service  |  |  | Assets under |  |   
| Development  | property  | and similar  | concession  |  | Leasehold  | development | Contract  |   
Millions of euro | expenditure | rights | rights | arrangements | Other | improvements | and advances | costs | Total  
Cost net of accumulated impairment losses | 55 | 3,988 | 12,401 | 5,822 | 5,513 | - | 1,641 | 3,352 | 32,772  
Accumulated amortization  | 29 | 3,313 | 2,130 | 4,157 | 4,139 | - | - | 1,949 | 15,717  
Balance at Dec. 31, 2023 | 26 | 675 | 10,271 | 1,665 | 1 ,374 | - | 1,641 | 1,403 | 17,055  
Capital expenditure | 3 | 36 | 41 | - | 92 | - | 533 | 530 | 1,235  
Assets entering service | 4 | 254 | 12 | - | 396 | - | (676) | 8 | (2)  
Exchange differences | - | (23) | (386) | (249) | - | - | (14) | 5 | (667)  
Change in the consolidation scope | - | - | - | - | - | - | (20) | - | (20)  
Disposals | (2) | (1) | - | (6) | (2) | - | (9) | - | (20)  
Amortization | (7) | (302) | (182) | (421) | (413) | - | - | (474) | (1,799)  
Impairment losses | - | (1) | - | - | (100) | - | (169) | (1) | (271)  
Impairment gains | - | - | - | - | 1 | - | - | - | 1  
Other changes  | 10 | 64 | 6 | 302 | (4) | - | (54) | 3 | 327  
Reclassifications from/to assets held for  | 1 | - | (2) | - | (2) | - | 4 | (3) | (2)  
sale |  |  |  |  |  |  |  |  |   
Total changes | 9 | 27 | (511) | (374) | (32) | - | (405) | 68 | (1,218)  
Cost net of accumulated impairment losses | 74 | 4,332 | 11,811 | 4,962 | 5,896 | - | 1,236 | 3,877 | 32,188  
Accumulated amortization | 39 | 3,630 | 2,051 | 3,671 | 4,554 | - | - | 2,406 | 16,351  
Balance at Dec. 31, 2024 | 35 | 702 | 9,760 | 1,291 | 1,342 | - | 1,236 | 1,471 | 15,837  
  
For more information on capital expenditure, see note 17.

Impairment losses amounted to €271 million in 2024 

and mainly regarded:

• renewable projects (pipeline) in Spain, the United 

States, Brazil and Italy;

• impairment losses on e-mobility assets in the United 

States;

• software and development platforms supporting 

Enel X business in Italy.

“Other changes” mainly include the reclassification 

from contract assets of a portion of investments falling 

within the scope of IFRIC 12 in Brazil and the value ad-

justment of intangible assets of Argentine companies 

as a result of the application of the accounting standard

for financial reporting in hyperinflationary economies. 

The estimated useful life of the main items of intangible

assets with a finite useful life, distinguished between in-

ternally generated and acquired, is as follows.

  


Development expenditure: |   
---|---  
\- internally generated | 5 years  
\- acquired | 3-26 years  
Industrial patents and intellectual property rights: |   
\- internally generated | 3-10 years  
\- acquired | 3-30 years  
Concessions, licenses, trademarks and similar rights: |   
\- internally generated |  20 years   
\- acquired | 10-35 years  
Other: |   
\- internally generated | 2-28 years  
\- acquired | 3-15 years  
  
  


  


  


  


Notes to the consolidated financial statements

489

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


22. Goodwill – €12,850 million

|  | Change in the  |  |  | Reclassifications  |  |   
---|---|---|---|---|---|---|---  
| at Dec. 31,  | consolidation  | Exchange  | Impairment  | from/to assets  | Other  | at Dec. 31,   
Millions of euro | 2023 | scope | differences | losses | held for sale | changes | 2024  
| Net  |  |  |  |  |  | Net   
| carrying  |  |  |  |  |  | carrying   
| amount |  |  |  |  |  | amount  
Iberian Peninsula | 8,785  | - | - | - | - | - | 8,785  
Chile | 1,101 | - | - | - | - | - | 1,101  
Argentina | 20 | - | - | - | - | - | 20  
Colombia | 526 | - | (3) | - | - | - | 523  
Brazil | 1,357 | - | (150) | - | - | - | 1,207  
Central America | 26 | - | 1 | - | - | - | 27  
Enel Green Power North  | 68 | - | - | - | - | - | 68  
America |  |  |  |  |  |  |   
Enel X North America | 81 | - | 3 | - | (40) | - | 44  
Enel X Asia Pacific | 84 | - | - | - | - | - | 84  
Enel X Rest of Europe(1) | 43 | - | - | (3) | - | - | 40  
Market Italy(2) | 581 | - | - | - | - | - | 581  
Enel Green Power Italy | 21 | - | - | - | - | - | 21  
Enel Produzione Italy | 349 | - | - | - | - | - | 349  
Total | 13,042 | - | (149) | (3) | (40) | - | 12,850  
  
(1)  Includes Viva Labs. 

(2)  Includes Enel Energia.

The following table presents the allocation of goodwill 

in the matrix of business lines and geographical are-

as. Note that the changes in the presentation of op-

erating segments, described in note 8 above, did not 

produce changes in the allocation of goodwill for the 

purposes of impairment testing.

Goodwill matrix at Dec. 31, 2024

| Thermal Generation  | Enel Green  |  | End-user  | Holding and  |   
---|---|---|---|---|---|---  
Millions of euro | and Trading | Power | Enel Grids | Markets | Services  | Total  
Enel Green Power Italy | - | 21 | - | - | - | 21  
Market Italy(1) | - | - | - | 581 | - | 581  
Enel Produzione Italy | - | 349 | - | - | - | 349  
Iberian Peninsula | - | 1,190 | 5,788 | 1,807 | - | 8,785  
Argentina | - | 1 | 19 | - | - | 20  
Brazil | - | 417 | 790 | - | - | 1,207  
Chile | - | 949 | 152 | - | - | 1,101  
Colombia | - | 300 | 223 | - | - | 523  
Central America | - | 27 | - | - | - | 27  
Enel Green Power North America | - | 68 | - | - | - | 68  
Enel X North America | - | - | - | 44 | - | 44  
Enel X Asia Pacific | - | - | - | 84 | - | 84  
Enel X Rest of Europe | - | - | - | 40 | - | 40  
Total | - | 3,322 | 6,972 | 2,556 | - | 12,850  
  
(1)  Includes Enel Energia.

Goodwill matrix at Dec. 31, 2023

  


  


  


  


Notes to the consolidated financial statements

490

INTEGRATED ANNUAL REPORT 2024

  


  


  


| Thermal Generation  | Enel Green  |  | End-user  | Holding and  |   
---|---|---|---|---|---|---  
Millions of euro | and Trading | Power | Enel Grids | Markets | Services  | Total  
Enel Green Power Italy | - | 21 | - | - | - | 21  
Market Italy(1) | - | - | - | 581 | - | 581  
Enel Produzione Italy | - | 349 | - | - | - | 349  
Iberian Peninsula | - | 1,190 | 5,788 | 1,807 | - | 8,785  
Argentina | - | 1 | 19 | - | - | 20  
Brazil | - | 502 | 855 | - | - | 1,357  
Chile | - | 949 | 152 | - | - | 1,101  
Colombia | - | 303 | 223 | - | - | 526  
Central America | - | 26 | - | - | - | 26  
Enel Green Power North America | - | 68 | - | - | - | 68  
Enel X North America | - | - | - | 81 | - | 81  
Enel X Asia Pacific | - | - | - | 84 | - | 84  
Enel X Rest of Europe(2) | - | - | - | 43 | - | 43  
Total | - | 3,409 | 7,0 37 | 2,596 | - | 13,042  
  
(1)  Includes Enel Energia.

(2)  Includes Viva Labs.

The decrease of €192 million in goodwill was mainly 

attributable to negative exchange rate adjustments in 

Brazil and the reclassification to assets held for sale of 

storage assets in North America.

The recoverable amount of the goodwill recognized 

was estimated by calculating the value in use of the 

CGUs using discounted cash flow models, which in-

volve estimating expected future cash flows and ap-

plying an appropriate discount rate, selected on the 

basis of market inputs such as risk-free rates, betas 

and market-risk premiums. 

Cash flows were determined on the basis of the best 

information available at the time of the estimate, tak-

ing account of the specific risks of each CGU, and 

drawn:

• for the explicit period, from the Business Plan ap-

proved by the Board of Directors of the Parent on No-

vember 18, 2024, containing forecasts for volumes, 

revenue, operating costs, capital expenditure, indus-

trial and commercial organization and developments 

in the main macroeconomic variables (inflation, nom-

inal interest rates and exchange rates) and commodi-

ty prices. The explicit period of cash flows considered 

in impairment testing was three years;

• for subsequent years, from assumptions concern-

ing long-term developments in the main variables 

that determine cash flows.

More specifically, the terminal value is calculated 

based on the specific characteristics of the busi-

nesses related to the various CGUs subject to impair-

ment testing:

• perpetuity, for the businesses of large-hydro (LH) 

power generation and of distribution, in which the 

licenses and public concessions are of a long-term 

nature and renewal can be forecast with reason-

able certainty; as well as for the Enel X and Enel X 

Way businesses, as they feature the development of 

specific know-how that is sustainable over the long 

term;

• annuity, for CGUs that are predominantly charac-

terized by retail business, for which the residual life 

is, therefore, essentially correlated with the aver-

age duration of the customer relationships; as well 

as for businesses of conventional thermal power 

generation (Generation and Trading). This method 

is also used for the renewable energy (Enel Green

Power) businesses to take account of: (i) the val-

ue resulting from the remaining useful lives of the 

plants; and (ii) the residual value, in the event of 

plant decommissioning, associated with licensing

rights, the competitiveness of the production fa-

cilities (in terms of natural resources), and network

interconnectivity.

The nominal growth rate (g-rate) is equal to the long-

term rate of growth in electricity and/or inflation (de-

pending on the country and business involved).

Regarding the assumptions for commodity price de-

velopments, the scenarios adopted are consistent 

with current emissions reductions targets.

More specifically, a steady growth in the price of CO

  


  


  


  


  


2

is 

  


Notes to the consolidated financial statements

491

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


assumed for 2030, reflecting the gradual reduction in 

the supply of permits against growing demand, and a 

stabilization of coal prices, due to decreasing demand. 

As for gas, price tensions are expected to ease in the 

coming years in light of a realignment between supply 

and demand at a global level. Finally, a progressive sta-

bilization of oil prices is expected, with peak demand 

estimated around 2030.

Note also that the Group has used sensitivity analysis to 

take account of the impacts of climate change in the 

long term. More specifically:

• we consider a perpetual long-term growth rate for

cash flows after the explicit period that is in line with 

the change in electricity demand over the 2026-2050 

period, based on the specific features of the business-

es concerned, adopting certain assumptions concern-

ing the increase in temperature due to climate change 

and trends connected with the energy transition; 

• we consider changes in the hydroelectric, wind and 

photovoltaic generation levels of our portfolio assets, 

associated with each projection of underlying climate 

variables (for example, temperature, irradiance, wind 

speed and precipitation);

• we assume that the Group will incur the costs provi-

sioned for decommissioning fossil fuel generation 

plants in line with the goal of zero direct (Scope 1) and

indirect emissions from retail activities (Scope 3).

In order to verify the robustness of the value in use of 

the CGUs, sensitivity analyses were conducted for the 

main value drivers, in particular WACC and the long-

term growth rate.

Even in these circumstances, results were consistent 

with the evidence described previously, without issues 

in all the CGUs analyzed in respect of the recoverability 

of their carrying amounts in the consolidated financial 

statements of the Enel Group at December 31, 2024.

The table below reports the composition of the main 

goodwill values by the country/region to which the 

CGU belongs, along with the discount rates applied 

and the time horizon over which the expected cash 

flows have been discounted.

| Amount of  | Growth | Pre-tax WACC  | Explicit period  | Terminal | Amount of  | Growth | Pre-tax WACC  | Explicit period  | Terminal  
---|---|---|---|---|---|---|---|---|---|---  
| goodwill | rate(1) | discount rate(2) | of cash flows | value(3) | goodwill | rate(1) | discount rate(2) | of cash flows | value(3)  
Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023  
Iberian Peninsula | 8,785 | 2.50% | 7. 27 % | 3 years | Perpetuity/ | 8,785 | 2.19% | 8.23% | 3 years | Perpetuity/  
|  |  |  |  | 23 years EGP/ |  |  |  |  | 22 years EGP/  
|  |  |  |  | 11 years G&T/ |  |  |  |  | 12 years G&T/  
|  |  |  |  | 15 years MKT |  |  |  |  | 15 years MKT  
Chile | 1,101 | 2.30% | 9.14% | 3 years | Perpetuity/ | 1,101 | 2.07% | 9.57% | 3 years | Perpetuity/  
|  |  |  |  | 27 years EGP/ |  |  |  |  | 28 years EGP/  
|  |  |  |  | 4 years G&T |  |  |  |  | 5 years G&T  
Argentina | 20 | 20.41% | 44.88% | 3 years | Perpetuity | 20 | 17.57 % | 41.99% | 3 years | Perpetuity  
Colombia | 523 | 3.37% | 11.92% | 3 years | Perpetuity/ | 526 | 3.50% | 14.25% | 3 years | Perpetuity/  
|  |  |  |  | 26 years EGP/ |  |  |  |  | 25 years EGP/  
|  |  |  |  | 13 years G&T |  |  |  |  | 14 years G&T  
Brazil | 1,207 | 3.36% | 10.87% | 3 years | Perpetuity/ | 1,357 | 3.86% | 12.31% | 3 years | Perpetuity/  
|  |  |  |  | 23 years EGP |  |  |  |  | 24 years EGP  
Central America  | 27 | 2.30% | 10.88% | 3 years | 16 years | 26 | 2.10% | 10.92% | 3 years | 17 years  
Enel Green Power  | 68 | 1.89% | 7.79 % | 3 years | 23 years | 68 | 2.10% | 8.27% | 3 years | 24 years  
North America |  |  |  |  |  |  |  |  |  |   
Enel X North America | 44 | 2.30% | 10.95% | 3 years | Perpetuity | 81 | 2.10% | 11.75% | 3 years | Perpetuity  
Enel X Asia Pacific | 84 | 2.30% | 12.18% | 3 years | Perpetuity | 84 | 2.10% | 13.27% | 3 years | Perpetuity  
Enel X Rest of Europe | 40 | 1.76% | 10.86% | 3 years | Perpetuity | 43 | 2.10% | 11.45% | 3 years | Perpetuity  
Enel Green Power Italy | 21 | 1.76% | 7.86% | 3 years | Perpetuity/ | 21 | 2.10% | 8.66% | 3 years | Perpetuity/  
|  |  |  |  | 27 years |  |  |  |  | 26 years  
Market Italy  | 581 | 0.90% | 10.54% | 3 years | 15 years | 581 | 1.93% | 1 1.31% | 3 years | 15 years  
Enel Produzione Italy | 349 | 1.61% | 7.97% | 3 years | Perpetuity/ | 349 | 2.06% | 9.07% | 3 years | Perpetuity/  
|  |  |  |  | 14 years |  |  |  |  | 14 years  
  
(1)  Growth rate for cash flows after the explicit forecast period in the valuation currency.

(2)  Pre-tax WACC calculated using the iterative method: the discount rate that ensures that the value in use calculated with pre-tax cash flows is 

equal to that calculated with post-tax cash flows discounted with the post-tax WACC.

(3)  The terminal value has been estimated on the basis of a perpetuity or an annuity with a rising yield for the years indicated in the column (G&T 

= Generation & Trading, EGP = Enel Green Power, MKT = End-user Markets).

  


  


  


  


  


Notes to the consolidated financial statements

492

INTEGRATED ANNUAL REPORT 2024

23\. Deferred tax assets and liabilities – €9,025 million and €7,951 million

The following tables detail changes in deferred tax

assets and liabilities by type of timing difference 

and calculated based on the tax rates established by 

applicable regulations, as well as the amount of de-

ferred tax assets offsettable, where permitted, with

deferred tax liabilities.

|  | Increase/ | Increase/ |  |  |  |   
---|---|---|---|---|---|---|---  
|  | (Decrease)  | (Decrease)  |  |  | Reclassifications  |   
| at Dec. 31,  | taken to  | taken to  | Exchange  | Other  | of assets held  | at Dec. 31,   
Millions of euro | 2023 | profit or loss  | equity | differences  | changes | for sale | 2024  
Deferred tax assets: |  |  |  |  |  |  |   
\- differences in the  | 2,269 | (73) | - | (2) | 2 | 27 | 2,223  
carrying amount of  |  |  |  |  |  |  |   
intangible assets,  |  |  |  |  |  |  |   
property, plant and  |  |  |  |  |  |  |   
equipment |  |  |  |  |  |  |   
\- accruals to provisions  | 1,925 | 172 | - | (101) | (3) | 2 | 1,995  
for risks and charges  |  |  |  |  |  |  |   
and impairment  |  |  |  |  |  |  |   
losses with deferred  |  |  |  |  |  |  |   
deductibility |  |  |  |  |  |  |   
\- tax loss carried  | 746 | 256 | - | (49) | (8) | - | 945  
forward |  |  |  |  |  |  |   
\- measurement of  | 1,322 | (50) | (195) | 2 | (12) | 2 | 1,069  
financial instruments |  |  |  |  |  |  |   
\- employee benefits  | 863 | (90) | (54) | (63) | 7 | - | 663  
\- other items  | 2,093 | (112) | (8) | (20) | 177 | - | 2,130  
Total | 9,218 | 103 | (257) | (233) | 163 | 31 | 9,025  
Deferred tax liabilities: |  |  |  |  |  |  |   
\- differences on non- | 5,038 | (210) | 1 | (154) | 506 | (2) | 5,179  
current and financial  |  |  |  |  |  |  |   
assets |  |  |  |  |  |  |   
\- measurement of  | 957 | 32 | (505) | 2 | 19 | - | 505  
financial instruments |  |  |  |  |  |  |   
\- other items  | 2,222 | 132 | 6 | (80) | (13) | - | 2,267  
Total | 8,217 | (46) | (498) | (232) | 512 | (2) | 7, 951  
Non-offsettable  |  |  |  |  |  |  | 6,477  
deferred tax assets |  |  |  |  |  |  |   
Non-offsettable  |  |  |  |  |  |  | 3,748  
deferred tax liabilities |  |  |  |  |  |  |   
Excess net deferred  |  |  |  |  |  |  | 1,655  
tax liabilities after any  |  |  |  |  |  |  |   
offsetting |  |  |  |  |  |  |   
  
Deferred tax assets recognized at December 31, 2024, as 

their recovery is considered reasonably certain, totaled 

€9,025 million (€9,218 million at December 31, 2023). 

Deferred tax assets decreased by €193 million dur-

ing the year, essentially due to:

• a decrease in deferred tax assets connected with 

developments in the fair value of cash flow hedge 

derivatives;

• the impact of exchange rate differences in Latin 

America, in particular in Brazil.

These effects were partly offset by hyperinflationary 

adjustments in Argentina.

Note that deferred tax assets have not been as-

sessed on tax losses carried forward for the year

(€2,095 million) in the amount of €616 million, 

as based on current estimates of future taxa-

ble income their recoverability is not considered

probable.

Deferred tax liabilities amounted to €7,951 million at 

December 31, 2024 (€8,217 million at December 31, 

2023). They essentially include the determination of 

the tax effects of the adjustments to assets acquired 

as part of the final allocation of the cost of acqui-

sitions made in the various years and the deferred 

  


  


Notes to the consolidated financial statements

493

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

taxation in respect of the differences between de-

preciation charged for tax purposes, including accel-

erated depreciation, and depreciation based on the 

estimated useful lives of assets.

Deferred tax liabilities decreased by a total of €266

million, due in particular to:

• the decrease in deferred tax liabilities connected 

with developments in the fair value of cash flow 

hedge derivatives;

• the impact of exchange rate differences in Latin 

America, in particular in Brazil.

These effects were partly offset by hyperinflationary 

adjustments in Argentina.

  


  


  


  


24. Equity-accounted investments – €1,456 million

The following table shows changes in the main investments in joint ventures and associated companies accounted 

for using the equity method.

|  |  | Impact on  | Change in the |  | Reclassifications  |  |  |  |   
---|---|---|---|---|---|---|---|---|---|---  
| at Dec. 31,  |  | profit or  | consolidation  |  | from/to assets |  | Other | at Dec. 31,  |   
Millions of euro | 2023 | % held | loss | scope | Dividends | held for sale | Impairment | changes | 2024 | % held  
Joint ventures |  |  |  |  |  |  |  |  |  |   
Gridspertise Srl | 306 | 50.0% | 6 | - | - | - | - | 1 | 313 | 50.0%  
Mooney Group | 185 | 50.0% | (32) | - | - | - | - | 50 | 203 | 50.0%  
SpA |  |  |  |  |  |  |  |  |  |   
Slovak Power  | 189 | 50.0% | 8 | - | - | - | (197) | - | - | -  
Holding |  |  |  |  |  |  |  |  |  |   
Enel Green Power  | 148 | 50.0% | (16) | - | - | - | - | 10 | 142 | 50.0%  
Australia |  |  |  |  |  |  |  |  |  |   
Enel Green Power  | 245 | 50.0% | (4) | - | - | - | - | 4 | 245 | 50.0%  
Hellas |  |  |  |  |  |  |  |  |  |   
Matimba project | 75 | 50.0% | (2) | 8 | - | - | - | (15) | 66 | 50.0%  
companies |  |  |  |  |  |  |  |  |  |   
Ewiva Srl | 39 | 50.0% | (4) | - | - | - | - | 1 | 36 | 50.0%  
Drift Sand Wind  | 45 | 50.0% | 5 | - | - | - | - | 16 | 66 | 50.0%  
Project |  |  |  |  |  |  |  |  |  |   
Front Marítim del  | 30 | 61.4% | - | - | - | - | - | - | 30 | 61.4%  
Besòs |  |  |  |  |  |  |  |  |  |   
Elecgas SA | 21 | 50.0% | 5 | - | - | - | - | 2 | 28 | 50.0%  
Tejo Energia  | 5 | 43.8% | - | - | - | - | - | 1 | 6 | 43.8%  
Produção e  |  |  |  |  |  |  |  |  |  |   
Distribuição de  |  |  |  |  |  |  |  |  |  |   
Energia Eléctrica |  |  |  |  |  |  |  |  |  |   
Suministradora | 8 | 33.5% | 1 | - | (2) | - | - | 1 | 8 | 33.5%  
Eléctrica de Cádiz |  |  |  |  |  |  |  |  |  |   
Energie Electrique  | 8 | 32.0% | 2 | - | - | - | - | 1 | 11 | 32.0%  
de Tahaddart |  |  |  |  |  |  |  |  |  |   
PowerCrop | 8 | 50.0% | (1) | - | - | - | - | (2) | 5 | 50.0%  
Total joint  | 1,312 |  | (32) | 8 | (2) | - | (197) | 70 | 1,159 |   
ventures |  |  |  |  |  |  |  |  |  |   
  
  


  


  


  


  


Notes to the consolidated financial statements

494

INTEGRATED ANNUAL REPORT 2024

  


  


  


|  |  | Impact on  | Change in the |  | Reclassifications  |  |  |  |   
---|---|---|---|---|---|---|---|---|---|---  
| at Dec. 31,  |  | profit or  | consolidation  |  | from/to assets |  | Other | at Dec. 31,  |   
Millions of euro | 2023 | % held | loss | scope | Dividends | held for sale | Impairment | changes | 2024 | % held  
Associates |  |  |  |  |  |  |  |  |  |   
CESI | 56 | 42.7% | 2 | - | - | - | - | - | 58 | 42.7%  
GNL Chile SA | 20 | 33.3% | 9 | - | - | - | - | 2 | 31 | 33.3%  
Energías  | 10 | 50.0% | - | - | (1) | - | - | - | 9 | 50.0%  
Especiales del  |  |  |  |  |  |  |  |  |  |   
Bierzo  |  |  |  |  |  |  |  |  |  |   
Gorona del Viento  | 7 | 23.2% | (1) | - | - | - | - | - | 6 | 23.2%  
El Hierro SA |  |  |  |  |  |  |  |  |  |   
Compañía Eólica  | 7 | 37.5 % | 3 | - | (2) | - | - | (1) | 7 | 37.5 %  
Tierras Altas |  |  |  |  |  |  |  |  |  |   
Sociedad Eólica El  | 5 | 50.0% | 3 | - | (1) | - | - | (2) | 5 | 50.0%  
Puntal |  |  |  |  |  |  |  |  |  |   
Renovables | 5 | 64.2% | - | - | - | - | - | 2 | 7 | 64.2%  
Brovales 400 kV |  |  |  |  |  |  |  |  |  |   
Cogenio Iberia | 6 | 20.0% | - | - | - | - | - | (1) | 5 | 20.0%  
Cogenio Srl | 8 | 20.0% | - | - | - | - | - | 8 | 16 | 20.0%  
Avikiran Solar  | 27 | 51.0% | (1) | - | - | (26) | - | - | - | -  
India |  |  |  |  |  |  |  |  |  |   
Avikiran Surya  | 24 | 51.0% | (2) | - | - | (23) | - | 1 | - | -  
India |  |  |  |  |  |  |  |  |  |   
EGPNA Renewable  | 64 | 10.0% | 3 | - | - | - | - | (2) | 65 | 10.0%  
Energy Partners |  |  |  |  |  |  |  |  |  |   
Rocky Caney  | 20 | 10.0% | 2 | - | - | - | - | (4) | 18 | 10.0%  
Holding |  |  |  |  |  |  |  |  |  |   
Total associates | 259 |  | 18 | - | (4) | (49) | - | 3 | 227 |   
Other minor | 79 |  | 1 | 3 | (4) | (10) | - | 1 | 70 |   
equity-accounted  |  |  |  |  |  |  |  |  |  |   
investments  |  |  |  |  |  |  |  |  |  |   
TOTAL | 1,650 |  | (13) | 11 | (10) | (59) | (197) | 74 | 1,456 |   
  
The decrease in equity-accounted investments in 

2024 mainly reflected:

• the finalization of the agreement between the

subsidiary Enel Produzione and Energetický a 

průmyslový holding (EPH) through which the latter, 

as foreseen by the early call option, will purchase 

the remaining 50% of the share capital of Slovak 

Power Holding BV (SPH), held by Enel Produzione 

by the 1st Half of 2025\. This entailed the reclassi-

fication of the investment to “Assets classified as 

held for sale” and its value adjustment to zero as 

the total consideration for the investment, equal to 

€150 million, has already been paid by EPH to Enel 

Produzione upon finalization of the first phase of 

the transaction;

• the reclassification of equity investments in Avikiran 

Solar India and Avikiran Surya India respectively for 

€26 million and €23 million under “Assets classified 

as held for sale” following negotiations on the sale of 

Enel Green Power India which holds the investments;

• the recognition of the negative OCI share pertaining 

to the Group, mainly attributable to developments in 

the fair value of cash flow hedge derivatives mainly 

of Enel Green Power Australia and the Matimba pro-

ject companies. 

These negative effects were partly offset by the capital 

increase of Mooney (€50 million) and Enel Green Pow-

er Australia (€33 million).

The following tables provide a summary of financial in-

formation for the main joint ventures and associates 

of the Group not classified as held for sale in accord-

ance with IFRS 5.

  


  


  


  


  


Notes to the consolidated financial statements

495

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


| Non-current assets | Current assets | Total assets | Non-current liabilities | Current liabilities | Total liabilities | Equity  
---|---|---|---|---|---|---|---  
Millions of  | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31,  
euro | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023  
Joint |  |  |  |  |  |  |  |  |  |  |  |  |  |   
ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |   
Gridspertise  | 248 | 171 | 141 | 146 | 389 | 317 | 82 | 49 | 155 | 171 | 237 | 220 | 152 | 97  
Srl |  |  |  |  |  |  |  |  |  |  |  |  |  |   
Mooney | 913 | 894 | 388 | 487 | 1,301 | 1,381 | 1,087 | 1,134 | 579 | 649 | 1,666 | 1,783 | (365) | (402)  
Group SpA |  |  |  |  |  |  |  |  |  |  |  |  |  |   
Enel Green | 532 | 428 | 79 | 73 | 611 | 501 | 401 | 315 | 39 | 21 | 440 | 336 | 171 | 165  
Power  |  |  |  |  |  |  |  |  |  |  |  |  |  |   
Australia |  |  |  |  |  |  |  |  |  |  |  |  |  |   
Enel Green | 656 | 687 | 112 | 109 | 768 | 796 | 640 | 672 | 109 | 166 | 749 | 838 | 19 | (42)  
Power Hellas |  |  |  |  |  |  |  |  |  |  |  |  |  |   
Matimba  | 2,209 | 1,583 | 388 | 320 | 2,597 | 1,903 | 2,305 | 1,599 | 128 | 113 | 2,433 | 1,712 | 164 | 191  
project |  |  |  |  |  |  |  |  |  |  |  |  |  |   
companies |  |  |  |  |  |  |  |  |  |  |  |  |  |   
Ewiva Srl | 40 | 40 | 32 | 39 | 72 | 79 | - | - | - | - | - | - | 72 | 79  
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |   
CESI | 179 | 179 | 95 | 13 | 274 | 192 | 19 | 20 | 154 | 73 | 173 | 93 | 101 | 99  
  
|  |  |  |  | Profit/(Loss) from continuing   
---|---|---|---|---|---  
| Total revenue | Pre-tax profit/(loss) | operations  
Millions of euro | 2024 | 2023 | 2024 | 2023 | 2024 | 2023  
Joint ventures |  |  |  |  |  |   
Gridspertise Srl | 410 | 445 | 15 | 25 | 12 | 17  
Mooney Group SpA | 410 | 435 | (63) | (70) | (63) | (70)  
Enel Green Power Australia | 70 | 37 | (26) | (28) | (27) | (28)  
Enel Green Power Hellas | 142 | 127 | 55 | 25 | 49 | 17  
Matimba project companies | 133 | 148 | (23) | (8) | (14) | (2)  
Ewiva Srl | - | - | (8) | (6) | (8) | (6)  
Associates |  |  |  |  |  |   
CESI | 181 | 164 | 3 | (5) | 2 | (5)  
  
  


  


  


  


25\. Derivatives

| Non-current | Current  
---|---|---  
Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | at Dec. 31, 2024 | at Dec. 31, 2023  
Derivative financial assets | 2,003 | 2,383 | 3,512 | 6,407  
Derivative financial liabilities | 2,915 | 3,373 | 3,584 | 6,461  
  
For more information on derivatives qualifying as hedging instruments and measured at FVTPL, please see note 

49 “Derivatives and hedge accounting”.

  


  


Notes to the consolidated financial statements

496

INTEGRATED ANNUAL REPORT 2024

  


  


26. Current/Non-current contract assets/(liabilities) 

| Non-current | Current  
---|---|---  
Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | at Dec. 31, 2024 | at Dec. 31, 2023  
Contract assets | 523 | 444 | 193 | 212  
Contract liabilities  | 5,682 | 5,743 | 2,448 | 2,126  
  
  


Non-current assets deriving from contracts with cus-

tomers (contract assets) refer mainly to public-to-pri-

vate service concession arrangements recognized in 

accordance with IFRIC 12 (€483 million). These cases 

arise when the concession holder has not yet obtained 

full right to recognize the asset from the grantor. 

  


Current contract assets mainly concern construction 

contracts in progress (€136 million) to be invoiced, 

payments on which are subject to the fulfillment of a 

performance obligation.

The value at December 31, 2024 of non-current con-

tract liabilities is mainly attributable to the Grids seg-

ment, in Spain (€2,872 million) and in Italy (€2,810 mil-

lion) as a result of revenue from connections of new 

customers. 

Current contract liabilities mainly include the contrac-

tual liabilities related to revenue from connections to 

the electricity grid expiring within 12 months in the 

amount of €1,797 million mainly recognized in Italy and 

Spain, as well as liabilities for construction contracts in 

progress (€520 million).

As required under IFRS 15, the following table reports 

the reversal to profit or loss of contract liabilities by 

time band.

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
Within 1 year | 2,448 | 2,126  
Within 2 years | 769 | 568  
Within 3 years | 534 | 567  
Within 4 years | 532 | 565  
Within 5 years | 530 | 564  
More than 5 years | 3,317 | 3,479  
Total  | 8,130 | 7,869  
  
  


  


  


  


  


27. Other non-current financial assets – €7,607 million

  


Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | Change  
---|---|---|---  
  
Equity investments in other companies measured  | 595 | 346 | 249 | 72.0%  
---|---|---|---|---  
at fair value |  |  |  |   
  
  


Other non-current financial assets included in net  | 2,676 | 3,837 | (1,161) | -30.3%  
---|---|---|---|---  
financial debt (see note 27.1) |  |  |  |   
Service concession arrangements | 4,192 | 4,391 | (199) | -4.5%  
Financial assets in respect of joint development  | 107 | 133 | (26) | -19.5%  
agreements (JDA) |  |  |  |   
Non-current financial prepayments | 37 | 43 | (6) | -14.0%  
Total | 7,607 | 8,750 | (1,143) | -13.1%  
  
  


The decrease in “other non-current financial assets”

mainly reflects:

• the decrease in other non-current financial assets in-

cluded in net financial debt, as specified in note 27.1;

• the decrease in financial assets in respect of service 

concession arrangements, mainly in Brazilian compa-

nies due to negative exchange developments;

• the decrease in financial assets in respect of joint de-

velopment agreements (JDA) in relation to amounts 

paid by a number of the Group’s Italian renewables 

companies to developers for the development of re-

newable generation projects.

  


  


These negative effects were partly offset by the in-

crease in equity investments in other companies 

mainly due to:

  


  


  


Notes to the consolidated financial statements

497

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


• the recognition of a 10% stake in Duereti, for €137 

million, following the disposal, through the subsid-

iary e-distribuzione, of 90% of interest in the com-

pany to A2A;

• the increase in the value of the investment held 

by Enel X International in Zacapa Topco Sàrl in the 

amount of €90 million.

The following is a breakdown of equity investments in 

other companies measured at fair value.

Millions of euro | at Dec. 31, 2024 | % held | at Dec. 31, 2023 | % held | Change  
---|---|---|---|---|---  
Zacapa Topco Sàrl | 377 | 19.5% | 287 | 19.5% | 90  
Duereti | 137 | 10.0% | - | - | 137  
European Energy Exchange AG | 42 | 2.4% | 22 | 2.4% | 20  
Hubject GmbH | 8 | 12.5% | 11 | 12.5% | (3)  
Empresa Propietaria de la Red SA | 9 | 11.1% | 8 | 11.1% | 1  
Termoeléctrica José de San Martín SA | 5 | 3.0% | 3 | 5.6% | 2  
Termoeléctrica Manuel Belgrano SA | 5 | 3.4% | 2 | 6.2% | 3  
Other | 12 |  | 13 |  | (1)  
Total | 595 |  | 346 |  | 249  
  
  


27.1 Other non-current financial assets included in net financial debt – €2,676 million

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | Change  
---|---|---|---  
Securities  | 575 | 505  | 70  | 13.9%  
Other financial assets | 2,101 | 3,332 | (1,231) | -36.9%  
Total | 2,676 | 3,837  | (1,161) | -30.3%  
  
“Securities” mainly include financial instruments at 

FVOCI in which Enel Reinsurance invests a portion of 

its liquidity.

The decrease in “other financial assets” is mainly at-

tributable to a decrease in medium- and long-term 

financial assets (€1,278 million), in particular due to: 

• the reclassification of financial assets held by Enel 

Produzione in respect of Slovenské elektrárne 

(€289 million) and Enel Finance International in

respect of SPH (€769 million) under “Current por-

tion of long-term financial receivables” following 

the agreement between Enel Produzione and EPH 

which regulates the exercise by the latter of the 

early call option on the residual stake in SPH, held 

by Enel Produzione, and provides that the loans 

granted by the Group companies to Slovenské ele-

ktrárne and the accrued interest not yet paid at the 

date of actual repayment will be repaid, at the lat-

est upon the closing of the transaction, expected 

in the first half of 2025;

• the value adjustment to zero of Enel Produzione’s fi-

nancial asset towards EPH relating to the sale of the 

first tranche of SPH’s share capital to EPH in 2016 

(€39 million as of December 31, 2023), since the to-

tal consideration for the sale of the entire stake, set 

in the agreement, equal to €150 million, has already 

been paid. 

The effect was partly offset by the increase in financial 

assets relating to the deficit of the Spanish electricity 

system (€105 million). 

  


  


Notes to the consolidated financial statements

498

INTEGRATED ANNUAL REPORT 2024

28. Other current financial assets – €4,854 million

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 |  | Change |   
---|---|---|---|---|---  
Current financial assets included in net financial  | 4,668 | 4,148 | 520 |  | 12.5%  
debt (see note 28.1) |  |  |  |  |   
Other | 186 | 181 | 5 |  | 2.8%  
Total | 4,854 | 4,329 | 525 |  | 12.1%  
  
The increase in “other current financial assets”

mainly reflects the increase in current financial as-

sets included in net financial debt, as detailed in

note 28.1. “Other” mainly includes financial accrued

income and the current portions of JDA financial as-

sets and of concession arrangements. 

28.1 Other current financial assets included in net financial debt – €4,668 million

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | Change  
---|---|---|---  
Current portion of long-term financial assets | 2, 174 | 1,007 | 1,167 | -  
Securities  | 138 | 81 | 57 | 70.4%  
Cash collateral and other financial assets in  | 1,982 | 2,899 | (917) | -31.6%  
respect of derivatives transactions |  |  |  |   
Other | 374 | 161 | 213 | -  
Total | 4,668 | 4,148 | 520 | 12.5%  
  
The change in the item is mainly attributable to the 

increase in the current portion of long-term financial 

assets (in the amount of €1,167 million) mainly attrib-

utable to the reclassification of financial assets held

by Enel Produzione towards Slovenské elektrárne

(€289 million) and by Enel Finance International to-

wards SPH (€769 million) following the agreement 

between Enel Produzione and EPH commented ear-

lier in note 27.1.

The effect was partly offset by a decrease in cash col-

lateral paid to counterparties in respect of derivatives 

transactions.

  


  


  


  


29. Other non-current assets – €1,937 million

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | Change  
---|---|---|---  
Amounts due from institutional market  | 391 | 331 | 60 | 18.1%  
operators |  |  |  |   
Net assets of personnel programs | 72 | 42 | 30 | 71.4%  
  
  


Tax assets >12 months | 1,114 | 1,487 | (373) | -25.1%  
---|---|---|---|---  
  
  


  


Operating security deposits >12 months | 282 | 306 | (24) | -7.8%  
---|---|---|---|---  
Other | 78 | 83 | (5) | -6.0%  
Total | 1,937 | 2,249 | (312) | -13.9%  
  
“Amounts due from institutional market operators” in-

creased by €60 million on 2023, mainly in Spain in re-

spect of distribution activities. 

  


“Tax assets >12 months” decreased by €373 million, 

mainly reflecting exchange rate developments in 

Latin America (€158 million), lower tax assets in Ita-

ly (€116 million), mainly relating to “Ecosismabonus”, 

and in Chile (€94 million), essentially reflecting a re-

classification due to the short-term recoverability of 

tax credits.

  


  


  


  


  


  


  


Notes to the consolidated financial statements

499

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


30. Other current assets – €3,891 million

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | Change  
---|---|---|---  
Amounts due from institutional market  | 904 | 1,161 | (257) | -22.1%  
operators |  |  |  |   
Advances to suppliers | 356 | 311 | 45 | 14.5%  
Amounts due from employees | 22 | 28 | (6) | -21.4%  
Non-monetary grants to be received  | 10 | 24 | (14) | -58.3%  
for environmental certificates(1) |  |  |  |   
Amounts due from others  | 1,056 | 1,068 | (12) | -1.1%  
  
Sundry tax assets | 1,272 | 1,311 | (39) | -3.0%  
---|---|---|---|---  
  
  


Current accrued income and prepayments | 271 | 196 | 75 | 38.3%  
---|---|---|---|---  
  
  


Total | 3,891 | 4,099 | (208) | -5.1%  
---|---|---|---|---  
  
(1)  See note 56 “Environmental programs”.

Other current assets decreased mainly reflecting the 

decrease in amounts due from institutional market 

operators, mainly reflecting a decrease in amounts re-

ceivable in Italy in respect of the Energy and Environ-

mental Services Fund, mainly held by e-distribuzione 

and Servizio Elettrico Nazionale.

  


  


31. Inventories – €3,643 million

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | Change  
---|---|---|---  
Raw and ancillary materials, and consumables: |  |  |  |   
\- fuels | 1,335 | 1,598 | (263) | -16.5%  
\- materials, equipment and other inventories | 2,013 | 2,000 | 13 | 0.7%  
Total | 3,348 | 3,598 | (250) | -6.9%  
Environmental certificates: |  |  |  |   
\- CO2 emissions allowances | 57 | 514 | (457) | -88.9%  
\- guarantees of origin | 72 | 39 | 33 | 84.6%  
\- energy efficiency certificates | 4 | - | 4 | -  
\- other environmental certificates | 6 | 6 | - | -  
Total | 139 | 559 | (420) | -75.1%  
Buildings held for sale | 43 | 45 | (2) | -4.4%  
Payments on account  | 113 | 88 | 25 | 28.4%  
TOTAL | 3,643 | 4,290 | (647) | -15.1%  
  
Raw and ancillary materials, and consumables consist 

of materials and equipment used to operate, maintain, 

and construct power plants and distribution networks, 

as well as fuel inventories to cover the Company’s re-

quirements for generation and trading activities.

The overall decrease in inventories in 2024 (€647 mil-

lion) is mainly attributable to a decrease in inventories 

of fuel in Italy and the decrease in CO

2

emissions al-

lowances in Italy mainly used for compliance obliga-

tions pertaining to the period.

  


  


Notes to the consolidated financial statements

500

INTEGRATED ANNUAL REPORT 2024

32\. Trade receivables – €15,941 million

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 |  | Change |   
---|---|---|---|---|---  
Customers: |  |  |  |  |   
\- electricity sales and transport | 10,263 | 11,133 | (870) |  | -7.8 %  
\- distribution and sale of gas  | 1,491 | 2,811 | (1,320) |  | -47.0%  
\- other assets | 4,008 | 3,646 | 362 |  | 9.9%  
Total trade receivables due from customers | 15,762 | 17,590 | (1,828) |  | -10.4%  
Trade receivables due from associates  | 179 | 183 | (4) |  | -2.2%  
and joint ventures |  |  |  |  |   
TOTAL | 15,941 | 17,773 | (1,832) |  | -10.3%  
  
Trade receivables due from customers are recognized 

net of loss allowances, which totaled €3,763 million 

at the end of the year, compared with a balance of 

€3,775 million at the end of 2023. 

Specifically, the decrease in 2024, totaling €1,832 

million, is attributable to a decrease in receivables for 

both electricity and gas sale and transport recognized 

in the year.

The change was mainly recognized in Italy (€1,424 

million), Spain (€576 million) and Brazil (€348 million), 

partly offset by increases in Chile (€204 million) and Ar-

gentina (€169 million).

For more information on trade receivables, see note 

46 “Financial instruments by category”.

  


33\. Cash and cash equivalents – €8,051 million

Cash and cash equivalents, detailed in the following table, increased by €1,250 million mainly in Chile and Italy, 

partially offset by a decrease in Spain.

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 |  | Change |   
---|---|---|---|---|---  
Bank and postal deposits | 4,762 | 4,664 | 98 |  | 2.1%  
Cash and cash equivalents on hand | 33 | 23 | 10 |  | 43.5%  
Other investments of liquidity | 3,256 | 2 ,114 | 1,142 |  | 54.0%  
Total | 8,051 | 6,801 | 1,250 |  | 18.4%  
  
  


  


Notes to the consolidated financial statements

501

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

34\. Assets and liabilities included in disposal groups classified as held for sale 

– €415 million and €150 million

Changes in assets held for sale in 2024 break down as follows.

|  | Reclassification  | Reclassification  | Disposals and  |  |  |  |  |   
---|---|---|---|---|---|---|---|---|---  
|  | to current and  | from current  | change in the |  |  |  |  |   
| at Dec. | non-current  | and non- | consolidation  | (Impairment)/ | Exchange  |  | Other | at Dec.  
Millions of euro | 31, 2023 | assets | current assets | scope | Reversal | differences | Investments | changes | 31, 2024  
Property, plant and  | 3,708 | (694) | 599 | (3,462) | (60) | - | 189 | (50) | 230  
equipment |  |  |  |  |  |  |  |  |   
Investment property | - | - | 37 | - | - | - | - | - | 37  
Intangible assets | 715 | (6) | 8 | (695) | - | (7) | - | (8) | 7  
Goodwill | 572 | - | 40 | (543) | (40) | (4) | - | - | 25  
Deferred tax assets | 196 | (44) | 13 | (158) | - | - | - | (7) | -  
Equity-accounted | 1 | - | 59 | (11) | - | 1 | - | - | 50  
investments |  |  |  |  |  |  |  |  |   
Non-current financial  | - | - | 8 | (7) | - | - | - | - | 1  
assets and securities |  |  |  |  |  |  |  |  |   
Other non-current  | 35 | - | 1 | (31) | - | 1 | - | 1 | 7  
assets |  |  |  |  |  |  |  |  |   
Inventories | 127 | (47) | 10 | (121) | (1) | - | - | 47 | 15  
Trade receivables | 210 | (2) | 7 | (255) | (1) | (1) | - | 50 | 8  
Tax receivables | 39 | (8) | 1 | (66) | - | 1 | - | 42 | 9  
Current financial assets  | 1 | (1) | 7 | (1) | - | - | - | 1 | 7  
and securities |  |  |  |  |  |  |  |  |   
Other current assets | 54 | (10) | 2 | (25) | - | - | - | (8) | 13  
Cash and cash  | 261 | (38) | 7 | (119) | - | 2 | - | (107) | 6  
equivalents |  |  |  |  |  |  |  |  |   
Total | 5,919 | (850) | 799 | (5,494) | (102) | (7) | 189 | (39) | 415  
  
Developments in liabilities break down as follows.

|  | Reclassification  | Reclassification  | Disposals and  |  |  |   
---|---|---|---|---|---|---|---  
|  | to current and  | from current  | change in the  |  |  |   
| at Dec. 31,  | non-current  | and non-current  | consolidation  | Exchange  | Other  | at Dec. 31,   
Millions of euro | 2023 | liabilities | liabilities | scope | differences | changes | 2024  
Long-term borrowings | 730 | (215) | 19 | (469) | 2 | (58) | 9  
Post-employment and other employee  | 5 | - | 1 | (6) | - | - | -  
benefits |  |  |  |  |  |  |   
Provisions for risks and charges,  | 36 | (10) | 7 | (31) | 1 | 4 | 7  
non-current portion |  |  |  |  |  |  |   
Deferred tax liabilities  | 505 | - | 2 | (492) | - | 13 | 28  
Non-current contract liabilities  | - | - | 2 | (2) | - | - | -  
Other non-current financial liabilities | 10 | (6) | - | - | - | (4) | -  
Other non-current liabilities | 54 | (34) | 4 | (20) | - | (4) | -  
Short-term borrowings | 276 | - | - | (349) | 2 | 134 | 63  
Long-term borrowings, current portion | 145 | - | 4 | (143) | (2) | (1) | 3  
Provisions for risks and charges,  | 9 | - | 4 | (14) | (1) | 2 | -  
current portion |  |  |  |  |  |  |   
Trade payables | 337 | (57) | 8 | (171) | (1) | (104) | 12  
Income tax liabilities | 56 | - | - | (72) | 1 | 22 | 7  
Other current financial liabilities | 9 | (1) | - | (10) | - | 2 | -  
Other current liabilities | 144 | (9) | 50 | (162) | (1) | (1) | 21  
Total  | 2,316 | (332) | 101 | (1,941) | 1 | 5 | 150  
  
  


  


Notes to the consolidated financial statements

502

INTEGRATED ANNUAL REPORT 2024

The item essentially includes assets measured at 

the lower of cost, understood as their net carrying 

amount, and the estimated realizable value, which, due 

to management decisions, meet the requirements of 

“IFRS 5 - Non-current assets held for sale and discon-

tinued operations” for their classification in this item.

The balances of assets held for sale and associated li-

abilities at December 31, 2024 came to, respectively, 

€415 million and €150 million and mainly refer to:

• in India: agreement signed to sell Enel Green Power 

India, with a net installed capacity of about 640 MW 

including solar and wind projects, for a project pipe-

line of about 2.5 GW in a number of Indian states;

• in Spain: land adjacent to the former headquarters of 

Gas y Electricidad Generación SAU located in Palma 

de Mallorca, on which Edistribución Redes Digitales 

SLU signed a sale agreement on December 30, 2024; 

• in Colombia: the Windpeshi wind farm under con-

struction, which based on negotiations under way 

satisfies the requirements of IFRS 5;

• in Peru: Enel Generación Piura.

Note that, based on the agreement signed between 

Enel Produzione SpA and EPH relating to the exercise 

of the early call option by EPH, Slovenské elektrárne 

was classified under assets held for sale as it meets 

the requirements of IFRS 5. Following the reclassifica-

tion, the investment was completely written down.

A number of companies previously classified as held 

for sale were sold in 2024. In particular:

• the sale of assets relating to a portfolio of renewable 

assets in the United States for 150 MW of operating 

geothermal and solar plants was finalized in the 1st 

Half of 2024;

• the sale of all the equity investments held in Enel 

Generación Perú SAA and Compañía Energética Ve-

racruz SAC (owner of electricity generation assets) 

was finalized in the 1st Half of 2024, together with 

the sale of all the equity investments held in Enel 

Distribución Perú SAA and Enel X Perú SAC, oper-

ating electricity distribution and supply as well as 

advanced energy services.

For more information on the financial effects of the 

above transactions, please refer to the section “Main 

acquisitions and disposals during the year”.

Also note that, as from June 2024 net assets relating 

to 3SUN are no longer classified as held for sale and 

were reclassified under assets and liabilities “held-for-

use”. Since they no longer met the requirements for 

the previous classification under IFRS 5, their sale is no 

longer considered highly probable by management.

  


35\. Equity – €49,171 million

35.1 Equity attributable to owners of the Parent – €33,731 million

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | Change  
---|---|---|---  
Share capital | 10,167 | 10,167 | -  
Treasury share reserve | (78) | (59) | (19)  
Other reserves | 5,651 | 6,551 | (900)  
Share premium reserve | 7,4 9 6 | 7,4 9 6 | -  
Reserve for equity instruments - perpetual hybrid bonds | 7, 14 5 | 6,553 | 592  
Legal reserve | 2,034 | 2,034 | -  
Other reserves | 2,363 | 2,341 | 22  
Translation reserve | (6,352) | (5,289) | (1,063)  
Hedging reserve | (2,228) | (1,393) | (835)  
Hedging costs reserve | 182 | (38) | 220  
Reserve from measurement of financial instruments at FVOCI | 132 | 10 | 122  
Reserve from equity-accounted investments | (404) | (375) | (29)  
Actuarial reserve | (1,092) | (1,185) | 93  
Reserve from disposal of equity interests without loss of control | (2,405) | (2,390) | (15)  
Reserve from acquisitions of non-controlling interests | (1,220) | (1,213) | (7)  
Retained earnings | 17,991 | 15,096 | 2,895  
Equity attributable to owners of the Parent | 33,731 | 31,755 | 1,976  
  
  


  


Notes to the consolidated financial statements

503

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


Share capital – €10,167 million

At December 31, 2024 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. Enel SpA’s share cap-

ital was unchanged compared with the amount re-

ported at December 31, 2023.

At December 31, 2024, based on the shareholders 

register and the notices submitted to CONSOB and 

received by the Parent pursuant to Article 120 of Leg-

islative Decree 58 of February 24, 1998, as well as 

other available information, shareholders with inter-

ests of greater than 3% in the Parent’s share capital 

were the Ministry for the Economy and Finance (with

a 23.585% stake) and BlackRock Inc. (with a 5.023% 

stake held for asset management purposes).

  


Treasury share reserve – €(78) million

At December 31, 2024, treasury shares are represent-

ed by 12,079,670 ordinary shares of Enel SpA with a 

par value of €1.00 each (9,262,330 at December 31, 

2023), purchased through an authorized intermedi-

ary for a total of €78 million.

  


Other reserves – €5,651 million

Share premium reserve – €7,496 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, includ-

ing those resulting from conversion from bonds. The 

reserve, which is a capital reserve, may not be distrib-

uted until the legal reserve has reached the threshold 

established under Article 2430 of the Italian Civil Code.

Reserve for equity instruments - perpetual hybrid 

bonds – €7,145 million

This reserve reports the nominal value, net of transac-

tion costs, of the non-convertible subordinated per-

petual hybrid bonds denominated in euros for inter-

national investors. 

The change of €592 million in the reserve reflects the 

issue of new bonds in the amount of €889 million, net 

of transaction costs, partly offset by the repurchase 

and subsequent cancellation of previous bonds in the 

amount of €297 million, including transaction costs.

In 2024, coupons of €246 million were paid to holders 

of perpetual hybrid bonds.

Legal reserve – €2,034 million

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 div-

idends.

Other reserves – €2,363 million

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.

Translation reserve – €(6,352) million

The decrease of €1,063 million in the period is main-

ly due to the net depreciation of the functional cur-

rencies used by foreign subsidiaries, mainly in Latin 

America, against the euro (presentation currency of 

the Parent) and changes in the consolidation scope 

following the disposal of generation and distribution 

companies in Peru.

Hedging reserve – €(2,228) million

This includes the net expense recognized in equity 

from the measurement of hedging derivatives. The 

change in the year is mainly attributable to the release 

by Enel Finance International of reserves in order to 

mitigate the impact on the income statement of the 

adjustment to the end-of-period exchange rate of 

loans in foreign currency.

Hedging costs reserve – €182 million

In application of IFRS 9, this reserve includes the fair

value gains and losses on currency basis points and

forward points. The change in 2024 is mainly attrib-

utable to the increase in the fair value of exchange 

rate hedging derivatives of Enel Finance Interna-

tional.

Reserve from measurement of financial instruments 

at FVOCI – €132 million

This includes net unrealized fair value losses on finan-

cial assets. The change in 2024 is mainly attributable 

to the value adjustment of the equity interest held by 

Enel X International in Zacapa Topco Sàrl.

Reserve from equity-accounted investments 

– €(404) million

The reserve reports the share of comprehensive in-

come to be recognized directly in equity of equi-

ty-accounted investees. The change in 2024 is mainly 

attributable to the change in the hedging reserve in 

Australia.

  


  


  


  


Notes to the consolidated financial statements

504

INTEGRATED ANNUAL REPORT 2024

  


  


Actuarial reserve – €(1,092) million

This reserve includes actuarial gains and losses in re-

spect of employee benefit liabilities, net of tax effects.

Reserve from disposal of equity interests without 

loss of control – €(2,405) million

This item mainly reports:

• the gain posted on the public offering of Enel Green 

Power shares, net of expenses associated with the 

disposal and the related taxation;

• the sale of non-controlling interests recognized as 

a result of the Enersis (now Enel Américas and Enel 

Chile) capital increase;

• the capital loss, net of expenses associated with the 

disposal and the related taxation, from the public of-

fering of 21.92% of Endesa;

• the disposal to third parties of the non-controlling 

interest in Enel Green Power North America Renew-

able Energy Partners;

• the effects of the merger into Enel Américas of 

Endesa Américas and Chilectra Américas;

• the effects of the disposal of a 49% stake held by 

Enel Green Power Canada in Pincher Creek LP and 

Riverview LP;

• the effects of the disposal of a 49% stake in Enel Li-

bra Flexsys Srl, a company operating in Battery Ener-

gy Storage Systems (BESS) and owner of a number 

of Open Cycle Gas Turbines plants (OCGT);

• the effects of the disposal of a 49.99% stake held 

by Endesa in Enel Green Power España Solar 1 SLU.

Reserve from acquisitions of non-controlling 

interests – €(1,220) million

This reserve mainly includes the surplus of acquisi-

tion prices with respect to the carrying amount of the 

equity acquired following the acquisition from third 

parties of further interests in companies already con-

trolled in Latin America.

  


  


Retained earnings – €17,991 million

This reserve reports earnings from previous years that 

have not been distributed or allocated to other re-

serves. 

The table below shows the changes in gains and losses 

recognized directly in other comprehensive income, 

including non-controlling interests, with specific re-

porting of the related tax effects.

| at Dec. 31, 2023 | Change |  | at Dec. 31, 2024  
---|---|---|---|---  
|  |  |  | Gains/ |  |  |  |  |  |  |  |   
|  | Of  |  | (Losses)  |  |  |  | Of  |  |  | Of  |   
|  | which  | Of which  | recognized  |  |  |  | which  | Of which  |  | which  | Of which   
|  | owners  | non- | in equity  | Released  |  |  | owners  | non- |  | owners  | non-  
|  | of the  | controlling  | during the | to profit  |  |  | of the  | controlling  |  | of the  | controlling   
Millions of euro | Total | Parent | interests | year | or loss | Taxes | Total | Parent | interests | Total | Parent | interests  
Translation  | (11,404) | (5,839) | (5,565) | (1,853) | - | - | (1,853) | (1,297) | (556) | (13,257) | (7,136) | (6,121)  
reserve |  |  |  |  |  |  |  |  |  |  |  |   
Hedging reserve | (1,945) | (1,462) | (483) | (804) | (33) | 209 | (628) | (850) | 222 | (2,573) | (2,312) | (261)  
Hedging costs  | (62) | (48) | (14) | 296 | (1) | (70) | 225 | 226 | (1) | 163 | 178 | (15)  
reserve  |  |  |  |  |  |  |  |  |  |  |  |   
Reserve from | (22) | (17) | (5) | 18 | (2) | (2) | 14 | 14 | - | (8) | (3) | (5)  
measurement |  |  |  |  |  |  |  |  |  |  |  |   
of financial  |  |  |  |  |  |  |  |  |  |  |  |   
instruments at  |  |  |  |  |  |  |  |  |  |  |  |   
FVOCI |  |  |  |  |  |  |  |  |  |  |  |   
Share of OCI  | (488) | (504) | 16 | (41) | - | 6 | (35) | (35) | - | (523) | (539) | 16  
of equity- |  |  |  |  |  |  |  |  |  |  |  |   
accounted  |  |  |  |  |  |  |  |  |  |  |  |   
associates  |  |  |  |  |  |  |  |  |  |  |  |   
Reserve from | (16) | (16) | - | 109 | - | - | 109 | 108 | 1 | 93 | 92 | 1  
measurement |  |  |  |  |  |  |  |  |  |  |  |   
of equity  |  |  |  |  |  |  |  |  |  |  |  |   
investments  |  |  |  |  |  |  |  |  |  |  |  |   
in other  |  |  |  |  |  |  |  |  |  |  |  |   
companies |  |  |  |  |  |  |  |  |  |  |  |   
Actuarial  | (1,625) | (1,136) | (489) | 177 | - | (50) | 127 | 93 | 34 | (1,498) | (1,043) | (455)  
reserve |  |  |  |  |  |  |  |  |  |  |  |   
Total gains/ | (15,562) | (9,022) | (6,540) | (2,098) | (36) | 93 | (2,041) | (1 ,741) | (300) | (17,603) | (10,763) | (6,840)  
(losses)  |  |  |  |  |  |  |  |  |  |  |  |   
recognized in  |  |  |  |  |  |  |  |  |  |  |  |   
equity |  |  |  |  |  |  |  |  |  |  |  |   
  
  


  


Notes to the consolidated financial statements

505

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


35.2 Dividends

| Amount  | Dividend   
---|---|---  
| distributed  | per share   
| (millions of euro) | (euro)  
Dividends distributed in 2023 |  |   
Dividends for 2022 | 4,064 | 0.40   
Interim dividends for 2023(1) | - | -  
Special dividends | - | -  
Total dividends distributed in 2023 | 4,064 | 0.40   
Dividends distributed in 2024 |  |   
Dividends for 2023 | 4,367 | 0.43   
Interim dividends for 2024(2) | - | -  
Special dividends | - | -  
Total dividends distributed in 2024 | 4,367 | 0.43  
  
(1)  Approved by the Board of Directors on November 7, 2023 and paid as from January 24, 2024 (interim dividend of €0.215 per share for a total 

of €2,186 million).

(2)  Approved by the Board of Directors on November 6, 2024 and paid as from January 22, 2025 (interim dividend of €0.215 per share for a total 

of €2,186 million).

Dividends distributed are shown net of amounts due 

to treasury shares at the respective “record dates”. 

These shares were waived for collection and allocated 

to “retained earnings”.

The dividend for 2024 is equal to €0.47 per share, for a 

total of €4,778 million (of which €0.215 per share for a 

total of €2,186 million already paid as an interim divi-

dend). It will be proposed to the Shareholders’ Meeting 

of May 22, 2025 at single call.

These consolidated financial statements do not take 

account of the effects of the distribution to share-

holders of the dividend for 2024, except for the liabil-

ity in respect of shareholders for the interim dividend 

for 2024, which was approved by the Board of Direc-

tors on November 6, 2024 for a potential maximum of 

€2,186 million, and paid as from January 22, 2025 net 

of the portion pertaining to the 12,079,670 treasury 

shares held as at the record date of January 21, 2025.

In 2024 the Group also paid €246 million in coupons to 

holders of perpetual hybrid bonds.

Capital management

The Group’s objectives for managing capital com-

prise safeguarding the business as a going concern,

creating value for stakeholders and supporting the

development of the Group. In particular, the Group

seeks to maintain an adequate capitalization that en-

ables it to achieve a satisfactory return for sharehold-

ers and ensure access to external sources of financ-

ing, in part by maintaining an adequate rating.

In this context, the Group manages its capital struc-

ture and adjusts that structure when changes in eco-

nomic conditions so require. There were no substan-

tive changes in objectives, policies or processes in

2024.

To this end, the Group constantly monitors develop-

ments in the level of its debt in relation to equity. The 

situation at December 31, 2024 and 2023 is summa-

rized in the following table.

  


Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | Change  
---|---|---|---  
Non-current financial debt | 60,064 | 61,093 | (1,029)  
Net current financial position | (1,621) | 2,907 | (4,528)  
Non-current financial assets and long-term securities | (2,676) | (3,837) | 1,161  
Net financial debt  | 55,767 | 60,163 | (4,396)  
Equity attributable to owners of the Parent | 33,731 | 31,755 | 1,976  
Non-controlling interests | 15,440 | 13,354 | 2,086  
Equity | 49,171 | 45,109 | 4,062  
Debt/Equity ratio | 1.13 | 1.33 | (0.20)  
  
  


  


  


  


Notes to the consolidated financial statements

506

INTEGRATED ANNUAL REPORT 2024

  


  


  


  


  


  


The decrease in the debt/equity ratio, which meas-

ures financial leverage, is essentially attributable to 

the increase in equity as a result of profit for the year

and in non-controlling interests following dispos-

als without loss of control, partly offset by dividend 

distributions, and the reduction in net financial debt 

mainly reflecting the sale of equity interests during 

the year.

  


  


  


See note 45 for a breakdown of the individual items 

in the table.

  


  


  


  


  


  


35.3 Non-controlling interests 

– €15,440 million

The following table presents the composition of non-con-

trolling interests by geographical area.

  


  


  


  


  


|  |  | Profit for the year attributable   
---|---|---|---  
| Non-controlling interests | to non-controlling interests  
Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | at Dec. 31, 2024 | at Dec. 31, 2023  
Italy | 1,092 | - | 10 | -  
Iberia | 6,517 | 5,470 | 534 | 192  
Latin America  | 7,5 87 | 7,665 | 652 | 666  
Europe | 1 | - | - | 3  
North America | 124 | 151 | 9 | (39)  
Africa, Asia and Oceania | 119 | 68 | 8 | 7  
Total | 15,440 | 13,354 | 1,213 | 829  
  
The change in non-controlling interests mainly reflects 

the sale to Sosteneo Energy Transition 1 of a 49% 

stake in Enel Libra Flexsys Srl, the sale to Masdar of a 

49.99% stake in Enel Green Power España Solar 1 SLU.

and the result for the period, partly offset by dividend 

distribution and the disposal of generation and distri-

bution companies in Peru.

The financial disclosure requirements of IFRS 12 for 

subsidiaries with significant non-controlling interests 

are reported below.

| Non-current assets | Current assets | Total assets  
---|---|---|---  
| at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,   
Millions of euro | 2024 | 2023 | 2024 | 2023 | 2024 | 2023  
Subsidiaries |  |  |  |  |  |   
Enel Américas  | 26,771 | 27,578 | 5,954 | 8,459 | 32,725 | 36,037  
Enel Chile | 10,858 | 10,810 | 1,939 | 1,722 | 12,797 | 12,532  
Endesa | 42,964 | 43,701 | 3,930 | 4,033 | 46,894 | 47,7 34  
  
|  |  |  |  |  |  |  |  | Equity attributable to  | Non-controlling   
---|---|---|---|---|---|---|---|---|---|---  
| Non-current liabilities | Current liabilities | Total liabilities | Equity | owners of the Parent | interests  
Millions  | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31, | at Dec. 31,  
of euro | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023  
Subsidiaries |  |  |  |  |  |  |  |  |  |  |  |   
Enel  | 9,292 | 10,466 | 5,654 | 7,314 | 14,946 | 17,7 80 | 17,7 79 | 18,257 | 12,627 | 12,936 | 5,152 | 5,321  
Américas  |  |  |  |  |  |  |  |  |  |  |  |   
Enel Chile | 3,637 | 3,706 | 2,843 | 2,730 | 6,480 | 6,436 | 6,317 | 6,096 | 3,881 | 3,753 | 2,436 | 2,343  
Endesa | 15,818 | 16,018 | 7,6 83 | 10,045 | 23,501 | 26,063 | 23,393 | 21,671 | 16,876 | 16,202 | 6,517 | 5,469  
  
|  |  |  |  | Profit  | Profit attributable  | Profit attributable   
---|---|---|---|---|---|---|---  
|  |  |  |  | from continuing  | to owners  | to non-controlling   
| Total revenue  | Pre-tax profit | operations | of the Parent | interests  
Millions of euro | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023  
Subsidiaries |  |  |  |  |  |  |  |  |  |   
Enel Américas | 15,202 | 13,400 | 3,108 | 1,639 | 2,056 | 877 | 1,495 | 504 | 561 | 373  
Enel Chile | 3,852 | 4,678 | 214 | 996 | 182 | 748 | 90 | 456 | 92 | 292  
Endesa | 21,315 | 25,423 | 2,430 | 839 | 1,773 | 595 | 1,238 | 402 | 535 | 193  
  
  


  


  


  


  


Notes to the consolidated financial statements

507

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

36. Borrowings

| Non-current | Current  
---|---|---  
Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | at Dec. 31, 2024 | at Dec. 31, 2023  
Long-term borrowings | 60,000 | 61,085 | 7,4 39 | 9,086  
Short-term borrowings | - | - | 3,645 | 4,769  
Total | 60,000 | 61,085 | 11,084 | 13,855  
  
  


For more information on the nature of borrowings, see 

note 46.2 “Financial liabilities by category”. 

  


37. Employee benefits 

– €1,614 million

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. More specifically:

• for Italy, the item “pension benefits” regards esti-

mated accruals made to cover benefits due under 

the supplemental retirement schemes of retired 

executives and the benefits due to personnel under 

law or contract at the time the employment rela-

tionship is terminated. For the foreign companies, 

the item refers to post-employment benefits, of 

which the most material regard the pension bene-

fit schemes of Endesa in Spain, which break down 

into three types that differ on the basis of employee 

seniority and company. In general, under the frame-

work agreement of October 25, 2000, employ-

ees participate in a specific defined contribution 

pension plan and, in cases of disability or death of 

employees in service, a defined-benefit plan which 

is covered by appropriate insurance policies. In ad-

dition, the group has two other limited-enrollment 

plans (i) for current and retired Endesa employees 

covered by the electricity industry collective bar-

gaining agreement prior to the changes introduced 

with the framework agreement noted earlier and (ii) 

for employees of the Catalan companies merged 

in the past (Fecsa/Enher/HidroEmpordà). Both are 

defined-benefit plans and benefits are fully insured, 

with the exception of the former plan for benefits 

in the event of the death of a retired employee. Fi-

nally, the Brazilian companies have also established 

defined-benefit plans;

• the item “electricity discount” comprises benefits 

regarding electricity supply associated in particular 

with foreign companies;

• the item “health insurance” refers to benefits for 

current or retired employees covering medical ex-

penses;

• “other benefits” mainly regard the loyalty bonus, 

which is adopted in various countries and for Italy is 

represented by the estimated liability for the benefit 

entitling employees covered by the electricity work-

ers national collective bargaining agreement to a 

bonus for achievement of seniority milestones (25th 

and 35th year of service). It also includes other in-

centive plans, which provide for the award to certain 

Company managers of a monetary bonus subject to 

specified conditions. 

The following table reports changes in the defined-ben-

efit obligation for post-employment and other long-term 

employee benefits at December 31, 2024, and December 

31, 2023, respectively, as well as a reconciliation of that 

obligation with the actuarial liability.

  


  


  


Notes to the consolidated financial statements

508

INTEGRATED ANNUAL REPORT 2024

| 2024 | 2023  
---|---|---  
| Pension  | Electricity  | Health  | Other  |  | Pension  | Electricity  | Health | Other |   
Millions of euro | benefits | discount | insurance | benefits | Total | benefits | discount | insurance | benefits | Total  
CHANGES IN ACTUARIAL  |  |  |  |  |  |  |  |  |   
OBLIGATION |  |  |  |  |  |  |  |  |  |   
Change in actuarial  | 6 | 1 | (2) | (3) | 2 | - | - | - | - | -  
obligation previous year  |  |  |  |  |  |  |  |  |  |   
Actuarial obligation  | 4,085 | 216 | 176 | 102 | 4,579 | 3,765 | 224 | 162 | 118 | 4,269  
at the start of the year |  |  |  |  |  |  |  |  |  |   
Current service cost | 9 | 1 | 4 | 4 | 18 | 9 | 1 | 3 | (1) | 12  
Interest expense | 318 | 7 | 9 | 6 | 340 | 336 | 8 | 9 | 4 | 357  
Actuarial (gains)/losses  | (3) | - | - | - | (3) | - | - | - | 2 | 2  
arising from changes in  |  |  |  |  |  |  |  |  |  |   
demographic  |  |  |  |  |  |  |  |  |  |   
assumptions |  |  |  |  |  |  |  |  |  |   
Actuarial (gains)/losses  | (481) | (15) | (8) | (1) | (505) | 224 | 8 | 6 | 3 | 241  
arising from changes in  |  |  |  |  |  |  |  |  |  |   
financial assumptions |  |  |  |  |  |  |  |  |  |   
Experience adjustments | 283 | 17 | (6) | (6) | 288 | (43) | (12) | 6 | 1 | (48)  
Past service cost | 4 | - | - | - | 4 | - | - | - | - | -  
(Gains)/Losses arising  | (114) | - | - | - | (114) | - | - | - | - | -  
from settlements |  |  |  |  |  |  |  |  |  |   
Exchange differences | (497) | (1) | (8) | (1) | (507) | 145 | 1 | 4 | (4) | 146  
Benefits paid | (451) | (13) | (14) | (13) | (491) | (393) | (14) | (14) | (17) | (438)  
Other changes | - | - | - | (2) | (2) | - | - | - | - | -  
Reclassification  | 30 | - | - | - | 30 | 41 | - | - | - | 41  
to balance sheet assets |  |  |  |  |  |  |  |  |  |   
Changes in the  | 2 | - | - | - | 2 | 1 | - | - | (4) | (3)  
consolidation scope/ |  |  |  |  |  |  |  |  |  |   
liabilities classified  |  |  |  |  |  |  |  |  |  |   
as held for sale |  |  |  |  |  |  |  |  |  |   
Actuarial obligation  | 3,191 | 213 | 151 | 86 | 3,641 | 4,085 | 216 | 176 | 102 | 4,579  
at year-end (A) |  |  |  |  |  |  |  |  |  |   
CHANGES IN PLAN ASSETS |  |  |  |  |  |  |  |  |   
Fair value of plan assets  | 2,299 | - | - | - | 2,299 | 2,124 | - | - | - | 2,124  
at the start of the year |  |  |  |  |  |  |  |  |  |   
Interest income | 204 | - | - | - | 204 | 200 | - | - | - | 200  
Expected return on plan  | 66 | - | - | - | 66 | (52) | - | - | - | (52)  
assets excluding amounts  |  |  |  |  |  |  |  |  |  |   
included in interest  |  |  |  |  |  |  |  |  |  |   
income |  |  |  |  |  |  |  |  |  |   
Exchange differences | (332) | - | - | - | (332) | 89 | - | - | - | 89  
Employer contributions | 483 | 13 | 14 | 11 | 521 | 331 | 14 | 14 | 11 | 370  
Benefits paid | (451) | (13) | (14) | (11) | (489) | (393) | (14) | (14) | (11) | (432)  
Other payments | (114) | - | - | - | (114) | - | - | - | - | -  
Fair value of plan assets  | 2,155 | - | - | - | 2,155 | 2,299 | - | - | - | 2,299  
at year-end (B) |  |  |  |  |  |  |  |  |  |   
EFFECT OF ASSET CEILING |  |  |  |  |  |  |  |  |   
Asset ceiling at the start  | 40 | - | - | - | 40 | 57 | - | - | - | 57  
of the year |  |  |  |  |  |  |  |  |  |   
Interest income | 4 | - | - | - | 4 | 6 | - | - | - | 6  
Changes in asset ceiling | 99 | - | - | - | 99 | (26) | - | - | - | (26)  
Exchange differences | (15) | - | - | - | (15) | 3 | - | - | - | 3  
Asset ceiling  | 128 | - | - | - | 128 | 40 | - | - | - | 40  
at year-end (C) |  |  |  |  |  |  |  |  |  |   
Net liability in statement  | 1,164 | 213 | 151 | 86 | 1,614 | 1,826 | 216 | 176 | 102 | 2,320  
of financial position  |  |  |  |  |  |  |  |  |  |   
(A-B+C) |  |  |  |  |  |  |  |  |  |   
  
  


  


Notes to the consolidated financial statements

509

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The liability recognized came to €1,614 million, a de-

crease of €706 million on 2023 mainly reflecting im-

pairment losses recognized in reflection of a change in 

the financial assumptions and adverse developments in 

rates. In addition to normal annual changes, the actuar-

ial measurement of a plan of companies of the Endesa 

Group in Spain showed a surplus with respect to the 

obligation assumed by the company, and was thus re-

classified in a specific asset item of the balance sheet.

The liability recognized at the end of the period is net 

of the fair value of assets serving the plans (€2,155 

million at December 31, 2024).

The following table shows main changes in profit or 

loss in the year.

Millions of euro | 2024 | 2023  
---|---|---  
(Gains)/Losses taken to profit or loss |  |   
Service cost and past service cost | 22 | 17  
Net interest expense | 140 | 163  
(Gains)/Losses arising from settlements | 2 | -  
Actuarial (gains)/losses on other long-term benefits | - | (5)  
Other changes | (7) | 5  
Total | 157 | 180  
  
The change in the cost recognized in profit or loss was 

equal to €23 million, mainly reflecting the decrease in 

net interest expense.

The following table shows changes recognized in the 

period in OCI.

Millions of euro | 2024 | 2023  
---|---|---  
Change in (gains)/losses in OCI |  |   
Expected return on plan assets excluding amounts included in interest income | (66) | 52  
Actuarial (gains)/losses on defined-benefit plans | (213) | 190  
Changes in asset ceiling excluding amounts included in interest income | 99 | (26)  
Other changes | 3 | 1  
Total | (177) | 217  
  
“Actuarial (gains)/losses on defined-benefit plans” de-

creased compared with 2023, due to the change in 

financial assumptions commented earlier.

Those assets, which are entirely in Spain and Brazil, 

break down as follows.

% | 2024 | 2023  
---|---|---  
Investments quoted in active markets |  |   
Equity instruments | 4 | 4  
Fixed-income securities | 76 | 73  
Investment property | 2 | 3  
Other | 14 | 20  
Unquoted investments |  |   
Assets held by insurance undertakings | - | -  
Other | 4 | -  
Total | 100 | 100  
  
  


  


Notes to the consolidated financial statements

510

INTEGRATED ANNUAL REPORT 2024

The main actuarial assumptions used to calculate

the liabilities in respect of employee benefits and the 

plan assets, which are consistent with those used the 

previous year, are set out in the following table.

|  |  | Latin  | Other  |  |  | Latin  | Other   
---|---|---|---|---|---|---|---|---  
| Italy | Iberia | America  | countries | Italy | Iberia | America  | countries  
| 2024 | 2023  
Discount rate | 2.75%- | 3.04%- | 5.10%-  | 6.75%- | 3.30%- | 3.14%- | 5.31%- | 0.072  
| 3.20% | 3.50% | 12.95% | 6.80% | 3.40% | 3.47% | 10.09% |   
Inflation rate | 2.00% | 2.09% | 3.00%- |  | 2.30% | 2.57% | 3.00%- |   
|  |  | 5\. 17% |  |  |  | 7.58% |   
Rate of wage increases | 2.00%- | 1.59% | 3.80%- | 13%-10% | 2.30%- | 2.57% | 4.55%- | 0.1  
| 4.00% |  | 5.55% |  | 4.30% |  | 10.00% |   
Rate of increase in healthcare  | 3.00% | 4.18% | 7.63%- |  | 3.30% | 4.77% | 7.63%- |   
costs |  |  | 10.00% |  |  |  | 10.00% |   
Expected rate of return  | - | 3.30%- | 5.10%-  |  | - | 3.22%- | 9.99%- |   
on plan assets |  | 3.47% | 12.95% |  |  | 3.31% | 10.09% |   
  
The following table reports the outcome of a sensitiv-

ity analysis that demonstrates the effects on the de-

fined-benefit obligation of changes reasonably possi-

ble at the end of the year in the actuarial assumptions 

used in estimating the obligation. 

| Pension  | Electricity  | Health  | Other  | Pension  | Electricity  | Health  | Other   
---|---|---|---|---|---|---|---|---  
| benefits | discount | insurance | benefits | benefits | discount | insurance | benefits  
Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023  
Decrease of 0.5% in discount rate  | (5) | 11 | 8 | (3) | 147 | 8 | 5 | (6)  
Increase of 0.5% in discount rate  | (88) | (13) | (8) | (9) | (188) | (14) | (9) | (12)  
Increase of 0.5% in inflation rate | (56) | (2) | (9) | (8) | (49) | (4) | (9) | (12)  
Decrease of 0.5% in inflation rate | (36) | (2) | 5 | (3) | (30) | (4) | 5 | (6)  
Increase of 0.5% in remuneration  | (137) | (2) | (2) | (3) | (28) | (4) | (19) | 18  
Increase of 0.5% in pensions  | (56) | (2) | (2) | (6) | (28) | (4) | (19) | 11  
currently being paid |  |  |  |  |  |  |  |   
Increase of 1% in healthcare costs | - | - | 17 | - | - | - | (164) | -  
Increase of 1 year in life expectancy  | (297) | 3 | (1) | (6) | 16 | 2 | (15) | 12  
of active and retired employees |  |  |  |  |  |  |  |   
  
The sensitivity analysis used an approach that ex-

trapolates the effect on the defined-benefit obli-

gation of reasonable changes in an individual ac-

tuarial assumption, leaving the other assumptions

unchanged.

The contributions expected to be paid into de-

fined-benefit plans in the subsequent year amount to 

€203 million.

The following table reports expected benefit payments 

in the coming years for defined-benefit plans.

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
Within 1 year | 351 | 447  
In 1-2 years | 308 | 407  
In 2-5 years | 921 | 1,120  
More than 5 years | 1,716 | 1,739  
  
  


  


Notes to the consolidated financial statements

511

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


38\. Provisions for risks and charges – €7,834 million

| at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
Millions of euro | Non-current | Current | Total | Non-current | Current | Total  
Provision for litigation, risks and other  |  |  |  |  |  |   
charges: |  |  |  |  |  |   
\- nuclear decommissioning | 688 | - | 688 | 571 | - | 571  
\- site retirement, removal and restoration | 2,447 | 270 | 2,717 | 2,517 | 160 | 2,677  
\- litigation | 643 | 53 | 696 | 663 | 39 | 702  
\- environmental certificates | - | 200 | 200 | - | 250 | 250  
\- taxes and duties | 234 | 18 | 252 | 295 | 19 | 314  
\- insurance  | 457 | 132 | 589 | 366 | 129 | 495  
\- other | 1,134 | 324 | 1,458 | 687 | 296 | 983  
Total | 5,603 | 997 | 6,600 | 5,099 | 893 | 5,992  
Provision for early retirement incentives  | 130 | 90 | 220 | 154 | 128 | 282  
and other restructuring plans |  |  |  |  |  |   
Provision for restructuring programs  | 768 | 246 | 1,014 | 765 | 273 | 1,038  
connected with the energy transition |  |  |  |  |  |   
TOTAL | 6,501 | 1,333 | 7,83 4 | 6,018 | 1,294 | 7,312  
  
|  |  |  |  |  |  |  |  | Reclassifications  |   
---|---|---|---|---|---|---|---|---|---|---  
|  |  |  |  |  | Provisions  |  |  | of liabilities  |   
|  |  |  |  |  | for site  |  |  | included in  |   
| at Dec. 31,  |  |  |  |  | retirement and  | Exchange  | Other | disposal groups  | at Dec. 31,   
Millions of euro | 2023 | Accrual | Reversal | Utilization | Discounting | restoration | differences | changes | held for sale | 2024  
Provision for  |  |  |  |  |  |  |  |  |  |   
litigation, risks and  |  |  |  |  |  |  |  |  |  |   
other charges: |  |  |  |  |  |  |  |  |  |   
\- nuclear  | 571 | - | - | - | 17 | 99 | - | 1 | - | 688  
decommissioning |  |  |  |  |  |  |  |  |  |   
\- site retirement,  | 2,677 | 57 | (33) | (151) | 76 | 100 | (4) | - | (5) | 2,717  
removal and  |  |  |  |  |  |  |  |  |  |   
restoration |  |  |  |  |  |  |  |  |  |   
\- litigation | 702 | 236 | (100) | (123) | 55 | - | (62) | (12) | - | 696  
\- environmental  | 250 | 222 | (86) | (182) | - | - | - | (4) | - | 200  
certificates |  |  |  |  |  |  |  |  |  |   
\- taxes and duties | 314 | 21 | (21) | (6) | (8) | - | (18) | (30) | - | 252  
\- insurance  | 495 | 108 | - | (20) | - | - | - | 7 | (1) | 589  
\- other | 983 | 735 | (96) | (224) | 40 | 104 | (24) | (65) | 5 | 1,458  
Total | 5,992 | 1,379 | (336) | (706) | 180 | 303 | (108) | (103) | (1) | 6,600  
Provision for  | 282 | 77 | (16) | (129) | 7 | - | - | (1) | - | 220  
early retirement  |  |  |  |  |  |  |  |  |  |   
incentives and other  |  |  |  |  |  |  |  |  |  |   
restructuring plans |  |  |  |  |  |  |  |  |  |   
Provision for  | 1,038 | 261 | (85) | (225) | 28 | - | (1) | (2) | - | 1,014  
restructuring  |  |  |  |  |  |  |  |  |  |   
programs  |  |  |  |  |  |  |  |  |  |   
connected with the  |  |  |  |  |  |  |  |  |  |   
energy transition |  |  |  |  |  |  |  |  |  |   
TOTAL | 7,312 | 1,717 | (437) | (1,060) | 215 | 303 | (109) | (106) | (1) | 7,83 4  
  
  


  


  


Notes to the consolidated financial statements

512

INTEGRATED ANNUAL REPORT 2024

  


  


Nuclear decommissioning provision

At December 31, 2024 the provision reflected solely the 

costs that would be incurred at the time of decommis-

sioning of nuclear plants by Enresa, a Spanish public 

entity responsible for such activities in accordance with 

Royal Decree 1349/2003 and Law 24/2005. In general,

the costs are quantified on the basis of a standard con-

tract between Enresa and the electricity companies ap-

proved by the Ministry for the Economy, which regulates 

the retirement and closing of nuclear power plants. The 

time horizon envisaged, three years, corresponds to 

the period from the termination of power generation to 

the transfer of plant management to Enresa (so-called 

post-operational costs) and takes account, among the 

various assumptions used to estimate the amount, of

the quantity of unused nuclear fuel expected at the date

of closure of each of the Spanish nuclear plants on the 

basis of the provisions of the concession agreement. 

Site retirement, removal and restoration 

provision

This provision represents the present value of the esti-

mated cost for the retirement and removal of non-nu-

clear plants where there is a legal or constructive ob-

ligation to do so. The provision mainly regarded the 

Endesa Group, subsidiaries owned by the Parent com-

pany Enel Chile and Enel Produzione.

The retirement, removal and restoration charges in the 

provision are quantified using an Activity Based Costing 

(ABC) process, which identifies and quantifies the costs 

of each activity necessary for the retirement, removal 

and restoration of the site. 

The following table summarizes the temporal break-

down of payments connected with the site retirement, 

removal and restoration provision.

| Payments by time bracket  | Discounted   
---|---|---  
Millions of euro | (nominal value) | amount   
Within 1 year  | 274 | 268  
In 1-5 years  | 1,184 | 1,066  
More than 5 years  | 1,996 | 1,383  
Total  | 3,454 | 2 ,717  
  
Litigation provision

The litigation provision covers contingent liabilities in re-

spect of pending litigation and other disputes. It includes 

an estimate of the potential liability relating to disputes 

that arose during the year, as well as revised estimates 

of the potential costs associated with disputes initiated 

in prior years, based on the indications of internal and 

external consultants. The balance for litigation mainly 

regards the companies in Latin America (€398 million), 

Spain (€150 million) and Italy (€116 million). 

The amount is virtually unchanged compared with the 

previous year, as the decrease associated with higher

uses and releases in Brazil was offset by new accruals. 

Provision for environmental certificates

See note 56 “Environmental programs”. 

Provision for taxes and duties

The provision for taxes and duties covers the estimat-

ed liability deriving from tax disputes concerning di-

rect and indirect taxes. 

The balance of the provision also includes the provi-

sion for current and potential disputes concerning lo-

cal property tax (whether the Imposta Comunale sugli 

Immobili \- ICI or the Imposta Municipale Unica \- IMU) 

in Italy. 

Insurance claims provision

This fund includes provisions attributable to Enel Rein-

surance for accruals for insurance claims; the change 

is mainly attributable to new accruals in the year in the 

amount of €108 million. 

Other provisions

Other provisions cover various risks and charges, 

mainly in connection with regulatory disputes and dis-

putes with local authorities regarding various duties 

and fees or other charges.

The increase in the period is mainly attributable to ac-

cruals for regulatory measures, atmospheric events 

and faults.

  


  


  


  


Notes to the consolidated financial statements

513

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


Provision for early retirement incentives 

and other restructuring plans

The provision for early retirement incentives and oth-

er restructuring plans includes the estimated charges 

related to binding agreements for the voluntary termi-

nation of employment contracts in response to organ-

izational needs. The reduction of €62 million for the 

year mainly reflects uses of provisions for incentives 

established in previous period in Spain and Italy to 

cover the early termination of employment for certain 

employees. 

Provision for restructuring programs 

connected with the energy transition

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. 

In this context, Enel has begun restructuring the 

activities associated with the energy transition pro-

cess, which involves thermal generation plants in

all the geographical areas in which the Group op-

erates. 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 re-

tirement agreements. The energy transition is also

based on the progressive and expansive develop-

ment of digital tools, as digitization is essential to 

responding to multiple external forces and making

informed and well-considered decisions at every 

level within the Group. 

A provision was therefore established in 2020 for re-

structuring programs, which at December 31, 2024 

amounted to €1,014 million, which is mainly attribut-

able to Spain and Italy, and represents the estimated 

costs that the Group will incur following the accelera-

tion of the energy transition, for all direct and indirect 

activities related to the review of processes and op-

erating models and the roles and skills of employees. 

New accruals in 2024 mainly regard Italy (€220 million) 

for Article 4 programs, and Spain following the adjust-

ment of €38 million to the provision for the Acuerdo 

Voluntario de Salida plan.

  


  


39. Trade payables – €13,693 million

The item amounted to €13,693 million (€15,821 mil-

lion at December 31, 2023) and includes payables in 

respect of electricity supplies, fuel, materials, equip-

ment associated with tenders, and other services. 

More specifically, trade payables falling due in less than 

12 months amounted to €12,721 million (€15,487 mil-

lion at December 31, 2023) while those falling due in 

more than 12 months amounted to €972 million (€334 

million at December 31, 2023).

39.1 Supplier finance arrangements

The Group has entered into supplier finance agree-

ments with the primary purpose of optimizing the 

processing of invoice payments to suppliers, who par-

ticipate in the agreements on a voluntary basis.

The agreements entered into by the Group provides 

for the following main terms and conditions:

• suppliers may choose to receive advance payment 

of their invoices from banks, which agree to pay the 

amounts due by the Group before the original in-

voice due date;

• banks agree to pay the amounts due to participating 

suppliers in relation to invoices owed by the Group 

before the invoice due date and the Group pays the 

bank providing the payment service.

The agreements do not significantly extend payment 

terms beyond the normal terms agreed with other sup-

pliers choosing to not participate in the agreement. 

Furthermore, the Group does not incur any additional 

interest from the bank on amounts owed to suppliers as 

the banks only provide payment services to Enel.

Given that entering these agreements does not im-

ply any legal release nor any material modification of 

the original liabilities, the trade payables relating to the 

agreements have not been written off or otherwise re-

classified by the Group. Therefore, the Group recognizes 

the amounts under the agreements among trade pay-

ables because the nature and function of these debts 

remain the same as those of other trade payables. 

The table below provides more information on suppli-

er finance agreements of the Group.

  


  


Notes to the consolidated financial statements

514

INTEGRATED ANNUAL REPORT 2024

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
Value of trade payables under SFA |  |   
Presented within trade payables: | 341 | 344  
\- of which suppliers have received payment by financial institutions  | 309 | 344  
\- of which buyers received payment extension  | 32 | -  
Presented within finance payables: | - | -  
\- of which suppliers have received payment by financial institutions  | - | -  
\- of which buyers received payment extension  | - | -  
  
  


40. Other non-current financial liabilities – €205 million

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | Change  
---|---|---|---  
Other non-current financial liabilities included  | 64 | 8 | 56 | -  
in net financial debt  |  |  |  |   
Non-current financial accrued expenses | 141 | 133 | 8 | 6.0%  
Total | 205 | 141 | 64 | 45.4%  
  
The change in “other non-current financial liabilities”

is mainly attributable to the increase in other non-cur-

rent financial liabilities in respect of the Spanish elec-

trical system deficit, included in net financial debt.

  


41. Other current financial liabilities – €845 million

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | Change  
---|---|---|---  
Accrued financial expense and deferred financial  | 678 | 734 | (56) | -7.6 %  
income |  |  |  |   
Other current financial liabilities included in net  | 14 | 1 | 13 | -  
financial debt |  |  |  |   
Other liabilities | 153 | 174 | (21) | -12.1%  
Total | 845 | 909 | (64) | -7. 0 %  
  
The decrease in “other current financial liabilities” is 

attributable to the decrease in accrued financial ex-

pense and liabilities for accrued interest not yet paid 

under “other liabilities”.

The effect is partly offset by the increase in other 

non-current financial liabilities in respect of the Span-

ish electrical system deficit, included in net financial 

debt.

  


  


  


42. Other non-current liabilities – €3,287 million

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | Change  
---|---|---|---  
  
  


Accrued operating expenses and deferred  | 401 | 464 | (63) | -13.6%  
---|---|---|---|---  
income |  |  |  |   
  
  


  


Liabilities with equalization funds/market and  | 297 | 307 | (10) | -3.3%  
---|---|---|---|---  
energy services operators |  |  |  |   
Liabilities for tax partnerships >12 months | 1,001 | 1,262 | (261) | -20.7%  
Sundry non-current payments on account  | 424 | 348 | 76 | 21.8%  
Other items  | 1,164 | 1,722 | (558) | -32.4%  
Total | 3,287 | 4,103 | (816) | -19.9%  
  
  


  


  


Notes to the consolidated financial statements

515

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


Other non-current liabilities decreased by €816 mil-

lion, mainly reflecting the decrease in liabilities for tax 

partnership (€261 million) in the United States and the 

change in other items (€558 million), mainly due to the 

change of the liability related to the PIS/COFINS litiga-

tion in Brazil and the impact of exchange differences 

in Latin America.

  


  


  


  


  


  


  


  


43\. Other current liabilities – €15,087 million

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | Change  
---|---|---|---  
  
Amounts due to customers | 1,679 | 1,882 | (203) | -10.8%  
---|---|---|---|---  
  
  


Amounts due to institutional market operators | 5,281 | 5,479 | (198) | -3.6%  
---|---|---|---|---  
Amounts due to employees | 514 | 503 | 11 | 2.2%  
  
  


Other tax liabilities | 1,289 | 1,034 | 255 | 24.7%  
---|---|---|---|---  
  
  


  


Amounts due to social security institutions | 244 | 235 | 9 | 3.8%  
---|---|---|---|---  
  
Current accrued expenses and deferred income | 537 | 314 | 223 | 71.0%  
---|---|---|---|---  
  
  


Liabilities for closed energy commodity  | 246 | 437 | (191) | -43.7%  
---|---|---|---|---  
derivatives <12 months |  |  |  |   
Dividends | 2,523 | 2,470 | 53 | 2.1%  
Liabilities for tax partnerships <12 months | 362 | 271 | 91 | 33.6%  
Sundry current payments on account | 635 | 144 | 491 | -  
Other liabilities | 1,777 | 1,991 | (214) | -10.7%  
Total | 15,087 | 14,760 | 327 | 2.2%  
  
The change in “other current liabilities” mainly reflects:

• the increase in sundry current payments on account 

regarding e-distribuzione relating to payments of 

capital grants from public entities received in 2024;

  


• the increase in other tax liabilities mainly attributa-

ble to Spain reflecting higher liabilities for taxes on 

electricity generation as well as liabilities in respect 

of value added tax of Italy;

  


  


• the increase in current accrued expenses and de-

ferred income mainly regarding Enel Reinsurance.

These effects were partly offset by:

• the decrease in amounts due to customers, which 

mainly reports the change in security deposits from 

customers in Italy in line with the decrease in the 

number of customers served by market companies, 

offset by the increase in trade receivables following 

the restoration of distribution system costs;

  


  


• the decrease in amounts due to institutional mar-

ket operators mainly attributable to Italy, and in 

particular the Servizio Elettrico Nazionale for the 

decrease in amounts due to the Energy and En-

vironmental Services Fund compared with the 

previous year, and Spain, in particular Endesa Dis-

tribución, partly offset in e-distribuzione by the in-

crease in amounts due for components and system 

charges following the rate increase of the Asos and 

Arim components pursuant to ARERA Regulations

no. 633/2023, no. 113/2024, no. 263/2024 and no. 

384/2024; 

• the decrease in liabilities for closed energy com-

modity derivatives <12 months.

  


  


  


Notes to the consolidated financial statements

516

INTEGRATED ANNUAL REPORT 2024

Information on the consolidated statement 

of cash flows

44\. Cash flows 

Millions of euro | 2024 | 2023 | Change   
---|---|---|---  
Cash and cash equivalents at the beginning of the year(1) | 7,143 | 11,543 | (4,400)  
Cash flows from operating activities  | 13,223 | 14,620 | (1,397)  
of which discontinued operations | - | 132 |   
Cash flows from/(used in) investing activities | (4,108) | (10,610) | 6,502  
of which discontinued operations | - | (442) |   
Cash flows from financing activities  | (7,989) | (8,361) | 372  
of which discontinued operations | - | (16) |   
Impact of exchange rate fluctuations on cash and cash equivalents | (74) | (49) | (25)  
Cash and cash equivalents at the end of the year(2) | 8,195 | 7, 143 | 1,052  
  
(1)  Of which cash and cash equivalents equal to €6,801 million at January 1, 2024 (€11,041 million at January 1, 2023), short-term securities equal 

to €81 million at January 1, 2024 (€78 million at January 1, 2023), cash and cash equivalents pertaining to “Assets classified as held for sale”

in the amount of €261 million at January 1, 2024 (€98 million at January 1, 2023) and cash and cash equivalents pertaining to “Discontinued 

operations” equal to €326 million at January 1, 2023.

(2)  Of which cash and cash equivalents equal to €8,051 million at December 31, 2024 (€6,801 million at December 31, 2023), short-term securities 

equal to €138 million at December 31, 2024 (€81 million at December 31, 2023) and cash and cash equivalents pertaining to “Assets classified 

as held for sale” in the amount of €6 million at December 31, 2024 (€261 million at December 31, 2023). 

Cash flows from operating activities in 2024 was a 

positive €13,223 million, a decrease of €1,397 million 

from 2023, mainly attributable to higher cash require-

ments connected with changes in net working capital.

Cash flows used in investing activities in 2024 came 

to €4,108 million, from €10,610 million in 2023. 

Investments in property, plant and equipment, intan-

gibles and contract assets came to €11,010 million 

(€13,563 million in 2023), of which €189 million re-

garding assets classified as held for sale, and include 

grants received (€1,135 million in 2024, €413 million in 

2023). 

Disposals of businesses or business units, net of cash 

and cash equivalents sold, amounted to €5,622 million 

and mainly referred to: 

• the sale by Enel Green Power North America (EGPNA) 

of the entire stake held in a number of renewable 

companies for €249 million net of cash and cash 

equivalents sold of €4 million; 

• the sale of all interest held by Enel Perú SAC in elec-

tricity generation companies Enel Generación Perú

SAA and Compañía Energética Veracruz SAC to 

Niagara Energy SAC for a total €1,100 million net of 

cash and cash equivalents sold of €98 million; 

• the sale by Enel Perú SAC of equity held in Enel Dis-

tribución Perú SAA and Enel X Perú SAC to North 

Lima Power Grid Holding SAC, for €2,865 million net 

of cash and cash equivalents sold of €15 million; 

• the sale of equity held in a number of US and Ca-

nadian companies in Enel X Business Line for €159 

million net of cash and cash equivalents sold of €1 

million; 

• the sale by the subsidiary e-distribuzione SpA 

(e-distribuzione) to A2A SpA (A2A), of 90% of the 

share capital of Duereti Srl (Duereti), for about 

€1,229 million. 

In 2023 disposals of businesses or business units, 

net of cash and cash equivalents sold, amounted to 

€2,083 million and mainly referred to: 

• the sale by Enel Argentina of the entire stake held 

in Enel Generación Costanera for €28 million net of 

cash and cash equivalents sold of €14 million; 

• the sale by Enel Green Power India Private Limited 

of the entire stake held in Khidrat Renewable Energy 

Private Limited for €4 million; 

• the sale to YPF and Pan American Sur SA of the 

stakes held in Inversora Dock Sud SA and Central 

Dock Sud SA, for a total amount of about €29 million 

net of cash and cash equivalents sold of €19 million;

• the sale of 80% of the stake held in the Colombian 

bus company Colombia ZE SAS for about €6 million; 

• the sale of 50% of the two companies holding all the 

Group assets dedicated to renewables in Australia, 

  


  


Notes to the consolidated financial statements

517

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

more specifically Enel Green Power Australia (Pty) 

Ltd and Enel Green Power Australia Trust, to INPEX 

Corporation, for a total amount of €121 million net 

of cash and cash equivalents sold of €21 million; 

• the sale of the stakes held in Romania for a to-

tal amount of €1,013 million, net of cash and cash 

equivalents sold of €228 million; 

• the sale of the interest held in Transmisora de En-

ergía Renovable, in Guatemala, for a total €22 million 

net of cash and cash equivalents sold of €11 million; 

• the sale to Sonnedix of the interest held by Enel 

Chile in Arcadia Generación Solar SA, for a total 

€533 million net of cash and cash equivalents sold 

of €2 million; 

• the sale of 50% of Enel Green Power Hellas, Enel 

Green Power wholly-owned subsidiary dedicated to 

renewables in Greece, to Macquarie Asset Manage-

ment, for a total €322 million net of cash and cash 

equivalents sold of €29 million.

Cash flows from/(used in) other investing activities in 

2024 came to €145 million and include minor dispos-

als in Italy, Iberia, the United States, Chile and Brazil. In 

2023 it came to €474 million and mainly reflected: 

• the sale of the entire stake held in Tecnatom SA for 

a total €26 million. The transaction had no impact on 

profit or loss; 

• the sale of the stake held in Rusenergosbyt LLC for 

€83 million; 

• minor disposals mainly in Italy, Iberia, North America 

and Latin America. 

Cash flows from financing activities came to a nega-

tive €7,989 million (compared with a negative €8,361 

million in 2023) and mainly reflected:

• the change in net financial debt (as the balance 

between repayments, new borrowings and other 

changes) of €5,104 million;

• distribution of dividends in the amount of €5,126 

million, plus €246 million paid to holders of perpet-

ual hybrid bonds;

• the issue of hybrid bonds in the amount of €889 

million with repayment of €297 million;

• the sale by Enel Italia to Sosteneo Energy Transition 

1 of a non-controlling interest of 49% of the share 

capital held in Enel Libra Flexsys Srl for a total €1,095 

million; 

• the sale to Masdar of a stake of 49.99% in Enel 

Green Power España Solar 1, owner of photovoltaic 

plants in Endesa for a total €849 million. 

In 2024, cash flow used in investing activities of €4,108 

million and financing activities of €7,989 million partly 

absorbed the cash flows from operating activities in 

the amount of €13,223 million. The difference is re-

flected in a €1,052 million increase in cash and cash 

equivalents, at December 31, 2024 (net of €74 million 

associated with negative developments in the ex-

change rates of local currencies against the euro).

  


  


Notes to the consolidated financial statements

518

INTEGRATED ANNUAL REPORT 2024

45\. Net financial position and long-term financial assets and securities 

– €55,767 million

The following table shows the net financial position 

and long-term financial assets and securities on the 

basis of the items on the statement of consolidated 

financial position.

Millions of euro | Notes | at Dec. 31, 2024 | at Dec. 31, 2023 |  | Change |   
---|---|---|---|---|---|---  
Long-term borrowings | 36 | 60,000 | 61,085 | (1,085) |  | -1.8%  
Other non-current financial borrowings  | 40 | 64 | 8 | 56 |  | -  
included in net financial debt(1) |  |  |  |  |  |   
Short-term borrowings | 36 | 3,645 | 4,769 | (1,124) |  | -23.6%  
Other current financial borrowings  | 41 | 14 | 1 | 13 |  | -  
included in net financial debt(2)  |  |  |  |  |  |   
Current portion of long-term  | 36 | 7,4 3 9 | 9,086 | (1,647) |  | -18.1%  
borrowings |  |  |  |  |  |   
Other non-current financial assets  | 27. 1 | (2,676) | (3,837) | 1,161 |  | 30.3%  
included in net financial debt |  |  |  |  |  |   
Other current financial assets included  | 28.1 | (4,668) | (4,148) | (520) |  | -12.5%  
in net financial debt |  |  |  |  |  |   
Cash and cash equivalents | 33 | (8,051) | (6,801) | (1,250) |  | -18.4%  
Total |  | 55,767 | 60,163 | (4,396) |  | -7. 3 %  
  
(1)  The item “Other non-current financial borrowings included in net financial debt” is represented by “Other non-current financial liabilities” in 

the statement of financial position.

(2)  The item “Other current financial borrowings included in net financial debt” is included under “Other current financial liabilities” in the state-

ment of financial position.

The financial position is reported in compliance

with Guideline 39, issued on March 4, 2021 by 

ESMA and applicable as from May 5, 2021, and with 

warning notice no. 5/2021 issued by CONSOB on

April 29, 2021, which replaced the references to

the CESR Recommendations and the references in

Communication no. DEM/6064293 of July 28, 2006 

regarding the net financial position.

The net financial debt of the Enel Group at Decem-

ber 31, 2024 and December 31, 2023, is reconciled 

with net financial debt as provided for in the pres-

entation methods of the Enel Group.

  


  


Notes to the consolidated financial statements

519

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 |  | Change |   
---|---|---|---|---|---  
Liquidity |  |  |  |  |   
Cash and cash equivalents on hand | 33 | 23 | 10 |  | 43.5%  
Bank and post office deposits | 4,762 | 4,664 | 98 |  | 2.1%  
Liquid assets | 4,795 | 4,687 | 108 |  | 2.3%  
Cash equivalents | 3,256 | 2,114 | 1,142 |  | 54.0%  
Securities | 138 | 81 | 57 |  | 70.4%  
Short-term loan assets | 2,356 | 3,060 | (704) |  | -23.0%  
Current portion of long-term loan assets | 2 , 174 | 1,007 | 1,167 |  | -  
Other current financial assets | 4,668 | 4,148 | 520 |  | 12.5%  
Liquidity | 12,719 | 10,949 | 1,770 |  | 16.2%  
Current financial debt |  |  |  |  |   
Bank debt  | (344) | (393) | 49 |  | 12.5%  
Commercial paper | (2,406) | (2,499) | 93 |  | 3.7%  
Other current financial borrowings(1) | (909) | (1,878) | 969 |  | 51.6%  
Current financial debt  | (3,659) | (4,770) | 1,111 |  | 23.3%  
(including debt instruments) |  |  |  |  |   
Current portion of long-term bank borrowings | (1,742) | (1,992) | 250 |  | 12.6%  
Bonds issued (current portion) | (5,318) | (6,763) | 1,445 |  | 21.4%  
Other borrowings (current portion) | (379) | (331) | (48) |  | -14.5%  
Non-current financial debt (current portion) | (7,439) | (9,086) | 1,647 |  | 18.1%  
Current financial debt | (11,098) | (13,856) | 2,758 |  | 19.9%  
Net current financial debt  | 1,621 | (2,907) | 4,528 |  | -  
Non-current financial debt |  |  |  |  |   
Bank borrowings | (14,755) | (14,500) | (255) |  | -1.8%  
Other borrowings(2) | (3,027) | (3,014) | (13) |  | -0.4%  
Non-current financial debt (excluding  | (17,782) | (17,514) | (268) |  | -1.5%  
current portion and debt instruments) |  |  |  |  |   
Bonds | (42,282) | (43,579) | 1,297 |  | 3.0%  
Trade payables and other non-interest-bearing  | - | - | - |  | -  
non-current liabilities with a significant  |  |  |  |  |   
financing component |  |  |  |  |   
Non-current financial position | (60,064) | (61,093) | 1,029 |  | 1.7%  
Financial assets in respect  | 14 | 262 | (248) |  | -94.7%  
of “Assets classified as held for sale” |  |  |  |  |   
Financial liabilities in respect  | (75) | (1,150) | 1,075 |  | 93.5%  
of “Liabilities included in disposal groups  |  |  |  |  |   
classified as held for sale“ |  |  |  |  |   
Net financial position as per CONSOB  | (58,504) | (64,888) | 6,384 |  | 9.8%  
instructions |  |  |  |  |   
Long-term financial receivables and securities | 2,676 | 3,837 | (1,161) |  | -30.3%  
( - ) Financial assets in respect  | (14) | (262) | 248 |  | 94.7%  
of “Assets classified as held for sale” |  |  |  |  |   
( - ) Financial liabilities in respect  | 75 | 1,150 | (1,075) |  | -93.5%  
of “Liabilities included in disposal groups  |  |  |  |  |   
classified as held for sale” |  |  |  |  |   
NET FINANCIAL DEBT  | (55,767) | (60,163) | 4,396 |  | 7.3%  
  
(1)  Includes “Other current financial liabilities included in net financial debt” presented under “Other current financial liabilities” in the statement 

of financial position.

(2)  Includes “Other non-current financial liabilities included in net financial debt” presented under “Other non-current financial liabilities” in the 

statement of financial position.

  


  


Notes to the consolidated financial statements

520

INTEGRATED ANNUAL REPORT 2024

The net position as per CONSOB instructions does not 

include derivatives designated as qualifying for hedge 

accounting or trading derivatives held for hedging 

purposes. 

At December 31, 2024, those financial assets and li-

abilities are reported separately in the statement of 

financial position under the following items: “Non-cur-

rent financial derivative assets” in the amount of 

€2,003 million (€2,383 million at December 31, 2023), 

“Current financial derivative assets” in the amount of 

€3,512 million (€6,407 million at December 31, 2023), 

“Non-current financial derivative liabilities” in the 

amount of €2,915 million (€3,373 million at December 

31, 2023), and “Current financial derivative liabilities”

in the amount of €3,584 million (€6,461 million at De-

cember 31, 2023).

  


Financial instruments

  


46. Financial instruments by category

This note provides disclosures necessary for users to assess the significance of financial instruments for the 

Group’s financial position and performance.

  


46.1 Financial assets by category

The following table reports the carrying amount for 

each category of financial asset provided for under 

IFRS 9, broken down into current and non-current fi-

nancial assets, showing hedging derivatives and de-

rivatives measured at fair value through profit or loss 

separately.

|  | Non-current | Current  
---|---|---|---  
|  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,   
Millions of euro | Notes | 2024 | 2023 | 2024 | 2023  
Financial assets at amortized cost | 46.1.1 | 5,100 | 5,709 | 27, 321 | 28,495  
Financial assets at FVOCI | 46.1.2 | 1,159 | 882 | 138 | 81  
Financial assets at fair value through profit or loss |  |  |  |  |   
Derivative financial assets at FVTPL  | 46.1.3 | 126 | 206 | 2,793 | 4,443  
Other financial assets at FVTPL | 46.1.3 | 4,036 | 4,341 | 200 | 219  
Total financial assets at fair value through profit  |  | 4,162 | 4,547 | 2,993 | 4,662  
or loss |  |  |  |  |   
Derivative financial assets designated  |  |  |  |  |   
as hedging instruments |  |  |  |  |   
Fair value hedge derivatives  | 46.1.4 | 103 | 113 | 18 | -  
Cash flow hedge derivatives  | 46.1.4 | 1,774 | 2,064 | 701 | 1,964  
Total derivative financial assets designated as  |  | 1,877 | 2 ,177 | 719 | 1,964  
hedging instruments |  |  |  |  |   
TOTAL |  | 12,298 | 13,315 | 31,171 | 35,202  
  
For more information on the recognition and classifica-

tion of current and non-current derivative assets, please

see note 49 “Derivatives and hedge accounting”.

For more information on fair value measurement, see 

note 50 “Assets and liabilities measured at fair value”.

46.1.1 Financial assets measured at amortized 

cost

The following table reports financial assets measured 

at amortized cost by nature, broken down into current 

and non-current financial assets.

  


  


  


  


Notes to the consolidated financial statements

  


521

  


  


|  | Non-current |  | Current |   
---|---|---|---|---|---  
|  | at Dec. 31,  | at Dec. 31,  |  | at Dec. 31,  | at Dec. 31,   
Millions of euro | Notes | 2024 | 2023 | Notes | 2024 | 2023  
Cash and cash equivalents |  | - | - | 33 | 8,022 | 6,772  
Trade receivables | 32 | 2,333 | 1,726 | 32 | 13,608 | 16,047  
Current portion of long-term loan  |  | - | - | 28.1 | 2 , 174 | 1,007  
assets |  |  |  |  |  |   
Cash collateral  |  | - | - | 28.1 | 1,982 | 2,899  
Other financial assets | 27. 1 | 2,101 | 3,332 | 28.1 | 203 | 30  
  
Financial assets from service  | 27 | 262 | 310 | 28 | 12 | 14  
---|---|---|---|---|---|---  
concession arrangements  |  |  |  |  |  |   
at amortized cost |  |  |  |  |  |   
  
  


Other financial assets at amortized cost | 404 | 341 | 1,320 | 1,726  
---|---|---|---|---  
Total | 5,100 | 5,709 | 2 7,32 1 | 28,495  
  
Impairment of financial assets measured 

at amortized cost

Financial assets measured at amortized cost amount-

ed to €32,421 million at December 31, 2024 (€34,204 

million at December 31, 2023) and are recognized 

net of allowances for expected credit losses totaling 

€4,152 million at December 31, 2024 (€4,098 million 

at the end of the previous year). 

The Group mainly has the following types of financial 

assets measured at amortized cost subject to impair-

ment testing:

• cash and cash equivalents;

• trade receivables and contract assets;

• loan assets; 

• other financial assets. 

While cash and cash equivalents are also subject to 

the impairment requirements of IFRS 9, the identified 

impairment loss was immaterial.

The expected credit loss (ECL) – determined using 

probability of default (PD), loss given default (LGD) and 

exposure at default (EAD) – is the difference between 

all contractual cash flows that are due in accordance 

with the contract and all cash flows that are expected 

to be received (i.e. all shortfalls) discounted at the orig-

inal effective interest rate (EIR).

For calculating ECL, the Group applies two different 

approaches:

• the general approach, for financial assets other than 

trade receivables, contract assets and lease receiva-

bles. This approach, based on an assessment of any 

significant increase in credit risk since initial rec-

ognition, is performed comparing PD at origination 

with PD at the reporting date, at each reporting date.

Then, based on the results of the assessment, a loss 

allowance is recognized based on 12-month ECL or 

lifetime ECL (i.e. staging):

• 12-month ECL, for financial assets for which there 

has not been a significant increase in credit risk 

since initial recognition;

• lifetime ECL, for financial assets for which there 

has been a significant increase in credit risk or 

which are credit impaired (i.e. defaulted based on 

past due information);

• the simplified approach, for trade receivables, con-

tract assets and lease receivables with or without a 

significant financing component, based on lifetime 

ECL without tracking changes in credit risk.

A forward-looking adjustment can be applied consid-

ering qualitative and quantitative information in order 

to reflect future events and macroeconomic develop-

ments that could impact the risk associated with the 

portfolio or financial instrument.

Depending on the nature of the financial assets and 

the credit risk information available, the assessment of 

the increase in credit risk can be performed on:

• an individual basis, if the receivables are individually 

significant and for all receivables which have been 

individually identified for impairment based on rea-

sonable and supportable information; 

• a collective basis, if no reasonable and supportable 

information is available without undue cost or effort

to measure expected credit losses on an individual 

instrument basis.

When there is no reasonable expectation of recover-

ing a financial asset in its entirety or a portion thereof, 

the gross carrying amount of the financial asset shall 

be reduced. 

A write-off represents a derecognition event (e.g. the 

right to cash flows is legally or contractually extin-

guished, transferred or expired).

  


  


  


  


  


1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


Notes to the consolidated financial statements

522

INTEGRATED ANNUAL REPORT 2024

The following table reports expected credit losses on financial assets measured at amortized cost on the basis of 

the general simplified approach. 

| at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
|  | Expected  |  |  | Expected  |   
| Gross  | credit loss  |  | Gross  | credit loss  |   
Millions of euro | amount | allowance | Total | amount | allowance | Total  
Cash and cash equivalents | 8,022 | - | 8,022 | 6,772 | - | 6,772  
Trade receivables | 19,704 | 3,763 | 15,941 | 21,548 | 3,775 | 17,773  
Loan assets | 6,776 | 316 | 6,460 | 7,579 | 311 | 7, 26 8  
Other financial assets at amortized cost | 2,071 | 73 | 1,998 | 2,403 | 12 | 2,391  
Total | 36,573 | 4,152 | 32,421 | 38,302 | 4,098 | 34,204  
  
To measure expected losses, the Group assesses

trade receivables and contract assets with the sim-

plified approach, both on an individual basis (e.g. 

government entities, authorities, financial counter-

parties, wholesale sellers, traders and large compa-

nies, etc.) and a collective basis (e.g. retail custom-

ers).

In the case of individual assessments, PD is generally 

obtained from external providers.

Otherwise, in the case of collective assessments, 

trade receivables are grouped on the basis of their

shared credit risk characteristics and information on 

past due positions, considering a specific definition 

of default.

Based on each business and local regulatory frame-

work, as well as differences between customer port-

folios, including their default and recovery rates 

(comprising expectations for recovery beyond 90 

days):

• the Group mainly defines a defaulted position as 

one that is 180 days past due. Accordingly, beyond 

this time limit, trade receivables are presumed to be 

credit impaired); and

• specific clusters are defined on the basis of specific 

markets, business and risk characteristics.

Contract assets substantially have the same risk char-

acteristics as trade receivables for the same types of 

contracts.

In order to measure the ECL for trade receivables on 

a collective basis, as well as for contract assets, the 

Group uses the following assumptions regarding the 

ECL parameters:

• PD, assumed equal to the average default rate, is 

calculated by cluster and considering historical data 

from at least 24 months;

• LGD is a function of the recovery rates for each clus-

ter, discounted using the effective interest rate; and

• EAD is estimated as equal to the carrying amount 

at the reporting date net of cash deposits, including 

invoices issued but not past due and invoices to be 

issued. 

The following table reports changes in the allowance 

for expected credit losses on loan assets in accord-

ance with the general approach. 

Millions of euro | ECL 12-month allowance | ECL lifetime allowance  
---|---|---  
Opening balance at Jan. 1, 2023 | 29 | 219  
Accruals | - | 36  
Uses | - | 11  
Reversals to profit or loss  | (32) | (6)  
Other changes  | 45 | 9  
Closing balance at Dec. 31, 2023 | 42 | 269  
Opening balance at Jan. 1, 2024 | 42 | 269  
Accruals | - | 87  
Uses | - | (22)  
Reversals to profit or loss  | (9) | (6)  
Other changes  | 86 | (131)  
Closing balance at Dec. 31, 2024 | 119 | 197  
  
  


  


  


  


Notes to the consolidated financial statements

523

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


  


The following table reports changes in the allowance for expected credit losses on trade receivables in accordance 

with the simplified approach.

Millions of euro |   
---|---  
Opening balance at Jan. 1, 2023 | 3,783  
Accruals | 1,384  
Uses | (1,136)  
Reversals to profit or loss  | (210)  
Other changes  | (46)  
Closing balance at Dec. 31, 2023 | 3,775  
Opening balance at Jan. 1, 2024 | 3,775  
Accruals | 1,337  
Uses | (937)  
Reversals to profit or loss  | (244)  
Other changes  | (168)  
Closing balance at Dec. 31, 2024 | 3,763  
  
The following table reports changes in the allowance for expected credit losses on other financial assets at amor-

tized cost in accordance with the simplified approach.

Millions of euro | ECL lifetime allowance  
---|---  
Opening balance at Jan. 1, 2023 | 56  
Accruals | 149  
Uses | -  
Reversals to profit or loss  | (1)  
Other changes  | (192)  
Closing balance at Dec. 31, 2023 | 12  
Opening balance at Jan. 1, 2024 | 12  
Accruals | 227  
Uses | -  
Reversals to profit or loss  | (4)  
Other changes  | (162)  
Closing balance at Dec. 31, 2024 | 73  
  
  


Note 47 “Risk management” provides additional infor-

mation on the exposure to credit risk and expected 

losses.

  


46.1.2 Financial assets at fair value through 

other comprehensive income

The following table shows financial assets at fair val-

ue through other comprehensive income by nature, 

broken down into current and non-current financial 

assets.

  


|  | Non-current |  | Current  
---|---|---|---|---  
|  | at Dec. 31,  | at Dec. 31,  |  | at Dec. 31,  | at Dec. 31,   
Millions of euro | Notes | 2024 | 2023 | Notes | 2024 | 2023  
Investments in other companies at FVOCI | 27 | 587 | 338 |  | - | -  
Securities at FVOCI | 2 7. 1 | 572 | 505 | 28.1 | 138 | 81  
Receivables and other financial assets at  |  | - | 39 |  | - | -  
FVOCI |  |  |  |  |  |   
Total |  | 1,159 | 882 |  | 138 | 81  
  
  


  


  


  


Notes to the consolidated financial statements

524

INTEGRATED ANNUAL REPORT 2024

  


  


Changes in financial assets at FVOCI

Investments in other companies

Millions of euro | Non-current | Current  
---|---|---  
Opening balance at Jan. 1, 2024 | 338 | -  
Purchases | - | -  
Sales | - | -  
Changes in fair value through OCI | 109 | -  
Other changes | 140 | -  
Closing balance at Dec. 31, 2024 | 587 | -  
  
Securities and other receivables at FVOCI

Millions of euro | Non-current | Current  
---|---|---  
Opening balance at Jan. 1, 2024 | 505 | 81  
Purchases | 271 | 11  
Sales | (66) | (61)  
Changes in fair value through OCI | 17 | 1  
Reclassifications | (155) | 155  
Other changes | - | (49)  
Closing balance at Dec. 31, 2024 | 572 | 138  
  
  


  


  


  


  


46.1.3 Financial assets at fair value through 

profit or loss

The following table shows financial assets at fair 

value through profit or loss by nature, broken down

into current and non-current financial assets.

|  | Non-current |  | Current  
---|---|---|---|---  
|  | at Dec. 31,  | at Dec. 31,  |  | at Dec. 31,  | at Dec. 31,   
Millions of euro | Notes | 2024 | 2023 | Notes | 2024 | 2023  
Derivatives at FVTPL | 49 | 126 | 206 | 49 | 2,793 | 4,443  
Investments in liquid assets  |  | - | - | 33 | 29 | 29  
Securities and financial investments in funds  | 27. 1 | 3 | - |  | - | -  
or asset management at FVTPL |  |  |  |  |  |   
Equity investments in other companies  | 27 | 8 | 8 |  | - | -  
at FVTPL |  |  |  |  |  |   
Financial assets from service concession  | 27 | 3,930 | 4,080 |  | - | -  
arrangements at FVTPL |  |  |  |  |  |   
Financial assets from JDA at FVTPL |  | 95 | 123 |  | - | -  
Other financial assets at FVTPL  |  | - | 130 | 28, 28.1 | 171 | 190  
Total |  | 4,162 | 4,547 |  | 2,993 | 4,662  
  
  


  


  


  


  


46.1.4 Derivative financial assets designated 

as hedging instruments

For more information on derivative financial assets, 

see note 49 “Derivatives and hedge accounting”.

  


  


  


Notes to the consolidated financial statements

525

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


46.2 Financial liabilities by category

The following table shows the carrying amount for 

each category of financial liability provided for under 

IFRS 9, broken down into current and non-current fi-

nancial liabilities, showing hedging derivatives and de-

rivatives measured at fair value through profit or loss 

separately.

|  | Non-current | Current  
---|---|---|---  
|  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,   
Millions of euro | Notes | 2024 | 2023 | 2024 | 2023  
Financial liabilities measured at amortized cost | 46.2.1 | 61,333 | 61,734 | 33,702 | 39,784  
Financial liabilities at fair value through profit or loss |  |  |  |  |   
Derivative financial liabilities at FVTPL | 46.4 | 133 | 204 | 2,848 | 4,485  
Total financial liabilities at fair value through profit  |  | 133 | 204 | 2,848 | 4,485  
or loss |  |  |  |  |   
Derivative financial liabilities designated as hedging  |  |  |  |  |   
instruments |  |  |  |  |   
Fair value hedge derivatives | 46.4 | 28 | 105 | - | 17  
Cash flow hedge derivatives | 46.4 | 2,754 | 3,064 | 736 | 1,959  
Total derivative financial liabilities designated  |  | 2,782 | 3,169 | 736 | 1,976  
as hedging instruments |  |  |  |  |   
TOTAL |  | 64,248 | 65,107 | 37, 28 6 | 46,245  
  
For more information on recognition and classification 

of current and non-current derivative financial assets, 

please see note 49 “Derivatives and hedge accounting”.

For more information on fair value measurement, 

please see note 50 “Assets and liabilities measured at 

fair value”.

46.2.1 Financial liabilities measured 

at amortized cost

The following table shows financial liabilities at am-

ortized cost by nature, broken down into current and 

non-current financial liabilities.

|  | Non-current |  | Current  
---|---|---|---|---  
|  | at Dec. 31,  | at Dec. 31,  |  | at Dec. 31,  | at Dec. 31,   
Millions of euro | Notes | 2024 | 2023 | Notes | 2024 | 2023  
Long-term borrowings  | 46.3 | 60,000 | 61,085 | 46.3 | 7,4 39 | 9,086  
Short-term borrowings |  | - | - | 46.3 | 3,645 | 4,769  
Trade payables | 39 | 972 | 334 | 39 | 12,721 | 15,487  
Other financial liabilities |  | 361 | 315 |  | 9,897 | 10,442  
Total |  | 61,333 | 61,734 |  | 33,702 | 39,784  
  
  


46.3 Borrowings

46.3.1 Long-term borrowings 

(including the portion falling due within 

12 months) – €67,439 million

The following table reports the nominal value, carrying 

amount and fair value of long-term borrowing includ-

ing the portion falling due within 12 months. 

  


  


  


  


Notes to the consolidated financial statements

526

INTEGRATED ANNUAL REPORT 2024

Long-term borrowings by category and type of interest rate

|  |  |  | Portion  |  |  |  |  | Portion  |  |   
---|---|---|---|---|---|---|---|---|---|---|---  
|  |  |  | due in  |  |  |  |  | due in  |  | Changes   
|  Nominal  |  Carrying  | Current  | more than  | Fair  |  Nominal  |  Carrying  | Current  | more than  | Fair  | in carrying   
Millions of euro | value  | amount  | portion | 12 months | value | value  | amount  | portion | 12 months | value | amount   
|  | at Dec. 31, 2024 |  |  |  | at Dec. 31, 2023 |  |   
Bonds: |  |  |  |  |  |  |  |  |  |  |   
\- listed, fixed rate | 26,885 | 26,632 | 3,458 | 2 3,174 | 25,670 | 29,539 | 29,163 | 4,686 | 24,477 | 27,885 | (2,531)  
\- listed, floating rate | 1,770 | 1,756 | 315 | 1,441 | 1,758 | 2,643 | 2,622 | 623 | 1,999 | 2,641 | (866)  
\- unlisted, fixed rate | 19,077 | 18,881 | 1,448 | 17,433 | 18,451 | 18,336 | 18,129 | 1,357 | 16,772 | 17,842 | 752  
\- unlisted, floating rate | 331 | 331 | 97 | 234 | 339 | 428 | 428 | 97 | 331 | 456 | (97)  
Total bonds | 48,063 | 47,600 | 5,318 | 42,282 | 46,218 | 50,946 | 50,342 | 6,763 | 43,579 | 48,824 | (2,742)  
Bank borrowings: |  |  |  |  |  |  |  |  |  |  |   
\- fixed rate  | 3,485 | 3,465 | 234 | 3,231 | 3,444 | 3,874 | 3,822 | 853 | 2,969 | 3,746 | (357)  
\- floating rate  | 13,058 | 13,014 | 1,508 | 11,506 | 13,142 | 12,664 | 12,629 | 1,139 | 11,490 | 12,892 | 385  
\- use of revolving credit lines  | 18 | 18 | - | 18 | 22 | 41 | 41 | - | 41 | 41 | (23)  
Total bank borrowings | 16,561 | 16,497 | 1,742 | 14,755 | 16,608 | 16,579 | 16,492 | 1,992 | 14,500 | 16,679 | 5  
Leases: |  |  |  |  |  |  |  |  |  |  |   
\- fixed rate  | 2,892 | 2,892 | 306 | 2,586 | 2,892 | 2,852 | 2,852 | 256 | 2,596 | 2,852 | 40  
\- floating rate  | 39 | 39 | 12 | 27 | 39 | 53 | 53 | 12 | 41 | 53 | (14)  
Total leases | 2,931 | 2,931 | 318 | 2,613 | 2,931 | 2,905 | 2,905 | 268 | 2,637 | 2,905 | 26  
Other non-bank borrowings: |  |  |  |  |  |  |  |  |  |  |   
\- fixed rate  | 411 | 411 | 61 | 350 | 411  | 426 | 426 | 63 | 363 | 426  | (15)  
\- floating rate  | - | - | - | - | - | 6 | 6 | - | 6 | 6 | (6)  
Total other non-bank  | 411 | 411 | 61 | 350 | 411 | 432 | 432 | 63 | 369 | 432 | (21)  
borrowings |  |  |  |  |  |  |  |  |  |  |   
Total fixed-rate borrowings | 52,750 | 52,281 | 5,507 | 46,774 | 50,868 | 55,027 | 54,392 | 7, 215 | 47, 177 | 52,751 | (2,111)  
Total floating-rate  | 15,216 | 15,158 | 1,932 | 13,226 | 15,300 | 15,835 | 15,779 | 1,871 | 13,908 | 16,089 | (621)  
borrowings |  |  |  |  |  |  |  |  |  |  |   
TOTAL | 67,966 | 67,439 | 7,439 | 60,000 | 66,168 | 70,862 | 70, 171 | 9,086 | 61,085 | 68,840 | (2,732)  
  
The table below reports long-term financial debt by currency and interest rate.

Long-term borrowings (including the portion falling due within 12 months) by currency and interest rate

|  |  |  |  | Current  |  | Current  |   
---|---|---|---|---|---|---|---|---  
|  |  |  |  | average  | Current  | average  | Current   
|  |  |  |  | nominal  | effective | nominal  | effective  
| Carrying  | Nominal  | Carrying  | Nominal  | interest  | interest  | interest  | interest   
Millions of euro | amount | value | amount | value | rate | rate | rate | rate  
| at Dec. 31, 2024 | at Dec. 31, 2023 | at Dec. 31, 2024 | at Dec. 31, 2023  
Euro | 34,349 | 34,512 | 35,865 | 36,166 | 2.6% | 2.8% | 2.5% | 2.8%  
US dollar | 25,103 | 25,343 | 24,601 | 24,847 | 5.0% | 5.1% | 4.9% | 5.2%  
Pound sterling | 3,819 | 3,919 | 4,612 | 4,720 | 4.3% | 4.5% | 4.6% | 4.8%  
Colombian peso | 2,005 | 2,009 | 1,884 | 1,888 | 11.8% | 11.8% | 13.5% | 13.5%  
Brazilian real | 1,465 | 1,482 | 2,229 | 2,255 | 9.8% | 9.9% | 10.5% | 10.6%  
Swiss franc | 138 | 138 | 382 | 382 | 4.0% | 4.0% | 1.8% | 1.8%  
Chilean peso/UF | 465 | 467 | 510 | 514 | 5.2% | 5.2% | 5.1% | 5.2%  
Other currencies | 95 | 96 | 88 | 90 |  |  |  |   
Total non-euro  | 33,090 | 33,454 | 34,306 | 34,696 |  |  |  |   
currencies |  |  |  |  |  |  |  |   
TOTAL | 67,439 | 67,966 | 70,171 | 70,862 |  |  |  |   
  
  


  


  


  


Notes to the consolidated financial statements

527

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Long-term financial debt denominated in currencies 

other than the euro decreased by €1,216 million, large-

ly attributable to the changes in debt denominated in 

Pound sterling and Brazilian real. 

Change in the nominal value of long-term borrowings (including the portion falling due within 12 months)

|  |  | Change in the  |  |  |   
---|---|---|---|---|---|---  
|  |  | consolidation  | New  | Exchange  |   
Millions of euro | Nominal value | Repayments | scope | borrowings | differences | Nominal value  
| at Dec. 31, 2023 |  |  |  |  | at Dec. 31, 2024  
Bonds | 50,946 | (7,779) | - | 3,635 | 1,261 | 48,063  
Borrowings | 19,916 | (2,651) | 205 | 2,382 | 51 | 19,903  
\- of which leases | 2,905 | (422) | (7) | 419 | 36 | 2,931  
Total long-term financial debt | 70,862 | (10,430) | 205 | 6,017 | 1,312 | 67,966  
  
The nominal value of long-term debt amounted to 

€67,966 million at December 31, 2024, a decrease of 

€2,896 million on December 31, 2023. The decrease 

reflected repayments in the amount of €10,430 million 

against new borrowings of €6,017 million, negative ex-

change differences of €1,312 million and the reclassi-

fication from “Assets classified as held for sale” (in the 

total amount of €205 million). The latter includes €192 

million related to a loan to 3SUN repaid during 2024.

Repayments in 2024 involved bonds in the amount of 

€7,779 million and loans in the amount of €2,651 mil-

lion.

Specifically, repayments in 2024 included:

• €100 million in respect of a floating-rate bond is-

sued by Enel Finance International, maturing in Feb-

ruary 2024;

• R$398 million (equivalent to €62 million at Decem-

ber 31, 2024), in respect of a floating-rate bond is-

sued by Enel Distribuição Ceará, maturing in March 

2024;

• $400 million (equal to €386 million at December 31, 

2024) in respect of a fixed-rate bond issued by Enel 

Generación Chile, maturing in April 2024;

• €51 million in respect of a floating-rate bond issued 

by Enel, maturing in May 2024;

• €750 million in respect of a fixed-rate bond issued 

by Enel, maturing in May 2024; 

• €1,000 million in respect of a fixed-rate bond issued 

by Enel Finance International, maturing in June 2024; 

• R$500 million (equivalent to €78 million at Decem-

ber 31, 2024), in respect of a floating-rate bond 

issued by Enel Distribuição Ceará, maturing in May 

2024;

• R$350 million (equivalent to €55 million at Decem-

ber 31, 2024), in respect of a floating-rate bond is-

sued by Enel Distribuição São Paulo, maturing in May 

2024;

• R$370 million (equivalent to €58 million at December 

31, 2024), in respect of a floating-rate bond issued 

by Enel Distribuição Ceará, maturing in June 2024;

• £850 million (equivalent to €1,028 million at Decem-

ber 31, 2024) in respect of a fixed-rate bond issued 

by Enel Finance International, maturing in August 

2024;

• 250,000 million Colombian pesos (equivalent to €55 

million at December 31, 2024) in respect of a fixed-

rate bond issued by Enel Colombia, maturing in Au-

gust 2024; 

• 225 million Swiss francs (equivalent to €240 million 

at December 31, 2024) in respect of a fixed-rate 

bond issued by Enel Finance International, maturing 

in September 2024;

• $1,500 million (equivalent to €1,449 million at De-

cember 31, 2024) in respect of a fixed-rate bond 

issued by Enel Finance International, maturing in 

September 2024;

• €1,250 million in respect of a fixed-rate bond issued 

by Enel Finance International and guaranteed by 

Enel, maturing in September 2024;

• $1,000 million (equivalent to €966 million at Decem-

ber 31, 2024) in respect of a fixed-rate bond issued 

by Enel Finance America in October 2022 maturing in 

October 2027, repaid in advance in December 2024\. 

The main repayments of loans made during the year 

included:

• €200 million in respect of sustainable floating-rate 

revolving credit lines of Enel SpA;

• €625 million in respect of loans, of which €391 mil-

lion in respect of sustainable loans, of Enel Group’s 

Italian companies;

• €871 million in respect of Endesa loans, of which 

€679 million in sustainable loans;

• the equivalent of €572 million in respect of bank 

loans to South American companies, of which €93 

million in respect of sustainable loans.

  


  


  


  


Notes to the consolidated financial statements

528

INTEGRATED ANNUAL REPORT 2024

Issues in 2024 regard bonds for €3,635 million and 

loans for €2,382 million.

The table below shows the main characteristics of fi-

nancial transactions carried out in 2024 and translat-

ed into euros at the exchange rate prevailing at De-

cember 31, 2024.

|  |  | Amount  |  |  |  |   
---|---|---|---|---|---|---|---  
| Issuer/ | Issue/ | in millions  |  |  | Interest  |   
| Borrower | Grant date | of euro | Currency | Interest rate | rate type | Maturity  
Bonds |  |  |  |  |  |  |   
| Enel Finance  | 23/01/2024 | 750 | EUR | 3.38% | Fixed rate  | 23/07/2028  
| International  |  |  |  |  |  |   
| Enel Finance  | 23/01/2024 | 1,000 | EUR | 3.88% | Fixed rate  | 23/01/2035  
| International  |  |  |  |  |  |   
| Enel Finance  | 26/06/2024 | 1,207 | USD  | 5.13% | Fixed rate  | 26/06/2029  
| International  |  |  |  |  |  |   
| Enel Finance  | 26/06/2024 | 724 | USD  | 5.50% | Fixed rate  | 26/06/2034  
| International  |  |  |  |  |  |   
Total bonds |  |  | 3,681 |  |  |  |   
Bank borrowings |  |  |  |  |  |  |   
| Enel Italia | 26/04/2024 | 100 | EUR | 3.36% | Fixed rate  | 26/04/2039  
| e-distribuzione | 19/12/2024 | 250 | EUR | 2.92% | Fixed rate  | 19/12/2039  
| Endesa | 29/10/2024 | 125 | EUR | Euribor 6M + 0.4% | Floating rate | 17/12/2027  
| Endesa | 29/10/2024 | 250 | EUR | Euribor 6M + 0.52% | Floating rate | 31/10/2039  
| Endesa | 29/10/2024 | 200 | EUR | Euribor 6M + 0.506% | Floating rate | 31/10/2039  
| Endesa | 17/12/2024 | 225 | EUR | Euribor 6M + 0.4% | Floating rate | 17/12/2027  
| Enel Chile | 31/05/2024 | 277 | USD | SOFR 3M + 0.75% | Floating rate | 04/12/2037  
| Enel  | 13/05/2024 | 70 | USD | 5.28% | Fixed rate  | 13/05/2039  
| Distribuição  |  |  |  |  |  |   
| São Paulo |  |  |  |  |  |   
| Enel Colombia | 19/02/2024 | 88 | COP | IBR 1M + 2.96% | Floating rate | 19/02/2031  
| Enel Colombia | 27/11/2024 | 102 | COP | IBR O/N + 1.79% | Floating rate | 28/11/2033  
| Enel Colombia | 27/11/2024 | 130 | COP | IBR O/N + 1.79% | Floating rate | 28/11/2033  
Total bank  |  |  | 1,817 |  |  |  |   
borrowings |  |  |  |  |  |  |   
  
Long-term debt structure after hedging 

The following table reports the impact on gross long-term debt of hedges to mitigate currency risk.

|  |  | at Dec. 31, 2024 |  |  |  |  | at Dec. 31, 2023 |  |   
---|---|---|---|---|---|---|---|---|---|---  
| Carrying  | Nominal value  | Impact of  | Nominal value  | Carrying  | Nominal value  | Impact of  | Nominal value   
Millions of euro | amount | pre-hedge | hedge | post-hedge  | amount | pre-hedge | hedge | post-hedge   
Euro | 34,349 | 34,512 | 50.8% | 22,443 | 56,955 | 83.8% | 35,865 | 36,166 | 51.0% | 21,862 | 58,028 | 81.9%  
US dollar | 25,103 | 25,343 | 37\. 3% | (19,122) | 6,221 | 9.2% | 24,601 | 24,847 | 35.1% | (17,850) | 6,997 | 9.9%  
Pound sterling | 3,819 | 3,919 | 5.8% | (3,919) | - | - | 4,612 | 4,720 | 6.7% | (4,720) | - | -  
Colombian peso | 2,005 | 2,009 | 3.0% | - | 2,009 | 3.0% | 1,884 | 1,888 | 2.7% | - | 1,888 | 2.7%  
Brazilian real | 1,465 | 1,482 | 2.2% | 870 | 2,352 | 3.5% | 2,229 | 2,255 | 3.2% | 1,047 | 3,302 | 4.7%  
Swiss franc | 138 | 138 | 0.1% | (138) | - | - | 382 | 382 | 0.5% | (382) | - | -  
Chilean peso/UF | 465 | 467 | 0.7% | (170) | 297 | 0.4% | 510 | 514 | 0.7% | - | 514 | 0.7%  
Other currencies | 95 | 96 | 0.1% | 36 | 132 | 0.1% | 88 | 90 | 0.1% | 43 | 133 | 0.2%  
Total non-euro  | 33,090 | 33,454 | 49.2% | (22,443) | 1 1,011 | 16.2% | 34,306 | 34,696 | 49.0% | (21,862) | 12,834 | 18.1%  
currencies |  |  |  |  |  |  |  |  |  |  |  |   
TOTAL | 67,439 | 67,966 | 100.0% | - | 67,966 | 100.0% | 70,171 | 70,862 | 100.0% | - | 70,862 | 100.0%  
  
  


  


  


  


Notes to the consolidated financial statements

529

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

The amount of floating-rate debt that is not hedged 

against interest rate risk is the main risk factor that 

could adversely impact profit or loss (raising borrow-

ing costs), in the event of an increase in market inter-

est rates. 

The following table shows the impact on the nomi-

nal value structure of long-term loans after hedges 

against interest rate risk.

|  | 2024 |  |  | 2023 |   
---|---|---|---|---|---|---  
| Nominal  |  | Nominal  |  | Nominal  |  | Nominal  |   
| value  |  | value  |  | value  |  | value  |   
Millions of euro | pre-hedge | % | post-hedge | % | pre-hedge | % | post-hedge | %  
Floating rate | 15,216 | 22.4% | 10,732 | 15.8% | 15,835 | 22.3% | 12,472 | 17.6 %  
Fixed rate | 52,750 | 77.6% | 57, 23 4 | 84.2% | 55,027 | 77.7% | 58,390 | 82.4%  
Total | 67,966 |  | 67,966 |  | 70,862 |  | 70,862 |   
  
At December 31, 2024, 22.4% of the nominal value of 

long-term loans was floating rate (22.3 % at December 

31, 2023). Taking account of hedges of interest rates 

considered effective pursuant to the IFRS, 15.8% of the 

nominal value of long-term financial debt was exposed 

to interest rate risk at December 31, 2024 (17.6% at De-

cember 31, 2023). 

The exposure of nominal value of long-term loans to 

exchange rate risk and interest rate risk after hedge is 

in line with the limits established in the risk manage-

ment policy.

Long-term debt – Main covenants

The Group’s main long-term financial liabilities are 

governed by covenants that are commonly adopt-

ed in international business practice. They include in 

particular bond issues carried out within the frame-

work of the Global/Euro Medium-Term Notes pro-

gram, issues of subordinated unconvertible hybrid 

bonds (so-called “hybrid bonds”) and loans granted 

by banks and other financial institutions (including 

the European Investment Bank and Cassa Depositi e

Prestiti SpA).

The main covenants regarding bond issues carried out 

within the framework of the Global/Euro Medium-Term 

Notes program of Enel and Enel Finance International 

NV (including the Green Bonds of Enel Finance Inter-

national NV guaranteed by Enel SpA, which are used to 

finance the Group’s so-called eligible green projects) 

and those regarding bonds issued by Enel Finance In-

ternational NV on the US market guaranteed by Enel 

SpA can be summarized as follows:

• negative pledge clauses under which the issuer and 

the guarantor may not establish or maintain mort-

gages, liens or other encumbrances on all or part of 

its assets or revenue to secure certain financial lia-

bilities, unless the same encumbrances are extend-

ed equally or pro rata to the bonds in question;

• pari passu clauses, under which the bonds and the 

associated security constitute a direct, uncondition-

al and unsecured obligation of the issuer and the 

guarantor and are issued without preferential rights 

among them and have at least the same seniority as 

other present and future unsubordinated and unse-

cured bonds of the issuer and the guarantor;

• cross-default clauses, under which the occurrence 

of a default event in respect of a specified financial 

liability (above a threshold level) of the issuer, the 

guarantor or, in some cases, “significant” subsidiar-

ies, constitutes a default in respect of the liabilities 

in question, which become immediately repayable.

Since 2019, Enel Finance International NV has issued a 

number of “sustainable” bonds on the European mar-

ket (as part of the Euro Medium-Term Notes - EMTN 

bond issue program) and on the American market, 

both guaranteed by Enel SpA, linked to the achieve-

ment of a number of the Sustainable Development 

Goals (SDGs) of the United Nations that contain the 

same covenants as other bonds of the same type.

Enel Finance America LLC holds a “sustainable” bond 

of the same type, guaranteed by Enel SpA, on the US 

market.

The main covenants covering Enel’s hybrid bonds, 

including the perpetual hybrid bond issues, which

will only be repaid in the event of the dissolution or 

liquidation of the Company, can be summarized as

follows:

• subordination clauses, under which each hybrid 

bond is subordinate to all other bonds issued by the 

company and has the same seniority with all other 

hybrid financial instruments issued, being senior 

only to equity instruments;

  


  


  


  


Notes to the consolidated financial statements

530

INTEGRATED ANNUAL REPORT 2024

  


• prohibition on mergers with other companies, the 

sale or leasing of all or a substantial part of the com-

pany’s assets to another company, unless the latter 

succeeds in all obligations of the issuer.

The main covenants envisaged in the loan contracts 

of Enel SpA and Enel Finance International NV and 

the other Group companies, including the sustaina-

bility-linked loan facility agreements obtained by Enel 

SpA, can be summarized as follows:

113

• negative pledge clauses, under which the borrower 

and, in some cases, the guarantor are subject to lim-

itations on the establishment of mortgages, liens or 

other encumbrances on all or part of their respec-

tive assets, with the exception of expressly permit-

ted encumbrances;

• disposals clauses, under which the borrower and, in 

some cases, the guarantor may not dispose of their 

assets or operations, with the exception of expressly 

permitted disposals;

• pari passu clauses, under which the payment under-

takings of the borrower have the same seniority as 

its other unsecured and unsubordinated payment 

obligations;

• change of control clauses, under which the borrow-

er and, in some cases, the guarantor could be re-

quired to renegotiate the terms and conditions of 

the financing or make compulsory early repayment 

of the loans granted; 

• rating clauses, which provide for the borrower or the 

guarantor to maintain their rating above a certain 

specified level;

• cross-default clauses, under which the occurrence 

of a default event in respect of a specified financial 

liability (above a threshold level) of the issuer or, in 

some cases, the guarantor constitutes a default in 

respect of the liabilities in question, which become 

immediately repayable.

In some cases, the covenants are also binding for the 

significant companies or subsidiaries of the obligated 

parties. All the borrowings considered specify “events 

of default” typical of international business practice, 

such as, for example, insolvency, bankruptcy proceed-

ings or the entity ceases trading. 

In addition, the guarantees issued by Enel in the inter-

est of e-distribuzione SpA for certain loans to e-dis-

tribuzione SpA from Cassa Depositi e Prestiti SpA re-

quire that at the end of each six-month measurement 

period Enel’s net consolidated financial debt shall not 

exceed 4.5 times annual consolidated EBITDA.

Finally, the debt of Endesa SA, Enel Américas SA, Enel 

Chile SA and the other Spanish and Latin American 

subsidiaries (notably Enel Generación Chile SA) con-

tains covenants and events of default typical of inter-

national business practice.

46.3.2 Short-term borrowings – €3,645 million

At December 31, 2024, short-term borrowings totaled €3,645 million, a decrease of €1,124 million compared with 

December 31, 2023, and break down as follows:

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | Change  
---|---|---|---  
Short-term bank borrowings | 344 | 393 | (49)  
Commercial paper | 2,406 | 2,499 | (93)  
Cash collateral and other financing on derivatives | 732 | 1,383 | (651)  
Other short-term borrowings | 163 | 494 | (331)  
Short-term borrowings | 3,645 | 4,769 | (1,124)  
  
Commercial paper liabilities totaling €2,406 million concerned issues by Enel Finance International and Enel Finance 

America.

113. The sustainability-linked loan entered into on September 30, 2022 by Enel Finance America LLC as borrower and Enel SpA (as guarantor) with 

EKF Denmark’s Export Credit Agency (then merged into Export and Investment Fund of Denmark, “EIFO”) and Citi provides for a number of 

additional covenants, such as:

• a “reputational damage” clause, under which the lending bank can request the cancellation of its financial commitment undertaken by it 

and the early payment of the sums disbursed if it has suffered ascertained harm to its own reputation or that of other persons as a result of 

substantial breach of certain regulations;

• the commitment, also of the guarantor, to ensure compliance with certain environmental and social regulations and standards.

  


  


  


  


Notes to the consolidated financial statements

531

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


  


The main commercial paper programs include:

• €8,000 million of Enel Finance International; 

• €5,000 million of Endesa; 

• $5,000 million, equivalent to €4,829 million at De-

cember 31, 2024, of Enel Finance America.

At December 31, 2024, the whole amount of commer-

cial paper issues was linked to sustainability objectives.

Finance with development banks and export 

credit agencies (ECAs)

Sustainable finance is characterized by the synergy 

between public and private capital. The integration of 

these two sources of financing allows for the devel-

opment of scalable solutions capable of generating 

significant economic value, especially in developing 

countries and emerging markets.

Enel has secured new forms of financing with develop-

ment banks and export credit agencies (ECAs) through 

transactions intended to mobilize private capital for 

sustainable development, for a total value of about 

€10,000 million, of which about 50% in the sustaina-

bility-linked form. More specifically, during 2024 the 

Group entered into loans of this nature for a total of 

approximately €1,000 million. The main transactions 

include the General Corporate Purpose and Sustaina-

bility-Linked financing for a total of $286 million, by an 

export credit agency to Enel Chile.

Green Bonds

In the 2017-2019 period, the Enel Group issued Green 

Bonds for a total notional value of €3,500 million, of 

which €2,249 million outstanding at December 31, 

2024.

  


  


  


  


46.4 Derivative financial liabilities

For more information on derivative financial liabili-

ties, please see note 49 “Derivatives and hedge ac-

counting”.

46.5 Net gain/(loss)

The following table shows net gains and losses by cat-

egory of financial instruments, excluding derivatives.

| 2024 | 2023  
---|---|---  
|  | Of which: |  | Of which:  
|  | Impairment  |  | Impairment   
Millions of euro | Net gain/(loss) | (loss)/gain | Net gain/(loss) | (loss)/gain  
Financial assets at amortized cost | (1,128) | (1,388) | (1,112) | (1,320)  
Financial assets at FVOCI |  |  |  |   
Equity investments at FVOCI | - | - | - | -  
Other financial assets at FVOCI  | 19 | - | 15 | -  
Total financial assets at FVOCI | 19 | - | 15 | -  
Financial assets at FVTPL |  |  |  |   
Financial assets at FVTPL | (23) | - | 6 | -  
Financial assets designated upon initial recognition (fair  | - | - | - | -  
value option) |  |  |  |   
Total financial assets at FVTPL  | (23) | - | 6 | -  
Financial liabilities measured at amortized cost | (4,891) | - | (2,759) | -  
Financial liabilities at FVTPL |  |  |  |   
Financial liabilities held for trading | - | - | - | -  
Financial liabilities designated upon initial recognition (fair  | - | - | - | -  
value option) |  |  |  |   
Total financial liabilities at FVTPL | - | - | - | -  
  
For more details on net gains and losses on derivatives, please see note 12 “Net financial income/(expense) from 

derivatives”.

  


  


Notes to the consolidated financial statements

532

INTEGRATED ANNUAL REPORT 2024

47. Risk management

Financial risk management governance 

and objectives

As part of its operations, the Enel Group is exposed 

to a variety of financial risks, notably interest rate risk, 

commodity risk, currency risk, credit and counterparty 

risk and liquidity risk. 

As noted in the section “Risk management” in the Re-

port on Operations, the Group’s governance arrange-

ments for financial risks include risk committees and 

the establishment of dedicated policies, measurement 

metrics and operational limits. Enel’s primary objective 

is to mitigate financial risks appropriately so that they 

do not give rise to unexpected changes in results.

The following sections detail the above financial risks.

Interest rate risk

Interest rate risk derives primarily from the use of 

financial instruments and manifests itself as unex-

pected changes in charges on financial liabilities, if 

indexed to floating rates and/or exposed to the un-

certainty of financial terms and conditions in nego-

tiating new debt instruments, or as an unexpected

change in the value of financial instruments meas-

ured at fair value (such as fixed-rate debt).

The main financial liabilities held by the Group include 

bonds, bank borrowings, borrowings from other 

lenders, commercial paper, derivatives, cash depos-

its received to secure commercial or derivative con-

tracts (guarantees, cash collateral).

The Enel Group mainly manages interest rate risk 

through the definition of an optimal financial struc-

ture, with the dual goal of stabilizing borrowing costs 

and containing the cost of funds. 

This goal is pursued through the diversification of the 

portfolio of financial liabilities by contract type, matu-

rity and interest rate, and modifying the risk profile of 

specific exposures using OTC derivatives, mainly in-

terest rate swaps and interest rate options. The term 

of such derivatives does not exceed the maturity of

the underlying financial liability, so that any change 

in the fair value and/or expected cash flows of such 

contracts is offset by a corresponding change in the 

fair value and/or cash flows of the hedged position. 

Proxy hedging techniques can be used in a number

of residual circumstances, when the hedging instru-

ments for the risk factors are not available on the

market or are not sufficiently liquid.

Using interest rate swaps, the Enel Group agrees 

with the counterparty to periodically exchange float-

ing-rate interest flows with fixed-rate flows, both cal-

culated on the same notional principal amount.

The following table reports the notional amount of in-

terest rate derivatives at December 31, 2024 and De-

cember 31, 2023 broken down by type of contract.

| Notional amount  
---|---  
Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023  
Floating-to-fixed interest rate swaps | 6,875 | 5,996  
Fixed-to-floating interest rate swaps | 828 | 1,386  
Floating-to-floating interest rate swaps | 556 | 644  
Total | 8,259 | 8,026  
  
For more details on interest rate derivatives, see note 

49 “Derivatives and hedge accounting”.

At December 31, 2024, 22.4% of the nominal value of 

long-term financial debt was floating rate (22.3% at 

December 31, 2023). Taking account of effective cash 

flow hedges of interest rate risk (in accordance with the

provisions of the IFRS-EU), 15.8% of the nominal value 

of long-term loans was exposed to interest-rate risk at 

December 31, 2024 (17.6% at December 31, 2023). 

Taking account of cash flow hedges of interest rate 

risk not eligible for hedge accounting, the percentage 

of the nominal value of long-term loans exposed to a 

change in interest rates remains unchanged.

These figures are in line with the limits established in 

the risk management policy.

Interest rate risk sensitivity analysis

Enel analyzes the sensitivity of its exposure by esti-

mating the effects of a change in interest rates on the 

portfolio of financial instruments. 

  


  


Notes to the consolidated financial statements

533

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


More specifically, sensitivity analysis measures the po-

tential impact on profit or loss and on equity of market 

scenarios that would cause a change in the fair value 

of derivatives or in the financial expense associated 

with unhedged gross debt.

These market scenarios are obtained by simulating 

parallel increases and decreases by 25 basis points in 

the yield curve as at the reporting date.

There were no changes introduced in the methods 

and assumptions used in the sensitivity analysis com-

pared with the previous year.

With all other variables held constant, the Group’s pre-

tax profit would be affected by a change in the level of 

interest rates as follows.

|  |  | 2024 |  |   
---|---|---|---|---|---  
|  | Pre-tax impact on profit or loss | Pre-tax impact on equity  
Millions of euro | Basis points | Increase | Decrease | Increase | Decrease  
Change in financial expense on gross  | 25 | 27 | (27) |  |   
long-term floating-rate debt after hedging |  |  |  |  |   
Change in the fair value of derivatives classified as  | 25 | 3 | (3) |  |   
non-hedging instruments |  |  |  |  |   
Change in the fair value of derivatives designated  |  |  |  |  |   
as hedging instruments |  |  |  |  |   
Cash flow hedges | 25 |  |  | 56 | (56)  
Fair value hedges | 25 | (4) | 4 |  |   
  
Currency risk

Currency risk mainly manifests itself as unexpected 

changes in the financial statement items associated 

with transactions denominated in a currency other 

than the presentation currency. The Group’s consoli-

dated financial statements are also exposed to trans-

lation risk as a result of the conversion of the financial 

statements of foreign subsidiaries, which are denom-

inated in local currencies, into euros as the Group’s 

presentation currency. 

The Group’s exposure to currency risk is connected 

with the purchase or sale of fuels and power, invest-

ments (cash flows for capitalized costs), dividends and 

the purchase or sale of equity investments, commer-

cial transactions and financial assets and liabilities.

The Group policies for managing currency risk provide 

for the mitigation of the effects on profit or loss of 

changes in the level of exchange rates, with the ex-

ception of the translation effects connected with con-

solidation.

In order to minimize the exposure to currency risk, 

Enel implements diversified revenue and cost sourc-

es geographically, and uses indexing mechanisms in 

commercial contracts. Enel also uses various types of 

derivatives, typically on the OTC market.

The derivatives in the Group’s portfolio of financial in-

struments include cross currency interest rate swaps, 

currency forwards and currency swaps. The term of 

such contracts does not exceed the maturity of the 

underlying instrument, so that any change in the fair 

value and/or expected cash flows of such instruments 

offsets the corresponding change in the fair value 

and/or cash flows of the hedged position.

Cross currency interest rate swaps are used to trans-

form a long-term financial liability denominated in 

currency other than the presentation currency into an 

equivalent liability in the presentation currency. 

Currency forwards are contracts in which the coun-

terparties agree to exchange principal amounts de-

nominated in different currencies at a specified future 

date and exchange rate (the strike). Such contracts 

may call for the actual exchange of the two principal 

amounts (deliverable forwards) or payment of the dif-

ference generated by differences between the strike 

exchange rate and the prevailing exchange rate at ma-

turity (non-deliverable forwards). In the latter case, the 

strike rate and/or the spot rate can be determined as 

averages of the rates observed in a given period.

Currency swaps are contracts in which the counter-

parties enter into two transactions of the opposite 

sign at different future dates (normally one spot, the 

other forward) that provide for the exchange of princi-

pal denominated in different currencies.

The following table reports the notional amount of 

transactions outstanding at December 31, 2024 

and at December 31, 2023, broken down by type of 

hedged item.

  


  


  


Notes to the consolidated financial statements

534

INTEGRATED ANNUAL REPORT 2024

  


  


| Notional amount  
---|---  
Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023  
Cross currency interest rate swaps (CCIRSs) hedging debt denominated  | 25,720 | 25,890  
in currencies other than the euro |  |   
Currency forwards hedging currency risk on commodities  | 3,795 | 6,496  
Currency forwards/CCIRSs hedging future cash flows in currencies other than the euro  | 1,818 | 3,134  
Other currency forwards | 292 | 602  
Total | 31,625 | 36,122  
  
More specifically, these include:

• CCIRSs with a notional amount of €25,720 million 

to hedge the currency risk on debt denominated in 

currencies other than the euro (€25,890 million at 

December 31, 2023);

• currency forwards and cross currency swaps with 

a total notional amount of €5,613 million used to 

hedge the currency risk associated with purchas-

es of energy and metal commodities and expected 

cash flows in currencies other than the euro (€9,630 

million at December 31, 2023).

“Other currency forwards” include OTC derivatives 

transactions carried out to mitigate currency risk 

on expected cash flows in currencies other than the 

presentation currency. This includes transactions con-

nected with the purchase of investment goods mainly 

in the generation sector and operating costs for the 

supply of cloud services.

At December 31, 2024, 49.2% (49.0% at December 31, 

2023) of the Group long-term debt was denominated 

in currencies other than the euro.

Taking account of hedges of currency risk, the per-

centage of debt not hedged against that risk amount-

ed to 16.2% at December 31, 2024 (18.1% at December 

31, 2023). 

These figures are in line with the limits established in 

the risk management policy.

Currency risk sensitivity analysis

The Group analyzes the sensitivity of its exposure by 

estimating the effects of a change in exchange rates 

on the portfolio of financial instruments. 

More specifically, sensitivity analysis measures the po-

tential impact on profit or loss and equity of market 

scenarios that would cause a change in the fair value 

of derivatives or in the financial expense associated 

with unhedged gross medium/long-term debt.

These scenarios are obtained by simulating a 10% ap-

preciation/depreciation of the euro against the US 

dollar compared with the value observed as at the re-

porting date.

There were no changes in the methods or assump-

tions used in the sensitivity analysis compared with 

the previous year.

With all other variables held constant, the pre-tax 

profit would be affected by changes in exchange rates 

as follows:

|  |  | 2024 |  |   
---|---|---|---|---|---  
|  | Pre-tax impact on | Pre-tax impact   
| Incr./Decr.  |  profit or loss | on equity  
Millions of euro | EUR/US dollar  | EUR appr. | EUR depr. | EUR appr. | EUR depr.  
Change in the fair value of derivatives classified  | 10% | 412 | (503) |  |   
as non-hedging instruments |  |  |  |  |   
Change in the fair value of derivatives designated  |  |  |  |  |   
as hedging instruments |  |  |  |  |   
Cash flow hedges | 10% |  |  | (2,728) | 3,332  
Fair value hedges | 10% | (48) | 58 |  |   
  
  


Commodity price risk

The risk of fluctuations in the price of energy com-

modities such as electricity, gas, oil, CO

2

, and raw ma-

terials such as minerals and metals, is generated by 

the volatility of prices and structural correlations be-

tween them, which create uncertainty in the margin on 

purchases and sales of electricity and fuels and mate-

rials at variable prices (e.g. indexed bilateral contracts, 

transactions on the spot market, etc.).

In 2024, power and gas commodity prices in Europe 

have trended upward reflecting the continuation of the

Russia-Ukraine and Israeli-Palestinian conflicts. Never-

theless, the adoption of global and local strategies for

  


  


  


Notes to the consolidated financial statements

535

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

risk management, such as forward contracts, flexibility

in contractual clauses and proxy hedging techniques 

(in case the hedging derivatives are not available on the 

market or are not sufficiently liquid), has allowed to opti-

mize the results even in a highly dynamic market context.

During the year, risk limits for energy commodities 

were exceeded in some local limited instances, but 

promptly contained thanks to careful risk manage-

ment and mitigation activities. 

The exposures on indexed contracts are quantified by 

breaking down the contracts that generate exposure 

into the underlying risk factors.

To contain the effects of fluctuations and stabilize 

margins, in accordance with the policies and operat-

ing limits determined by the Group’s governance and 

leaving an appropriate margin of flexibility to seize 

any short-term opportunities that may present them-

selves, Enel develops and plans strategies that impact 

the various phases of the industrial process linked to 

the production and sale of electricity and gas (such 

as forward procurement and long-term commercial 

agreements), as well as risk mitigation plans and tech-

niques using derivative contracts (hedging).

As regards electricity sold, the Group mainly uses 

fixed-price contracts in the form of bilateral physi-

cal contracts (Purchase Power Agreements, or PPAs) 

and financial contracts (e.g. contracts for differences, 

Virtual Power Purchase Agreements or VPPAs, 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 table below shows the main characteristics of PPA 

and VPPA contracts at December 31, 2024.

|  |  | At December 31, 2024 |  |   
---|---|---|---|---|---  
| Type of  |  | Price  | Volume of power  | Duration  | Accounting   
Country | contract | Sell/Buy | terms | contracted (GWh) | (years) | treatment   
Italy | PPA | Buy | fixed price | 460.6 | 1-3 | FVTPL  
Italy | PPA | Buy | floating price | 722.5 | 1-3 | FVTPL  
Italy | PPA | Buy | fixed price | 363.9 | 10 | Own Use Exemption  
Italy | VPPA | Sell | fixed price | 1,350.0 | 3 | CFH  
Italy | VPPA | Sell | fixed price | 600.0 | 3 | CFH  
Iberia | VPPA | Buy | fixed price | 22.0 | 9 | FVTPL  
Iberia | VPPA | Buy | fixed price | 20,926.0 | 15 | CFH  
Iberia | VPPA | Sell | fixed price | 15,860.0 | 18 | CFH  
Germany | VPPA | Buy | floating price | 119.2 | 1-2 | FVTPL  
United States | VPPA | Sell | fixed price | 59.4 | 10-22 | CFH  
United States | VPPA | Buy | fixed price | 18.0 | 8-12 | FVTPL  
United States | VPPA | Sell | fixed price | 19.1 | 8-15 | FVTPL  
United States | VPPA | Sell | fixed price | 2.1 | 12-20 | Own Use Exemption  
United States | PPA | Sell | fixed price | 0.6 | 12 | CFH  
United States | PPA | Sell | fixed price | 5.7 | 12 | FVTPL  
United States | PPA | Sell | fixed price | 168.6 | 10-30 | Own Use Exemption  
United States | PPA | Sell | floating price | 5.3 | 19 | Own Use Exemption  
South Africa | PPA | Sell | fixed price | 0.5 | 10-21 | Own Use Exemption  
Brazil | PPA | Sell | fixed price | 76,048.0 | 1-20 | Own Use Exemption  
Brazil | PPA | Buy | fixed price | 56,351.0 | 1-15 | Own Use Exemption  
Chile | PPA | Sell | fixed price | 287,797. 0 | 5-15 | Own Use Exemption  
Chile | VPPA | Sell | fixed price | 29,379.1 | 4-10 | Own Use Exemption  
Chile | VPPA | Buy | fixed price | 34,527.0 | 5-15 | Own Use Exemption  
Colombia | PPA | Sell | fixed price | 34,572.2 | 1-15 | Own Use Exemption  
Colombia | PPA | Sell | floating price | 315.3 | 1-9 | Own Use Exemption  
Colombia | PPA | Buy | fixed price | 57,586.0 | 1-14 | Own Use Exemption  
Guatemala | VPPA | Sell | fixed price | 2,836.3 | 1-7 | Own Use Exemption  
Guatemala | VPPA | Sell | floating price | 651.2 | 1 | Own Use Exemption  
Panama | PPA | Sell | fixed price | 4,206.9 | 3-7 | Own Use Exemption  
Panama | PPA | Buy | fixed price | 100.7 | 3-7 | Own Use Exemption  
Costa Rica | PPA | Sell | fixed price | 313.4 | 3-6 | Own Use Exemption  
  
  


  


  


Notes to the consolidated financial statements

536

INTEGRATED ANNUAL REPORT 2024

  


  


The residual exposure in respect of the sale of en-

ergy on the spot market not hedged with such con-

tracts is aggregated by uniform risk factors that can 

be managed with hedging transactions on the market. 

Proxy hedging techniques can be used for the indus-

trial portfolios when the hedging instruments for the 

specific risk factors generating the exposure are not 

available on the market or are not sufficiently liquid. 

In addition, Enel uses portfolio hedging techniques to 

assess opportunities for netting intercompany expo-

sures. 

The Group mainly uses plain vanilla derivatives for 

hedging (more specifically, forwards, swaps, options 

on commodities, futures, contracts for differences).

Some of these products can be indexed to a variety 

of underlyings (mainly electricity, gas, oil and CO

2

) and 

the approaches can be assessed and adapted to spe-

cific needs.

Enel also engages in proprietary trading in order to 

maintain a presence in the Group’s reference energy 

commodity markets. These operations consist in tak-

ing on exposures in energy commodities (oil products,

gas, coal, CO

2

certificates and electricity) using financial 

derivatives and physical contracts traded on regulat-

ed and over-the-counter markets, optimizing profits 

through transactions carried out on the basis of ex-

pected market developments while always complying 

with the limits set on the basis of portfolio risk analysis.

The following table reports the notional amount of out-

standing transactions at December 31, 2024 and De-

cember 31, 2023, broken down by type of instrument.

| Notional amount  
---|---  
Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023  
Forward and futures contracts | 48,608 | 44,307  
Swaps | 6,024 | 7,6 94  
Options | 1,464 | 1,407  
Total | 56,096 | 53,408  
  
For more details, please see note 49 “Derivatives and 

hedge accounting”.

Commodity price risk sensitivity analysis

The following table presents the results of the anal-

ysis of sensitivity to a reasonably possible change in 

the commodity prices underlying the valuation mod-

el used in the scenario at the same date, with all other 

variables held constant. 

The impact on pre-tax profit of shifts of +15% and 

-15% in the price curve for the main commodities 

that make up the fuel scenario and the basket of for-

mulas used in the contracts is mainly attributable to 

the change in the price of electricity, oil products and 

gas. The impact on equity of the same shifts in the

price curve is primarily due to changes in the price of

electricity and gas. The Group’s exposure to changes

in the prices of other commodities is not material.

|  |  | 2024 |  |   
---|---|---|---|---|---  
|  | Pre-tax impact  | Pre-tax impact   
| Commodity  | on profit or loss | on equity  
Millions of euro | price | Increase | Decrease | Increase | Decrease  
Change in the fair value of trading derivatives  | 15% | (156) | 178 | - | -  
on commodities |  |  |  |  |   
Change in the fair value of derivatives  | 15% | (16) | 9 | (249) | 257  
on commodities designated as hedging  |  |  |  |  |   
instruments |  |  |  |  |   
  
  


Credit and counterparty risk

The Group’s commercial, commodity and financial 

transactions expose it to credit risk, i.e. the possibil-

ity that a deterioration in the creditworthiness of a 

counterparty or the failure to discharge contractual 

payment obligations could lead to the interruption 

of incoming cash flows and an increase in collection 

costs (settlement risk), as well as lower revenue flows 

due to the replacement of the original transactions 

with similar transactions negotiated on unfavorable

market conditions (replacement risk). Other risks in-

  


  


  


Notes to the consolidated financial statements

537

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

clude the reputational and financial risks associated 

with significant exposures to a single counterparty 

or groups of related customers, or to counterparties

operating in the same sector or in the same geo-

graphical area.

Accordingly, the exposure to credit and counterparty 

risk is attributable to the following types of transac-

tions:

• the sale and distribution of electricity and gas in free 

and regulated markets and the supply of goods and 

services (trade receivables in respect of non-Group 

debtors);

• 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 port-

folio).

In order to minimize credit and counterparty risk, 

credit exposures are managed at the region/country/

global business line level by different units, thereby en-

suring the necessary segregation of risk management 

and control activities. Monitoring of the consolidated 

exposure is carried out by Enel SpA. 

In addition, at the Group level the policy provides 

for the use of uniform criteria – in all the main re-

gions/countries/global business lines and at the 

consolidated level – in measuring, monitoring and 

controlling commercial credit exposures in order to 

promptly identify any deterioration in the quality of 

outstanding receivables and any mitigation actions 

to be taken.

The policy for managing credit and counterparty risk 

associated with commercial activities provides for 

a preliminary assessment of the creditworthiness of 

counterparties and the adoption of mitigation instru-

ments, such as obtaining collateral or unsecured guar-

antees.

In addition, the Group undertakes transactions to fac-

tor receivables without recourse, which results in the 

complete derecognition of the corresponding assets 

involved in the factoring, as the risks and rewards as-

sociated with them have been transferred.

Finally, with regard to financial and commodity trans-

actions, risk mitigation is pursued with a uniform sys-

tem for assessing counterparties at the Group level, 

including implementation at the level of regions/coun-

tries/global business lines, as well as with the adoption 

of specific standardized contractual frameworks that 

contain risk mitigation clauses (e.g. netting arrange-

ments) and possibly the exchange of cash collateral.

In 2024, after a temporary deterioration in the collec-

tion status of certain customer segments, the situation 

was restored to the conditions registered the previous 

year. Again in 2024, the Group portfolio has displayed 

resilience to the current macroeconomic context, also 

thanks to the strengthening of collection processes 

(digital collection channels and notifications, granting 

of repayment plans) and a sound diversification of the 

customer base. 

Loan assets

Millions of euro  |  | at Dec. 31, 2024 |  |   
---|---|---|---|---  
|  Basis for recognition  |  Average  |  Gross  |  Expected  |   
| of expected credit loss  | loss rate  | carrying  | credit loss  |  Carrying   
Staging | allowance  | (PD*LGD)  | amount  | allowance  | amount   
Performing |  12-month ECL  | 4.7% | 6,240 | 292 | 5,948   
Underperforming |  Lifetime ECL  | 1.2% | 166 | 2 | 164   
Non-performing |  Lifetime ECL  | 5.9% | 370 | 22 | 348   
Total |  |  | 6,776  | 316 | 6,460   
  
  


  


  


Notes to the consolidated financial statements

538

INTEGRATED ANNUAL REPORT 2024

Contract assets, trade receivables and other financial assets: individual measurement

|  | at Dec. 31, 2024 |   
---|---|---|---  
| Average loss rate  | Gross carrying  | Expected credit  | Carrying   
Millions of euro  | (PD*LGD) | amount | loss allowance | amount  
Contract assets | - | 98  | - | 98   
Trade receivables |  |  |  |   
Trade receivables not past due | 0.5% | 6,654  | 31 | 6,623   
Trade receivables past due: |  |  |  |   
\- 1-30 days | 1.4% | 218  | 3  | 215  
\- 31-60 days | 12.7% | 63  | 8  | 55   
\- 61-90 days | 2.2% | 45  | 1  | 44   
\- 91-120 days | 4.4% | 45  | 2  | 43   
\- 121-150 days | 7.4% | 27  | 2  | 25   
\- 151-180 days | 12.1% | 33  | 4  | 29   
\- more than 180 days (credit impaired) | 86.8% | 1,424 | 1,236  | 188   
Total trade receivables |  | 8,509  | 1,287  | 7,222   
Other financial assets |  |  |  |   
Other financial assets not past due | 2.3% | 1,663  | 38  | 1,625   
Other financial assets past due: |  |  |  |   
\- 1-30 days | - | 2  | - | 2   
\- 31-60 days | - | 1  | - | 1   
\- 61-90 days | - | - | - | -  
\- 91-120 days | - | - | - | -  
\- 121-150 days | - | - | - | -  
\- 151-180 days | - | 7  | 2  | 5   
\- more than 180 days (credit impaired) | 28.8% | 104  | 30  | 74  
Total other financial assets  |  | 1,777  | 70  | 1,707  
TOTAL |  | 10,384  | 1,357  | 9,027  
  
|  | at Dec. 31, 2023 |   
---|---|---|---  
| Average loss rate  | Gross carrying  | Expected credit  | Carrying   
Millions of euro  | (PD*LGD) | amount | loss allowance | amount  
Contract assets | - | 83 | - | 83  
Trade receivables |  |  |  |   
Trade receivables not past due | 0.5% | 6,225  | 32  | 6,193   
Trade receivables past due: |  |  |  |   
\- 1-30 days | 2.0% | 350  | 7  | 343   
\- 31-60 days | 1.9% | 103 | 2  | 101  
\- 61-90 days | 5.3% | 38  | 2  | 36   
\- 91-120 days | 12.2% | 41 | 5  | 36   
\- 121-150 days | 13.2% | 53  | 7  | 46   
\- 151-180 days | 8.2% | 49 | 4  | 45   
\- more than 180 days (credit impaired) | 83.9% | 1 ,474 | 1,236  | 238   
Total trade receivables |  | 8,333  | 1,295  | 7,038   
Other financial assets |  |  |  |   
Other financial assets not past due | 0.4% | 1,690  | 7  | 1,683   
Other financial assets past due: |  |  |  |   
\- 1-30 days | - | 25  | - | 25   
\- 31-60 days | - | - | - | -  
\- 61-90 days | - | - | - | -  
\- 91-120 days | - | - | - | -  
\- 121-150 days | - | 2  | - | 2   
\- 151-180 days | - | - | - | -  
\- more than 180 days (credit impaired) | 2.7% | 75 | 2  | 73  
Total other financial assets  |  | 1,792 | 9  | 1,783  
TOTAL |  | 10,208  | 1,304  | 8,904   
  
  


  


  


Notes to the consolidated financial statements

539

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Contract assets, trade receivables and other financial assets: collective measurement

|  | at Dec. 31, 2024 |   
---|---|---|---  
| Average loss rate  | Gross carrying  | Expected credit  | Carrying   
Millions of euro  | (PD*LGD) | amount | loss allowance | amount  
Contract assets | 2.2% | 139 | 3  | 136   
Trade receivables |  |  |  |   
Trade receivables not past due | 3.1% | 6,064  | 190  | 5,874   
Trade receivables past due: |  |  |  |   
\- 1-30 days | 4.1% | 801  | 33  | 768   
\- 31-60 days | 22.5% | 187 | 42 | 145  
\- 61-90 days | 35.7% | 115  | 41 | 74  
\- 91-120 days | 40.7% | 118  | 48  | 70   
\- 121-150 days | 30.6% | 85  | 26  | 59   
\- 151-180 days | 48.4% | 95  | 46  | 49   
\- more than 180 days (credit impaired) | 55.0% | 3,730 | 2,050  | 1,680   
Total trade receivables |  | 11,195  | 2 ,476 | 8,719  
Other financial assets |  |  |  |   
Other financial assets not past due | 0.4% | 260  | 1  | 259   
Other financial assets past due: |  |  |  |   
\- 1-30 days | 3.0% | 33  | 1  | 32   
\- 31-60 days | - | - | - | -  
\- 61-90 days | - | - | - | -  
\- 91-120 days | - | - | - | -  
\- 121-150 days | - | - | - | -  
\- 151-180 days | - | - | - | -  
\- more than 180 days (credit impaired) | 100.0% | 1  | 1  | -  
Total other financial assets  |  | 294  | 3  | 291  
TOTAL |  | 11,628  | 2,482  | 9,146  
  
|  | at Dec. 31, 2023 |   
---|---|---|---  
| Average loss rate  | Gross carrying  | Expected credit  | Carrying   
Millions of euro  | (PD*LGD) | amount | loss allowance | amount  
Contract assets | 1.3% | 150  | 2  | 148   
Trade receivables |  |  |  |   
Trade receivables not past due | 2.9% | 8,322  | 239  | 8,083   
Trade receivables past due: |  |  |  |   
\- 1-30 days | 2.6% | 802  | 21  | 781   
\- 31-60 days | 44.3% | 70  | 31 | 39  
\- 61-90 days | 19.5% | 210 | 41 | 169  
\- 91-120 days | 25.8% | 132 | 34  | 98   
\- 121-150 days | 50.8% | 132 | 67  | 65   
\- 151-180 days | 52.9% | 119  | 63  | 56   
\- more than 180 days (credit impaired) | 57.9% | 3,428  | 1,984  | 1,444   
Total trade receivables |  | 13,215 | 2,480  | 10,735  
Other financial assets |  |  |  |   
Other financial assets not past due | - | 604  | - | 604   
Other financial assets past due: |  |  |  |   
\- 1-30 days | 66.7% | 3  | 2  | 1   
\- 31-60 days | - | - | - | -  
\- 61-90 days | - | - | - | -  
\- 91-120 days | - | - | - | -  
\- 121-150 days | - | - | - | -  
\- 151-180 days | - | 2  | - | 2   
\- more than 180 days (credit impaired) | 50.0% | 2  | 1  | 1   
Total other financial assets  |  | 611  | 3  | 608   
TOTAL |  | 13,976  | 2,485  | 11,491   
  
  


  


  


Notes to the consolidated financial statements

540

INTEGRATED ANNUAL REPORT 2024

Liquidity risk

Liquidity risk manifests itself as uncertainty about the 

Group’s ability to discharge its obligations associated 

with financial liabilities that are settled by delivering 

cash or another financial asset.

Enel manages liquidity risk by implementing meas-

ures to ensure an appropriate level of liquid finan-

cial resources to meet expected commitments over 

a given time horizon without resorting to additional

sources of financing, also retaining a prudential li-

quidity reserve, sufficient to meet any unexpected

commitments. 

Furthermore, in order to meet its medium- and long-

term commitments, Enel pursues a borrowing strate-

gy that provides for a diversified structure of funding 

sources, which it uses to meet its financial needs, and 

a balanced maturity profile.

In the short term, liquidity risk is mitigated by main-

taining an appropriate level of unconditionally availa-

ble resources, including liquidity on hand and short-

term deposits, available committed credit lines and a 

portfolio of highly liquid assets.

In the long term, liquidity risk is mitigated by maintain-

ing a balanced maturity profile for our debt, access to 

a range of sources of funding on different markets, in 

different currencies and with diverse counterparties.

The mitigation of liquidity risk enables the Group to 

maintain a credit rating that ensures access to the 

capital market and limits the cost of funds, with a pos-

itive impact on its financial position and performance. 

In 2024, Enel’s risk profile changed compared with 

December 2023 for Moody’s, whose rating went from 

“Baa1” with a negative outlook to “Baa1” with stable 

outlook; Fitch and Standard & Poor’s maintained their 

rating at “BBB+” with stable outlook and “BBB” with 

stable outlook, respectively.

In order to manage liquidity efficiently, treasury activi-

ties have largely been centralized at the holding com-

pany level, meeting liquidity requirements primarily by 

drawing on the cash generated by ordinary operations 

and managing any cash surpluses appropriately.

The Group holds the following undrawn lines of credit 

and commercial paper programs.

| at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
| Expiring within  | Expiring beyond  | Expiring within  | Expiring beyond   
Millions of euro | one year | one year | one year | one year  
Committed credit lines | 374 | 19,386 | 823 | 19,040  
Uncommitted credit lines | 941 | - | 734 | -  
Commercial paper | 15,423 | - | 15,027 | -  
Total | 16,738 | 19,386 | 16,584 | 19,040  
  
  


  


  


Notes to the consolidated financial statements

541

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


Maturity analysis 

The table below summarizes the maturity profile of the repayment plans of the Group’s gross long- and short-term 

financial debt at December 31, 2024.

| Maturing in |  |  |  |  |   
---|---|---|---|---|---|---  
|  | From  |  |  |  |  |   
| Less than  | 3 months  |  |  |  |  |   
Millions of euro | 3 months | to 1 year | 2026 | 2027 | 2028 | 2029 | Beyond  
Gross long-term financial debt |  |  |  |  |  |  |   
Bonds: |  |  |  |  |  |  |   
\- listed, fixed rate | 983 | 2,475 | 3,913 | 3,818 | 1,754 | 2,907 | 10,782  
\- listed, floating rate | - | 315 | 368 | 203 | 105 | 290 | 475  
\- unlisted, fixed rate | - | 1,448 | 1,208 | 1,659 | 2,169 | 1,962 | 10,435  
\- unlisted, floating rate | - | 97 | 97 | 97 | - | - | 40  
Total bonds | 983 | 4,335 | 5,586 | 5,777 | 4,028 | 5,159 | 21,732  
Bank borrowings: |  |  |  |  |  |  |   
\- fixed rate  | 59 | 175 | 417 | 755 | 1,023 | 129 | 907  
\- floating rate  | 185 | 1,323 | 2,550 | 1,423 | 1,553 | 908 | 5,072  
\- use of revolving credit lines  | - | - | - | - | 18 | - | -  
Total bank borrowings | 244 | 1,498 | 2,967 | 2, 178 | 2,594 | 1,037 | 5,979  
Leases: |  |  |  |  |  |  |   
\- fixed rate  | 93 | 2 13 | 287 | 230 | 182 | 139 | 1 ,748  
\- floating rate  | 3 | 9 | 9 | 3 | 3 | 5 | 7  
Total leases | 96 | 222 | 296 | 233 | 185 | 144 | 1,755  
Other non-bank borrowings:(1) |  |  |  |  |  |  |   
\- fixed rate  | 19 | 42 | 66 | 38 | 14 | 15 | 217  
\- floating rate  | - | - | 13 | 17 | 13 | 8 | 13  
Total other non-bank borrowings | 19 | 42 | 79 | 55 | 27 | 23 | 230  
Total gross long-term financial debt | 1,342 | 6,097 | 8,928 | 8,243 | 6,834 | 6,363 | 29,696  
Gross short-term financial debt |  |  |  |  |  |  |   
Short-term bank borrowings | 61 | 283 | - | - | - | - | -  
Commercial paper | 2,406 | - | - | - | - | - | -  
Cash collateral on derivatives and other financing | 732 | - | - | - | - | - | -  
Other short-term financial debt(2) | 162 | 15 | - | - | - | - | -  
Total gross short-term financial debt | 3,361 | 298 | - | - | - | - | -  
TOTAL GROSS FINANCIAL DEBT | 4,703 | 6,395 | 8,928 | 8,243 | 6,834 | 6,363 | 29,696  
  
(1)  Includes “Other non-current financial borrowings included in net financial debt” presented under “Other non-current financial liabilities” in the 

statement of financial position.

(2)  Includes “Other current financial borrowings included in net financial debt” included in “Other current financial liabilities” in the statement of 

financial position.

  


Commitments to purchase commodities

In conducting its business, the Enel Group has en-

tered into contracts to purchase specified quantities 

of commodities at a certain future date for its own use, 

which qualify for the own use exemption provided for 

under IFRS 9.

The following table reports the undiscounted cash 

flows associated with outstanding commitments at 

December 31, 2024.

  


  


Notes to the consolidated financial statements

542

INTEGRATED ANNUAL REPORT 2024

Millions of euro | at Dec. 31, 2024 | 2024-2027 | 2028-2032 | 2033-2037 | Beyond  
---|---|---|---|---|---  
Commitments to purchase commodities: |  |  |  |  |   
\- electricity | 56,438 | 18,947 | 15,289 | 12,478 | 9,724  
\- fuels | 44,008 | 23,984 | 12,706 | 6,297 | 1,021  
Total | 100,446 | 42,931 | 27,995 | 18,775 | 10,745  
  
  


48\. Offsetting financial assets and financial liabilities

At December 31, 2024 the Group did not hold offset 

positions in assets and liabilities, as it is not the Enel 

Group’s policy to settle financial assets and liabilities 

on a net basis.

  


49. Derivatives and hedge accounting

The following tables show the notional amount and

the fair value of derivative financial assets and deriv-

ative financial liabilities eligible for hedge account-

ing or measured a FVTPL, classified on the basis of 

the type of hedge relationship and the hedged risk, 

broken down into current and non-current instru-

ments.

The notional amount of a derivative contract is the 

amount on the basis of which cash flows are ex-

changed. This amount can be expressed as a value or 

a quantity (for example tons, converted into euros by 

multiplying the notional amount by the agreed price). 

Amounts denominated in currencies other than the 

euro are translated at the official closing exchange 

rates provided by the World Markets Refinitiv (WMR) 

Company.

| Non-current | Current  
---|---|---  
| Notional | Fair value  | Notional | Fair value   
| at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,   
Millions of euro | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023  
DERIVATIVE ASSETS |  |  |  |  |  |  |  |   
Fair value hedge  |  |  |  |  |  |  |  |   
derivatives: |  |  |  |  |  |  |  |   
\- on interest rates | 468 | 556 | 54 | 101 | - | - | - | -  
\- on exchange rates | 374 | 90 | 49 | 12 | 162 | - | 18 | -  
Total | 842 | 646 | 103 | 113 | 162 | - | 18 | -  
Cash flow hedge  |  |  |  |  |  |  |  |   
derivatives: |  |  |  |  |  |  |  |   
\- on interest rates | 3,236 | 4,090 | 107 | 174 | 765 | 54 | 3 | 1  
\- on exchange rates | 13,903 | 11,060 | 1,331 | 1,007 | 3,971 | 4,393 | 246 | 145  
\- on commodities | 1,348 | 4,094 | 336 | 883 | 3,902 | 5,560 | 452 | 1,818  
Total | 18,487 | 19,244 | 1 ,774 | 2,064 | 8,638 | 10,007 | 701 | 1 ,964  
Trading derivatives: |  |  |  |  |  |  |  |   
\- on interest rates | 10 | - | - | - | - | - | - | -  
\- on exchange rates | - | 84 | - | 1 | 713 | 1,734 | 23 | 24  
\- on commodities | 817 | 858 | 124 | 205 | 20,202 | 17,51 1 | 2,770 | 4,419  
\- other | 137 | - | 2 | - | - | - | - | -  
Total | 964 | 942 | 126 | 206 | 20,915 | 19,245 | 2,793 | 4,443  
TOTAL DERIVATIVE  | 20,293 | 20,832 | 2,003 | 2,383 | 29,715 | 29,252 | 3,512 | 6,407  
ASSETS |  |  |  |  |  |  |  |   
  
  


  


Notes to the consolidated financial statements

543

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


| Non-current | Current  
---|---|---  
| Notional | Fair value  | Notional | Fair value   
| at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,   
Millions of euro | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023  
DERIVATIVE LIABILITIES |  |  |  |  |  |  |  |   
Fair value hedge  |  |  |  |  |  |  |  |   
derivatives: |  |  |  |  |  |  |  |   
\- on interest rates | 675 | 675 | 16 | 27 | - | 554 | - | 17  
\- on exchange rates | 605 | 929 | 12 | 78 | - | - | - | -  
Total | 1,280 | 1,604 | 28 | 105 | - | 554 | - | 17  
Cash flow hedge  |  |  |  |  |  |  |  |   
derivatives: |  |  |  |  |  |  |  |   
\- on interest rates | 2,955 | 1,897 | 116 | 91 | 50 | 100 | - | -  
\- on exchange rates | 9,126 | 11,173 | 1,607 | 1,830 | 1,456 | 4,785 | 105 | 332  
\- on commodities | 3,738 | 3,075 | 1,031 | 1,143 | 4,056 | 4,696 | 631 | 1,627  
Total | 15,819 | 16,145 | 2,754 | 3,064 | 5,562 | 9,581 | 736 | 1,959  
Trading derivatives: |  |  |  |  |  |  |  |   
\- on interest rates | - | - | - | - | 100 | 100 | 29 | 29  
\- on exchange rates | 4 | 67 | - | 1 | 1,311 | 1,807 | 36 | 28  
\- on commodities | 760 | 921 | 133 | 203 | 21,273 | 16,693 | 2,783 | 4,428  
Total | 764 | 988 | 133 | 204 | 22,684 | 18,600 | 2,848 | 4,485  
TOTAL DERIVATIVE  | 17,863 | 18,737 | 2,915 | 3,373 | 28,246 | 28,735 | 3,584 | 6,461  
LIABILITIES |  |  |  |  |  |  |  |   
  
49.1 Derivatives designated as hedging 

instruments

Derivatives are initially recognized at fair value, on 

the trade date of the contract, and are subsequently 

re-measured at their fair value. The method of recog-

nizing the resulting gain or loss depends on whether 

the derivative is designated as a hedging instrument, 

and if so, the nature of the item being hedged.

Hedge accounting is applied to derivatives entered 

into in order to reduce risks such as interest rate risk, 

currency risk, commodity price risk (including Virtual 

PPAs) when all the criteria provided by IFRS 9 are met.

At the inception of the transaction, the Group docu-

ments the relationship between hedging instruments 

and hedged items, as well as its risk management ob-

jectives and strategy. The Group also documents its 

assessment, both at hedge inception and on an ongo-

ing basis, of whether hedging instruments are highly 

effective in offsetting changes in fair values or cash 

flows of hedged items.

For cash flow hedges of forecast transactions desig-

nated as hedged items, the Group assesses and doc-

uments that they are highly probable and present an 

exposure to changes in cash flows that affect profit or 

loss.

Depending on the nature of the risk exposure, the 

Group designates derivatives as either:

• fair value hedges; 

• cash flow hedges.

For more details about the nature and the extent of 

risks arising from financial instruments to which the 

Group is exposed, please see note 47 “Risk manage-

ment”.

To be effective a hedge relationship shall meet all of 

the following criteria:

• existence of an economic relationship between 

hedging instrument and hedged item;

• the effect of credit risk does not dominate the value 

changes resulting from the economic relationship;

• the hedge ratio defined at initial designation shall be 

equal to the one used for risk management purpos-

es (i.e. same quantity of the hedged item that the 

entity actually hedges and the quantity of the hedg-

ing instrument that the entity actually uses).

The existence of an economic relationship is evaluat-

ed by the Group through a qualitative assessment or a 

quantitative computation, depending on the following 

circumstances:

  


  


  


Notes to the consolidated financial statements

544

INTEGRATED ANNUAL REPORT 2024

  


• if the underlying risk of the hedging instrument and 

the hedged item is the same, the existence of an 

economic relationship will be provided through a 

qualitative analysis;

• on the other hand, if the underling risk of the hedg-

ing instrument and the hedged item is not the same, 

the existence of the economic relationship will be 

demonstrated through a quantitative method in ad-

dition to a qualitative analysis of the nature of the 

economic relationship (i.e. linear regression).

For hedging of commodity price risk, the existence of 

an economic relationship is deduced from a ranking 

matrix that defines, for each possible risk component, 

a set of all standard derivatives available in the market 

whose ranking is based on their effectiveness in hedg-

ing the considered risk.

In order to evaluate the credit risk effects, the Group 

considers the existence of risk mitigating measures 

(collateral, mutual break-up clauses, netting agree-

ments, etc.).

The Group has established a hedge ratio of 1:1 for all 

the hedge relationships (including commodity price 

risk hedging) as the underlying risk of the hedging 

derivative is identical to the hedged risk, in order to 

minimize hedging ineffectiveness.

The hedge ineffectiveness will be evaluated through:

• a qualitative assessment, if the critical terms of the 

hedged item and hedging instrument match and 

there are no other sources of ineffectiveness in-

cluded the credit risk adjustment on the hedging 

derivative;

• a quantitative computation (dollar offset), if the crit-

ical terms of the hedged item and hedging instru-

ment do not match or there is at least one source of 

ineffectiveness. This method compares changes in 

fair value of the hedging instrument and the hypo-

thetical derivative between the reporting date and 

the inception date.

The main causes of hedge ineffectiveness can be the 

following:

• basis differences (i.e. the fair value or cash flows of 

the hedged item depend on a variable that is differ-

ent from the variable that causes the fair value or 

cash flows of the hedging instrument to change);

• timing differences (i.e. the hedged item and hedging 

instrument occur or are settled at different dates);

• quantity or notional amount differences (i.e. the 

hedged item and hedging instrument are based on 

different quantities or notional amounts);

• other risks (i.e. changes in the fair value or cash 

flows of a derivative hedging instrument or hedged 

item relate to risks other than the specific risk being 

hedged);

• credit risk (i.e. the counterparty credit risk differently 

impacts the changes in the fair value of the hedging 

instruments and hedged items).

Fair value hedges 

Fair value hedges are mainly used to protect the Group 

against exposures to changes in the fair value of as-

sets, liabilities or firm commitment attributable to a 

particular risk that could affect profit or loss.

Changes in the fair value of derivatives that qualify and 

are designated as hedging instruments are recog-

nized in the income statement, together with changes 

in the fair value of the hedged item that are attributa-

ble to the hedged risk.

If the hedge no longer meets the criteria for hedge 

accounting, the adjustment to the carrying amount 

of a hedged item for which the effective interest rate 

method is used is amortized to profit or loss over the 

period to maturity.

Cash flow hedges

Cash flow hedges are applied in order to hedge the 

Group exposure to changes in future cash flows that 

are attributable to a recognized asset or liability or a 

highly probable transaction that could affect profit or 

loss.

The effective portion of changes in the fair value of 

derivatives that are designated as cash flow hedges is 

recognized in other comprehensive income.

The gain or loss relating to the ineffective portion is 

recognized immediately in the income statement.

Amounts accumulated in equity are reclassified to 

profit or loss in the periods when the hedged item af-

fects profit or loss.

If the hedged item is a non-financial asset or liability, 

the amount accumulated in equity is included in the 

carrying amount of the asset or the liability hedged (i.e. 

“basis adjustment”).

When a hedging instrument expires or is sold, or when 

a hedge no longer meets the criteria for hedge ac-

counting, any cumulative gain or loss existing in equity 

at that time remains in equity and is recognized when 

the forecast transaction is ultimately recognized in the 

income statement. When a forecast transaction is no 

longer expected to occur, the cumulative gain or loss 

is immediately transferred to the income statement.

For hedge relationships using forwards, accounting 

  


  


  


Notes to the consolidated financial statements

545

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


for the forward element (profit or loss vs OCI) is de-

fined case by case.

Conversely, for hedge relationships using cross cur-

rency interest rate swaps, the Group separates foreign 

currency basis spreads and present them in other 

comprehensive income (OCI) as hedging costs.

With specific regard to cash flow hedges of commod-

ity risk, the Enel Group applies a dynamic hedge ac-

counting approach based on specific liquidity require-

ments (the so-called liquidity-based approach).

This approach requires the use of the most liquid de-

rivatives available on the market.

The liquidity-based approach allows the roll-over of a 

derivative by replacing it with a new derivative, if and 

only if the new derivative meets specific liquidity and 

proxy effectiveness requirements.

Satisfaction of these requirements is verified quarterly.

At the roll-over date, the hedge relationship is not dis-

continued and the new derivative continues to be rec-

ognized in OCI, while changes in the fair value of the 

old derivative are recognized through profit or loss.

49.1.1 Hedge relationships by type 

of risk hedged 

Interest rate risk

The following table shows the notional amount and the 

average interest rate of instruments hedging the in-

terest rate risk on the main currencies of transactions 

outstanding at December 31, 2024 and December 31, 

2023, broken down by maturity.

| Maturity  
---|---  
Millions of euro | 2025 | 2026 | 2027 | 2028 | 2029 | Beyond | Total  
At Dec. 31, 2024 |  |  |  |  |  |  |   
Interest rate swaps |  |  |  |  |  |  |   
Total notional amount | 816 | 802 | 1,978 | 15 | 212 | 4,326 | 8,149  
Notional amount related to IRSs in euro | 550 | 590 | 1,505 | 15 | 212 | 3,546 | 6,418  
Average IRS rate in euro | 1.93  | 2.02 | 3.26 | 0.86  | 4.12 | 2.13 |   
Notional amount related to IRSs in US dollars | - | - | 473 | - | - | 416 | 889  
Average IRS rate in US dollars |  |  | 3.28 |  |  | 4.35  |   
  
| Maturity  
---|---  
Millions of euro | 2024 | 2025 | 2026 | 2027 | 2028 | Beyond | Total  
At Dec. 31, 2023 |  |  |  |  |  |  |   
Interest rate swaps |  |  |  |  |  |  |   
Total notional amount | 708 | 564 | 879 | 1,975 | 19 | 3,781 | 7,9 26  
Notional amount related to IRSs in euro | 608 | 564 | 636 | 1,532 | 19 | 3,141 | 6,500  
Average IRS rate in euro | 4.56  | 1.92  | 2.12 | 3.38  | 0.86  | 2.37 |   
Notional amount related to IRSs in US dollars | 46 | - | - | 444 | - | 210 | 700  
Average IRS rate in US dollars | 0.70 |  |  | 3.28  |  | 5.05  |   
  
  


  


  


Notes to the consolidated financial statements

546

INTEGRATED ANNUAL REPORT 2024

  


The following table shows the notional amount and the 

fair value of the hedging instruments on the interest 

rate risk of transactions outstanding as at December 

31, 2024 and December 31, 2023, broken down by 

type of hedged item.

|  |  |  | Notional  |  |  | Notional   
---|---|---|---|---|---|---|---  
Millions of euro |  | Fair value | amount | Fair value | amount  
Hedging  |  | Assets | Liabilities |  | Assets | Liabilities |   
instrument | Hedged item | at Dec. 31, 2024 | at Dec. 31, 2023  
Fair value hedges |  |  |  |  |  |  |   
Interest rate  | Floating-rate borrowings/bonds | 52 | - | 456 | 98 | - | 544  
swaps |  |  |  |  |  |  |   
Interest rate  | Fixed-rate borrowings/bonds | 2 | (16) | 687 | 3 | (44) | 1,241  
swaps |  |  |  |  |  |  |   
Cash flow hedges |  |  |  |  |  |  |   
Interest rate  | Floating-rate bonds | 5 | (45) | 940 | 12 | (49) | 1,040  
swaps |  |  |  |  |  |  |   
Interest rate  | Floating-rate loan assets | - | (8) | 141 | - | (7) | 145  
swaps |  |  |  |  |  |  |   
Interest rate  | Floating-rate borrowings | 105 | (63) | 5,925 | 163 | (35) | 4,956  
swaps |  |  |  |  |  |  |   
Total |  | 164 | (132) | 8,149 | 276 | (135) | 7, 9 2 6  
  
The following table shows the notional amount and the 

fair value of hedging derivatives on interest rate risk as 

at December 31, 2024 and December 31, 2023, bro-

ken down by type of hedge.

Millions of euro | Notional amount | Fair value assets | Notional amount | Fair value liabilities  
---|---|---|---|---  
| at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,   
Derivatives | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023  
Fair value hedges |  |  |  |  |  |  |  |   
Interest rate swaps | 468 | 556 | 54 | 101 | 675 | 1,229 | (16) | (44)  
Total | 468 | 556 | 54 | 101 | 675 | 1,229 | (16) | (44)  
Cash flow hedges |  |  |  |  |  |  |  |   
Interest rate swaps | 4,001 | 4,144 | 110 | 175 | 3,005 | 1,997 | (116) | (91)  
Total | 4,001 | 4,144 | 110 | 175 | 3,005 | 1,997 | (116) | (91)  
TOTAL INTEREST  | 4,469 | 4,700 | 164 | 276 | 3,680 | 3,226 | (132) | (135)  
RATE DERIVATIVES |  |  |  |  |  |  |  |   
  
The notional amount of derivatives classified as hedg-

ing instruments at December 31, 2024 came to €8,149 

million, with a corresponding positive fair value of €32 

million.

Compared with December 31, 2023, the notional 

amount increased by €223 million, mainly reflecting:

• the expiry of interest rate swaps amounting to €708 

million;

• early closure of interest rate swaps for an amount of 

€65 million, following early redemption of the un-

derlying; 

• new interest rate swaps amounting to €1,380 mil-

lion;

• the reduction in the notional amount of amortizing 

interest rate swaps in the amount of €370 million.

The deterioration in the fair value of €109 million 

mainly reflects developments in the yield curve dur-

ing 2024\. This is largely attributable to the progressive 

easing, especially in the second half of 2024, of the 

restrictive monetary policies that have characterized 

recent years.

  


  


  


Notes to the consolidated financial statements

547

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


Fair value hedge derivatives

The following table reports net gains and losses rec-

ognized through profit or loss in respect of fair value 

hedge derivatives and the hedged item that are attrib-

utable to interest rate risk both in 2024 and the previ-

ous year. 

| 2024 | 2023  
---|---|---  
Millions of euro | Net gain/(loss) | Net gain/(loss)  
Interest rate hedging instruments | (5) | 125  
Hedged item | 15 | (132)  
Ineffective portion | 10 | (7)  
  
The following table shows the impact of fair value 

hedges of interest rate risk in the statement of finan-

cial position at December 31, 2024 and at December 

31, 2023.

| at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
|  |  | Fair value used  |  |  | Fair value used   
|  |  | to measure  |  |  | to measure   
| Notional  | Carrying  | ineffectiveness in  | Notional  | Carrying  | ineffectiveness in   
Millions of euro | amount | amount | the year | amount | amount | the year  
Interest rate swaps  | 1,143 | 38 | 38 | 1,785 | 57 | 57  
  
The following table shows the impact of the hedged 

item of fair value hedges in the statement of finan-

cial position at December 31, 2024 and December 31, 

2023.

| at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
|  | of which:  |  |  | of which:  |   
|  | Cumulative  | Fair value used  |  | Cumulative  | Fair value used   
|  | adjustment of  | to measure  |  | adjustment of  | to measure   
| Carrying  | fair value of  | ineffectiveness  | Carrying  | fair value of  | ineffectiveness   
Millions of euro | amount | hedged item | in the year | amount | hedged item | in the year  
Fixed-rate borrowings | 661 | (14) | 14 | 1,186 | (43) | 44  
Fixed-rate bonds | 14 | 2 | (2) | 14 | 2 | (2)  
Floating-rate bonds  | 522 | (31) | (53) | 671 | 41 | (107)  
Total | 1,197 | (43) | (41) | 1,871 | - | (65)  
  
Cash flow hedge derivatives 

The following table shows the cash flows expected in coming years from cash flow hedge derivatives on interest 

rate risk.

| Fair value | Distribution of expected cash flows  
---|---|---  
| at Dec. 31,  |  |  |  |  |  |   
Millions of euro | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | Beyond  
Cash flow hedge derivatives on interest rates |  |  |  |  |  |  |   
Positive fair value | 110 | 49 | 23 | 18 | 12 | 10 | 18  
Negative fair value | (116) | (13) | (30) | (24) | (19) | (19) | (26)  
  
The following table shows the impact of cash flow hedges of interest rate risk in the statement of financial position 

at December 31, 2024 and December 31, 2023.

| at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
|  |  | Fair value used  |  |  | Fair value used   
|  |  | to measure  |  |  | to measure   
| Notional  | Carrying  | ineffectiveness  | Notional  | Carrying  | ineffectiveness   
Millions of euro | amount | amount | in the year | amount | amount | in the year  
Interest rate swaps  | 7,006 | (6) | (6) | 6,141 | 84 | 84  
  
  


  


  


Notes to the consolidated financial statements

548

INTEGRATED ANNUAL REPORT 2024

  


  


The following table shows the impact of the hedged item of cash flow hedges in the statement of financial position 

at December 31, 2024 and December 31, 2023.

| at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
|  |  |  |  | Ineffective  | Fair value of  |  |  |  | Ineffective   
| Fair value of the  | Fair value  |  |  | portion of  | the hedged  | Fair value  |  |  | portion of   
| hedged item  | through P&L of  |  |  | carrying  | item used  | through P&L of  |  |  | carrying   
| used to measure  | CFH derivatives  |  | Hedging  | amount  | to measure  | CFH derivatives  |  | Hedging  | amount   
Millions  | ineffectiveness  | designated after  | Hedging  | costs  | of CFH  | ineffectiveness  | designated after  | Hedging  | costs  | of CFH   
of euro | in the year  | initial recognition  | reserve | reserve  | derivatives | in the year | initial recognition | reserve | reserve  | derivatives  
Floating-rate  | 40 | - | (40) | - | - | 37 | - | (37) | - | -  
bonds |  |  |  |  |  |  |  |  |  |   
Floating-rate  | 8 | - | (8) | - | - | 7 | - | (7) | - | -  
loan assets  |  |  |  |  |  |  |  |  |  |   
Floating-rate  | (54) | (14) | 54 | - | 2 | (149) | (20) | 149 | - | (1)  
borrowings |  |  |  |  |  |  |  |  |  |   
Total | (6) | (14) | 6 | - | 2 | (105) | (20) | 105 | - | (1)  
  
Currency risk

The following table reports the maturity profile of 

the notional amount and associated average con-

tractual exchange rate for the instruments hedging 

currency risk on the main currencies of transactions 

outstanding at December 31, 2024 and December 

31, 2023.

| Maturity  
---|---  
Millions of euro | 2025 | 2026 | 2027 | 2028 | 2029 | Beyond | Total  
At Dec. 31, 2024 |  |  |  |  |  |  |   
Cross currency interest rate swaps |  |  |  |  |  |  |   
Total notional amount of CCIRSs | 2,699 | 1,304 | 3,215 | 2,173 | 3,097 | 13,264 | 25,752  
Notional amount for CCIRSs EUR/USD | 2, 171 | 1,207 | 2,421 | 2, 173 | 1,984 | 9,658 | 19,614  
Average exchange rate EUR/USD | 1.07 | 1.18 | 1.09 | 1.18 | 1.11 | 1.14 |   
Notional amount for CCIRSs EUR/GBP | - | - | 605 | - | 907 | 2,406 | 3,918  
Average exchange rate EUR/GBP |  |  | 0.90  |  | 0.84 | 0.81  |   
Notional amount for CCIRSs EUR/CHF | - | - | - | 139 | - | - | 139  
Average exchange rate EUR/CHF |  |  |  | 1.21 |  |  |   
Notional amount for CCIRSs USD/BRL | 246 | 97 | - | - | - | 479 | 822  
Average exchange rate USD/BRL | 5.22 | 5.30 |  |  |  | 4.27 |   
Notional amount for CCIRSs EUR/BRL | 216 | - | 50 | - | - | - | 266  
Average exchange rate EUR/BRL | 6.05 |  | 3.92 |  |  |  |   
Currency forwards |  |  |  |  |  |  |   
Total notional amount of forwards | 2,890 | 920 | 35 | - | - | - | 3,845  
Notional amount - currency forwards EUR/USD | 2,602 | 920 | 35 | - | - | - | 3,557  
Average currency forward rate - EUR/USD | 1.10 | 1.12 | 1.12 |  |  |  |   
Notional amount - currency forwards USD/COP | 200 | - | - | - | - | - | 200  
Average currency forward rate - USD/COP | 4,243.18 |  |  |  |  |  |   
Notional amount - currency forwards USD/MXN | 47 | - | - | - | - | - | 47  
Average currency forward rate - USD/MXN | 21.13 |  |  |  |  |  |   
Notional amount - currency forwards CLF/USD | 12 | - | - | - | - | - | 12  
Average currency forward rate - CLF/USD | 39.59 |  |  |  |  |  |   
Notional amount - currency forwards EUR/CNY | 11 | - | - | - | - | - | 11  
Average currency forward rate - EUR/CNY | 7.7 0 |  |  |  |  |  |   
  
  


  


  


  


Notes to the consolidated financial statements

549

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


| Maturity  
---|---  
Millions of euro | 2024 | 2025 | 2026 | 2027 | 2028 | Beyond | Total  
At Dec. 31, 2023 |  |  |  |  |  |  |   
Cross currency interest rate swaps |  |  |  |  |  |  |   
Total notional amount of CCIRSs | 4,562 | 2,577 | 1,222 | 2,337 | 2,037 | 13,386 | 26,121  
Notional amount for CCIRSs EUR/USD | 2,213 | 2,036 | 1,132 | 1,560 | 2,037 | 9,102 | 18,080  
Average exchange rate EUR/USD | 1.13 | 1.07 | 1.07 | 1.10 | 1.18 | 1.15 |   
Notional amount for CCIRSs EUR/GBP | 981 | - | - | 577 | - | 3,856 | 5,414  
Average exchange rate EUR/GBP | 0.88  |  |  | 0.90  |  | 0.82  |   
Notional amount for CCIRSs EUR/CHF | 242 | - | - | 140 | - | - | 382  
Average exchange rate EUR/CHF | 1.07 |  |  | 1.21 |  |  |   
Notional amount for CCIRSs USD/BRL | 279 | 231 | 91 | - | - | 387 | 988  
Average exchange rate USD/BRL | 5.50 | 5.22 | 5.30 |  |  | 4.13 |   
Notional amount for CCIRSs EUR/BRL | 445 | 231 | - | 60 | - | - | 736  
Average exchange rate EUR/BRL | 6.25 | 6.05 |  | 3.92 |  |  |   
Currency forwards |  |  |  |  |  |  |   
Total notional amount of forwards | 4,616 | 1,186 | 507 | - | - | - | 6,309  
Notional amount - currency forwards EUR/USD | 3,144 | 1,042 | 507 | - | - | - | 4,693  
Average currency forward rate - EUR/USD | 1.10 | 1.11 | 1.13 |  |  |  |   
Notional amount - currency forwards USD/BRL | 938 | 141 | - | - | - | - | 1,079  
Average currency forward rate - USD/BRL | 873.05 | 885.2239 |  |  |  |  |   
Notional amount - currency forwards EUR/CNH | 175 | - | - | - | - | - | 175  
Average currency forward rate - EUR/CNH | 7.81 |  |  |  |  |  |   
Notional amount - currency forwards USD/CLP | 130 | - | - | - | - | - | 130  
Average currency forward rate - USD/CLP | 4.95 |  |  |  |  |  |   
Notional amount - currency forwards USD/COP | 122 | 2 | - | - | - | - | 124  
Average currency forward rate - USD/COP | 4,498.97 | 4,597.37 |  |  |  |  |   
  
The following table shows the notional amount and the 

fair value of the hedging instruments on the currency 

risk of transactions outstanding as at December 31, 

2024 and December 31, 2023 broken down by type of 

hedged item.

|  |  |  | Notional  |  |  | Notional   
---|---|---|---|---|---|---|---  
Millions of euro |  | Fair value | amount | Fair value | amount  
Hedging instrument | Hedged item | Assets | Liabilities |  | Assets | Liabilities |   
|  | at Dec. 31, 2024 | at Dec. 31, 2023  
Fair value hedges |  |  |  |  |  |  |   
Cross currency interest rate  | Fixed-rate borrowings/bonds in  | 67 | (12) | 1,141 | 12 | (78) | 1,019  
swaps (CCIRSs) | foreign currencies |  |  |  |  |  |   
Cross currency interest rate  | Floating-rate borrowings in foreign  | - | - | - | - | - | -  
swaps (CCIRSs) | currencies |  |  |  |  |  |   
Cash flow hedges |  |  |  |  |  |  |   
Cross currency interest rate  | Floating-rate borrowings/financial  | 115 | (4) | 612 | 67 | (36) | 754  
swaps (CCIRSs) | assets in foreign currencies |  |  |  |  |  |   
Cross currency interest rate  | Fixed-rate borrowings/financial  | 39 | (70) | 1,455 | 5 | (220) | 2,104  
swaps (CCIRSs) | assets in foreign currencies |  |  |  |  |  |   
Cross currency interest rate  | Floating-rate bonds in foreign  | 8 | (2) | 202 | 56 | - | 250  
swaps (CCIRSs) | currencies |  |  |  |  |  |   
Cross currency interest rate  | Fixed-rate bonds in foreign  | 1,223 | (1,625) | 22,310 | 965 | (1,724) | 21,763  
swaps (CCIRSs) | currencies |  |  |  |  |  |   
Cross currency interest rate  | Future cash flows denominated in  | - | (7) | 32 | - | (43) | 231  
swaps (CCIRSs) | foreign currencies |  |  |  |  |  |   
Currency forwards | Future cash flows denominated in  | 1 | - | 39 | 2 | (1) | 117  
| foreign currencies |  |  |  |  |  |   
Currency forwards | Future commodity purchases  | 181 | (3) | 3,527 | 54 | (126) | 5,666  
| denominated in foreign currencies |  |  |  |  |  |   
Currency forwards | Purchases of investment goods and  | 10 | (1) | 279 | 3 | (12) | 526  
| other in foreign currencies |  |  |  |  |  |   
Total |  | 1,644 | (1,724) | 29,597 | 1,164 | (2,240) | 32,430  
  
  


  


  


  


Notes to the consolidated financial statements

550

INTEGRATED ANNUAL REPORT 2024

  


  


  


Cash flow hedges and fair value hedges include:

• CCIRSs with a notional amount of €24,906 million

used to hedge the currency risk on fixed-rate debt 

denominated in currencies other than the euro with 

a negative fair value of €378 million;

• CCIRSs with a notional amount of €846 million used 

to hedge the currency risk on floating-rate debt de-

nominated in currencies other than the euro, with a 

positive fair value of €110 million;

• currency forwards with a notional amount of €3,566 

million used to hedge the currency risk associated 

with purchases of energy and metal commodities 

and expected cash flows in currencies other than the 

euro, with a total positive fair value of €179 million;

• currency forwards with a notional amount of €279 

million and a positive fair value of €9 million, in re-

spect of OTC transactions to mitigate the currency 

risk on expected cash flows in currencies other than 

the presentation currency connected with the pur-

chase of investment goods in the energy generation 

sector, on operating costs for the supply of cloud 

services and on revenue from the sale of renewable 

energy.

The following table reports the notional amount and 

fair value of foreign exchange derivatives at Decem-

ber 31, 2024 and December 31, 2023, broken down by 

type of hedge. 

Millions of euro | Notional amount | Fair value assets | Notional amount | Fair value liabilities  
---|---|---|---|---  
| at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,   
Derivatives | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023  
Fair value hedges |  |  |  |  |  |  |  |   
CCIRSs | 536 | 90 | 67 | 12 | 605 | 929 | (12) | (78)  
Total | 536 | 90 | 67 | 12 | 605 | 929 | (12) | (78)  
Cash flow hedges |  |  |  |  |  |  |  |   
Currency forwards | 3,609 | 1,979 | 192 | 59 | 236 | 4,330 | (4) | (140)  
CCIRSs | 14,265 | 13,474 | 1,385 | 1,093 | 10,346 | 11,628 | (1,708) | (2,022)  
Total | 17,874 | 15,453 | 1,577 | 1,152 | 10,582 | 15,958 | (1,712) | (2,162)  
TOTAL EXCHANGE  | 18,410 | 15,543 | 1,644 | 1,164 | 11,187 | 16,887 | (1,724) | (2,240)  
RATE DERIVATIVES |  |  |  |  |  |  |  |   
  
  


The notional amount of CCIRSs at December 31, 2024

amounted to €25,752 million, a decrease of €369 million 

from €26,121 million at December 31, 2023. In particular:

• CCIRSs with a total amount of €3,707 million expired;

• new derivatives amounted to €2,188 million;

• the notional amount increased by €1,150 million, re-

flecting developments in the exchange rate of the 

euro against the main other currencies, slightly off-

set by the effect of amortization.

The notional amount of currency forwards at De-

cember 31, 2024 amounted to €3,845 million 

(€6,309 million at December 31, 2023), a decrease 

of €2,464 million. The exposure to currency risk, es-

pecially that associated with the US dollar, is mainly 

due to purchases of energy and metal commodities 

and cash flows in respect of investments.

The considerable decrease in the notional amounts

of these derivatives in 2024 is mainly due to the de-

crease in currency hedges on the purchase of fos-

sil fuel. The improvement of net fair value of €268 

million reflected positive developments in exchange

rates, in particular the euro/US dollar rate.

  


  


Fair value hedge derivatives

The following table reports net gains and losses rec-

ognized through profit or loss, reflecting changes in 

the fair value of fair value hedge derivatives and the 

hedged item that are attributable to currency risk for 

2024 and the previous year.

  


  


  


Notes to the consolidated financial statements

551

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


| 2024 | 2023  
---|---|---  
Millions of euro | Net gain/(loss) | Net gain/(loss)  
Interest rate hedging instruments | 129 | 20  
Hedged item | (135) | (12)  
Ineffective portion | (6) | 8  
  
The following table shows the impact of fair value 

hedges of currency risk in the statement of financial 

position at December 31, 2024 and December 31, 

2023.

| at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
|  |  | Fair value used  |  |  | Fair value used   
|  |  | to measure  |  |  | to measure   
| Notional  | Carrying  | ineffectiveness  | Notional  | Carrying  | ineffectiveness   
Millions of euro | amount | amount | in the year | amount | amount | in the year  
Cross currency interest rate  | 1,141 | 55 | 53 | 1,019 | (66) | (68)  
swaps (CCIRSs) |  |  |  |  |  |   
  
The following table shows the impact of the hedged 

item of fair value hedges in the statement of finan-

cial position at December 31, 2024 and December 31, 

2023.

| at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
|  | of which:  |  |  | of which:  |   
|  | Cumulative  | Fair value used  |  | Cumulative  | Fair value used   
|  | adjustment of  | to measure  |  | adjustment of  | to measure   
| Carrying  | fair value of  | ineffectiveness  | Carrying  | fair value of  | ineffectiveness   
Millions of euro | amount | hedged item | in the year | amount | hedged item | in the year  
Fixed-rate bonds in  | 534 | (71) | 14 | 500 | (77) | 48  
foreign currencies |  |  |  |  |  |   
Fixed-rate borrowings  | 515 | (22) | (72) | 434 | (7) | 24  
in foreign currencies |  |  |  |  |  |   
Total | 1,049 | (93) | (58) | 934 | (84) | 72  
  
Cash flow hedge derivatives

The following table shows the cash flows expected in coming years from cash flow hedge derivatives on currency risk.

| Fair value | Distribution of expected cash flows  
---|---|---  
Millions of euro | at Dec. 31, 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | Beyond  
Cash flow hedge derivatives on exchange rates |  |  |  |  |  |  |   
Positive fair value | 1,577 | 484 | 421 | 320 | 427 | 249 | 1,921  
Negative fair value | (1,712) | (76) | 24 | 16 | 39 | 53 | 308  
  
  


  


  


Notes to the consolidated financial statements

552

INTEGRATED ANNUAL REPORT 2024

  


The following table shows the impact of cash flow 

hedges of currency risk in the statement of financial 

position at December 31, 2024 and December 31, 

2023.

| at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
|  |  | Fair value used  |  |  | Fair value used   
|  |  | to measure  |  |  | to measure   
| Notional  | Carrying  | ineffectiveness  | Notional  | Carrying  | ineffectiveness   
Millions of euro | amount | amount | in the year | amount | amount | in the year  
Cross currency interest  | 24,611 | (323) | (586) | 25,102 | (930) | (919)  
rate swaps (CCIRSs) |  |  |  |  |  |   
Currency forwards | 3,845 | 188 | 194 | 6,309 | (80) | (73)  
Total | 28,456 | (135) | (392) | 31,411 | (1,010) | (992)  
  
The following table shows the impact of the hedged 

item of cash flow hedges in the statement of finan-

cial position at December 31, 2024 and December 31, 

2023.

| at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
| Fair value of  |  |  | Ineffective  |  | Fair value of  |  |  | Ineffective  |   
| the hedged  |  |  | portion of  |  | the hedged  |  |  | portion of  |   
| item used  |  |  | carrying  |  | item used  |  |  | carrying  |   
| to measure  |  | Hedging  | amount  |  | to measure  |  | Hedging  | amount  |   
| ineffectiveness  | Hedging  | costs  | of CFH  | Other  | ineffectiveness  | Hedging  | costs  | of CFH  | Other   
Millions of euro | in the year | reserve | reserve  | derivatives | effects(1) | in the year | reserve | reserve  | derivatives | effects(1)  
Floating-rate borrowings  | (112) | 112 | - | (1) | - | (31) | 31 | - | - | -  
in foreign currencies |  |  |  |  |  |  |  |  |  |   
Fixed-rate borrowings  | 31 | (31) | (1) | 1 | - | 219 | (219) | 4 | - | -  
in foreign currencies |  |  |  |  |  |  |  |  |  |   
Floating-rate bonds  | (6) | 6 | - | - | - | (56) | 56 | - | - | -  
in foreign currencies |  |  |  |  |  |  |  |  |  |   
Fixed-rate bonds  | 797 | (797) | 264 | 2 | 128 | 861 | (861) | (15) | - | 118  
in foreign currencies |  |  |  |  |  |  |  |  |  |   
Future cash flows  | 7 | (7) | - | - | - | 43 | (43) | - | - | -  
denominated in foreign  |  |  |  |  |  |  |  |  |  |   
currencies (hedged  |  |  |  |  |  |  |  |  |  |   
with CCIRSs) |  |  |  |  |  |  |  |  |  |   
Future cash flows  | (1) | 1 | - | - | - | (1) | 1 | - | - | -  
denominated in foreign  |  |  |  |  |  |  |  |  |  |   
currencies (hedged  |  |  |  |  |  |  |  |  |  |   
with forwards) |  |  |  |  |  |  |  |  |  |   
Future commodity  | (179) | 179 | - | - | - | 72 | (72) | (1) | - | -  
purchases denominated  |  |  |  |  |  |  |  |  |  |   
in foreign currencies |  |  |  |  |  |  |  |  |  |   
Purchases of investment  | (14) | 14 | (5) | - | - | 3 | (3) | (6) | - | -  
goods and other in  |  |  |  |  |  |  |  |  |  |   
foreign currencies |  |  |  |  |  |  |  |  |  |   
Total | 523 | (523) | 258 | 2 | 128 | 1,110 | (1,110) | (18) | - | 118  
  
(1)  Impact connected with the change in spot exchange rates between the date the CCIRSs to hedge bonds in foreign currencies were obtained 

and the actual disbursement of the loan.

  


  


  


Notes to the consolidated financial statements

553

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


Commodity price risk

| Maturity  
---|---  
Millions of euro | 2025 | 2026 | 2027 | 2028 | 2029 | Beyond | Total  
At Dec. 31, 2024 |  |  |  |  |  |  |   
Commodity swaps |  |  |  |  |  |  |   
Notional amount on power | 285 | 207 | 201 | 150 | 148 | 600 | 1,591  
Average commodity swap price on power (€/MWh) | 62.7 | 55.5 | 53.6 | 33.5 | 33.2 | 32.8 |   
Notional amount on gas | 1,718 | 453 | 25 | 22 | 21 | 28 | 2,267  
Average commodity swap price on gas (€/MWh) | 35.1 | 39.5 | 4.3 | 4.1 | 3.9 | 3.4 |   
Notional amount on oil | 555 | 12 | - | - | - | - | 567  
Average commodity swap price on oil ($/bbl) | 37.6 | 28.2 | 26.8 | - | - | - |   
Commodity forwards/futures |  |  |  |  |  |  |   
Notional amount on power | 2,607 | 431 | 283 | 169 | 162 | 490 | 4,142  
Average commodity forward/future price on power (€/MWh) | 79.1 | 23.9 | 17.8 | 16.2 | 15.6 | 16.5 |   
Notional amount on gas | 2,538 | 992 | 1 | - | - | - | 3,531  
Average commodity forward/future price on gas (€/MWh) | 36.9 | 31.0 | 27.4 | - | - | - |   
Notional amount on CO2 | 495 | 47 | - | - | - | - | 542  
Average commodity forward/future price on CO2 (€/ton) | 82.5 | 69.3 | - | - | - | - |   
Notional amount on oil | 357 | - | - | - | - | - | 357  
Average commodity forward/future price on oil ($/bbl) | 71.0 | - | - | - | - | - |   
Commodity options |  |  |  |  |  |  |   
Notional amount on power | 6 | 6 | - | - | - | 35 | 47  
Average commodity options price on power (€/MWh) | 3.7 | 3.7 | - | - | - | 13.4 |   
  
| Maturity  
---|---  
Millions of euro | 2024 | 2025 | 2026 | 2027 | 2028 | Beyond | Total  
At Dec. 31, 2023 |  |  |  |  |  |  |   
Commodity swaps |  |  |  |  |  |  |   
Notional amount on power | 128 | 106 | 100 | 284 | 91 | 286 | 995  
Average commodity swap price on power (€/MWh) | 87.0 | 44.0 | 37.0 | 59.6 | 32.0 | 34.0 |   
Notional amount on gas | 1,551 | 1 ,747 | 296 | - | - | 125 | 3,719  
Average commodity swap price on gas (€/MWh) | 41.8 | 40.4 | 27. 0 | - | - | 7. 0 |   
Notional amount on oil | 1,016 | 106 | 10 | - | - | - | 1,132  
Average commodity swap price on oil ($/bbl) | 86.0 | 78.0 | 69.0 | - | - | - |   
Commodity forwards/futures |  |  |  |  |  |  |   
Notional amount on power | 2,506 | 388 | 297 | 258 | 151 | 606 | 4,206  
Average commodity forward/future price on power (€/MWh) | 114.9 | 18.0 | 18.0 | 16.0 | 18.0 | 16.0 |   
Notional amount on coal/shipping | 38 | - | - | - | - | - | 38  
Average commodity forward/future price on coal/shipping  | 175.0 | - | - | - | - | - |   
($/ton) |  |  |  |  |  |  |   
Notional amount on gas | 4,432 | 377 | 626 | - | - | - | 5,435  
Average commodity forward/future price on gas (€/MWh) | 71.4 | 48.9 | 32.0 | - | - | - |   
Notional amount on CO2 | 662 | 336 | 21 | - | - | - | 1,019  
Average commodity forward/future price on CO2 (€/ton) | 91.9 | 93.0 | 84.0 | - | - | - |   
Notional amount on oil | 354 | - | - | - | - | - | 354  
Average commodity forward/future price on oil ($/bbl) | 74.6 | - | - | - | - | - |   
Commodity options |  |  |  |  |  |  |   
Notional amount on power | 24 | 39 | 44 | 39 | 39 | 342 | 527  
Average commodity options price on power (€/MWh) | 27.5 | 30.0 | 30.5 | 34.0 | 34.0 | 34.0 |   
  
  


  


  


Notes to the consolidated financial statements

554

INTEGRATED ANNUAL REPORT 2024

  


The following table reports the notional amount and 

fair value of instruments hedging commodity price 

risk on transactions outstanding at December 31, 

2024 and December 31, 2023 broken down by type of 

commodity and contract.

| Notional amount | Fair value assets | Notional amount | Fair value liabilities  
---|---|---|---|---  
| at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,   
Millions of euro | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023  
Derivatives |  |  |  |  |  |  |  |   
Cash flow hedges |  |  |  |  |  |  |  |   
Derivatives on power: |  |  |  |  |  |  |  |   
\- swaps | 477 | 684 | 210 | 357 | 1,114 | 311 | (166) | (233)  
\- forwards/futures | 1,399 | 1,636 | 62 | 162 | 2 ,743 | 2,570 | (748) | (763)  
\- options | 47 | 527 | 25 | 93 | - | - | (5) | (62)  
Total derivatives  | 1,923 | 2,847 | 297 | 612 | 3,857 | 2,881 | (919) | (1,058)  
on power |  |  |  |  |  |  |  |   
Derivatives  |  |  |  |  |  |  |  |   
on coal/shipping: |  |  |  |  |  |  |  |   
\- forwards/futures | - | - | - | - | - | 38 | - | (17)  
Total derivatives on  | - | - | - | - | - | 38 | - | (17)  
coal/shipping |  |  |  |  |  |  |  |   
Derivatives  |  |  |  |  |  |  |  |   
on gas and oil: |  |  |  |  |  |  |  |   
\- swaps | 512 | 2,785 | 53 | 623 | 2,322 | 2,066 | (421) | (468)  
\- forwards/futures | 2,395 | 3,382 | 361 | 1,375 | 1,493 | 2,407 | (299) | (1,198)  
Total derivatives  | 2,907 | 6,167 | 414 | 1,998 | 3,815 | 4,473 | (720) | (1,666)  
on gas and oil |  |  |  |  |  |  |  |   
Derivatives on CO2: |  |  |  |  |  |  |  |   
\- forwards/futures | 420 | 640 | 77 | 91 | 122 | 379 | (23) | (29)  
Total derivatives  | 420 | 640 | 77 | 91 | 122 | 379 | (23) | (29)  
on CO2 |  |  |  |  |  |  |  |   
TOTAL COMMODITY  | 5,250 | 9,654 | 788 | 2,701 | 7,79 4 | 7,771 | (1,662) | (2,770)  
DERIVATIVES |  |  |  |  |  |  |  |   
  
Hedges mainly cover the price risk of power and gas. 

The power category mainly includes long-term hedg-

ing transactions, especially in Spain and North Amer-

ica. The gas category primarily includes hedges of 

fluctuations in the price of natural gas, for both pur-

chases and sales, carried out for oil commodities and 

gas products.

To a smaller extent, the CO

2

category mainly includes 

hedging transactions undertaken for Enel Group com-

pliance purposes.

Cash flow hedge derivatives 

The following table shows the cash flows expected 

in coming years from cash flow hedge derivatives on 

commodity price risk.

| Fair value | Distribution of expected cash flows  
---|---|---  
Millions of euro | at Dec. 31, 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | Beyond  
Cash flow hedge derivatives on commodities |  |  |  |  |  |  |   
Positive fair value | 788 | 505 | 82 | 42 | 36 | 37 | 86  
Negative fair value | (1,662) | (764) | (337) | (211) | (114) | (89) | (147)  
  
  


  


  


Notes to the consolidated financial statements

555

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


The following table shows the impact of cash flow hedges of commodity price risk in the statement of financial 

position at December 31, 2024 and December 31, 2023.

| at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
|  |  | Fair value used  |  |  | Fair value used   
|  |  | to measure  |  |  | to measure   
| Notional  | Carrying  | ineffectiveness  | Notional  | Carrying  | ineffectiveness   
Millions of euro | amount | amount |  in the year | amount | amount | in the year  
Power swaps | 1,591 | 44 | 42 | 995 | 124 | 126  
Gas and oil swaps | 2,834 | (368) | (368) | 4,850 | 155 | 155  
Power forwards/futures  | 4,142 | (686) | (724) | 4,206 | (602) | (638)  
Coal/shipping forwards/futures  | - | - | - | 38 | (17) | (17)  
Gas and oil forwards/futures  | 3,888 | 62 | 74 | 5,789 | 178 | 92  
CO2 forwards/futures  | 542 | 54 | 54 | 1,019 | 62 | 62  
Power options | 47 | 20 | 20 | 528 | 31 | 31  
Total | 13,044 | (874) | (902) | 17,425 | (69) | (189)  
  
The following table shows the impact of the hedged 

item of cash flow hedges in the statement of finan-

cial position at December 31, 2024 and December 31, 

2023.

| at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
| Fair value of  |  |  | Ineffective  | Fair value of  |  |  | Ineffective   
| the hedged  |  |  | portion of  | the hedged  |  |  | portion of   
| item used  |  |  | carrying  | item used  |  |  | carrying   
| to measure  |  | Hedging  | amount  | to measure  |  | Hedging  | amount   
| ineffectiveness  | Hedging  | costs  | of CFH  | ineffectiveness  | Hedging  | costs  | of CFH   
Millions of euro | in the year | reserve | reserve  | derivatives | in the year | reserve | reserve  | derivatives  
Future transactions  | 689 | (689) | 17 | 50 | 491 | (491) | 12 | (59)  
in power |  |  |  |  |  |  |  |   
Future transactions  | - | - | - | - | 17 | (17) | - | -  
in coal/shipping |  |  |  |  |  |  |  |   
Future transactions  | 317 | (317) | - | (17) | (422) | 422 | - | (118)  
in gas and oil |  |  |  |  |  |  |  |   
Future transactions  | (54) | 54 | - | - | (62) | 62 | - | -  
in CO2 |  |  |  |  |  |  |  |   
Total | 952 | (952) | 17 | 33 | 24 | (24) | 12 | (177)  
  
  


Cash flow hedges mainly cover future sales of

power and purchase and sale of gas. The power

category mainly includes long-term hedging trans-

actions on the generation of plants in Spain and

North America. The gas category includes short/

medium-term hedging transactions mainly in Italy 

and Spain. Due to their time horizon, power trans-

actions were less affected by price volatility than

those in gas.

The ineffectiveness recognized in 2024 on future 

transactions in gas is mainly related to proxy hedging 

operations in Spain, while ineffectiveness on future 

transactions in power is mainly related to proxy hedg-

ing operations in North America.

  


  


49.2 Derivatives at fair value through 

profit or loss

The following table shows the notional amount and the 

fair value of derivatives at FVTPL as at December 31, 

2024 and December 31, 2023.

  


  


Notes to the consolidated financial statements

556

INTEGRATED ANNUAL REPORT 2024

| Notional amount | Fair value assets | Notional amount | Fair value liabilities  
---|---|---|---|---  
| at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,  | at Dec. 31,   
Millions of euro | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023  
Derivatives at FVTPL |  |  |  |  |  |  |  |   
on interest rates: |  |  |  |  |  |  |  |   
\- interest rate swaps | 10 | - | - | - | 100 | 100 | (29) | (29)  
on exchange rates: |  |  |  |  |  |  |  |   
\- currency forwards | 713 | 1,818 | 23 | 25 | 1,315 | 1 ,874 | (36) | (29)  
on commodities |  |  |  |  |  |  |  |   
Derivatives on power: |  |  |  |  |  |  |  |   
\- swaps | 159 | 24 3 | 4 | 24 | 36 | 68 | (2) | (16)  
\- forwards/futures | 6,904 | 5,294 | 679 | 905 | 5,888 | 5,039 | (591) | (906)  
\- options | 4 | 46 | 2 | 4 | 84 | 80 | (51) | (171)  
Total derivatives on power | 7,0 67 | 5,583 | 685 | 933 | 6,008 | 5,187 | (644) | (1,093)  
Derivatives on coal: |  |  |  |  |  |  |  |   
\- forwards/futures | 168 | 156 | 13 | 23 | 158 | 112 | (12) | (43)  
Total derivatives on coal | 168 | 156 | 13 | 23 | 158 | 112 | (12) | (43)  
Derivatives on gas and oil: |  |  |  |  |  |  |  |   
\- swaps | 746 | 969 | 66 | 295 | 651 | 529 | (86) | (167)  
\- forwards/futures | 11,395 | 10,687 | 1,828 | 2,970 | 13,604 | 10,856 | (1,827) | (2,963)  
\- options | 376 | 448 | 172 | 344 | 768 | 278 | (271) | (232)  
Total derivatives on gas and oil | 12,517 | 12,104 | 2,066 | 3,609 | 15,023 | 11,663 | (2,184) | (3,362)  
Derivatives on CO2: |  |  |  |  |  |  |  |   
\- forwards/futures | 1,066 | 498 | 113 | 41 | 788 | 426 | (60) | (42)  
\- options | 164 | 12 | 14 | 14 | 20 | 11 | (13) | (14)  
Total derivatives on CO2 | 1,230 | 510 | 127 | 55 | 808 | 437 | (73) | (56)  
Derivatives on other: |  |  |  |  |  |  |  |   
\- swaps | 1 | - | - | - | 6 | 39 | - | (6)  
\- forwards/futures | 35 | 16 | 3 | 4 | 30 | 171 | (3) | (71)  
\- options | 1 | - | - | - | - | 5 | - | -  
Total derivatives on other | 37 | 16 | 3 | 4 | 36 | 215 | (3) | (77)  
Total derivatives on  | 21,019 | 18,369 | 2,894 | 4,624 | 22,033 | 17,614 | (2,916) | (4,631)  
commodity prices |  |  |  |  |  |  |  |   
Derivatives on other: |  |  |  |  |  |  |  |   
\- options | 137 | - | 2 | - | - | - | - | -  
TOTAL | 21,879 | 20,187 | 2,919 | 4,649 | 23,448 | 19,588 | (2,981) | (4,689)  
  
At December 31, 2024 the notional amount of trading 

derivatives on interest rates came to €110 million. The 

negative fair value of €29 million was unchanged from 

2023. The interest rate curve, in the section coincid-

ing with the expiry of the interest rate swap, did not 

change significantly, despite a downward trend com-

pared to 2023.

At December 31, 2024 the notional amount of deriva-

tives on exchange rates was €2,028 million, an overall 

decrease of €1,664 million compared with 2023, in 

particular for the purchase of energy commodities. 

The deterioration of net fair value of €9 million reflects 

normal exchange rate fluctuations.

At December 31, 2024 the notional amount of deriva-

tives on commodities came to €43,052 million. These 

amounts include transactions managed within the 

trading portfolios and transactions that, although es-

tablished for hedging purposes, did not meet the re-

quirements for hedge accounting.

The net fair value is a negative €22 million, substan-

tially in line with the previous year, despite a significant 

reabsorption in the fair value amounts of derivative as-

  


  


Notes to the consolidated financial statements

557

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

sets and liabilities. The change is mainly attributable to 

the price effect. Despite the macroeconomic context 

remaining particularly difficult and uncertain, prices 

did not reach the critical levels of previous years and 

volatility was more contained. 

Derivatives on other commodities mainly refer to 

hedges on guarantees of origin, i.e. incentive mecha-

nisms for renewable generation. Compared with 2023, 

it does not include hedges on meteorological events 

(weather derivatives).

Derivatives on other include the fair value of the put/

call option mechanism on the residual 10% stake in 

Duereti, exercisable one year after the closing date of 

the sale of 90% of the share capital in Duereti to A2A.

  


  


Fair value measurement

50. Assets and liabilities measured 

at fair value

The Group determines fair value in accordance with

IFRS 13 whenever such measurement is required by 

the IFRS as a recognition or measurement criterion.

Fair value is defined as the price that would be re-

ceived 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 of fair value is market price, i.e. the 

current publicly available price actually used on a liq-

uid and active market.

The fair value of assets and liabilities is classified in

accordance with the three-level hierarchy described

below, depending on the inputs and valuation tech-

niques used in determining their fair value:

• Level 1, where the fair value is determined on the ba-

sis 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 the 

basis of inputs other than quoted prices included 

within Level 1 that are observable for the asset or 

liability, either directly (such as prices) or indirectly 

(derived from prices); 

• Level 3, where the fair value is determined on the 

basis of unobservable inputs.

This note also provides detailed disclosures concern-

ing the valuation techniques and inputs used to per-

form these measurements.

To that end:

• recurring fair value measurements of assets or lia-

bilities are those required or permitted by the IFRS 

in the statement of financial position at the close of 

each period;

• non-recurring fair value measurements are those 

required or permitted by the IFRS in the statement 

of financial position in particular circumstances.

For general information or specific disclosures on the 

accounting treatment of these circumstances, please 

see note 2 “Accounting policies”.

50.1 Assets measured at fair value in the statement of financial position

The following table shows, for each class of assets 

measured at fair value on a recurring or non-recurring 

basis in the statement of financial position, the fair 

value measurement at the end of the reporting period 

and the level in the fair value hierarchy into which the 

fair value measurements of those assets are classified.

  


  


  


Notes to the consolidated financial statements

558

INTEGRATED ANNUAL REPORT 2024

  


  


  


|  |  | Non-current assets |  | Current assets  
---|---|---|---|---|---  
|  | Fair value | Level 1  | Level 2 | Level 3 | Fair value | Level 1  | Level 2 | Level 3  
|  | at Dec. 31,  |  |  |  | at Dec. 31,  |  |  |   
Millions of euro | Notes | 2024 |  |  |  | 2024 |  |  |   
Equity investments in other  | 27 | 587 | 3 | 53 | 531 | - | - | - | -  
companies at FVOCI |  |  |  |  |  |  |  |  |   
Securities at FVOCI | 27.1, 28.1 | 572 | 572 | - | - | 138 | 138 | - | -  
Securities and financial  | 27. 1 | 3 | 3 | - | - | - | - | - | -  
investments in funds or  |  |  |  |  |  |  |  |  |   
asset management at  |  |  |  |  |  |  |  |  |   
FVTPL |  |  |  |  |  |  |  |  |   
Equity investments in other  | 27 | 8 | - | - | 8 | - | - | - | -  
companies at FVTPL |  |  |  |  |  |  |  |  |   
Financial assets from  | 27 | 3,930 | - | 3,930 | - | - | - | - | -  
service concession  |  |  |  |  |  |  |  |  |   
arrangements at FVTPL |  |  |  |  |  |  |  |  |   
Financial assets from JDA  |  | 95 | - | - | 95 | - | - | - | -  
at FVTPL |  |  |  |  |  |  |  |  |   
Loan assets and other  |  | - | - | - | - | 171 | 171 | - | -  
financial assets at FVTPL |  |  |  |  |  |  |  |  |   
Non-monetary grants in  |  | - | - | - | - | 9 | - | 2 | 7  
respect of environmental  |  |  |  |  |  |  |  |  |   
certificates |  |  |  |  |  |  |  |  |   
Inventories measured at  | 49 | 48 | 48 | - | - | 77 | 77 | - | -  
fair value |  |  |  |  |  |  |  |  |   
Contingent consideration |  | 5 | - | - | 5 | - | - | - | -  
Fair value hedge  |  |  |  |  |  |  |  |  |   
derivatives: |  |  |  |  |  |  |  |  |   
\- on interest rates | 49 | 54 | - | 54 | - | - | - | - | -  
\- on exchange rates | 49 | 49 | - | 49 | - | 18 | - | 18 | -  
Cash flow hedge  |  |  |  |  |  |  |  |  |   
derivatives: |  |  |  |  |  |  |  |  |   
\- on interest rates | 49 | 107 | - | 107 | - | 3 | - | 3 | -  
\- on exchange rates | 49 | 1,331 | - | 1,331 | - | 246 | - | 246 | -  
\- on commodities | 49 | 336 | 33 | 91 | 212 | 452 | 376 | 76 | -  
Trading derivatives: |  |  |  |  |  |  |  |  |   
\- on interest rates | 49 | - | - | - | - | - | - | - | -  
\- on exchange rates | 49 | - | - | - | - | - | - | - | -  
\- on commodities | 49 | 124 | 36 | 87 | - | 2,770 | 2,099 | 671 | -  
\- other |  | 2 | - | - | 2 | - | - | - | -  
  
  


The fair value of “equity investments in other compa-

nies at FVOCI” is determined for listed companies on 

the basis of the quoted price at the close of the year, 

while that for unlisted companies is based on a reliable 

valuation of the relevant assets and liabilities.

“Financial assets from service concession arrange-

ments at FVTPL” concern electricity distribution oper-

ations in Brazil, by Enel Distribuição Rio de Janeiro, Enel 

Distribuição Ceará and Enel Distribuição São Paulo. In 

particular, they refer to the value of the assets at the 

end of the concession measured at fair value.

Fair value was estimated as the net replacement cost

based on the most recent rate information availa-

ble and on the general price index for the Brazilian

market. For more information on these concessions, 

accounted for in accordance with IFRIC 12, see note 

18 “Service concession arrangements”.

  


  


The current portion of “loan assets and other financial 

assets at FVTPL” includes mainly under Level 1 finan-

cial deposits held by Latin American companies.

The fair value of derivative contracts is determined us-

ing the official prices for instruments traded on regu-

lated markets. The fair value of instruments not listed 

  


  


  


Notes to the consolidated financial statements

559

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


on a regulated market is determined using valuation 

methods appropriate for each type of financial instru-

ment and market data as of the end of the reporting 

period (such as interest rates, exchange rates, volatili-

ty), discounting expected future cash flows on the ba-

sis of the market yield curve and translating amounts 

in currencies other than the euro using exchange 

rates provided by the World Markets Refinitiv (WMR) 

Company.

Derivatives on interest rates and exchange rates are all 

measured using Level 2 inputs.

The fair value of derivatives on commodities is almost

always measured using Level 1 or Level 2 inputs, as 

the determination is based on market inputs as these 

contracts are entered into with exchange counter-

parties, leading sector operators or financial institu-

tions.

Certain long-term financial contracts in Spain Virtual 

Power Purchase Agreements or VPPAs, for which in-

ternal measurement models were also used in part in 

order to measure these instruments over longer time 

horizons, given the illiquidity of the underlying varia-

bles) fall within Level 3.

In accordance with the IFRS, the Group assesses 

credit risk, both of the counterparty (Credit Valuation 

Adjustment or CVA) and its own (Debit Valuation Ad-

justment or DVA), in order to adjust the fair value of 

financial instruments for the corresponding amount of 

counterparty risk where necessary. More specifically, 

the Group measures CVA/DVA using a Potential Future 

Exposure valuation technique for the net exposure of 

the position and subsequently allocating the adjust-

ment to the individual financial instruments that make 

up the overall portfolio. All of the inputs used in this 

technique are observable on the market. 

Derivatives on other include the fair value of the put/

call option mechanism on the residual 10% stake in 

Duereti, held by e-distribuzione and classified under 

Level 3.

50.2 Assets not measured at fair value in the statement of financial position

For each class of assets not measured at fair value on 

a recurring basis but whose fair value must be report-

ed, the following table reports the fair value at the end 

of the year and the level in the fair value hierarchy into 

which the fair value measurements of those assets are 

classified.

|  |  | Non-current assets |  | Current assets  
---|---|---|---|---|---  
|  | Fair value | Level 1  | Level 2 | Level 3 | Fair value | Level 1  | Level 2 | Level 3  
|  | at Dec. 31,  |  |  |  | at Dec. 31,  |  |  |   
Millions of euro | Notes | 2024 |  |  |  | 2024 |  |  |   
Investment property  | 20 | 91 | 14 | - | 77 | - | - | - | -  
Inventories | 31 | - | - | - | - | 43 | - | - | 43  
  
The table reports the fair value of investment property 

and inventories of real estate not used in the business 

in the amount of €91 million and €43 million respec-

tively. The amounts were calculated with the assis-

tance of appraisals conducted by independent ex-

perts, who used different methods depending on the 

specific assets involved.

50.3 Liabilities measured at fair value in the statement of financial position

The following table reports for each class of liabilities 

measured at fair value on a recurring or non-recur-

ring basis in the statement of financial position the fair 

value measurement at the end of the reporting period 

and the level in the fair value hierarchy into which the 

fair value measurements are classified.

  


  


  


Notes to the consolidated financial statements

560

INTEGRATED ANNUAL REPORT 2024

  


|  |  | Non-current liabilities |  | Current liabilities  
---|---|---|---|---|---  
|  | Fair value | Level 1  | Level 2 | Level 3 | Fair value | Level 1  | Level 2 | Level 3  
|  | at Dec. 31,  |  |  |  | at Dec. 31,  |  |  |   
Millions of euro | Notes | 2024 |  |  |  | 2024 |  |  |   
Fair value hedge derivatives: |  |  |  |  |  |  |  |  |   
\- on interest rates | 49 | 16 | - | 16 | - | - | - | - | -  
\- on exchange rates | 49 | 12 | - | 12 | - | - | - | - | -  
Cash flow hedge derivatives: |  |  |  |  |  |  |  |  |   
\- on interest rates | 49 | 116 | - | 116 | - | - | - | - | -  
\- on exchange rates | 49 | 1,607 | - | 1,607 | - | 105 | - | 105 | -  
\- on commodities | 49 | 1,031 | 99 | 843 | 89 | 631 | 224 | 407 | -  
Trading derivatives: |  |  |  |  |  |  |  |  |   
\- on interest rates | 49 | - | - | - | - | 29 | - | 29 | -  
\- on exchange rates | 49 | - | - | - | - | 36 | - | 36 | -  
\- on commodities | 49 | 133 | 23 | 110 | - | 2,783 | 1,947 | 836 | -  
Contingent consideration |  | 39 | - | - | 39 | 21 | - | 21 | -  
  
Contingent consideration mainly regards a number of 

equity investments held by the Group in North Amer-

ica, whose fair value was determined on the basis of 

the contractual terms and conditions.

50.4 Liabilities not measured at fair value in the statement of financial position

For each class of liabilities not measured at fair value

in the statement of financial position but whose fair 

value must be reported, the following table reports 

the fair value at the end of the period and the lev-

el in the fair value hierarchy into which the fair value

measurements of those liabilities are classified.

Millions of euro | Fair value | Level 1  | Level 2 | Level 3  
---|---|---|---|---  
| at Dec. 31, 2024 |  |  |   
Bonds:  |  |  |  |   
\- fixed rate  | 44,121  | 42,042  | 2,079 | \-   
\- floating rate  | 2,097  | 67 | 2,030  | \-   
Bank borrowings: |  |  |  |   
\- fixed rate  | 3,444  | \-  | 3,444  | \-   
\- floating rate | 13,164  | \-  | 13,164  | \-   
Non-bank borrowings: |  |  |  |   
\- fixed rate | 3,303 | \-  | 3,303  | \-   
\- floating rate | 39  | \-  | 39  | \-   
Total | 66,168  | 42,109  | 24,059  | \-   
  
For listed debt instruments, the fair value is given by 

official prices. For unlisted instruments the fair value 

is determined using appropriate valuation techniques 

for each category of financial instrument and mar-

ket data at the close of the year, including the credit 

spreads of Enel.

  


  


  


Notes to the consolidated financial statements

561

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Other information

51. Share-based payments

Starting in 2019, the Shareholders’ Meeting of Enel 

SpA (“Enel” or the “Company”) has each year ap-

proved the adoption of long-term share-based in-

centive plans for the management of Enel and/or its 

subsidiaries pursuant to Article 2359 of the Italian

Civil Code. Each of the incentive plans approved (the 

2019 Long-Term Incentive Plan, the 2020 Long-Term 

Incentive Plan, the 2021 Long-Term Incentive Plan, 

the 2022 Long-Term Incentive Plan, the 2023 Long-

Term Incentive Plan, the 2024 Long-Term Incentive

Plan, referred to hereinafter, respectively, as the 

“2019 LTI Plan”, the “2020 LTI Plan”, the “2021 LTI Plan”, 

the “2022 LTI Plan”, the “2023 LTI Plan”, the “2024 LTI 

Plan” and, jointly, the “Plans”) provides for the grant of 

ordinary Company shares (“Shares”) to the respective

beneficiaries subject to the achievement of specific

performance targets.

Plan beneficiaries are the Chief Executive Officer/

General Manager of Enel and Enel Group managers

in the positions most directly responsible for com-

pany performance or considered to be of strategic 

interest. The Plans provide for the award to the ben-

eficiaries of an incentive consisting of a monetary

component and an equity component. This incentive 

– determined, at the time of the award, as a base val-

ue calculated in relation to the fixed remuneration of 

the individual beneficiary – may vary depending on

the degree of achievement of each of the three-year 

performance targets by the Plans, ranging from zero 

up to a maximum of 280% or 180% of the base value 

in the case, respectively, of the Chief Executive Of-

ficer/General Manager or the other beneficiaries.

The Plans establish that, of the total incentive effec-

tively vested, the bonus will be fully paid in Shares: (a) 

for the 2019, 2020, 2021 and 2022 LTI Plans (i) up to 

100% of the base value for the Chief Executive Of-

ficer/General Manager (up to 130% for the 2022 LTI 

Plan), and (ii) up to 50% of the base value for the oth-

er beneficiaries (up to 65% for the 2022 LTI Plan); (b) 

for the 2023 and 2024 LTI Plans (i) up to 150% of the 

base value for the Chief Executive Officer/General 

Manager, (ii) up to 100% of the base value for officers 

reporting directly to the Chief Executive Officer/Gen-

eral Manager, including key management personnel,

and (iii) up to 65% of the base value for the other ben-

eficiaries, other than those indicated under (i) and (ii)

above.

The actual award of the bonus under the Plans is 

subject to the achievement of specific performance 

targets during the three year performance period. If 

these targets are achieved, 30% of both the stock 

and cash components of the incentive will be paid

in the first year following the end of the performance 

period and the remaining 70% will be paid in the sec-

ond year following the end of the performance peri-

od. The payment of a substantial portion of long-term 

variable remuneration (70% of the total) is therefore 

deferred to the second year following the end of the 

performance period of the individual Plans.

The following table provides information on the 2019 

LTI Plan, the 2020 LTI Plan, the 2021 LTI Plan, the 2022 

LTI Plan, the 2023 LTI Plan and the 2024 LTI Plan. 

For more information on the characteristics of the 

Plans, please see the information documents prepared 

pursuant to Article 84-bis of the CONSOB Regulation 

issued with Resolution no. 11971 of May 14, 1999 (the 

Issuers Regulation), which are available to the public 

in the section of Enel’s website (www.enel.com) dedi-

cated to the Shareholders’ Meetings held respectively 

on May 16, 2019, May 14, 2020, May 20, 2021, May 19, 

2022, May 10, 2023 and May 23, 2024.

  


  


Notes to the consolidated financial statements

562

INTEGRATED ANNUAL REPORT 2024

| Grant date | Performance period | Verification of achievement of targets  | Payout  
---|---|---|---|---  
2019 LTI Plan | 12/11/2019114 | 2019-2021 | 2022115 | 2022-2023116  
2020 LTI Plan | 17/09/2020117 | 2020-2022 | 2023118 | 2023-2024119  
2021 LTI Plan | 16/09/2021120 | 2021-2023 | 2024121 | 2024-2025122  
2022 LTI Plan | 21/09/2022123 | 2022-2024 | 2025124 | 2025-2026   
2023 LTI Plan | 05/10/2023125 | 2023-2025 | 2026126 | 2026-2027   
2024 LTI Plan | 19/09/2024127 | 2024-2026 | 2027128 | 2027-2028   
  
In implementation of the authorizations granted by 

the Shareholders’ Meetings held on the dates indicat-

ed above and in compliance with the associated terms 

and conditions, the Board of Directors approved – at its 

meetings of September 19, 2019, July 29, 2020, June 17,

2021, June 16, 2022, October 5, 2023 and July 25, 2024 

– the launch of share buyback programs to serve the 

2019 LTI Plan, the 2020 LTI Plan, the 2021 LTI Plan, the 

2022 LTI Plan, the 2023 LTI Plan and the 2024 LTI Plan, 

respectively. The number of Shares whose purchase 

was authorized by the Board of Directors for each Plan, 

the actual number of Shares purchased, the associat-

ed weighted average price and total value are shown 

below. 

114. The date on which the Board of Directors approved the procedures and timing for granting the 2019 LTI Plan to the beneficiaries (taking ac-

count of the proposal issued by the Nomination and Compensation Committee at its meeting of November 11, 2019).

115. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2021, the Board of Directors 

verified the level of achievement of the performance targets of the 2019 LTI Plan.

116. On September 5, 2022 the Company awarded part of the equity component of the bonus vested by the beneficiaries of the 2019 LTI Plan, 

in accordance with the Plan rules. The remainder of the equity component of the bonus vested by the beneficiaries of the 2019 LTI Plan was 

awarded on September 5, 2023.

117. The date on which the Board of Directors approved the procedures and timing for granting the 2020 LTI Plan to the beneficiaries (taking ac-

count of the proposal issued by the Nomination and Compensation Committee at its meeting of September 16, 2020).

118. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2022, the Board of Directors 

verified the level of achievement of the performance targets of the 2020 LTI Plan.

119. On September 5, 2023 the Company awarded part of the equity component of the bonus vested by the beneficiaries of the 2020 LTI Plan, 

in accordance with the Plan rules. The remainder of the equity component of the bonus vested by the beneficiaries of the 2020 LTI Plan was 

awarded on September 5, 2024.

120. The date on which the Board of Directors approved the procedures and timing for granting the 2021 LTI Plan to the beneficiaries (taking ac-

count of the proposal issued by the Nomination and Compensation Committee at its meeting of June 9, 2021).

121. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2023, the Board of Directors 

verified the level of achievement of the performance targets of the 2021 LTI Plan.

122. On September 5, 2024 the Company awarded part of the equity component of the bonus vested by the beneficiaries of the 2021 LTI Plan, in 

accordance with the Plan rules. 

123. The date on which the Board of Directors approved the procedures and timing for granting the 2022 LTI Plan to the beneficiaries (taking ac-

count of the proposal issued by the Nomination and Compensation Committee at its meeting of June 8, 2022).

124. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2024, the Board of Directors will 

verify the level of achievement of the performance targets of the 2022 LTI Plan.

125. The date on which the Board of Directors approved the procedures and timing for granting the 2023 LTI Plan to the beneficiaries (taking ac-

count of the proposal issued by the Nomination and Compensation Committee at its meeting of October 4, 2023).

126. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2025, the Board of Directors will 

verify the level of achievement of the performance targets of the 2023 LTI Plan.

127. The date on which the Board of Directors approved the procedures and timing for granting the 2024 LTI Plan to the beneficiaries (taking ac-

count of the proposal issued by the Nomination and Compensation Committee at its meeting of July 24, 2024).

128. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2026, the Board of Directors will 

verify the level of achievement of the performance targets of the 2024 LTI Plan.

  


  


Notes to the consolidated financial statements

563

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

| Purchases authorized  |  |  |   
---|---|---|---|---  
| by the Board of Directors |  | Actual purchases |   
|  |  | Weighted average price  |   
| Number of shares | Number of shares | (euros per share) |  Total value (euros)  
2019 LTI Plan | No more than 2,500,000 | 1,549,152129 | 6.7779  |  10,499,999  
| for a maximum amount of €10,500,000  |  |  |   
| million |  |  |   
2020 LTI Plan | 1,720,000 | 1,720,000 130 |  7.4366  |  12,790,870  
2021 LTI Plan | 1,620,000 | 1,620,000 131 |  7.8737  |  12,755,459  
2022 LTI Plan | 2,700,000 | 2,700,000 132 |  5.1951 |  14,026,715  
2023 LTI Plan | 4,200,000 | 4,200,000 133 | 6.3145 | 26,520,849   
2024 LTI Plan | 2,900,000 | 2,900,000 134 | 7.0210 | 20,360,977  
  
As a result of the purchases made to support the Plans 

and the award of a total 2,609,482 Shares in Septem-

ber 2022, 2023 and 2024 to the beneficiaries of the 

2019, 2020 and 2021 LTI Plans, in accordance with the 

Plan rules, at December 31, 2024 Enel holds a total of 

12,079,670 treasury Shares, equal to about 0.1188% of 

share capital. 

The following information concerns the equity instru-

ments granted in 2019, 2020, 2021, 2022, 2023 and 

2024.

129. Shares purchased in the period between September 23 and December 2, 2019, equal to about 0.015% of share capital.

130. Shares purchased in the period between September 3 and October 28, 2020, equal to about 0.017% of share capital.

131. Shares purchased in the period between June 18 and July 21, 2021, equal to about 0.016% of share capital.

132. Shares purchased in the period between June 17 and July 20, 2022, equal to about 0.026% of share capital.

133. Shares purchased in the period between October 16, 2023 and January 18, 2024, equal to about 0.041% of share capital. 

134. Shares purchased in the period between September 16 and November 8, 2024, equal to about 0.028% of share capital.

  


  


Notes to the consolidated financial statements

564

INTEGRATED ANNUAL REPORT 2024

|  |  | 2024 | 2023  
---|---|---|---|---  
|  |  | Number  |  | Number  |   
|  |  | of shares  |  | of shares  |   
| Number of  | Fair value per  | potentially  |  | potentially  |   
| shares granted at  | share at the  | available for  | Number of  | available for  | Number of   
| the grant date | grant date | award | shares awarded | award | shares awarded  
2019 LTI Plan | 1,538,547  | 6.983 | 0 |  0 | 0 | 956,562135  
2020 LTI Plan | 1,638,775  | 7.380 | 0 | 708,456136 | 728,265 | 312,127137  
2021 LTI Plan | 1,577,773  | 7.0010 | 443,608 | 196,980138 | 1,375,671 | -  
2022 LTI Plan | 2,398,143  | 4.8495 | 1,858,051 | \-  | 2,023,677 | -  
2023 LTI Plan | 4,040,820 | 5.5540 | 3,804,244  | \-  | 4,040,820 | -  
2024 LTI Plan | 2 ,87 7,714 | 6.9730 | 2 ,87 7,714 | \-  | \-  | \-   
  
The fair value of those equity instruments is measured 

on the basis of the market price of Enel Shares at the 

grant date.

139

The cost of the equity component is determined on 

the basis of the fair value of the equity instruments 

granted and is recognized over the duration of the 

vesting period through an equity reserve.

The total costs recognized by the Group through prof-

it or loss amounted to €10 million in 2024 (€6 million 

in 2023).

There have been no terminations or amendments in-

volving the Plans. 

135. The table shows the number of Shares awarded on September 5, 2023, to the beneficiaries of the 2019 LTI Plan which make up the remaining 

portion of the equity component of the bonus vested by the beneficiaries following the achievement of the performance objectives of the Plan. 

136. The table shows the number of Shares awarded on September 5, 2024, to the beneficiaries of the 2020 LTI Plan which make up the remaining 

portion of the equity component of the bonus vested by the beneficiaries following the achievement of the performance objectives of the Plan.

137. The table shows the number of Shares awarded on September 5, 2023, to the beneficiaries of the 2020 LTI Plan which make up the remaining 

portion of the equity component of the bonus vested by the beneficiaries following the achievement of the performance objectives of the Plan. 

The remaining portion of the equity component of the bonus, in accordance with the terms and procedures of the rules of the 2020 LTI Plan, 

was paid on September 5, 2024.

138. The table shows the number of Shares awarded on September 5, 2024, to the beneficiaries of the 2021 LTI Plan which make up the remaining 

portion of the equity component of the bonus vested by the beneficiaries following the achievement of the performance objectives of the 

Plan. Disbursement of the remaining portion of the equity component of the bonus is deferred to 2025, in accordance with the terms and 

procedures of the rules of the 2021 LTI Plan.

139. For the 2019 LTI Plan, the grant date is November 12, 2019, i.e. the date of the meeting of the Board of Directors that approved the procedures 

and timing of the grant of the 2019 LTI Plan to the beneficiaries. 

For the 2020 LTI Plan, the grant date is September 17, 2020, i.e. the date of the meeting of the Board of Directors that approved the procedures 

and timing of the grant of the 2020 LTI Plan to the beneficiaries.

For the 2021 LTI Plan, the grant date is September 16, 2021, i.e. the date of the meeting of the Board of Directors that approved the procedures 

and timing of the grant of the 2021 LTI Plan to the beneficiaries.

For the 2022 LTI Plan, the grant date is September 21, 2022, i.e. the date of the meeting of the Board of Directors that approved the procedures 

and timing of the grant of the 2022 LTI Plan to the beneficiaries.

For the 2023 LTI Plan, the grant date is October 5, 2023, i.e. the date of the meeting of the Board of Directors that approved the procedures 

and timing of the grant of the 2023 LTI Plan to the beneficiaries.

For the 2024 LTI Plan, the grant date is September 19, 2024, i.e. the date of the meeting of the Board of Directors that approved the procedures 

and timing of the grant of the 2024 LTI Plan to the beneficiaries.

  


  


Notes to the consolidated financial statements

565

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

52\. Related parties 

Related parties have been identified on the basis of the 

provisions of international accounting principles and 

CONSOB on the matter.

As an operator in the field of generation, distribution, 

transport and sale of electricity and the sale of natu-

ral gas, Enel carries out transactions with a number of 

companies directly or indirectly controlled by the Ital-

ian State, the Group’s controlling shareholder. 

The table below summarizes the main types of trans-

actions carried out with such counterparties.

Related party | Relationship | Nature of main transactions  
---|---|---  
Single Buyer | Fully controlled (indirectly) by the Ministry  | Purchase of electricity for the enhanced   
| for the Economy and Finance  | protection market  
Cassa Depositi e Prestiti Group | Directly controlled by the Ministry for the  | Sale of electricity on the Ancillary Services   
| Economy and Finance | 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  | Sale of subsidized electricity  
| for the Economy and Finance  | Payment of A3 component for renewable   
|  | resource incentives  
EMO - Energy Markets Operator | Fully controlled (indirectly) by the Ministry  | Sale of electricity on the Power Exchange (EMO)  
| for the Economy and Finance  | Purchase of electricity on the Power Exchange   
|  | for pumping and plant planning (EMO)  
Leonardo Group | Directly controlled by the Ministry for the  | Purchase of IT services and supply of goods  
| Economy and Finance |   
  
In addition, the Group conducts essentially commer-

cial transactions with associated companies or com-

panies in which it holds non-controlling interests.

Finally, Enel also maintains relationships with the pen-

sion funds FOPEN and FONDENEL, as well as Fondazi-

one Enel and Enel Cuore, an Enel non-profit company 

devoted to providing social and healthcare assistance, 

maintaining institutional relations and social projects.

All transactions with related parties were carried out 

on normal market terms and conditions, which in 

some cases are determined by the Regulatory Author-

ity for Energy, Networks and the Environment. 

The following tables summarize transactions with re-

lated parties, associated companies and joint ventures 

outstanding at December 31, 2024 and December 31, 

2023 and carried out during the period. 

  


  


Notes to the consolidated financial statements

566

INTEGRATED ANNUAL REPORT 2024

|  |  |  | Cassa Depositi  |   
---|---|---|---|---|---  
Millions of euro | Single Buyer | EMO | ESO | e Prestiti Group(1) | Other  
Income statement |  |  |  |  |   
Revenue from sales and services | - | 2,726 | 78 | 2,079 | 256  
Other income | - | - | 47 | 18 | 3  
Other financial income | - | - | - | - | -  
Electricity, gas and fuel purchases | 1,052 | 6,275 | 40 | 1,210 | 1  
Costs for services and other materials | - | 44 | 3 | 3,375 | 64  
Other operating costs | 10 | 144 | 4 | 51 | 1  
Net results from commodity contracts | - | - | - | 2 | -  
Other financial expense | 1 | 1 | - | 18 | -  
  
  


  


  


  


  


  


  


  


  


  


  


  


(1)  Includes balances mainly referring to: Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo Energia and Italgas.

  


|  |  |  | Cassa Depositi  |   
---|---|---|---|---|---  
Millions of euro | Single Buyer | EMO | ESO | e Prestiti Group(1) | Other  
Statement of financial position |  |  |  |  |   
Other non-current financial assets | - | - | - | 3 | 1  
Current financial derivative assets | - | - | - | - | -  
Other non-current assets | - | - | - | 3 | -  
Trade receivables | - | 133 | 5 | 1,144 | 38  
Other current financial assets | - | - | - | 783 | 2  
Other current assets | - | - | 59 | 19 | 2  
Long-term borrowings | - | - | - | 369 | -  
Non-current contract liabilities | - | - | - | 11 | 6  
Non-current financial derivative liabilities | - | - | - | - | -  
Short-term borrowings | - | - | - | 2 | -  
Current portion of long-term borrowings | - | - | - | 89 | -  
Trade payables | 254 | 298 | 381 | 1,701 | 6  
Other current financial liabilities  | - | - | - | - | -  
Current financial derivative liabilities | - | - | - | - | -  
Current contract liabilities | - | - | - | 25 | 12  
Other current liabilities | - | - | - | - | 39  
Other information |  |  |  |  |   
Guarantees issued | - | - | - | 10 | 26  
Guarantees received | - | - | - | 136 | -  
Commitments | - | - | - | 25 | -  
  
  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


(1)  Includes balances mainly referring to: Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo Energia and Italgas.

  


  


Notes to the consolidated financial statements

567

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 

2024

| Associates and joint  |  | Total in financial  |  | Of which non eligible   
---|---|---|---|---|---  
Total 2024 | ventures | Overall total 2024 | statements | % of total | related parties  
5,139 | 189 | 5,328 | 73,914 | 7.2% | 4,461  
68 | 14 | 82 | 5,033 | 1.6% | 64  
- | 209 | 209 | 2,409 | 8.7% | -  
8,578 | 136 | 8,714 | 30,282 | 28.8% | 7, 83 5  
3,486 | 334 | 3,820 | 19,240 | 19.9% | 3,086  
210 | 2 | 212 | 3,940 | 5.4% | 207  
2 | 1 | 3 | 477 | 0.6% | 2  
20 | 80 | 100 | 7,828 | 1.3% | 2  
  
  


  


  


  


  


  


  


  


  


  


  


  


Total at | Associates and joint | Overall total at | Total in financial |   
---|---|---|---|---  
Dec. 31, 2024 | ventures | Dec. 31, 2024 | statements | % of total  
4 | 860 | 864 | 7,607 | 11.4%  
- | 2 | 2 | 2,003 | 0.1%  
3 | - | 3 | 1,937 | 0.2%  
1,320 | 166 | 1,486 | 15,941 | 9.3%  
785 | 1,179 | 1,964 | 4,854 | 40.5%  
80 | 22 | 102 | 3,891 | 2.6%  
369 | 282 | 651 | 60,000 | 1.1%  
17 | - | 17 | 5,682 | 0.3%  
- | 8 | 8 | 2,915 | 0.3%  
2 | 7 | 9 | 3,645 | 0.2%  
89 | 22 | 111 | 7,439 | 1.5%  
2,640 | 96 | 2,736 | 13,693 | 20.0%  
- | 1 | 1 | 845 | 0.1%  
- | 6 | 6 | 3,584 | 0.2%  
37 | - | 37 | 2,448 | 1.5%  
39 | 3 | 42 | 15,087 | 0.3%  
36 | - | 36 |  |   
136 | - | 136 |  |   
25 | - | 25 |  |   
  
  


  


Notes to the consolidated financial statements

568

INTEGRATED ANNUAL REPORT 2024

|  |  |  | Cassa Depositi  |   
---|---|---|---|---|---  
Millions of euro | Single Buyer | EMO | ESO | e Prestiti Group(1) | Other  
Income statement |  |  |  |  |   
Revenue from sales and services | - | 3,172 | 14 | 3,626 | 224  
Other income | - | - | - | 10 | 3  
Other financial income | - | - | - | 2 | -  
Electricity, gas and fuel purchases | 2,035 | 7,098 | 11 | 2,304 | 2  
Costs for services and other materials | - | 63 | 2 | 2,751 | 72  
Other operating costs | 11 | 201 | 355 | 51 | 2  
Net results from commodity contracts | - | - | - | - | -  
Other financial expense | 1 | - | - | 29 | -  
  
  


  


  


  


  


  


  


  


  


  


  


  


(1)  Includes balances mainly referring to: Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo Energia and Italgas.

  


|  |  |  | Cassa Depositi  |   
---|---|---|---|---|---  
Millions of euro | Single Buyer | EMO | ESO | e Prestiti Group(1) | Other  
Statement of financial position |  |  |  |  |   
Other non-current financial assets | - | - | - | - | 1  
Non-current financial derivative assets | - | - | - | - | -  
Trade receivables | - | 84 | 7 | 940 | 59  
Current financial derivative assets | - | - | - | - | -  
Other current financial assets | - | - | - | 5 | 1  
Other current assets | - | - | 17 | 23 | 3  
Long-term borrowings | - | - | - | 357 | -  
Non-current contract liabilities | - | - | - | 11 | 7  
Non-current financial derivative liabilities | - | - | - | - | -  
Short-term borrowings | - | - | - | - | -  
Current portion of long-term borrowings | - | - | - | 89 | -  
Trade payables | 497 | 201 | 378 | 1,616 | 8  
Current financial derivative liabilities | - | - | - | - | -  
Current contract liabilities | - | - | - | 31 | 22  
Other current liabilities | - | - | - | 3 | 34  
Other information |  |  |  |  |   
Guarantees issued | - | - | - | 10 | 60  
Guarantees received | - | - | - | 136 | 36  
Commitments | - | - | - | 23 | -  
  
  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


  


(1)  Includes balances mainly referring to: Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo Energia and Italgas.

  


  


Notes to the consolidated financial statements

569

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 

2024

| Associates and joint  |  | Total in financial  |  | Of which non eligible   
---|---|---|---|---|---  
Total 2023 | ventures | Overall total 2023 | statements | % of total | related parties  
7, 036 | 224 | 7,260 | 92,882 | 7.8% | 5,455  
13 | 5 | 18 | 2,683 | 0.7% | 10  
2 | 237 | 239 | 2,916 | 8.2% | -  
11,450 | 128 | 11,578 | 46,270 | 25.0% | 10,21 4  
2,888 | 463 | 3,351 | 18,304 | 18.3% | 2,673  
620 | - | 620 | 6,125 | 10.1% | 612  
- | (7) | (7) | (2,966) | 0.2% | -  
30 | 59 | 89 | 5,966 | 1.5% | 3  
  
  


  


  


  


  


  


  


  


  


  


  


  


Total at  | Associates and joint  | Overall total at  | Total in financial  |   
---|---|---|---|---  
Dec. 31, 2023 | ventures | Dec. 31, 2023 | statements | % of total  
1 | 1,929 | 1,930 | 8,750 | 22.1%  
- | 4 | 4 | 2,383 | 0.2%  
1,090 | 176 | 1,266 | 17,773 | 7.1%  
- | - | - | 6,407 | -  
6 | 168 | 174 | 4,329 | 4.0%  
43 | 49 | 92 | 4,099 | 2.2%  
357 | 302 | 659 | 61,085 | 1.1%  
18 | - | 18 | 5,743 | 0.3%  
- | 8 | 8 | 3,373 | 0.2%  
- | 3 | 3 | 4,769 | 0.1%  
89 | 22 | 111 | 9,086 | 1.2%  
2,700 | 129 | 2,829 | 15,821 | 17.9%  
- | 15 | 15 | 6,461 | 0.2%  
53 | - | 53 | 2,126 | 2.5%  
37 | 3 | 40 | 14,760 | 0.3%  
70 | - | 70 |  |   
172 | - | 172 |  |   
23 | - | 23 |  |   
  
  


  


Notes to the consolidated financial statements

570

INTEGRATED ANNUAL REPORT 2024

With regard to disclosures on the remuneration of 

members of the Board of Directors, members of the 

Board of Statutory Auditors and key management

personnel, provided for under IAS 24, please see the 

following tables.

Millions of euro | 2024 | 2023 |  | Change  
---|---|---|---|---  
Remuneration of members of the Board of Directors, Board of Statutory  |  |  |  |   
Auditors and General Manager |  |  |  |   
Short-term benefits  | 5 | 5 | - | -  
Termination benefits | - | 5 | (5) | -  
Share-based payments | 1 | 1 | - | -  
Total | 6 | 11 | (5) | -45.5%  
  
Millions of euro | 2024 | 2023 |  | Change  
---|---|---|---|---  
Remuneration of key management personnel |  |  |  |   
Short-term benefits  | 7 | 8 | (1) | 12.5%  
Termination benefits | - | 4 | (4) | -  
Share-based payments | 1 | 1 | - | -  
Total | 8 | 13 | (5) | -38.5%  
  
Note that the corporate governance rules adopted by 

the Enel Group and described in detail in the Report

on Corporate Governance and Ownership Structure 

available on the Company’s website (www.enel.com) 

sets out rules designed to ensure the transparency 

and procedural and substantive propriety of transac-

tions with related parties.

In November 2010, the Board of Directors of Enel SpA 

approved a procedure governing the approval and 

execution of transactions with related parties carried 

out by Enel SpA directly or through subsidiaries (Enel 

Procedure for Transactions with Related Parties), most 

recently updated in June 2021. The procedure (avail-

able at https://www.enel.com/investors/governance/

bylaws-rules-policies) sets out rules designed to en-

sure the transparency and procedural and substantive 

propriety of transactions with related parties. It was 

adopted in implementation of the provisions of Article 

2391-bis of the Italian Civil Code and the implement-

ing regulations issued by CONSOB with Resolution 

no. 17221 of March 12, 2010, as amended (“CONSOB 

Regulation”). No related-party transactions requiring 

disclosure in the financial statements pursuant to the 

CONSOB Regulation were carried out in 2024.

  


  


53\. Government grants - Disclosure pursuant to Article 1, paragraphs 125-129, 

of Law 124/2017

Pursuant to Article 1, paragraphs 125-129, of Law 

124/2017 as amended, the following provides infor-

mation on grants received from Italian public agen-

cies and bodies, as well as donations by Enel SpA and 

the fully consolidated subsidiaries to companies, in-

dividuals and public and private entities. The disclo-

sure comprises: (i) grants received from Italian pub-

lic entities/State entities; and (ii) donations made by 

Enel SpA and Group subsidiaries to public or private 

parties resident or established in Italy.

The following disclosure includes payments in excess

of €10,000 made by the same grantor/donor during 

2024, even if made in multiple financial transactions. 

They are recognized on a cash basis.

Pursuant to the provisions of Article 3-quater of De-

cree Law 135 of December 14, 2018, ratified with Law 

12 of February 11, 2019, for grants received, please 

refer to the information contained in the National 

Register of State Aid referred to in Article 52 of Law

234 of December 24, 2012.

  


  


Notes to the consolidated financial statements

571

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Grants received in millions of euro

Financial institution/ |  |  |  |   
---|---|---|---|---  
Grantor | Beneficiary |  Amount  |  | Notes  
MUR | Enel X Srl | 0.23  |  | Instalment of grant for the SE4I project, progress payment no. 7, 8, 9,   
|  |  |  | 10 and 11, financed under the PON MIUR R&I PNR 2015-2020, Public   
|  |  |  | Notice MIUR no. 1735 of July 13, 2017  
MIMIT | Enel X Srl | 1.70 |  | Instalment of grant for IPCEI Summer project, progress payment no. 1   
|  |  |  | and 2, financed under the Fondo IPCEI, Public Notice, MISE Decree of   
|  |  |  | July 7, 2021  
MUR | Enel X Srl | 0.02  |  | Balance of grant for the WINSIC4AP project, financed under   
|  |  |  | International cooperation program ECSEL 2016, pursuant to Article 18,   
|  |  |  | Ministerial decree 593 of July 26, 2016  
Regione Sicilia | Enel X Way Italy Srl | 0.81  |  | Instalment of grant for the Sicilia Smart Charging project, financed   
|  |  |  | under the PNIRE Regione Sicilia  
Regione Sicilia | Enel X Way Italy Srl | 0.25  |  | Balance of grant for the Sicilia Smart Charging, financed under the   
|  |  |  | PNIRE Regione Sicilia  
Invitalia_MIMIT | 3SUN Srl | 48.49  |  | Instalment of grant, progress payment no. 1 TANGO ITaliAN PV Giga   
|  |  |  | factOry, for the construction of the gigafactory for the production of   
|  |  |  | innovative photovoltaic modules in the Catania plant  
Parco del Pollino | e-distribuzione SpA | 0.05 |  | Pollino Park liquidation first tranche  
MASE | e-distribuzione SpA | 896.24  |  | NRRP projects “Smart Grid Strengthening” and “Increasing Resilience”  
MIMIT | e-distribuzione SpA | 18.65  |  | PON I&C 2014-2020 tender 2017  
MIMIT | e-distribuzione SpA | 47.70 |  | PON I&C 2014-2020 tender 2019  
Regione Sicilia | e-distribuzione SpA | 11.18  |  | POR SICILIA “PO FESR 2014/2020”  
Regione Basilicata | e-distribuzione SpA | 4.33 |  | POR BASILICATA “PO FESR 2014/2020”  
Regione Puglia | e-distribuzione SpA | 13.72 |  | POR PUGLIA “PO FESR 2014/2020”  
Sassari University | e-distribuzione SpA | 0.05 |  | LIFE Safe For Vulture  
CINEA | e-distribuzione SpA | 0.09  |  | LIFE Egyptian Vulture  
ISPRA | e-distribuzione SpA | 0.12 |  | LIFE Abilas  
European Commission | e-distribuzione SpA | 0.02  |  | FLEXPLAN  
MASE | e-distribuzione SpA | 0.01 |  | FLOW  
European Commission | e-distribuzione SpA | 0.01 |  | BEFLEXIBLE  
MUR | e-distribuzione SpA | 0.11  |  | COMESTO  
MUR | e-distribuzione SpA | 0.05 |  | RAFAEL   
MUR | e-distribuzione SpA | 0.04 |  | EEB  
|  | 1,043.87 |  | Total  
  
  


  


Notes to the consolidated financial statements

572

INTEGRATED ANNUAL REPORT 2024

Grants made in millions of euro

Grantor  | Beneficiary  | Amount |  | Notes  
---|---|---|---|---  
Enel SpA | MAXXI | 0.60  |  | Grant to promote and raise awareness on art, research   
|  |  |  | and innovation in the artistic field  
Enel X Srl | Enel Cuore Onlus | 0.04 |  | Contribution 2024  
Enel Energia | Enel Cuore Onlus | 2.12  |  | Contribution 2023-2024  
Enel Energia | Fondazione Centro Studi Enel  | 1.94  |  | Contribution 2023-2024  
Enel Global Services Srl | Amedeo Martusciello | 0.01  |  | Extraordinary subsidy A. Martusciello  
Enel Global Services Srl | IQT Consulting SpA | 0.01 |  | Contribution training and consulting BIM  
Enel Global Services Srl | Sering Italy Srl | 0.01 |  | Contribution training and consulting BIM  
Enel Global Services Srl | Speri Società di Ing. e Architettura SpA | 0.01  |  | Contribution training and consulting BIM  
Enel Global Trading | Enel Cuore Onlus | 0.04 |  | Liberal donation in favor of projects identified during   
|  |  |  | 2024  
Enel Global Trading | Enel Cuore Onlus | 0.76 |  | Liberal donation balance 2023  
Enel Italia SpA | Fondazione Nazionale Accademia  | 0.60  |  | Enel Italia modal donation year 2024 to support the   
| Santa Cecilia |  |  | cultural activities of the Foundation  
Enel Italia SpA | Fondazione Teatro alla Scala di Milano | 0.60  |  | Donation year 2024 to support the promotion and   
|  |  |  | development of the culture and musical education of   
|  |  |  | the community  
Enel Italia SpA | Fondazione AIRC | 0.01  |  | Liberal donation to support research, progress,   
|  |  |  | science for a better future  
Enel Italia SpA | Fondazione Banco dell’Energia | 0.05  |  | Donation for the Home Efficiency Tutor project  
Enel Italia SpA | Spazio Teatro No’hma Teresa  | 0.02  |  | Liberal donation to support cultural activities   
| Pomodoro |  |  | promoted by the theatre  
Enel Italia SpA | Fondazione Policlinico Universitario  | 0.08 |  | Donation of FFP2 masks  
| Agostino Gemelli IRCCS |  |  |   
Enel Green Power Italia | Unione dei Comuni Montani Amiata  | 0.04 |  | Donation 2024  
| Grossetana  |  |  |   
e-distribuzione SpA | Enel Cuore Onlus | 1.30  |  | 80% of the voluntary contribution balance 2023  
e-distribuzione SpA | Enel Cuore Onlus | 0.26  |  | 20% of the voluntary contribution 2024  
e-distribuzione SpA | Fondazione Centro Studi | 0.88  |  | 50% of the voluntary contribution balance 2023  
e-distribuzione SpA | Fondazione Centro Studi | 0.78 |  | 50% of the voluntary contribution balance 2024  
e-distribuzione SpA | Parco del Pollino | 0.06  |  | Securing lines to protect biodiversity  
e-distribuzione SpA | Ministero dell’Ambiente | 0.16 |  | Securing lines for the protection of the Bonelli’s Eagle   
|  |  |  | in Sardinia (Segré Foundation)  
e-distribuzione SpA | Federpark | 0.02  |  | Distribution of the contribution received as Final   
|  |  |  | Payment for the LIFE Egyptian Vulture Life 16 NAT/  
|  |  |  | IT/000659 Project  
e-distribuzione SpA | ISPRA | 0.29  |  | Distribution of the contribution received as Final   
|  |  |  | Payment for the LIFE Egyptian Vulture Life 16 NAT/  
|  |  |  | IT/000659 Project  
Enel Produzione SpA | Fondazione Centro Studi Enel | 0.59 |  | First tranche 2024 Enel Foundation  
Enel Produzione SpA | Enel Cuore Onlus | 0.20  |  | First tranche 2024  
Enel Produzione SpA | Fondazione Centro Studi Enel | 0.41 |  | Second tranche 2023 Enel Foundation  
Enel Produzione SpA | Enel Cuore Onlus | 0.60  |  | Second tranche 2023   
Enel Produzione SpA | Enel Cuore Onlus | 0.04  |  | Association due 2024  
Enel Produzione SpA | Procura Generale della  | 0.02  |  | Donation of photovoltaic panels for the Emmaus   
| Congregazione delle Missionarie  |  |  | Residential Community of Elmas based in Cagliari  
| Figlie di San Girolamo Emiliani (Santa  |  |  |   
| Gilla) |  |  |   
Enel Produzione SpA | Diocesi di Civitavecchia Tarquinia | 0.02 |  | Liberal donation of a bronze statue depicting Pope   
|  |  |  | John Paul II to be installed in the flowerbed in front of   
|  |  |  | the Cathedral of San Francesco in Civitavecchia  
|  | 12.57  |  | Total  
  
  


  


Notes to the consolidated financial statements

573

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


54\. Contractual commitments and guarantees

The commitments entered into by the Enel Group and the guarantees given to third parties are shown below.

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023 | Change  
---|---|---|---  
Guarantees given: |  |  |   
\- sureties and other guarantees granted to third parties | 3,300 | 3,407 | (107)  
Commitments to suppliers for: |  |  |   
\- electricity purchases | 56,438 | 63,422 | (6,984)  
\- fuel purchases  | 44,008 | 47,666 | (3,658)  
\- various supplies | 3,614 | 3,017 | 597  
\- tenders | 5,608 | 6,982 | (1,374)  
\- other | 6,757 | 6,483 | 274  
Total | 116,425 | 127,570 | (11,145)  
TOTAL | 119,725 | 130,977 | (11,252)  
  
Compared with December 31, 2023, the decrease of 

€6,984 million in commitments for “electricity pur-

chases” is essentially attributable to progress on con-

tracts, electricity prices developments and the sale of 

Enel Distribución Perú.

The decrease of €3,658 million in commitments for 

“fuel purchases” mainly regards the decrease in gas 

prices and in fuel purchases.

The decrease of €1,374 million in “tenders” mainly re-

flects the natural expiration of contracts, mainly in Italy.

For more details on the expiry of commitments and 

guarantees, see the section “Commitments to pur-

chase commodities” in note 47.

  


  


55\. Contingent assets and liabilities

The following reports the main contingent assets and 

liabilities at December 31, 2024. A provision is recog-

nized in the consolidated financial statements for the 

part of liabilities for which defeat in court is deemed 

probable, according to requirements provided for in 

IAS 37. 

Hydroelectric concessions - Italy

Italian regulations governing large-scale hydroe-

lectric concessions, most recently modified by the 

Decree Law 135 of 2018 ratified with Law 12/2019,

introduced a number of changes in the matter of 

concession fees, introducing variable component of

fees (in addition to the fixed component), as well as 

an obligation to provide free power to public bodies 

(220 kWh of power for each kW of average nominal 

capacity of the facilities covered by the concession). 

In implementation of this national law, as of today the 

regions of Lombardy, Piedmont, Emilia-Romagna, 

Friuli-Venezia Giulia, the Province of Trento, Veneto,

Calabria, Basilicata, Abruzzo, Lazio, Umbria and Tus-

cany have enacted regional laws implementing state 

legislation, and requested payment of both the du-

al-component fee (consisting of a fixed component

and a variable component) and the monetary equiva-

lent of free electricity supplies.

Enel Produzione SpA and Enel Green Power Italia Srl 

(the “Companies”) challenged before the Superior 

Public Water Resources Court (TSAP) the implement-

ing acts issued under the individual regional laws and 

the subsequent payment notices of fees and the 

monetization of free electricity supplies, asking that 

they be declared void and raising the question of con-

stitutional illegitimacy of both the national law and the 

regional laws.

The Companies complained that the regional imple-

menting acts – as well as the regional legislation which 

they implement – were constitutionally illegitimate, 

first for violation of fundamental principles in nation-

al legislation and various primary principles protect-

ed both by the Italian Constitution and European law 

concerning legitimate expectations, property rights, 

  


  


Notes to the consolidated financial statements

574

INTEGRATED ANNUAL REPORT 2024

reasonableness, private initiative, and concessions, 

where:

• they provide for retroactive application to valid large 

diversion concessions of the dual-component fee 

and the obligation to supply free power or its finan-

cial equivalent;

• they order the monetization of the obligation to 

supply free energy, which is not envisaged in the na-

tional law.

Furthermore, the introduction by the regions of these

new obligations to pay the new dual-component 

fee and to supply a certain annual quantity of elec-

tricity free of charge in the form of payment of the 

associated monetary value, which is also to be paid 

by the holders of valid concessions that have not yet 

expired, creates an unexpected and unreasonable 

financial imbalance in the concession relationships. 

This circumstance is in evident contrast with the 

principles of reasonableness, proportionality and le-

gitimate expectation of concession fees, compliance 

with which is required by constitutional case law if, 

in the context of long-term relationships, pejorative 

modifications are introduced.

In September 2024, the TSAP issued its decision in 

the proceedings against the implementing acts is-

sued by the regions of Lombardy, Piedmont and 

Abruzzo, rejecting the appeals.

The Companies are appealing against this decision

before the Court of Cassation. They are also request-

ing a precautionary suspension of the first sentence

issued by TSAP. The hearing for the discussion of 

the suspension was scheduled for March 26, 2025. 

The remaining proceedings before the TSAP are still 

pending in the preliminary investigation phase.

The payment injunction orders issued by the Emil-

ia-Romagna and Veneto regions for the failure to pay 

the amounts in the payment notices were also chal-

lenged before the Regional Court of Public Waters 

(TRAP). These proceedings were suspended pending 

the TSAP decision.

Hydroelectric concessions Sardinia 

\- Italy

In October 2018, the Autonomous Region of Sardinia 

(RAS), with three resolutions of the Council (and relat-

ed provisions), ordered that the management of the 

three concessions for large hydroelectric diversions 

in Sardinia, Coghinas, Flumendosa and Taloro (power 

plants, dams and pipelines) belonging to Enel Produz-

ione (EP) expiring in 2029, be entrusted to Enas, the 

public body of the Sardinia Region, as from 1 January 

2019. 

EP challenged these provisions before the Superi-

or Public Water Resources Court (TSAP), considering 

them illegitimate and seriously damaging to EP’s ac-

quired rights, as they are clearly in conflict, among 

other things, with Legislative Decree 79/1999 (so-

called Bersani Decree), the provisions of the Simplifi-

cation Decree, as well as in open violation of Article 117 

of the Constitution and of various fundamental prin-

ciples protected by the Italian Constitution, the Euro-

pean Convention on Human Rights and the Charter of 

Fundamental Rights of the EU, such as the protection 

of private property, competition, legal certainty and 

freedom of private economic initiative.

During the proceedings, the TSAP first ordered the 

suspension of the contested provisions and subse-

quently, in 2023, voided the resolutions of the Region 

of Sardinia due to a procedural defect (failure to com-

municate the start of the proceedings), including in 

the decision the other grounds for appeal of EP. 

The Region of Sardinia challenged the decision be-

fore the Court of Cassation and with an appeal to the 

Constitutional Court for conflict of attribution. EP ap-

peared in both proceedings.

With an order dated December 28, 2024, the Court

of Cassation upheld the appeal of the Region of Sar-

dinia and quashed the TSAP decision. EP resumed the 

proceedings before the TSAP for the continuation and 

examination of the remaining grounds of appeal, si-

multaneously promoting a request for suspension of 

the contested provisions which will be discussed at 

the hearing on March 19, 2025. 

The proceedings before the Constitutional Court for 

conflict of attribution are destined to be declared in-

admissible given that the TSAP ruling was annulled.

Antitrust proceeding 12461 – EE –

Contract renewals - Italy

On December 13, 2022, the Competition Authority 

(AGCM) notified Enel Energia SpA (“the Company” or 

EE) and six other companies (Hera, A2A, Acea, Eni Plen-

itude, Engie, Edison) that it had initiated a proceeding 

for unfair commercial practices (violation of certain 

provisions of the Consumer Code and Article 3 of Leg-

islative Decree 115/2022, the second “Aid Decree”).

In particular, AGCM, among other thing, argued that 

EE had sent its customers, in the period from May to

October 2022, notices of price changes that were al-

  


  


Notes to the consolidated financial statements

575

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

legedly generic and omissive to the extent that they 

did not specify the expiry date of the financial condi-

tions subject to renewal and represented an unwar-

ranted exercise of ius variandi in modification of the 

financial conditions of the supply relationship, in vio-

lation of the aforementioned Article 3 of the second

Aid Decree.

With the measure initiating the procedure, the Com-

petition Authority simultaneously prohibited on a pre-

cautionary basis the sending of new price change no-

tices and ordered the correction of those already sent.

All the operators subject to the order, including EE, 

challenged the provision, which was based on the as-

sumption that any price change had been prohibited 

to suppliers in the period indicated by the second Aid 

Decree (August 10 - April 30, then extended until June 

30, 2023 by Legislative Decree 198/2022, the “Mille-

proroghe Decree”).

Following the pronouncement of the Council of State 

of December 22, 2022 and the Milleproroghe Decree 

of December 29, 2022, which excluded the applicability 

of Article 3 of the Decree to contract renewals (of ex-

piring offers) in compliance with the contractual terms 

of notice and without prejudice to the right of with-

drawal of the counterparty, thus distinguishing them 

from those covered by the ius variandi, the Competition 

Authority, with a precautionary measure on December 

29, 2022, ordered the partial upholding of the original 

precautionary measure and confirmed the prohibition 

on changes or renewals of the financial conditions of 

expiring contracts for which the expiry date was not 

specifically identified or in any case predeterminable in 

the associated notice sent to the customer. EE filed an

appeal for additional reasons against this measure.

With a ruling published on May 19, 2023, the Lazio 

Regional Administrative Court (TAR) accepted the 

arguments of EE and voided the two precautionary 

measures of the AGCM on December 12, 2022 and 

December 29, 2022. Both AGCM and EE challenged 

the Court decision before the Council of State which, 

on December 10, 2024, rejected AGCM appeal, con-

sidering that the precautionary measures it issued had 

been overcome by the sanctioning measure adopted 

by the same AGCM. 

In the meantime, the proceeding for unfair commer-

cial practices concluded with the issue of a meas-

ure notified on November 15, 2023 with which the 

Competition Authority found a violation of Articles 24 

and 25 of the Consumer Code, levying a fine of €10 

million on EE, which was paid by EE on December 15, 

2023. On January 15, 2024, EE appealed to void the 

fine before the Lazio Regional Administrative Court, 

which was then voided by the TAR with a decision 

published on November 18, 2024\. On 11 February 

2025, the AGCM challenged this decision before the 

Council of State.

Criminal proceeding against 

e-distribuzione concerning an accident –

Italy

On July 1, 2021, e-distribuzione SpA was notified of 

a proceeding against a number of its employees and 

managers and e-distribuzione SpA itself pursuant to 

Legislative Decree 231/2001, initiated by the Public 

Prosecutor’s Office of Taranto, following the accident 

that occurred on the night between June 27 and 28, 

2021 in which an employee of a contractor was injured 

and subsequently died. 

During the investigative phase, an unrepeatable tech-

nical assessment was ordered and the report of the 

Technical Consultant of the Public Prosecutor, dated 

December 15, 2021, was filed and incorporated in the 

Public Prosecutor’s case.

A notice of dismissal of charges was subsequently sent 

to some of the defendants and the subcontractor with 

whom the deceased worker was employed. A notice of 

conclusion of the preliminary investigation pursuant 

to Article 415-bis of the Code of Criminal Procedure 

was sent to the remaining defendants and the compa-

ny and on April 17, 2023, a notice was served schedul-

ing the preliminary hearing before the Court of Taranto 

for May 23, 2023. Following adjournments, the prelim-

inary hearing was scheduled to continue on February 

20, 2024, when the parties were heard, including the 

request for a plea deal from one of the defendants. 

At the following hearing on May 21, 2024, the Court

accepted the plea deal from one of the defendants, 

ordering referral to trial for all the other defendants.

The hearing began on October 1, 2024, the examination 

of the prosecution witness is currently underway and 

the trial is postponed to the hearing on April 15, 2025.

In agreement with the insurance company, a process 

was defined to reach a settlement with the heirs of the 

deceased to extinguish the claims formulated by the 

injured parties without admission of liability.

Arbitration proceedings Enel Produzione 

SpA - Italy

In the 4th Quarter of 2023 a coal supplier initiated 

an arbitration proceeding against Enel Produzione 

  


  


Notes to the consolidated financial statements

576

INTEGRATED ANNUAL REPORT 2024

requesting the fulfillment by the latter of certain coal 

supply contracts stipulated between the parties dur-

ing 2021, performance of which was suspended by 

Enel Produzione in March 2022 due to the sanctions 

imposed with EU Regulations no. 269/2014 and no. 

833/2014\. A claim of about $11.2 million was filed for 

supplies already executed and about $66.7 million for 

expected supplier, plus interest. The arbitration pro-

ceedings are pending, The hearing is scheduled for 

the last week of May.

Green Network litigation - Italy

With a summons dated May 8, 2019, Green Network 

SpA (GN) sued Enel Energia SpA (EE) before the Court

of Rome to ascertain alleged anti-competitive con-

duct (including illegal win-back practices) that EE car-

ried out in an attempt to recover customers who would 

have moved to the competing trader and, as a result, 

order EE to pay damages quantified at €116,049,056, 

plus interest and monetary revaluation, in addition to 

the publication of the sentence. EE formally appeared 

in court, contesting the validity of the opposing par-

ty’s claim in fact and law and requesting the complete 

denial of the claims, as well as an order for the plaintiff

to pay damages for frivolous litigation. After complet-

ing the preliminary investigation phase, on February 

9, 2024, the parties exchanged final briefs and we are 

awaiting the decision.

Penalty proceeding of the Personal Data 

Protection Authority against Enel Energia 

– Italy

On February 29, 2024, the Personal Data Protection 

Authority (DPA) announced that it was levying a fine of 

€79,107,101 on Enel Energia SpA (the “Company”), in 

addition to a number of prescriptive measures.

The action originates with a proceeding undertaken by 

the DPA in July 2023, during which the Company was 

accused of failing to adopt an adequate system for 

monitoring and controlling the operation of its agen-

cies, which, in the period from 2015 to 2022, also made 

use of operators who were not officially appointed, for 

the sole purpose of maximizing their profits even to 

the detriment of the Company itself.

In the meantime, the Company, acting for its own pro-

tection, had already taken all the contractually estab-

lished measures against the agencies involved in the 

circumstances addressed by the penalty measure and 

had also filed criminal complaints against the opera-

tors who had acted abusively.

The Company, considering the objections raised by 

the DPA to be unfounded, challenged the provision 

before the Civil Court of Rome, filing a request for sus-

pension of both the payment of the fine and the pre-

scriptive measures. On July 18, 2024, the Court grant-

ed the request for suspension with a non-appealable 

order, scheduling the discussion on the merit on May 

14, 2025.

BEG litigation - Italy, France, 

Luxembourg

Following an arbitration proceeding initiated by BEG 

SpA (BEG) in Italy, Enelpower SpA (Enelpower) obtained 

a ruling in its favor in 2002, which was upheld by the 

Court of Cassation in 2010, which entirely rejected the 

petition for damages with regard to alleged breach by 

Enelpower of an agreement concerning the assess-

ment of the possible construction of a hydroelectric 

power station in Albania. Subsequently, BEG, acting 

through its subsidiary Albania BEG Ambient (ABA), filed 

suit against Enelpower and Enel SpA (Enel) in Albania 

concerning the matter, obtaining a ruling from the 

District Court of Tirana on March 24, 2009, upheld by 

the Albanian Court of Cassation, ordering Enelpower 

and Enel to pay tortious damages of about €25 million 

for 2004 as well as an unspecified amount of tortious 

damages for subsequent years. Following the ruling, 

Albania BEG Ambient demanded payment of more 

than €430 million. 

In November 2016, Enel and Enelpower filed a petition 

with the Albanian Court of Cassation, asking for the 

ruling issued by the District Court of Tirana on March 

24, 2009 to be voided. At the hearing of November 6, 

2024, the Albanian Court of Cassation rejected the 

petition.

With a ruling of the Court of Appeal of Rome of March 

7, 2022, the further proceedings undertaken by Enel 

and Enelpower before the Court of Rome were con-

cluded, having sought recognition of BEG’s liability for 

having circumvented the arbitration award rendered 

in Italy in favor of Enelpower through the aforemen-

tioned initiatives undertaken by the subsidiary ABA. 

With the ruling, the Court of Appeal of Rome upheld 

the ruling of first instance rendered by the Court of 

Rome on June 16, 2015, which had denied the petition 

in the proceeding.

On May 20, 2021, the European Court of Human

Rights (ECHR) issued a ruling with which it decided 

  


  


Notes to the consolidated financial statements

577

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

the appeal brought by BEG against the Italian State 

for violation of Article 6.1 of the European Conven-

tion on Human Rights. With this decision, the Court

denied BEG’s request to reopen the above arbitra-

tion proceedings, and also rejected BEG’s claim for 

pecuniary damages amounting to about €1.2 billion 

due to the absence of a causal link with the disputed

conduct, granting it €15,000 in non-pecuniary dam-

ages.

Nonetheless, on December 29, 2021, BEG, with an ac-

tion that the Company and its legal counsel deemed 

unfounded and specious, also decided to sue the Ital-

ian State before the Court of Milan, to demand, as a 

consequence of the ECHR ruling, damages for tortious 

liability in an amount of about €1.8 billion. In this case, 

BEG also involved Enel and Enelpower by way of a claim 

of joint and several liability. With an order of June 14, 

2022, the Court of Milan, in accepting the objection of 

territorial incompetence raised by the State Attorney, 

declared its incompetence to hear the dispute in favor 

of the Court of Rome, the court exclusively competent 

to hear the causes in which the Italian State is involved, 

ordering BEG to pay the costs of the proceedings in 

favor of the defendants, BEG did not resume the judg-

ment before the Court of Rome within the legal term 

of October 14, 2022 and therefore the proceeding was 

extinguished. 

A short time later, on November 3, 2022, BEG resub-

mitted the same claims for damages of the terminat-

ed proceeding, serving a new writ of summons before 

the Court of Milan against the same defendants, but 

excluding the Italian State. Enel and Enelpower are 

preparing their defenses to proceed with the appear-

ance in court in order to contest the claim, which is 

considered entirely specious and unfounded, like the 

previous similar initiative. Following the hearing for ad-

mission of evidence, the Court issued an order on Oc-

tober 26, 2023 denying the preliminary requests of the 

plaintiff and scheduled final arguments for October 17, 

2024 when the parties exchanged their final briefs. We 

are awaiting a decision.

Proceedings undertaken by Albania BEG 

Ambient Shpk (ABA) to obtain enforcement 

of the ruling of the District Court of Tirana 

of March 24, 2009

Italy

With an appeal notified on September 11, 2023, Al-

bania BEG Ambient Shpk (ABA) initiated a proceed-

ing before the Court of Appeal of Rome against Enel 

SpA and Enelpower Srl, in order to obtain, pursuant to 

Article 67 of Law 218/1995, enforcement of the rul-

ing of the Court of Tirana of March 24, 2009. The two 

companies are preparing their defense to contest the 

claim for execution in Italy as well. Following the initial 

hearing, the Court of Appeal adjourned the proceed-

ing until September 18, 2025 for oral arguments.

France

In 2012, ABA filed suit against Enel and Enelpower with 

the  Tribunal de Grande Instance in Paris in order to 

render the ruling of the Albanian court enforceable in 

France. 

On January 29, 2018, the Tribunal de Grande Instance

rejected ABA claim. Among other issues, the Tribunal 

de Grande Instance ruled that: (i) the Albanian ruling 

conflicted with an existing decision (the arbitration 

ruling of 2002) and that (ii) the fact that BEG sought to 

obtain in Albania what it was not able to obtain in the 

Italian arbitration proceeding, resubmitting the same 

claim through ABA, represented fraud. 

Subsequently, with a ruling of May 4, 2021, the Par-

is Court of Appeal denied the appeal by ABA, in full, 

upholding the ruling at first instance and, in particular, 

fully upholding the non-compatibility of the Albanian 

ruling with the arbitration award of 2002, ordering it 

to reimburse Enel and Enelpower €200,000 each for 

legal costs. 

With a ruling of May 17, 2023 the French Cour de Cas-

sation rejected ABA’s appeal, thereby definitively de-

nying the ABA’s petition for execution.

Following the favorable ruling of the Court of Appeal, 

Enel initiated a separate proceeding to obtain release 

of the precautionary attachments (saisie conserva-

toire des créances) granted to ABA of any receivables

of Enel in respect of Enel France. With an order of 

June 16, 2022, the Court of Paris ordered the release 

of the precautionary attachments while also ordering 

ABA to pay Enel a total of about €146,000 in dam-

ages and legal costs. ABA challenged the aforemen-

tioned release order and the appeal was granted by 

the Paris Court of Appeal with a decision of May 17, 

2023. On June 16, 2023 Enel filed a petition and on 

December 15, 2023 formally appealed that ruling be-

fore the French Cour de Cassation. On April 18, 2024, 

ABA filed a petition and appeared in court, communi-

cating the release of the precautionary attachments

and requesting the Cour de Cassation to terminate 

the proceedings due to the cessation of the subject

matter of the dispute. Enel opposed the request for 

termination of the proceedings; the Court’s decision 

on the matter is pending.

  


  


Notes to the consolidated financial statements

578

INTEGRATED ANNUAL REPORT 2024

The Netherlands

In 2014, ABA filed suit with the Court of Amsterdam to 

render the ruling of the Albanian court enforceable in 

the Netherlands. 

Following an initial ruling of June 29, 2016, in favor of 

ABA, in a ruling of July 17, 2018, the Amsterdam Court

of Appeal upheld the appeal advanced by Enel and 

Enelpower, ruling that the Albanian judgment cannot 

be recognized and enforced in the Netherlands, as it 

was arbitrary and manifestly unreasonable and there-

fore contrary to Dutch public order. Subsequently, the 

proceeding before the Court of Appeal continued with 

regard to the subordinate question raised by ABA with 

which it asked the Dutch court to rule on the merits 

of the dispute in Albania and in particular the alleged 

tortious liability of Enel and Enelpower in the failure 

to build the power plant in Albania. On December 3, 

2019, the Amsterdam Court of Appeal issued a defini-

tive ruling in which it rejected any claim made by ABA, 

thereby confirming the denial of recognition and en-

forcement of the Albanian ruling in the Netherlands. 

Moreover, having re-analyzed the merits of the case 

under Albanian law, the Court found no tortious liability 

on the part of Enel and Enelpower and ordered ABA 

to reimburse the 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 July 16, 2021 the Supreme Court completely reject-

ed ABA’s appeals, ordering it to reimburse court costs. 

Luxembourg

In Luxembourg, again at the initiative of ABA, J.P. Mor-

gan Bank Luxembourg SA was also served with an 

order for a number of precautionary seizures of any 

receivables of both Enel Group companies in respect 

of the bank.

In parallel ABA filed a claim to obtain enforcement of 

the ruling of the Court of Tirana in Luxembourg. 

Owing to a number of procedural delays, the proceed-

ing is still in the initial stages and no ruling has been 

issued. In particular, after several legal representatives 

appointed by ABA withdrew from the cause, on Sep-

tember 2023 the court suspended the proceeding. 

United States and Ireland

In 2014, ABA had initiated two proceedings requesting 

execution of the Albanian sentence before the courts 

of the State of New York and Ireland, which both ruled 

in favor of Enel and Enelpower, respectively, on Febru-

ary 23 and February 26, 2018. Accordingly, there are 

no lawsuits pending in Ireland or New York State.

Municipality of Alfedena – COSAP 

and CUP fees

On September 26, 2024, the Municipality of Alfedena 

notified Enel Produzione of: (i) an assessment of €207 

million for fees for the use of public areas in respect 

of a hydroelectric catchment area named “Montagna 

Spaccata” and the associated structures (COSAP) and 

the single land usage fee (CUP) for the years from 2007 

to 2024; and (ii) a notice of a fine of about €75.5 million 

for alleged illegitimate use of those areas. 

The notice of assessment and the fine issued by the 

municipality are based on the argument that the land 

occupied by the catchment area and the associated 

structures fall within those belonging to the munici-

pality’s public use assets not available for civic use and 

therefore subject to the COSAP fee, and, more recently, 

the single land usage fee (CUP). Enel Produzione chal-

lenged the assessment in court, while filing a petition 

for suspension of enforcement, and presented written 

defenses against the fine. At the hearing of January 22, 

2025, the Court of Sulmona ordered the suspension of 

the enforcement of the assessment.

Bono Social \- Spain

In relation to the various financing schemes for the 

Bono Social adopted by the Spanish government, 

with ruling no. 212/2022 of February 21, 2022 the Tri-

bunal Supremo ruled on the appeals filed by Endesa 

SA, Endesa Energía SAU and Energía XXI Comercial-

izadora de Referencia SLU (Endesa) and other compa-

nies in the energy sector against the third scheme for 

financing the Bono Social, and for co-financing with 

government authorities of the supply to vulnerable 

consumers, envisaged under Article 45, paragraph 4 

of Spain’s Electricity Industry Law 24/2013, Royal De-

cree Law 7/2016 of December 23 and Royal Decree 

897/2017 of October 6. 

With the ruling, the Tribunal Supremo, partially allowing 

the appeals, found that (i) the aforesaid regime was in-

applicable; (ii) Articles 12 to 17 of Royal Decree 897/2017 

are inapplicable and void, and (iii) the appellants were 

entitled to be compensated for the amounts paid to 

finance the Bono Social and provide co-financing with 

government authorities, and to reimbursement of all 

costs incurred to fulfill the obligations set out in this 

mechanism, deducting any amounts transferred to 

customers, where applicable. 

In the absence of voluntary compliance by the au-

thorities, on November 10, 2022 the companies filed 

  


  


Notes to the consolidated financial statements

579

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

a petition for enforcement of the ruling, requesting 

immediate payment of the uncontested part, equal to 

about €152 million, for financing costs associated with 

customers in the regulated market, as well as payment 

of other amounts as quantified in the technical stud-

ies prepared by the companies. With an order of May 

26, 2023 the Tribunal Supremo (i) ordered the govern-

ment to pay Endesa €152,272,229.83, plus interest, 

(ii) required the Ministry for the Ecological Transition 

and the Demographic Challenge (MITECO) to quantify 

as soon as possible the additional amounts to be paid 

to Endesa in respect of (a) costs to finance the Bono 

Social for the free market, deducting any amounts 

transferred to customers, and (b) investments made 

to implement the Bono Social, and to pay Endesa 

those amounts, plus interest, within two months. On 

July 28, 2023, the Secretary of State for Energy (MITE-

CO) announced a resolution that grants Endesa (i) an 

indemnity of €171.6 million (including interest) for fi-

nancing costs associated with customers in the reg-

ulated market and (ii) an additional indemnity of €6.6 

million (including interest) for costs incurred to imple-

ment the Bono Social. However the resolution does 

not provide for any indemnity for the financing costs 

of the Bono Social for the free market. Therefore, on 

September 18, 2023 Endesa filed arguments support-

ed by technical studies with the Tribunal Supremo to 

demonstrate Endesa’s entitlement to be indemnified 

for the free market segment as well. In February 2024, 

a motion was filed to initiate the expert evidence col-

lection phase, which began in May 2024 and ended 

with a decision of September 18, 2024 of the Tribu-

nal Supremo, which: (i) partially voided the resolution 

of the Secretary of State of July 28, 2023 in the part

in which it did not recognize the compensation for 

the financing costs of the Bono Social relating to the 

free market segment; (ii) established Endesa’s right to 

be reimbursed by the government in the amount of 

€148 million as amounts paid to finance the Bono So-

cial, plus interest calculated from the date on which 

the payment was made until its actual reimbursement; 

(iii) established Endesa’s right to reimbursement of €6 

million corresponding to the costs incurred for the 

management of the Bono Social for customers being 

supplied at the time, plus interest calculated from the 

date on which the payment was made until its actual 

reimbursement; (iv) confirmed that the cost of financ-

ing the Bono Social had no impact on market offers or 

on the energy bills of Endesa Energía SAU customers. 

Since all the amounts incurred for the implementation 

of the procedure for requesting, verifying and manag-

ing the Bono Social (as indicated in paragraph (iii)) have 

already been paid by the government, on December 

13, 2024, Endesa filed an application before the Tri-

bunal Supremo informing that the €148 million reim-

bursement relating to the amounts paid as financing 

and co-financing associated with consumers supplied 

by Endesa Energía SAU was still pending.

GNL Endesa Generación SAU arbitration 

proceeding II - Spain

In March 2023, a liquefied natural gas (LNG) produc-

er initiated an arbitration proceeding within the con-

text of a proceeding for the revision of the price of 

a long-term supply contract for LNG against Endesa 

Generación SAU, demanding payment of about $700 

million (interest included) at September 30, 2024\. The 

arbitration proceeding came to completion and the 

award was issued on November 28, 2024 rejecting the 

claims, and condemning the same claimant to pay the 

legal expenses in favour of Endesa.

GNL Endesa Generación SAU arbitration 

proceeding III - Spain

In January 2025, a liquefied natural gas (LNG) produc-

er initiated an arbitration proceeding for the revision 

of the price of a long-term supply contract for LNG 

against Endesa Generación SAU. Although the de-

fendant has not yet detailed the amount of the claim 

– reserving the right to do so at a later stage of the 

proceedings – it should be noted that in the negoti-

ation phase it had requested a retroactive price in-

crease which would entail a potential disbursement 

by Endesa, estimated as of December 31, 2024 at 

approximately $307.8 million, including interest. The 

amount of the claim could be revised during the arbi-

tration proceeding.

Appeal of grant of single permit for the 

“Peña del Gato” wind farm – Spain

On February 7, 2024, the association Plataforma para 

la Defensa de la Cordillera Cantábrica filed an appeal 

with the Administrative Court of León to challenge 

the administrative authorization and environmental 

impact statement for the construction and opera-

tion of the “Peña del Gato” wind farm and the related 

evacuation infrastructure, obtained, most recently in 

2022, by Energías Especiales del Alto Ulla SAU (100% 

  


  


Notes to the consolidated financial statements

580

INTEGRATED ANNUAL REPORT 2024

controlled by Enel Green Power España SLU, herein-

after the “Company”). On March 11 and April 11, 2024, 

respectively, the Junta de Castilla y León and the Com-

pany filed their opposition to the appeal filed by the 

association. On December 11, 2024 the Company filed 

its conclusions.

Tractebel litigation – Brazil

In 1998 the Brazilian company CIEN (now Enel CIEN) 

signed an agreement with Tractebel (now Engie Brasil

Energia SA) for the delivery of electricity from Argentina 

through its Argentina-Brazil interconnection line. As a 

result of Argentine regulatory changes introduced as a 

consequence of the economic crisis in 2002, Enel CIEN

was unable to make the electricity available to Tractebel.

In October 2009, Tractebel sued Enel CIEN for alleged

breach of contract. Enel CIEN submitted its defense 

citing force majeure as a result of the Argentine crisis 

as the main argument. Out of court, Tractebel indicat-

ed that it plans to acquire 30% of the interconnection 

line involved in the dispute. With a ruling of February 

16, 2023, the court of first instance denied the grounds 

of the claim submitted by Tractebel against Enel CIEN. 

The ruling was appealed by Tractebel on March 20, 

2023, but on February 29, 2024 the Court of Appeal 

upheld the decision at first instance in favor of Enel 

CIEN. On March 21, 2024, Tractebel filed a petition for 

clarification of the decision of the Court of Appeal, to 

which Enel CIEN replied. On May 10, 2024, the Court of 

Appeal denied the motion submitted by Tractebel and 

Tractebel challenged the rejection before the Superior 

Court. Enel CIEN appeared in the proceedings which 

are currently pending. The amount involved in the dis-

pute is estimated at about R$753 million (about €123 

million), plus damages to be quantified.

For similar reasons, the company Furnas, in May 2010, 

had also presented a sue against Enel CIEN for the fail-

ure to deliver electricity, requesting payment of about 

R$571.6 million (about €91 million), plus damages to be 

quantified, with a claim to acquire 70% of the intercon-

nection line. The trial concluded in favor of Enel CIEN 

with a sentence issued by the Tribunal de Justiça, which 

became final on October 18, 2019, which rejected all of 

Furnas’ claims. 

Cibran litigation - Brazil

Companhia Brasileira de Antibióticos (Cibran) has 

filed six suits against the Enel Group company Ampla 

Energia e Serviços SA (today Enel Distribuição Rio)

to obtain damages for alleged losses incurred as a 

result of the interruption of electricity service by the 

Brazilian distribution company between 1987 and 

2002, in addition to non-pecuniary damages. The 

Court ordered a unified technical appraisal for those 

cases, the findings of which were partly unfavorable

to Enel Distribuição Rio. The latter challenged the 

findings, asking for a new study, which led to the de-

nial of part of Cibran’s petitions. Cibran subsequently 

challenged the findings of the new study, but with-

out success.

The first suit, regarding the years from 1995 to 1999, 

was denied in full with a ruling that became definitive 

on August 24, 2020.

With regard to the second case, filed in 2006 and re-

garding the years from 1987 to 1994, on June 1, 2015, 

the courts issued a ruling ordering Enel Distribuição 

Rio to pay R$96 million (about €23 million) plus in-

terest in pecuniary damages and R$80,000 (about 

€19,000) in non-pecuniary damages. On November 6, 

2019, the Tribunal de Justiça of Rio de Janeiro issued 

a ruling granting Enel Distribuição Rio’s petition, and 

denying all of Cibran’s claims. Subsequently, all the 

appeals submitted by Cibran between 2019 and 2022 

were denied in full and, accordingly, the decision of 

November 6, 2019 in favor of Enel Distribuição Rio be-

came final on March 24, 2023.

The remaining four suits for the years 2001 and 2002, 

in which the claim has not yet been quantified with 

expert opinion, were initially suspended pending the 

decision concerning the petition and are now waiting 

to be taken up again. The value of all the disputes is 

undetermined.

Litigation with cooperatives - Brazil 

As part of the project to expand the grid in rural are-

as of Brazil, in 1982 Coelce Companhia Energética do 

Ceará SA (today Enel Distribuição Ceará), then owned 

by the Brazilian government and now an Enel Group 

company, had entered into contracts for the use of the 

grids of a number of cooperatives established specif-

ically to pursue the expansion project. The contracts 

provided for the payment of a monthly fee by Enel Dis-

tribuição Ceará, which was also required to maintain 

the grids. 

Those contracts, between cooperatives established in 

special circumstances, did not specifically identify the 

grids governed by the agreements, which prompted a 

number of the cooperatives to sue Enel Distribuição 

  


  


Notes to the consolidated financial statements

581

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Ceará asking for, among other things, a revision of the 

fees agreed in the contracts. 

These proceedings include: (a) the suit filed by Coop-

erativa de Eletrificação Rural do Vale do Acarau Ltda 

(COPERVA) with a value of about R$533 million (about 

€83 million): in the suit COPERVA requested a revision 

of the fee agreed in the contract for the use of the 

distribution grids which could amount to 1.5% of the 

value of the leased asset. Enel Distribuição Ceará was 

granted rulings in its favor by the trial court and the 

Court of Appeal (representing a favorable precedent 

also for the other proceedings). This was followed by 

several appeals, the last of which, filed in December 

2018 before the Tribunal Superior de Justiça, is cur-

rently pending (an internal procedural appeal filed by 

COPERVA is being defined); and (b) the suit filed by 

Cooperativa de Energia, Telefonia e Desenvolvimento 

Rural do Sertão Central Ltda (COERCE) of about R$319 

million (about €50 million): in the suit COERCE re-

quested a revision of the fee agreed for the use of its 

grids to be calculated on the basis of 2% of their value; 

the preliminary investigation of the first instance trial 

was recently concluded with the filing of a technical 

report favorable to Enel Distribuição Ceará. 

ANEEL litigation - Brazil

In 2014, Eletropaulo (today Enel Distribuição São 

Paulo) initiated an action before the Brazilian federal 

courts seeking to void the administrative measure of 

the Agência Nacional de Energia Elétrica (ANEEL, the 

national electricity agency), which in 2012 retroac-

tively introduced a negative coefficient to be applied 

in determining rates for the following regulatory pe-

riod (2011-2015). With this provision, ANEEL ordered 

the restitution of the value of some components of 

the network previously included in rates because they 

were considered non-existent and denied Enel Dis-

tribuição São Paulo’s request to include additional 

components in rates. The administrative measure of 

ANEEL was challenged and on September 9, 2014, it 

was suspended on a precautionary basis. The first-in-

stance proceeding was concluded with a decision 

of April 10, 2024 which rejected the requests of Enel 

Distribuição São Paulo. Against this decision, the com-

pany filed an appeal also asking the Court of Appeal 

to confirm the precautionary suspension already or-

dered, which was granted on June 21, 2024, until the 

second degree decision on the merits. On August 5, 

2024, ANEEL challenged this last decision suspending 

the enforceability of the provision and on September 

9, 2024 Enel Distribuição São Paulo filed a counter-ap-

peal. The value of the suit is about R$1,3 billion (about 

€219 million).

Endicon – Brazil

On October 17, 2021 Endicon (former Enel service pro-

vider in Brazil) filed a lawsuit against Enel Distribuição 

Rio and Enel Distribuição Ceará in which it seeks total 

damages of approximately R$553 million (about €91

million) for pecuniary and non-pecuniary damages in-

curred in connection with certain events allegedly at-

tributable to Group companies, which occurred during 

the execution of the contracts and from the abusive 

exercise of contractual rights by the latter, which is

alleged to have produced a loss on the management 

of the contracts. Following the revocation on May 10, 

2022 of the precautionary measure that had been 

previously notified to the companies, on December 2, 

2021, Enel Distribuição Rio and Enel Distribuição Ceará

presented their defenses in the proceedings on the 

merits, including preliminary objections on procedural 

aspects which were rejected by the Court in both the 

first and second instance. A review proceeding against 

this latter decision is currently pending. On the merits, 

the trial continues in the first instance in the investiga-

tion phase. On March 19, 2024, the Group companies 

requested the Court to file accounting reports and ad-

ditional documentary evidence.

Socrel – Brazil

Enel Distribuição São Paulo has been sued by Serviços 

de Eletricidade and Telecomunicações Ltda (Socrel) 

for damages for losses caused by an alleged unlaw-

ful termination of contract by the Group company 

that involved a series of contracts between the par-

ties, which would have caused Socrel’s liquidity crisis. 

Following an expert report issued during the proceed-

ings, Socrel’s request was quantified at R$321 mil-

lion (about €57 million). With the ruling of March 27, 

2023, the Tribunal de Justiça do Estado de São Paulo

denied the entire substance of the Socrel claim. So-

crel challenged the ruling on May 15, 2023 which was 

overturned with a ruling of November 8, 2023 and re-

manded for trial at first instance to hear oral evidence 

not allowed in the first proceeding. On November 24, 

2023, Enel Distribuição São Paulo filed a request for 

clarification against the provision that annulled the 

first-instance judgment, rejected by the Court of Ap-

  


  


Notes to the consolidated financial statements

582

INTEGRATED ANNUAL REPORT 2024

peal on December 19, 2023. On February 26, 2024, 

Enel Distribuição São Paulo filed an appeal with the 

Supreme Court against this last decision, and Socrel 

filed a counter-appeal on March 27, 2024; the pro-

ceedings are pending.

Extraordinary 2022 rate revision (Ceará) –

Brazil

On April 19, 2022, the Agência Nacional de Energia

Elétrica (ANEEL) issued Resolution no. 3.026/2022 

with which it authorized an average 24.85% rate in-

crease for 2022 for the electricity distribution servic-

es performed by Enel Distribuição Ceará (ED Ceará). 

Both private individuals and public institutions have 

challenged this resolution before the Federal Re-

gional Court of the district of Ceará, for a total of six 

proceedings requesting, on a precautionary basis, 

the cancellation of the effects of the resolution and, 

on a permanent basis, the voidance of the resolution

itself, arguing that the rate increase is illegitimate. 

In all proceedings, ED Ceará has contested the pe-

titioners’ claims, arguing the legitimacy of the rate 

adjustment. On June 21, 2022, the Federal Regional 

Court rejected the precautionary request and join-

dered the six proceedings in a single proceeding in 

consideration of the fact that the relief sought and 

the cause of action are the same. On September 23, 

2022, ED Ceará also submitted that, as a result of 

certain subsequent legislative measures, the rate had

been reduced following an extraordinary rate review 

and a reduction in taxes. Of the six suits, four have

already concluded with definitive decisions in favor 

of Enel (for procedural reasons, therefore without de-

ciding on the merits) and dismissal of charges. One 

of the remaining two, after the appeal on legitimacy 

to act was granted, was returned to the court of first 

instance for the analysis of the merits. The estimat-

ed value of the proceeding has not been determined. 

The other suit, which was referred to the Federal Re-

gional Court due to its connection with the others 

commented earlier, is promoted by one public entity

for consumer protection and is aimed at obtaining

compensation for collective moral damages quanti-

fied in approximately R$59 million (approximately €10 

million) allegedly suffered due to the poor quality of

the service, in the context of which the request relat-

ing to the rate increase was also formulated. On De-

cember 19, 2024, a first-instance decision was issued 

unfavorable to ED Ceará, condemning the company

to pay collective moral damages for inadequate qual-

ity of service for approximately €1 million. The deci-

sion will be appealed by ED Ceará.

CTEEP – Brazil

On March 16, 2021 Enel Distribuição São Paulo (for-

merly Eletropaulo Metropolitana Eletricidade de São 

Paulo SA – Eletropaulo) filed a debt collection action 

before the Tribunal de Justiça do Estado de São Pau-

lo in the amount of about R$1.5 billion (about €250 

million) against the transmission system operator ISA 

CTEEP – Companhia de Transmissão de Energia Elétri-

ca (CTEEP) as the original debtor for a liability arising 

prior to the privatization of Eletropaulo, against Cen-

trais Elétricas Brasileiras SA (Eletrobras), which had 

initially been paid by Eletropaulo to the latter as part

of a settlement agreement. With a decision of Sep-

tember 26, 2023, the competent Court of Appeal up-

held the ruling at first instance, which had denied Enel 

Distribuição São Paulo’s claim, also quantifying the de-

fense’s legal costs due at 13% of the present value of 

the claim, for an amount of about R$439 million (about 

€70 million) at September 2024. By decision of January 

12, 2024, the Court of Appeal rejected the appeal filed 

against this decision by Enel Distribuição São Paulo. 

On February 23, 2024 the company also appealed the 

latter ruling before the higher courts, and on March 

25, 2024 CTEEP presented its defense in this regard. 

Subsequently, the judgment was suspended pending 

the ruling of the Higher Federal Court on preliminary 

questions to the merits of the case.

Black-out November 2023 São Paulo –

Brazil

Following the severe weather events that on November 

3, 2023 hit the concession area of Enel Distribuição 

São Paulo (ED SP), at December 31, 2024, 528 individ-

ual actions and 7 collective actions were filed by rep-

resentatives of municipalities, unions, political parties, 

the public prosecutor and the public defender’s office 

requesting the grant of precautionary measures, the 

provision of assistance by ED SP, the provision of in-

formation/documentation, the maintenance of dis-

tribution service levels and the payment of individual 

and collective pecuniary and non-pecuniary damages 

to be determined in court. At December 31, 2024 the 

overall value of the individual actions was about R$20 

million (about €3.1 million) while the value of the col-

lective actions was undetermined. 

  


Notes to the consolidated financial statements

583

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Black-out November 2023 Rio de Janeiro –

Brazil

Following the severe weather events that on November 

18, 2023 hit the concession area of Enel Distribuição 

Rio de Janeiro (EDR), at December 31, 2024, 3,481 in-

dividual actions and 19 collective actions were filed 

by representatives of municipalities, the public pros-

ecutor and the public defender’s office requesting 

the grant of precautionary measures, the provision of 

assistance by EDR, the provision of information/docu-

mentation, the maintenance of assistance measures 

and the payment of individual and collective pecuni-

ary and non-pecuniary damages to be determined in 

court. At December 31, 2024 the overall value of the 

individual actions was about R$78 million (about €12.1 

million) while the value of the collective actions was 

undetermined.

Black-out October 2024 São Paulo – Brazil

Following the severe weather events that on October 

11, 2024 hit the concession area of Enel Distribuição 

São Paulo (ED SP), at December 31, 2024, ED SP was 

notified 632 individual actions and 6 collective action, 

filed by representatives of municipalities, the public 

prosecutor, associations, political parties, the Federal 

government, the São Paulo State and, in one instance, 

a private individual, requesting the grant of precau-

tionary measures to improve the quality of service and 

ANEEL participation in the concession. On the merits, 

the plaintiffs are seeking the payment of individual and 

collective pecuniary and non-pecuniary damages and, 

in one case, to obtain the annulment of the conces-

sion contract and the imposition of sanctions against 

ED SP. At December 31, 2024, the overall value of the 

individual actions was about R$10.3 million (about €1.6 

million) while the value of the collective actions was 

undetermined.

IPEDEC - Brazil

The Instituto de Defensa de los Consumidores (IPE-

DEC) filed a suit against Enel Distribuição Ceará (ED 

Ceará) and Agência Nacional de Energia Elétrica

(ANEEL) to contest the inclusion in the tariff of costs

related to energy theft such as “non-technical loss-

es”. In January 2024, ED Ceará challenged the ruling 

with which the court of first instance had partially

accepted the opposing claim by declaring that the

inclusion of such costs among non-technical losses 

was null but without retroactive effects, only starting 

from the moment the decision became final. The trial 

continues on appeal. The value of the dispute is un-

determined.

Rate revision for Enel Distribuição São 

Paulo - Brazil

As part of a class action brought against Eletropaulo 

(now Enel Distribuição São Paulo, ED SP) and against 

the  Agência Nacional de Energia Elétrica (ANEEL), in 

which ANEEL was asked to include a negative com-

ponent in rate revisions carried out as from 2003 ac-

counting for the alleged tax benefit that ED SP would 

have benefited from in respect of the interest paid on 

equity and for ED SP to reimburse double the amounts 

charged to consumers due to the failure to incorporate

the effect of the aforementioned benefit in rates, the 

court of first instance issued a ruling in favor of ED SP. 

However, on April 3, 2024 the Court of Appeal issued a 

ruling against the latter. On April 10, 2024, ED SP filed 

an appeal with a request for clarification of the appeal 

judgment. On August 27, 2024, this request was denied 

and, on September 19, 2024, ED SP filed both a spe-

cial appeal for violation of the law and an extraordinary 

appeal for violation of constitutional principles against 

the second instance judgment. Both proceedings are 

pending. The value of the dispute is undetermined.

Public civil action Municipality of Paraty 

Enel Distribuição Rio - Brazil

The Municipality of Paraty initiated a proceeding 

against Ampla (now Enel Distribuição Rio, EDR) for 

the enforcement of a final judgment ordering EDR 

to promote the modernization of the grid in the mu-

nicipality until the expiration of the concession con-

tract. The judge has appointed a technical consultant 

for the quantification and the proceeding is currently 

suspended for negotiations. The amount involved is 

currently undetermined.

GasAtacama – Chile

In January 2020, the appeal proceeding was complet-

ed for the administrative fine levied in August 2016 

by the Superintendencia de Electricidad y Combusti-

bles (SEC) against GasAtacama Chile (now Enel Gen-

  


Notes to the consolidated financial statements

584

INTEGRATED ANNUAL REPORT 2024

eración Chile) concerning the information provided 

to the CDEC-SING (Centro de Despacho Económico 

de Carga) in relation to the variables of the Techni-

cal Minimum and the Minimum Operation Time at 

the Atacama power station. Upon completion of the 

proceeding, the amount of the fine was reduced from 

approximately €6 million to about $432,000 and the 

amount was paid by the company.

In relation to the issue mentioned above, a number 

of operators of the Sistema Interconectado del Norte 

Grande (SING), including Aes Gener SA, Eléctrica 

Angamos SA and Engie Energía Chile SA, sued Ga-

sAtacama Chile in 2017 seeking damages for a total 

amount of about €139.5 million. On October 17, 2023, 

the Civil Court of Santiago issued a ruling partially 

upholding the plaintiffs petitions in an amount to be 

quantified at a subsequent stage of the proceeding. 

On October 31, 2023 the ruling was challenged by all 

the defendants and the appeal proceeding is pending. 

GasAtacama Chile and its external legal counsel feel 

that the likelihood of the plaintiffs’ claim being upheld 

on appeal is remote. 

Compañía Minera Arbiodo - Chile

In 2016, Compañía Minera Arbiodo and Ingenieros 

Asesores Limitada filed a suit against the Ministerio

de Bienes Nacionales, the Ministerio de Energía, the 

Ministerio de Minería (together, the “Ministry”), the 

Servicio Nacional de Geología y Minería (Sernageom-

in), Enel Green Power Chile (EGP Chile) and Parque 

Eólico Taltal SA (the “Companies”) seeking damages 

for alleged losses incurred as a result of presumed 

violations of mining rights to the soil underneath the 

land on which the Taltal wind farm, which was built

under a ministerial concession granted in 2012, is lo-

cated.

With decision of December 6, 2023, the Civil Court of 

Santiago ordered Parque Eólico Taltal and EGP Chile, 

jointly and severally with Sernageomin, to pay an 

amount of about 346 billion Chilean pesos (equal to 

about €334 million) in favor of the plaintiffs.

The decision was challenged by the Companies, the

Ministry, Sernageomin, as well as Arbiodo. On June 18, 

2024, the appeal proceeding was suspended follow-

ing the appeal lodged with the Constitutional Court

by the Companies, against some legal assumptions 

forming the basis of the first-instance ruling. The 

Companies and its external legal counsel feel that 

the likelihood of the plaintiffs’ claim being upheld on 

appeal is remote.

El Quimbo – Colombia

A number of legal actions (“acciones de grupo” and 

“acciones populares”) brought by residents and fisher-

men in the affected area are pending with regard to 

the El Quimbo project for the construction by Emgesa 

of a 400 MW hydroelectric plant in the region of Hui-

la (Colombia). More specifically, the first collective ac-

tion, currently in the preliminary stage, was brought by 

around 1,140 residents of the municipality of Garzón, 

who claim that the construction of the plant would 

reduce their business revenue by 30%. A second ac-

tion was brought, between August 2011 and Decem-

ber 2012, by residents and businesses/associations of 

five municipalities of Huila claiming damages related 

to the closing of a bridge (Paso El Colegio). With re-

gard to acciones populares, or class action lawsuits, in 

2008 a suit was filed by a number of residents of the 

area demanding, among other things, that the environ-

mental permit be suspended. As part of this action, on 

September 11, 2020, the Huila Court issued a partial-

ly unfavorable ruling against Emgesa, sentencing it to 

fulfill the obligations provided for in the environmental 

license. Both the Autoridad Nacional de Licencias Am-

bientales (ANLA) and Emgesa challenged this decision 

before the Council of State. On September 20, 2022, 

ANLA’s appeal was denied because it had been filed 

late. The proceeding continues in relation to Emgesa’s 

appeal. Meanwhile, in a different proceeding, during 

the last quarter of 2024, the Council of State definitive-

ly confirmed the validity of the environmental license of 

the El Quimbo project, ordering ANLA to re-determine 

some performance obligations provided for therein 

that the Council of State recognized as unenforceable 

due to a fact not attributable to Emgesa.

Another acción popular was brought by a number of 

fish farming companies over the alleged impact that 

filling the El Quimbo basin would have on fishing in the 

Betania basin downstream from El Quimbo. After a 

number of precautionary rulings, on February 22, 2016, 

the Huila Court issued a ruling allowing generation to 

continue for six months. The court ordered Emgesa to 

prepare a technical design that would ensure compli-

ance with oxygen level requirements and to provide 

collateral of about 20,000,000,000 Colombian pesos 

(about €5.5 million). The Huila Court subsequently ex-

tended the six-month time limit, and therefore, in the 

absence of contrary court rulings the El Quimbo plant 

is continuing to generate electricity as the oxygenation 

system installed by Emgesa has so far demonstrat-

ed that it can maintain the oxygen levels required by 

the court. On March 22, 2018, ANLA and CAM jointly 

  


Notes to the consolidated financial statements

585

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

presented the final report on the monitoring of water 

quality downstream of the dam of the El Quimbo hy-

droelectric plant. Both authorities confirmed the com-

pliance of Emgesa with the oxygen level requirements. 

On January 12, 2021, it was learned that the ruling of 

first instance of the Court of Huila had been issued. The 

ruling, while acknowledging that the oxygenation sys-

tem implemented by Emgesa had mitigated the risks 

associated with the protection of fauna in the Bethany 

basin, imposed a series of obligations on the environ-

mental authorities involved, as well as on Emgesa itself. 

In particular, the latter is required to implement a de-

contamination project to ensure that the water in the 

basin does not generate risks for the flora and fauna of 

the river, which will be subject to verification by ANLA, 

and to make permanent the operation of the oxygena-

tion system, adapting it to comply with the parameters 

established by ANLA. On March 4, 2021, Emgesa chal-

lenged the appeal ruling before the Council of State. 

On December 31, 2021, the Council of State ruled that 

Emgesa’s appeal was admissible. The proceeding is 

continuing at the appeal level.

Nivel de Tensión Uno proceedings - 

Colombia

This dispute involves an “acción de grupo” brought by 

Centro Médico de la Sabana hospital and other parties 

against Codensa (now Enel Colombia) seeking restitu-

tion of allegedly excess rates. The action is based upon 

the alleged failure of Codensa to apply a subsidized 

rate that they claim the users should have paid as Ten-

sión Uno category users (voltage of less than 1 kV) and 

owners of infrastructure, as established in Resolution 

no. 82/2002, as amended by Resolution no. 97/2008. 

The preliminary stage has been completed and a ruling 

is pending. The estimated value of the proceeding is 

about 337 billion Colombian pesos (about €73.5 mil-

lion).

Group actions for flooding in Bosa and 

Kennedy neighborhoods of Bogotá \- 

Colombia 

Emgesa SA (now Enel Colombia SA) was sued with an 

“acción de grupo” brought by the residents of the Bosa 

and Kennedy neighborhoods of Bogotá (Colombia) 

seeking damages for flooding that occurred in 2010 

and 2011 after the Bogotá overflowed its banks. The 

proceeding is at the preliminary stage. The estimated 

value of the proceeding is about 2.2 billion Colombian 

pesos (about €518 million). 

Reimbursement for public lighting services 

in 1998-2004 – Colombia 

Following a dispute between the Colombian Public 

Services Authority (UAESP) and Codensa (now Enel 

Colombia) that ended with a ruling unfavourable to 

the latter in 2011, UAESP initiated a forced collection 

procedure to recover the receivable for over-invoicing 

reimbursements from Enel Colombia.

The administrative collection order was challenged 

in court and the proceeding is currently pending on 

appeal. With a further administrative order dated April 

19, 2024, the UAESP revived the collection procedure, 

updating the quantification of the receivable to about 

€82.2 million, including discounting and late-payment 

interest. On July 10, 2024, Enel Colombia challenged 

this order as well before the UAESP. Following an ad-

ministrative appeal filed by Enel Colombia, on Sep-

tember 4, 2024, the UAESP reduced the amount of its 

claim to about €74.3 million, a provision which was also 

challenged by Enel Colombia on December 23, 2024\. 

The collection procedure has been suspended until 

March 18, 2025, when the out-of-court conciliation 

hearing will be held.

Kino arbitration - Mexico

On September 16, 2020, Kino Contractor SA de Cv 

(Kino Contractor), Kino Facilities Manager SA de Cv 

(Kino Facilities) and Enel SpA (Enel) were notified of a 

request for arbitration filed by Parque Solar Don José

SA de Cv, Villanueva Solar SA de Cv and Parque So-

lar Villanueva Tres SA de Cv (together, “Project Com-

panies”) in which the Project Companies alleged the 

violation (i) by Kino Contractor of certain provisions 

of the EPC Contract and (ii) by Kino Facilities of cer-

tain provisions of the Asset Management Agreement, 

both contracts concerning solar projects owned by 

the three companies filing for arbitration. Enel – which 

is the guarantor of the obligations assumed by Kino 

Contractor and Kino Facilities under the above con-

tracts – has also been called into the arbitration pro-

ceeding, but no specific claims have been filed against 

it for the moment.

The Project Companies, in which Enel Green Power 

SpA is a non-controlling shareholder, are controlled 

by CDPQ Infraestructura Participación SA de Cv (which 

  


Notes to the consolidated financial statements

586

INTEGRATED ANNUAL REPORT 2024

is controlled by Caisse de Dépôt et Placement du 

Québec) and CKD Infraestructura México SA de Cv. 

On August 4, 2023, the arbitration ruling was notified. 

The arbitration board declared that it did not have 

jurisdiction against Enel SpA and, in partially grant-

ing the claim of the Project Companies, ordered Kino 

Contractor and Kino Facilities (now Enel Services Mex-

ico SA de Cv - Enel Services) to pay penalties totaling 

about $77 million, plus interest at an annual rate of 

6%. Subsequently, Kino Contractor and Enel Services 

filed a petition requesting correction of the arbitration 

award, which was partially granted and, on December 

13, 2023, they filed a petition to void the award before 

the Mexican courts. Subsequently, the Project Compa-

nies have requested the recognition and enforcement 

of the arbitration award. The proceeding is pending. 

In December 2023, the Project Companies filed a suit 

before the Supreme Court of the State of New York 

against Enel, in its capacity as guarantor of the obli-

gations assumed by Kino Contractor, to request pay-

ment due by the latter under the provisions of the 

arbitration award. This proceeding concluded with a 

favorable decision on December 3, 2024, which fully 

recognized Enel’s defenses. On December 17, 2024, 

the Project Companies filed an appeal and Enel, on 

December 24, 2024, filed a conditional cross appeal. 

The appeal proceedings are pending.

Allianz – North America

On May 18, 2022, High Lonesome Wind Project LLC 

(HiLo) was sued in New York Supreme Court by Allianz 

Risk Transfer Ltd for about $203 million concerning an 

alleged liability accrued by the company, as of Feb-

ruary 2021 in connection with a Proxy Revenue Swap 

(PRS). The claim is being contested in its entirety. The 

proceedings are currently pending before the South-

ern District Court in New York, which in 2024 ruled that 

the claims subject to arbitral jurisdiction under the 

PRS should be heard in arbitration, while providing for 

the continuation of the proceedings for the remaining 

claims. 

Osage Wind – North America

In the context of a proceeding commenced by the 

United States of America (as trustee of the Osage Na-

tion) and by the Osage Mineral Council against Enel 

Green Power North America, Enel Kansas LLC and 

Osage Wind LLC, whose subject matter is the need 

for the defendants to request a previous authorization 

from the Osage to do certain excavation activities for 

the construction of the wind plant Osage Wind (con-

sisting of 84 wind turbines for a total capacity of 150 

MW), on December 18, 2024 the Federal District Court

of North Oklahoma issued a decision of first instance 

by which it has confirmed the order of removal of the 

plant as provided in the order of December 20, 2023, 

setting a deadline to this end to December 1, 2025, 

and ordered the companies to pay an overall damages 

compensation limited to around $300,000 and relat-

ed legal fees. Such decision has been appealed by the 

companies and by the United States of America and 

the companies also filed a motion to stay before the 

Court that issued the decision in first instance which 

was upheld on March 3, 2025. The appeal proceedings 

are pending. 

Gastalsa – Peru

In 2011, Empresa de Gas de Talara SA (Gastalsa) filed 

a suit before the Civil Court of Talara against the Or-

ganismo Superior de la Inversión en Energía y Minería

(Osinergmin) and the Ministry of Energy and Mines re-

questing to revoke the measure that canceled the con-

cession granted to Gastalsa to supply natural gas to the

whole province of Talara and ordered the transfer of the 

pipeline owned by Enel Generación Piura SA (EGPIURA) 

to Gastalsa, calling for the application of a regulation 

according to which gas supply concession holders can, 

under certain conditions, request ownership of existing 

gas pipelines in the concession area. EGPIURA was not 

summoned to participate in this proceeding.

In 2017, Gastalsa obtained a favorable first-instance de-

cision which was challenged by EGPIURA for violation of 

the adversarial procedure. In a new ruling issued on Jan-

uary 6, 2022 the Civil Court of Talara (i) denied the claim 

of forfeit advanced by an affected third party (Gasnorp) 

and (ii) partially granted the claim filed by Gastalsa, is-

suing a precautionary measure ordering the affected 

public entities to (a) restore the natural gas concession 

in favor of Gastalsa, and (b) proceed with the upgrade 

and transfer of the pipeline owned by EGPIURA to Gast-

alsa. EGPIURA challenged the ruling and on August 2,

2022, the Court of Appeal ruled against Gastalsa, re-

ferring the case to the court of first instance for a new 

decision. As a result of that decision, the precautionary 

measure issued earlier was revoked.

In the meantime, in March 2020 Gasnorp challenged 

before the Constitutional Court the decision by which 

the Civil Court had denied the claim of forfeit against 

  


Notes to the consolidated financial statements

587

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Gastalsa. In July 2022, the Constitutional Court acknowl-

edged that the original petition of Gastalsa had been 

filed after the time limit and the forfeiture of the latter 

from the right. This decision has become final. Following 

the ruling of the Court of Appeal which decided differ-

ently from the ruling of the Constitutional Court, on July 

11, 2024, the Constitutional Court, in the new judgment 

promoted by Gasnorp, ordered the Court of Appeal to 

issue a new ruling accepting the claim of forfeiture of 

the original appeal. The first-instance judgment on the 

merits has been suspended in the meantime pending 

the decision by the Court of Appeal on this issue. 

Gabčíkovo litigation – Slovakia

Slovenské elektrárne (SE) is involved in a number of 

cases before the national courts concerning the 720 

MW Gabčíkovo hydroelectric plant, which is adminis-

tered by Vodohospodárska Výsatavba Štátny Podnik 

(VV) and whose operation and maintenance, as part of 

the privatization of SE in 2006, had been entrusted to 

SE for a period of 30 years under an operating agree-

ment (the VEG Operating Agreement).

Immediately after the closing of the privatization, the 

Public Procurement Office (PPO) filed suit with the 

Court of Bratislava seeking to void the VEG Operating 

Agreement on the basis of alleged violations of the 

regulations governing public tenders, qualifying the 

contract as a service contract and as such governed 

by those regulations. In November 2011 the trial court

ruled in favor of SE, whereupon the PPO appealed the 

decision.

In parallel with the PPO action, VV also filed a num-

ber of suits, asking in particular for the voidance of the 

VEG Operating Agreement. On December 12, 2014, VV 

withdrew unilaterally from the VEG Operating Agree-

ment, notifying its termination on March 9, 2015, for 

breach of contract. On March 9, 2015, the decision of 

the Court of Appeal overturned the ruling of the tri-

al court and voided the contract as part of the action 

pursued by the PPO. SE lodged an extraordinary ap-

peal against that decision before the Supreme Court. 

At a hearing of June 29, 2016, the Supreme Court de-

nied the appeal and SE then appealed the ruling to the 

Constitutional Court, which denied the appeal with a 

ruling on January 18, 2017 which then became final. 

In addition, SE lodged a request for arbitration with the 

Vienna International Arbitral Centre (VIAC) under the 

VEG Indemnity Agreement. Under that accord, which 

had been signed as part of the privatization between 

the National Property Fund (now MH Manažment - 

MHM) of the Slovak Republic and SE, the latter was 

entitled to an indemnity in the event of the early ter-

mination of the VEG Operating Agreement for reasons 

not attributable to SE. On June 30, 2017, the arbitration 

court issued its ruling denying the request of SE.

In parallel with this arbitration proceeding, both VV 

and MHM filed two suits in the Slovakian courts to 

void the VEG Indemnity Agreement owing to the al-

leged connection of the latter with the VEG Operating 

Agreement. These proceedings were rejected for pro-

cedural reasons on September 27, 2017. Both VV and 

MHM appealed that decision, and both the appeals 

were denied upholding the trial court decision in favor 

of SE. VV filed a further appeal (dovolanie) against that 

decision on March 9, 2020, with the Supreme Court, 

to which SE replied with a brief submitted on June 8, 

2020. SE also filed an appeal before the Slovak Con-

stitutional Court, which was denied on July 29, 2021\. 

On March 24, 2021, the Supreme Court overturned the 

decision of the Bratislava Court of Appeal, referring 

the judgment to the latter court. This last proceeding 

concluded with a ruling dated November 21, 2024, 

which once again rejected VV’s requests.

At the local level, VV has also filed other suits against 

SE for alleged unjustified enrichment (estimated at 

about €360 million plus interest) for the period from 

2006 to 2015\. SE filed counter-claims for all of the 

proceedings under way. Developments in those pro-

ceedings can be summarized as follows:

• for 2006-2008, at the hearing of June 26, 2019, the 

Court of Bratislava rejected VV’s main claim and, 

consequently, SE’s counterclaim. The ruling in first 

instance was appealed by both parties before the 

Court of Appeal of Bratislava. The proceedings re-

lating to 2006 were completed with the decision of 

December 6, 2022, notified to SE on February 18,

2023, which upheld the ruling in first instance. In 

April 2023, both SE and VV filed extraordinary ap-

peals before the Supreme Court against the Court

of Appeal’s ruling and the proceeding is pending. 

As regards the proceedings relating to 2007, the 

Court of Appeal, in a ruling dated January 31, 2023,

notified to SE on April 12, 2023, voided the deci-

sion of first instance, referring the case back to the 

Court of Bratislava for a new judgment. The first 

hearing was held on January 8, 2024 and the pro-

ceeding was adjourned to a hearing scheduled for 

March 3, 2025. The proceedings relating to 2008

are still pending; 

• the proceedings relating to the years 2011 and 2015 

are all pending before the court of first instance and 

briefs have been exchanged between the parties. 

  


Notes to the consolidated financial statements

588

INTEGRATED ANNUAL REPORT 2024

For both proceedings, hearings before the court of 

first instance were postponed several times owing 

to the pandemic and are now postponed to dates 

to be determined for the proceedings relating to 

2011, while the hearing for the proceedings relating 

to 2015 was held on April 25, 2024\. On December 12, 

2024 this last proceeding was suspended until the 

final decisions on the proceedings relating to 2006 

and 2012 and VV appealed this suspension;

• the proceedings relating to the years 2009, 2010 

and 2013 were completed in the court of first in-

stance with ruling issued by the Court of Bratislava 

on, respectively, November 24, 15 and 22, 2022, re-

jecting both VV’s claim and SE’s counterclaim. Be-

tween December 2022 and January 2023 both SE 

and VV filed appeals against the rulings relating to 

the years 2009, 2010 and 2013, and the proceeding 

is now pending. The proceedings relating to 2014 

were completed at first instance with a ruling of the 

Court of Bratislava of October 10, 2023 rejecting the 

primary claim of VV and, consequently, the counter-

claim of SE; this decision of the Court of Bratisla-

va was appealed by both VV and SE, on January 29, 

2024 and on February 5, 2024, respectively;

• as regards the proceeding relating to the year 2012, 

on February 2, 2023 SE was notified of the appeal 

ruling upholding the ruling of first instance deny-

ing of both VV’s claim and SE’s counterclaim. Both 

VV and SE, on March 17, 2023 and March 31, 2023, 

respectively, have filed an extraordinary appeal with 

the Supreme Court against the appellate ruling and 

the proceeding is pending.

Finally, in another proceeding VV asked for SE to 

return the fee for the transfer from SE to VV of the 

technology assets of the Gabčíkovo plant as part of 

the privatization, with a value of about €20 million plus 

interest. After issuing a preliminary decision on the 

case in which it noted the lack of standing of VV, on 

December 18, 2020, the Court of Bratislava issued a 

decision in favor of SE, rejecting VV’s claims. On Jan-

uary 4, 2021, VV filed an appeal against that decision, 

and the proceeding is pending.

Note that, following the finalization of the agreement 

between Enel Produzione SpA (EP) and EP SLOVAKIA 

BV (controlled by Energetický a průmyslový holding 

(EPH)) for the sale to the group of the remaining 50% 

of the capital in Slovak Power Holding BV, any further 

financial commitment still existing on the part of the 

Enel Group towards Slovak Power Holding and SE has 

ceased to exist, including the compensation by virtue 

of which EP would have borne a share in any liabilities 

arising from the disputes relating to the Gabčíkovo 

power plant. 

Tax litigation in Brazil

Withholding Tax – Ampla

In 1998, Ampla Energia e Serviços SA (Ampla) fi-

nanced the acquisition of Coelce with the issue of 

bonds in the amount of $350 million (“Fixed Rate 

Notes” \- FRN) subscribed by its Panamanian sub-

sidiary, which had been established to raise funds 

abroad. Under the special rules then in force, sub-

ject to maintaining the bond until 2008, the interest 

paid by Ampla to its subsidiary was not subject to

withholding tax in Brazil.

However, the financial crisis of 1998 forced the Pan-

amanian company to refinance itself with its Brazilian 

parent, which for that purpose obtained loans from 

local banks. The tax authorities considered this financ-

ing to be the equivalent of the early extinguishment of 

the bond, with the consequent loss of entitlement to 

the exemption from withholding tax. 

In December 2005, Ampla carried out a spin-off that 

involved the transfer of the residual FRN debt and the 

associated rights and obligations to Ampla Investi-

mentos e Serviços SA. 

On November 6, 2012, the Câmara Superior de Recur-

sos Fiscais (the highest level of administrative courts) 

issued a ruling against Ampla, for which the company 

promptly asked that body for clarifications. On Octo-

ber 15, 2013, Ampla was notified of the denial of the 

request for clarification (embargo de declaração), 

thereby upholding the previous adverse decision. 

The company provided security for the debt and on 

June 27, 2014 continued litigation before the ordinary 

courts (Tribunal de Justiça).

In December 2017, the court appointed an expert to 

examine the issue in greater detail in support of the 

future ruling. In September 2018, the expert submitted 

a report, requesting additional documentation.

In December 2018, the company, now Enel Distribuição 

Rio, provided the additional documentation and, in 

view of the conclusions presented by the expert, re-

quested a further expert opinion. The case has been 

referred to the expert for clarifications regarding the 

position expressed by the company.

In July 2021, the supplementary report was filed by the 

expert in which the existence of the loan agreements 

was acknowledged and the bond loan was terminated, 

both for the principal amount and for interest, main-

ly through a capital increase. The company, called to 

  


Notes to the consolidated financial statements

589

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

pronounce on the report filed, requests the full can-

cellation of the tax debt.

In March 2024, the company filed a request for review 

of the value involved in the litigation following the ap-

proval of a new law which requires, in federal adminis-

trative proceedings, the cancellation of penalties (and 

related interest) for disputes with outcomes unfavora-

ble to taxpayers as a result of the application of the 

rule that gives the decisive vote to the tax authority in 

the event of a tie. Following the grant of the petition, 

the company obtained a reduction of penalties and 

interest and will also request a reduction of the cor-

responding guarantees. The amount involved in the 

dispute at December 31, 2024 is about €103 million.

PIS/COFINS/ICMS - Enel Distribuição 

São Paulo

In March 2017, the Supremo Tribunal Federal (STF) ruled 

on the calculation of the PIS and COFINS taxes, con-

firming the argument that the ICMS tax (Imposto sobre 

Circulação de Mercadorias e Serviços, tax on the cir-

culation of goods and services) was not included in the 

calculation basis of the PIS and COFINS.

In May 2021, the STF established that the ruling would 

have effect from the judgment of March 2017, except 

for taxpayers who had filed an appeal before that date.

The Group’s Brazilian companies affected by the STF 

ruling had already initiated legal action in their re-

spective federal regional courts. Subsequently, the 

latter notified them of the final decision, recognizing 

the right to deduct the ICMS applied to their opera-

tions from the calculation basis of the PIS and COFINS. 

Since the excess payment of the PIS and COFINS taxes 

had been transferred to final customers, at the same 

time as the recognition of these recoverable taxes, a

liability in respect of those customers was recognized 

in the same amount, net of any costs incurred or to be

incurred in the legal proceedings. These liabilities rep-

resent an obligation to reimburse the recovered taxes 

to final customers.

In this regard, Enel Distribuição São Paulo initiated two 

proceedings that led to rulings in its favor. These re-

garded the periods from December 2003 to December 

2014 and from January 2015 onwards. With regard to 

the second proceeding, the Federal Union filed an ac-

tion of rescission against the company, disputing the 

fact that part of the period in question (prior to March 

2017) would be adversely impacted by the STF ruling of 

May 2021.

In May 2022, the company challenged this action and 

will defend its actions through the various levels of the 

court system. During 2023, following an adverse ruling 

at the appeal level, the company filed a new appeal 

seeking clarification of the ruling. In 2024, the case was

suspended pending the Supreme Court’s judgment on 

the matter.

The estimated amount involved in the proceeding at 

December 31, 2024 was about €203 million.

IRPJ/CSLL – Eletropaulo

On October 5, 2021, Eletropaulo received an assess-

ment notice from the Brazilian tax authorities contest-

ing the deductibility for income tax purposes (Imposto 

sobre a Renda das Pessoas Jurídicas \- IRPJ and Con-

tribuição Social sobre o Lucro Líquido \- CSLL) of the 

amortization of the increased values generated by ex-

traordinary corporate transactions carried out before 

the acquisition of the company by the Enel Group. The 

contested period runs from 2017 to 2019. 

The company, following an unfavorable decision in the 

first administrative instance, filed an appeal in the sec-

ond instance, requesting its annulment due to errors 

in the procedure. The dispute is currently awaiting a 

new trial in the first administrative instance.

The amount involved in the dispute at December 31, 

2024 was about €143 million.

PIS – Eletropaulo

In July 2000, Eletropaulo filed suit seeking a tax cred-

it for PIS (Programa Integração Social) paid in appli-

cation of regulations (Decree Laws 2.445/1988 and 

2.449/1988) that were subsequently declared uncon-

stitutional by the Supremo Tribunal Federal (STF). In 

May 2012, the Superior Tribunal de Justiça (STJ) issued 

a final ruling in favor of the company that recognized 

the right to the credit.

In 2002, before the issue of that favorable final ruling, 

the company had offset its credit against other fed-

eral taxes. This behavior was contested by the fed-

eral tax authorities but the company, claiming it had 

acted correctly, challenged in court the assessments

issued by the federal tax authorities. Following defeat 

at the initial level of adjudication, the company ap-

pealed.

The amount involved in the dispute at December 31, 

2024 was about €115 million.

ICMS - Ampla, Coelce and Eletropaulo

The States of Rio de Janeiro, Ceará and São Paulo is-

sued a number of tax assessments against Ampla 

Energia e Serviços SA (for the years 1996-1999 and 

2007-2017), Companhia Energética do Ceará (2003, 

2004, 2006-2012, 2015, 2016 and 2018) and Eletropau-

lo (2008-2021), challenging the deduction of ICMS (Im-

  


Notes to the consolidated financial statements

590

INTEGRATED ANNUAL REPORT 2024

posto sobre Circulação de Mercadorias e Serviços, tax 

on the circulation of goods and services) in relation to 

the purchase of certain non-current assets. The com-

panies challenged the assessments, arguing that they 

correctly deducted the tax and asserting that the as-

sets, the purchase of which generated the ICMS, are in-

tended for use in their electricity distribution activities. 

The companies are continuing to defend their actions 

at the various levels of adjudication.

The amount involved in the disputes at December 31, 

2024 totaled approximately €89 million.

PIS/COFINS – Enel Green Power Cachoeira 

Dourada SA

In March 2024, the Brazilian tax authorities served a tax 

assessment notice, for the 2020 tax period, against 

Enel Green Power Cachoeira Dourada SA, in respect 

of the PIS and COFINS taxes. More specifically, the 

company offset PIC and COFINS tax credits for the 

purchase of electricity imported from Argentina with 

similar liabilities connected with the sale of electricity 

on the market.

The tax authorities argue that this offsetting was un-

warranted, since the credit to be offset is that result-

ing from the import declaration.

For physical goods, this import declaration is concur-

rent with customs clearance and entry of the goods 

into the country, while for electricity it is made approx-

imately two months after receipt of the invoice and 

registration of the purchase in the accounts.

However, the regulations do not include a specific ex-

ception for energy purchases and the company has 

taken steps to offset the credit in the first month of 

payment of PIS and COFINS (due on the proceeds of 

the sale).

The company has appealed the tax assessment, argu-

ing the validity of the offsets claimed.

The overall amount involved in the proceeding at De-

cember 31, 2024 is about €71 million.

Withholding Tax - Endesa Brasil

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 dividends, reclassified as payment of income to 

non-resident recipients.

More specifically, in 2009, Endesa Brasil, as a result of 

the first-time application of the IFRS, had derecog-

nized 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 ac-

counting treatment was incorrect and that the effects 

of the derecognition should have been recognized 

through profit or loss. As a result, the corresponding 

amount (about €202 million) was reclassified as a pay-

ment of income to non-residents and, therefore, sub-

ject 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.

Following unfavorable rulings from the administrative 

courts, the company is continuing to defend its ac-

tions in court and the appropriateness of the account-

ing treatment.

The overall amount involved in the dispute at Decem-

ber 31, 2024 was about €68 million.

ICMS – Coelce

The State of Ceará has filed various tax assessments 

against Companhia Energética do Ceará SA over the 

years (for tax periods 2015-2018), as well as against 

all other energy distributors in Brazil, demanding the 

ICMS (Imposto sobre Circulação de Mercadorias e 

Serviços, tax on the circulation of goods and servic-

es) on the subsidies paid by the Federal government 

against the regulatory discounts granted to certain 

consumers.

The company has appealed the individual assess-

ments, and is defending its actions in the various levels 

of jurisdiction.

The overall amount involved in the dispute at Decem-

ber 31, 2024 was about €89 million.

PIS/COFINS – Eletropaulo

Starting from June 2017, the Federal Tax Authority 

served a number of tax assessment notices against 

Eletropaulo (for the 2013-2018 tax periods) contesting 

the offsetting of tax credits relating to social security 

contributions (PIS and COFINS), requesting the pay-

ment of those contributions.

The tax authorities argue that the company has 

claimed PIS and COFINS credits for the purchase of 

goods and services that cannot be considered fiscally 

relevant since they are not essential for the distribu-

tion of electricity. Furthermore, it disputes the claim of 

a tax credit associated with “non-technical” losses on 

the electricity purchased.

The company has promptly defended the accuracy of 

its calculations in the various levels of jurisdiction and 

argued the validity of the offsets claimed.

The estimated amount involved in the proceeding at 

December 31, 2024 was about €49 million.

  


Notes to the consolidated financial statements

591

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

ICMS (pro-rata) – Coelce

The State of Ceará has filed various tax assessments 

against Companhia Energética do Ceará SA over the 

years (for tax periods from 2005 to 2014), contesting 

the determination of the deductible portion of the 

ICMS (Imposto sobre Circulação de Mercadorias e 

Serviços, tax on the circulation of goods and servic-

es) and in particular the method of calculation of the 

pro-rata deduction with reference to the revenue de-

riving from the application of a special rate envisaged 

by the Brazilian government for the sale of electricity 

to low-income households (Baixa Renda). 

The company has appealed the individual assess-

ments, arguing that the tax deduction was calculated 

correctly. The company is defending its actions in the 

various levels of jurisdiction.

The overall amount involved in the dispute at Decem-

ber 31, 2024 was about €46 million.

PIS – Eletropaulo

In December 1995, the Brazilian government increased 

the rate of the federal PIS (Programa Integração Social) 

tax from 0.50% to 0.65% with the issue of a provisional 

measure (Executive Provisional Order).

Subsequently, the provisional measure was re-issued 

five times before its definitive ratification into law in 

1998\. Under Brazilian legislation, an increase in the tax 

rate (or the establishment of a new tax) can only be 

ordered by law and take effect 90 days after its pub-

lication. 

Eletropaulo therefore filed suit arguing that an in-

crease in the tax rate would only have been effective 

90 days after the last Provisional Order, claiming that 

the effects of the first four provisional measures should 

be considered void (since they were never ratified into 

law). This dispute ended in April 2008 with recognition 

of the validity of the increase in the PIS rate starting 

from the first provisional measure.

In May 2008, the Brazilian tax authorities filed a suit 

against Eletropaulo to request payment of taxes cor-

responding to the rate increase from March 1996 to 

December 1998\. Eletropaulo has fought the request 

at the various levels of adjudication, arguing that the 

time limit for the issue of the notice of assessment 

had lapsed. In particular, since more than five years 

have passed since the taxable event (December 1995, 

the date of the first provisional measure) without issu-

ing any formal instrument, the right of the tax authori-

ties to request the payment of additional taxes and the 

authority to undertake legal action to obtain payment 

have been challenged.

In 2017, following the unfavorable decisions issued in 

previous rulings, Eletropaulo filed an appeal in defense 

of its rights and its actions with the Superior Tribunal 

de Justiça (STJ) and the Supremo Tribunal Federal (STF). 

The proceedings are still pending while the amounts 

subject to dispute have been covered by a bank guar-

antee.

With regard to the request of the Office of the Attorney 

General of the Brazilian National Treasury Department 

to replace the bank guarantee with a deposit in court, 

the court of second instance granted the petition. The 

company therefore replaced the bank guarantee with 

a cash deposit and filed a clarification motion against 

the related decision, which is currently awaiting a de-

cision.

The overall amount involved in the dispute at Decem-

ber 31, 2024 was about €42 million.

FINSOCIAL – Eletropaulo 

Following a final ruling issued by the Federal Regional 

Court on September 11, 2011, Eletropaulo was recog-

nized the right to compensation for certain FINSOCIAL 

credits (social contributions) relating to sums paid 

from September 1989 to March 1992.

Despite the expiration of the relative statute of limi-

tations, the Federal Tax Authority contested the de-

termination of some credits and rejected the corre-

sponding offsetting, issuing tax assessments that the 

company promptly challenged in the administrative 

courts, defending the legitimacy of its calculations and 

actions.

After an unfavorable ruling at first instance, the com-

pany filed an appeal before the administrative court of 

second instance.

The overall amount involved in the dispute at Decem-

ber 31, 2024 was about €42 million.

Tax litigation in Spain

Income tax - Enel Iberia, Endesa 

and subsidiaries

In 2018, the Spanish tax authorities completed a gen-

eral audit involving the companies of the Group par-

ticipating in the Spanish tax consolidation mechanism. 

This audit, which began in 2016, involved corporate 

income tax, value added tax and withholding taxes 

(mainly for the years 2011 to 2014).

With reference to the main claims, the companies in-

volved have challenged the related assessments at the 

first administrative level (Tribunal Económico-Admin-

istrativo Central \- TEAC), defending the correctness of 

their actions.

  


Notes to the consolidated financial statements

592

INTEGRATED ANNUAL REPORT 2024

On April 4, 2022, the TEAC rejected the appeal and the 

companies are continuing to defend their actions in 

court (Audiencia Nacional).

With regard to the disputes concerning corporate in-

come tax, the issues for which an unfavorable outcome 

is considered possible amounted to about €135 million

at December 31, 2024:

i) Enel Iberia is defending the appropriateness of the 

criterion adopted for determining the deductibility 

of capital losses deriving from stock sales (around 

€88 million) and certain financial expense (around 

€15 million); 

ii) Endesa and its subsidiaries are mainly defending the 

appropriateness of the criteria adopted for the de-

ductibility of certain financial expense (about €26 mil-

lion) and costs for decommissioning nuclear power 

plants (about €6 million). 

In 2021, the Spanish tax authorities completed a new

general audit for the years 2015 to 2018. 

On October 3, 2024, the TEAC rejected the appeal 

and the companies continue to defend the correct-

ness of their action in court (Audiencia Nacional). 

With reference to the main claims concerning cor-

porate tax and regarding the deductibility of certain 

financial expense, the dispute that could produce an

adverse ruling amounts to about €229 million at De-

cember 31, 2024 (Enel Iberia €216 million; Endesa SA 

€13 million).

Income tax - Enel Green Power España SLU

On June 7, 2017, the Spanish tax authorities issued a 

notice of assessment to Enel Green Power España 

SLU, contesting the treatment of the merger of Enel 

Unión Fenosa Renovables SA (EUFER) into Enel Green 

Power España SLU in 2011 as a tax neutral transaction, 

asserting that the transaction had no valid economic 

reason.

On July 6, 2017, the company appealed the assessment 

at the first administrative level (Tribunal Económi-

co-Administrativo Central \- TEAC), defending the 

appropriateness of the tax treatment applied to the 

merger. The company has provided the supporting 

documentation demonstrating the synergies achieved 

as a result of the merger in order to prove the exist-

ence of a valid economic reason for the transaction. 

On December 10, 2019, the TEAC denied the appeal 

and the company is continuing to defend its actions in 

court (Audiencia Nacional).

The overall amount involved in the dispute at Decem-

ber 31, 2024 was about €33 million.

Tax litigation in Italy

ICI, IMU, TASI – Enel Produzione, 

Enel Green Power Italia

A tax litigation for land registry matters has developed 

since 1998\. In the first phase, it concerned the inclu-

sion of machinery in the determination of cadastral 

income to be used for calculating the tax on power 

plants. Starting from 2016, Law 208/2015 established 

the exclusion of machinery from the income. The com-

panies have therefore filed the land registry records of 

the entire plant park to comply with the new provisions 

and continue to defend their actions in the various lev-

els of judgment, also for the components other than 

the plants. Since the defeat in court for this litigation is 

considered probable, a provision for charges on taxes 

and duties is periodically updated.

The value of the dispute assessed with a possible out-

come at December 31, 2024 was about €51 million.

56. Environmental programs

Some Group companies are affected by national or 

supranational environmental regulatory standards de-

signed to develop the use of environmental protection 

mechanisms in accordance with the environmental 

policies of the European Union and global internation-

al agreements. 

  


  


Notes to the consolidated financial statements

593

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


56.1 Terms and nature of environmental programs

The main environmental programs affecting Group companies are summarized in the following table.

Program |   
| Terms of the mechanism | Nature  
---|---|---|---  
EU ETS140 |   
| The scheme, which applies in all EU countries, sets an annual cap  | Mandatory by law “cap and trade”  
|   
| on emissions that is being progressively reduced to bring down  | scheme.  
|   
| the total emissions in Europe. | Within the Group, CO2 allowances   
|   
| The fourth trading period (2021-2030) has been tightened up as  | are applicable to the thermal power   
|   
| part of the EU’s contribution to the Paris Climate Agreement. | generation companies operating in Italy   
|   
| At the annual cap correspond a specific number of allowances  | and Spain. In those countries in which   
|   
| (for each authorized industrial plant) that are granted, through  | the Group is engaged in thermal power   
|   
| participation in auctions or for free, by the competent local  | generation activity, European regulations   
|   
| authority, freely transferable and traded between operators. | have required that European Allowances   
|   
| The obliged companies shall surrender several allowances  | (EUAs) are assigned via auction, and they   
|   
| equivalent to their polluting emissions for each reporting period.  | are not granted for free.  
Energy efficiency  |   
| The scheme has the objective to reduce the energy consumption  | Mandatory by law.  
certificates |   
| by end-users through various measures developed in application  | The Group currently holds energy   
|   
| of European Union Directives and by national laws. | efficiency certificates in Italy and Spain   
|   
| These marketable certificates are issued, over a period of several  | where the obliged companies are,   
|   
| years, by the competent local authorities to companies that carry  | respectively, electricity distribution and   
|   
| out directly or indirectly initiatives/projects to improve energy  | sale companies.  
|   
| efficiency. |   
|   
| At the end of the period, obliged companies are required to  |   
|   
| present certificates corresponding to their obligatory energy  |   
|   
| savings.  |   
Guarantees of origin  |   
| This European scheme has the objective to encourage use of  | This mechanism currently affects   
(GoOs) |   
| energy produced from renewable sources. | the Group Italian and Spanish sale   
|   
| These certificates are issued by the competent local authorities  | companies that have an obligation to   
|   
| to renewable generation plants that meet specific standards.  | surrender a certain volume of GoOs   
|   
| They are marketable and traded, also separately from the  | depending on the level of sales to   
|   
| electricity to which they refer, during their term of validity until  | customers.  
|   
| they are cancelled by the issuer at the request of the user of the  |   
|   
| certificates. |   
Renewable Energy  |   
| These certificates are granted in countries outside Europe to  | This mechanism is voluntary and   
Certificates (RECs) |   
| renewable energy generation companies to prove that consumed  | currently affects some Group companies   
|   
| electricity has been generated in a renewable way.  | in North and Latin America.  
|   
| The functioning of this scheme is analogous to European GoOs. |   
  
56.2 Accounting policies

For the purposes of accounting for charges arising 

from such regulatory requirements, the Group uses 

the “net liability approach”.

Under this accounting policy:

• any environmental certificates received free of 

charge and those self-produced as a result of 

Group’s operations that will be used for compliance 

purposes are recognized at nominal value (nil);

• charges incurred for obtaining (in the market or in 

some other transaction for consideration) any miss-

ing certificates to fulfil compliance requirements for 

the reporting period are recognized through profit 

or loss under other operating costs, as they repre-

sent “system charges” consequent to compliance 

with a regulatory requirement;

• if the number of environmental certificates availa-

ble at the reporting date is not sufficient to fulfill the 

related obligation (a certificate “deficit”), a provision 

is accrued under “provisions for risks and charges”. 

Conversely, any “surplus” of certificates purchased 

at the reporting date is recognized in “inventories”

in accordance with the general principles referred 

to in note 2.2 “Material accounting policies”.

Some types of environmental certificates accrue in 

proportion to:

• electricity generated by plants that use renewable 

resources (for example, guarantees of origin and re-

newable energy certificates);

• energy savings certified by the competent authority 

(energy efficiency certificates).

  


140. European Emissions Trading System.

  


  


Notes to the consolidated financial statements

594

INTEGRATED ANNUAL REPORT 2024

  


In these cases, the right to obtain such certificates can 

be treated as a non-monetary government operating 

grant and, as such, the Group recognizes that right at 

fair value under “other non-current/current non-fi-

nancial assets”. When the certificates are credited to 

the ownership account, they are reclassified from oth-

er assets to inventories.

The corresponding income is recognized under other 

operating profit.

For Group companies involved in trading activities, en-

vironmental certificates represent goods exchanged 

as part of their normal business activity and, as such, 

the purchased certificates are recognized under “ser-

vices and other materials”.

Revenue from the sale of such certificates is recog-

nized under revenue, with a corresponding decrease 

in inventories.

Contracts for the purchase or sale of environmen-

tal certificates settled at a future date (for example, 

forward contracts, etc.) that comply with the defi-

nition of derivative are recognized and measured 

in accordance with the “own use exemption”, at 

fair value through profit or loss, or with hedge ac-

counting rules based on specific circumstances. For 

further details, please see note 49 “Derivatives and

hedge accounting”.

  


  


56.3 Financial impact

Charges for environmental certificates

The following table reports system charges recog-

nized by obligated Group companies in respect of the 

certificates necessary to meet compliance obligations 

for the year based on national and supranational reg-

ulations.

Millions of euro | 2024 | 2023 |  | Change  
---|---|---|---|---  
Charges for environmental certificates |  |  |  |   
System charges – Emissions allowances | 1,127 | 2,038 | (911) | -44.7%  
System charges – Energy efficiency certificates | 210 | 244 | (34) | -13.9%  
System charges – Guarantees of origin | 112 | 321 | (209) | -65.1%  
Total | 1,449 | 2,603 | (1,154) | -44.3%  
  
The decrease in costs for environmental certificates 

compared with the previous year is mainly attributable to:

• the decrease in charges for emissions allowances

in Enel Produzione (€713 million) and the Endesa 

Group (€198 million) mainly attributable to lower

emissions in the period following the decline in

the quantity of electricity produced from fossil

sources;

• the decrease in charges for guarantees of origin 

in Enel Energia (€90 million) and the Endesa Group 

(€118 million) attributable to the increase in the 

quantity of green energy sold to customers and

the decrease in the average prices of guarantees;

• the decrease in charges for energy efficiency cer-

tificates in e-distribuzione (€40 million) mainly

due to the decrease in certificates acquired and 

their average price.

The following table reports the quantities of environ-

mental certificates used by Group companies to meet 

compliance obligations under national and suprana-

tional regulations.

  


  


Notes to the consolidated financial statements

595

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

| at Dec. 31, 2024 | at Dec. 31, 2023 | at Dec. 31, 2024 | at Dec. 31, 2023 | at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---|---|---|---|---  
| Emissions allowances  | Guarantees of origin  | Energy efficiency certificates   
| (thousands of metric tons) | (GWh) | (TOE)  
Opening balance at  | 31,237 | 34,494 | 19,233 | 20,565 | 477,835 | 4 16,174  
January 1 |  |  |  |  |  |   
Self-produced  | - | - | 34,468 | 24,845 | 45,731 | -  
certificates |  |  |  |  |  |   
Purchases of  | 10,024 | 34,699 | 29,534 | 28,362 | 843,435 | 925,187  
certificates |  |  |  |  |  |   
Sales of certificates | (1,150) | (2,500) | - | (1,464) | - | -  
Certificates delivered  | (25,574) | (35,456) | (60,427) | (53,075) | (820,264) | (863,526)  
for compliance(1) |  |  |  |  |  |   
Closing balance at  | 14,537 | 31,237 | 22,808 | 19,233 | 546,737 | 477,835  
December 31  |  |  |  |  |  |   
  
(1)  Certificates delivered in 2024 and 2023 regard:

• emission allowances and guarantees of origin for compliance in previous periods, in line with the timeframes set by the relevant regulations;

• energy efficiency certificates regarding compliance for the current and previous financial years, in line with the timeframes set by the relevant 

regulations.

Provisions for environmental certificates

Provisions for risks and charges for environmental cer-

tificates include charges in respect of the certificate 

shortfall for fulfillment of compliance obligations for 

the year under national and supranational regulations.

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
Provisions for risk and charges for environmental certificates – current portion |  |   
Emissions allowances | 23 | 33  
Energy efficiency certificates | 7 | 3  
Guarantees of origin | 170 | 214  
Total | 200 | 250  
  
The reduction in provisions for risks and charges (€50 

million) is mainly attributable to the decline in the pro-

vision for emissions allowances and guarantees of ori-

gin. More specifically:

• the provision for emissions allowances only includes 

charges in respect of the Endesa Group;

• the provision for guarantees of origin regards Enel 

Energia in the amount of €164 million (€174 million 

at December 31, 2023) and the Endesa Group for €6 

million (€40 million at December 31, 2023).

Changes in provisions for risks and charges for

environmental certificates in 2024 are detailed

below.

Millions of euro | at Dec. 31, 2023 | Provisions | Uses | Releases | Other changes | at Dec. 31, 2024  
---|---|---|---|---|---|---  
Provisions for risk and charges  |  |  |  |  |  |   
for environmental certificates  |  |  |  |  |  |   
– current portion |  |  |  |  |  |   
Emissions allowances | 33 | 21 | (32) | - | 1 | 23  
Energy efficiency certificates | 3 | 4 | - | - | - | 7  
Guarantees of origin | 214 | 197 | (150) | (86) | (5) | 170  
Total | 250 | 222 | (182) | (86) | (4) | 200  
  
  


  


Notes to the consolidated financial statements

596

INTEGRATED ANNUAL REPORT 2024

Income from government grants for environmental certificates

The table reports non-monetary government grants 

for environmental certificates accrued during the 

year and certified by the competent authorities. 

They mainly regard guarantees of origin accrued in 

proportion to electricity generated by renewable re-

source plants.

Monetary government grants for energy efficiency 

certificates are paid by the Energy and Environmental

Service Fund (CSEA) to e-distribuzione for energy ef-

ficiency certificates purchased in the year.

Millions of euro | 2024 | 2023 |  | Change  
---|---|---|---|---  
Grants for environmental certificates |  |  |  |   
Non-monetary grants – Guarantees of origin | 97 | 111 | (14) | -12.6%  
Non-monetary grants – Other environmental certificates | 3 | 4 | (1) | -25.0%  
Total non-monetary grants for environmental certificates | 100 | 115 | (15) | -13.0%  
Monetary grants – Energy efficiency certificates  | 194 | 231 | (37) | -16.0%  
TOTAL | 294 | 346 | (52) | -15.0%  
  
The decrease in income from grants for environmen-

tal certificates compared with the previous year mainly 

reflects:

• a decrease in non-monetary grants for guarantees of 

origin, essentially due to the decrease in the average 

prices of these certificates in Spain (€57 million); the

effect was partly offset by an increase in grants in Italy 

(€42 million) mainly due to the increase in the quantity

of energy generated from renewable resources;

• a decrease in monetary grants for energy efficiency

certificates (€37 million) recognized by e-distribuzi-

one, mainly due to the decrease in the volume of cer-

tificates purchased compared with the previous year,

as well a slight decrease in rates. 

Non-monetary grants to be received 

for environmental certificates

The following table reports environmental certificates 

accrued at the end of the year but not yet accredited 

by the competent authorities to the Group companies 

that produced them. They are recognized under other 

current assets and mainly regard guarantees of origin.

Millions of euro | at Dec. 31, 2024 | at Dec. 31, 2023  
---|---|---  
Non-monetary grants to be received for environmental certificates |  |   
Guarantees of origin | 9 | 23  
Other certificates | 1 | 1  
Total | 10 | 24  
  
The decrease of €14 million is due to the decrease in 

non-monetary grants to be received for guarantees of 

origin recorded in Italy and Spain.

Other items

With regard to the impacts of environmental certifi-

cates on the other items of the income statement and 

statement of financial position, please see:

• note 9.a “Revenue from sales and services” for reve-

nue from the sale of environmental certificates;

• note 10.b “Services and other materials” for pur-

chases of environmental certificates not used to 

meet the year’s compliance obligation;

• note 31 “Inventories” for inventories of certifi-

cates not used to meet the year’s compliance ob-

ligation. 

  


  


Notes to the consolidated financial statements

597

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

57. Future accounting standards 

The following provides a list of accounting standards, 

amendments and interpretations that will take effect 

for the Group after December 31, 2024.

• “IFRS 18 – Presentation and Disclosure in Financial 

Statements”, issued in April 2024\. The new standard, 

regarding the presentation and disclosure in the fi-

nancial statements, will replace “IAS 1 – Presentation 

of Financial Statements”, introducing new require-

ments in order to provide users with more relevant 

and transparent information, focusing on updates 

relating to the income statement. In detail, the key 

concepts introduced by IFRS 18 are related to:

• the structure of the income statement, requiring 

new and specific subtotals;

• the requirement to determine the most functional 

grouping for the presentation of expenses in the 

income statement;

• the presentation in a single note within the fi-

nancial statements of disclosure on the man-

agement-defined performance measures, corre-

sponding to subtotals of revenue and costs used 

in public communications reported outside the 

financial statements; and

• improved principles of aggregation and disaggre-

gation of information.

The standard is effective, subject to endorsement,

retrospectively for annual periods beginning on or 

after January 1, 2027. Earlier application is permit-

ted. 

• “IFRS 19 – Subsidiaries without Public Accountabili-

ty: Disclosures”, issued in May 2024\. The new volun-

tary standard allows eligible subsidiaries to apply re-

duced disclosures. Subsidiaries are eligible to apply 

the standard if:

• they do not have public accountability; and

• its ultimate or intermediate parent prepares con-

solidated financial statements available for public 

use that comply with IFRS Accounting Standards. 

The standard applies, subject to endorsement, for 

annual periods beginning on or after January 1, 2027. 

Earlier application is permitted.

• “Amendments to IFRS 10 and IAS 28 – Sale or Con-

tribution of Assets between an Investor and its As-

sociate or Joint Venture”, issued in September 2014\. 

The amendments clarify the accounting treatment 

for sales or contribution of assets between an inves-

tor and its associates or joint ventures. They confirm 

that the accounting treatment depends on wheth-

er the assets sold or contributed to an associate or 

joint venture constitute a “business” (as defined in 

IFRS 3). The IASB has deferred the effective date of 

these amendments indefinitely.

• “Amendments to IAS 21 – The Effects of Changes 

in Foreign Exchange Rates: Lack of Exchangeability”, 

issued in August 2023\. The amendments require the 

application of a consistent approach in determin-

ing whether a currency is exchangeable for another 

and, when it is not, in determining the exchange rate 

to be used and the disclosure to be provided. The 

amendments will take effect for annual periods be-

ginning on or after January 1, 2025.

• “Amendments to IFRS 9 and IFRS 7 – Amendments 

to the Classification and Measurement of Financial 

Instruments”, issued in May 2024\. The amendments 

include new requirements intended to:

• clarify the date of recognition and derecogni-

tion of some financial assets and liabilities, with a 

new exception for some financial liabilities settled 

through an electronic cash transfer system; 

• clarify and add further guidance for assessing 

whether a financial asset meets the solely pay-

ments of principal and interest (SPPI) criterion;

• add new disclosures for certain instruments with 

contractual terms that can change cash flows 

(such as some instruments with features linked to 

the achievement of environment, social and gov-

ernance (ESG) targets); and

• update the disclosures for equity instruments 

designated at fair value through other compre-

hensive income (FVOCI).

The amendments will apply, subject to endorse-

ment, for annual periods beginning on or after Jan-

uary 1, 2026.

• “Annual Improvements Volume 11”, issued in July 

2024\. The document contains formal amendments 

and clarification for existing standards. In detail, the 

following standards have been modified:

• “IAS 7 - Cost method”; the amendment eliminates 

the term “cost method”, no longer defined in IFRS 

accounting principles;

• “IFRS 9 - Lessee derecognition of lease liabili-

ties”; the amendment addresses a potential lack 

of clarity regarding how a lessee accounts for the 

derecognition of a lease liability by clarifying that 

any resulting gain or loss should be recognised in 

profit or loss;

• “IFRS 9 - Transaction price”; the amendment re-

moves the reference in Appendix A of IFRS 9 to the 

definition of “transaction price” in IFRS 15, since 

the term is used in a number of paragraphs of IFRS 

  


Notes to the consolidated financial statements

598

INTEGRATED ANNUAL REPORT 2024

9 with a meaning that is not necessarily consistent 

with the definition of that term in IFRS 15;

• “IFRS 7 - Gain or loss on derecognition”; the 

amendment clarifies potential confusion arising 

from an obsolete reference to a paragraph that 

was removed from the standard when “IFRS 13 - 

Fair Value Measurement” was issued;

• “IFRS 7 - Disclosure of deferred difference be-

tween fair value and transaction price”; the 

amendment clarifies an inconsistency between 

the standard and the related implementation 

guidelines, which emerged when an amendment, 

consequent to the issuance of IFRS 13, was made 

to the standard, but not to the corresponding 

paragraph of the implementation guidelines;

• “IFRS 7 - Introduction and credit risk disclosures”; 

the amendment addresses potential confusion 

by clarifying how to apply the relevant application 

guidance and simplifying some explanations;

• “IFRS 10 - Determination of a ‘de facto agent’”; the 

amendment clarifies how an investor must deter-

mine whether another person is acting on their 

behalf;

• “IFRS 1 - Hedge accounting by a first-time adop-

ter”; the amendment improves consistency be-

tween hedge accounting requirements in IFRS 9 

and IFRS 1.

Each amendment applies, subject to endorsement, 

for annual periods beginning on or after January 1, 

2026\. Earlier application is permitted. 

• “Amendments to IFRS 9 and IFRS 7 - Contracts Ref-

erencing Nature-dependent Electricity”, issued in 

December 2024\. The amendments aim to better 

represent the financial effects arising from certain 

contracts for the purchase or sale of electricity from 

renewable sources (e.g. wind and solar). Such con-

tracts involve exposure to the volatility of the under-

lying quantity of electricity because the source of its 

generation depends on uncontrollable natural con-

ditions (e.g. weather conditions). Examples provided 

include both contracts for the purchase or sale of 

electricity from renewable sources, often structured 

as long-term agreements (i.e. physical Power Pur-

chase Agreements, PPAs), and financial instruments 

that refer to this type of electricity (i.e. Virtual Power 

Purchase Agreements, VPPAs). 

The amendments are as follows: 

• the application of the “own use exception” to 

physical PPAs is permitted if the company has 

been, and plans to be, a net purchaser of elec-

tricity in the contract period (i.e. purchases of re-

newable electricity sufficiently offset any sales of 

unused electricity within the same market);

• the application of hedge accounting is permitted 

to Virtual PPAs (i.e. contracts that do not provide 

for the physical delivery of energy and whose set-

tlement is based on the difference between the 

market price of energy and the strike price pro-

vided for in the contract) or to PPAs for which it is 

not possible to apply the own use exemption. In 

particular, such contracts can be used as hedg-

ing instruments for a variable nominal amount of 

forecast electricity transactions, aligned with the 

variable amount that is expected to be provided 

by the generation plant to which the hedging in-

strument refers. If the cash flows of the hedging 

instrument are conditional on the occurrence of a 

designated forecasted transaction, it is assumed 

that the transaction is highly probable;

• additional disclosure requirements have been in-

troduced to clarify the effects of such contracts 

on cash flows and financial performance. In addi-

tion, specific disclosures are required in the event 

of adoption of the own-use exception.

The amendments apply for annual periods begin-

ning on or after January 1, 2026. Earlier application 

is permitted.

The Group is assessing the potential impact of the fu-

ture application of the new provisions.

  


Notes to the consolidated financial statements

599

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

58\. Events after the reporting period

Enel places new €2 billion perpetual hybrid 

bonds 

On January 7, 2025, Enel SpA has successfully launched 

on the European market new non-convertible, subor-

dinated perpetual hybrid bonds for institutional inves-

tors, denominated in euros, for an aggregate amount 

of €2 billion. The issue is structured in the following 

two series: 

• a €1,000 million bond with annual fixed coupon of 

4.250% to be paid until (but excluding) the first reset 

date of April 14, 2030; 

• a €1,000 million bond with annual fixed coupon of 

4.5% which will be paid until (but excluding) the first 

reset date of January 14, 2033\. 

The issue totaled orders in the amount of about €6.8 

billion; the positive response from investors allowed 

the achievement of an average coupon of 4.375%.

Joint venture Potentia Energy acquires 

renewable portfolio of over 1 GW in 

Australia

On February 6, 2025, Potentia Energy, a renewable en-

ergy company in which Enel Green Power holds a joint 

control stake, reached an agreement with CVC DIF and 

Cbus Super to acquire controlling stakes in a portfolio 

of over 1 GW of renewable assets across Australia.

The closing of the acquisition is subject to conditions 

precedent typical for these kinds of transactions, in-

cluding the approval from Australia’s Foreign Invest-

ment Review Board (FIRB).

Enel launches a triple-tranche €2 billion 

sustainability-linked bond in the Eurobond 

market

On February 17, 2025, Enel Finance International NV 

launched a sustainability-linked bond for institutional 

investors in the Eurobond market of a total €2 billion, 

totaling orders for about €5 billion.

The issue, which has an average duration of approxi-

mately six years, has an average coupon lower than 3% 

and is structured in the following three tranches:

• €750 million at a fixed rate of 2.625%, with settle-

ment date set on February 24, 2025, maturing on 

February 24, 2028;

• €750 million at a fixed rate of 3%, with settlement 

date set on February 24, 2025, maturing on February 

24, 2031;

• €500 million at a fixed rate of 3.5%, with settlement 

date set on February 24, 2025, maturing on February 

24, 2036.

Enel signs a €12 billion committed 

revolving credit line 

On February 19, 2025, Enel SpA and its subsidiary 

Enel Finance International NV (EFI) signed a commit-

ted, revolving, sustainability-linked credit facility for an 

amount of €12 billion and a maturity of five years.

This facility replaces the previous credit line that had 

been signed by Enel and EFI in March 2021, and sub-

sequently amended, with an overall value of €13.5 bil-

lion. The cost of the new facility varies on the basis of 

the pro-tempore rating assigned to Enel; based on the 

current rating, it has a spread of 40 bps above Euribor, 

with a floor at zero; the commitment fee is equal to 

35% of the spread.

The new facility, which has a lower cost than the pre-

vious one, can be used by Enel itself and/or EFI, in the 

latter case with a Parent company guarantee by Enel.

Closing of the acquisition from Acciona 

Energía of a 626 MW portfolio of hydro 

plants in Spain 

On February 26, 2025, Endesa Generación finalized the 

acquisition of the entire share capital of Corporación 

Acciona Hidráulica SL (CAH) from Corporación Accio-

na Energías Renovables, a company of the Acciona 

Group, for a total €1 billion. The amount refers to 100% 

of CAH, equal to the enterprise value, and includes ad-

justments customary for these kinds of transactions. 

The portfolio of plants held by CAH is composed of 

34 hydro plants, located in northeastern Spain, for a 

total installed capacity of 626 MW, most of which can 

be modulated, which generated around 1.3 TWh in 

2023.

  


Notes to the consolidated financial statements

600

INTEGRATED ANNUAL REPORT 2024

59. Fees of the Audit Firm pursuant to Article 149-duodecies of the CONSOB 

Issuers Regulation 

Fees pertaining to 2024 paid by Enel SpA and its sub-

sidiaries at December 31, 2024 to the Audit Firm and 

entities belonging to its network for services are sum-

marized in the following table, pursuant to the provi-

sions of Article 149-duodecies of the CONSOB Issuers 

Regulation.

Millions of euro |  |   
---|---|---  
Type of service | Entity providing the service | Fees   
Enel SpA  |  |   
| of which: |   
Auditing | \- KPMG SpA | 0.5  
| \- entities of the KPMG network | -  
| of which: |   
Certification services | \- KPMG SpA | 1.9  
| \- entities of the KPMG network | -  
| of which: |   
Other services | \- KPMG SpA | -  
| \- entities of the KPMG network | -  
Total  |  | 2.4  
Enel SpA subsidiaries |  |   
| of which: |   
Auditing | \- KPMG SpA | 5.0  
| \- entities of the KPMG network | 6.2  
| of which: |   
Certification services | \- KPMG SpA | 1.2  
| \- entities of the KPMG network | 2.0  
| of which: |   
Other services | \- KPMG SpA | -  
| \- entities of the KPMG network | -  
Total  |  | 14.4  
TOTAL |  | 16.8  
  
  


  


Declaration in respect of the financial reporting of the Enel Group

601

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Declaration of the Chief Executive Officer and the officer in 

charge of financial reporting of the Enel Group at December 31, 

2024, 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 no. 11971 of May 14, 1999

1. The undersigned Flavio Cattaneo and Stefano De 

Angelis, in their respective capacities as Chief Ex-

ecutive Officer and officer in charge of financial re-

porting of Enel SpA, hereby certify, taking account 

of the provisions of Article 154-bis, paragraphs 

3 and 4, of Legislative Decree 58 of February 24, 

1998:

a.  the appropriateness with respect to the charac-

teristics of the Enel Group and 

b. the effective adoption of the administrative and 

accounting procedures for the preparation of 

the consolidated financial statements of the Enel 

Group in the period between January 1, 2024 

and December 31, 2024.

2.  In this regard, we report that:

a.  the appropriateness of the administrative and 

accounting procedures used in the preparation 

of the consolidated financial statements of the 

Enel Group has been verified in an assessment 

of the internal control system for financial re-

porting. The assessment was carried out on the 

basis of the guidelines set out in the “Internal 

Controls - Integrated Framework” issued by the 

Committee of Sponsoring Organizations of the 

Treadway Commission (COSO);

b. the assessment of the internal control system 

for financial reporting did not identify any mate-

rial issues.

3\.  In addition, we certify that the consolidated finan-

cial statements of the Enel Group at December 31, 

2024:

a.  have been prepared in compliance with the Inter-

national Financial Reporting Standards endorsed 

by the European Union pursuant to Regulation 

(EC) no. 1606/2002 of the European Parliament 

and of the Council of July 19, 2002;

b. correspond to the information in the books and 

other accounting records;

c. provide a true and fair representation of the fi-

nancial position, financial performance and cash 

flows of the issuer and the companies included 

in the consolidation scope.

4\.  Finally, we certify that the Report on Operations, 

accompanied by the consolidated financial 

statements of the Enel Group at December 31, 

2024, contains a reliable analysis of operations 

and performance, as well as the situation of the 

issuer and the companies included in the con-

solidation scope, together with a description of 

the main risks and uncertainties to which they 

are exposed.

Rome, March 13, 2025

Flavio Cattaneo

Chief Executive Officer of Enel SpA

Stefano De Angelis

Officer in charge of financial 

reporting of Enel SpA

  


Declaration in respect of the consolidated Sustainability Statement

602

INTEGRATED ANNUAL REPORT 2024

Declaration of the Chief Executive Officer and the officer in 

charge of financial reporting in respect of the consolidated 

Sustainability Statement at December 31, 2024, pursuant to 

the provisions of Article 154-bis, paragraph 5-ter, of Legislative 

Decree 58 of February 24, 1998

1. The undersigned Flavio Cattaneo and Stefano De 

Angelis, in their respective capacities as Chief Ex-

ecutive Officer and officer in charge of financial re-

porting of Enel SpA, hereby certify, pursuant to the 

provisions of Article 154-bis, paragraph 5-ter, of 

Legislative Decree 58 of February 24, 1998, that the 

consolidated Sustainability Statement at December 

31, 2024, included in the Report on Operations of 

the consolidated financial statements of the Enel 

Group at the same date, was prepared:

a.  in compliance with the reporting standards ap-

plied pursuant to Directive 2013/34/EU of the 

European Parliament and of the Council of June 

26, 2013 and Legislative Decree 125 of Septem-

ber 6, 2024;

b. with the specifications adopted pursuant to Ar-

ticle 8, paragraph 4, of Regulation (EU) 2020/852 

of the European Parliament and of the Council, 

of June 18, 2020.

Rome, March 13, 2025

Flavio Cattaneo

Chief Executive Officer of Enel SpA

Stefano De Angelis

Officer in charge of financial 

reporting of Enel SpA

  


Reports

603

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Reports

Report of the Board of Statutory Auditors

  


Reports

604

INTEGRATED ANNUAL REPORT 2024

  


  


  


1

  


REPORT OF THE BOARD OF STATUTORY AUDITORS TO THE SHAREHOLDERS’

MEETING OF ENEL SpA CALLED TO APPROVE THE FINANCIAL STATEMENTS FOR 

2024 

(pursuant to Article 153 of Legislative Decree 58/1998) 

  


Shareholders, 

The current Board of Statutory Auditors of Enel SpA (hereinafter “Enel” or the 

“Company”) was appointed by the Shareholders’ Meeting of May 19, 2022. 

During the year ended December 31, 2024  we performed the oversight activities 

envisaged by law. In particular, pursuant to the provisions of Article 149, paragraph 

1, of Legislative Decree 58 of February 24, 1998 (hereinafter the “Consolidated Law 

on Financial Intermediation”) and Article 19, paragraph 1 of Legislative Decree 39 of 

January 27, 2010 (hereinafter “Decree 39/2010”), we monitored: 

- compliance with the law and the corporate bylaws as well as compliance with the

principles of sound administration in the performance of the Company’s business; 

- the Company’s financial and non-financial reporting processes and the adequacy of 

the administrative and accounting system, as well as the reliability of the latter in 

representing operational events; 

- the statutory audit of the annual and consolidated accounts,  the certification of

compliance of the consolidated Sustainability Statement, and the independence of 

the audit firm, also in its capacity as sustainability auditor;

- the adequacy and effectiveness of the internal control and risk management system

regarding both financial and non-financial reporting; 

- the adequacy of the organizational structure of the Company, within the scope of 

our responsibilities;

- the implementation of the corporate governance rules as provided for by 2020 

version of the Italian Corporate Governance Code (hereinafter, the “Corporate 

Governance Code”), which the Company has adopted; 

- the appropriateness of the instructions given by the Company to its subsidiaries to 

enable Enel to meet statutory public disclosure requirements. 

In performing our checks and assessments of the above issues, we did not find any 

issues that would merit reporting here.

In compliance with the instructions issued by CONSOB with Communication no. 

DEM/1025564 of April 6, 2001, as amended, we report the following: 

  


Reports

605

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


2

  


• we monitored compliance with the law and the bylaws and we have no issues to

report;

• on a quarterly basis, we received adequate information from the Chief Executive 

Officer, as well as through our participation in the meetings of the Board of 

Directors of Enel, on activities performed, general developments in operations and 

the outlook, and on transactions with the most significant impact on performance 

or the financial position carried out by the Company and its subsidiaries. The 

actions approved and implemented appeared to be in compliance with the law and 

the bylaws and were not manifestly imprudent, risky, in potential conflict of interest 

or in contrast with the resolutions of the Shareholders’ Meeting or otherwise

prejudicial to the integrity of the Company’s assets. For a discussion of the features

of the most significant transactions, please see the Report on Operations 

accompanying the separate financial statements of the Company and the 

consolidated financial statements of the Enel Group for 2024 (in the section 

“Significant events in 2024”);

• we did not find any atypical or unusual transactions conducted with third parties, 

Group companies or other related parties;

• in the section “Related parties” of the notes to the separate financial statements 

for 2024 of the Company, the directors describe the main transactions with related-

parties  – the latter being identified on the basis of international accounting 

standards and the instructions of CONSOB – carried out by the Company, to which 

readers may refer for details on the transactions and their financial impact. They

also detail the procedures adopted to ensure that related-party transactions are 

carried out in accordance with the principles of transparency and procedural and 

substantive fairness. On the basis of our oversight activities, we found that the 

transactions were carried out in compliance with the approval and execution 

processes set out in the related procedure – adopted in compliance with the 

provisions of Article 2391-bis of the Italian Civil Code and the implementing 

regulations issued by CONSOB – described in the report on corporate governance 

and ownership structure for 2024. All transactions with related parties reported in 

the notes to the separate financial statements for 2024 of the Company were 

executed as part of ordinary operations in the interest of the Company and settled 

on market terms and conditions; 

• the Company declares that it has prepared its separate financial statements for 

2024 on the basis of international accounting standards (IAS/IFRS) – and the 

  


Reports

606

INTEGRATED ANNUAL REPORT 2024

  


  


  


3

  


interpretations issued by the IFRIC and the SIC – endorsed by the European Union 

pursuant to Regulation (EC) no. 1606/2002 and in force at the close of 2024

(hereinafter the “IFRS-EU”), as well as the provisions of Legislative Decree 38 of 

February 28, 2005 and its related implementing measures, as it did the previous 

year. The Company’s separate financial statements for 2024 have been prepared

on a going-concern basis. The notes to the separate financial statements give

detailed information on the accounting standards and measurement criteria

adopted, accompanied by an indication of the standards applied for the first time 

in 2024, which as indicated in the notes did not have a significant impact in the 

year under review; 

• the separate financial statements for 2024  of the Company underwent the 

statutory audit by the audit firm, KPMG SpA which issued an unqualified opinion, 

including with regard to the consistency of the Report on Operations and certain 

information in the report on corporate governance and ownership structure of the

Company with the financial statements, as well as compliance with the provisions 

of law, pursuant to Article 14 of Decree 39/2010 and Article 10 of Regulation (EU) 

no. 537/2014.  The report of KPMG SpA also includes the declaration provided 

pursuant to Article 14, paragraph 2(e-ter),  of Decree 39/2010 stating that the 

audit firm did not identify any significant errors in the contents of the Report on 

Operations; 

• the Company declares that it has also prepared the consolidated financial 

statements of the Enel Group for 2024 – as in the previous year – on the basis of 

international accounting standards (IFRS-EU) and the provisions of Legislative 

Decree 38 of February 28, 2005 and its related implementing measures. The 2024 

consolidated financial statements of the Enel Group are also prepared on a going-

concern basis. The notes to the consolidated financial statements provide a 

detailed discussion of the accounting standards and measurement criteria 

adopted, accompanied by an indication of standards applied for the first time in 

2024, which did not have a significant impact in the year under review. Note also 

that, starting from 2021, in compliance with the provisions of Delegated 

Regulation (EU) 2019/815 of December 17, 2018 as amended (the “ESEF 

Regulation”), the Company has (i) drawn up its entire Annual Financial Report 

(including the separate financial statements and the respective  Report on 

Operations, the consolidated financial statements and the respective reports on 

operations, including the consolidated Sustainability Statement for 2024, and the

  


Reports

607

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


4

  


associated certifications pursuant to Article 154-bis, paragraphs 5  and 5-ter, of 

the Consolidated Law on Financial Intermediation) in the single electronic 

reporting format XHTML (Extensible Hypertext Markup Language), and (ii) marked 

up (with specific tags) the schedules of the consolidated financial statements and 

the related explanatory notes using the iXBRL markup language (Inline eXtensible 

Business Reporting Language), in accordance with the ESEF taxonomy issued 

annually by ESMA, in order to facilitate the accessibility, analysis and comparability 

of the annual financial reports;

• the consolidated financial statements for 2024  of the Enel Group underwent 

statutory audit by the audit firm KPMG SpA, which issued an unqualified opinion, 

pursuant to Article 14 of Decree 39/2010 and Article 10 of Regulation (EU) no. 

537/2014. The report of KPMG SpA also includes: 

- a discussion of key aspects of the audit report on the consolidated financial 

statements; and 

- the declarations provided pursuant to Article 14, paragraph 2(e), (e-bis) and 

(e-ter),  of Decree 39/2010,  concerning,  respectively,  the consistency of the 

Report on Operations  and certain information in the report on corporate 

governance and ownership structure with the consolidated financial statements, 

the compliance of the Report on Operations with the provisions of law, as well

as a statement that the audit firm did not identify any significant errors in the 

contents of the Report on Operations. 

Under the terms of its engagement, KPMG SpA also issued unqualified opinions on 

the financial statements for 2024 of the most significant Italian companies of the 

Enel Group. Moreover, during periodic meetings with the representatives of the 

audit firm, KPMG SpA, the latter did not raise any issues concerning the reporting 

packages of the main foreign companies of the Enel Group, selected by the 

auditors on the basis of the work plan established for the auditing of the 

consolidated financial statements of the Enel Group, that would have a sufficiently 

material impact to be reported in the opinion on those financial statements; 

• taking due account of the recommendations of the European Securities and Markets 

Authority (“ESMA”) issued on January 21, 2013, and most recently supplemented 

with the Public Statement of October 24, 2024, to ensure appropriate transparency 

concerning the methods used by listed companies in testing goodwill for 

impairment, in line with the recommendations contained in the joint Bank of Italy

– CONSOB – ISVAP document no. 4 of March 3, 2010, and in the light of indications 

  


Reports

608

INTEGRATED ANNUAL REPORT 2024

  


  


  


5

  


of CONSOB in its Communication no. 7780 of January 28, 2016, the compliance of 

the impairment testing procedure with the provisions of IAS 36 was expressly 

approved by the Board of Directors of the Company, having obtained a favorable 

opinion in this regard from the Control and Risk Committee in February 2025, i.e. 

prior to the date of approval of the financial statements for 2024; 

• we examined the Board of Directors’ proposal for the allocation of net profit for 

2024 and the distribution of available reserves and have no comments in this 

regard; 

• we monitored, within the scope of our responsibilities, the adequacy of the 

organizational structure of the Company (and the Enel Group as a whole), 

obtaining information from the competent department heads and in meetings with 

the boards of auditors or equivalent bodies of a number of the main Enel Group 

companies in Italy and abroad, for the purpose of the reciprocal exchange of 

material information.  In this respect,  in 2024 the Enel Group has adopted an

organizational model, structured into: 

(i) four global business lines,  which are charged with  developing, building, 

operating and maintaining assets, conducting trading activities and developing

and managing the portfolio of new products and services (besides the 

commodity) in all the geographical areas in which the Group operates. The four 

global business lines are: Enel Green Power and Thermal Generation, Global 

Energy and Commodity Management & Chief Pricing Officer,  Enel Grids and 

Innovability, Enel X Global Retail; 

(ii) two Countries (Italy and Iberia) and a Region (Rest of the World), which are 

charged with achieving economic-financial results, managing relationships with

customers and institutions,  sales of electricity, gas and new products and

services at country level, as well as performing staff and service activities in 

support of the business lines in the geographical areas in which the Group

operates; 

(iii) a global service function (Global Services), which is charged with the integrated 

management of all Group activities connected with the development and 

governance of digital solutions, purchasing as well as insourcing processes in 

collaboration with the People and Organization Function,  managing the real 

estate portfolio, maximizing its value, and the related general services;

(iv) seven Holding Company Staff Functions, which are charged with the strategic 

direction, coordination and control activities of the entire Group, broken down 

  


Reports

609

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


6

  


as follows:  CEO Office and Strategy, Administration, Finance and Control, 

People and Organization, External Relations, Legal, Corporate, Regulatory and 

Antitrust Affairs, Audit and Security. In particular, the CEO Office and Strategy

Function is charged with providing support to the CEO in defining and directing 

the Group’s strategic decisions and defining the medium-long term strategic 

positioning for the entire Group, developing strategic scenarios that also 

consider the effects of climate change. 

We found no issues concerning the adequacy of the organizational system described 

above in supporting the strategic development of the Company and the Enel Group 

or the consistency of that system with control requirements; 

• we met with the boards of auditors or equivalent bodies of a number of the Group’s 

main companies in Italy and abroad. No material issues emerged from the 

exchange of information that would require mention here; 

• we monitored the independence of the audit firm, also in its capacity as 

sustainability auditor, having received today from KPMG SpA  specific written 

confirmation that they met that requirement (pursuant to the provisions of Article 

6, paragraph 2(a), of Regulation (EU) 537/2014) and paragraph 17 of international

standard on auditing (ISA Italia) 260 and having discussed the substance of that 

declaration with the audit partner. In this regard, we also monitored – as provided 

for under Article 19, paragraph 1(e), of Decree 39/2010 – the nature and the scale 

of non-audit services provided to the Company and other Enel Group companies 

by KPMG SpA and the entities belonging to its network. The fees due to KPMG SpA 

and the entities belonging to its network are reported in the notes to the separate 

financial statements of the Company. Following our examinations and in 

accordance with applicable legislation,  the Board of Statutory Auditors found no 

critical issues concerning the independence of KPMG SpA. 

We held periodic meetings with the representatives of the audit firm, pursuant to 

Article 150, paragraph 3, of the Consolidated Law on Financial Intermediation, and 

no material issues emerged that would require mention in this report.

With specific regard to the provisions of Article 11 of Regulation (EU) 537/2014, 

KPMG SpA today provided the Board of Statutory Auditors with the “additional 

report” for 2024 on the results of the statutory audit carried out, which indicates 

no significant difficulties encountered during the audit or any significant 

shortcomings in the internal control system for financial reporting or the Enel 

accounting system that would raise issues requiring mention in the opinion on the 

  


Reports

610

INTEGRATED ANNUAL REPORT 2024

  


  


  


7

  


separate and consolidated financial statements. The Board of Statutory Auditors 

will transmit that report to the Board of Directors promptly, accompanied by any 

comments it may have, in accordance with Article 19, paragraph 1(a), of Decree 

39/2010. As at the date of this report, the audit firm also reported that it did not 

prepare any management letter for 2024; 

• we monitored the financial and non-financial  reporting  processes,  the 

appropriateness of the administrative and accounting system and its reliability in 

representing operational events, as well as compliance with the principles of sound

administration in the performance of the Company’s business and we have no 

comments in that regard. We conducted our checks by obtaining information from 

the head of the Administration, Finance and Control department (taking due 

account of the head’s role as the officer responsible for the preparation of the 

Company’s financial reports), examining Company documentation and analyzing 

the findings of the examinations performed by KPMG SpA. The Chief Executive 

Officer and the officer responsible for the preparation of the financial reports of 

Enel issued a statement (regarding the Company’s 2024  separate financial 

statements) certifying (i) the appropriateness with respect to the characteristics 

of the Company and the effective adoption of the administrative and accounting 

procedures used in the preparation of the financial statements; (ii) the compliance 

of the content of the financial reports with international accounting standards 

IFRS-EU; (iii) the correspondence of the financial statements with the information 

in the books and other accounting records and their ability to provide a true and 

fair representation of the performance and financial position of the Company; and 

(iv) that the Report on Operations accompanying the financial statements contains 

a reliable analysis of operations and performance, as well as the situation of the 

issuer, together with a description of the main risks and uncertainties to which it 

is exposed. The statement also affirmed that the appropriateness of the 

administrative and accounting procedures used in the preparation of the separate 

financial statements of the Company had been verified in an assessment of the 

internal control system for financial reporting (supported by the findings of the

independent testing performed by a qualified external advisor) and that the 

assessment of the internal control system did not identify any material issues. An 

analogous statement was prepared for the consolidated financial statements for 

2024 of the Enel Group. The Chief Executive Officer and the officer in charge of 

Enel’s financial reporting have also certified with a specific declaration  that the 

  


Reports

611

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


8

  


consolidated Sustainability Statement, included in the Report on Operations of the 

2024 consolidated financial statements of the Enel Group, has been prepared in 

compliance  with the European Sustainability Reporting Standards (“ESRS”) and 

the provisions of Article 8, paragraph 4, of Regulation (EU) 2020/852 on the 

taxonomy of environmentally sustainable economic  activities (hereinafter 

“Taxonomy Regulation”);

• we monitored the adequacy and effectiveness of the internal control system, 

primarily through systematic participation of the head of the Audit department of 

the Company in the meetings of the Board of Statutory Auditors and attending all

the meetings of the Control and Risk Committee – in almost all cases held in a 

joint session – as well as through periodic meetings with the body charged with 

overseeing the operation of and compliance with the organizational and 

management model adopted by the Company pursuant to Legislative Decree 

231/2001. In the light of our examination and in the absence of significant issues, 

there are no reasons to doubt the adequacy and effectiveness of the internal 

control and risk management system. In February 2025, the Board of Directors of 

the Company expressed an analogous assessment of the situation and also noted, 

in November 2024, that the main risks associated with the strategic targets set 

out in the 2025-2027 Business Plan were compatible with the management of the 

Company in a manner consistent with those targets; 

• in 2024 no petitions were received by the Board of Auditors nor did we receive 

any complaints concerning circumstances deemed censurable pursuant to Article 

2408 of the Italian Civil Code; 

• we monitored the effective implementation of the Corporate Governance Code, 

verifying the compliance of Enel’s corporate governance arrangements with the 

recommendations of the Code. Detailed information on the Company’s corporate 

governance system can be found in the report on corporate governance and 

ownership structure for 2024; 

• in July 2024 we adopted specific organizational rules for the Board of Statutory 

Auditors, governing its operations, in compliance with the provisions of laws and 

regulations, the bylaws, as well as the principles established by the Italian 

Corporate Governance Code and the Rules of Conduct of the Board of Statutory 

Auditors of listed companies, prepared by the National Council of Chartered 

Accountants and Accounting Experts; 

  


Reports

612

INTEGRATED ANNUAL REPORT 2024

  


  


  


9

  


• in July 2024  the Board of Statutory Auditors verified that,  in evaluating the

independence of non-executive directors, the Board of Directors correctly applied 

the assessment criteria specified in the Corporate Governance Code and the 

principle of the priority of substance over form that must inform the application of 

the Code’s recommendations in general, adopting a transparent procedure, the 

details of which are discussed in the report on corporate governance and ownership 

structure for 2024\.  With regard to the so-called “self-assessment” of the 

independence of its members, in February 2024 (and most recently in March 2025) 

the Board of Statutory Auditors ascertained that all standing statutory auditors met 

the relevant requirements set out in the Consolidated Law on Financial 

Intermediation and in the Corporate Governance Code; 

• at the end of 2024 and during the first two months of 2025, the Board of Statutory 

Auditors, with the support of an independent advisory firm, conducted a board 

review assessing the size, composition and functioning of the Board of Statutory 

Auditors, similar to the review conducted for the Board of Directors. This is a best

practice that the Board of Statutory Auditors intended to adopt since 2018, even in 

the absence of a specific recommendation of the Corporate Governance Code. The 

approach adopted in performing the board review and  its findings  for  2024 are

described in detail in the report on corporate governance and ownership structure 

for  2024.  Based on the results of the board review and taking into account the 

provisions of its Diversity policy (approved on January 29, 2018), the Board of 

Statutory Auditors – in view of the end of the office  term, scheduled for the 

Shareholders’ Meeting convened to approve the financial statements for the year at 

December 31, 2024 – has  prepared specific Guidelines to shareholders on the 

profiles and professional skills and experiences that are deemed more appropriate 

to ensure the effective working of the new Board; 

• during  2024  the Board of Statutory Auditors also participated in an induction 

program, characterized by specific studies to update directors and statutory 

auditors on climate change, cyber security and innovation. Given the different 

timing of the renewal of the Board of Statutory Auditors compared with that of the 

Board of Directors, it is recommended that, upon  the renewal of the Board of 

Statutory Auditors, a specific “onboarding” plan be prepared, aimed at promoting 

an in-depth overview of operations and organization of the Enel  Group for the 

benefit of the new members; 

  


Reports

613

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


10

  


• we monitored the application of the provisions of Legislative Decree 125 of

September  6,  2024, concerning  corporate sustainability reporting,  pursuant to

Article 10 paragraph 1 of the Decree. In performing that activity, we monitored the 

adequacy of the organizational, administrative, reporting and control system 

established by the Company in order to enable the accurate representation, within

the  corporate  Sustainability  Statement for 2024, of the information necessary to 

understand the Enel Group’s impact on sustainability issues, as well as the impact 

of sustainability issues on the Group’s performance, results and position, and have

no comments in this regard. The audit firm KPMG SpA, in its capacity as auditor of 

the consolidated Sustainability Statement of the Enel Group for 2024, has issued, 

pursuant to Article 14-bis of Decree 39/2010, a “limited assurance” certification 

regarding: (a) the compliance of the consolidated Sustainability Statement at 

December 31, 2024 with the reporting standards applied pursuant to Legislative 

Decree 125/2024, and (b) the  compliance with the disclosure requirements 

pursuant to Article 8 of the Taxonomy Regulation; 

• since the listing of its shares, the Company has adopted specific rules (most recently 

amended in September 2018) for the internal management and processing of 

confidential information, which also set out the procedures for the disclosure of 

documentation  and information concerning the Company and the Group, with 

specific regard to inside information. Those rules (which can be consulted on the 

corporate website) contain specific provisions directed at subsidiaries to enable Enel 

to comply with statutory public disclosure requirements, pursuant to Article 114, 

paragraph 2, of the Consolidated Law on Financial Intermediation; 

• in 2002 the Company also adopted (and has subsequently updated, most recently 

in  April  2025) a Code of Ethics (also available on the corporate website) that 

expresses the commitments and ethical responsibilities involved in the conduct of

business, regulating and harmonizing corporate conduct in accordance with 

standards of transparency and fairness with respect to all stakeholders; 

• with regard to the provisions of Legislative Decree 231 of June 8, 2001 – which 

introduced into Italian law a system of administrative liability for companies for 

certain types of offences committed by its directors, managers or employees on 

behalf of or to the benefit of the company – since July 2002 Enel has adopted a

compliance program consisting of a “general part” and various “special parts”

concerning the different offences specified by Legislative Decree 231/2001 that the 

program is intended to prevent. For a description of the manner in which the model 

  


Reports

614

INTEGRATED ANNUAL REPORT 2024

  


  


  


11

  


has been adapted to the characteristics of the various Italian companies of the 

Group, as well as a description of the purposes of the “Enel Global Compliance 

Program” for the Group’s foreign companies, please see the report on corporate 

governance and ownership structure for 2024. The structure that monitors the 

operation and compliance with the program and is responsible for updating it is a 

collegial body. This body, whose members were most recently appointed in July 

2023, is still composed of three external members who jointly have specific 

professional expertise on corporate organization matters and corporate criminal 

law. The Board of Statutory Auditors received systematic information on the main 

activities carried out in 2024 by that body, including in meetings with its members. 

Our examination of those activities found no facts or situations that would require 

mention in this report; 

• in 2024 the Board of Statutory Auditors issued a favorable opinion (at the meeting 

of February 7, 2024) on the 2024 Audit Plan, in accordance with the provisions of 

Recommendation 33, letter c) of the Corporate Governance Code; 

• a report on the fixed and variable compensation accrued by those who served as 

Chairman of the Board of Directors, the Chief Executive Officer/General Manager 

and other directors in 2024 for their respective positions and any compensation 

instruments awarded to them is contained in the second section of the Report on 

Remuneration Policy for 2025 and Remuneration Paid in 2024 referred to in Article 

123-ter of the Consolidated Law on Financial Intermediation (for the sake of brevity, 

“Remuneration Report” hereinafter), approved by the Board of Directors, acting on 

a proposal of the Nomination and Compensation Committee on April 3, 2025 which 

will be published in compliance with the time limits established by law. The variable 

component of these remuneration instruments is  linked to predetermined  and 

measurable performance objectives, significantly linked to a long-term horizon, as 

well as consistent with the Group's strategic objectives and inclusive of non-financial 

parameters.  The proposals to the Board of Directors concerning such forms of 

compensation and the determination of the associated parameters were prepared 

by the Nomination and Compensation Committee, which is mostly made up of non-

executive independent directors, drawing on the findings of benchmark analyses, 

including at the international level, conducted by an independent consulting firm 

(the “advisor”). In addition, the second section of the Remuneration Report

contains, in compliance with the applicable CONSOB regulations, specific disclosures 

  


Reports

615

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


12

  


on the remuneration received in 2024 by the members of the oversight body and 

by key management personnel (in aggregate form for the latter).

The Board of Statutory Auditors also supervised the process of preparing the 

remuneration policy for 2025 – described in full in the first section of the 

Remuneration Report, without finding any critical issues. In particular, the oversight 

activity examined the consistency of the various measures envisaged by that policy 

with (i) the provisions of Directive (EU) 2017/828 as transposed into Italian law,

with (ii) the recommendations of the Italian Corporate Governance Code, as well as 

with (iii) the results of the benchmark analysis carried out, including at the 

international level, by an independent consulting firm that the Nomination and 

Compensation Committee elected to engage;

• during the preparation of the remuneration policy for 2025, the Board of Statutory 

Auditors – taking account of the recommendations in this regard by the Corporate 

Governance Code – asked the independent consulting firm to conduct an additional 

benchmark analysis to ascertain the adequacy of the remuneration paid to the 

members of the oversight body. This analysis was performed by the advisor with 

reference to two benchmarks: 

- as a benchmark external to Enel, the remuneration of the boards of statutory 

auditors  reported in the documentation published on the occasion of 2024

Shareholders’ Meetings by issuers belonging to a peer group composed of 

companies belonging to the FTSE MIB index

1

with a similarly complex business,

size, market competitiveness and ownership structure to Enel;

- as a benchmark internal to Enel, the average  remuneration paid to the 

members of the Board of Directors (excluding the Chairman and the Chief 

Executive Officer) in proportion to the number of meetings of the Board of 

Directors and the Board Committees of Enel in which they participate. 

As regards the external benchmark,  the advisor noted that again in 2024 Enel 

continues to lie at the extreme upper bound of the peer group by capitalization, 

turnover and number of employees.

2

The analysis conducted by the advisor shows

that the remuneration of the members of Enel’s Board of Statutory Auditors is below

  


(

1

) The peer group consists of the following 18 companies: A2A, Assicurazioni Generali, Banco 

BPM, BPER Banca, Eni, Hera, Italgas Leonardo, Mediobanca, Nexi, Pirelli, Poste Italiane,

Prysmian, Saipem, Snam, Telecom Italia, Terna and Unicredit. 

(

2

) More specifically, at December 31, 2023 Enel ranks first by capitalization and turnover and

fourth by number of employees, compared with the peer group. 

  


Reports

616

INTEGRATED ANNUAL REPORT 2024

  


  


  


13

  


the  benchmark  median for the Chairman and substantially in line with the 

benchmark median for the other standing Auditors (-17% and -3%, respectively). 

As regards the internal benchmark, the advisor conducted a comparison between 

the remuneration per meeting paid to the members of the Board of Statutory 

Auditors and the average remuneration per meeting paid to the members of the 

Board of Directors of the Company (excluding the Chairman and the Chief Executive 

Officer), taking into account all meetings in which they respectively participated.

3

  


This comparison appears even more significant than the external benchmark, since 

it refers to the members of a body of the same company in whose activities (both

of the Board of Directors and Board  committees) the members of the Board of 

Auditors are systematically called to participate – in addition to the meetings of the 

Board of which they are members. 

This analysis found a significant disparity between the remuneration of the members 

of the two bodies. In fact, the remuneration per meeting paid to the Chairman of 

the Board of Statutory Auditors and to the other standing Auditors is approximately 

67%  and 71% lower than the  average remuneration per meeting paid to non-

executive Directors.

The lower remuneration of the members of the Board of Statutory Auditors 

compared to that of non-executive Directors also appears incongruous in light of 

the indications provided by CONSOB in Annex 5-bis to the Issuers’ Regulation

(adopted with resolution 11971 of May 14, 1999), Model 1, paragraph 3 (“Plurality 

of office calculation model”) – where the role of “Issuer - Member of the internal 

control  body” is assigned a greater weighting  (equal to 1) than that of “Issuer -

Director without delegated management powers and not an executive committee

member” (equal to 0.75). 

  


The Board of Statutory Auditors’ oversight activity in 2024 was carried out in 23 

meetings and with participation in the 12 meetings of the Board of Directors and

participation in the annual Shareholders’ Meeting, and, through the chairman or one 

or more of its members, in the 15 meetings of the Control and Risk Committee (14 

of which were held jointly with the Board of Statutory Auditors), the 11 meetings of 

  


3

Analysis carried out by the advisor taking into account the meetings of Enel’s Board of 

Directors, Board Committees and Board of Statutory Auditors held in 2023, that is the last 

year for which complete remuneration data was available at the time the analysis was carried 

out.

  


  


Reports

617

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


  


  


14

  


the Nomination and Compensation Committee, the 6 meetings of the Related Parties 

Committee and the 7 meetings of the Corporate Governance and Sustainability 

Committee. The delegated magistrate of the State Audit Court participated in the 

meetings of the Board of Statutory Auditors and those of the Board of Directors.

During the course of this activity and on the basis of information obtained from 

KPMG SpA, no omissions, censurable facts, irregularities or other significant 

developments were found that would require reporting to the regulatory authorities 

or mention in this report. 

  


Based on the oversight activity performed and the information exchanged with the 

independent auditors KPMG SpA, we recommend that you approve the Company’s 

financial statements for the year ended December 31, 2024 in conformity with the 

proposals of the Board of Directors. 

  


Rome, April 15, 2025 

  


  


  


The Board of Auditors

  


  


  


  


  


  


____________________

  


Barbara Tadolini \- Chairman 

  


  


  


  


  


  


____________________

  


Luigi Borré – Auditor

  


  


  


  


  


  


____________________

  


Maura Campra – Auditor

  


  


Reports

618

INTEGRATED ANNUAL REPORT 2024

  


Reports

619

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Reports of the Audit Firm

  


Reports

620

INTEGRATED ANNUAL REPORT 2024

  


KPMG S.p.A.

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Euro 10.415.500,00 i.v.

  


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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 Limited,

  


società di diritto inglese.

(This independent auditors’ report has been translated into English solely for the convenience of 

international readers. Accordingly, only the original Italian version is authoritative.)

Independent auditors’ report pursuant to article 14 of Legislative 

decree no. 39 of 27 January 2010 and article 10 of Regulation (EU) 

no. 537 of 16 April 2014

  


  


To the shareholders of 

Enel S.p.A.

Report on the audit of the consolidated financial statements 

Opinion

We have audited the consolidated financial statements of the Enel Group (the “group”), which comprise 

the statement of financial position as at 31 December 2024, the income statement and the statements of 

comprehensive income, changes in equity and cash flows for the year then ended and notes thereto,

which include material information on the accounting policies.

In our opinion, the consolidated financial statements give a true and fair view of the financial position of 

the Enel Group as at 31 December 2024 and of its financial performance and cash flows for the year 

then ended in accordance with the IFRS Accounting Standards issued by the International Accounting 

Standards Board and endorsed by the European Union, as well as the Italian regulations implementing 

article 9 of Legislative decree no. 38/05.

Basis for opinion

We conducted our audit in accordance with the International Standards on Auditing (ISA Italia). Our 

responsibilities under those standards are further described in the “Auditors’ responsibilities for the audit 

of the consolidated financial statements” section of our report. We are independent of Enel S.p.A. (the 

“parent”) in accordance with the ethics and independence rules and standards applicable in Italy to audits 

of financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate 

to provide a basis for our audit opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in the 

audit of the consolidated financial statements of the current year. These matters were addressed in the 

context of our audit of the consolidated financial statements as a whole, and in forming our opinion 

thereon, and we do not provide a separate opinion on these matters. 

  


Reports

621

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


2 

  


  


  


Enel Group

Independent auditors’ report

31 December 2024

Recognition of revenue from the supply of electricity and gas not yet invoiced

Notes to the consolidated financial statements: notes 2.1 “Use of estimates and management judgement

– Revenue from contracts with customers”, 2.2 “Material accounting policies – Revenue from contracts 

with customers”, 9.a “Revenue from sales and services” and 32 “Trade receivables”

Key audit matter Audit procedures addressing the key audit matter

Revenue from the supply of electricity and gas to end 

users is recognised at the time the electricity or gas is 

delivered and includes, in addition to amounts invoiced 

on the basis of periodic meter readings or on the

volumes notified by distributors and transporters, an

estimate of the electricity and gas delivered during the 

year but not yet invoiced that is calculated also taking

account of any network losses. Revenue accrued 

between the date of the last meter reading and the 

year-end is based on estimates of the consumption of 

individual customers, primarily determined on their 

historical information, adjusted to reflect the climate 

factors or other matters that may affect the estimated

consumption. 

These estimates are very complex given the nature of 

underlying assumptions.

Therefore, we believe that the recognition of revenue 

from the supply of electricity and gas not yet invoiced is 

a key audit matter.

Our audit procedures included:

• understanding the process for the recognition of 

revenue from the supply of electricity and gas not 

yet invoiced;

• assessing the design, implementation and 

operating effectiveness of controls, including IT 

controls, deemed material for the purposes of our 

audit, including by involving our IT specialists; 

• performing substantive procedures on the 

electricity and gas volumes considered in the 

estimation;

• checking the accuracy of the selling prices used in 

the estimation;

• comparing the estimates recognised in the 

consolidated financial statements with the 

subsequent actual figures;

• assessing the appropriateness of the disclosures 

provided in the notes about the revenue from the 

supply of electricity and gas not yet invoiced.

Responsibilities of the parent’s directors and board of statutory auditors (“Collegio 

Sindacale”) for the consolidated financial statements 

The directors are responsible for the preparation of consolidated financial statements that give a true and 

fair view in accordance with the IFRS Accounting Standards issued by the International Accounting 

Standards Board and endorsed by the European Union and the Italian regulations implementing article 9 

of Legislative decree no. 38/05 and, within the terms established by the Italian law, for such internal 

control as they determine is necessary to enable the preparation of financial statements that are free

from material misstatement, whether due to fraud or error.

The directors are responsible for assessing the group’s ability to continue as a going concern and for the 

appropriate use of the going concern basis in the preparation of the consolidated financial statements 

and for the adequacy of the related disclosures. The use of this basis of accounting is appropriate unless 

the directors believe that the conditions for liquidating the parent or ceasing operations exist, or have no 

realistic alternative but to do so.

The Collegio Sindacale is responsible for overseeing, within the terms established by the Italian law, the

group’s financial reporting process.

Auditors’ responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements 

as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’

report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 

  


Reports

622

INTEGRATED ANNUAL REPORT 2024

  


3 

  


  


  


Enel Group

Independent auditors’ report

31 December 2024

guarantee that an audit conducted in accordance with ISA Italia will always detect a material 

misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, 

individually or in the aggregate, they could reasonably be expected to influence the economic decisions 

of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with ISA Italia, we exercise professional judgement and maintain 

professional scepticism throughout the audit. We also:

• identify and assess the risks of material misstatement of the consolidated financial statements, 

whether due to fraud or error, design and perform audit procedures responsive to those risks, and 

obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of 

not detecting a material misstatement resulting from fraud is higher than for one resulting from error, 

as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of 

internal control;

• obtain an understanding of internal control relevant to the audit in order to design audit procedures

that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the 

effectiveness of the group’s internal control; 

• evaluate the appropriateness of accounting policies used and the reasonableness of accounting 

estimates and related disclosures made by the directors;

• conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, 

based on the audit evidence obtained, whether a material uncertainty exists related to events or 

conditions that may cast significant doubt on the group’s ability to continue as a going concern. If we 

conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to 

the related disclosures in the consolidated financial statements or, if such disclosures are 

inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to 

the date of our auditors’ report. However, future events or conditions may cause the group to cease 

to continue as a going concern;

• evaluate the overall presentation, structure and content of the consolidated financial statements, 

including the disclosures, and whether the consolidated financial statements represent the underlying 

transactions and events in a manner that achieves fair presentation;

• obtain sufficient appropriate audit evidence regarding the financial information of the entities or 

business activities within the group to express an opinion on the consolidated financial statements. 

We are responsible for the direction, supervision and performance of the group audit. We remain 

solely responsible for our audit opinion.

We communicate with those charged with governance, identified at the appropriate level required by ISA 

Italia, regarding, among other matters, the planned scope and timing of the audit and significant audit 

findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with the ethics 

and independence rules and standards applicable in Italy and communicate with them all relationships 

and other matters that may reasonably be thought to bear on our independence, and where applicable,

the measures taken to eliminate those threats or the safeguards applied.

From the matters communicated with those charged with governance, we determine those matters that 

were of most significance in the audit of the consolidated financial statements of the current year and are, 

therefore, the key audit matters. We describe these matters in our auditors’ report.

  


  


  


Reports

623

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


4 

  


  


  


Enel Group

Independent auditors’ report

31 December 2024

Other information required by article 10 of Regulation (EU) no. 537/14

On 16 May 2019, the parent’s shareholders appointed us to perform the statutory audit of its separate

and consolidated financial statements as at and for the years ending from 31 December 2020 to 31 

December 2028.

We declare that we did not provide the prohibited non-audit services referred to in article 5.1 of 

Regulation (EU) no. 537/14 and that we remained independent of the parent in conducting the statutory 

audit.

We confirm that the opinion on the consolidated financial statements expressed herein is consistent with 

the additional report to the Collegio Sindacale, in its capacity as audit committee, prepared in accordance 

with article 11 of the Regulation mentioned above.

Report on other legal and regulatory requirements

Opinion on the compliance with the provisions of Commission Delegated Regulation 

(EU) 2019/815 

The parent’s directors are responsible for the application of the provisions of Commission Delegated 

Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a single 

electronic reporting format (ESEF) to the consolidated financial statements at 31 December 2024 to be 

included in the annual financial report. 

We have performed the procedures required by Standard on Auditing (SA Italia) 700B in order to express 

an opinion on the compliance of the consolidated financial statements with Commission Delegated 

Regulation (EU) 2019/815\. 

In our opinion, the consolidated financial statements at 31 December 2024 have been prepared in 

XHTML format and have been marked up, in all material respects, in compliance with the provisions of 

Commission Delegated Regulation (EU) 2019/815.

Opinion and statement pursuant to article 14.2.e)/e-bis)/e-ter) of Legislative decree no. 

39/10 and article 123-bis.4 of Legislative decree no. 58/98

The parent’s directors are responsible for the preparation of the group’s reports on operations and on

corporate governance and ownership structure at 31 December 2024 and for the consistency of such 

reports with the related consolidated financial statements and their compliance with the applicable law.

We have performed the procedures required by Standard on Auditing (SA Italia) 720B in order to:

• express an opinion on the consistency of the report on operations and certain specific information 

presented in the report on corporate governance and ownership structure required by article 123-bis.4 

of Legislative decree no. 58/98 with the consolidated financial statements;

• express an opinion on the consistency of the report on operations, excluding the section that includes

the consolidated sustainability statement, and certain specific information presented in the report on 

corporate governance and ownership structure required by article 123-bis.4 of Legislative decree no. 

58/98 with the applicable law;

• issue a statement of any material misstatements in the report on operations and certain specific 

information presented in the report on corporate governance and ownership structure required by 

article 123-bis.4 of Legislative decree no. 58/98. 

  


Reports

624

INTEGRATED ANNUAL REPORT 2024

  


5 

  


  


  


Enel Group

Independent auditors’ report

31 December 2024

In our opinion, the report on operations and the specific information presented in the report on corporate 

governance and ownership structure required by article 123-bis.4 of Legislative decree no. 58/98 are 

consistent with the group’s consolidated financial statements at 31 December 2024.

Moreover, in our opinion, excluding the section which includes the consolidated sustainability statement, 

the report on operations and the specific information presented in the report on corporate governance 

and ownership structure required by article 123-bis.4 of Legislative decree no. 58/98 have been prepared 

in compliance with the applicable law.

With reference to the above statement required by article 14.2.e-ter) of Legislative decree no. 39/10, 

based on our knowledge and understanding of the entity and its environment obtained through our audit, 

we have nothing to report. 

Our opinion on the compliance with the applicable law does not extend to the report on operations’

section which includes the consolidated sustainability statement. Our conclusion on the compliance of 

this section with the legislation governing its preparation and with the disclosure requirements of article 8 

of Regulation (EU) 2020/852 is included in the assurance report prepared in accordance with article 

14-bis of Legislative decree no. 39/10.

Rome, 15 April 2025

KPMG S.p.A.

(signed on the original)

Davide Utili

Director of Audit

  


Reports

625

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


KPMG S.p.A.

Revisione e organizzazione contabile

Via Curtatone, 3

00185 ROMA RM

Telefono +39 06 80961.1

Email it-fmauditaly@kpmg.it 

PEC kpmgspa@pec.kpmg.it

  


  


  


  


  


  


  


  


Ancona Bari Bergamo

  


Bologna Bolzano Brescia 

  


Catania Como Firenze Genova 

  


Lecce Milano Napoli Novara 

  


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Pescara Roma Torino Treviso 

  


Trieste Varese Verona

  


Società per azioni

  


Capitale sociale

  


Euro 10.415.500,00 i.v.

  


Registro Imprese Milano Monza Brianza Lodi

  


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

  


  


  


  


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 Limited,

  


società di diritto inglese.

(This independent auditors’ report has been translated into English solely for the convenience of 

international readers. Accordingly, only the original Italian version is authoritative.)

Independent auditors' limited assurance report on the consolidated 

sustainability statement pursuant to article 14-bis of Legislative 

decree no. 39 of 27 January 2010

To the shareholders of 

Enel S.p.A. 

Conclusion

Pursuant to articles 8 and 18.1 of Legislative decree no. 125 of 6 September 2024 (the “decree”), we 

have been engaged to perform a limited assurance engagement on the 2024 consolidated sustainability 

statement of the Enel Group (the “group”) prepared in accordance with article 4 of the decree, presented 

in the specific section of the report on operations (the “consolidated sustainability statement”).

Based on the procedures performed, nothing has come to our attention that causes us to believe that:

• the group's 2024 consolidated sustainability statement has not been prepared, in all material 

respects, in accordance with the reporting standards endorsed by the European Commission 

pursuant to Directive 2013/34/EU (the European Sustainability Reporting Standards, “ESRS”);

• the information presented in the “European taxonomy” section of the consolidated sustainability

statement has not been prepared, in all material respects, in accordance with article 8 of Regulation 

(EU) 2020/852 of 18 June 2020 (the “taxonomy regulation”).

Basis for conclusion

We have performed the limited assurance engagement in accordance with the Standard on Sustainability 

Assurance Engagements \- SSAE (Italia). The procedures performed in a limited assurance engagement 

vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. 

Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower 

than the assurance that would have been obtained had a reasonable assurance engagement been 

performed. Our responsibilities under SSAE (Italia) are further described in the "Auditors' responsibilities 

for the sustainability assurance engagement" section of our report. 

We are independent in accordance with the ethics and independence rules and standards applicable in 

Italy to sustainability assurance engagements. 

Our company applies International Standard on Quality Management 1 (ISQM Italia 1) and, accordingly, 

is required to design, implement and operate a system of quality management including policies or 

procedures regarding compliance with ethical requirements, professional standards and applicable legal 

and regulatory requirements.

  


  


  


Reports

626

INTEGRATED ANNUAL REPORT 2024

  


2 

  


  


  


Enel Group

Independent auditors’ report

31 December 2024

  


We believe that the evidence we have acquired is sufficient and appropriate to provide a basis for our

conclusion.

Other matters

The 2024 consolidated sustainability statement presents the 2023 comparative information, which has

not been subjected to an assurance engagement.

Responsibilities of the directors and board of statutory auditors ("Collegio Sindacale") 

of Enel S.p.A. (the "parent") for the consolidated sustainability statement

The directors are responsible for designing and implementing the procedures to identify the information 

included in the consolidated sustainability statement in accordance with the ESRS (the “materiality 

assessment process”) and for the description of these procedures in the “The process” section of the 

“Double materiality” chapter of the consolidated sustainability statement. 

The directors are also responsible for the preparation of a consolidated sustainability statement in 

accordance with article 4 of the decree, which contains the information identified through the materiality 

assessment process, including:

• compliance with the ESRS;

• compliance of the information presented in the “European taxonomy” section with article 8 of the 

taxonomy regulation.

Moreover, the directors are responsible, within the terms established by the Italian law, for designing,

implementing and maintaining such internal controls as they determine is necessary to enable the 

preparation of a consolidated sustainability statement in accordance with article 4 of the decree that is 

free from material misstatement, whether due to fraud or error. They are also responsible for selecting 

and applying appropriate methods to produce disclosures and formulating assumptions and estimates

about specific information on sustainability matters that are reasonable in the circumstances.

The Collegio Sindacale is responsible for overseeing, within the terms established by the Italian law, 

compliance with the decree's provisions.

Inherent limitations in preparing the consolidated sustainability statement

For the purpose of disclosing forward-looking information in accordance with the ESRS, the directors are 

required to prepare such information based on assumptions, described in the consolidated sustainability 

statement, regarding future events and the group’s actions that are not necessarily expected to occur. 

Actual results are likely to be different from the forecast sustainability information since anticipated 

events frequently do not occur as expected and the variation could be material.

The disclosures provided by the group about Scope 3 emissions are subject to more inherent limitations 

than those on Scope 1 and Scope 2 emissions, given the lack of availability and relative precision of 

information used for determining both qualitative and quantitative Scope 3 emissions information from the 

value chain.

Auditors’ responsibilities for the sustainability assurance engagement

Our objectives are to plan and perform procedures in order to obtain limited assurance about whether the 

consolidated sustainability statement is free from material misstatement, whether due to fraud or error, 

and to issue an assurance report that includes our conclusion. Misstatements can arise from fraud or

error and are considered material if, individually or in the aggregate, they could reasonably be expected 

to influence decisions of intended users taken on the basis of the consolidated sustainability statement. 

As part of a limited assurance engagement in accordance with SSAE (Italia), we exercise professional 

judgement and maintain professional scepticism throughout the engagement.

  


  


Reports

627

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


3 

  


  


  


Enel Group

Independent auditors’ report

31 December 2024

Our responsibilities include:

• considering risks to identify disclosures where a material misstatement is likely to occur, whether due 

to fraud or error;

• designing and performing procedures to check disclosures where a material misstatement is likely to 

occur. The risk of not detecting a material misstatement resulting from fraud is higher than for one

resulting from error, as fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control;

• directing, supervising and performing the sustainability limited assurance engagement and assuming 

full responsibility for the conclusion on the consolidated sustainability statement.

Summary of the work performed

A limited assurance engagement involves carrying out procedures to obtain evidence as a basis for our

conclusion. 

The procedures performed are based on our professional judgement and include inquiries, primarily of 

the parent's personnel responsible for the preparation of the information presented in the consolidated 

sustainability statement, documental analyses, recalculations and other evidence gathering procedures, 

as appropriate.

We have performed the following main procedures:

• we gained an understanding of the group's business model, strategies and operating environment

with regard to sustainability matters;

• we gained an understanding of the process adopted by the group to identify and assess material 

sustainability-related impacts, risks and opportunities (IROs), based on the double materiality 

principle. Moreover, on the basis of the information acquired, we evaluated any emerging 

inconsistencies that may indicate the presence of sustainability matters not addressed by the group 

in its materiality assessment process; Specifically, mostly through inquiries, observations and 

inspections, we gained an understanding of how the group:

- considered the interests and opinions of the stakeholders involved;

- identified its sustainability-related IROs, assessing their consistency with our knowledge of the 

group and its sector;

- defined and assessed material IROs by analysing the qualitative and quantitative materiality 

thresholds it determined, checking their consistency with the results of the enterprise risk 

management (ERM) process;

• we gained an understanding of the processes underlying the generation, recording and management 

of the qualitative and quantitative information disclosed in the consolidated sustainability statement, 

including of the reporting boundary, through interviews and discussions with the group's personnel 

and selected procedures on documentation;

• we identified the disclosures associated with a risk of material misstatement, whether due to fraud or 

error;

• we designed and performed procedures, based on our professional judgement, to respond to 

identified risks of material misstatement, including:

- for information gathered at group level:

• with reference to qualitative information and, in particular, the sustainability-related policies, 

actions and objectives, we held inquiries and performed limited procedures on 

documentation;

  


Reports

628

INTEGRATED ANNUAL REPORT 2024

  


4 

  


  


  


Enel Group

Independent auditors’ report

31 December 2024

• with reference to quantitative information, we carried out analytical procedures, inspections, 

observations and recalculations on a sample basis;

- for information gathered at certain subsidiaries level, we visited Enel Chile SA and Endesa SA. 

These subsidiaries have been selected on the basis of their business and contribution to the 

metrics of the consolidated sustainability statement. During these visits we held discussions with 

group personnel and obtained documentary evidence supporting the application of the 

procedures and calculation of the metrics;

• we gained an understanding of the process adopted by the group to determine taxonomy-eligible 

economic activities and whether they were aligned under the taxonomy regulation and checked the 

related disclosures presented in the consolidated sustainability statement;

• we checked the consistency of the disclosures contained in the consolidated sustainability statement 

with those included in the group’s consolidated financial statements pursuant to the applicable 

financial reporting framework, the underlying accounting records or management accounts;

• we checked the compliance of the structure and presentation of disclosures included in the 

consolidated sustainability statement with the ESRS;

• we obtained the representation letter. 

Rome, 15 April 2025 

KPMG S.p.A.

(signed on the original)

Davide Utili

Director of Audit

  


Reports

629

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


Attachments

630

INTEGRATED ANNUAL REPORT 2024

Business segment Description of business segments

Group holding company

Country holding company

Enel Green Power

Thermal Generation

Trading

Enel Grids

End-user Markets

Enel X

e-Mobility

Services

Finance

Attachments

Attachment 1 - Subsidiaries, associates and other 

significant equity investments of the Enel Group at 

December 31, 2024

In compliance with Articles 38 and 39 of Legislative De-

cree 127/1991 and CONSOB Notice no. DEM/6064293 

of July 28, 2006, a list of subsidiaries and associates 

of Enel SpA at December 31, 2024, 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 includ-

ed for each company: name, registered office, share 

capital, currency in which share capital is denomi-

nated, business segment, method of consolidation, 

Group companies that have a stake in the company 

and their respective ownership share, and the Group’s 

ownership share. The following provides a key to the 

icons representing the business segments.

  


Attachments

631

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Parent |  |  |  |  |  |  |  |  |   
Enel SpA | Rome | IT | 10,166,679,946  | EUR |  | Holding | Enel SpA | 100% | 100%  
Subsidiaries |  |  |  |  |  |  |  |  |   
10219727 Saskatchewan  | Saskoon | CA | 1 | CAD |  | Line-by-line | Enel Green Power  | 100% | 100%  
Ltd |  |  |  |  |  |  | Elmsthorpe Wind LP  |  |   
25 Mile Creek Windfarm  | Andover | US | 1  | USD |  | Line-by-line | 25RoseFarms Holdings  | 100% | 100%  
LLC |  |  |  |  |  |  | LLC |  |   
25 Mile PPA LLC | Andover | US | 1  | USD |  | Line-by-line | EGP North America  | 100% | 100%  
|  |  |  |  |  |  | PPA LLC |  |   
25RoseFarms Holdings  |  |  |  |  |  |  | Enel Green Power  |  |   
LLC | Andover | US | 1 | USD |  | Line-by-line | 25RoseFarms Holdings  | 100% | 100%  
|  |  |  |  |  |  | LLC |  |   
|  |  |  |  |  |  | Enel Green Power  | 97% |   
3SUN Srl | Catania | IT | 1,000,000 | EUR |  | Line-by-line | Italia Srl |  | 100%  
|  |  |  |  |  |  | Enel Green Power SpA | 3% |   
3SUN USA LLC | Andover | US | 1 | USD |  | Line-by-line | Enel North America Inc. | 100% | 100%  
4814 Investments LLC | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Ables Springs Solar  |  |  |  |  |  |  | Enel Green Power Ables  |  |   
Holdings LLC | Andover | US | 1 | USD |  | Line-by-line | Springs Solar Holdings  | 100% | 100%  
|  |  |  |  |  |  | LLC |  |   
Ables Springs Solar LLC | Andover | US | 1 | USD |  | Line-by-line | Ables Springs Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Ables Springs Storage  | Andover | US | 1 | USD |  | Line-by-line | Ables Springs Solar  | 100% | 100%  
LLC |  |  |  |  |  |  | Holdings LLC |  |   
Abu Renewables India  | Gurugram | IN | 100,000 | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Private Limited |  |  |  |  |  |  | Private Limited |  |   
Ace High Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Aced Renewables Hidden  | Johannesburg | ZA | 1,000  | ZAR |  | Equity | Enel Green Power RSA 2  | 55% | 28%  
Valley (RF) (Pty) Ltd |  |  |  |  |  |  | (RF) (Pty) Ltd |  |   
Acefat AIE | Barcelona | ES | 793,340 | EUR |  | - | Edistribución Redes  | 14% | 10%  
|  |  |  |  |  |  | Digitales SLU |  |   
Adams Solar PV Project  | Johannesburg | ZA | 10,000,000 | ZAR |  | Line-by-line | Enel Green Power South  | 60% | 60%  
Two (RF) (Pty) Ltd |  |  |  |  |  |  | Africa (Pty) Ltd |  |   
Adria Link  | Gorizia | IT | 300,297  | EUR |  | Equity | Enel Produzione SpA | 50% | 50%  
Srl |  |  |  |  |  |  |  |  |   
Aferkat Wind Farm | Casablanca | MA | 389,600  | MAD |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Morocco Sàrl |  |   
Agassiz Beach LLC | Minneapolis | US | - | USD |  | Line-by-line | Chi Minnesota Wind LLC | 100% | 100%  
Agatos Green Power  | Rome | IT | 10,000  | EUR |  | Line-by-line | Enel Green Power Solar  | 100% | 100%   
Trino Srl |  |  |  |  |  |  | Energy Srl |  |   
Aguillón 20 SA | Zaragoza | ES | 2,682,000  | EUR |  | Line-by-line | Enel Green Power  | 51% | 36%  
|  |  |  |  |  |  | España SLU |  |   
Aidon Oy | Jyväskylä | FI | 5,112,572 | EUR |  | Equity | Gridspertise Srl | 100% | 50%  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Alba Energia Ltda | Rio de Janeiro | BR | 16,045,169 | BRL |  | Line-by-line  | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Albany Solar LLC | Wilmington | US | - | USD |  | Line-by-line | Aurora Distributed Solar  | 100% | 74%  
|  |  |  |  |  |  | LLC |  |   
Almyros Ape Single  | Maroussi | GR | 270,001  | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Member PC |  |  |  |  |  |  | Single Member SA |  |   
Alpe Adria Energia Srl | Udine | IT | 900,000  | EUR |  | Equity | Enel Produzione SpA | 50% | 50%  
Alta Farms Azure  | Dover | US | 100  | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
Ranchland Holdings LLC |  |  |  |  |  |  | America Inc. |  |   
Alta Farms Wind Project  | Andover | US | 1 | USD |  | Line-by-line | 25RoseFarms Holdings  | 100% | 100%  
II LLC |  |  |  |  |  |  | LLC |  |   
  
  


1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


Attachments

632

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Alvorada Energia SA | Niterói | BR | 42,117,416  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Amber Sage Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Ampla Energia e Serviços  | Rio de Janeiro | BR | 6,953,230,392 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
SA |  |  |  |  |  |  |  |  |   
Annandale Solar LLC | Wilmington | US | - | USD |  | Line-by-line | Aurora Distributed Solar  | 100% | 74%  
|  |  |  |  |  |  | LLC |  |   
Apiacás Energia SA | Rio de Janeiro | BR | 14,216,846  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Aquilla Wind Project LLC | Andover | US | 1 | USD |  | Line-by-line | Tradewind  | 100% | 100%  
|  |  |  |  |  |  | Energy Inc. |  |   
Aragonesa de Actividades  | Teruel | ES | 60,100 | EUR |  | Line-by-line | Endesa SA | 100% | 70%  
Energéticas SAU |  |  |  |  |  |  |  |  |   
Aranort Desarrollos SLU | Madrid | ES | 1,953 | EUR |  | Line-by-line | Enel Green Power  | 100% |  35%  
|  |  |  |  |  |  | España Solar 1 SLU |  |   
Aravalli Surya (Project 1)  | Gurugram | IN | 31,630,000 | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Private Limited |  |  |  |  |  |  | Private Limited |  |   
Arcadia Power Inc. | Washington DC | US | - | USD |  | - | Enel X North America Inc. | 0% | 0%  
Arena Green Power 1 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Shark Power SLU | 100% | 70%  
Arena Green Power 2 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Shark Power SLU | 100% | 70%  
Arena Green Power 3 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Shark Power SLU | 100% | 70%  
Arena Green Power 4 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Shark Power SLU | 100% | 70%  
Arena Green Power 5 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Shark Power SLU | 100% | 70%  
Arena Power Solar 11 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Arena Power Solar 12 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Arena Power Solar 13 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Arena Power Solar 20 SLU | Madrid | ES | 3,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Arena Power Solar 33 SLU | Madrid | ES | 3,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Arena Power Solar 34 SLU  | Madrid | ES | 3,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Arena Power Solar 35 SLU | Madrid | ES | 3,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Arrow Head Energy  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Storage Project LLC |  |  |  |  |  |  |  |  |   
Arrow Hills Solar Project | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Asociación Nuclear Ascó- | Vandellós | ES | 19,232,400 | EUR |  | Proportional | Endesa Generación SAU | 85% | 60%  
Vandellós II AIE |  |  |  |  |  |  |  |  |   
Ateca Renovables SL | Madrid | ES | 3,000  | EUR |  | Equity  | Enel Green Power  | 50% | 35%  
|  |  |  |  |  |  | España SLU |  |   
Atlántico Photovoltaic  | Barranquilla | CO | 50,587,000  | COP |  | Line-by-line | Enel Colombia SA ESP | 100% | 47%  
SAS ESP |  |  |  |  |  |  |  |  |   
Atwater Solar LLC | Wilmington | US | - | USD |  | Line-by-line | Aurora Distributed Solar  | 100% | 74%  
|  |  |  |  |  |  | LLC |  |   
Aurora Distributed Solar  | Wilmington | US | - | USD |  | Line-by-line | Aurora Solar Holdings  | 74% | 74%  
LLC |  |  |  |  |  |  | LLC |  |   
Aurora Land Holdings LLC | Wilmington | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Aurora Solar Holdings LLC | Wilmington | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Aurora Wind Holdings LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
  
  


  


Attachments

633

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Aurora Wind Project LLC | Andover | US | 1 | USD |  |  |  |  |   
|  |  |  |  |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Autumn Hills LLC | Wilmington | US | - | USD |  | Line-by-line | Chi Minnesota Wind LLC | 100% | 100%  
Autumn Waltz Wind  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Avikiran Energy India  | Gurugram | IN | 100,000,000 | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Private Limited |  |  |  |  |  |  | Private Limited |  |   
Avikiran Solar India Private  | New Delhi | IN | 4,918,810,370 | INR |  | Held for sale | Enel Green Power India  | 51% | 51%  
Limited |  |  |  |  |  |  | Private Limited |  |   
Avikiran Surya India  | Gurugram | IN | 875,350 | INR |  | Held for sale | Enel Green Power India  | 51% | 51%  
Private Limited |  |  |  |  |  |  | Private Limited |  |   
Avikiran Vayu India Private  | Gurugram | IN | 100,000 | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Limited |  |  |  |  |  |  | Private Limited |  |   
Azure Blue Jay Holdings  | Dover | US | 100 | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
LLC |  |  |  |  |  |  | America Inc. |  |   
Azure Blue Jay Solar  |  |  |  |  |  |  | Enel Green Power Azure  |  |   
Holdings LLC | Andover | US | 1 | USD |  | Line-by-line | Blue Jay Solar Holdings  | 100% | 100%  
|  |  |  |  |  |  | LLC  |  |   
Azure Sky Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Azure Blue Jay Solar  | 100% | 100%  
LLC |  |  |  |  |  |  | Holdings LLC |  |   
Azure Sky Wind Holdings  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Azure Sky Wind Project  | Andover | US | 1 | USD |  | Line-by-line | AzureRanchII Wind  | 100% | 100%  
LLC |  |  |  |  |  |  | Holdings LLC |  |   
Azure Sky Wind Storage  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
AzureRanchII Wind  |  |  |  |  |  |  | Enel Green Power  |  |   
Holdings LLC | Andover | US | 1  | USD |  | Line-by-line | AzureRanchII Wind  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Baikal Enterprise SLU | Palma de  | ES | 3,006  | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
| Mallorca |  |  |  |  |  | España SLU |  |   
Baleares Energy SLU | Palma de  | ES | 4,509 | EUR |  | Line-by-line | Enel Green Power  | 100% | 35%  
| Mallorca |  |  |  |  |  | España Solar 1 SLU |  |   
Barnwell County Solar  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Bath House Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Baylio Solar SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 35%  
|  |  |  |  |  |  | España Solar 1 SLU |  |   
Bayou Blues Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Beacon Harbor Solar  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Beaver Falls Water Power  | Wilmington | US | - | USD |  | Line-by-line | Beaver Valley Holdings  | 68% | 68%  
Company |  |  |  |  |  |  | LLC |  |   
Beaver Valley Holdings  | Wilmington | US | - | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
LLC |  |  |  |  |  |  | America Inc. |  |   
Bejaad Solar Plant | Casablanca | MA | 10,000  | MAD |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Morocco Sàrl |  |   
Belltail Solar Project LLC | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
|  |  |  |  |  |  | Enel Green Power  |  |   
Belomechetskaya WPS | Moscow | RU | 3,010,000 | RUB |  | Line-by-line | Rus Limited Liability  | 100% | 100%  
|  |  |  |  |  |  | Company |  |   
Betwa Renewable Energy  | Gurgaon | IN | 100,000  | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Private Limited |  |  |  |  |  |  | Private Limited |  |   
Bijou Hills Wind LLC | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Bioenergy Casei Gerola Srl | Rome | IT | 100,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
Bison Meadows Storage  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Bison Meadows Wind  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

634

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Blair Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Blanche BESS Holding  | Sydney | AU | 100 | AUD |  | Equity | Potentia Energy (Pty) Ltd | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  |  |  |   
Blanche BESS Holding  | Sydney | AU | 100 | AUD |  | Equity | Potentia Energy Trust | 100% | 50%  
Trust |  |  |  |  |  |  |  |  |   
Blanche BESS (Pty) Ltd | Sydney | AU | 100 | AUD |  | Equity | Blanche BESS Holding  | 100% | 50%  
|  |  |  |  |  |  | (Pty) Ltd |  |   
Blanche BESS Trust | Sydney | AU | 100 | AUD |  | Equity | Blanche BESS Holding  | 100% | 50%  
|  |  |  |  |  |  | Trust |  |   
Blue Crab Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Blue Jay Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Azure Blue Jay Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Blue Jay Solar II LLC | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Blue Note Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Blue Star Wind Project  | Andover | US | 1  | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Bogotá ZE  | Bogotá | CO | 1,189,706,920  | COP |  | Equity | Colombia ZE SAS  | 100% | 9%  
SAS |  |  |  |  |  |  |  |  |   
Boitumelo Solar Power  | Gauteng | ZA | 100  | ZAR |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
Plant (RF) (Pty) Ltd |  |  |  |  |  |  |  |  |   
Bold Elk Wind Limited  |  |  |  |  |  |  | Enel Alberta Wind Inc. | 0% |   
Partnership | Calgary | CA | 100  | CAD |  | Line-by-line | Enel Green Power  |  | 100%  
|  |  |  |  |  |  | Canada Inc. | 100% |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Bondia Energia Ltda | Niterói | BR | 2,950,888 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Boone Stephens Solar  | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
I LLC |  |  |  |  |  |  | Holdings LLC |  |   
Bosa del Ebro SL | Zaragoza | ES | 3,010 | EUR |  | Line-by-line | Enel Green Power  | 51% | 36%  
|  |  |  |  |  |  | España SLU |  |   
Bottom Grass Solar  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Boujdour Wind Farm | Casablanca | MA | 300,000  | MAD |  | Equity | Nareva Enel Green Power  | 90% | 45%  
|  |  |  |  |  |  | Morocco SA |  |   
Bouldercombe Solar Farm  | Sydney | AU | 10 | AUD |  | Equity | Bouldercombe Solar  | 100% | 50%  
Trust |  |  |  |  |  |  | Holding Trust |  |   
Bouldercombe Solar  | Sydney  | AU | 100 | AUD |  | Equity | Potentia Energy (Pty) Ltd | 100% | 50%  
Holding (Pty) Ltd |  |  |  |  |  |  |  |  |   
Bouldercombe Solar  | Sydney | AU | 10 | AUD |  | Equity | Potentia Energy Trust | 100% | 50%  
Holding Trust |  |  |  |  |  |  |  |  |   
Bouldercombe Solar  | Sydney | AU | 100  | AUD |  | Equity | Bouldercombe Solar  | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  | Holding (Pty) Ltd |  |   
Box Canyon Energy  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Storage Project LLC |  |  |  |  |  |  |  |  |   
BP Hydro Finance  |  |  |  |  |  |  | Enel Green Power North  | 24% |   
Partnership | Salt Lake City | US | - | USD |  | Line-by-line | America Inc. |  | 100%  
|  |  |  |  |  |  | Enel Kansas LLC | 76% |   
Brandonville Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Bravo Dome Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Brazatortas 220  |  |  |  |  |  |  | Baylio Solar SLU | 17% |   
Renovables SL | Madrid | ES | 3,000 | EUR |  | Equity |  |  | 12%  
|  |  |  |  |  |  | Furatena Solar 1 SLU | 17% |   
Brazoria West Solar  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Brazos Flat Solar Project  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Brick Road Solar Holdings  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

635

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Bronco Hills Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Brush County Solar  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Buck Canyon Wind  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Buckshutem Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Buckshutem Solar II LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Buffalo Dunes Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Buffalo Dunes Wind  | Topeka | US | - | USD |  | Line-by-line | EGPNA Development  | 75% | 75%  
Project LLC |  |  |  |  |  |  | Holdings LLC |  |   
|  |  |  |  |  |  | Enel Alberta Wind Inc. | 0% |   
Buffalo Jump LP | Alberta | CA | 10 | CAD |  | Line-by-line | Enel Green Power  |  | 100%  
|  |  |  |  |  |  | Canada Inc. | 100% |   
Buffalo Spirit Wind Project  | Andover | US | 1  | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Bungala One FinCo  | Sydney | AU | 1,000  | AUD |  | Equity | Bungala One Property  | 100% | 26%  
(Pty) Ltd |  |  |  |  |  |  | Trust |  |   
Bungala One Operation  | Sydney | AU | 100  | AUD |  | Equity | Bungala Solar (Pty) Ltd | 50% | 25%  
Holding Trust |  |  |  |  |  |  |  |  |   
Bungala One Operations  | Sydney | AU | 100  | AUD |  | Equity | Bungala Solar (Pty) Ltd | 51% | 26%  
Holding (Pty) Ltd |  |  |  |  |  |  |  |  |   
Bungala One Operations  | Sydney | AU | 1,000  | AUD |  | Equity | Bungala One Operations  | 100% | 26%  
(Pty) Ltd |  |  |  |  |  |  | Holding (Pty) Ltd |  |   
Bungala One Operations  | Sydney | AU | - | AUD |  | Equity | Bungala One Operations  | 100% | 26%  
Trust |  |  |  |  |  |  | Holding (Pty) Ltd |  |   
Bungala One Property  | Sydney | AU | 100 | AUD |  | Equity | Bungala Solar (Pty) Ltd | 51% | 26%  
Holding (Pty) Ltd |  |  |  |  |  |  |  |  |   
Bungala One Property  | Sydney | AU | 100 | AUD |  | Equity | Bungala Solar (Pty) Ltd | 50% | 25%  
Holding Trust |  |  |  |  |  |  |  |  |   
Bungala One Property  | Sydney | AU | 1,000 | AUD |  | Equity | Bungala One Property  | 100% | 26%  
(Pty) Ltd |  |  |  |  |  |  | Holding (Pty) Ltd |  |   
Bungala One Property  | Sydney | AU | - | AUD |  | Equity | Bungala One Property  | 100% | 26%  
Trust |  |  |  |  |  |  | Holding (Pty) Ltd |  |   
Bungala Solar (Pty) Ltd | Sydney | AU | 100 | AUD |  | Equity | Potentia Energy Group  | 100% | 50%  
|  |  |  |  |  |  | (Pty) Ltd |  |   
Bungala Solar Trust | Sydney | AU | - | AUD |  | Equity | Potentia Energy  | 100% | 50%  
|  |  |  |  |  |  | Trust |  |   
Bungala Two FinCo  | Sydney | AU | - | AUD |  | Equity | Bungala Two Property  | 100% | 26%  
(Pty) Ltd |  |  |  |  |  |  | Trust |  |   
Bungala Two Operations  | Sydney | AU | - | AUD |  | Equity | Bungala Solar (Pty) Ltd | 51% | 26%  
Holding (Pty) Ltd |  |  |  |  |  |  |  |  |   
Bungala Two Operations  | Sydney | AU | - | AUD |  | Equity | Bungala Solar (Pty) Ltd | 50% | 25%  
Holding Trust |  |  |  |  |  |  |  |  |   
Bungala Two Operations  | Sydney | AU | - | AUD |  | Equity | Bungala Two Operations  | 100% | 26%  
(Pty) Ltd |  |  |  |  |  |  | Holding (Pty) Ltd |  |   
Bungala Two Operations  | Sydney | AU | - | AUD |  | Equity | Bungala Two Operations  | 100% | 26%  
Trust |  |  |  |  |  |  | Holding (Pty) Ltd |  |   
Bungala Two Property  | Sydney | AU | - | AUD |  | Equity | Bungala Solar (Pty) Ltd | 51% | 26%  
Holding (Pty) Ltd |  |  |  |  |  |  |  |  |   
Bungala Two Property  | Sydney | AU | - | AUD |  | Equity | Bungala Solar (Pty) Ltd | 50% | 25%  
Holding Trust |  |  |  |  |  |  |  |  |   
Bungala Two Property  | Sydney | AU | - | AUD |  | Equity | Bungala Two Property  | 100% | 26%  
(Pty) Ltd |  |  |  |  |  |  | Holding (Pty) Ltd |  |   
Bungala Two Property  | Sydney | AU | 1 | AUD |  | Equity | Bungala Two Property  | 100% | 26%  
Trust |  |  |  |  |  |  | Holding (Pty) Ltd |  |   
|  |  |  |  |  |  | Enel Alberta Solar Inc. | 0% |   
Burgundy Spruce Solar LP | Calgary | CA | 100 | CAD |  | Line-by-line | Enel Green Power  |  | 100%  
|  |  |  |  |  |  | Canada Inc. | 100% |   
  
  


1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


Attachments

636

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Business Venture  | Johannesburg | ZA | 100 | ZAR |  | Line-by-line | Enel Green Power South  | 100% | 100%  
Investments 1468 (Pty) Ltd |  |  |  |  |  |  | Africa (Pty) Ltd |  |   
Butterfly Meadows Solar  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
C&C Castelvetere Srl | Rome | IT | 100,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
C&C Uno Energy Srl | Rome | IT | 118,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
Cactus Mesa Solar Project  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Campos Promotores  | Elche | ES | 3,000 | EUR |  | Equity | Enel Green Power  | 25% | 18%  
Renovables SL |  |  |  |  |  |  | España SLU |  |   
Canastota Wind Power  | Andover | US | - | USD |  | Line-by-line | Fenner Wind Holdings  | 100% | 100%  
LLC |  |  |  |  |  |  | LLC |  |   
Caney River Wind Project  | Overland Park | US | - | USD |  | Equity | Rocky Caney Wind LLC | 100% | 10%  
LLC |  |  |  |  |  |  |  |  |   
Canyon Top Energy  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Storage Project LLC |  |  |  |  |  |  |  |  |   
Capricorn BESS Holding  | Sydney | AU | 100  | AUD |  | Equity | Potentia Energy (Pty) Ltd | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  |  |  |   
Capricorn BESS Holding  | Barangaroo | AU | 100  | AUD |  | Equity | Potentia Energy Trust | 100% | 50%  
Trust |  |  |  |  |  |  |  |  |   
Capricorn BESS (Pty) Ltd | Sydney | AU | 100  | AUD |  | Equity | Capricorn BESS Holding  | 100% | 50%  
|  |  |  |  |  |  | (Pty) Ltd |  |   
Capricorn BESS Trust | Barangaroo | AU | 100  | AUD |  | Equity | Capricorn BESS Holding  | 100% | 50%  
|  |  |  |  |  |  | Trust |  |   
Capricorn Solar Hybrid  | Barangaroo | AU | 100  | AUD |  | Equity | Potentia Energy (Pty) Ltd | 100% | 50%  
Holding (Pty) Ltd |  |  |  |  |  |  |  |  |   
Capricorn Solar Hybrid  | Barangaroo | AU | 100  | AUD |  | Equity | Potentia Energy Trust | 100% | 50%  
Holding Trust |  |  |  |  |  |  |  |  |   
Capricorn Solar Hybrid  | Sydney | AU | 100  | AUD |  | Equity | Capricorn Solar Hybrid  | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  | Holding (Pty) Ltd |  |   
Capricorn Solar Hybrid  | Sydney | AU | 100 | AUD |  | Equity | Capricorn Solar Hybrid  | 100% | 50%  
Trust |  |  |  |  |  |  | Holding Trust |  |   
Castle Rock Ridge Limited  |  |  |  |  |  |  | Enel Alberta Wind Inc. | 0% |   
Partnership | Alberta | CA | - | CAD |  | Line-by-line | Enel Green Power  |  | 100%  
|  |  |  |  |  |  | Canada Inc. | 100% |   
Catalana d’Iniciatives SA  | Barcelona | ES | 30,862,800  | EUR |  | - | Endesa SA | 1% | 1%  
in liquidation |  |  |  |  |  |  |  |  |   
Cattle Drive Wind Project  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Cdec - Sic Ltda | Santiago de  | CL | 709,783,206  | CLP |  | - | Enel Green Power  | 6% | 4%  
| Chile |  |  |  |  |  | Chile SA |  |   
Cedar Run Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Central Geradora  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Fotovoltaica Bom Nome  | Salvador | BR | 11,841,217 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
Ltda |  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Central Geradora  |  |  |  |  |  |  | Enel Brasil SA | 0% |   
Fotovoltaica São  | Niterói | BR | 385,128,917 | BRL |  | Line-by-line |  |  | 82%  
Francisco Ltda |  |  |  |  |  |  | Enel X Brasil SA | 100% |   
Central Hidráulica Güejar- | Granada | ES | 364,213 | EUR |  | Equity | Enel Green Power  | 33% | 23%  
Sierra SL |  |  |  |  |  |  | España SLU |  |   
Central Térmica de  | Madrid | ES | 595,000  | EUR |  | Equity | Endesa Generación SAU | 33% | 23%  
Anllares AIE |  |  |  |  |  |  |  |  |   
Central Vuelta de  | Buenos Aires | AR | 500,000  | ARS |  | - | Enel Generación El  | 33% | 18%  
Obligado SA |  |  |  |  |  |  | Chocón SA |  |   
Centrales Nucleares  | Madrid | ES | - | EUR |  | Equity | Endesa Generación SAU | 24% | 17%  
Almaraz-Trillo AIE |  |  |  |  |  |  |  |  |   
Centrum Pre Vedu A  | Kalná Nad  | SK | 6,639 | EUR |  | Equity | Slovenské elektrárne AS | 100% | 33%  
Vyskum Sro | Hronom |  |  |  |  |  |  |  |   
CES 2 Single Member  | Maroussi | GR | 503 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Private Company |  |  |  |  |  |  | Single Member SA |  |   
  
  


  


Attachments

637

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
CES 3 Single Member  | Maroussi | GR | 505 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Private Company |  |  |  |  |  |  | Single Member SA |  |   
CES 4 Single Member  | Maroussi | GR | 503 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Private Company |  |  |  |  |  |  | Single Member SA |  |   
CES 5 Single Member  | Maroussi | GR | 505 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Private Company |  |  |  |  |  |  | Single Member SA |  |   
CES 6 Single Member  | Maroussi | GR | 502 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Private Company |  |  |  |  |  |  | Single Member SA |  |   
CES 7 Single Member  | Maroussi | GR | 503 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Private Company |  |  |  |  |  |  | Single Member SA |  |   
CES 8 Single Member  | Maroussi | GR | 505 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Private Company |  |  |  |  |  |  | Single Member SA |  |   
CESI - Centro  |  |  |  |  |  |  |  |  |   
Elettrotecnico  | Milan | IT | 8,550,000 | EUR |  | Equity | Enel SpA | 43% | 43%  
Sperimentale Italiano  |  |  |  |  |  |  |  |  |   
Giacinto Motta SpA |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Energy Storage  |  |   
Champagne Storage LLC | Wilmington | US | 1 | USD |  | Line-by-line | Holdings LLC (formerly  | 100% | 100%  
|  |  |  |  |  |  | EGP Energy Storage  |  |   
|  |  |  |  |  |  | Holdings LLC) |  |   
Checkerboard Plains  |  |  |  |  |  |  | Enel Alberta Solar Inc. | 0% |   
Solar Project Limited  | Calgary | CA | - | CAD |  | Line-by-line | Enel Green Power  |  | 100%  
Partnership |  |  |  |  |  |  | Canada Inc. | 100% |   
Cheyenne Ridge II Wind  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Cheyenne Ridge Wind  | Andover | US | 1  | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Chi Black River LLC | Wilmington | US | - | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
|  |  |  |  |  |  | America Inc. |  |   
Chi Minnesota Wind LLC | Wilmington | US | - | USD |  | Line-by-line | EGPNA Project HoldCo  | 100% | 100%  
|  |  |  |  |  |  | 1 LLC |  |   
Chi Operations Inc. | Andover | US | 100 | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
|  |  |  |  |  |  | America Inc. |  |   
Chi Power Inc. | Naples | US | 100  | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
|  |  |  |  |  |  | America Inc. |  |   
Chi Power Marketing Inc. | Wilmington | US | 100  | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
|  |  |  |  |  |  | America Inc. |  |   
Chi West LLC | San Francisco | US | 100  | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
|  |  |  |  |  |  | America Inc. |  |   
Chisago Solar LLC | Wilmington | US | - | USD |  | Line-by-line | Aurora Distributed Solar  | 100% | 74%  
|  |  |  |  |  |  | LLC |  |   
Chisholm View II Holding  | Wilmington | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Chisholm View Wind  | Wilmington | US | - | USD |  | Line-by-line | Chisholm View II Holding  | 63% | 63%  
Project II LLC |  |  |  |  |  |  | LLC |  |   
Chisholm View Wind  | New York | US | - | USD |  | Equity | EGPNA REP Wind  | 100% | 10%  
Project LLC |  |  |  |  |  |  | Holdings LLC |  |   
|  |  |  |  |  |  | Cimarron Bend Wind  | 49% |   
|  |  |  |  |  |  | Project I LLC |  |   
|  |  |  |  |  |  | Cimarron Bend Wind  | 49% |   
Cimarron Bend  | Wilmington | US | - | USD |  | Line-by-line | Project II LLC |  | 100%  
Assets LLC |  |  |  |  |  |  | Cimarron Bend Wind  |  |   
|  |  |  |  |  |  | Project III LLC | 1% |   
|  |  |  |  |  |  | Enel Kansas LLC | 1% |   
Cimarron Bend III HoldCo  |  |  |  |  |  |  | Enel Green Power  |  |   
LLC | Andover | US | 1 | USD |  | Line-by-line | Cimarron Bend Wind  | 100% | 100%  
|  |  |  |  |  |  | Holdings III LLC |  |   
Cimarron Bend Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Cimarron Bend Wind  | Wilmington | US | - | USD |  | Line-by-line | Cimarron Bend Wind  | 100% | 100%  
Holdings I LLC |  |  |  |  |  |  | Holdings II LLC |  |   
Cimarron Bend Wind  | Dover | US | 100 | USD |  | Line-by-line | Cimarron Bend Wind  | 100% | 100%  
Holdings II LLC |  |  |  |  |  |  | Holdings LLC |  |   
Cimarron Bend Wind  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Holdings III LLC |  |  |  |  |  |  |  |  |   
  
  


1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


Attachments

638

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Cimarron Bend Wind  | Wilmington | US | - | USD |  | Line-by-line | EGPNA Preferred Wind  | 100% | 100%  
Holdings LLC |  |  |  |  |  |  | Holdings LLC |  |   
Cimarron Bend Wind  | Wilmington | US | - | USD |  | Line-by-line | Cimarron Bend Wind  | 100% | 100%  
Project I LLC |  |  |  |  |  |  | Holdings I LLC |  |   
Cimarron Bend Wind  | Wilmington | US | - | USD |  | Line-by-line | Cimarron Bend Wind  | 100% | 100%  
Project II LLC |  |  |  |  |  |  | Holdings I LLC |  |   
Cimarron Bend Wind  | Wilmington | US | - | USD |  | Line-by-line | Cimarron Bend Wind  | 100% | 100%  
Project III LLC |  |  |  |  |  |  | Holdings III LLC |  |   
Cinch Top Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Clear Fork Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Clear Sky Wind Project  | Andover | US | 1  | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Clinton Farms Battery  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Clinton Farms Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Clinton Farms Wind  | Andover | US | 1  | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Cloudwalker Wind Project  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Cogein Sannio Srl | Rome | IT | 10,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
Cogeneración El Salto SL  | Zaragoza | ES | 36,061  | EUR |  | Equity | Enel Green Power  | 20% | 14%  
in liquidation |  |  |  |  |  |  | España SLU |  |   
Cogenio Iberia SL | Madrid | ES | 2,874,622 | EUR |  | Equity | Endesa Energía SAU | 20% | 14%  
Cogenio Srl | Rome | IT | 2,310,000  | EUR |  | Equity | Enel X Italia Srl | 20% | 20%  
Cohuna Solar Holding  | Sydney | AU | 3,419,700 | AUD |  | Equity | Potentia Energy Group  | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  | (Pty) Ltd |  |   
Cohuna Solar Holding  | Sydney | AU | - | AUD |  | Equity | Potentia Energy Trust | 100% | 50%  
Trust |  |  |  |  |  |  |  |  |   
Cohuna Solar (Pty) Ltd | Sydney | AU | 100  | AUD |  | Equity | Cohuna Solar Holding  | 100% | 50%  
|  |  |  |  |  |  | (Pty) Ltd |  |   
Cohuna Solar Trust | Sydney | AU | 1  | AUD |  | Equity | Cohuna Solar Holding  | 100% | 50%  
|  |  |  |  |  |  | Trust |  |   
Colombia ZE SAS  | Bogotá | CO | 11,872,499,000 | COP |  | Equity | Enel Colombia SA ESP | 20% | 9%  
Comanche Crest Ranch  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Comercializadora  | Cádiz | ES | 600,000  | EUR |  | Equity | Endesa SA | 34% | 23%  
Eléctrica de Cádiz SA |  |  |  |  |  |  |  |  |   
Compagnia Porto di  |  |  |  |  |  |  |  |  |   
Civitavecchia SpA in  | Rome | IT | 15,130,800  | EUR |  | Equity | Enel Produzione SpA | 24% | 24%  
liquidation |  |  |  |  |  |  |  |  |   
Companhia Energética do  | Fortaleza | BR | 1,968,926,886 | BRL |  | Line-by-line | Enel Brasil SA | 74% | 61%  
Ceará \- Coelce |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Brasil SA | 74% |   
Compañía de Trasmisión  | Buenos Aires | AR | 2,025,191,313 | ARS |  | Line-by-line | Enel CIEN SA | 26% | 82%   
del Mercosur SA - CTM |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel SpA | 0% |   
|  |  |  |  |  |  | Compañía Eólica Tierras  | 5% |   
Compañía Eólica Tierras  | Soria | ES | 13,222,000  | EUR |  | Equity | Altas SA |  | 26%  
Altas SA |  |  |  |  |  |  | Enel Green Power  | 36% |   
|  |  |  |  |  |  | España SLU |  |   
Compass Rose Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Concert Srl | Rome | IT | 10,000 | EUR |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
Concho Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Concord Vine Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

639

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Consolidated Hydro  | Wilmington | US | - | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
Southeast LLC |  |  |  |  |  |  | America Inc. |  |   
Consolidated Pumped  | Wilmington | US | 550,000  | USD |  | Line-by-line | Enel Green Power North  | 82% | 82%  
Storage Inc. |  |  |  |  |  |  | America Inc. |  |   
Conza Green Energy Srl | Rome | IT | 73,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
Copper Landing Solar  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Corporación Empresarial  | Badajoz | ES | 44,538,000 | EUR |  | - | Endesa SA | 1% | 1%  
de Extremadura SA |  |  |  |  |  |  |  |  |   
Corporación Eólica de  | La Puebla de  | ES | 271,652 | EUR |  | Equity | Enel Green Power  | 25% | 18%  
Zaragoza SL | Alfindén |  |  |  |  |  | España SLU |  |   
Country Blue Solar Project  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Country Roads Solar  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Cow Creek Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Crawfish Solar Project LLC | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Crédito Fácil Codensa  |  |  |  |  |  |  | Colombia ZE SAS  | 0% |   
SA Compañía de  | Bogotá | CO | 32,000,000,000 | COP |  | Equity | Enel Colombia SA ESP | 49% | 23%  
Financiamiento  |  |  |  |  |  |  |  |  |   
in liquidation |  |  |  |  |  |  | Enel X Colombia SAS ESP | 0% |   
Crockett Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Crystal Bridge Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Dairy Meadows Wind  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Daisy Patch Solar Project  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Danax Energy (Pty) Ltd | Sandton | ZA | 100 | ZAR |  | Line-by-line | Enel Green Power South  | 100% | 100%  
|  |  |  |  |  |  | Africa (Pty) Ltd |  |   
Dappled Colt Storage  |  |  |  |  |  |  | Enel Alberta Storage Inc. | 0% |   
Project Limited  | Calgary | CA | - | CAD |  | Line-by-line | Enel Green Power  |  | 100%  
Partnership |  |  |  |  |  |  | Canada Inc. | 100% |   
Dauphin Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Daybreak Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Decimalfigure Unipessoal  |  |  |  |  |  |  | Tejo Energia - Produção  |  |   
Ltda | Pego | PT | 2,000  | EUR |  | Equity | e Distribuição de Energia  | 100% | 31%  
|  |  |  |  |  |  | Eléctrica SA |  |   
Dehesa de los Guadalupes  | Madrid | ES | 3,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 35%  
Solar SLU |  |  |  |  |  |  | España Solar 1 SLU |  |   
Dehesa PV Farm 03 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Dehesa PV Farm 04 SLU | Madrid | ES | 3,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Derivex SA | Bogotá | CO | 938,734,000 | COP |  | - | Enel Colombia SA ESP | 5% | 2%  
|  |  |  |  |  |  | Enel Green Power México  | 100% |   
Desarrollo de Fuerzas  | Mexico City | MX | 53,104,350  | MXN |  | Line-by-line | S de RL de Cv |  | 100%  
Renovables S de RL de Cv |  |  |  |  |  |  | Enel Services México  | 0% |   
|  |  |  |  |  |  | SA de Cv |  |   
Desert Willow Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
DI.T.N.E. - Distretto  |  |  |  |  |  |  |  |  |   
Tecnologico Nazionale  |  |  |  |  |  |  |  |  |   
sull’Energia -  | Rome | IT | 451,878 | EUR |  | - | Enel Produzione SpA | 2% | 2%  
Società Consortile a  |  |  |  |  |  |  |  |  |   
Responsabilità Limitata |  |  |  |  |  |  |  |  |   
Diamond Vista Holdings  | Wilmington | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
  
  


1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


Attachments

640

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Diamond Vista Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Dispatch Renewable  | Maroussi | GR | 2,240,000 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Energy Single Member SA |  |  |  |  |  |  | Single Member SA |  |   
Distretto Tecnologico  |  |  |  |  |  |  |  |  |   
Sicilia Micro e Nano  | Catania | IT | 628,978 | EUR |  | - | 3SUN Srl | 6% | 6%  
Sistemi Scarl |  |  |  |  |  |  |  |  |   
Distribuidora de Energía  |  |  |  |  |  |  | Endesa SA | 55% |   
Eléctrica del Bages SA | Barcelona | ES | 108,240 | EUR |  | Line-by-line | Hidroeléctrica de  |  | 70%  
|  |  |  |  |  |  | Catalunya SLU | 45% |   
Distribuidora Eléctrica del  | Santa Cruz de  | ES | 12,621,210 | EUR |  | Line-by-line | Endesa SA | 100% | 70%  
Puerto de La Cruz SAU | Tenerife |  |  |  |  |  |  |  |   
Distrilec Inversora  | Buenos Aires | AR | 497,612,021  | ARS |  | Line-by-line | Enel Américas SA | 52% | 42%  
SA |  |  |  |  |  |  |  |  |   
Dodge Center Distributed  | Wilmington | US | - | USD |  | Line-by-line | Aurora Distributed Solar  | 100% | 74%  
Solar LLC |  |  |  |  |  |  | LLC |  |   
|  |  |  |  |  |  | Enel Green Power México  | 1% |   
Dolores Wind SA de Cv | Mexico City | MX | 4,151,197,627 | MXN |  | Line-by-line | S de RL de Cv |  | 100%  
|  |  |  |  |  |  | Enel Rinnovabile SA  | 99% |   
|  |  |  |  |  |  | de Cv |  |   
Dominica Energía Limpia  |  |  |  |  |  |  | Tenedora de Energía  |  |   
SA de Cv | Mexico City | MX | 2,070,600,646 | MXN |  | Equity | Renovable Sol y Viento  | 61% | 20%  
|  |  |  |  |  |  | SAPI de Cv |  |   
Dorset Ridge Wind  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Dragonfly Fields Solar  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Drift Sand Wind Holdings  | Wilmington | US | - | USD |  | Equity | Enel Kansas LLC | 50% | 50%  
LLC |  |  |  |  |  |  |  |  |   
Drift Sand Wind Project  | Wilmington | US | - | USD |  | Equity | Drift Sand Wind Holdings  | 100% | 50%  
LLC |  |  |  |  |  |  | LLC |  |   
Duereti Srl | Milan | IT | 125,000,000 | EUR |  | - | e-distribuzione SpA | 10% | 10%  
Dwarka Vayu 1 Private  | Gurgaon | IN | 100,000 | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Limited |  |  |  |  |  |  | Private Limited |  |   
E.S.CO. Comuni Srl | Bergamo | IT | 1,000,000 | EUR |  | Line-by-line | Enel X Italia Srl | 60% | 60%  
Earthly Reflections Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Eastern Blue Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Eastern Rise Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Eastwood Solar LLC | Wilmington | US | - | USD |  | Line-by-line | Aurora Distributed Solar  | 100% | 74%  
|  |  |  |  |  |  | LLC |  |   
Ebenezer Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
|  |  |  |  |  |  | Principia Energy  |  |   
EcoSolar2 SA | Grevena | GR | 25,000 | EUR |  | - | Generation Single  | 0% | 0%  
|  |  |  |  |  |  | Member SA |  |   
Edistribución Redes  | Madrid | ES | 1,204,540,060 | EUR |  | Line-by-line | Endesa SA | 100% | 70%  
Digitales SLU |  |  |  |  |  |  |  |  |   
e-distribuzione SpA | Rome | IT | 2,600,000,000 | EUR |  | Line-by-line | Enel Italia SpA | 100% | 100%  
EF Divesture LLC | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Efficientya Srl | Bergamo | IT | 100,000 | EUR |  | Equity | Enel X Italia Srl | 50% | 50%  
EGP BESS 1 (RF) (Pty) Ltd | Gauteng | ZA | 1,000 | ZAR |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
EGP Bioenergy Srl | Rome | IT | 1,000,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Puglia Srl |  |   
EGP Estonian Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Holdings LLC |  |  |  |  |  |  |  |  |   
EGP Fotovoltaica La Loma  | Bogotá | CO | 8,000,000 | COP |  | Line-by-line | Enel Colombia SA ESP | 100% | 47%  
SAS in liquidation |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

641

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
EGP Geronimo Holding  | Wilmington | US | 1,000  | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
Company Inc. |  |  |  |  |  |  | America Inc. |  |   
EGP GulfStar Solar PPA  | Andover | US | 1 | USD |  | Line-by-line | EGP North America  | 100% | 100%  
LLC |  |  |  |  |  |  | PPA LLC |  |   
EGP HoldCo 1 LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
EGP HoldCo 10 LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
EGP HoldCo 11 LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
EGP HoldCo 12 LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
EGP HoldCo 13 LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
EGP HoldCo 14 LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
EGP HoldCo 15 LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
EGP HoldCo 16 LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
EGP HoldCo 17 LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
EGP HoldCo 18 LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
EGP HoldCo 2 LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
EGP HoldCo 3 LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
EGP HoldCo 4 LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
EGP HoldCo 5 LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
EGP HoldCo  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
6 LLC |  |  |  |  |  |  |  |  |   
EGP HoldCo 7 LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
EGP HoldCo 8 LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
EGP HoldCo 9 LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
|  |  |  |  |  |  | Enel Green Power México  | 100% |   
EGP Magdalena Solar SA  | Mexico City | MX | 1,258,077,873 | MXN |  | Line-by-line | S de RL de Cv |  | 100%  
de Cv |  |  |  |  |  |  | Enel Rinnovabile SA  | 1% |   
|  |  |  |  |  |  | de Cv |  |   
EGP Matimba NewCo 1 Srl | Rome | IT | 10,000 | EUR |  | Equity | Enel Green Power SpA | 50% | 50%  
EGP Matimba NewCo 2 Srl | Rome | IT | 10,000  | EUR |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
EGP North America PPA  | Andover | US | 1  | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
LLC |  |  |  |  |  |  | America Inc. |  |   
EGP Sabaudia Srl | Rome | IT | 1,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
EGP Salt Wells Solar LLC | Wilmington | US | - | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
|  |  |  |  |  |  | America Inc. |  |   
EGP San Leandro  | Wilmington | US | - | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
Microgrid I LLC |  |  |  |  |  |  | America Inc. |  |   
EGP Solar Services LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
EGP Solar V SAU | San Salvador  | AR | 500,000 | ARS |  | Line-by-line | Enel Américas SA | 100% | 82%  
| de Jujuy |  |  |  |  |  |  |  |   
EGP Solar VI SAU | San Salvador  | AR | 500,000 | ARS |  | Line-by-line | Enel Américas SA | 100% | 82%  
| de Jujuy |  |  |  |  |  |  |  |   
EGP Terracina 01 Srl | Rome | IT | 1,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
  
  


  


Attachments

642

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
EGP Terracina 02 Srl | Rome | IT | 1,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
EGP Timber Hills Project  | Los Angeles | US | - | USD |  | Line-by-line | Padoma Wind Power LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
EGPE Solar 2 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
EGPNA 2020 HoldCo  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
1 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
10 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
11 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
12 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
13 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
14 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
15 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
16 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
17 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
18 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
19 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
2 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
20 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
21 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
22 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
23 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
24 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
25 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
26 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
27 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
28 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
29 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
3 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
30 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
4 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
5 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
6 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
7 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
8 LLC |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

643

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
EGPNA 2020 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
9 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
1 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
10 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
11 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
12 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
13 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
14 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
15 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
16 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
17 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
18 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
19 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
2 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
20 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
3 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
4 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
5 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
6 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
7 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
8 LLC |  |  |  |  |  |  |  |  |   
EGPNA 2023 HoldCo  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
9 LLC |  |  |  |  |  |  |  |  |   
EGPNA Development  |  |  |  |  |  |  | Enel Green Power North  |  |   
Holdings LLC | Wilmington | US | - | USD |  | Line-by-line | America Development  | 100% | 100%  
|  |  |  |  |  |  | LLC |  |   
EGPNA Hydro Holdings  | Wilmington | US | - | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
LLC |  |  |  |  |  |  | America Inc. |  |   
EGPNA Preferred Wind  | Wilmington | US | - | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
Holdings II LLC |  |  |  |  |  |  | America Inc. |  |   
EGPNA Preferred Wind  | Wilmington | US | - | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
Holdings LLC |  |  |  |  |  |  | America Inc. |  |   
EGPNA Project HoldCo  | Dover | US | 100 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
1 LLC |  |  |  |  |  |  |  |  |   
EGPNA Project HoldCo  | Dover | US | 100 | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
2 LLC |  |  |  |  |  |  | America Inc. |  |   
EGPNA Project HoldCo  | Dover | US | 100 | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
5 LLC |  |  |  |  |  |  | America Inc. |  |   
EGPNA Project HoldCo  | Dover | US | 100  | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
6 LLC |  |  |  |  |  |  | America Inc. |  |   
EGPNA Project HoldCo  | Dover | US | 100 | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
7 LLC |  |  |  |  |  |  | America Inc. |  |   
EGPNA Renewable Energy  | Wilmington | US | - | USD |  | Equity | EGPNA REP Holdings LLC | 10% | 10%  
Partners LLC |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

644

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
EGPNA REP Holdings LLC | Wilmington | US | - | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
|  |  |  |  |  |  | America Inc. |  |   
EGPNA REP Solar  | Wilmington | US | - | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
Holdings LLC |  |  |  |  |  |  | America Inc. |  |   
EGPNA REP Wind  | Wilmington | US | - | USD |  | Equity | EGPNA Renewable  | 100% | 10%  
Holdings LLC |  |  |  |  |  |  | Energy Partners LLC |  |   
EGPNA Wind Holdings  | Wilmington | US | - | USD |  | Equity | EGPNA REP Wind  | 100% | 10%  
1 LLC |  |  |  |  |  |  | Holdings LLC |  |   
EGPNA-SP Seven Cowboy  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Holdings LLC |  |  |  |  |  |  |  |  |   
Elcogas SA  |  |  |  |  |  |  | Endesa Generación SAU | 41% |   
in liquidation | Puertollano | ES | 809,690 | EUR |  | Equity |  |  | 33%  
|  |  |  |  |  |  | Enel SpA | 4% |   
Elecgas SA | Pego | PT | 50,000 | EUR |  | Equity | Endesa Generación  | 50% | 35%  
|  |  |  |  |  |  | Portugal SA |  |   
Electra Capital (RF) (Pty)  | Johannesburg | ZA | 10,000,000 | ZAR |  | Line-by-line | Enel Green Power South  | 60% | 60%  
Ltd |  |  |  |  |  |  | Africa (Pty) Ltd |  |   
|  |  |  |  |  |  | Endesa SA | 53% |   
Eléctrica de Jafre SA | Barcelona | ES | 165,876 | EUR |  | Line-by-line | Hidroeléctrica de  |  |  70%  
|  |  |  |  |  |  | Catalunya SLU | 47% |   
Eléctrica de Lijar SL | Algodonales | ES | 1,081,822 | EUR |  | Equity | Endesa SA | 50% | 35%  
Eléctrica del Ebro SAU | Barcelona | ES | 500,000 | EUR |  | Line-by-line | Endesa SA | 100% | 70%  
Electricidad de Puerto  | Puerto Real | ES | 4,960,246  | EUR |  | Equity | Endesa SA | 50% | 35%  
Real SA |  |  |  |  |  |  |  |  |   
Electro Metalúrgica del  | Madrid | ES | 2,906,862 | EUR |  | - | Enel Green Power  | 0% | 0%  
Ebro SL |  |  |  |  |  |  | España SLU |  |   
Electrotest  |  |  |  |  |  |  |  |  |   
Instalaciones, Montajes y  | Puerto Real | ES | 10,000 | EUR |  | - | Epresa Energía SA | 50% | 18%  
Mantenimientos SL |  |  |  |  |  |  |  |  |   
Eletropaulo Metropolitana  |  |  |  |  |  |  |  |  |   
Eletricidade de São  | São Paulo | BR | 4,532,524,934 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Paulo SA |  |  |  |  |  |  |  |  |   
Emerald Crescent Solar  |  |  |  |  |  |  | Enel Alberta Solar Inc. | 0% |   
Limited Partnership  | Calgary | CA | 100 | CAD |  | Line-by-line | Enel Green Power  |  | 100%  
|  |  |  |  |  |  | Canada Inc. | 100% |   
Emeroo BESS Holding  | Sydney | AU | 100 | AUD |  | Equity | Potentia Energy (Pty) Ltd | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  |  |  |   
Emeroo BESS Holding  | Barangaroo | AU | 100  | AUD |  | Equity | Potentia Energy Trust | 100% | 50%  
Trust |  |  |  |  |  |  |  |  |   
Emeroo BESS (Pty) Ltd | Sydney | AU | 100 | AUD |  | Equity | Emeroo BESS Holding  | 100% | 50%  
|  |  |  |  |  |  | (Pty) Ltd |  |   
Emeroo BESS Trust | Barangaroo | AU | 100 | AUD |  | Equity | Emeroo BESS Holding  | 100% | 50%  
|  |  |  |  |  |  | Trust |  |   
Emintegral Cycle SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 35%  
|  |  |  |  |  |  | España Solar 1 SLU |  |   
Empresa Carbonífera del  | Madrid | ES | 18,030,000 | EUR |  | Line-by-line | Endesa Generación SAU | 100% | 70%  
Sur Encasur SAU |  |  |  |  |  |  |  |  |   
Empresa de Alumbrado  |  |  |  |  |  |  |  |  |   
Eléctrico de Ceuta  | Ceuta | ES | 16,562,250 | EUR |  | Line-by-line | Endesa SA | 96% | 68%  
Distribución SAU |  |  |  |  |  |  |  |  |   
Empresa de Alumbrado  |  |  |  |  |  |  |  |  |   
Eléctrico de Ceuta  | Ceuta | ES | 10,000 | EUR |  | Line-by-line | Endesa Energía SAU | 100% | 70%  
Energía SLU |  |  |  |  |  |  |  |  |   
Empresa Distribuidora Sur  |  |  |  |  |  |  | Distrilec Inversora SA | 56% |   
SA - Edesur | Buenos Aires | AR | 898,585,028 | ARS |  | Line-by-line |  |  | 59%  
|  |  |  |  |  |  | Enel Argentina SA | 43% |   
Empresa Eléctrica  | Santiago  | CL | 175,774,920,733 | CLP |  | Line-by-line | Enel Generación  | 93% | 56%  
Pehuenche SA | de Chile  |  |  |  |  |  | Chile SA |  |   
Empresa Propietaria de  | Panama City | PA | 58,500,000 | USD |  | - | Enel SpA | 11% | 11%  
la Red SA |  |  |  |  |  |  |  |  |   
En. Solar4 Single Member  | Maroussi | GR | 3,581,150 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Private Company |  |  |  |  |  |  | Single Member SA |  |   
Endesa Capital  | Madrid | ES | 60,200 | EUR |  | Line-by-line | Endesa SA | 100% | 70%  
SAU |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

645

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Endesa Energía  | Madrid | ES | 14,445,576 | EUR |  | Line-by-line | Endesa SA | 100% | 70%  
SAU |  |  |  |  |  |  |  |  |   
Endesa Financiación  | Madrid | ES | 4,621,003,006 | EUR |  | Line-by-line | Endesa SA | 100% | 70%  
Filiales SAU |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Endesa Energía SAU | 0% |   
Endesa Generación  | Lisbon | PT | 50,000  | EUR |  | Line-by-line | Endesa Generación SAU | 99% | 70%  
Portugal SA |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Green Power  | 1% |   
|  |  |  |  |  |  | España SLU |  |   
Endesa Generación SAU | Seville | ES | 1,940,379,735 | EUR |  | Line-by-line | Endesa SA | 100% | 70%  
Endesa Ingeniería SLU | Seville | ES | 965,305  | EUR |  | Line-by-line | Endesa SA | 100% | 70%  
Endesa Medios y Sistemas  | Madrid | ES | 89,999,790 | EUR |  | Line-by-line | Endesa SA | 100% | 70%  
SLU |  |  |  |  |  |  |  |  |   
Endesa Mobility  | Madrid | ES | 10,000,000  | EUR |  | Line-by-line | Endesa SA | 100% | 70%  
SLU |  |  |  |  |  |  |  |  |   
Endesa Operaciones y  | Madrid | ES | 10,138,580  | EUR |  | Line-by-line | Endesa Energía SAU | 100% | 70%  
Servicios Comerciales SLU |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Endesa Mobility SLU | 49% |   
Endesa X Way SL | Madrid | ES | 600,000 | EUR |  | Line-by-line |  |  | 85%  
|  |  |  |  |  |  | Enel X Way Srl | 51% |   
|  |  |  |  |  |  | Endesa SA | 0% |   
Endesa SA | Madrid | ES | 1,270,502,540 | EUR |  | Line-by-line |  |  | 70%  
|  |  |  |  |  |  | Enel Iberia SRLU | 70% |   
Enel Alberta Solar Inc. | Calgary | CA | 1 | CAD |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Canada Inc. |  |   
Enel Alberta Storage Inc. | Calgary | CA | 1 | CAD |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Canada Inc. |  |   
Enel Alberta Wind Inc. | Alberta | CA | 16,251,021 | CAD |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Canada Inc. |  |   
Enel Américas SA | Santiago de  | CL | 15,799,226,825 | USD |  | Line-by-line | Enel SpA | 82% | 82%  
| Chile  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Américas SA | 100% |   
Enel Argentina SA | Buenos Aires | AR | 2,297,711,908  | ARS |  | Line-by-line |  |  | 82%  
|  |  |  |  |  |  | Enel Generación Chile SA | 0% |   
|  |  |  |  |  |  | Enel Energy Storage  |  |   
Enel Bella Energy Storage  | Wilmington | US | - | USD |  | Line-by-line | Holdings LLC (formerly  | 100% | 100%  
LLC |  |  |  |  |  |  | EGP Energy Storage  |  |   
|  |  |  |  |  |  | Holdings LLC) |  |   
|  |  |  |  |  |  | Enel Américas SA | 100% |   
Enel Brasil SA | São Paulo | BR | 52,037,115,742 | BRL |  | Line-by-line |  |  | 82%  
|  |  |  |  |  |  | Enel Brasil SA | 0% |   
Enel Chile SA | Santiago de  | CL | 3,882,103,470,184 | CLP |  | Line-by-line | Enel SpA | 65% | 65%  
| Chile  |  |  |  |  |  |  |  |   
Enel CIEN SA | Rio de Janeiro | BR | 285,044,682  | BRL |  | Line-by-line | Enel Brasil  | 100% | 82%  
|  |  |  |  |  |  | SA |  |   
| Santiago de  |  |  |  |  |  | Enel Chile SA | 0% |   
Enel Colina SA | Chile  | CL  | 82,222,000  | CLP |  | Line-by-line | Enel Distribución Chile  |  | 64%  
|  |  |  |  |  |  | SA | 100% |   
Enel Colombia SA ESP | Bogotá | CO | 655,222,312,800  | COP |  | Line-by-line | Enel Américas  | 57% | 47%  
|  |  |  |  |  |  | SA |  |   
Enel Costa Rica CAM SA | San José | CR | 27,500,000  | USD |  | Line-by-line | Enel Colombia SA ESP | 100% | 47%  
Enel Distribución Chile SA | Santiago de  | CL | 177,568,664,063  | CLP |  | Line-by-line | Enel Chile SA | 99% | 64%  
| Chile  |  |  |  |  |  |  |  |   
Enel Energia  | Rome | IT | 10,000,000  | EUR |  | Line-by-line | Enel Italia SpA | 100% | 100%  
SpA |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Green Power México  | 100% |   
Enel Energia SA  | Mexico City | MX | 25,000,100  | MXN |  | Line-by-line | S de RL de Cv |  | 100%  
de Cv |  |  |  |  |  |  | Enel Rinnovabile SA  | 0% |   
|  |  |  |  |  |  | de Cv |  |   
Enel Energy North  | Andover | US | 1  | USD |  | Line-by-line | Enel Energy North  | 100% | 100%  
America Illinois LLC |  |  |  |  |  |  | America LLC |  |   
Enel Energy North  | Andover | US | 1  | USD |  | Line-by-line | Enel Energy North  | 100% | 100%  
America Ohio LLC |  |  |  |  |  |  | America LLC |  |   
Enel Energy North  | Andover | US | 1  | USD |  | Line-by-line | Enel Energy North  | 100% | 100%  
America Pennsylvania LLC |  |  |  |  |  |  | America LLC |  |   
  
  


  


Attachments

646

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Enel Energy North  | Andover | US | 1  | USD |  | Line-by-line | Enel Energy North  | 100% | 100%  
America Texas LLC |  |  |  |  |  |  | America LLC |  |   
Enel Energy North  | Andover | US | 1  | USD |  | Line-by-line | Enel X North America Inc. | 100% | 100%  
America LLC |  |  |  |  |  |  |  |  |   
Enel Energy South Africa | Wilmington | ZA | 100  | ZAR |  | Line-by-line | Enel X International Srl | 100% | 100%  
Enel Energy Storage  |  |  |  |  |  |  |  |  |   
Holdings LLC (formerly  | Andover | US | 100  | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
EGP Energy Storage  |  |  |  |  |  |  | America Inc. |  |   
Holdings LLC) |  |  |  |  |  |  |  |  |   
Enel Finance America LLC | Wilmington | US | 200,000,000 | USD |  | Line-by-line | Enel North America Inc. | 100% | 100%  
Enel Finance International  |  |  |  |  |  |  | Enel Holding Finance Srl | 75% |   
NV | Amsterdam | NL | 1,478,810,371 | EUR |  | Line-by-line |  |  | 100%  
|  |  |  |  |  |  | Enel SpA | 25% |   
Enel Fortuna SA | Panama City | PA | 100,000,000 | USD |  | Line-by-line | Enel Panamá CAM Srl | 50% | 24%  
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#1 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#10 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#11 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#12 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#13 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#14 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#15 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#16 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#17 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#18 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#19 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#2 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#20 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#3 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#4 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#5 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#6 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#7 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#8 LLC |  |  |  |  |  |  |  |  |   
Enel Future Project 2020  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
#9 LLC |  |  |  |  |  |  |  |  |   
Enel Generación Chile SA | Santiago de  | CL | 552,777,320,871 | CLP |  | Line-by-line | Enel Chile SA | 94% | 61%  
| Chile  |  |  |  |  |  |  |  |   
Enel Generación El  |  |  |  |  |  |  | Enel Argentina SA | 9% |   
Chocón SA | Buenos Aires | AR | 11,401,954,061 | ARS |  | Line-by-line |  |  | 54%  
|  |  |  |  |  |  | Hidroinvest SA  | 59% |   
Enel Generación Piura SA | San Miguel | PE | 249,202,667  | PEN |  | Held for sale | Enel Perú SAC | 96% | 79%  
  
  


  


Attachments

647

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
|  |  |  |  |  |  | Enel Green Power México  | 100% |   
Enel Generación SA de Cv | Mexico City | MX | 7,100,100 | MXN |  | Line-by-line | S de RL de Cv |  | 100%  
|  |  |  |  |  |  | Enel Rinnovabile SA  | 0% |   
|  |  |  |  |  |  | de Cv |  |   
Enel Global Services Srl | Rome | IT | 10,000  | EUR |  | Line-by-line | Enel SpA | 100% | 100%  
Enel Global Trading SpA | Rome | IT | 90,885,000 | EUR |  | Line-by-line | Enel SpA | 100% | 100%  
Enel Green Power  |  |  |  |  |  |  |  |  |   
25RoseFarms Holdings  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Enel Green Power Ables  |  |  |  |  |  |  |  |  |   
Springs Solar Holdings  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Enel Green Power Aroeira  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
01 SA | Rio de Janeiro | BR | 334,518,402 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Aroeira  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
02 SA | Rio de Janeiro | BR | 324,928,400  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Aroeira  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
03 SA | Rio de Janeiro | BR | 324,501,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Aroeira  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
04 SA | Rio de Janeiro | BR | 430,299,146  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Aroeira  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
05 SA | Rio de Janeiro | BR | 284,501,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Aroeira  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
06 SA | Rio de Janeiro | BR | 284,511,002  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Aroeira  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
07 SA | Rio de Janeiro | BR | 323,520,630  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Aroeira  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
08 SA | Rio de Janeiro | BR | 284,501,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Azure  |  |  |  |  |  |  |  |  |   
Blue Jay Solar Holdings  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC  |  |  |  |  |  |  |  |  |   
Enel Green Power Azure  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Ranchland Holdings LLC |  |  |  |  |  |  |  |  |   
Enel Green Power  |  |  |  |  |  |  |  |  |   
AzureRanchII Wind  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Holdings LLC |  |  |  |  |  |  |  |  |   
Enel Green Power Boa  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Vista 01 Ltda | Salvador | BR | 3,554,607 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Boa  | Rio de Janeiro | BR | 104,890,000 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Vista Eólica SA |  |  |  |  |  |  |  |  |   
Enel Green Power Cabeça  | Niterói | BR | 270,114,539 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
de Boi SA |  |  |  |  |  |  |  |  |   
Enel Green Power  | Cachoeira  |  |  |  |  |  | Enel Brasil SA | 100% |   
Cachoeira Dourada  | Dourada | BR | 64,339,836 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
SA |  |  |  |  |  |  | Cachoeira Dourada SA | 0% |   
Enel Green Power Canada  | Montreal | CA | 85,681,857 | CAD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
Inc. |  |  |  |  |  |  | America Inc. |  |   
Enel Green Power Cerrado  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Solar SA | Rio de Janeiro | BR | 1,000 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Chile  | Santiago de  |  |  |  |  |  | Enel Chile SA | 100% |   
SA | Chile | CL | 599,261,770  | USD |  | Line-by-line |  |  | 65%  
|  |  |  |  |  |  | Enel SpA | 0% |   
  
  


  


Attachments

648

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Enel Green Power  |  |  |  |  |  |  |  |  |   
Cimarron Bend Wind  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Holdings III LLC |  |  |  |  |  |  |  |  |   
Enel Green Power Cove  | Wilmington | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Fort Solar LLC |  |  |  |  |  |  |  |  |   
Enel Green Power Cristal  |  |  |  |  |  |  | Enel Brasil SA | 99% |   
Eólica SA | Rio de Janeiro | BR | 87,784,899 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 1% |   
Enel Green Power Cumaru  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
01 SA | Niterói | BR | 204,653,591  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Cumaru  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
02 SA | Niterói | BR | 107,601,273  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Cumaru  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
03 SA | Rio de Janeiro | BR | 225,021,296  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Cumaru  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
04 SA | Rio de Janeiro | BR | 100,869,708  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Cumaru  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
05 SA | Rio de Janeiro | BR | 180,208,001  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Cumaru  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Participações SA | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Cumaru  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Solar 01 SA | Rio de Janeiro | BR | 1,000 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Cumaru  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Solar 02 SA | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power  |  |  |  |  |  |  | Enel Brasil SA | 99% |   
Damascena Eólica SA | Rio de Janeiro | BR | 83,709,003  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 1% |   
Enel Green Power Delfina  | Rio de Janeiro | BR | 284,062,483 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
A Eólica SA |  |  |  |  |  |  |  |  |   
Enel Green Power Delfina  | Rio de Janeiro | BR | 93,068,000 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
B Eólica SA |  |  |  |  |  |  |  |  |   
Enel Green Power Delfina  | Rio de Janeiro | BR | 31,105,000 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
C Eólica SA |  |  |  |  |  |  |  |  |   
Enel Green Power Delfina  | Rio de Janeiro | BR | 105,864,000 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
D Eólica SA |  |  |  |  |  |  |  |  |   
Enel Green Power Delfina  | Niterói | BR | 105,936,000  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
E Eólica SA |  |  |  |  |  |  |  |  |   
Enel Green Power  | Rio de Janeiro | BR | 207,822,302  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Desenvolvimento Ltda |  |  |  |  |  |  |  |  |   
Enel Green Power  | Rome | IT | 20,000 | EUR |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
Development Srl |  |  |  |  |  |  |  |  |   
Enel Green Power  |  |  |  |  |  |  | Diamond Vista Holdings  |  |   
Diamond Vista Wind  | Wilmington | US | 1 | USD |  | Line-by-line | LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Enel Green Power Dois  | Rio de Janeiro | BR | 83,347,009 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Riachos Eólica SA |  |  |  |  |  |  |  |  |   
Enel Green Power Egypt  | Cairo | EG | 250,000 | EGP |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
SAE |  |  |  |  |  |  |  |  |   
Enel Green Power El  |  |  |  |  |  |  | Enel Américas SA | 0% |   
Salvador SA de Cv | El Salvador | SV | 22,860 | USD |  | Line-by-line |  |  | 100%  
|  |  |  |  |  |  | Enel Green Power SpA | 100% |   
Enel Green Power  |  |  |  |  |  |  | Enel Alberta Wind Inc. | 1% |   
Elkwater Wind Limited  | Alberta | CA | 1,000 | CAD |  | Line-by-line | Enel Green Power  |  | 100%  
Partnership |  |  |  |  |  |  | Canada Inc. | 99% |   
  
  


  


Attachments

649

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Enel Green Power  |  |  |  |  |  |  | Enel Alberta Wind Inc. | 0% |   
Elmsthorpe Wind LP | Calgary | CA | 1,000 | CAD |  | Line-by-line | Enel Green Power  |  | 100%  
|  |  |  |  |  |  | Canada Inc. | 100% |   
Enel Green Power  |  |  |  |  |  |  | Enel Brasil SA | 99% |   
Emiliana Eólica SA | Rio de Janeiro | BR | 119,791,530 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 1% |   
Enel Green Power España  | Madrid | ES | 81,106 | EUR |  | Line-by-line | Enel Green Power  | 50% | 35%  
Solar 1 SLU |  |  |  |  |  |  | España SLU |  |   
Enel Green Power España  | Madrid | ES | 11,153 | EUR |  | Line-by-line | Endesa Generación SAU | 100% | 70%  
SLU |  |  |  |  |  |  |  |  |   
Enel Green Power  |  |  |  |  |  |  | Enel Brasil SA | 99% |   
Esperança Eólica SA | Rio de Janeiro | BR | 99,418,174 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 1% |   
Enel Green Power  | Andover | US | 1 | USD |  | Line-by-line | Estonian Solar Holdings  | 100% | 100%  
Estonian Solar Project LLC |  |  |  |  |  |  | LLC |  |   
Enel Green Power  | Niterói | BR | 264,141,174 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Fazenda SA |  |  |  |  |  |  |  |  |   
Enel Green Power Fence  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Post Solar Holdings LLC |  |  |  |  |  |  |  |  |   
Enel Green Power Fontes  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
dos Ventos 2 SA | Rio de Janeiro | BR | 133,315,219 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Fontes  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
dos Ventos 3 SA | Rio de Janeiro | BR | 131,001,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Fontes  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
II Participações SA | Rio de Janeiro  | BR  | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Fontes  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Solar SA | Rio de Janeiro | BR | 1,000 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Ganado  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Solar Holdings LLC |  |  |  |  |  |  |  |  |   
Enel Green Power  | Berlin | DE | 25,000 | EUR |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
Germany GmbH |  |  |  |  |  |  |  |  |   
Enel Green Power Global  | Amsterdam | NL | 10,000  | EUR |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
Investment BV |  |  |  |  |  |  |  |  |   
Enel Green Power Gulfstar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Solar Holdings LLC |  |  |  |  |  |  |  |  |   
Enel Green Power Hadros  |  |  |  |  |  |  | Enel Alberta Wind Inc. | 1% |   
Wind Limited Partnership | - | CA | 1,000  | CAD |  | Line-by-line | Enel Green Power  |  | 100%  
|  |  |  |  |  |  | Canada Inc. | 99% |   
Enel Green Power HF101  | Berlin | DE | 50,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
GmbH & Co. KG |  |  |  |  |  |  | Germany GmbH |  |   
Enel Green Power  |  |  |  |  |  |  |  |  |   
Hilltopper Wind LLC  | Dover | US | 1 | USD |  | Line-by-line | Hilltopper Wind Holdings  | 100% | 100%  
(formerly Hilltopper Wind  |  |  |  |  |  |  | LLC |  |   
Power LLC) |  |  |  |  |  |  |  |  |   
Enel Green Power  |  |  |  |  |  |  | Alba Energia Ltda | 0% |   
Horizonte MP Solar SA | Rio de Janeiro | BR | 431,566,053 | BRL |  | Line-by-line |  |  | 82%  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power India  | New Delhi | IN | 200,000,000  | INR |  | Held for sale | Enel Green Power  | 100% | 100%  
Private Limited |  |  |  |  |  |  | Development Srl |  |   
Enel Green Power  | Rome | IT | 272,000,000  | EUR |  | Line-by-line | Enel Italia SpA | 100% | 100%  
Italia Srl |  |  |  |  |  |  |  |  |   
Enel Green Power  |  |  |  |  |  |  | Bondia Energia Ltda | 0% |   
Ituverava Norte Solar SA | Rio de Janeiro | BR | 219,806,646 | BRL |  | Line-by-line |  |  | 82%  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power  |  |  |  |  |  |  | Bondia Energia Ltda | 0% |   
Ituverava Solar SA | Rio de Janeiro  | BR | 227,810,333  | BRL |  | Line-by-line |  |  | 82%  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power  |  |  |  |  |  |  | Bondia Energia Ltda | 0% |   
Ituverava Sul Solar SA | Rio de Janeiro | BR | 408,949,643 | BRL |  | Line-by-line |  |  | 82%  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
  
  


  


Attachments

650

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Enel Green Power Joana  |  |  |  |  |  |  | Enel Brasil SA | 98% |   
Eólica SA | Rio de Janeiro | BR | 90,259,530  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 2% |   
Enel Green Power Kenya  |  |  |  |  |  |  | Enel Green Power SpA | 99% |   
Limited | Nairobi | KE | 100,000  | KES |  | Line-by-line | Enel Green Power South  |  | 100%  
|  |  |  |  |  |  | Africa (Pty) Ltd | 1% |   
Enel Green Power Korea  | Seoul | KR | 8,796,000,000  | KRW |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Enel Green Power Lagoa  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
do Sol 01 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda  | 0% |   
Enel Green Power Lagoa  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
do Sol 02 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda  | 0% |   
Enel Green Power Lagoa  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
do Sol 03 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Lagoa  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
do Sol 04 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Lagoa  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
do Sol 05 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Lagoa  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
do Sol 06 SA | Teresina | BR | 1,000 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Lagoa  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
do Sol 07 SA | Teresina | BR | 1,000 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Lagoa  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
do Sol 08 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  |  82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Lagoa  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
do Sol 09 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Lagoa  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
do Sol 10 SA | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Lagoa  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
do Sol 11 SA | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Lagoa  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
do Sol 12 SA | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Lagoa  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
do Sol 13 SA | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Lagoa  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Participações SA | Rio de Janeiro  | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Lagoa II  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Participações SA | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Lagoa III  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Participações SA | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Lily  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Solar Holdings LLC |  |  |  |  |  |  |  |  |   
Enel Green Power  |  |  |  |  |  |  | Enel Brasil SA | 99% |   
Maniçoba Eólica SA | Rio de Janeiro | BR | 90,722,530  | BRL |  | Line-by-line  | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 1% |   
  
  


  


Attachments

651

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Enel Green Power  |  |  |  |  |  |  | Enel Green Power Solar  |  |   
Metehara Solar Private  | - | ET | 5,600,000  | ETB |  | Line-by-line  | Metehara SpA | 80% | 80%  
Limited Company |  |  |  |  |  |  |  |  |   
Enel Green Power México  |  |  |  |  |  |  | Enel Green Power SpA | 100% |   
S de RL de Cv | Mexico City | MX | 10,595,218,475 | MXN |  | Line-by-line | Enel Rinnovabile SA  |  | 100%  
|  |  |  |  |  |  | de Cv | 0% |   
Enel Green Power MM  | Berlin | DE | 50,000  | EUR |  | Line-by-line | Enel Green Power  | 100% |  100%  
GmbH & Co. KG |  |  |  |  |  |  | Germany GmbH |  |   
Enel Green Power Modelo  | Rio de Janeiro | BR | 108,476,000  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
I Eólica SA |  |  |  |  |  |  |  |  |   
Enel Green Power Modelo  | Rio de Janeiro | BR | 100,170,000 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
II Eólica SA |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Green Power  | 0% |   
Enel Green Power  | Casablanca | MA | 839,000,000  | MAD |  | Line-by-line | Development Srl |  | 100%  
Morocco Sàrl |  |  |  |  |  |  | Enel Green Power SpA | 100% |   
Enel Green Power Morro  | Rio de Janeiro | BR | 248,138,287  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
do Chapéu I Eólica SA |  |  |  |  |  |  |  |  |   
Enel Green Power Morro  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
do Chapéu Solar 01 SA | Rio de Janeiro | BR | 1,000 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Morro  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Norte 02 SA | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Morro  | Rio de Janeiro | BR | 206,050,114 | BRL |  | Line-by-line  | Enel Brasil SA | 100% | 82%  
do Chapéu II Eólica SA |  |  |  |  |  |  |  |  |   
Enel Green Power Morro  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Norte 03 SA | Rio de Janeiro | BR | 1,000 | BRL  |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Morro  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Norte 04 SA | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Mourão  | Rio de Janeiro | BR | 25,600,100  | BRL |  | Line-by-line  | Enel Brasil SA | 100% | 82%  
SA |  |  |  |  |  |  |  |  |   
Enel Green Power Namibia  | Windhoek | NA | 10,000 | NAD |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
(Pty) Ltd |  |  |  |  |  |  |  |  |   
Enel Green Power North  |  |  |  |  |  |  |  |  |   
America Development  | Wilmington | US | - | USD |  | Line-by-line | Enel North America Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Enel Green Power North  | Andover | US | - | USD |  | Line-by-line | Enel North America Inc. | 100% | 100%  
America Inc. |  |  |  |  |  |  |  |  |   
Enel Green Power Nova  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Olinda 01 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Nova  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Olinda 02 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Nova  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Olinda 03 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Nova  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Olinda 04 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Nova  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Olinda 05 SA | Teresina | BR | 1,000 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Nova  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Olinda 06 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Nova  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Olinda 07 SA | Teresina | BR | 1,000 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
  
  


  


Attachments

652

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Enel Green Power Nova  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Olinda 08 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Nova  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Olinda 09 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line  | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Nova  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Olinda 10 SA | Rio de Janeiro | BR | 1,000 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Nova  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Olinda 11 SA | Rio de Janeiro  | BR | 1,000 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Nova  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Olinda 12 SA | Rio de Janeiro | BR | 1,000 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Nova  | Rio de Janeiro | BR | 10,000  | BRL |  | Line-by-line  | Enel Brasil SA | 100% | 82%  
Olinda 13 SA |  |  |  |  |  |  |  |  |   
Enel Green Power Novo  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Lapa 01 SA | Rio de Janeiro | BR | 1,000 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Novo  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Lapa 02 SA | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Novo  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Lapa 03 SA | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Novo  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Lapa 04 SA | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Novo  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Lapa 05 SA | Rio de Janeiro  | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Novo  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Lapa 06 SA | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Novo  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Lapa 07 SA | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Novo  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Lapa 08 SA | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power O&M  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Solar LLC |  |  |  |  |  |  |  |  |   
Enel Green Power  | Niterói | BR | 162,567,500 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Paranapanema SA |  |  |  |  |  |  |  |  |   
Enel Green Power  | Rome | IT | 10,000  | EUR |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
Partecipazioni Speciali Srl |  |  |  |  |  |  |  |  |   
Enel Green Power Pau  |  |  |  |  |  |  | Enel Brasil SA | 99% |   
Ferro Eólica SA | Rio de Janeiro | BR | 110,390,000 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 1% |   
Enel Green Power Pedra  |  |  |  |  |  |  | Enel Brasil SA | 99% |   
do Gerônimo Eólica SA | Rio de Janeiro | BR | 156,201,528  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 1% |   
Enel Green Power PO11  | Berlin | DE | 50,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
GmbH & Co. KG |  |  |  |  |  |  | Germany GmbH |  |   
Enel Green Power PO133  | Berlin | DE | 50,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
GmbH & Co. KG |  |  |  |  |  |  | Germany GmbH |  |   
Enel Green Power PO25  | Berlin | DE | 50,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
GmbH & Co. KG |  |  |  |  |  |  | Germany GmbH |  |   
  
  


  


Attachments

653

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Enel Green Power  |  |  |  |  |  |  | Enel Brasil SA | 98% |   
Primavera Eólica SA | Rio de Janeiro | BR | 95,674,900  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 2% |   
Enel Green Power Puglia  | Rome  | IT | 1,000,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
Srl |  |  |  |  |  |  | Italia Srl |  |   
Enel Green Power RA SAE  | Cairo | EG | 15,000,000  | EGP |  | Line-by-line | Enel Green Power Egypt  | 100% | 100%  
in liquidation |  |  |  |  |  |  | SAE |  |   
Enel Green Power  |  |  |  |  |  |  |  |  |   
Rattlesnake Creek Wind  |  |  |  |  |  |  | Rattlesnake Creek  |  |   
Project LLC (formerly  | Delaware | US | 1 | USD |  | Line-by-line | Holdings LLC | 100% | 100%  
Rattlesnake Creek Wind  |  |  |  |  |  |  |  |  |   
Project LLC) |  |  |  |  |  |  |  |  |   
Enel Green Power  |  |  |  |  |  |  |  |  |   
Roadrunner Solar Project  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Holdings II LLC |  |  |  |  |  |  |  |  |   
Enel Green Power  |  |  |  |  |  |  |  |  |   
Roadrunner Solar Project  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Holdings LLC |  |  |  |  |  |  |  |  |   
Enel Green Power  |  |  |  |  |  |  | Enel Roadrunner Solar  |  |   
Roadrunner Solar Project  | Dover | US | 100 | USD |  | Line-by-line | Project Holdings II LLC | 100% | 100%  
II LLC |  |  |  |  |  |  |  |  |   
Enel Green Power  |  |  |  |  |  |  |  |  |   
Rockhaven Ranchland  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Holdings LLC |  |  |  |  |  |  |  |  |   
Enel Green Power  | Andover | US | 1 | USD |  | Line-by-line | 25RoseFarms Holdings  | 100% | 100%  
Roseland Solar LLC |  |  |  |  |  |  | LLC |  |   
Enel Green Power RSA  | Johannesburg | ZA | 1,000 | ZAR |  | Equity | EGP Matimba  | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  | NewCo 1 Srl |  |   
Enel Green Power RSA 2  | Johannesburg | ZA | 120 | ZAR |  | Equity | Enel Green Power RSA  | 100% | 50%  
(RF) (Pty) Ltd |  |  |  |  |  |  | (Pty) Ltd |  |   
|  |  |  |  |  |  | Enel Green Power  |  |   
Enel Green Power Rus  |  |  |  |  |  |  | Partecipazioni Speciali  | 1% |   
Limited Liability Company | Moscow | RU | 60,500,000 | RUB |  | Equity | Srl |  | 100%  
|  |  |  |  |  |  | Enel Green Power SpA | 99% |   
Enel Green Power SpA | Rome | IT | 272,000,000  | EUR |  | Line-by-line | Enel SpA | 100% | 100%  
Enel Green Power Salto  | Rio de Janeiro | BR | 274,420,832  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Apiacás SA |  |  |  |  |  |  |  |  |   
Enel Green Power Sannio  | Rome | IT | 750,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
Srl |  |  |  |  |  |  | Italia Srl |  |   
Enel Green Power São  | Rio de Janeiro | BR | 91,300,000  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Abraão Eólica SA |  |  |  |  |  |  |  |  |   
Enel Green Power São  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Cirilo 02 SA | Rio de Janeiro | BR | 1,000 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power São  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Cirilo 03 SA | Rio de Janeiro | BR | 1,000 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power São  |  |  |  |  |  |  | Alba Energia Ltda | 0% |   
Gonçalo 02 SA | Teresina | BR | 82,268,019 | BRL |  | Line-by-line |  |  | 82%  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power São  | Teresina | BR | 183,602,691  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Gonçalo 6 SA  |  |  |  |  |  |  |  |  |   
Enel Green Power  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
São Gonçalo 07 SA | Teresina | BR | 114,522,005  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power São  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Gonçalo 08 SA | Teresina | BR | 109,281,818  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power São  |  |  |  |  |  |  | Alba Energia Ltda | 0% |   
Gonçalo 1 SA | Teresina | BR | 235,654,397 | BRL |  | Line-by-line |  |  | 82%  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power São  | Teresina | BR | 82,871,484  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Gonçalo 10 SA |  |  |  |  |  |  |  |  |   
Enel Green Power São  | Teresina | BR | 114,475,155  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Gonçalo 11 SA |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

654

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Enel Green Power São  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Gonçalo 12 SA | Teresina | BR | 108,022,915 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power São  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Gonçalo 14 | Teresina | BR | 203,190,488  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power São  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Gonçalo 15 | Teresina | BR | 158,657,469  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power São  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Gonçalo 17 SA | Teresina | BR | 122,007,043  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power São  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Gonçalo 18 SA | Teresina | BR | 169,039,744 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power São  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Gonçalo 19 SA | Teresina | BR | 122,467,789  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power São  |  |  |  |  |  |  | Alba Energia Ltda | 0% |   
Gonçalo 21 SA | Teresina | BR | 99,994,198  | BRL |  | Line-by-line |  |  | 82%  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power São  |  |  |  |  |  |  | Alba Energia Ltda | 0% |   
Gonçalo 22 SA | Teresina | BR | 99,787,960  | BRL |  | Line-by-line |  |  | 82%  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power São  |  |  |  |  |  |  | Alba Energia Ltda | 0% |   
Gonçalo 3 SA  | Teresina | BR | 178,124,686  | BRL |  | Line-by-line |  |  | 82%  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power São  |  |  |  |  |  |  | Alba Energia Ltda | 0% |   
Gonçalo 4 SA  | Teresina | BR | 137,917,258  | BRL |  | Line-by-line |  |  | 82%  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power São  |  |  |  |  |  |  | Alba Energia Ltda | 0% |   
Gonçalo 5 SA | Teresina | BR | 98,230,525 | BRL |  | Line-by-line |  |  | 82%  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power São  |  |  |  |  |  |  | Enel Brasil SA | 98% |   
Judas Eólica SA | Niterói | BR | 82,674,900 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 2% |   
Enel Green Power São  |  |  |  |  |  |  | Alba Energia Ltda | 0% |   
Micael 01 SA | Teresina | BR | 1,000 | BRL |  | Line-by-line |  |  | 82%  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power São  |  |  |  |  |  |  | Alba Energia Ltda | 0% |   
Micael 02 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line |  |  | 82%  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power São  |  |  |  |  |  |  | Alba Energia Ltda | 0% |   
Micael 03 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line |  |  | 82%  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power São  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Micael 04 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power São  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Micael 05 SA | Teresina | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power  | Wilmington | US | 100  | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
Services LLC |  |  |  |  |  |  | America Inc. |  |   
Enel Green Power SHU  | Cairo | EG | 15,000,000  | EGP |  | Line-by-line | Enel Green Power Egypt  | 100% | 100%  
SAE in liquidation |  |  |  |  |  |  | SAE |  |   
Enel Green Power  | Singapore | SG | 8,000,000 | SGD |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
Singapore Pte Ltd |  |  |  |  |  |  |  |  |   
Enel Green Power Solar  | Rome | IT | 10,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
Energy Srl |  |  |  |  |  |  | Italia Srl |  |   
Enel Green Power Solar  | Rome | IT | 50,000 | EUR |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
Metehara SpA |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

655

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Enel Green Power Solar  |  |  |  |  |  |  |  |  |   
Ngonye SpA  | Rome | IT | 50,000  | EUR |  | Line-by-line | EGP Matimba NewCo  | 100% | 100%  
(formerly Enel Green  |  |  |  |  |  |  | 2 Srl |  |   
Power Africa Srl) |  |  |  |  |  |  |  |  |   
Enel Green Power South  | Johannesburg | ZA | 1,000 | ZAR |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
Africa (Pty) Ltd |  |  |  |  |  |  |  |  |   
Enel Green Power South  | Gauteng  | ZA | 1,000  | ZAR |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
Africa 3 (Pty) Ltd  |  |  |  |  |  |  |  |  |   
Enel Green Power  |  |  |  |  |  |  |  |  |   
Stampede Solar Holdings  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Alberta Wind Inc. | 0% |   
Enel Green Power Swift  | Calgary | CA | 1,000  | CAD |  | Line-by-line |  |  | 100%  
Wind LP |  |  |  |  |  |  | Enel Green Power  | 100% |   
|  |  |  |  |  |  | Canada Inc. |  |   
|  |  |  |  |  |  | Enel Brasil SA | 98% |   
Enel Green Power Tacaicó | Rio de Janeiro | BR | 62,321,360 | BRL |  | Line-by-line |  |  | 82%  
Eólica SA |  |  |  |  |  |  | Enel Green Power  | 2% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
Enel Green Power Tefnut  | Cairo | EG | 15,000,000 | EGP |  | Line-by-line | Enel Green Power Egypt  | 100% | 100%  
SAE in liquidation |  |  |  |  |  |  | SAE |  |   
Enel Green Power Turkey |  |  |  |  |  |  |  |  |   
Enerjí Yatirimlari Anoním | Istanbul | TR | 37,141,108 | TRY |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
Şírketí |  |  |  |  |  |  |  |  |   
Enel Green Power UB33  | Berlin | DE | 75,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
GmbH & Co. KG |  |  |  |  |  |  | Germany GmbH |  |   
Enel Green Power UB43  | Berlin | DE | 50,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
GmbH & Co. KG |  |  |  |  |  |  | Germany GmbH |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 127,540,006  | BRL |  | Line-by-line |  |  | 82%  
de Santa Ângela 1 SA |  |  |  |  |  |  | Ventos de Santa Ângela  | 0% |   
|  |  |  |  |  |  | Energias Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 110,732,205 | BRL |  | Line-by-line |  |  | 82%  
de Santa Ângela 4 SA |  |  |  |  |  |  | Ventos de Santa Ângela  | 0% |   
|  |  |  |  |  |  | Energias Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 132,100,849 | BRL |  | Line-by-line |  |  | 82%  
de Santa Ângela 10 SA |  |  |  |  |  |  | Ventos de Santa Ângela  | 0% |   
|  |  |  |  |  |  | Energias Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 142,786,606  | BRL |  | Line-by-line |  |  | 82%  
de Santa Ângela 11 SA  |  |  |  |  |  |  | Ventos de Santa Ângela  | 0% |   
|  |  |  |  |  |  | Energias Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 208,554,956  | BRL |  | Line-by-line |  |  | 82%  
de Santa Ângela 14 SA |  |  |  |  |  |  | Ventos de Santa Ângela  | 0% |   
|  |  |  |  |  |  | Energias Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 135,100,849 | BRL |  | Line-by-line |  |  | 82%  
de Santa Ângela 15 SA |  |  |  |  |  |  | Ventos de Santa Ângela  | 0% |   
|  |  |  |  |  |  | Energias Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 162,022,288  | BRL |  | Line-by-line |  |  | 82%  
de Santa Ângela 17 SA |  |  |  |  |  |  | Ventos de Santa Ângela  | 0% |   
|  |  |  |  |  |  | Energias Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 105,587,248  | BRL |  | Line-by-line |  |  | 82%  
de Santa Ângela 19 SA |  |  |  |  |  |  | Ventos de Santa Ângela  | 0% |   
|  |  |  |  |  |  | Energias Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 202,922,006  | BRL |  | Line-by-line |  |  | 82%  
de Santa Ângela 2 SA |  |  |  |  |  |  | Ventos de Santa Ângela  | 0% |   
|  |  |  |  |  |  | Energias Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 102,895,409 | BRL |  | Line-by-line |  |  | 82%  
de Santa Ângela 20 SA |  |  |  |  |  |  | Ventos de Santa Ângela  | 0% |   
|  |  |  |  |  |  | Energias Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 97, 307,410 | BRL |  | Line-by-line |  |  | 82%  
de Santa Ângela 21 SA |  |  |  |  |  |  | Ventos de Santa Ângela  | 0% |   
|  |  |  |  |  |  | Energias Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 109,786,606  | BRL |  | Line-by-line |  |  | 82%  
de Santa Ângela 3 SA |  |  |  |  |  |  | Ventos de Santa Ângela  | 0% |   
|  |  |  |  |  |  | Energias Renováveis SA |  |   
  
  


  


Attachments

656

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 94,786,606 | BRL |  | Line-by-line |  |  | 82%  
de Santa Ângela 5 SA  |  |  |  |  |  |  | Ventos de Santa Ângela | 0% |   
|  |  |  |  |  |  | Energias Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 93,786,606 | BRL |  | Line-by-line |  |  | 82%  
de Santa Ângela 6 SA |  |  |  |  |  |  | Ventos de Santa Ângela | 0% |   
|  |  |  |  |  |  | Energias Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 120,482,806 | BRL |  | Line-by-line | Ventos de Santa |  | 82%  
de Santa Ângela 7 SA  |  |  |  |  |  |  | Esperança Energias | 0% |   
|  |  |  |  |  |  | Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 132,457,606 | BRL |  | Line-by-line |  |  | 82%  
de Santa Ângela 8 SA |  |  |  |  |  |  | Ventos de Santa Ângela  | 0% |   
|  |  |  |  |  |  | Energias Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 128,786,606 | BRL |  | Line-by-line |  |  | 82%  
de Santa Ângela 9 SA |  |  |  |  |  |  | Ventos de Santa Ângela | 0% |   
|  |  |  |  |  |  | Energias Renováveis SA |  |   
Enel Green Power Ventos  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
de Santa Ângela ACL  | Teresina | BR | 130,900,364 | BRL |  | Line-by-line | Enel Green Power |  | 82%  
12 SA |  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Ventos  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
de Santa Ângela ACL  | Teresina | BR | 77,496,725 | BRL |  | Line-by-line | Enel Green Power |  | 82%  
13 SA  |  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Ventos  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
de Santa Ângela ACL  | Teresina | BR | 89,917,563 | BRL |  | Line-by-line | Enel Green Power |  | 82%  
16 SA  |  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Green Power Ventos  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
de Santa Ângela ACL  | Teresina | BR | 86,496,703 | BRL |  | Line-by-line | Enel Green Power |  | 82%  
18 SA |  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Rio de Janeiro | BR | 173,154,501 | BRL |  | Line-by-line |  |  | 82%  
de Santa Esperança 08 SA |  |  |  |  |  |  | Enel Green Power | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Rio de Janeiro | BR | 1,000 | BRL |  | Line-by-line |  |  | 82%  
de Santa Esperança 1 SA |  |  |  |  |  |  | Enel Green Power | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Rio de Janeiro | BR | 221,832,010 | BRL |  | Line-by-line | Ventos de Santa |  | 82%  
de Santa Esperança 13 SA |  |  |  |  |  |  | Esperança Energias | 0% |   
|  |  |  |  |  |  | Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Rio de Janeiro | BR | 152,494,014 | BRL |  | Line-by-line | Ventos de Santa |  | 82%  
de Santa Esperança 15 SA |  |  |  |  |  |  | Esperança Energias | 0% |   
|  |  |  |  |  |  | Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Rio de Janeiro | BR | 252,240,013 | BRL |  | Line-by-line |  |  | 82%  
de Santa Esperança 16 SA |  |  |  |  |  |  | Enel Green Power | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Rio de Janeiro | BR | 252,240,013 | BRL |  | Line-by-line | Ventos de Santa |  | 82%  
de Santa Esperança 17 SA |  |  |  |  |  |  | Esperança Energias | 0% |   
|  |  |  |  |  |  | Renováveis SA |  |   
|  |  |  |  |  |  | Enel Brasil SA | 62% |   
Enel Green Power Ventos  | Rio de Janeiro | BR | 276,814,829 | BRL |  | Line-by-line |  |  | 51%  
de Santa Esperança 21 SA  |  |  |  |  |  |  | Enel Green Power | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Rio de Janeiro | BR | 124,625,154 | BRL |  | Line-by-line |  |  | 82%  
de Santa Esperança 22 SA |  |  |  |  |  |  | Enel Green Power | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Rio de Janeiro | BR | 171,324,008 | BRL |  | Line-by-line |  |  | 82%  
de Santa Esperança 25 SA |  |  |  |  |  |  | Enel Green Power | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Rio de Janeiro | BR | 344,251,126 | BRL |  | Line-by-line |  |  | 82%  
de Santa Esperança 26 SA |  |  |  |  |  |  | Enel Green Power | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
  
  


  


Attachments

657

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line |  |  | 82%  
de Santa Esperança 3 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Rio de Janeiro  | BR | 1,000  | BRL |  | Line-by-line |  |  | 82%  
de Santa Esperança 7 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
Enel Green Power Ventos  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
de Santa Esperança  | Rio de Janeiro  | BR | 1,000  | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
Participações SA  |  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line |  |  | 82%  
de Santo Orestes 1 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Rio de Janeiro | BR | 1,000  | BRL |  | Line-by-line |  |  | 82%  
de Santo Orestes 2 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 383,436,551  | BRL |  | Line-by-line |  |  | 82%  
de São Roque 01 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 369,758,651  | BRL |  | Line-by-line |  |  | 82%  
de São Roque 02 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 262,576,701  | BRL |  | Line-by-line |  |  | 82%  
de São Roque 03 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 379,980,531  | BRL |  | Line-by-line |  |  | 82%  
de São Roque 04 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 362,501,000  | BRL |  | Line-by-line |  |  | 82%  
de São Roque 05 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 262,501,000  | BRL |  | Line-by-line |  |  | 82%  
de São Roque 06 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 262,501,000  | BRL |  | Line-by-line |  |  | 82%  
de São Roque 07 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 337,473,758  | BRL |  | Line-by-line |  |  | 82%  
de São Roque 08 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 318,740,451  | BRL |  | Line-by-line |  |  | 82%  
de São Roque 11 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 262,501,000  | BRL |  | Line-by-line |  |  |  82%  
de São Roque 13 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 353,284,551  | BRL |  | Line-by-line |  |  | 82%  
de São Roque 16 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 298,952,101  | BRL |  | Line-by-line |  |  | 82%  
de São Roque 17 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 332,473,759  | BRL |  | Line-by-line |  |  | 82%  
de São Roque 18 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 309,989,707  | BRL |  | Line-by-line |  |  | 82%  
de São Roque 19 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 262,501,000  | BRL |  | Line-by-line |  |  | 82%  
de São Roque 22 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
  
  


  


Attachments

658

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 262,501,000  | BRL |  | Line-by-line |  |  | 82%  
de São Roque 26 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Ventos  | Teresina | BR | 262,501,000  | BRL |  | Line-by-line |  |  | 82%  
de São Roque 29 SA |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
Enel Green Power  | Berlin | DE | 25,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
Verwaltungs GmbH |  |  |  |  |  |  | Germany GmbH |  |   
Enel Green Power  |  |  |  |  |  |  |  |  |   
Vietnam LLC (Công ty  | Ho Chi Minh  | VN | 2,431,933  | USD |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
TNHH Enel Green Power  | City |  |  |  |  |  |  |  |   
Viêt Nam) |  |  |  |  |  |  |  |  |   
Enel Green Power Villoresi  | Rome | IT | 1,200,000 | EUR |  | Line-by-line | Enel Green Power  | 51% | 51%  
Srl |  |  |  |  |  |  | Italia Srl |  |   
Enel Green Power Volta  | Niterói | BR | 565,756,528  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Grande SA |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Green Power  | 1% |   
Enel Green Power Zambia  |  |  |  |  |  |  | Development Srl |  |   
Limited | Lusaka | ZM | 15,000 | ZMW |  | Line-by-line |  |  | 100%  
|  |  |  |  |  |  | Enel Green Power South  | 99% |   
|  |  |  |  |  |  | Africa (Pty) Ltd |  |   
Enel Green Power Zeus  | Rio de Janeiro | BR | 77,939,980  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
II - Delfina 8 SA |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Brasil SA | 100% |   
Enel Green Power Zeus  | Rio de Janeiro | BR | 6,986,993 | BRL |  | Line-by-line |  |  | 82%  
Sul 1 Ltda |  |  |  |  |  |  | Enel Green Power  | 0% |   
|  |  |  |  |  |  | Desenvolvimento Ltda |  |   
Enel Grids  | Rome | IT | 10,100,000  | EUR |  | Line-by-line | Enel SpA | 100% | 100%  
Srl |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Américas SA | 0% |   
Enel Guatemala SA | Guatemala City | GT | 67,208,000 | GTQ |  | Line-by-line |  |  | 47%  
|  |  |  |  |  |  | Enel Colombia SA ESP | 100% |   
Enel Holding Finance Srl | Rome | IT | 10,000  | EUR |  | Line-by-line | Enel SpA | 100% | 100%  
Enel Iberia | Madrid | ES | 336,142,500  | EUR |  | Line-by-line | Enel SpA | 100% | 100%  
SRLU |  |  |  |  |  |  |  |  |   
Enel Innovation Hubs Srl | Rome | IT | 1,100,000  | EUR |  | Line-by-line | Enel SpA | 100% | 100%  
Enel Investment Holding  | Amsterdam | NL | 1,000,000  | EUR |  | Line-by-line | Enel SpA | 100% | 100%  
BV |  |  |  |  |  |  |  |  |   
Enel Italia  | Rome | IT | 100,000,000  | EUR |  | Line-by-line | Enel SpA | 100% | 100%  
SpA |  |  |  |  |  |  |  |  |   
Enel Kansas Development  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Holdings LLC |  |  |  |  |  |  |  |  |   
Enel Kansas LLC | Wilmington | US | - | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
|  |  |  |  |  |  | America Inc. |  |   
Enel Land HoldCo | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Enel Libra Flexsys  | Rome | IT | 1,000,000  | EUR |  | Line-by-line | Enel Italia SpA | 51% | 51%  
Srl |  |  |  |  |  |  |  |  |   
Enel Logistics  | Rome | IT | 1,000,000 | EUR |  | Line-by-line | Enel Italia SpA | 100% | 100%  
Srl |  |  |  |  |  |  |  |  |   
Enel Minnesota Holdings  | Minneapolis | US | - | USD |  | Line-by-line | EGP Geronimo Holding  | 100% | 100%  
LLC |  |  |  |  |  |  | Company Inc. |  |   
Enel Mobility Chile  | Santiago de  | CL | 504,094,780  | CLP |  | Line-by-line | Enel Chile SA | 100% | 65%  
SpA | Chile |  |  |  |  |  |  |  |   
Enel Nevkan Inc. | Wilmington | US | - | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
|  |  |  |  |  |  | America Inc. |  |   
Enel North America Inc. | Andover | US | 50  | USD |  | Line-by-line | Enel SpA | 100% | 100%  
Enel Operations Canada  | Alberta | CA | 1,000  | CAD |  | Line-by-line | Enel Green Power  | 100% | 100%  
Ltd |  |  |  |  |  |  | Canada Inc. |  |   
|  |  |  |  |  |  | Enel Américas SA | 0% |   
Enel Panamá CAM Srl | Panama City | PA | 3,001 | USD |  | Line-by-line |  |  | 47%  
|  |  |  |  |  |  | Enel Colombia SA ESP | 100% |   
Enel Perú | San Miguel | PE | 1,000  | PEN |  | Line-by-line | Enel Américas SA | 100% | 82%  
SAC |  |  |  |  |  |  |  |  |   
Enel Produzione  | Rome | IT | 1,800,000,000  | EUR |  | Line-by-line | Enel Italia SpA | 100% | 100%  
SpA |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

659

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Enel Reinsurance  |  |  |  |  |  |  |  |  |   
\- Compagnia di  | Rome | IT | 3,000,000  | EUR |  | Line-by-line | Enel SpA | 100% | 100%  
Riassicurazione SpA |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Colombia SA ESP | 1% |   
Enel Renovable Srl | Panama City | PA | 60,320 | USD |  | Line-by-line |  |  | 47%  
|  |  |  |  |  |  | Enel Panamá CAM Srl | 99% |   
|  |  |  |  |  |  | Enel Green Power Global  | 100% |   
Enel Rinnovabile SA de Cv | Mexico City | MX | 12,645,490,022 | MXN |  | Line-by-line | Investment BV |  | 100%  
|  |  |  |  |  |  | Enel Green Power México  | 0% |   
|  |  |  |  |  |  | S de RL de Cv |  |   
Enel Roadrunner Solar  |  |  |  |  |  |  | Enel Green Power  |  |   
Project Holdings II LLC | Andover | US | - | USD |  | Line-by-line | Roadrunner Solar Project  | 100% | 100%  
|  |  |  |  |  |  | Holdings II LLC |  |   
Enel Roadrunner Solar  |  |  |  |  |  |  | Enel Green Power  |  |   
Project Holdings LLC | Dover | US | 100 | USD |  | Line-by-line | Roadrunner Solar Project  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
|  |  |  |  |  |  | Enel Green Power México  | 46% |   
|  |  |  |  |  |  | S de RL de Cv |  |   
Enel Services México SA  |  |  |  |  |  |  | Enel Green Power SpA | 54% |   
de Cv | Mexico City | MX | 6,339,849 | MXN |  | Line-by-line |  |  | 100%  
|  |  |  |  |  |  | Enel Guatemala SA | 0% |   
|  |  |  |  |  |  | Enel Rinnovabile SA  | 0% |   
|  |  |  |  |  |  | de Cv |  |   
Enel Sole  | Rome | IT | 4,600,000 | EUR |  | Line-by-line | Enel Italia SpA | 100% | 100%  
Srl |  |  |  |  |  |  |  |  |   
Enel Soluções Energéticas  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Ltda | Rio de Janeiro | BR | 42,863,000 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Enel Texkan  | Wilmington | US | 100 | USD |  | Line-by-line | Chi Power Inc. | 100% | 100%  
Inc. |  |  |  |  |  |  |  |  |   
Enel Trading  |  |  |  |  |  |  | Enel Américas SA | 55% |   
Argentina Srl | Buenos Aires | AR | 14,012,000 | ARS |  | Line-by-line |  |  | 82%  
|  |  |  |  |  |  | Enel Argentina SA | 45% |   
Enel Trading Brasil SA | Rio de Janeiro  | BR | 54,280,312  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Enel Trading North  | Wilmington | US | 10,000,000  | USD |  | Line-by-line | Enel North America Inc. | 100% | 100%  
America LLC |  |  |  |  |  |  |  |  |   
Enel Uruguay  | Montevideo | UY | 20,000  | UYU |  | Line-by-line | Enel Brasil SA | 100% | 82%  
SA |  |  |  |  |  |  |  |  |   
Enel Vayu (Project 2)  | Gurugram | IN | 45,000,000  | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Private Limited |  |  |  |  |  |  | Private Limited |  |   
Enel X Advisory Services  | Frankfurt | DE | 50,000 | EUR |  | Line-by-line | Enel X Advisory Services  | 100% | 100%  
Germany GmbH |  |  |  |  |  |  | Srl |  |   
Enel X Advisory Services  | Tokyo | JP | 100,000,000 | JPY |  | Line-by-line | Enel X Advisory Services  | 100% | 100%  
Japan GK |  |  |  |  |  |  | Srl |  |   
Enel X Advisory Services  | Boston | US | - | USD |  | Line-by-line | Enel X Advisory Services  | 100% | 100%  
North America Inc. |  |  |  |  |  |  | Srl |  |   
Enel X Advisory Services  | Rome | IT | - | EUR |  | Line-by-line | Enel X Srl | 100% | 100%  
Srl |  |  |  |  |  |  |  |  |   
Enel X Advisory Services  | London | GB | 30,000 | GBP |  | Line-by-line | Enel X Advisory Services  | 100% | 100%  
UK Limited  |  |  |  |  |  |  | Srl |  |   
Enel X Advisory Services  | Boston | US | - | USD |  | Line-by-line | Enel X Advisory Services  | 100% | 100%  
USA LLC |  |  |  |  |  |  | North America Inc. |  |   
Enel X Argentina SAU | Buenos Aires | AR | 127,800,000 | ARS |  | Line-by-line | Enel X International Srl | 100% | 100%  
Enel X Australia Holding  | Melbourne | AU | 45,424,578 | AUD |  | Line-by-line | Enel X International Srl | 100% | 100%  
(Pty) Ltd |  |  |  |  |  |  |  |  |   
Enel X Australia (Pty) Ltd | Melbourne | AU | 24,209,880  | AUD |  | Line-by-line | Energy Response  | 100% | 100%  
|  |  |  |  |  |  | Holdings (Pty) Ltd |  |   
Enel X Brasil  |  |  |  |  |  |  | Enel X Advisory Services  |  |   
Gerenciamento de  | Sorocaba | BR | 5,538,403 | BRL |  | Line-by-line | Srl | 100% | 100%  
Energia Ltda |  |  |  |  |  |  |  |  |   
Enel X Brasil  | São Paulo | BR | 903,325,892  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
SA |  |  |  |  |  |  |  |  |   
Enel X Canada Ltd | Mississauga | CA | 1,000 | CAD |  | Line-by-line | Enel North America Inc. | 100% | 100%  
Enel X Chile SpA | Santiago de  | CL | 2,837,737,149  | CLP |  | Line-by-line | Enel Chile SA | 100% | 65%  
| Chile  |  |  |  |  |  |  |  |   
Enel X Colombia SAS ESP | Bogotá | CO | 230,368,000  | COP |  | Line-by-line | Enel Colombia SA  | 100% | 47%  
|  |  |  |  |  |  | ESP |  |   
Enel X Demand Response  | São Paulo  | BR | 2,000,000  | BRL |  | Line-by-line | Enel X Brasil SA | 100% | 82%  
SA |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

660

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Enel X Demand Response  | Boston | US | 100  | USD |  | Line-by-line | Enel X North America Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Enel X Federal LLC | Boston | US | 5,000 | USD |  | Line-by-line | Enel X North America Inc. | 100% | 100%  
Enel X Germany GmbH | Berlin | DE | 25,000 | EUR |  | Line-by-line | Enel X International Srl | 100% | 100%  
Enel X International Srl | Rome | IT | 100,000 | EUR |  | Line-by-line | Enel X Srl | 100% | 100%  
Enel X Ireland Limited | Dublin | IE | 10,841 | EUR |  | Line-by-line | Enel X International Srl | 100% | 100%  
Enel X Italia  | Rome | IT | 200,000 | EUR |  | Line-by-line | Enel Italia SpA | 100% | 100%  
Srl |  |  |  |  |  |  |  |  |   
Enel X Japan KK | Tokyo | JP | 1,030,000,000 | JPY |  | Line-by-line | Enel X International Srl | 100% | 100%  
Enel X KOMIPO Solar  | Seoul | KR | 11,054,000,000 | KRW |  | Line-by-line | Enel X Korea Limited | 80% | 80%  
Limited |  |  |  |  |  |  |  |  |   
Enel X Korea Limited | Seoul | KR | 11,800,000,000 | KRW |  | Line-by-line | Enel X International Srl | 100% | 100%  
|  |  |  |  |  |  | Enel Green Power México  | 0% |   
Enel X México S de RL  | Mexico City | MX | 264,303,595 | MXN |  | Line-by-line | S de RL de Cv |  | 100%  
de Cv |  |  |  |  |  |  | Enel X International Srl | 100% |   
Enel X Mobilidade Urbana  | São Paulo | BR | 163,642,000  | BRL |  | Line-by-line | Enel X Brasil SA | 100% | 82%  
SA |  |  |  |  |  |  |  |  |   
Enel X New Zealand  | Wellington | NZ | 313,606 | AUD |  | Line-by-line | Energy Response  | 100% | 100%  
Limited |  |  |  |  |  |  | Holdings (Pty) Ltd |  |   
Enel X North America Inc. | Boston | US | 1,000 | USD |  | Line-by-line | Enel North America Inc. | 100% | 100%  
Enel X Polska Sp.  | Warsaw | PL | 12,275,150 | PLN |  | Line-by-line | Enel X Ireland Limited | 100% | 100%  
zo o |  |  |  |  |  |  |  |  |   
Enel X Rus LLC | Moscow | RU | 8,000,000  | RUB |  | Line-by-line | Enel X International Srl | 99% | 99%  
Enel X  | Rome | IT | 1,050,000  | EUR |  | Line-by-line | Enel SpA | 100% | 100%  
Srl |  |  |  |  |  |  |  |  |   
Enel X Services India  |  |  |  |  |  |  | Enel X International Srl | 100% |   
Private Limited | Mumbai | IN | 1,497,290 | INR |  | Line-by-line |  |  | 100%  
|  |  |  |  |  |  | Enel X North America Inc. | 0% |   
Enel X Taiwan Co.  | Taipei | TW | 271,100,000 | TWD |  | Line-by-line | Enel X Ireland Limited | 100% | 100%  
Ltd |  |  |  |  |  |  |  |  |   
Enel X UK Limited | London | GB | 32,638 | GBP |  | Line-by-line | Enel X International Srl | 100% | 100%  
Enel X Way (Shanghai)  | Shanghai | CN | 14,287,305 | CNY |  | Line-by-line | Enel X Way Srl | 100% | 100%  
Co. Ltd |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Brasil SA | 20% |   
Enel X Way Brasil SA | Rio de Janeiro | BR | 37,045,337 | BRL |  | Line-by-line |  |  | 96%  
|  |  |  |  |  |  | Enel X Way Srl | 80% |   
Enel X Way Canada  | Vancouver | CA | - | CAD |  | Line-by-line | Enel X Way Srl | 100% | 100%  
Holding Ltd |  |  |  |  |  |  |  |  |   
Enel X Way Chile  | Santiago de  |  |  |  |  |  | Enel Chile SA | 62% |   
SpA | Chile | CL | 19,329,589,733 | CLP |  | Line-by-line |  |  | 78%  
|  |  |  |  |  |  | Enel X Way Srl | 38% |   
Enel X Way  |  |  |  |  |  |  | Enel Colombia SA ESP | 40% |   
Colombia SAS | Bogotá | CO | 15,036,000,000 | COP |  | Line-by-line |  |  | 79%  
|  |  |  |  |  |  | Enel X Way Srl | 60% |   
Enel X Way Germany  | Berlin | DE | 25,000  | EUR |  | Line-by-line | Enel X Way Srl | 100% | 100%  
GmbH |  |  |  |  |  |  |  |  |   
Enel X Way Italia  | Rome | IT | 5,000,000  | EUR |  | Line-by-line | Enel X Way Srl | 100% | 100%  
Srl |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Green Power México  | 0% |   
Enel X Way México SA  | Mexico City | MX | 6,479,171 | MXN |  | Line-by-line | S de RL de Cv |  | 100%  
de Cv |  |  |  |  |  |  | Enel X Way Srl | 100% |   
Enel X Way North America  | San Carlos | US | - | USD |  | Line-by-line | Enel X Way Srl | 100% | 100%  
Inc. |  |  |  |  |  |  |  |  |   
Enel X Way Perú |  |  |  |  |  |  | Enel Perú SAC | 20% |   
SAC | Lima | PE | 13,395,500 | PEN |  | Line-by-line |  |  | 96%  
|  |  |  |  |  |  | Enel X Way Srl | 80% |   
Enel X Way  | Rome | IT | 6,026,000 | EUR |  | Line-by-line | Enel SpA | 100% | 100%  
Srl |  |  |  |  |  |  |  |  |   
Enel X Way USA LLC | San Carlos | US | - | USD |  | Line-by-line | Enel X Way North  | 100% | 100%  
|  |  |  |  |  |  | America Inc. |  |   
  
  


  


Attachments

661

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Enelpower Contractor  |  |  |  |  |  |  |  |  |   
and Development Saudi  | Riyadh | SA | 5,000,000  | SAR |  | Line-by-line | Enelpower Srl | 51% | 51%  
Arabia Ltd |  |  |  |  |  |  |  |  |   
Enelpower do Brasil Ltda | Rio de Janeiro | BR | 55,449,064 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Enelpower  | Milan | IT | 2,000,000 | EUR |  | Line-by-line | Enel SpA | 100% | 100%  
Srl |  |  |  |  |  |  |  |  |   
Energía Base Natural SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 35%  
|  |  |  |  |  |  | España Solar 1 SLU |  |   
Energía Ceuta XXI  |  |  |  |  |  |  |  |  |   
Comercializadora de  | Ceuta | ES | 65,000 | EUR |  | Line-by-line | Endesa Energía SAU | 100% | 70%  
Referencia SAU |  |  |  |  |  |  |  |  |   
Energía Eólica Ábrego SLU | Madrid | ES | 3,576 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Energía Eólica Galerna  | Madrid | ES | 3,413 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
SLU |  |  |  |  |  |  | España SLU |  |   
Energía Eólica Gregal SLU | Madrid | ES | 3,250 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Energía Global de México  | Mexico City | MX | 50,000 | MXN |  | Line-by-line | Enel Green Power SpA | 99% | 99%  
(Enermex) SA de Cv |  |  |  |  |  |  |  |  |   
Energía Limpia de  |  |  |  |  |  |  | Tenedora de Energía  |  |   
Amistad SA de Cv | Mexico City | MX | 33,452,769  | MXN |  | Equity | Renovable Sol y Viento  | 61% | 20%  
|  |  |  |  |  |  | SAPI de Cv |  |   
Energía Limpia de Palo  |  |  |  |  |  |  | Tenedora de Energía  |  |   
Alto SA de Cv | Mexico City | MX | 673,583,489  | MXN |  | Equity | Renovable Sol y Viento  | 61% | 20%  
|  |  |  |  |  |  | SAPI de Cv |  |   
|  |  |  |  |  |  | Enel Green Power México  | 0% |   
Energía Limpia de Puerto  | Mexico City | MX | 2,953,980 | MXN |  | Line-by-line | S de RL de Cv |  | 100%  
Libertad S de RL de Cv |  |  |  |  |  |  | Enel Rinnovabile SA  | 100% |   
|  |  |  |  |  |  | de Cv |  |   
Energía Marina SpA | Santiago de  | CL | 2,404,240,000 | CLP |  | Equity | Enel Green Power  | 25% | 16%  
| Chile |  |  |  |  |  | Chile SA |  |   
Energía Neta Sa Caseta  | Palma  | ES | 9,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 35%  
Llucmajor SLU | de Mallorca  |  |  |  |  |  | España Solar 1 SLU |  |   
Energía XXI  |  |  |  |  |  |  |  |  |   
Comercializadora de  | Madrid | ES | 2,000,000 | EUR |  | Line-by-line | Endesa Energía SAU | 100% | 70%  
Referencia SLU |  |  |  |  |  |  |  |  |   
Energía y Naturaleza SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 35%  
|  |  |  |  |  |  | España Solar 1 SLU |  |   
Energías Alternativas del  | Las Palmas de  | ES | 546,919  | EUR |  | Line-by-line | Enel Green Power  | 55% | 39%  
Sur SL | Gran Canaria |  |  |  |  |  | España SLU |  |   
Energías de Aragón I SLU | Zaragoza | ES | 3,200,000 | EUR |  | Line-by-line | Endesa SA | 100% | 70%  
Energías de Graus  | Zaragoza | ES | 1,298,160 | EUR |  | Line-by-line | Enel Green Power  | 67% | 47%  
SL |  |  |  |  |  |  | España SLU |  |   
Energías Especiales de  | Santiago de  | ES | 270,450 | EUR |  | Line-by-line | Enel Green Power  | 97% | 68%  
Careón SA | Compostela |  |  |  |  |  | España SLU |  |   
Energías Especiales del  | Madrid | ES | 9,210,840 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
Alto Ulla SAU |  |  |  |  |  |  | España SLU |  |   
Energías Especiales del  | Torre | ES | 1,635,000 | EUR |  | Equity | Enel Green Power  | 50% | 35%  
Bierzo SA | del Bierzo  |  |  |  |  |  | España SLU |  |   
|  |  |  |  |  |  | Envatios Promoción I SLU | 8% |   
Energías Limpias de  | Seville | ES | 5,688 | EUR |  | Equity | Envatios Promoción  | 8% | 16%  
Carmona SL |  |  |  |  |  |  | II SLU |  |   
|  |  |  |  |  |  | Envatios Promoción  | 8% |   
|  |  |  |  |  |  | III SLU |  |   
|  |  |  |  |  |  | Enel Green Power México  | 100% |   
Energías Renovables La  | Mexico City | MX | 3,011,133,575  | MXN |  | Line-by-line | S de RL de Cv |  | 100%  
Mata SA de Cv |  |  |  |  |  |  | Enel Rinnovabile  | 0% |   
|  |  |  |  |  |  | SA de Cv |  |   
Energie Electrique de  | Tangier | MA | 306,160,000  | MAD |  | Equity | Endesa Generación SAU | 32% | 22%  
Tahaddart SA |  |  |  |  |  |  |  |  |   
Energotel AS | Bratislava | SK | 2,191,200  | EUR |  | - | Slovenské elektrárne AS | 20% | 7%  
Energy Podium Single  | Maroussi | GR | 4,003 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Member Private Company |  |  |  |  |  |  | Single Member SA |  |   
Energy Response  | Melbourne | AU | 52,128,517 | AUD |  | Line-by-line | Enel X Australia Holding  | 100% | 100%  
Holdings (Pty) Ltd |  |  |  |  |  |  | (Pty) Ltd |  |   
  
  


  


Attachments

662

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
EnergyQ1BESS Srl | Rome | IT | 10,000  | EUR |  | Line-by-line | Enel Libra Flexsys Srl | 100% | 51%  
EnerNOC GmbH | Munich | DE | 25,000  | EUR |  | Line-by-line | Enel X North  | 100% | 100%  
|  |  |  |  |  |  | America Inc. |  |   
EnerNOC Ireland Limited | Dublin | IE | 10,589  | EUR |  | Line-by-line | Enel X Ireland Limited | 100% | 100%  
EnerNOC UK II  | London | GB | 21,000 | GBP |  | Line-by-line | Enel X UK Limited | 100% | 100%  
Limited |  |  |  |  |  |  |  |  |   
Enigma Green Power  | Madrid | ES | 3,000  | EUR |  | Line-by-line | Shark Power SLU | 100% | 70%  
1 SLU |  |  |  |  |  |  |  |  |   
Entech Utility Service  | Lutherville | US | 1,500 | USD |  | Line-by-line | Enel X North  | 100% | 100%  
Bureau Inc. |  |  |  |  |  |  | America Inc. |  |   
Envatios Promoción I SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Envatios Promoción II SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Envatios Promoción III SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Envatios Promoción  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
XX SLU |  |  |  |  |  |  | España SLU |  |   
Eojin Wind Power Co. Ltd | Seoul | KR | 301,000,000  | KRW |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
Eólica Valle del Ebro SA | Zaragoza | ES | 3,561,343  | EUR |  | Line-by-line | Enel Green Power  | 50% | 35%  
|  |  |  |  |  |  | España SLU |  |   
|  |  |  |  |  |  | Enel Green Power México  | 57% |   
Eólica Zopiloapan  |  |  |  |  |  |  | S de RL de Cv |  |   
SA de Cv | Mexico City | MX | 1,877,201,544 | MXN |  | Line-by-line | Enel Green Power  |  | 100%  
|  |  |  |  |  |  | Partecipazioni Speciali  | 43% |   
|  |  |  |  |  |  | Srl |  |   
Eólicas de Agaete SL | Las Palmas de  | ES | 240,400 | EUR |  | Line-by-line | Enel Green Power  | 80% | 56%  
| Gran Canaria |  |  |  |  |  | España SLU |  |   
Eólicas de Fuencaliente  | Las Palmas de  | ES | 216,360  | EUR |  | Line-by-line | Enel Green Power  | 55% | 39%  
SA | Gran Canaria |  |  |  |  |  | España SLU |  |   
Eólicas de Fuerteventura  | Puerto del  | ES | 4,558,427 | EUR |  | Equity | Enel Green Power  | 40% | 28%  
AIE | Rosario |  |  |  |  |  | España SLU |  |   
Eólicas de la Patagonia SA | Buenos Aires | AR | 480,930  | ARS |  | Equity | Enel Green Power  | 50% | 35%  
|  |  |  |  |  |  | España SLU |  |   
Eólicas de Lanzarote SL | Las Palmas de  | ES | 1,758,226  | EUR |  | Equity | Enel Green Power  | 40% | 28%  
| Gran Canaria |  |  |  |  |  | España SLU |  |   
Eólicas de Tenerife AIE | Santa Cruz de  | ES | 420,708  | EUR |  | Equity | Enel Green Power  | 50% | 35%  
| Tenerife |  |  |  |  |  | España SLU |  |   
Eólicos de Tirajana SL | Las Palmas de  | ES | 3,000  | EUR |  | Line-by-line | Enel Green Power  | 60% | 42%  
| Gran Canaria |  |  |  |  |  | España SLU |  |   
Epresa Energía  | Puerto Real | ES | 2,500,000  | EUR |  | Equity | Endesa SA | 50% | 35%  
SA |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Principia Energy  |  |   
Ermis 2 Energeiaki SA | Grevena | GR | 25,000  | EUR |  | Equity | Generation Single  | 0% | 0%  
|  |  |  |  |  |  | Member SA |  |   
E-Solar 2 Srl | Rome | IT | 2,500 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
E-Solar 4 Srl | Rome | IT | 2,500 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
E-Solar Srl | Rome | IT | 2,500 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
Essaouira Wind Farm | Casablanca | MA | 300,000 | MAD |  | Equity | Nareva Enel Green Power  | 70% | 35%  
|  |  |  |  |  |  | Morocco SA |  |   
Estonian Solar Holdings  | Andover | US | 1 | USD |  | Line-by-line | EGP Estonian Solar  | 100% | 100%  
LLC |  |  |  |  |  |  | Holdings LLC |  |   
Estonian Solar PPA LLC | Andover | US | 1 | USD |  | Line-by-line | EGP North America  | 100% | 100%  
|  |  |  |  |  |  | PPA LLC |  |   
European Energy  | Leipzig | DE | 40,050,000 | EUR |  | - | Enel Global Trading SpA | 2% | 2%  
Exchange AG |  |  |  |  |  |  |  |  |   
EV Gravitational Energy  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Storage LLC |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

663

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
|  |  |  |  |  |  | Envatios Promoción I SLU | 3% |   
Evacuación Carmona  |  |  |  |  |  |  | Envatios Promoción  |  |   
400-220 kV Renovables  | Seville | ES | 9,066 | EUR |  | Equity | II SLU | 3% | 7%  
SL |  |  |  |  |  |  | Envatios Promoción  |  |   
|  |  |  |  |  |  | III SLU | 3% |   
Evolution Wind Project  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Ewiva  | Milan | IT | 1,000,000  | EUR |  | Equity | Enel X Way Srl | 50% | 50%  
Srl |  |  |  |  |  |  |  |  |   
Expedition Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Explorer Wind  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Explotaciones Eólicas de  | Zaragoza | ES | 3,505,000 | EUR |  | Line-by-line | Enel Green Power  | 70% | 49%  
Escucha SA |  |  |  |  |  |  | España SLU |  |   
Explotaciones Eólicas El  | Zaragoza | ES | 3,230,000 | EUR |  | Line-by-line | Enel Green Power  | 74% | 52%  
Puerto SA |  |  |  |  |  |  | España SLU |  |   
Explotaciones Eólicas  |  |  |  |  |  |  | Enel Green Power  |  |   
Santo Domingo de  | Zaragoza | ES | 100,000  | EUR |  | Line-by-line | España SLU | 51% | 36%  
Luna SA |  |  |  |  |  |  |  |  |   
Explotaciones Eólicas  | Zaragoza | ES | 5,488,500 | EUR |  | Line-by-line | Enel Green Power  | 65% | 46%  
Saso Plano SA |  |  |  |  |  |  | España SLU |  |   
Explotaciones Eólicas  | Zaragoza | ES | 8,046,800 | EUR |  | Line-by-line | Enel Green Power  | 90% | 63%  
Sierra Costera SA |  |  |  |  |  |  | España SLU |  |   
Explotaciones Eólicas  | Zaragoza | ES | 4,200,000  | EUR |  | Line-by-line | Enel Green Power  | 90% | 63%  
Sierra La Virgen SA |  |  |  |  |  |  | España SLU |  |   
Falls Park Energy Storage  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Farrier Station Energy  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Storage Project LLC |  |  |  |  |  |  |  |  |   
Fayette Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Fazenda Aroeira  |  |  |  |  |  |  |  |  |   
Empreendimento de  | Rio de Janeiro | BR | 2,362,046 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Energia Ltda |  |  |  |  |  |  |  |  |   
Fence Post Solar Holdings  | Andover | US | 1 | USD |  | Line-by-line | Enel Green Power Fence  | 100% | 100%  
LLC |  |  |  |  |  |  | Post Solar Holdings LLC |  |   
Fence Post Solar Project  | Andover | US | - | USD |  | Line-by-line | Fence Post Solar  | 100% | 100%  
LLC |  |  |  |  |  |  | Holdings LLC |  |   
Fenner Wind Holdings  | Dover | US | 100 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Field Day Solar | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Finocchiara Solar Srl | Rome | IT | 10,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
Flat Rock Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Cohuna Solar Trust | 33% |   
Flat Rocks Girgarre  | Sydney | AU | 120 | AUD |  | Equity | Flat Rocks One Wind  | 33% | 50%  
Cohuna FinCo (Pty) Ltd |  |  |  |  |  |  | Trust |  |   
|  |  |  |  |  |  | Girgarre Solar Trust | 33% |   
Flat Rocks One Wind  | Sydney | AU | 100 | AUD |  | Equity | Potentia Energy (Pty) Ltd | 100% | 50%  
Holding (Pty) Ltd |  |  |  |  |  |  |  |  |   
Flat Rocks One Wind  | Sydney | AU | 100  | AUD |  | Equity | Potentia Energy Trust | 100% | 50%  
Holding Trust |  |  |  |  |  |  |  |  |   
Flat Rocks One Wind  | Sydney | AU | 100 | AUD |  | Equity | Flat Rocks One Wind  | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  | Holding (Pty) Ltd |  |   
Flat Rocks One Wind  | Sydney | AU | 100 | AUD |  | Equity | Flat Rocks One Wind  | 100% | 50%  
Trust |  |  |  |  |  |  | Holding Trust |  |   
Flat Top Solar Project LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Flint Rock Solar Project  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Florence Hills LLC | Minneapolis | US | - | USD |  | Line-by-line | Chi Minnesota Wind LLC | 100% | 100%  
  
  


  


Attachments

664

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Flowing Spring Farms LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Fontibón ZE  | Bogotá | CO | 434,359,750  | COP |  | Equity | Bogotá ZE SAS | 100% | 9%  
SAS |  |  |  |  |  |  |  |  |   
Fótons de Santo Anchieta  | Rio de Janeiro  | BR | 577,000 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Energias Renováveis SA |  |  |  |  |  |  |  |  |   
Fotovoltaica Yunclillos SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 35%  
|  |  |  |  |  |  | España Solar 1 SLU |  |   
Fourmile Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Fox Run Energy Project  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Franklintown Farm LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
|  |  |  |  |  |  | Enel Energy Storage  |  |   
Freedom Energy Storage  | Andover | US | - | USD |  | Line-by-line | Holdings LLC (formerly  | 100% | 100%  
LLC |  |  |  |  |  |  | EGP Energy Storage  |  |   
|  |  |  |  |  |  | Holdings LLC) |  |   
French Quarter Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Front Marítim del Besòs  | Barcelona | ES | 9,000  | EUR |  | Equity | Endesa Generación SAU | 61% | 43%  
SL |  |  |  |  |  |  |  |  |   
Frontiersman Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
FRV Corchitos I SLU | Madrid | ES | 75,800 | EUR |  | Line-by-line | Enel Green Power  | 100% | 35%  
|  |  |  |  |  |  | España Solar 1 SLU |  |   
FRV Corchitos II Solar SLU | Madrid | ES | 22,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
FRV Gibalbín - Jerez SLU | Madrid | ES | 23,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
FRV Tarifa SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
FRV Villalobillos SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
FRV Zamora Solar 1 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
FRV Zamora Solar 3 SLU | Madrid | ES | 3,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
FRWF Stage 1 (Pty) Ltd | Sydney | AU | 100 | AUD |  | Equity | Potentia Energy Group  | 100% | 50%  
|  |  |  |  |  |  | (Pty) Ltd |  |   
Fundamental Recognized  | Andorra | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
Systems SLU |  |  |  |  |  |  | España SLU |  |   
Furatena Solar 1 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 35%  
|  |  |  |  |  |  | España Solar 1 SLU |  |   
FV Andrea Solar SLU | Madrid | ES | 3,006 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
FV Campos Solar SLU | Madrid | ES | 3,006 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
FV La Cerca SLU | Madrid | ES | 3,006 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
FV Menaute SLU | Madrid | ES | 3,006 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
FV Santa María SLU | Madrid | ES | 3,006 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Ganado Solar Holdings  |  |  |  |  |  |  | Enel Green Power  |  |   
LLC | Andover | US | 1 | USD |  | Line-by-line | Ganado Solar Holdings  | 100% | 100%  
|  |  |  |  |  |  | LLC |  |   
Ganado Solar LLC | Andover | US | - | USD |  | Line-by-line | Ganado Solar Holdings  | 100% | 100%  
|  |  |  |  |  |  | LLC |  |   
Ganado Storage LLC | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Garob Wind Farm (RF)  | Johannesburg | ZA | 100 | ZAR |  | Equity | Enel Green Power RSA 2  | 55% | 28%  
(Pty) Ltd |  |  |  |  |  |  | (RF) (Pty) Ltd |  |   
Gas y Electricidad  | Palma de  | ES | 213,775,700 | EUR |  | Line-by-line | Endesa Generación SAU | 100% | 70%  
Generación SAU | Mallorca |  |  |  |  |  |  |  |   
  
  


  


Attachments

665

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Gauley Hydro  | Wilmington | US | - | USD |  | Equity | GRPP Holdings LLC | 100% | 50%  
LLC |  |  |  |  |  |  |  |  |   
Gauley River Management  | Willison | US | 1 | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
LLC |  |  |  |  |  |  | America Inc. |  |   
Generadora de Occidente  |  |  |  |  |  |  | Enel Colombia SA ESP | 99% |   
SA | Guatemala City | GT | 16,262,000 | GTQ |  | Line-by-line |  |  | 47%  
|  |  |  |  |  |  | Enel Guatemala SA | 1% |   
Generadora Montecristo  |  |  |  |  |  |  | Enel Colombia SA ESP | 100% |   
SA | Guatemala City | GT | 3,820,000  | GTQ |  | Line-by-line |  |  | 47%  
|  |  |  |  |  |  | Enel Guatemala SA | 0% |   
Generadora Solar Austral  | Panama City | PA | 10,000  | USD |  | Line-by-line | Enel Panamá CAM Srl | 100% | 47%  
SA |  |  |  |  |  |  |  |  |   
Generadora Solar de  | Panama City | PA | 10,000 | USD |  | Line-by-line | Enel Panamá CAM Srl | 100% | 47%  
Occidente SA |  |  |  |  |  |  |  |  |   
Generadora Solar El  | Panama City | PA | 10,000 | USD |  | Line-by-line | Enel Panamá CAM Srl | 100% | 47%  
Puerto SA |  |  |  |  |  |  |  |  |   
Geotérmica del Norte SA | Santiago de  | CL | 326,577,419,702  | CLP |  | Line-by-line | Enel Green Power  | 85% | 55%  
| Chile  |  |  |  |  |  | Chile SA |  |   
Gibson Bay Wind Farm  | Johannesburg | ZA | 1,000 | ZAR |  | Line-by-line | Enel Green Power South  | 60% | 60%  
(RF) (Pty) Ltd |  |  |  |  |  |  | Africa (Pty) Ltd |  |   
Girgarre Solar Holding  | Sydney | AU | 100 | AUD |  | Equity | Potentia Energy (Pty) Ltd | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  |  |  |   
Girgarre Solar Holding  | Sydney | AU | 10 | AUD |  | Equity | Potentia Energy Trust | 100% | 50%  
Trust |  |  |  |  |  |  |  |  |   
Girgarre Solar (Pty) Ltd | Sydney | AU | - | AUD |  | Equity | Girgarre Solar Holding  | 100% | 50%  
|  |  |  |  |  |  | (Pty) Ltd |  |   
Girgarre Solar Trust | Sydney | AU | 10 | AUD |  | Equity | Girgarre Solar Holding  | 100% | 50%  
|  |  |  |  |  |  | Trust |  |   
Glass Top Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Global Commodities  | London | GB | 4,042,375 | GBP |  | - | Enel Global Trading SpA | 5% | 5%  
Holdings Limited |  |  |  |  |  |  |  |  |   
Globyte SA | San José | CR | 910,000 | CRC |  | - | Enel Costa Rica CAM SA | 10% | 5%  
Gloucester Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
GNL Chile SA | Santiago de  | CL | 3,026,160 | USD |  | Equity | Enel Generación Chile SA | 33% | 20%  
| Chile |  |  |  |  |  |  |  |   
Golden Terrace Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Goodwell Wind Project  | Wilmington | US | - | USD |  | Equity | Origin Goodwell Holdings  | 100% | 10%  
LLC |  |  |  |  |  |  | LLC |  |   
Goose Foot Energy  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Storage Project LLC |  |  |  |  |  |  |  |  |   
Gooseneck Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Gorona del Viento El  |  |  |  |  |  |  | Unión Eléctrica de  |  |   
Hierro SA | Valverde | ES | 30,936,736 | EUR |  | Equity | Canarias Generación  | 23% | 16%  
|  |  |  |  |  |  | SAU |  |   
Grand Prairie Solar Project  Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Gridspertise Iberia  | Madrid | ES | 3,000 | EUR |  | Equity | Gridspertise Srl | 100% | 50%  
SL |  |  |  |  |  |  |  |  |   
Gridspertise India Private  | Gurugram | IN | 19,759,130 | INR |  | Equity | Gridspertise Srl | 100% | 50%  
Limited |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Brasil SA | 0% |   
Gridspertise Latam SA | São Paulo | BR | 2,010,000 | BRL |  | Equity |  |  | 50%  
|  |  |  |  |  |  | Gridspertise Srl | 100% |   
Gridspertise  | Rome | IT | 7,500,000 | EUR |  | Equity | Enel Grids Srl | 50% | 50%  
Srl |  |  |  |  |  |  |  |  |   
Gridspertise  | Dover | US | 160,000 | USD |  | Equity | Gridspertise Srl | 100% | 50%  
LLC |  |  |  |  |  |  |  |  |   
GRPP Holdings LLC | Andover | US | 2 | USD |  | Equity | EGPNA REP Holdings LLC | 50% | 50%  
  
  


  


Attachments

666

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Guayepo Solar III SAS ESP | Bogotá | CO | 1,000,000 | COP |  | Line-by-line | Enel Colombia SA ESP | 100% | 47%  
Guayepo Solar | Bogotá | CO | 1,000,000 | COP |  | Line-by-line | Enel Colombia SA ESP | 100% | 47%  
SAS |  |  |  |  |  |  |  |  |   
Guir Wind Farm | Casablanca | MA | 10,000 | MAD |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Morocco Sàrl |  |   
GulfStar Power LLC | Andover | US | 1 | USD |  | Line-by-line | Gulfstar Solar Holdings  | 100% | 100%  
|  |  |  |  |  |  | LLC |  |   
Gulfstar Solar Holdings  |  |  |  |  |  |  | Enel Green Power  |  |   
LLC | Andover | US | 1 | USD |  | Line-by-line | Gulfstar Solar Holdings  | 100% | 100%  
|  |  |  |  |  |  | LLC |  |   
Gusty Hill Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Hadley Ridge LLC | Minneapolis | US | - | USD |  | Line-by-line | Chi Minnesota Wind LLC | 100% | 100%  
Hamilton County Solar  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Hamlet Mill Storage  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Hansborough Valley Solar  | - | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Harmony Plains Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Harrogate BESS Holding  | Barangaroo | AU | 100 | AUD |  | Equity | Potentia Energy (Pty) Ltd | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  |  |  |   
Harrogate BESS Holding  | Barangaroo | AU | 100 | AUD |  | Equity | Potentia Energy Trust | 100% | 50%  
Trust |  |  |  |  |  |  |  |  |   
Harrogate BESS (Pty) Ltd | Sydney | AU | 100 | AUD |  | Equity | Harrogate BESS Holding  | 100% | 50%  
|  |  |  |  |  |  | (Pty) Ltd |  |   
Harrogate BESS Trust | Sydney | AU | 100 | AUD |  | Equity | Harrogate BESS Holding  | 100% | 50%  
|  |  |  |  |  |  | Trust |  |   
Hastings Solar LLC | Wilmington | US | - | USD |  | Line-by-line | Aurora Distributed Solar  | 100% | 74%  
|  |  |  |  |  |  | LLC |  |   
Heartland Farms Wind  | Wilmington | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Heywood BESS Holding  | Barangaroo | AU | 100 | AUD |  | Equity | Potentia Energy (Pty) Ltd | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  |  |  |   
Heywood BESS Holding  | Sydney | AU | 100 | AUD |  | Equity | Potentia Energy Trust | 100% | 50%  
Trust |  |  |  |  |  |  |  |  |   
Heywood BESS (Pty) Ltd | Sydney | AU | 100 | AUD |  | Equity | Heywood BESS Holding  | 100% | 50%  
|  |  |  |  |  |  | (Pty) Ltd |  |   
Heywood BESS Trust | Sydney | AU | 100 | AUD |  | Equity | Heywood BESS Holding  | 100% | 50%  
|  |  |  |  |  |  | Trust |  |   
Hidroeléctrica de  | Barcelona | ES | 126,210 | EUR |  | Line-by-line | Endesa SA | 100% | 70%  
Catalunya SLU |  |  |  |  |  |  |  |  |   
Hidroeléctrica de Ourol SL | La Coruña | ES | 1,608,200 | EUR |  | Equity | Enel Green Power  | 30% | 21%  
|  |  |  |  |  |  | España SLU |  |   
|  |  |  |  |  |  | Enel Green Power México  | 100% |   
Hidroelectricidad del  | Colima | MX | 30,889,736,000 | MXN |  | Line-by-line | S de RL de Cv |  | 100%  
Pacífico S de RL de Cv |  |  |  |  |  |  | Enel Rinnovabile SA  | 0% |   
|  |  |  |  |  |  | de Cv |  |   
Hidroflamicell SL | Barcelona | ES | 78,120 | EUR |  | Line-by-line | Hidroeléctrica de  | 75% | 53%  
|  |  |  |  |  |  | Catalunya SLU |  |   
|  |  |  |  |  |  | Enel Américas SA | 42% |   
Hidroinvest SA | Buenos Aires | AR | 55,312,093 | ARS |  | Line-by-line |  |  | 80%  
|  |  |  |  |  |  | Enel Argentina SA | 55% |   
HIF H2 SpA | Santiago de  | CL | 6,303,000 | USD |  | Equity | Enel Green Power  | 50% | 32%  
| Chile |  |  |  |  |  | Chile SA |  |   
High Chaparral Solar  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
High Lonesome Storage  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
High Lonesome Wind  | Wilmington | US | 100 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Holdings LLC |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

667

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
High Lonesome Wind  | Boston | US | 100 | USD |  | Line-by-line | High Lonesome Wind  | 100% | 100%  
Power LLC |  |  |  |  |  |  | Holdings LLC |  |   
High Noon Solar Project  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Hilltopper Wind Holdings  | Wilmington | US | 1,000 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Hispano Generación de  | Jerez de los  | ES | 3,500 | EUR |  | Line-by-line | Enel Green Power  | 51% | 36%  
Energía Solar SL | Caballeros |  |  |  |  |  | España SLU |  |   
Honey Stone Solar Project  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Honeybee Solar Project  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Honeywine Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Hope Creek LLC | Crestview | US | - | USD |  | Line-by-line | Chi Minnesota Wind LLC | 100% | 100%  
Hope Ridge Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Horse Run Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Horse Wrangler Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Hubject eRoaming  |  |  |  |  |  |  |  |  |   
Technology (Shanghai)  | Shangai | CN | 12,668,016 | CNY |  | - | Hubject GmbH | 100% | 13%  
Co. Ltd |  |  |  |  |  |  |  |  |   
Hubject Financial Services  | Berlin | DE | 25,000 | EUR |  | - | Hubject GmbH | 100% | 13%  
GmbH |  |  |  |  |  |  |  |  |   
Hubject GmbH | Berlin | DE | 65,943  | EUR |  | - | Enel X Way Srl | 13% | 13%  
Hubject Inc. | Santa Monica | US | 100,000  | USD |  | - | Hubject GmbH | 100% | 13%  
Ice Fotovoltaicos  | Madrid | ES | 3,000  | EUR |  | Equity | Enel Green Power  | 50% | 35%  
Villameca SL |  |  |  |  |  |  | España SLU |  |   
Idalia Park Solar Project  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Idrosicilia  | Milan | IT | 22,520,000 | EUR |  | Equity | Enel SpA | 1% | 1%  
SpA |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Green Power México  | 0% |   
IIK Energía de Dzemul SA  | Mexico City | MX | 6,204,259  | MXN |  | Line-by-line | S de RL de Cv |  | 100%  
de Cv |  |  |  |  |  |  | Enel Rinnovabile SA  | 100% |   
|  |  |  |  |  |  | de Cv |  |   
Ilary Energia Srl | Rome | IT | 10,000  | EUR |  | Line-by-line | Enel Libra Flexsys Srl | 100% | 51%  
Impofu Cluster Investment  | Gauteng | ZA | 2,000,000  | ZAR |  | Equity | Enel Green Power RSA  | 51% | 25%  
SPV (RF) (Pty) Ltd |  |  |  |  |  |  | (Pty) Ltd |  |   
Infraestructura de  |  |  |  |  |  |  | Enel Green Power  |  |   
Evacuación Peñaflor 220  | Madrid | ES | 3,500 | EUR |  | Equity | España SLU | 41% | 29%  
kV SL |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Puerto Santa María  | 50% |   
Infraestructuras Palos  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Energía I SLU |  | 70%  
220 SL |  |  |  |  |  |  | Puerto Santa María  | 50% |   
|  |  |  |  |  |  | Energía II SLU |  |   
Infraestructuras San  |  |  |  |  |  |  | Enel Green Power  |  |   
Serván 220  | Madrid | ES | 12,000  | EUR |  | Equity | España Solar 1 SLU | 31% | 11%  
SL |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Aranort Desarrollos SLU | 6% |   
Infraestructuras San  | Madrid | ES | 90,000 | EUR |  | Equity | Baylio Solar SLU | 6% | 7%  
Serván Set 400 SL |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Furatena Solar 1 SLU | 6% |   
Ingwe Solar Power Plant  | Gauteng | ZA | 1,000  | ZAR |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
(RF) (Pty) Ltd |  |  |  |  |  |  |  |  |   
Inkolan Información y  |  |  |  |  |  |  | Edistribución Redes  |  |   
Coordinación de Obras  | Bilbao | ES | 84,142 | EUR |  | - | Digitales SLU | 14% | 10%  
AIE |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Aranort Desarrollos SLU | 8% |   
Instalaciones San Serván  | Madrid | ES | 11,026  | EUR |  | Equity | Baylio Solar SLU | 8% | 8%  
II 400 SL |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Furatena Solar 1 SLU | 8% |   
  
  


  


Attachments

668

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
International Multimedia  | - | IT | 24,000 | EUR |  | - | Enel Italia SpA | 13% | 13%  
University Srl in bankruptcy |  |  |  |  |  |  |  |  |   
Ipsomata DPGU Single  | Maroussi | GR | 30,000  | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Member Private Company |  |  |  |  |  |  | Single Member SA |  |   
Iris Bloom Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Iron Belt Energy Storage  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Iron Bull Solar Project LLC | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Irradiance Draw Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Isamu Ikeda Energia SA | Niterói | BR | 31,753,476 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Italgest Energy (Pty) Ltd | Johannesburg | ZA | 1,000 | ZAR |  | Line-by-line | Enel Green Power South  | 100% | 100%  
|  |  |  |  |  |  | Africa (Pty) Ltd |  |   
Jack River LLC | Minneapolis | US | - | USD |  | Line-by-line | Chi Minnesota Wind LLC | 100% | 100%  
Jackrabbit Energy Storage  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Jade Energia  | Rio de Janeiro  | BR | 7,283,953 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Ltda |  |  |  |  |  |  |  |  |   
Jamboree Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Jessica Mills LLC | Minneapolis | US | - | USD |  | Line-by-line | Chi Minnesota Wind LLC | 100% | 100%  
Julep Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Julia Hills LLC | Minneapolis | US | - | USD |  | Line-by-line | Chi Minnesota Wind LLC | 100% | 100%  
Junia Insurance Srl | Mosciano  | IT | 10,000 | EUR |  | Equity | Mooney Group SpA | 100% | 50%  
| Sant’Angelo |  |  |  |  |  |  |  |   
Juniper Canyon Energy  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Storage Project LLC |  |  |  |  |  |  |  |  |   
Keeneys Creek Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Ken Renewables India  | Gurugram | IN | 12,100,000 | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Private Limited |  |  |  |  |  |  | Private Limited |  |   
King Branch Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
|  |  |  |  |  |  | Enel Energy Storage  |  |   
Kingston Energy Storage  | Wilmington | US | - | USD |  | Line-by-line | Holdings LLC (formerly  | 100% | 100%  
LLC |  |  |  |  |  |  | EGP Energy Storage  |  |   
|  |  |  |  |  |  | Holdings LLC) |  |   
|  |  |  |  |  |  | Enel Green Power México  | 100% |   
Kino Contractor SA de Cv | Mexico City | MX | 1,000,100 | MXN |  | Line-by-line | S de RL de Cv |  | 100%  
|  |  |  |  |  |  | Enel Rinnovabile SA  | 0% |   
|  |  |  |  |  |  | de Cv |  |   
Knickerbocker Energy  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Storage Project LLC |  |  |  |  |  |  |  |  |   
Kokkinari DPGU Single  | Maroussi | GR | 41,000 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Member Private Company |  |  |  |  |  |  | Single Member SA |  |   
Korea Line Corporation | Seoul | KR 122,132,520,000  | KRW |  | - | Enel Global Trading SpA | 0% | 0%  
Koukos Energy Single  | Maroussi | GR | 4,006 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Member Private Company |  |  |  |  |  |  | Single Member SA |  |   
Kromschroeder SA | L’Hospitalet de  | ES | 627,126 | EUR |  | Equity | Endesa Medios y  | 29% | 21%  
| Llobregat  |  |  |  |  |  | Sistemas SLU |  |   
Kutlwano Solar Power  | Gauteng | ZA | 1,000 | ZAR |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
Plant (RF) (Pty) Ltd |  |  |  |  |  |  |  |  |   
Lake Emily Solar LLC | Wilmington | US | - | USD |  | Line-by-line | Aurora Distributed Solar  | 100% | 74%  
|  |  |  |  |  |  | LLC |  |   
Lake Pulaski Solar LLC | Wilmington | US | - | USD |  | Line-by-line | Aurora Distributed Solar  | 100% | 74%  
|  |  |  |  |  |  | LLC |  |   
Land Run Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

669

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Land Run Wind Project  | Dover | US | 100 | USD |  | Line-by-line | Sundance Wind Project  | 100% | 100%  
LLC |  |  |  |  |  |  | LLC |  |   
Lantana Springs  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Hydrogen Project LLC |  |  |  |  |  |  |  |  |   
Lantern Trail Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Lariat Energy Storage  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Lasso Solar Project LLC | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Latam Solar Energías  | Bogotá | CO | 8,000,000  | COP |  | Line-by-line | Enel Colombia SA ESP | 100% | 47%  
Renovables SAS  |  |  |  |  |  |  |  |  |   
Latam Solar Fotovoltaica  | Bogotá | CO | 8,000,000  | COP |  | Line-by-line | Enel Colombia SA ESP | 100% | 47%  
Fundación SAS |  |  |  |  |  |  |  |  |   
Latam Solar Fotovoltaica  | Bogotá | CO | 8,000,000  | COP |  | Line-by-line | Enel Colombia SA ESP | 100% | 47%  
Sahagun SAS |  |  |  |  |  |  |  |  |   
Lathrop Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Laural Grove Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Lawrence Creek Solar LLC | Minneapolis | US | - | USD |  | Line-by-line | Aurora Distributed Solar  | 100% | 74%  
|  |  |  |  |  |  | LLC |  |   
Lebanon Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Legacy Blossom  |  |  |  |  |  |  | Enel Alberta Storage Inc. | 0% |   
Storage Project Limited  | Calgary | CA | - | CAD |  | Line-by-line | Enel Green Power  |  | 100%  
Partnership |  |  |  |  |  |  | Canada Inc. | 100% |   
Lemonade Solar Project  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Lerato Solar Power Plant  | Gauteng | ZA | 1,000 | ZAR |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
(RF) (Pty) Ltd |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Energy Storage  |  |   
Liberty Energy Storage  | Andover | US | - | USD |  | Line-by-line | Holdings LLC (formerly  | 100% | 100%  
LLC |  |  |  |  |  |  | EGP Energy Storage  |  |   
|  |  |  |  |  |  | Holdings LLC) |  |   
Light Cirrus Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Lily Solar Holdings LLC | Andover | US | 1 | USD |  | Line-by-line | Enel Green Power Lily  | 100% | 100%  
|  |  |  |  |  |  | Solar Holdings LLC |  |   
Lily Solar LLC | Andover | US | - | USD |  | Line-by-line | Lily Solar Holdings LLC | 100% | 100%  
Lindahl Wind Holdings  | Wilmington | US | - | USD |  | Line-by-line | EGPNA Preferred Wind  | 100% | 100%  
LLC |  |  |  |  |  |  | Holdings LLC |  |   
Lindahl Wind Project LLC | Wilmington | US | - | USD |  | Line-by-line | Lindahl Wind Holdings  | 100% | 100%  
|  |  |  |  |  |  | LLC |  |   
Little Elk Wind Holdings  | Wilmington | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Little Elk Wind Project LLC | Wilmington | US | - | USD |  | Line-by-line | Little Elk Wind Holdings  | 100% | 100%  
|  |  |  |  |  |  | LLC |  |   
Little Salt Solar Project  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Energy Storage  |  |   
Litus Energy Storage LLC | Andover | US | - | USD |  | Line-by-line | Holdings LLC (formerly  | 100% | 100%  
|  |  |  |  |  |  | EGP Energy Storage  |  |   
|  |  |  |  |  |  | Holdings LLC) |  |   
Loira de Logística 10 SL  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Endesa Energía SAU | 100% | 70%  
(Sociedad Unipersonal) |  |  |  |  |  |  |  |  |   
Loira de Logística 2 SL  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Endesa Energía SAU | 100% | 70%  
(Sociedad Unipersonal) |  |  |  |  |  |  |  |  |   
Loira de Logística 3 SL  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Endesa Energía SAU | 100% | 70%  
(Sociedad Unipersonal) |  |  |  |  |  |  |  |  |   
Loira de Logística 4 SL  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Endesa Energía SAU | 100% | 70%  
(Sociedad Unipersonal) |  |  |  |  |  |  |  |  |   
Loira de Logística 5 SL  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Endesa Energía SAU | 100% | 70%  
(Sociedad Unipersonal) |  |  |  |  |  |  |  |  |   
Loira de Logística 6 SL  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Endesa Energía SAU | 100% | 70%  
(Sociedad Unipersonal) |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

670

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Loira de Logística 7 SL  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Endesa Energía SAU | 100% | 70%  
(Sociedad Unipersonal) |  |  |  |  |  |  |  |  |   
Loira de Logística 8 SL  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Endesa Energía SAU | 100% | 70%  
(Sociedad Unipersonal) |  |  |  |  |  |  |  |  |   
Loira de Logística 9 SL  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Endesa Energía SAU | 100% | 70%  
(Sociedad Unipersonal) |  |  |  |  |  |  |  |  |   
Loira de Logística SL  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Endesa Energía SAU | 100% | 70%  
(Sociedad Unipersonal) |  |  |  |  |  |  |  |  |   
Lone Pine Wind Inc. | Alberta | CA | - | CAD |  | - | Enel Green Power  | 10% | 10%  
|  |  |  |  |  |  | Canada Inc. |  |   
Lone Pine Wind Project LP | Alberta | CA | - | CAD |  | Equity | Enel Green Power  | 10% | 10%  
|  |  |  |  |  |  | Canada Inc. |  |   
Lucas Sostenible SL | Madrid | ES | 1,099,775  | EUR |  | Equity | Enel Green Power  | 35% | 12%  
|  |  |  |  |  |  | España Solar 1 SLU |  |   
Luminary Highlands Solar  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Luz de Alagoinhas  | Alagoinhas | BR | 9,350,000  | BRL |  | Line-by-line | Enel X Brasil SA | 80% | 66%  
SA |  |  |  |  |  |  |  |  |   
Luz de Angra Energia SA | Rio de Janeiro | BR | 14,304,790 | BRL |  | Line-by-line | Enel X Brasil SA | 51% | 42%  
Luz de Caruaru Energia  | Rio de Janeiro | BR | 21,027,600 | BRL |  | Line-by-line | Enel X Brasil SA | 51% | 42%  
SA |  |  |  |  |  |  |  |  |   
Luz de Cataguases  | Cataguases | BR | 4,800,000  | BRL |  | Line-by-line | Enel X Brasil SA | 60% | 49%  
SA |  |  |  |  |  |  |  |  |   
Luz de Caxias do Sul SA | Rio de Janeiro | BR | 31,017,000 | BRL |  | Line-by-line | Enel X Brasil SA | 80% | 66%  
Luz de Itanhaém  | Itanhaém | BR | 22,700,000  | BRL |  | Line-by-line | Enel X Brasil SA | 60% | 49%  
SA |  |  |  |  |  |  |  |  |   
Luz de Jaboatão Energia  | Rio de Janeiro  | BR | 21,114,200  | BRL |  | Line-by-line | Enel X Brasil SA | 51% | 42%  
SA |  |  |  |  |  |  |  |  |   
Luz de Macapá Energia  | Rio de Janeiro | BR | 24,338,000  | BRL |  | Line-by-line | Enel X Brasil SA | 51% | 42%  
SA |  |  |  |  |  |  |  |  |   
Luz de Maringá | Rio de Janeiro | BR | 35,109,625  | BRL |  | Line-by-line | Enel X Brasil SA | 80% | 66%  
SA |  |  |  |  |  |  |  |  |   
Luz de Ponta Grossa SA  | Rio de Janeiro | BR | 17,889,000  | BRL |  | Line-by-line | Enel X Brasil SA | 80% | 66%  
Libyan Italian Joint  |  |  |  |  |  |  |  |  |   
Company - Azienda  | Tripoli | LY | 1,350,000  | EUR |  | - | Enelpower Srl | 0% | 0%  
Libico-Italiana (A.L.I) |  |  |  |  |  |  |  |  |   
Maicor Wind Srl | Rome | IT | 20,850,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
Mansar Renewable Energy  | Gurgaon | IN | 100,000 | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Private Limited |  |  |  |  |  |  | Private Limited |  |   
Maple Run Solar Project  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
María Renovables SL | Zaragoza | ES | 3,000  | EUR |  | Equity | Enel Green Power  | 45% | 32%  
|  |  |  |  |  |  | España SLU |  |   
|  |  |  |  |  |  | Enel X Advisory Services  | 100% |   
Marshoy Energy Advisory  | Mumbai | IN | 313,709,000 | INR |  | Line-by-line | Srl |  | 100%  
Services Private Limited |  |  |  |  |  |  | Enel X Advisory Services  | 0% |   
|  |  |  |  |  |  | UK Limited |  |   
Marte Srl | Rome | IT | 6,100,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
Marudhar Wind Energy  | Gurugram | IN | 100,000 | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Private Limited |  |  |  |  |  |  | Private Limited |  |   
|  |  |  |  |  |  | Enel Green Power México  | 67% |   
Más Energía S de RL  | Mexico City | MX | 61,873,926  | MXN |  | Line-by-line | S de RL de Cv |  | 100%  
de Cv |  |  |  |  |  |  | Enel Rinnovabile SA  | 33% |   
|  |  |  |  |  |  | de Cv |  |   
Mason Jar Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Mason Mountain Wind  | Wilmington | US | - | USD |  | Line-by-line | Padoma Wind Power LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Matrigenix (Pty) Ltd | Johannesburg | ZA | 1,000 | ZAR |  | Line-by-line | Enel Green Power South  | 100% | 100%  
|  |  |  |  |  |  | Africa (Pty) Ltd |  |   
Maty Energia Srl | Rome | IT | 10,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
McBride Wind Project LLC | Wilmington | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
  
  


  


Attachments

671

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Merit Wind Project LLC | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Metro Wind LLC | Minneapolis | US | - | USD |  | Line-by-line | Chi Minnesota Wind LLC | 100% | 100%  
Mexicana de  |  |  |  |  |  |  | Enel Green Power México  |  |   
Hidroelectricidad  | Mexico City | MX | 181,726,501 | MXN |  | Line-by-line | S de RL de Cv | 100% | 100%  
Mexhidro S de RL de Cv |  |  |  |  |  |  |  |  |   
Mibgas | Madrid | ES | 3,000,000 | EUR |  | - | Endesa SA | 1% | 1%  
SA |  |  |  |  |  |  |  |  |   
Midelt Wind Farm SA | Casablanca | MA | 145,000,000 | MAD |  | Equity | Nareva Enel Green Power  | 70% | 35%  
|  |  |  |  |  |  | Morocco SA |  |   
Millstone Junction Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Energía Base Natural SLU | 5% |   
|  |  |  |  |  |  | Energía Eólica Ábrego  | 8% |   
|  |  |  |  |  |  | SLU |  |   
Minglanilla Renovables  | Valencia | ES | - | EUR |  | Proportional | Energía Eólica Galerna  | 9% | 22%  
400 kV AIE |  |  |  |  |  |  | SLU |  |   
|  |  |  |  |  |  | Energía Eólica Gregal  | 9% |   
|  |  |  |  |  |  | SLU |  |   
|  |  |  |  |  |  | Energía y Naturaleza SLU | 5% |   
Minicentrales Acequia  | Ejea de Los  | ES | 3,346,993 | EUR |  | - | Enel Green Power  | 5% | 4%  
Cinco Villas AIE | Caballeros |  |  |  |  |  | España SLU |  |   
Minicentrales del Canal de  | Ejea de Los  | ES | 1,202,000 | EUR |  | - | Enel Green Power  | 15% | 11%  
Las Bárdenas AIE | Caballeros |  |  |  |  |  | España SLU |  |   
Minicentrales del Canal  | Zaragoza | ES | 1,820,000 | EUR |  | Equity | Enel Green Power  | 37% | 26%  
Imperial-Gallur SL |  |  |  |  |  |  | España SLU |  |   
Mira Energy (Pty) Ltd | Johannesburg | ZA | 100 | ZAR |  | Line-by-line | Enel Green Power South  | 100% | 100%  
|  |  |  |  |  |  | Africa (Pty) Ltd |  |   
MO Land Holdings 1358  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Mologa BESS Holding  | Sydney | AU | 100 | AUD |  | Equity | Potentia Energy (Pty) Ltd | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  |  |  |   
Mologa BESS Holding  | Sydney | AU | 100 | AUD |  | Equity | Potentia Energy Trust | 100% | 50%  
Trust |  |  |  |  |  |  |  |  |   
Mologa BESS (Pty) Ltd | Sydney | AU | 100 | AUD |  | Equity | Mologa BESS Holding  | 100% | 50%  
|  |  |  |  |  |  | (Pty) Ltd |  |   
Mologa BESS Trust | Sydney | AU | 100 | AUD |  | Equity | Mologa BESS Holding  | 100% | 50%  
|  |  |  |  |  |  | Trust |  |   
Monte Reina Renovables  | Madrid | ES | 4,000 | EUR |  | Equity | FRV Zamora Solar 1 SLU | 21% | 14%  
SL |  |  |  |  |  |  |  |  |   
Montrose Solar LLC | Wilmington | US | - | USD |  | Line-by-line | Aurora Distributed Solar  | 100% | 74%  
|  |  |  |  |  |  | LLC |  |   
Moonbeam Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Mooney Group SpA | Milan | IT | 10,050,000  | EUR |  | Equity | Enel X Srl | 50% | 50%  
Mooney  | Milan | IT | 87,833,331  | EUR |  | Equity | Mooney Group SpA | 100% | 50%  
SpA |  |  |  |  |  |  |  |  |   
Mooney Servizi  | Milan | IT | 8,549,999  | EUR |  | Equity | Mooney Group SpA | 100% | 50%  
SpA |  |  |  |  |  |  |  |  |   
Morgan Branch Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Morning Light Energy  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Storage Project LLC |  |  |  |  |  |  |  |  |   
Mountrail Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Mucho Viento Wind  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Mule Bit Wind Project LLC | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Muskegon County Solar  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Muskegon Green Wind  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

672

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Mustang Run Wind  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Mooney Servizi SpA | 30% |   
myCicero Srl | Senigallia | IT | 1,142,857  | EUR |  | Equity |  |  | 39%  
|  |  |  |  |  |  | Pluservice Srl | 70% |   
Nabb Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Napolean Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Nareva Enel Green Power  | Casablanca | MA | 98,750,000 | MAD |  | Equity | Enel Green Power  | 50% | 50%  
Morocco SA |  |  |  |  |  |  | Morocco Sàrl |  |   
Neugemacht  | Frankfurt | DE | 25,000 | EUR |  | Equity | Gridspertise Srl | 51% | 26%  
GmbH  |  |  |  |  |  |  |  |  |   
Nevkan Renewables LLC | Wilmington | US | - | USD |  | Line-by-line | Enel Nevkan Inc. | 100% | 100%  
New York Distributed  | Boston | US | - | USD |  | Line-by-line | Enel X North America Inc. | 100% | 100%  
Storage Projects LLC |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Green Power Solar  |  |   
Ngonye Power Company  | Lusaka | ZM | 10 | ZMW |  | Line-by-line | Ngonye SpA (formerly  | 80% | 80%  
Limited |  |  |  |  |  |  | Enel Green Power Africa  |  |   
|  |  |  |  |  |  | Srl) |  |   
Nojoli Wind Farm (RF)  | Johannesburg | ZA | 10,000,000  | ZAR |  | Line-by-line | Enel Green Power South  | 60% | 60%  
(Pty) Ltd |  |  |  |  |  |  | Africa (Pty) Ltd |  |   
North English Wind  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
North Rock Wind LLC | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Northland Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Northstar Wind Project  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Northwest Hydro  | Wilmington | US | - | USD |  | Line-by-line | Chi West LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Notch Butte Hydro  | Wilmington | US | 100 | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
Company Inc. |  |  |  |  |  |  | America Inc. |  |   
Novolitio Recuperación de  | Ponferrada | ES | 180,000  | EUR |  | Equity | Endesa Generación SAU | 45% | 32%  
Baterías SL |  |  |  |  |  |  |  |  |   
Nuclenor SA | Valle de  | ES | 5,406,000  | EUR |  | Equity | Endesa Generación SAU | 50% | 35%  
| Tobalina |  |  |  |  |  |  |  |   
Nuove Energie Srl | Porto  | IT | 5,204,029  | EUR |  | Line-by-line | Enel Global Trading SpA | 100% | 100%  
| Empedocle |  |  |  |  |  |  |  |   
Nxuba Wind Farm (RF)  | Johannesburg | ZA | 1,000  | ZAR |  | Equity | Enel Green Power RSA 2  | 51% | 26%  
(Pty) Ltd |  |  |  |  |  |  | (RF) (Pty) Ltd |  |   
Ochrana A Bezpecnost  | Kalná Nad  | SK | 33,194 | EUR |  | Equity | Slovenské elektrárne AS | 100% | 33%  
Se Sro | Hronom |  |  |  |  |  |  |  |   
Olathe Solar I LLC | Andover | US | 1  | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Old Sport Wind Project  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Olivum PV Farm 01 SLU | Madrid | ES | 3,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 35%  
|  |  |  |  |  |  | España Solar 1 SLU |  |   
OMIP - Operador do  |  |  |  |  |  |  | Endesa Generación  |  |   
Mercado Ibérico (Portugal)  | Lisbon | PT | 2,610,000  | EUR |  | - | Portugal SA | 5% | 4%  
SGPS SA |  |  |  |  |  |  |  |  |   
Open Range Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Operador del Mercado  |  |  |  |  |  |  |  |  |   
Ibérico de Energía - Polo  | Madrid | ES | 1,999,998  | EUR |  | - | Endesa SA | 5% | 4%  
Español SA |  |  |  |  |  |  |  |  |   
Operadora Distrital de  | Bogotá | CO | 12,500,000,000 | COP |  | Equity | Enel Colombia SA ESP | 20% | 9%  
Transporte SAS |  |  |  |  |  |  |  |  |   
Orchid Acres Solar Project  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Origin Goodwell Holdings  | Wilmington | US | - | USD |  | Equity | EGPNA Wind Holdings  | 100% | 10%  
LLC |  |  |  |  |  |  | 1 LLC |  |   
Origin Wind Energy LLC | Wilmington | US | - | USD |  | Equity | Origin Goodwell Holdings  | 100% | 10%  
|  |  |  |  |  |  | LLC |  |   
  
  


  


Attachments

673

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Osage Wind Holdings LLC | Wilmington | US | 100 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Osage Wind LLC | Wilmington | US | - | USD |  | Line-by-line | Osage Wind Holdings  | 100% | 100%  
|  |  |  |  |  |  | LLC |  |   
Oxagesa AIE in liquidation | Alcañiz | ES | 6,010 | EUR |  | Equity | Enel Green Power  | 33% | 23%  
|  |  |  |  |  |  | España SLU |  |   
Oyster Bay Wind Farm (RF)  | Johannesburg | ZA | 1,000 | ZAR |  | Equity | Enel Green Power RSA 2  | 55% | 28%  
(Pty) Ltd |  |  |  |  |  |  | (RF) (Pty) Ltd |  |   
Padoma Wind Power LLC | Elida | US | - | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
|  |  |  |  |  |  | America Inc. |  |   
Painted Rose Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Paliolivada Storage Single  | Maroussi | GR | 174,001 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Member SA |  |  |  |  |  |  | Single Member SA |  |   
Palo Alto Farms Wind  | Dallas | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Pampinus PV Farm 01 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Paradise Creek Wind  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Paravento SL | Paradela | ES | 3,006 | EUR |  | Line-by-line | Enel Green Power  | 90% | 63%  
|  |  |  |  |  |  | España SLU |  |   
Parc Eòlic La Tossa-La  | Madrid | ES | 1,183,100 | EUR |  | Equity | Enel Green Power  | 30% | 21%  
Mola d’en Pascual SL |  |  |  |  |  |  | España SLU |  |   
Parc Eòlic Los Aligars SL | Madrid | ES | 1,313,100  | EUR |  | Equity | Enel Green Power  | 30% | 21%  
|  |  |  |  |  |  | España SLU |  |   
Parco Eolico Monti  | Rome | IT | 10,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
Sicani Srl |  |  |  |  |  |  | Italia Srl |  |   
|  |  |  |  |  |  | Enel Green Power México  | 1% |   
Parque Amistad II SA  | Mexico City | MX | 2,589,177,005  | MXN |  | Line-by-line | S de RL de Cv |  | 100%  
de Cv |  |  |  |  |  |  | Enel Rinnovabile SA  | 100% |   
|  |  |  |  |  |  | de Cv |  |   
|  |  |  |  |  |  | Enel Green Power México  | 1% |   
Parque Amistad III SA  | Mexico City | MX | 1,706,287,200 | MXN |  | Line-by-line | S de RL de Cv |  | 100%  
de Cv |  |  |  |  |  |  | Enel Rinnovabile SA  | 100% |   
|  |  |  |  |  |  | de Cv |  |   
|  |  |  |  |  |  | Enel Green Power México  | 1% |   
Parque Amistad IV SA  | Mexico City | MX | 2,728,499,160  | MXN |  | Line-by-line | S de RL de Cv |  | 100%  
de Cv |  |  |  |  |  |  | Enel Rinnovabile SA  | 100% |   
|  |  |  |  |  |  | de Cv |  |   
Parque Eólico A Capelada  | Santiago de  | ES | 5,857,704 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
SLU | Compostela |  |  |  |  |  | España SLU |  |   
Parque Eólico Belmonte  | Madrid | ES | 120,400 | EUR |  | Line-by-line | Enel Green Power  | 50% | 35%  
SA |  |  |  |  |  |  | España SLU |  |   
|  |  |  |  |  |  | Enel Green Power México  | 0% |   
Parque Eólico BR-1 SA  | Mexico City | MX | 50,000 | MXN |  | Line-by-line | S de RL de Cv |  | 25%  
de Cv |  |  |  |  |  |  | Enel Rinnovabile SA  | 100% |   
|  |  |  |  |  |  | de Cv |  |   
Parque Eólico Carretera  | Las Palmas de  | ES | 1,007,000 | EUR |  | Line-by-line | Enel Green Power  | 80% | 56%  
de Arinaga SA | Gran Canaria |  |  |  |  |  | España SLU |  |   
Parque Eólico de  | Santiago de  | ES | 3,606,073 | EUR |  | Line-by-line | Enel Green Power  | 75% | 53%  
Barbanza SA | Compostela |  |  |  |  |  | España SLU |  |   
Parque Eólico de San  | Santiago de  | ES | 552,920  | EUR |  | Line-by-line | Enel Green Power  | 82% | 57%  
Andrés SA | Compostela |  |  |  |  |  | España SLU |  |   
|  |  |  |  |  |  | Enel Green Power  | 66% |   
Parque Eólico de Santa  | Las Palmas de  | ES | 901,500 | EUR |  | Line-by-line | España SLU |  | 47%  
Lucía SA | Gran Canaria |  |  |  |  |  | Parque Eólico de Santa  | 1% |   
|  |  |  |  |  |  | Lucía SA |  |   
Parque Eólico Finca de  | Santa Cruz de  | ES | 3,810,340 | EUR |  | Line-by-line | Enel Green Power  | 90% | 63%  
Mogán SA | Tenerife |  |  |  |  |  | España SLU |  |   
Parque Eólico Montes de  | Madrid | ES | 6,540,000 | EUR |  | Line-by-line | Enel Green Power  | 76% | 53%  
Las Navas SA |  |  |  |  |  |  | España SLU |  |   
Parque Eólico Muniesa  | Madrid | ES | 3,006 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
SLU |  |  |  |  |  |  | España SLU |  |   
  
  


  


Attachments

674

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Parque Eólico Palmas dos  |  |  |  |  |  |  | Enel Brasil SA | 100% |   
Ventos Ltda | Salvador | BR | 4,096,626 | BRL |  | Line-by-line | Enel Green Power  |  | 82%  
|  |  |  |  |  |  | Desenvolvimento Ltda | 0% |   
Parque Eólico Pampa SA | Buenos Aires | AR | 477,139,364  | ARS |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
Parque Eólico Punta de  | Santa Cruz de  | ES | 528,880 | EUR |  | Line-by-line | Enel Green Power  | 52% | 36%  
Teno SA | Tenerife |  |  |  |  |  | España SLU |  |   
Parque Eólico Sierra del  | Madrid | ES | 7,193,970  | EUR |  | Line-by-line | Enel Green Power  | 58% | 41%  
Madero SA |  |  |  |  |  |  | España SLU |  |   
|  |  |  |  |  |  | Tenedora de Energía  |  |   
Parque Salitrillos SA de Cv | Mexico City | MX | 100 | MXN |  | Equity | Renovable Sol y Viento  | 61% | 20%  
|  |  |  |  |  |  | SAPI de Cv |  |   
Parque Solar Cauchari  | San Salvador  | AR | 500,000  | ARS |  | Line-by-line | Enel Américas SA | 100% | 82%  
IV SAU | de Jujuy |  |  |  |  |  |  |  |   
Parque Solar Don José |  |  |  |  |  |  | Tenedora de Energía  |  |   
SA de Cv | Mexico City | MX | 100 | MXN |  | Equity | Renovable Sol y Viento  | 61% | 20%  
|  |  |  |  |  |  | SAPI de Cv |  |   
Parque Solar Villanueva  |  |  |  |  |  |  | Tenedora de Energía  |  |   
Tres SA de Cv | Mexico City | MX | 306,024,631 | MXN |  | Equity | Renovable Sol y Viento  | 61% | 20%  
|  |  |  |  |  |  | SAPI de Cv |  |   
|  |  |  |  |  |  | Enel Green Power  | 61% |   
Parque Talinay  | Santiago de  | CL | 66,092,165,174  | CLP |  | Line-by-line | Chile SA |  | 79%  
Oriente SA | Chile |  |  |  |  |  | Enel Green Power SpA | 39% |   
Pastis - Centro Nazionale  |  |  |  |  |  |  |  |  |   
per la ricerca e lo sviluppo  | Brindisi | IT | 2,065,000  | EUR |  | - | Enel Italia SpA | 1% | 1%  
dei materiali SCPA in  |  |  |  |  |  |  |  |  |   
liquidation |  |  |  |  |  |  |  |  |   
Paynesville Solar | Wilmington | US | - | USD |  | Line-by-line | Aurora Distributed Solar  | 100% | 74%  
LLC |  |  |  |  |  |  | LLC |  |   
PDP Technologies  | Kfar Saba | IL | 1,129,252 | ILS |  | - | Enel Grids Srl | 5% | 5%  
Ltd |  |  |  |  |  |  |  |  |   
Pearl Star Wind Limited  |  |  |  |  |  |  | Enel Alberta Wind Inc. | 0% |   
Partnership | Calgary | CA | 100  | CAD |  | Line-by-line | Enel Green Power  |  | 100%  
|  |  |  |  |  |  | Canada Inc. | 100% |   
Pebble Stream Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Peel Valley Solar Farm  | Sydney | AU | 10 | AUD |  | Equity | Potentia Energy Group  | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  | (Pty) Ltd |  |   
Peel Valley Solar Hybrid  | Sydney | AU | 100 | AUD |  | Equity | Potentia Energy (Pty) Ltd | 100% | 50%  
Holding (Pty) Ltd |  |  |  |  |  |  |  |  |   
Peel Valley Solar Hybrid  | Sydney | AU | 100 | AUD |  | Equity | Potentia Energy Trust | 100% | 50%  
Holding Trust |  |  |  |  |  |  |  |  |   
Peel Valley Solar Hybrid  | Sydney | AU | 100  | AUD |  | Equity | Peel Valley Solar Hybrid  | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  | Holding (Pty) Ltd |  |   
|  |  |  |  |  |  | Endesa Generación  | 0% |   
Pegop - Energia Eléctrica  | Pego | PT | 50,000 | EUR |  | Equity | Portugal SA |  | 35%  
SA |  |  |  |  |  |  | Endesa Generación SAU | 50% |   
PH Chucás SA | San José | CR | 100,000 | CRC |  | Line-by-line | Enel Costa Rica CAM SA | 65% | 31%  
|  |  |  |  |  |  | Enel Costa Rica CAM SA | 33% |   
PH Don Pedro SA | San José | CR | 100,001 | CRC |  | Line-by-line |  |  | 19%  
|  |  |  |  |  |  | Globyte SA | 67% |   
|  |  |  |  |  |  | Enel Costa Rica CAM SA | 34% |   
PH Río Volcán SA | San José | CR | 100,001  | CRC |  | Line-by-line |  |  | 19%  
|  |  |  |  |  |  | Globyte SA | 66% |   
Piebald Hill Energy  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Storage Project LLC |  |  |  |  |  |  |  |  |   
Pike Den Solar Project LLC | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Pilesgrove Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
|  |  |  |  |  |  | Enel Green Power  | 51% |   
Pincher Creek LP | Alberta | CA | - | CAD |  | Line-by-line | Canada Inc. |  | 51%  
|  |  |  |  |  |  | Pincher Creek  | 1% |   
|  |  |  |  |  |  | Management Inc. |  |   
  
  


  


Attachments

675

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Pincher Creek  | Calgary | CA | 100 | CAD |  | Line-by-line | Enel Green Power  | 51% | 51%  
Management Inc. |  |  |  |  |  |  | Canada Inc. |  |   
Pine Bluff Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Pine Island Distributed  | Wilmington | US | - | USD |  | Line-by-line | Aurora Distributed Solar  | 100% | 74%  
Solar LLC |  |  |  |  |  |  | LLC |  |   
Playa Flat Energy Storage  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Pluservice Srl | Senigallia | IT | 450,000  | EUR |  | Equity | Mooney Servizi SpA | 70% | 35%  
Point Bar Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Point Rider Solar Project  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Polka Dot Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Energy Storage  |  |   
Pomerado Energy Storage  | Wilmington | US | 1  | USD |  | Line-by-line | Holdings LLC (formerly  | 100% | 100%  
LLC |  |  |  |  |  |  | EGP Energy Storage  |  |   
|  |  |  |  |  |  | Holdings LLC) |  |   
Potentia Energy Group  | Sydney | AU | 100 | AUD |  | Equity | Enel Green Power SpA | 50% | 50%  
(Pty) Ltd |  |  |  |  |  |  |  |  |   
Potentia Energy Markets  | Melbourne | AU | 2 | AUD |  | Equity | Potentia Energy Group  | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  | (Pty) Ltd |  |   
Potentia Energy (Pty) Ltd | Sydney | AU | 10,000 | AUD |  | Equity | Potentia Energy Group  | 100% | 50%  
|  |  |  |  |  |  | (Pty) Ltd |  |   
Potentia Energy Retail  | Sydney | AU | 200,100 | AUD |  | Equity | Potentia Energy Group  | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  | (Pty) Ltd |  |   
Potentia Energy Ridgey  | Sydney | AU | 100 | AUD |  | Equity | Ridgey Creek BESS  | 100% | 50%  
Creek BESS (Pty) Ltd |  |  |  |  |  |  | Holding (Pty) Ltd |  |   
Potentia Energy Trust | Sydney | AU | 100 | AUD |  | Equity | Enel Green Power SpA | 50% | 50%  
PowerCrop Macchiareddu  | Russi | IT | 100,000 | EUR |  | Equity | PowerCrop SpA (formerly  | 100% | 50%  
Srl |  |  |  |  |  |  | PowerCrop Srl) |  |   
PowerCrop Russi Srl | Russi | IT | 100,000 | EUR |  | Equity | PowerCrop SpA (formerly  | 100% | 50%  
|  |  |  |  |  |  | PowerCrop Srl) |  |   
PowerCrop SpA (formerly  | Russi | IT | 4,000,000 | EUR |  | Equity | Enel Green Power  | 50% | 50%  
PowerCrop Srl) |  |  |  |  |  |  | Italia Srl |  |   
Prairie Rose Transmission  | Minneapolis | US | - | USD |  | Equity | Prairie Rose Wind LLC | 100% | 10%  
LLC |  |  |  |  |  |  |  |  |   
Prairie Rose Wind LLC | Albany | US | - | USD |  | Equity | EGPNA REP Wind  | 100% | 10%  
|  |  |  |  |  |  | Holdings LLC |  |   
Primavera Energia  | Niterói | BR | 36,965,445 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
SA |  |  |  |  |  |  |  |  |   
Principia Energy 1 Single  | Maroussi | GR | 2,000 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Member PC |  |  |  |  |  |  | Single Member SA |  |   
Principia Energy 2 Single  | Maroussi | GR | 2,000 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Member PC |  |  |  |  |  |  | Single Member SA |  |   
Principia Energy 3 Single  | Maroussi | GR | 2,000 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Member PC |  |  |  |  |  |  | Single Member SA |  |   
Principia Energy 4 Single  | Maroussi | GR | 2,000 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Member PC |  |  |  |  |  |  | Single Member SA |  |   
Principia Energy 5 Single  | Maroussi | GR | 2,000 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Member PC |  |  |  |  |  |  | Single Member SA |  |   
Principia Energy  |  |  |  |  |  |  |  |  |   
Generation Single  | Maroussi | GR | 473,335,000 | EUR |  | Equity | Principia Energy SA | 100% | 50%  
Member SA |  |  |  |  |  |  |  |  |   
Principia Energy Services  | Maroussi | GR | 28,737,920 | EUR |  | Equity | Principia Energy SA | 100% | 50%  
Single Member SA |  |  |  |  |  |  |  |  |   
Principia Energy SA | Maroussi | GR | 498,160,086  | EUR |  | Equity | Enel Green Power SpA | 50% | 50%  
Principia Energy South  |  |  |  |  |  |  | Principia Energy  |  |   
Evia Single Member SA | Maroussi | GR | 100,669,641 | EUR |  | Equity | Generation Single  | 100% | 50%  
|  |  |  |  |  |  | Member SA |  |   
Productive Solar Systems  | Andorra | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
SLU |  |  |  |  |  |  | España SLU |  |   
  
  


  


Attachments

676

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Productora de Energías  | Barcelona | ES | 60,101 | EUR |  | Equity | Enel Green Power  | 30% | 21%  
SA |  |  |  |  |  |  | España SLU |  |   
Productora Eléctrica  | La Seu d’Urgell | ES | 8,400,000 | EUR |  | - | Endesa SA | 8% | 6%  
Urgellenca SA |  |  |  |  |  |  |  |  |   
Promociones Energéticas  | Madrid | ES | 12,020  | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
del Bierzo SLU |  |  |  |  |  |  | España SLU |  |   
|  |  |  |  |  |  | Enel Green Power  | 25% |   
|  |  |  |  |  |  | España SLU |  |   
Promotores Mudéjar 400  | Zaragoza | ES | 3,000 | EUR |  | Equity | Renovables La Pedrera  | 7% | 24%  
kV SL |  |  |  |  |  |  | SLU |  |   
|  |  |  |  |  |  | Renovables Mediavilla  | 6% |   
|  |  |  |  |  |  | SLU |  |   
Proveedora de  |  |  |  |  |  |  | Enel Green Power México  |  |   
Electricidad de Occidente  | Mexico City | MX | 89,706,035 | MXN |  | Line-by-line | S de RL de Cv | 100% | 100%  
S de RL de Cv |  |  |  |  |  |  |  |  |   
Proyectos Universitarios  |  |  |  |  |  |  | Enel Green Power  |  |   
de Energías Renovables  | Alicante | ES | 27,000 | EUR |  | Equity | España SLU | 33% | 23%  
SL |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Green Power  |  |   
Proyectos y Soluciones  |  |  |  |  |  |  | Partecipazioni Speciali  | 100% |   
Renovables SAC | San Miguel | PE | 12,528,789 | PEN |  | Line-by-line | Srl |  | 100%  
|  |  |  |  |  |  | Enel Perú SAC | 0% |   
PSG Energy Private  | - | IN | 100,000  | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Limited |  |  |  |  |  |  | Private Limited |  |   
PT Enel Green Power  | Jakarta | ID | 10,002,740 | USD |  | Line-by-line | Enel Green Power SpA | 90% | 90%  
Optima Way Ratai |  |  |  |  |  |  |  |  |   
Puerto Santa María  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
Energía I SLU |  |  |  |  |  |  | España SLU |  |   
Puerto Santa María  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
Energía II SLU |  |  |  |  |  |  | España SLU |  |   
Pulida Energy (RF) (Pty) Ltd | Johannesburg | ZA | 10,000,000 | ZAR |  | Line-by-line | Enel Green Power South  | 53% | 53%  
|  |  |  |  |  |  | Africa (Pty) Ltd |  |   
Pumpkin Vine Wind  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
QPSF (Pty)  | Sydney | AU | 100 | AUD |  | Equity | Potentia Energy Trust | 100% | 50%  
Ltd |  |  |  |  |  |  |  |  |   
Quatiara Energia  | Niterói | BR | 24,144,119 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
SA |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Energy Storage  |  |   
Queens Energy Storage  | Andover | US | - | USD |  | Line-by-line | Holdings LLC  | 100% | 100%  
LLC |  |  |  |  |  |  | (formerly EGP Energy  |  |   
|  |  |  |  |  |  | Storage Holdings LLC) |  |   
Quorn Park FinCo (Pty) Ltd | Barangaroo | AU | 100 | AUD |  | Equity | Quorn Park Solar Hybrid  | 100% | 50%  
|  |  |  |  |  |  | Trust |  |   
Quorn Park Solar Hybrid  | Sydney | AU | 100 | AUD |  | Equity | Potentia Energy (Pty) Ltd | 100% | 50%  
Holding (Pty) Ltd |  |  |  |  |  |  |  |  |   
Quorn Park Solar Hybrid  | Sydney | AU | 100 | AUD |  | Equity | Potentia Energy Trust | 100% | 50%  
Holding Trust |  |  |  |  |  |  |  |  |   
Quorn Park Solar Hybrid  | Sydney | AU | 100 | AUD |  | Equity | Quorn Park Solar Hybrid  | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  | Holding (Pty) Ltd |  |   
Quorn Park Solar Hybrid  | Sydney | AU | 100 | AUD |  | Equity | Quorn Park Solar Hybrid  | 100% | 50%  
Trust |  |  |  |  |  |  | Holding Trust |  |   
Raleigh Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Ranchland Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Ranchland Wind Holdings  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Ranchland Wind Project  | Andover | US | 1 | USD |  | Line-by-line | AzureRanchII Wind  | 100% | 100%  
II LLC |  |  |  |  |  |  | Holdings LLC |  |   
Ranchland Wind Project  | Andover | US | 1 | USD |  | Line-by-line | EGP North America  | 100% | 100%  
PPA LLC |  |  |  |  |  |  | PPA LLC |  |   
Ranchland Wind Project  | Andover | US | - | USD |  | Line-by-line | Rockhaven Ranchland  | 100% | 100%  
LLC |  |  |  |  |  |  | Holdings LLC |  |   
Ranchland Wind Storage  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

677

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Rattlesnake Creek  | Delaware | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Holdings LLC |  |  |  |  |  |  |  |  |   
Rausch Creek Wind  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Razorback Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
RC Wind Srl | Milan | IT | 10,000 | EUR |  | - | Enel Green Power  | 1% | 1%  
|  |  |  |  |  |  | Italia Srl |  |   
RE Arroyo LLC | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Reaktortest Sro | Trnava | SK | 66,389 | EUR |  | - | Slovenské elektrárne AS | 49% | 16%  
Rebuilding Agente  | Madrid | ES | 250,000 | EUR |  | Equity | Endesa Energía SAU | 50% | 35%  
Rehabilitador SL |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Impofu Cluster  |  |   
Red Cap Impofu (Pty) Ltd | Sandton | ZA | 120,000 | ZAR |  | Equity | Investment SPV (RF)  | 100% | 25%  
|  |  |  |  |  |  | (Pty) Ltd |  |   
Red Cap Impofu East  |  |  |  |  |  |  | Impofu Cluster  |  |   
(Pty) Ltd | Gauteng | ZA | 35,059,068  | ZAR |  | Equity | Investment SPV (RF)  | 100% | 25%  
|  |  |  |  |  |  | (Pty) Ltd |  |   
Red Cap Impofu West  |  |  |  |  |  |  | Impofu Cluster  |  |   
(Pty) Ltd | Gauteng | ZA | 10,000 | ZAR |  | Equity | Investment SPV (RF)  | 100% | 25%  
|  |  |  |  |  |  | (Pty) Ltd |  |   
Red Cardinal Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Red Centroamericana de  | Panama City | PA | 2,700,000  | USD |  | - | Enel SpA | 11% | 11%  
Telecomunicaciones SA |  |  |  |  |  |  |  |  |   
Red Dirt Wind Holdings  | Dover | US | 100 | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
I LLC |  |  |  |  |  |  | America Inc. |  |   
Red Dirt Wind Holdings  | Wilmington | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Red Dirt Wind Project LLC | Dover | US | 1 | USD |  | Line-by-line | Red Dirt Wind Holdings  | 100% | 100%  
|  |  |  |  |  |  | LLC |  |   
Red Fox Wind Project LLC | Wilmington | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Red Stag Energy Storage  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Red Top Solar Project LLC | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Red Yucca Energy Storage  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Regal Rising Solar Project  |  |  |  |  |  |  | Enel Alberta Solar Inc. | 0% |   
Limited Partnership | Calgary | CA | - | CAD |  | Line-by-line | Enel Green Power  |  | 100%  
|  |  |  |  |  |  | Canada Inc. | 100% |   
Ren Alfajarín Solar SLU | Madrid | ES | 3,006  | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Ren Wave Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Renovables Andorra SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
|  |  |  |  |  |  | Baylio Solar SLU | 6% |   
|  |  |  |  |  |  | Dehesa de los  | 6% |   
|  |  |  |  |  |  | Guadalupes Solar SLU |  |   
|  |  |  |  |  |  | Emintegral Cycle SLU | 17% |   
Renovables Brovales 400  | Seville | ES | 5,000 | EUR |  | Equity | Enel Green Power  | 6% | 28%  
kV SL |  |  |  |  |  |  | España Solar 1 SLU |  |   
|  |  |  |  |  |  | Enel Green Power  | 16% |   
|  |  |  |  |  |  | España SLU |  |   
|  |  |  |  |  |  | Furatena Solar 1 SLU | 6% |   
|  |  |  |  |  |  | Seguidores Solares  | 6% |   
|  |  |  |  |  |  | Planta 2 SLU |  |   
Renovables Brovales  |  |  |  |  |  |  | Emintegral Cycle SLU | 33% |   
Segura de León 400  | Seville | ES | 5,000 | EUR |  | Equity | Enel Green Power  |  | 33%  
kV SL |  |  |  |  |  |  | España SLU | 31% |   
  
  


  


Attachments

678

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Renovables de Guatemala  |  |  |  |  |  |  | Enel Colombia SA ESP | 100% |   
SA | Guatemala City | GT | 1,924,465,600  | GTQ |  | Line-by-line |  |  | 47%  
|  |  |  |  |  |  | Enel Guatemala SA | 0% |   
Renovables La Pedrera  | Zaragoza | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
SLU |  |  |  |  |  |  | España SLU |  |   
|  |  |  |  |  |  | Enel Green Power  | 28% |   
Renovables Manzanares  | Madrid | ES | 5,000 | EUR |  | Equity | España SLU |  | 25%  
400 kV SL |  |  |  |  |  |  | Stonewood Desarrollos  | 16% |   
|  |  |  |  |  |  | SLU |  |   
Renovables Mediavilla SLU | Zaragoza | ES | 3,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 35%  
|  |  |  |  |  |  | España Solar 1 SLU |  |   
Renovables Teruel SLU | Madrid | ES | 3,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Reservoir Falls Energy  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Storage Project LLC |  |  |  |  |  |  |  |  |   
Rhinestone Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Ribina Renovables 400 SL | Pozuelo de  | ES | 3,000 | EUR |  | Equity | Enel Green Power  | 40% | 28%  
| Alarcón |  |  |  |  |  | España SLU |  |   
Ridgey Creek BESS  | Sydney | AU | 100 | AUD |  | Equity | Potentia Energy (Pty) Ltd | 100% | 50%  
Holding (Pty) Ltd |  |  |  |  |  |  |  |  |   
Ridgey Creek BESS  | Sydney | AU | 100  | AUD |  | Equity | Potentia Energy Trust | 100% | 50%  
Holding Trust |  |  |  |  |  |  |  |  |   
Ridgey Creek BESS Trust | Sydney | AU | 100  | AUD |  | Equity | Ridgey Creek BESS  | 100% | 50%  
|  |  |  |  |  |  | Holding Trust |  |   
River Mill Solar Project LLC | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
River Point Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Riverbend Farms Wind  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Green Power  | 51% |   
Riverview LP | Alberta | CA | - | CAD |  | Line-by-line | Canada Inc. |  | 51%  
|  |  |  |  |  |  | Riverview Management  | 1% |   
|  |  |  |  |  |  | Inc. |  |   
Riverview Management  | Calgary | CA | 100  | CAD |  | Line-by-line | Enel Green Power  | 51% | 51%  
Inc. |  |  |  |  |  |  | Canada Inc. |  |   
Riverview Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Roadrunner Solar Project  | Andover | US | 100 | USD |  | Line-by-line | Enel Roadrunner Solar  | 100% | 100%  
LLC |  |  |  |  |  |  | Project Holdings LLC |  |   
Roadrunner Storage LLC | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Rock Creek Wind  | Dover | US | 100 | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
Holdings I LLC |  |  |  |  |  |  | America Inc. |  |   
Rock Creek Wind  | Dover | US | 100 | USD |  | Line-by-line | Rock Creek Wind  | 100% | 100%  
Holdings II LLC |  |  |  |  |  |  | Holdings LLC |  |   
Rock Creek Wind  | Wilmington | US | - | USD |  | Line-by-line | EGPNA Preferred Wind  | 100% | 100%  
Holdings LLC |  |  |  |  |  |  | Holdings II LLC |  |   
Rock Creek Wind Project  | Clayton | US | 1 | USD |  | Line-by-line | Rock Creek Wind  | 100% | 100%  
LLC |  |  |  |  |  |  | Holdings LLC |  |   
Rock Prairie Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Rockhaven Ranchland  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Holdings LLC |  |  |  |  |  |  |  |  |   
Rockhaven Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Rockhaven Ranchland  | 100% | 100%  
LLC |  |  |  |  |  |  | Holdings LLC |  |   
Rocky Caney Holdings  | Oklahoma City | US | 1 | USD |  | Equity | Enel Kansas LLC | 10% | 10%  
LLC |  |  |  |  |  |  |  |  |   
Rocky Caney Wind LLC | Albany | US | - | USD |  | Equity | Rocky Caney Holdings  | 100% | 10%  
|  |  |  |  |  |  | LLC |  |   
Rocky Ridge Wind Project  | Oklahoma City | US | - | USD |  | Equity | Rocky Caney Wind LLC | 100% | 10%  
LLC |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Green Power  |  |   
Rodnikovskaya WPS | Moscow | RU | 6,010,000  | RUB |  | Line-by-line | Rus Limited Liability  | 100% | 100%  
|  |  |  |  |  |  | Company |  |   
  
  


  


Attachments

679

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Roha Renewables India  | Gurugram | IN | 100,000 | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Private Limited |  |  |  |  |  |  | Private Limited |  |   
Rolling Farms Wind  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Rosy Range Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Ruthton Ridge LLC | Minneapolis | US | - | USD |  | Line-by-line | Chi Minnesota Wind LLC | 100% | 100%  
S4ma Developments  |  |  |  |  |  |  |  |  |   
Spółka Z Ograniczoną | Wrocław | PL | 5,000 | PLN |  | Line-by-line | Enel Green Power SpA | 100% | 100%  
Odpowiedzialnością |  |  |  |  |  |  |  |  |   
Sacme SA | Buenos Aires | AR | 12,000 | ARS |  | Equity | Empresa Distribuidora  | 50% | 30%  
|  |  |  |  |  |  | Sur SA - Edesur |  |   
Saddle House Solar  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Salt Springs Wind Project  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Salto de San Rafael SL | Seville | ES | 462,186 | EUR |  | Equity | Enel Green Power  | 50% | 35%  
|  |  |  |  |  |  | España SLU |  |   
San Francisco de Borja SA | Zaragoza | ES | 60,000 | EUR |  | Line-by-line | Enel Green Power  | 67% | 47%  
|  |  |  |  |  |  | España SLU |  |   
San Juan Mesa Wind  | Wilmington | US | - | USD |  | Line-by-line | Padoma Wind Power LLC | 100% | 100%  
Project II LLC |  |  |  |  |  |  |  |  |   
Sanosari Energy Private  | Gurugram | IN | 100,000  | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Limited |  |  |  |  |  |  | Private Limited |  |   
Santo Rostro  |  |  |  |  |  |  | Enel Green Power  |  |   
Cogeneración SA in  | Seville | ES | 207,340 | EUR |  | Equity | España SLU | 45% | 32%  
liquidation |  |  |  |  |  |  |  |  |   
Sardhy Green Hydrogen  | Sarroch | IT | 10,000 | EUR |  | Equity | Enel Green Power  | 50% | 50%  
Srl  |  |  |  |  |  |  | Italia Srl |  |   
|  |  |  |  |  |  | Enel Energy Storage  |  |   
Saugus River Energy  | Dover | US | 100  | USD |  | Line-by-line | Holdings LLC (formerly  | 100% | 100%  
Storage LLC |  |  |  |  |  |  | EGP Energy Storage  |  |   
|  |  |  |  |  |  | Holdings LLC) |  |   
Savanna Power Solar  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
10 SLU |  |  |  |  |  |  | España SLU |  |   
Savanna Power Solar  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
12 SLU |  |  |  |  |  |  | España SLU |  |   
Savanna Power Solar  | Seville | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
13 SLU |  |  |  |  |  |  | España SLU |  |   
Savanna Power Solar  | Madrid | ES | 3,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
4 SLU |  |  |  |  |  |  | España SLU |  |   
Savanna Power Solar  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
5 SLU |  |  |  |  |  |  | España SLU |  |   
Savanna Power Solar  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
6 SLU |  |  |  |  |  |  | España SLU |  |   
Savanna Power Solar  | Madrid | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
9 SLU |  |  |  |  |  |  | España SLU |  |   
Seaway Landing Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Seccionadora Almodóvar  | Málaga | ES | 5,000 | EUR |  | Equity | Enel Green Power  | 38% | 26%  
Renovables SL |  |  |  |  |  |  | España SLU |  |   
Seguidores Solares Planta  | Madrid | ES | 3,010 | EUR |  | Line-by-line | Enel Green Power  | 100% | 35%  
2 SLU |  |  |  |  |  |  | España Solar 1 SLU |  |   
Servizio Elettrico  | Rome | IT | 10,000,000 | EUR |  | Line-by-line | Enel Italia SpA | 100% | 100%  
Nazionale SpA |  |  |  |  |  |  |  |  |   
Set Carmona 400 kV  | Seville | ES | 10,000 | EUR |  | Equity | Enel Green Power  | 16% | 11%  
Renovables SL |  |  |  |  |  |  | España SLU |  |   
Setyl Srl | Bergamo | IT | 100,000 | EUR |  | Equity | Enel X Italia  | 28% | 28%  
|  |  |  |  |  |  | Srl |  |   
Seven Cowboy PPA LLC | Andover | US | 1 | USD |  | Line-by-line | EGP North America  | 100% | 100%  
|  |  |  |  |  |  | PPA LLC |  |   
Seven Cowboy Wind  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project Holdings LLC |  |  |  |  |  |  |  |  |   
Seven Cowboy Wind  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project II LLC |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

680

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Seven Cowboy Wind  | Andover | US | 1 | USD |  | Line-by-line | Seven Cowboy Wind  | 100% | 100%  
Project LLC |  |  |  |  |  |  | Project Holdings LLC |  |   
Seven Cowboys Solar  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Shark Power REN 10 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Shark Power SLU | 100% | 70%  
Shark Power REN 4 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Shark Power SLU | 100% | 70%  
Shark Power REN 5 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Shark Power SLU | 100% | 70%  
Shark Power REN 6 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Shark Power SLU | 100% | 70%  
Shark Power REN 7 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Shark Power SLU | 100% | 70%  
Shark Power REN 8 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Shark Power SLU | 100% | 70%  
Shark Power REN 9 SLU | Madrid | ES | 3,000 | EUR |  | Line-by-line | Shark Power SLU | 100% | 70%  
Shark Power SLU | Madrid | ES | 143,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 70%  
|  |  |  |  |  |  | España SLU |  |   
Shepherd Pass Wind  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Shiawassee Wind Project  | Wilmington | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Energy Storage  |  |   
Shield Energy Storage  | Wilmington | US | - | USD |  | Line-by-line | Holdings LLC (formerly  | 100% | 100%  
Project LLC |  |  |  |  |  |  | EGP Energy Storage  |  |   
|  |  |  |  |  |  | Holdings LLC) |  |   
Shikhar Surya (One)  | Gurugram | IN | 340,100,000 | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Private Limited |  |  |  |  |  |  | Private Limited |  |   
Sicilhy Srl | Rome | IT | 10,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
SIET - Società |  |  |  |  |  |  |  |  |   
Informazioni Esperienze  | Piacenza | IT | 697,820 | EUR |  | Equity | Enel Innovation Hubs Srl | 42% | 42%  
Termoidrauliche SpA |  |  |  |  |  |  |  |  |   
Silt Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Silver Dollar Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Silverware Solar Project  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Sinergia EWR4 | Rome | IT | 10,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
Sinergia GP6 Srl | Rome | IT | 10,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
Sinergia GP7 Srl | Rome | IT | 10,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
Sistema Eléctrico de  | Madrid | ES | 175,200 | EUR |  | Equity | Enel Green Power  | 28% | 20%  
Conexión Valcaire SL |  |  |  |  |  |  | España SLU |  |   
Sistemas Energéticos  | Santiago de  | ES | 2,007,750  | EUR |  | Line-by-line | Enel Green Power  | 96% | 67%  
Mañón Ortigueira SA | Compostela |  |  |  |  |  | España SLU |  |   
Six String Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Skyview Solar Project LLC | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Skyview Wind Project LLC | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Sleep Hollow Solar I LLC | Andover | US | 1 | USD |  | Line-by-line | Brick Road Solar  | 100% | 100%  
|  |  |  |  |  |  | Holdings LLC |  |   
Slovak Power Holding BV | Amsterdam | NL | 25,010,000 | EUR |  | Equity | Enel Produzione SpA | 50% | 50%  
Slovenské elektrárne -  | Bratislava | SK | 4,505,000  | EUR |  | Equity | Slovenské elektrárne AS | 100% | 33%  
Energetické Služby Sro |  |  |  |  |  |  |  |  |   
Slovenské elektrárne AS | Bratislava | SK | 1,269,295,725 | EUR |  | Equity | Slovak Power Holding BV | 66% | 33%  
  
  


  


Attachments

681

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Slovenské elektrárne  | Moravská | CZ | 295,819 | CZK |  | Equity | Slovenské elektrárne AS | 100% | 33%  
Česká Republika Sro | Ostrava  |  |  |  |  |  |  |  |   
Služby inžinierskych  | Kalná Nad  | SK | 200,000 | EUR |  | Equity | Slovenské elektrárne AS | 100% | 33%  
stavieb v likvidácii | Hronom |  |  |  |  |  |  |  |   
Smoky Hill Holdings II LLC | Wilmington | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Smoky Hills Wind Farm  | Topeka | US | - | USD |  | Line-by-line | EGPNA Project HoldCo  | 100% | 100%  
LLC |  |  |  |  |  |  | 1 LLC |  |   
Smoky Hills Wind Project  | Lenexa | US | - | USD |  | Line-by-line | EGPNA Project HoldCo  | 100% | 100%  
II LLC |  |  |  |  |  |  | 1 LLC |  |   
Snowy Knoll Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Snyder Wind Farm LLC | Hermleigh | US | - | USD |  | Line-by-line | Texkan Wind LLC | 100% | 100%  
Socibe Energia  | Niterói | BR | 12,969,032  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
SA |  |  |  |  |  |  |  |  |   
Sociedad Agrícola de  | Santiago de  | CL | 5,738,046,495  | CLP |  | Line-by-line | Enel Chile SA | 57% | 37%  
Cameros Ltda | Chile |  |  |  |  |  |  |  |   
Sociedad Eólica de  | Seville | ES | 4,507,591 | EUR |  | Line-by-line | Enel Green Power  | 65% | 45%  
Andalucía SA |  |  |  |  |  |  | España SLU |  |   
Sociedad Eólica El Puntal  | Seville | ES | 1,643,000  | EUR |  | Equity | Enel Green Power  | 50% | 35%  
SL |  |  |  |  |  |  | España SLU |  |   
Sociedad Eólica Los  | Seville | ES | 2,404,048  | EUR |  | Line-by-line | Enel Green Power  | 60% | 42%  
Lances SA |  |  |  |  |  |  | España SLU |  |   
Società Elettrica Trigno Srl | Rome | IT | 100,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
Soetwater Wind Farm (RF)  | Johannesburg | ZA | 1,000  | ZAR |  | Equity | Enel Green Power RSA 2  | 55% | 28%  
(Pty) Ltd |  |  |  |  |  |  | (RF) (Pty) Ltd |  |   
Solana Renovables SL | Madrid | ES | 6,246  | EUR |  | Equity | Enel Green Power  | 40% | 28%  
|  |  |  |  |  |  | España SLU |  |   
Soliloquoy Ridge LLC | Minneapolis | US | - | USD |  | Line-by-line | Chi Minnesota Wind LLC | 100% | 100%  
Sona Enerjí Üretím  |  |  |  |  |  |  | Enel Green Power |  |   
Anoním Şírketí | Istanbul | TR | 50,000 | TRY |  | Line-by-line | Turkey Enerjí Yatirimlari | 100% | 100%  
|  |  |  |  |  |  | Anoním Şírketí |  |   
Sonak Solar Project LLC | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Sone Renewable Energy  | Gurgaon | IN | 100,000  | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Private Limited |  |  |  |  |  |  | Private Limited |  |   
Sotavento Galicia SA | Santiago de  | ES | 601,000  | EUR |  | Equity | Enel Green Power  | 36% | 25%  
| Compostela |  |  |  |  |  | España SLU |  |   
South Italy Green  | Rome | IT | 10,000  | EUR |  | Equity | Enel Green Power  | 50% | 50%  
Hydrogen Srl  |  |  |  |  |  |  | Italia Srl |  |   
South Rock Wind Project  | Andover | US | 1  | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
South Sky Solar Project  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Southern Holly Solar  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Southern Star Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Southwest Transmission  | Cedar Bluff | US | - | USD |  | Line-by-line | Chi Minnesota Wind LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Southwestern Rays Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Spartan Hills LLC | Minneapolis | US | - | USD |  | Line-by-line | Chi Minnesota Wind LLC | 100% | 100%  
Spinazzola SPV Srl | Rome | IT | 10,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
|  |  |  |  |  |  | Italia Srl |  |   
Spring Wheat Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Square Dance Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Sreeja Infrastructure  | Hyderabad | IN | 100,000 | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Private Limited |  |  |  |  |  |  | Private Limited |  |   
  
  


  


Attachments

682

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Stable Brook Storage  |  |  |  |  |  |  | Enel Alberta Storage Inc. | 0% |   
Project Limited  | Calgary | CA | - | CAD |  | Line-by-line | Enel Green Power  |  | 100%  
Partnership |  |  |  |  |  |  | Canada Inc. | 100% |   
Stampede Solar Holdings  |  |  |  |  |  |  | Enel Green Power  |  |   
LLC | Andover | US | 1 | USD |  | Line-by-line | Stampede Solar Holdings  | 100% | 100%  
|  |  |  |  |  |  | LLC |  |   
Stampede Solar Project  | Andover | US | - | USD |  | Line-by-line | Stampede Solar Holdings  | 100% | 100%  
LLC |  |  |  |  |  |  | LLC |  |   
Star Catcher Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Star Energy Single  | Maroussi | GR | 213,010 | EUR |  | Equity | Principia Energy Services  | 100% | 50%  
Member PC |  |  |  |  |  |  | Single Member SA |  |   
Station Tales Solar Limited  |  |  |  |  |  |  | Enel Alberta Solar Inc. | 0% |   
Partnership | Calgary | CA | 100 | CAD |  | Line-by-line | Enel Green Power  |  | 100%  
|  |  |  |  |  |  | Canada Inc. | 100% |   
Sterling and Wilson Enel X  | Mumbai | IN | 107,352,420  | INR |  | Equity | Enel X Way Srl | 50% | 50%  
e-Mobility Private Limited |  |  |  |  |  |  |  |  |   
Stillman Valley Solar LLC | Wilmington | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
|  |  |  |  |  |  | Enel Green Power México  | 55% |   
Stipa Nayaá SA  |  |  |  |  |  |  | S de RL de Cv |  |   
de Cv | Mexico City | MX | 1,811,016,347 | MXN |  | Line-by-line | Enel Green Power  |  | 100%  
|  |  |  |  |  |  | Partecipazioni Speciali  | 45% |   
|  |  |  |  |  |  | Srl |  |   
Stockyard Solar Project  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Stone Belt Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Stonewood Desarrollos  | Madrid | ES | 4,053,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 35%  
SLU |  |  |  |  |  |  | España Solar 1 SLU |  |   
Storey Plains Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Stormy Hills Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel Green Power México  | 0% |   
Suave Energía S de RL  | Mexico City | MX | 1,000 | MXN |  | Line-by-line | S de RL de Cv |  | 100%  
de Cv |  |  |  |  |  |  | Enel Rinnovabile SA  | 100% |   
|  |  |  |  |  |  | de Cv |  |   
Sublunary Trading (RF)  | Bryanston | ZA | 13,750,000  | ZAR |  | Line-by-line | Enel Green Power South  | 57% | 57%  
(Pty) Ltd |  |  |  |  |  |  | Africa (Pty) Ltd |  |   
Sugar Pine Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Suggestion Power  | Paço de Arcos | PT | 50,000 | EUR |  | Line-by-line | Endesa Generación  | 100% | 70%  
Unipessoal Ltda |  |  |  |  |  |  | Portugal SA |  |   
Suministradora Eléctrica  | Cádiz | ES | 12,020,240 | EUR |  | Equity | Endesa SA | 34% | 23%  
de Cádiz SA |  |  |  |  |  |  |  |  |   
Suministro de Luz y  | Barcelona | ES | 2,800,000  | EUR |  | Line-by-line | Hidroeléctrica de  | 60% | 42%  
Fuerza SL |  |  |  |  |  |  | Catalunya SLU |  |   
Summit Energy Storage  | Wilmington | US | 1,000 | USD |  | Line-by-line | Enel Green Power North  | 75% | 75%  
Inc. |  |  |  |  |  |  | America Inc. |  |   
Sun River LLC | Bend | US | - | USD |  | Line-by-line | Chi Minnesota Wind LLC | 100% | 100%  
Sun Rock Solar Limited  |  |  |  |  |  |  | Enel Alberta Solar Inc. | 0% |   
Partnership | Calgary | CA | - | CAD |  | Line-by-line | Enel Green Power  |  | 100%  
|  |  |  |  |  |  | Canada Inc. | 100% |   
Sun Up Solar Project LLC | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Sun4 Torzym Spółka  |  |  |  |  |  |  | S4ma Developments  |  |   
Z Ograniczoną | Wrocław | PL | 5,750  | PLN |  | Line-by-line | Spółka Z Ograniczoną | 80% | 80%  
Odpowiedzialnością |  |  |  |  |  |  | Odpowiedzialnością |  |   
Sundance Wind Project  | Dover | US | 100 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Sunflower Prairie Solar  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Swather Solar Project LLC | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
  
  


  


Attachments

683

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Sweet Apple Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Tae Technologies  | Pauling | US | 53,207,936 | USD |  | - | Enel Produzione SpA | 1% | 1%  
Inc. |  |  |  |  |  |  |  |  |   
Tallawang Solar Hybrid  | Sydney | AU | 100 | AUD |  | Equity | Potentia Energy (Pty) Ltd | 100% | 50%  
Holding (Pty) Ltd |  |  |  |  |  |  |  |  |   
Tallawang Solar Hybrid  | Sydney | AU | 100  | AUD |  | Equity | Potentia Energy Trust | 100% | 50%  
Holding Trust |  |  |  |  |  |  |  |  |   
Tallawang Solar Hybrid  | Sydney | AU | 100 | AUD |  | Equity | Tallawang Solar Hybrid  | 100% | 50%  
(Pty) Ltd |  |  |  |  |  |  | Holding (Pty) Ltd |  |   
Tallawang Solar Hybrid  | Sydney | AU | 100  | AUD |  | Equity | Tallawang Solar Hybrid  | 100% | 50%  
Trust |  |  |  |  |  |  | Holding Trust |  |   
Tasseling Jewel Wind  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Tauste Energía Distribuida  | Zaragoza | ES | 60,508 | EUR |  | Line-by-line | Enel Green Power  | 51% | 36%  
SL |  |  |  |  |  |  | España SLU |  |   
Teal Canoe  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Solar Project LLC |  |  |  |  |  |  |  |  |   
Tecnoguat SA | Guatemala City | GT | 30,948,000 | GTQ |  | Line-by-line | Enel Colombia SA ESP | 75% | 35%  
Tejo Energia - Produção  |  |  |  |  |  |  |  |  |   
e Distribuição de Energia  | Lisbon | PT | 5,025,000 | EUR |  | Equity | Endesa Generación SAU | 44% | 31%  
Eléctrica SA |  |  |  |  |  |  |  |  |   
Tenedora de Energía  |  |  |  |  |  |  |  |  |   
Renovable Sol y Viento  | Mexico City | MX | 2,892,643,576 | MXN |  | Equity | Enel Green Power SpA | 33% | 33%  
SAPI de Cv |  |  |  |  |  |  |  |  |   
Tera Renewables India  | Gurugram | IN | 100,000 | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Private Limited |  |  |  |  |  |  | Private Limited |  |   
Termica Colleferro SpA | Bologna | IT | 6,100,000 | EUR |  | Equity | Cogenio Srl | 60% | 12%  
Termoeléctrica José de  | Buenos Aires | AR | 500,000 | ARS |  | - | Enel Generación El  | 6% | 3%  
San Martín SA |  |  |  |  |  |  | Chocón SA |  |   
Termoeléctrica Manuel  | Buenos Aires | AR | 500,000 | ARS |  | - | Enel Generación El  | 6% | 3%  
Belgrano SA |  |  |  |  |  |  | Chocón SA |  |   
Termotec Energía AIE in  | La Pobla de  | ES | 481,000 | EUR |  | Equity | Enel Green Power  | 45% | 32%  
liquidation | Vallbona |  |  |  |  |  | España SLU |  |   
Terrer Renovables SL | Madrid | ES | 5,000 | EUR |  | Equity | Enel Green Power  | 30% | 21%  
|  |  |  |  |  |  | España SLU |  |   
Texas Sage Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Texkan Wind  | Andover | US | - | USD |  | Line-by-line | Enel Texkan Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Thar Surya 1 Private  | Gurgaon | IN | 1,127,840 | INR |  | Held for sale | Avikiran Surya India  | 100% | 51%  
Limited |  |  |  |  |  |  | Private Limited |  |   
Thunder Ranch Wind  | Dover | US | 100 | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
Holdings I LLC |  |  |  |  |  |  | America Inc. |  |   
Thunder Ranch Wind  | Wilmington | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Holdings LLC |  |  |  |  |  |  |  |  |   
Thunder Ranch Wind  | Dover | US | 1 | USD |  | Line-by-line | Thunder Ranch Wind  | 100% | 100%  
Project LLC |  |  |  |  |  |  | Holdings LLC |  |   
Thunderegg Storage  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Thunderegg Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Tico Solar 1 SLU | Zaragoza | ES | 3,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 35%  
|  |  |  |  |  |  | España Solar 1 SLU |  |   
Tico Solar 2 SLU | Zaragoza | ES | 3,000  | EUR |  | Line-by-line | Enel Green Power  | 100% | 35%  
|  |  |  |  |  |  | España Solar 1 SLU |  |   
Tieton Storage Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Tobivox (RF) (Pty) Ltd | Johannesburg | ZA | 10,000,000  | ZAR |  | Line-by-line | Enel Green Power South  | 60% | 60%  
|  |  |  |  |  |  | Africa (Pty) Ltd |  |   
Toledo PV AIE | Madrid | ES | 26,888 | EUR |  | Equity | Enel Green Power  | 33% | 23%  
|  |  |  |  |  |  | España SLU |  |   
Toro Renovables 400  | Madrid | ES | 3,000 | EUR |  | Equity | FRV Zamora Solar 1 SLU | 8% | 6%  
kV SL |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

684

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Torrepalma Energy 1 SLU | Madrid | ES | 3,100 | EUR |  | Line-by-line | Enel Green Power  | 100% | 35%  
|  |  |  |  |  |  | España Solar 1 SLU |  |   
Tradewind Energy  | Wilmington | US | 1,000  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Inc. |  |  |  |  |  |  |  |  |   
Trading Post Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Trail Ride Canyon Wind  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Transformadora  | Seville | ES | 5,000 | EUR |  | Equity | Enel Green Power  | 61% | 42%  
Almodóvar Renovables SL |  |  |  |  |  |  | España SLU |  |   
|  |  |  |  |  |  | Enel Argentina SA | 0% |   
Transportadora de Energía  | Buenos Aires | AR | 2,584,473,416 | ARS |  | Line-by-line | Enel Brasil SA | 60% | 82%  
SA - Tesa |  |  |  |  |  |  |  |  |   
|  |  |  |  |  |  | Enel CIEN SA | 40% |   
|  |  |  |  |  |  | Furatena Solar 1 SLU | 18% |   
Trévago Renovables SL | Madrid | ES | 3,000 | EUR |  | Equity | Seguidores Solares  |  | 12%  
|  |  |  |  |  |  | Planta 2 SLU | 18% |   
Trotline Solar Project LLC | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Tsar Nicholas LLC | Minneapolis | US | - | USD |  | Line-by-line | Chi Minnesota Wind LLC | 100% | 100%  
Tulip Grove Solar Project  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Tumbleweed Flat Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Tunga Renewable Energy  | Gurugram | IN | 96,300,000 | INR |  | Held for sale | Avikiran Energy India  | 100% | 100%  
Private Limited |  |  |  |  |  |  | Private Limited |  |   
TWE Franklin Solar Project  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
TWE ROT DA LLC | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Twin Lake Hills LLC | Minneapolis | US | - | USD |  | Line-by-line | Chi Minnesota Wind LLC | 100% | 100%  
Twin Saranac Holdings  | Wilmington | US | - | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
LLC |  |  |  |  |  |  | America Inc. |  |   
Tyme  | Bergamo | IT | 100,000 | EUR |  | Equity | Enel X Italia Srl | 50% | 50%  
Srl |  |  |  |  |  |  |  |  |   
Unión Eléctrica de  | Las Palmas de  | ES | 190,171,521  | EUR |  | Line-by-line | Endesa Generación SAU | 100% | 70%  
Canarias Generación SAU | Gran Canaria |  |  |  |  |  |  |  |   
Upington Solar (Pty) Ltd | Johannesburg | ZA | 1,000  | ZAR |  | Line-by-line | Enel Green Power South  | 100% | 100%  
|  |  |  |  |  |  | Africa (Pty) Ltd |  |   
Usina Eólica Pedra Pintada  | Rio de Janeiro | BR | 540,332,962  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
A Ltda |  |  |  |  |  |  |  |  |   
Usina Eólica Pedra Pintada  | Rio de Janeiro | BR | 418,542,805  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
B Ltda |  |  |  |  |  |  |  |  |   
Usina Eólica Pedra Pintada  | Rio de Janeiro | BR | 387,721,932  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
C Ltda |  |  |  |  |  |  |  |  |   
Usina Eólica Pedra Pintada  | Rio de Janeiro | BR | 436,753,327 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
D Ltda |  |  |  |  |  |  |  |  |   
Usina Eólica Pedra Pintada  | Rio de Janeiro | BR | 653,327 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
E Ltda  |  |  |  |  |  |  |  |  |   
Usina Eólica Pedra Pintada  | Rio de Janeiro | BR | 653,327 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
F Ltda |  |  |  |  |  |  |  |  |   
Usina Eólica Pedra Pintada  | Rio de Janeiro | BR | 653,327 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
G Ltda |  |  |  |  |  |  |  |  |   
Usina Fotovoltaica Arinos  | Rio de Janeiro | BR | 402,133,267 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
E 11 Ltda |  |  |  |  |  |  |  |  |   
Usina Fotovoltaica Arinos  | Rio de Janeiro | BR | 221,724,006  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
E 12 Ltda |  |  |  |  |  |  |  |  |   
Usina Fotovoltaica Arinos  | Rio de Janeiro | BR | 221,724,006  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
E 13 Ltda |  |  |  |  |  |  |  |  |   
Usina Fotovoltaica Arinos  | Rio de Janeiro | BR | 221,724,006  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
E 14 Ltda |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

685

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Usina Fotovoltaica Arinos  | Rio de Janeiro | BR | 221,724,006  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
E 15 Ltda |  |  |  |  |  |  |  |  |   
Usina Fotovoltaica Arinos  | Rio de Janeiro  | BR | 221,724,006  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
E 16 Ltda |  |  |  |  |  |  |  |  |   
Usina Fotovoltaica Arinos  | Rio de Janeiro | BR | 221,724,006  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
E 17 Ltda |  |  |  |  |  |  |  |  |   
Usina Fotovoltaica Arinos  | Rio de Janeiro | BR | 221,724,006  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
E 21 Ltda |  |  |  |  |  |  |  |  |   
Usina Fotovoltaica Arinos  | Rio de Janeiro | BR | 221,724,006  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
E 22 Ltda |  |  |  |  |  |  |  |  |   
Usina Fotovoltaica Arinos  | Rio de Janeiro | BR | 221,724,006  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
E 23 Ltda |  |  |  |  |  |  |  |  |   
Usina Fotovoltaica Arinos  | Rio de Janeiro | BR | 221,724,006  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
E 24 Ltda |  |  |  |  |  |  |  |  |   
USME ZE SAS | Bogotá | CO | 739,653,977  | COP |  | Equity | Bogotá ZE SAS | 100% | 9%  
Ustav Jaderného Výzkumu  | Řež | CZ | 524,139,000  | CZK |  | - | Slovenské | 28% | 9%  
Řež AS |  |  |  |  |  |  | elektrárne AS |  |   
Vayu (Project 1) Private  | Gurugram | IN | 30,000,000  | INR |  | Held for sale | Enel Green Power India  | 100% | 100%  
Limited |  |  |  |  |  |  | Private Limited |  |   
Vektör Enerjí Üretím | Istanbul | TR | 3,500,000  | TRY |  | Line-by-line | Enel SpA | 100% | 100%  
Anoním Şírketí |  |  |  |  |  |  |  |  |   
Velvet Wheat Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Ventos de Santa Ângela  | Rio de Janeiro  | BR | 7,315,000  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Energias Renováveis SA |  |  |  |  |  |  |  |  |   
Ventos de Santa  |  |  |  |  |  |  |  |  |   
Esperança Energias  | Rio de Janeiro  | BR | 4,727,414 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Renováveis SA |  |  |  |  |  |  |  |  |   
Ventos de Santo Orestes  | Rio de Janeiro  | BR | 1,754,031  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Energias Renováveis SA |  |  |  |  |  |  |  |  |   
Ventos de São Cirilo  | Rio de Janeiro | BR | 2,572,010  | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Energias Renováveis SA |  |  |  |  |  |  |  |  |   
Ventos de São Mário  | Rio de Janeiro | BR | 2,492,000 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Energias Renováveis SA |  |  |  |  |  |  |  |  |   
Ventos de São Roque  | Rio de Janeiro  | BR | 10,188,722 | BRL |  | Line-by-line | Enel Brasil SA | 100% | 82%  
Energias Renováveis SA |  |  |  |  |  |  |  |  |   
Vientos del Altiplano SA  |  |  |  |  |  |  | Tenedora de Energía  |  |   
de Cv | Mexico City | MX | 1,455,854,094 | MXN |  | Equity | Renovable Sol y Viento  | 61% | 20%  
|  |  |  |  |  |  | SAPI de Cv |  |   
|  |  |  |  |  |  | Tenedora de Energía  |  |   
Villanueva Solar SA de Cv | Mexico City | MX | 205,316,027  | MXN |  | Equity | Renovable Sol y Viento  | 61% | 20%  
|  |  |  |  |  |  | SAPI de Cv |  |   
Viruleiros SL | Santiago de  | ES | 160,000 | EUR |  | Line-by-line | Enel Green Power  | 67% | 47%  
| Compostela |  |  |  |  |  | España SLU |  |   
Wagon Train Solar Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Walking Horse Wind  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Wapella Bluffs Wind  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Waseca Solar LLC | Waseca | US | - | USD |  | Line-by-line | Aurora Distributed Solar  | 100% | 74%  
|  |  |  |  |  |  | LLC |  |   
Waypost Solar Project LLC | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
|  |  |  |  |  |  | Enel Energy Storage  |  |   
Weber Energy Storage  | Wilmington | US | - | USD |  | Line-by-line | Holdings LLC (formerly  | 100% | 100%  
Project LLC |  |  |  |  |  |  | EGP Energy Storage  |  |   
|  |  |  |  |  |  | Holdings LLC) |  |   
West Faribault Solar LLC | Wilmington | US | - | USD |  | Line-by-line | Aurora Distributed Solar  | 100% | 74%  
|  |  |  |  |  |  | LLC |  |   
West Waconia Solar LLC | Wilmington | US | - | USD |  | Line-by-line | Aurora Distributed Solar  | 100% | 74%  
|  |  |  |  |  |  | LLC |  |   
Western New York Wind  | Albany | US | 300 | USD |  | Line-by-line | Enel Green Power North  | 100% | 100%  
Corporation |  |  |  |  |  |  | America Inc. |  |   
Western Trails Solar  | Andover | US | 1  | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
  
  


  


Attachments

686

INTEGRATED ANNUAL REPORT 2024

|  |  |  |  |  | Consolidation  |  |  | Group %   
---|---|---|---|---|---|---|---|---|---  
Company name | Headquarters | Country | Share capital | Currency | Segment | method | Held by | % holding | holding  
Wharton-El Campo Solar  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
White Cloud Wind  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Holdings LLC |  |  |  |  |  |  |  |  |   
White Cloud Wind Project  | Andover | US | 1 | USD |  | Line-by-line | White Cloud Wind  | 100% | 100%  
LLC |  |  |  |  |  |  | Holdings LLC |  |   
White Peaks Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Whitetail Trails Solar  | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Whitney Hill Wind Power  | Andover | US | 99 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Holdings LLC |  |  |  |  |  |  |  |  |   
Whitney Hill Wind Power  | Andover | US | - | USD |  | Line-by-line | Whitney Hill Wind Power  | 100% | 100%  
LLC |  |  |  |  |  |  | Holdings LLC |  |   
Whittle’s Ferry Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Wild Ox Solar Project LLC | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
|  |  |  |  |  |  | Enel Alberta Wind Inc. | 0% |   
Wild Run LP | Alberta | CA | 10 | CAD |  | Line-by-line | Enel Green Power  |  | 100%  
|  |  |  |  |  |  | Canada Inc. | 100% |   
Wild Six Solar Project LLC | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Wildcat Flats Wind  | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Wilderness Range Solar  | Andover | US | - | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Wildflower Flats Battery  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Wildflower Flats Solar  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Wind Belt Transco LLC | Andover | US | 1 | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
Wind Parks Anatolis -  | Maroussi | GR | 15,803,388 | EUR |  | Equity | Principia Energy South  | 100% | 50%  
Prinias Single Member SA |  |  |  |  |  |  | Evia Single Member SA |  |   
Wind Parks Katharas  | Maroussi | GR | 19,932,048 | EUR |  | Equity | Principia Energy South  | 100% | 50%  
Single Member SA |  |  |  |  |  |  | Evia Single Member SA |  |   
Wind Parks Kerasias  | Maroussi | GR | 26,107,790 | EUR |  | Equity | Principia Energy South  | 100% | 50%  
Single Member SA |  |  |  |  |  |  | Evia Single Member SA |  |   
Wind Parks Milias Single  | Maroussi | GR | 19,909,374 | EUR |  | Equity | Principia Energy South  | 100% | 50%  
Member SA |  |  |  |  |  |  | Evia Single Member SA |  |   
Wind Parks Mitikas Single  | Maroussi | GR | 22,268,039  | EUR |  | Equity | Principia Energy South  | 100% | 50%  
Member SA |  |  |  |  |  |  | Evia Single Member SA |  |   
Wind Parks Platanos  | Maroussi | GR | 13,342,867  | EUR |  | Equity | Principia Energy South  | 100% | 50%  
Single Member SA |  |  |  |  |  |  | Evia Single Member SA |  |   
Wind Parks Spilias Single  | Maroussi | GR | 28,267,490 | EUR |  | Equity | Principia Energy South  | 100% | 50%  
Member SA |  |  |  |  |  |  | Evia Single Member SA |  |   
Windbreaker Storage  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
Project LLC |  |  |  |  |  |  |  |  |   
Winter’s Spawn LLC | Minneapolis | US | - | USD |  | Line-by-line | Chi Minnesota Wind LLC | 100% | 100%  
WKN Basilicata  | Rome | IT | 10,000 | EUR |  | Line-by-line | Enel Green Power  | 100% | 100%  
Development PE1 Srl |  |  |  |  |  |  | Italia Srl |  |   
X-bus Italia Srl | Milan | IT | 15,000 | EUR |  | Equity | Enel X Italia Srl | 20% | 20%  
Yacylec SA | Buenos Aires | AR | 20,000,000 | ARS |  | Equity | Enel Américas SA | 33% | 27%  
Yedesa Cogeneración SA  | Almería | ES | 234,395 | EUR |  | Equity | Enel Green Power  | 40% | 28%  
in liquidation |  |  |  |  |  |  | España SLU |  |   
Yellow Rose Wind Project  | Andover | US | 1 | USD |  | Line-by-line | Enel Kansas LLC | 100% | 100%  
LLC |  |  |  |  |  |  |  |  |   
Zacapa Topco Sàrl | Luxembourg | LU | 29,970,000 | EUR |  | - | Enel X International Srl | 20% | 20%  
Zoo Solar Project LLC | Andover | US | - | USD |  | Line-by-line | Tradewind Energy Inc. | 100% | 100%  
  
  


  


Attachments

687

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Attachment 2 - Green Bond Report 2024 - 

Accompanying notes

The Green Bond Report has not been subject to legal audit pursuant to Article 14 of Legislative Decree 39 of 

January 27, 2010\. Therefore the opinion expressed by KPMG SpA does not extend to the information included therein. 

However, the document has been subject to limited review (“limited assurance engagement”) by KPMG SpA.

Introduction and basis for preparation

141. SDG 7 “Affordable and clean energy”; SDG 9 “Industry, innovation and infrastructure”; SDG 11 “Sustainable cities and communities”; SDG 13 

“Climate action”.

Enel Finance International NV, a finance company con-

trolled by Enel SpA, has outstanding Green Bonds in the 

amount of €2.25 billion, €1.25 billion of which issued in 

2018 and earmarked for both renewable projects and 

grids and €1 billion issued in 2019, earmarked exclu-

sively for renewable projects.

These bonds are issued as part of the Euro Medi-

um-Term Notes - EMTN bond issue program of Enel 

and Enel Finance International for institutional investors 

and guaranteed by Enel SpA. The net proceeds from 

the issue were used to finance or refinance projects 

falling within the categories identified in accordance 

with the “Green Bond Principles” published by ICMA

(International Capital Market Association), as provided 

for by the Enel Group’s Green Bond Framework, whose 

compliance with the applicable principles was con-

firmed by the external advisor, Vigeo Eiris (now Moody’s 

Ratings), issuing a “Second Party Opinion”.

The eligible project categories are aligned with the 

United Nations Sustainable Development Goals (UN 

SDGs), in particular SDGs 7, 9, 11 and 13.

141

With this report, Enel fulfills the commitment made 

when issuing the bonds to annually disclose information

on the use of the proceeds, the environmental benefits 

resulting from the projects financed with such proceeds 

and the additional ESG indicators linked to the projects. 

The indicators were determined in accordance with the 

provisions of the Green Bond Framework (December 

2017 and November 2018) and reported in a series of 

tables with information on the nature of the projects 

and the specific year of issuance of the Green Bonds. 

Furthermore, all plant technologies, as well as the Grids 

assets in Italy, to which the proceeds of the Green Bonds 

issued in 2018 and 2019 were allocated, are to be con-

sidered eligible and aligned activities according to the 

European taxonomy (European Regulation 2020/852).

In accordance with the requirements of the Green

Bond Framework, this document includes the fol-

lowing.

• Summary table of 2018 and 2019 emissions, with 

indication of installed capacity and cumulated CO

2 

avoided.

• Table A – Financial indicators reporting:

• capacity and value of the investments approved 

and communicated to the market;

• value of the investments in euro, based on the av-

erage exchange rates over the related business 

plans;

• allocation of proceeds on projects, with the date 

of entry in operation of plants. 

• Table B – ESG indicators reporting:

• environmental benefits of renewable projects, in 

terms of CO

2

avoided and actual generation, cal-

culated using country-specific emission factors 

(source: Enerdata);

• indicators on the Grids project, like replacement 

of aerial lines with cables, reducing risks to birdlife 

and optimizing energy savings;

• decrease in technical network losses and elimina-

tion of PCB-containing transformers.

• Table C – Further ESG indicators, with information on 

water consumption, biodiversity, plant shutdowns, 

injuries and local communities projects.

• Table D – Overall information, describing the ap-

proach and criteria used in the development of fi-

nanced projects.

The tables provide actual data calculated on the basis 

of Enel accounting, non-accounting and other infor-

mation systems, as validated by relevant managers. 

Any estimates are expressly indicated, together with 

the related calculation methods.

  


Attachments

688

INTEGRATED ANNUAL REPORT 2024

Summary table of 2018 and 2019 emissions with indication of the installed capacity and the CO

2

avoided

Green Bond (GB) emission

Area of 

investment 

GB proceeds 

allocated

(€ millions)

Installed 

capacity

(MW)

Cumulated CO

2

avoided

(1)

(ton)

2018 1,240 2,007 9,544,469

of which Enel Grids projects I&N 665 n.a. n.a.

of which renewable projects Renewables 575 2,007 9,544,469

2019 986 3,101 7,468,796

of which projects identified in 2019 Renewables 986 3,101 7,468,796

(1)  For Enel Grids projects, energy savings are represented in terms of “Energy saved” (MWh) in place of the CO

2

avoided (ton) to specifically report

the improvement in efficiency obtained thanks to the use of so-called “in ecodesign” transformers and the optimization of MV grids as the 

difference between losses detected before and after these interventions. Cumulative energy saved at 2023 amounts to 9,818 MWh.

2018 Green Bond 

Table A – Financial indicators 

Country Project name Technology  Status

Capacity

(MW)

Commercial 

operation 

date

Investment 

(amount in currency)

GB 

proceeds 

allocated 

in 2018 

(€ millions)

GB 

proceeds 

allocated 

in 2019 

(€ millions)

(2)

Currency

Amount in 

currency 

(millions)

Amount 

in euro 

(millions)

(1)

USA Diamond Vista Wind In operation 299 Dec-18 USD 400 336 100 -

USA Fenner Repowering Wind In operation 30 Dec-18 USD 29 24 21 -

USA High Lonesome I+II Wind In operation 504 Dec-19 USD 720 595 81 75

USA Roadrunner Solar In operation 497 Jun-20 USD 436 366 30 141

USA Seven Cowboy Wind In operation 302 Oct-22 USD 427 405 73 101

COLOMBIA El Paso Solar In operation 86 Oct-19 USD 70 59 54 -

USA Aurora USA Solar In operation 150 Jun-17 USD 290 244 181 -

USA Little Elk Wind In operation 74 Dec-15 USD 130 107 5 -

USA Chisholm View II Wind In operation 65 Dec-16 USD 90 76 29 -

TOTAL 575 317

(1)  Indicative value in euros (EUR), although the investment in US dollars (USD) applies where present. The exchange rate used for projects allo-

cated in the 2018 Green Bond is 1.19 USD/EUR, for projects allocated in the 2019 the rate is 1.21\. For projects whose investment value was 

updated, as from 2022 the average annual rate of the year in which the project came into operation was used. 

(2)  Additional proceeds were allocated for some renewable projects that were already identified in the 2018 Green Bond, for which new capital-

ized costs emerged.

Table B – ESG indicators 

Country Project name

2024 generation 

(GWh)

CO

2

avoided in 

2024 (ton)

(1)

2018-2024 

generation (GWh)

CO

2

avoided 

in 2018-2024 (ton)

(1)

USA Diamond Vista 943 331,670 6,823 2,562,606

USA Fenner Repowering

(2)

64 22,634 516 196,443

USA High Lonesome I+II 1,181 415,282 6,188 2,288,428

USA Roadrunner 1,005 353,461 4,010 1,462,652

USA Seven Cowboy 989 347,856 1,738 611,164

COLOMBIA El Paso 149 32, 173 829 137,934

USA Aurora USA 191 67,267 2,244 828,310

USA Little Elk 324 113,824 2,260 865,301

USA Chisholm View II 220 77,385 1,546 591,631

(1)  The methodology for calculating avoided emissions was updated in 2024, as it now considers the average CO

2

emission factor of the country, 

instead of the CO

2

emission factor for fossil fuel technologies used in previous reports. The new factor represents the amount of GHG emis-

sions released by all power plants connected to the energy system for each unit of energy produced at system level, measured in grams of 

CO

2eq

per GWh. The most recent data have been collected by national authorities or reliable third-party databases. 

(2)  Unlike with other repowering projects, the service life of the Fenner plant was extended but its capacity (MW) was not increased, so the capac-

ity and generation data refer to the plant as a whole.

  


Attachments

689

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Table C – Further ESG indicators

Country Project name

Water 

consumption 

(m

3

)

(1)

Actions to 

protect/

restore 

biodiversity 

(no.)

Plant 

shutdown 

or site stop 

due to 

environmental 

issues (no.)

Injuries 

(fatalities 

and “Life 

Changing”) 

(no.)

Social 

projects 

(no.)

Beneficiaries 

of social 

projects (no.)

USA Diamond Vista - - - - 2 65

USA Fenner Repowering - - - - 3 103

USA High Lonesome I+II - - - - 2 200

USA Roadrunner 20 - - - 4 278

USA Seven Cowboy - - - - 5 544

COLOMBIA El Paso - - - - 5 2,993

USA Aurora USA - 1 - - 9 285

USA Little Elk - - - - - -

USA Chisholm View II - - - - 1 6

(1)  Industrial water consumption related to water extraction data for plant.

2019 Green Bond 

Table A – Financial indicators

Country Project cluster  Cluster Status 

Investments 

in currency 

(millions)

GB proceeds 

allocated in 2018 

(€ millions)

ITALY  Smart meter  Asset Development 

(1) 

\-  46 

ITALY Smart grid  Asset Development 

(2) 

\-  21 

ITALY Quality&Efficiency  Asset Development 

(2) 

\-  305 

ITALY Other ICT 

Investment 

Asset Development 

(2) 

\-  52 

Total Asset Development  824 424 

ITALY Maintenance  Asset Management 

(2) 

\-  242

Total Asset Management  452  242

Total Asset Development and

Asset Management Country Italy 

1,276  666

(1)  At December 31, 2018 the final figures of the project consisted of about €420 million of meters and concentrators entered in operation in the 

same month of their installation and about €26 million for the central remote management system and related software.

(2)  The final figures include a very large number of interventions including activities started in the previous year and completed in the current year, 

activities started and completed in the current year and activities started in the current year and not completed at December 31, 2018.

Table B – ESG indicators 

COUNTRY - 

ITALY Cabling (%)

Network 

automation 

(%)

Oil equipment 

with PCB 

removed (no.)

End users 

with active 

smart

meters 

(millions)

Renewable 

generation units 

connected to 

network (no.)

New “users”

connected to 

network (no.)

Technical 

network 

losses (%)

Energy 

saved 

(MWh)

(1)

Total Asset 

Development

- - - 32 281,200 199,797 -

15,118

Total Asset 

Management

76 39 71 - - - 4

(1)  For Enel Grids projects, energy savings are represented in terms of “energy saved” in MWh in place of the CO

2

avoided (ton) to specifically 

report the improvement in efficiency obtained thanks to the use of so-called “in ecodesign” transformers and the optimization of MV grids as 

the difference between losses detected before and after these interventions.

  


Attachments

690

INTEGRATED ANNUAL REPORT 2024

Table C – Further ESG indicators 

Country 

Injuries (fatalities and

“Life Changing”) (no.)

Social projects

(no.) 

Beneficiaries of social 

projects (no.)

Biodiversity projects 

(no.)

ITALY  \-  287 4,832 9

Table A – Financial indicators 

Country Project name Technology  Status

Capacity

(MW)

Commercial 

operation 

date

Investment 

(amount in currency)

GB 

proceeds 

allocated 

in 2018 

(€ millions)

GB 

proceeds 

allocated 

in 2019

(€ millions)

(2)

Currency

Amount in 

currency 

(millions)

Amount 

in euro 

(millions)

(1)

USA Whitney Hill Wind In operation 66 Dec-19 USD 281 232 - 10

USA Aurora Wind Wind In operation 299 Dec-20 USD 450 401 - 10

USA Cimarron 

Bend 3 phase I

Wind In operation 199 Dec-20 USD 281 248 - 4

USA Alta Farms II Wind In operation 201 Dec-22 USD 362 343 - 55

ITALY Various 

projects

(3)

Hydorelectric In operation 33 - EUR 55 55 - 10

CANADA Riverview Wind In operation 105 Apr-20 CAD

210 187

- 81

CANADA Castel Rock 

Ridge 2

Wind In operation 29 Mar-20 CAD - 23

MEXICO Magdalena 2 Solar In operation 220 Sep-19 USD 165 136 - 112

MEXICO Amistad II Wind In operation 103 Dec-19 USD 115 97 - 55

MEXICO Amistad III Wind In operation 108 Feb-20 USD

305 269

- 59

MEXICO Amistad IV Wind In operation 162 Dec-20 USD - 57

MEXICO Dolores Wind In operation 274 May-20 USD 290 255 - 192

USA High 

Lonesome I+II

Wind In operation 504 Dec-19 USD 720 595 81 75

USA Roadrunner Solar In operation 497 Jun-20 USD 436 366 30 141

USA Seven Cowboy Wind In operation 302 Oct-22 USD 427 405 73 101

TOTAL 184 986

(1)  Indicative value in euros (EUR), although the investment in US dollars (USD) applies where present. The exchange rate used for projects allo-

cated in the 2018 Green Bond is 1.19 USD/EUR, for projects allocated in the 2019 the rate is 1.21\. For projects whose investment value was 

updated, as from 2022 the average annual rate of the year in which the project came into operation was used.

(2)  Additional proceeds were allocated for some renewable projects that were already identified in the 2018 Green Bond, for which new capital-

ized costs emerged.

(3)  Aggregate data related to eight small sized Italian projects. The concerned technology is hydroelectric.

  


Attachments

691

1\. Enel Group 2. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Table B – ESG indicators

Country Project name

(1)

2024 generation 

(GWh)

CO

2

avoided

in 2024 (ton)

2019-2024 

generation (GWh)

CO

2

avoided in 

2019-2024 (ton)

(2)

USA Whitney Hill 163 57,222 1,111 350,611

USA Aurora Wind 993 349,242 4,873 1,419,900

USA Cimarron Bend 3 phase I 539 189,452 3,439 1,069,943

USA Alta Farms II 582 204,632 1,522 330,596

ITALY Various projects

(3)

1,567 403,133 6,498 1,317,753

CANADA Riverview 332 38,348 1,927 185,131

CANADA Castel Rock Ridge 2 98 11,310 568 54,574

MEXICO Magdalena 2 499 220,509 3,014 1,054,230

MEXICO Amistad II 277 122,565 747 198,003

MEXICO Amistad III 19 8,295 256 94,516

MEXICO Amistad IV - - 128 50,792

MEXICO Dolores 539 238,362 3,744 1 ,342,747

(1)  For projects for which new capex were allocated in 2019, in addition to what was allocated in the 2018 Green Bond, for the ESG indicators refer 

to the 2018 tables.

(2)  The methodology for calculating avoided emissions was updated in 2024, as it now considers the average CO

2

emission factor of the country, 

instead of the CO

2

emission factor for fossil fuel technologies used in previous reports. The new factor represents the amount of GHG emis-

sions released by all power plants connected to the energy system for each unit of energy produced at system level, measured in grams of 

CO

2eq

per GWh. The most recent data have been collected by national authorities or reliable third-party databases. 

(3)  Aggregate data related to eight small sized Italian projects. The concerned technology is hydroelectric.

Table C – Further ESG indicators 

Country Project name

(1)

Water 

consumption 

(m

3

)

(2)

Actions to 

protect/

restore 

biodiversity 

(no.)

Plant 

shutdown 

or site stop 

due to 

environmental 

issues (no.)

Injuries 

(fatalities 

and “Life 

Changing”) 

(no.)

Social 

projects 

(no.)

Beneficiaries 

of social 

projects (no.)

USA Whitney Hill - - - - 3 2,500

USA Aurora Wind - - - - 4 275

USA Cimarron Bend 3 phase I - - - - 3 81

USA Alta Farms II - - - - 10 1,040

ITALY Various projects

(3)

- 1 - - 2 24

CANADA Riverview - - - - 2 325

CANADA Castel Rock Ridge 2 - - - - 4 155

MEXICO Magdalena 2 510 2 - - 4 541

MEXICO Amistad II - 3 - - 4 92

MEXICO Amistad III - - - - 4 92

MEXICO Amistad IV - - - - 4 92

MEXICO Dolores - 1 - - 4 440

(1)  For projects for which new capex were allocated in 2019, in addition to what was allocated in the 2018 Green Bond, for the ESG indicators refer 

to the 2018 tables. 

(2)  Industrial water consumption related to water extraction data for plant.

(3)  Aggregate data related to eight small sized Italian projects. The concerned technology is hydroelectric.

  


Attachments

692

INTEGRATED ANNUAL REPORT 2024

Table D – Overall information

CRITERION INDICATOR GB 2024 DATA/APPROACH

Respect for human rights 

standards and prevention 

of breaches

Number and description 

of the reports identified 

through the Enel 

monitoring system

Five reports were received, three of which were concluded as non-violation, 

one as ascertained violation and one under analysis.

Results of risk analysis

on human rights at

country level

The country-level risk analysis conducted in the Group’s areas of presence 

in 2023 showed that:

• risks related to issues of corruption, environment, diversity and non-

discrimination, community relations and privacy were among the most 

salient issues (“to be monitored”)

(1)

;

• risks related to labor practices (freedom of association and collective 

bargaining, rejection of forced labor and child labor, fair and favorable 

working conditions, health, safety and well-being at work) and potential 

impacts from customers communication activities were found to be 

among the lowest risk level (“acceptable” level)

(1)

.

These results, together with the findings from the identification of 

potential gaps, showed that the safeguards included in the management 

system in place to mitigate potential impacts are robust

(2)

and adequately 

manage the main topics identified, which, according to the definitions of 

the classification included in the UN Guiding Principles, means that the 

management system for the main topics is effective.

Respect for labor rights Number and description 

of the reports identified 

through the Enel 

monitoring system

No reports regarding projects financed with GB proceeds.

Results of risk analysis

on human rights at

country level

The country-level risk analysis conducted in the Group’s areas of presence 

in 2023 showed that risks related to labor practices (freedom of association 

and collective bargaining, rejection of forced labor and child labor, fair and 

favorable working conditions, health, safety and well-being at work) were 

found to be among the lowest risk level (“acceptable” level)

(1)

.

These results, together with the findings from the identification of 

potential gaps, showed that the safeguards included in the management 

system in place to mitigate potential impacts are robust

(2)

and adequately 

manage the main topics identified, which, according to the definitions of 

the classification included in the UN Guiding Principles, means that the 

management system for the main topics is effective.

Working conditions

(employment 

relationships, training, 

health and safety 

conditions, respect for 

working hours)

Number and description 

of the reports identified 

through the Enel 

monitoring system

No reports regarding projects financed with GB proceeds.

Number of injuries

(fatalities and “Life 

Changing”)

No fatalities or “Life Changing” injury involving Enel people was recorded for 

projects financed with GB proceeds.

Integration of 

environmental and social 

factors into the supply 

chain – Responsible 

purchasing

Ethical clauses in

contracts with suppliers

Through the General Contract Conditions, Enel requires its contractors 

and subcontractors, among other things, to comply with the 10 principles 

of the United Nations Global Compact, respect for and protection of 

internationally recognized human rights, as well as respect for ethical 

and social obligations regarding the fight against child labor and 

protection of women, equal treatment, prohibition of discrimination, 

freedom of association, union and representation, forced labor, safety 

and environmental protection, sanitary conditions and also regulatory 

conditions, retribution, contributions, insurance and tax.

Business ethics 

(prevention of corruption 

and money laundering, 

fraud, anticompetitive 

practices)

Number and description 

of the reports identified 

through the Enel 

monitoring system

There are no significant events to report relating to projects financed with 

GB proceeds.

Audit and internal control  % of area/country 

processes covered by 

internal audit

activities

The average annual coverage level of the processes through internal audit 

activities is around 50%.

(1)  Reference scale of risk: 1. High risk; 2. High priority risk; 3. Risk to be monitored; 4. Acceptable risk (minimum level). 

(2)  Reference scale of performance level: Robust (75%-100%); Good (50%-74%); Sufficient (25%-49%); Needs improvement (0%-24%).

  


Attachments

693

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

  


KPMG S.p.A.

Revisione e organizzazione contabile

Via Curtatone, 3

00185 ROMA RM

Telefono +39 06 80961.1

Email it-fmauditaly@kpmg.it 

PEC kpmgspa@pec.kpmg.it

  


  


  


  


  


  


  


  


  


Ancona Bari Bergamo

  


Bologna Bolzano Brescia 

  


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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 Monza Brianza Lodi

  


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

  


  


  


  


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 Limited,

  


società di diritto inglese.

(This independent auditors’ report has been translated into English solely for the convenience of 

international readers. Accordingly, only the original Italian version is authoritative.)

Independent auditors’ report on the Green bond report

To the board of directors of 

Enel S.p.A.

We have been engaged to perform a limited assurance engagement on the 2024 Green bond report (the 

“report”) of Enel S.p.A. (the “company”) which comprises the “Summary Table of 2018 and 2019 

Emissions”, table A “Financial indicators”, table B “ESG indicators”, table C “Further ESG indicators”, 

table D “Overall information” and notes thereto. The 2024 Green bond report has been prepared on the 

basis of the Enel Group’s Green Bond Framework described in the “Introduction and reporting criteria”

paragraph of the notes thereto and it is attached to the 2024 Integrated annual report of the Enel Group.

Directors’ responsibility for the report

The company’s directors are responsible for the preparation of the report in accordance with the Enel 

Group’s Green Bond Framework described in the “Introduction and reporting criteria” paragraph of the 

notes thereto.

The directors are also responsible, for such internal control as they determine is necessary to enable the 

preparation of a report that is free from material misstatement, whether due to fraud or error. Moreover, 

the directors are responsible for identifying the content of the report, selecting and applying policies and 

making judgements and estimates that are reasonable in the circumstances.

Auditors’ independence and quality management

We are independent in compliance with the independence and all other ethical requirements of the 

International Code of Ethics for Professional Accountants (including International Independence 

Standards) issued by the International Ethics Standards Board for Accountants (the IESBA Code), which 

is founded on fundamental principles of integrity, objectivity, professional competence and due care, 

confidentiality and professional behaviour. 

Our firm applies International Standard on Quality Management 1 (ISQM Italia 1) and, accordingly, is 

required to design, implement and operate a system of quality management including policies or

procedures regarding compliance with ethical requirements, professional standards and applicable legal 

and regulatory requirements.

Auditors’ responsibilities

Our responsibility is to express a conclusion, based on the procedures performed, about the compliance 

of the report with the Enel Group’s Green Bond Framework described in the “Introduction and reporting

  


  


Attachments

694

INTEGRATED ANNUAL REPORT 2024

  


2 

  


  


  


Enel S.p.A.

Independent auditors’ report on the Green bond report

31 December 2024

  


criteria” paragraph of the notes thereto. We carried out our work in accordance with the criteria 

established by “International Standard on Assurance Engagements 3000 (revised) \- Assurance 

Engagements other than Audits or Reviews of Historical Financial Information” (“ISAE 3000 revised”), 

issued by the International Auditing and Assurance Standards Board (IAASB) applicable to limited 

assurance engagements. This standard requires that we plan and perform the engagement to obtain 

limited assurance about whether the report is free from material misstatement. A limited assurance 

engagement is less in scope than a reasonable assurance engagement carried out in accordance with 

ISAE 3000 revised, and consequently does not enable us to obtain assurance that we would become 

aware of all significant matters and events that might be identified in a reasonable assurance 

engagement.

The procedures we performed on the report are based on our professional judgement and include 

inquiries, primarily of the parent’s personnel responsible for the preparation of the information presented 

in the report, documental analyses, recalculations and other evidence gathering procedures, as 

appropriate.

Specifically, we performed the following main procedures:

1  holding interviews with personnel responsible for the management and preparation of the report at 

corporate and business levels;

2  understanding the processes underlying the generation, recording and management of the qualitative 

and quantitative information disclosed in the report;

3  holding interviews and discussions with the company’s management personnel to obtain information on 

the processes and procedures used to gather, combine, process and transmit data and information to 

the office that prepares the report;

4  analysing documents and performing analytical procedures to check, on a sample basis, the indicators

included in the report.

Conclusion

Based on the procedures performed, nothing has come to our attention that causes us to believe that the 

2024 Green bond report of Enel S.p.A. has not been prepared, in all material respects, in accordance 

with the Enel Group’s Green Bond Framework described in the “Introduction and reporting criteria”

paragraph of the notes thereto.

Other matters 

Other auditors performed a limited assurance engagement on the 2017, 2018 and 2019 figures 

presented in the 2024 Green bond report and expressed their unqualified conclusions thereon on 10 May

2018, 7 May 2019 and 8 April 2020, respectively.

Rome, 15 April 2025

KPMG S.p.A.

(signed on the original)

Davide Utili

Director of Audit

  


Attachments

695

1\. Enel Group 2\. Governance 3\. Group strategy 

and risk management

4\. Climate 

change

5\. Group 

performance

6\. Outlook 7. Sustainability 

Statement 

Consolidated 

financial statements

INTEGRATED ANNUAL REPORT 2024

Attachment 3 - Sustainability-Linked Financing Report

The Sustainability-Linked Financing Report has not been subject to legal audit pursuant to Article 14, paragraph 1, 

of Legislative Decree 39 of January 27, 2010\. Therefore the opinion expressed by KPMG SpA does not extend to the 

information included therein. The results achieved in 2024 on KPIs subject to Sustainability Performance Targets 

(SPT) are reported in the consolidated Sustainability Statement which has been subject to limited review (“limited 

assurance engagement“) by KPMG SpA.

142. Enel - Sustainability-Linked Financing Framework - 2025 Edition.

In line with the Sustainability-Linked Financing Frame-

work, published by Enel on its website,

142

Enel issues 

and structures financial instruments linked to the 

achievement of predefined Sustainability Performance 

Targets (SPT). 

Enel and/or its subsidiaries issue sustainability-linked 

bonds, SDG Commercial Paper and subscribe to sus-

tainability-linked loans, sustainability-linked deriva-

tives on exchange rates and interest rates, sustaina-

bility-linked guarantees, linked to SPTs related to five 

KPIs, which contribute to SDG 7 (Ensure access to 

affordable, reliable, sustainable and modern energy 

for all), SDG 13 (Take urgent action to combat climate 

change and its impacts), as well as to the environmen-

tal objectives set by the European Union in Regulation 

(EU) 2020/852 on the establishment of a framework to 

facilitate sustainable investment, with a particular fo-

cus on the objective of climate mitigation.

KPI and Sustainability Performance Targets (SPT)

KPI Actual value Sustainability Performance Targets (SPT)

2024 2024 2025 2026 2027 2030 2040 Review

(1)

KPI #1

(2)

Scope 1 GHG emissions 

Intensity relating to Power 

Generation (gCO

2eq

/kWh)

101

(3)

140  130 125 115 72 - Chapter 4 

Climate change –

Enel’s metrics in 

combating climate 

change

KPI #2 

Scope 1 and 3 GHG 

emissions Intensity relating 

to Integrated Power 

(gCO

2eq

/kWh)

121 135 135 125 73 - Chapter 4 

Climate change –

Enel’s metrics in 

combating climate 

change

KPI #3

Absolute Scope 3 GHG 

emissions related to Retail 

Gas (MtCO

2eq

)

(4)

14.3 18.8 18 16.5 10.3 - Chapter 4 

Climate change –

Enel’s metrics in 

combating climate 

change

KPI #4

Percentage of installed 

renewables capacity (%)

69.90% 69.00% 73.00% 74.00% 75.00% 80.00% 100.00% Chapter 4 

Climate change –

The strategy for tackling 

climate change

KPI #5

Percentage of capex aligned 

with the EU taxonomy (%)

83.80% >80% 

(2023-

2025)

(5)

>80% 

(2024-

2026)

(6)

>80% 

(2025-

2027)

(7)

Chapter 7 

Sustainability Statement –

The European taxonomy 

(1)  The audit of Enel’s KPIs is in the KPMG Assurance Report at page 625\. 

(2)  This KPI #1 was previously denominated: “Direct Greenhouse Gas Emissions Amount (Scope 1)”.

(3)  The actual value was confirmed by the KPMG Assurance Report available in the “Sustainable Finance” section of Enel’s website.

(4)  Values recalculated in 2024 to align the volumes of natural gas sold to end customers according to its calorific value with the IPCC factor.

(5)  SPT with cumulative observation period of 2023-2025.

(6)  SPT with cumulative observation period of 2024-2026.

(7)  SPT with cumulative observation period of 2025-2027.

  


Attachments

696

INTEGRATED ANNUAL REPORT 2024

Sustainability-linked bonds issued by Enel

Sustainability-linked bonds issued by Enel amount to approximately €32 billion, €29 billion of which are still out-

standing.

143

ISIN Issuer Issue date Maturity Currency Amount issued Residual amount  KPI SPT Reporting date or period Goal achieved

XS2066706909 EFI

(1)

17/10/2019 17/06/2027 EUR 1,000,000,000  1,000,000,000  KPI #4 55% 2021 V

XS2066706735 EFI 17/10/2019 17/10/2034 EUR 500,000,000  500,000,000  KPI #1 125 gCO

2eq

/kWh 2030

XS2244418609 EFI 20/10/2020 20/10/2027 GBP 500,000,000  500,000,000  KPI #4 60% 2022 V

XS2353182020 EFI 17/06/2021 17/06/2027 EUR 1,000,000,000  1,000,000,000  KPI #1 148 gCO

2eq

/kWh 2023 X

XS2353182293 EFI 17/06/2021 17/06/2030 EUR 1,250,000,000  1,250,000,000  KPI #1 148 gCO

2eq

/kWh 2023 X

XS2353182376 EFI 17/06/2021 17/06/2036 EUR 1,000,000,000  1,000,000,000  KPI #1 82 gCO

2eq

/kWh 2030

US29278GAM06 EFI 12/07/2021 12/07/2026 USD 1,250,000,000  1,250,000,000  KPI #1 148 gCO

2eq

/kWh 2023 X

US29278GAN88 EFI 12/07/2021 12/07/2028 USD 1,000,000,000  1,000,000,000  KPI #1 148 gCO

2eq

/kWh 2023 X

US29278GAP37 EFI 12/07/2021 12/07/2031 USD 1,000,000,000  1,000,000,000  KPI #1 148 gCO

2eq

/kWh 2023 X

US29280HAB87 EFA

(2)

12/07/2021 12/07/2041 USD 750,000,000  750,000,000  KPI #1 82 gCO

2eq

/kWh 2030

XS2390400633 EFI 28/09/2021 28/05/2026 EUR 1,250,000,000  1,250,000,000  KPI #1 148 gCO

2eq

/kWh 2023 X

XS2390400716 EFI 28/09/2021 28/05/2029 EUR 1,000,000,000  1,000,000,000  KPI #1 148 gCO

2eq

/kWh 2023 X

XS2390400807 EFI 28/09/2021 28/09/2034 EUR 1,250,000,000  1,250,000,000  KPI #1 82 gCO

2eq

/kWh 2030

XS2432293673 EFI 17/01/2022 17/11/2025 EUR 1,250,000,000  1,250,000,000  KPI #1 148 gCO

2eq

/kWh 2023 X

XS2432293756 EFI 17/01/2022 17/01/2031 EUR 750,000,000  750,000,000  KPI #1 140 gCO

2eq

/kWh 2024 V

XS2432293913 EFI 17/01/2022 17/01/2035 EUR 750,000,000  750,000,000  KPI #1 82 gCO

2eq

/kWh 2030

XS2466363202 EFI 11/04/2022 11/04/2029 GBP 750,000,000  750,000,000  KPI #1 140 gCO

2eq

/kWh 2024 V

USN30707AN87 EFI 15/06/2022 15/06/2025 USD 750,000,000  750,000,000  KPI #1 148 gCO

2eq

/kWh 2023 X

US29278GAW87 EFI 15/06/2022 15/06/2027 USD 750,000,000  750,000,000  KPI #1 140 gCO

2eq

/kWh 2024 V

US29278GAX60 EFI 15/06/2022 15/06/2032 USD 1,000,000,000  1,000,000,000  KPI #1 82 gCO

2eq

/kWh 2030

US29278GAY44 EFI 15/06/2022 15/06/2052 USD 1,000,000,000  1,000,000,000  KPI #1 0 gCO

2eq

/kWh 2040

XS2531420656 EFI 09/09/2022 09/03/2029 EUR 1,000,000,000  1,000,000,000  KPI #1 140 gCO

2eq

/kWh 2024 V

US29278GAZ19 EFI 14/10/2022 14/10/2025 USD 750,000,000  750,000,000  KPI #1 148 gCO

2eq

/kWh 2023 X

US29278GBA58 EFI 14/10/2022 14/10/2032 USD 1,250,000,000  1,250,000,000  KPI #1 82 gCO

2eq

/kWh 2030

US29278GBB32 EFI 14/10/2022 14/10/2052 USD 1,000,000,000  1,000,000,000  KPI #1 0 gCO

2eq

/kWh 2040

XS2589260723 EFI 20/02/2023 20/02/2031 EUR 750,000,000  750,000,000 

KPI #1 130 gCO

2eq

/kWh 2025

KPI #5 >80% 2023-2025

XS2589260996 EFI 20/02/2023 20/02/2043 EUR 750,000,000  750,000,000 

KPI #2 0 gCO

2eq

/kWh 2040

KPI #3 0 MtCO

2eq

2040

XS2751666426 EFI 23/01/2024 23/07/2028 EUR 750,000,000  750,000,000 

KPI #1 125 gCO

2eq

/kWh 2026

KPI #5 >80% 2024-2026

XS2751666699 EFI 23/01/2024 23/01/2035 EUR 1,000,000,000  1,000,000,000 

KPI #1 72 gCO

2eq

/kWh 2030

KPI #4 80% 2030

US29278GBD97 EFI 26/06/2024 26/06/2029 USD 1,250,000,000  1,250,000,000  KPI #1 125 gCO

2eq

/kWh 2026

US29278GBE70 EFI

26/06/2024 26/06/2034 USD 750,000,000  750,000,000  KPI #1 72 gCO

2eq

/kWh 2030

Total 28,833,315,988

(3)

(1)  Enel Finance International NV (EFI).

(2)  Enel Finance America LLC (EFA).

(3)  Based on the following exchange rates: EUR/USD FX and EUR/GBP FX at December 31, 2024.

143. Based on the following exchange rates: EUR/USD FX and EUR/GBP FX at December 31, 2024.

  


Concept design and realization

Mercurio GP

Copy editing

postScriptum di Paola Urbani

Publication not for sale

Edited by

Enel Communications

Disclaimer

This Report issued in Italian has been translated into 

English solely for the convenience of international reader

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