Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Integrated Annual Repor Enel Américas
2022
OPEN
POWER
FOR A
BRIGHTER
FUTURE.
WE EMPOWER
SUSTAINABLE
PROGRESS.
2
Memoria Anual Enel Américas 2022
OPEN
POWER
FOR A
BRIGHTER
FUTURE.
WE EMPOWER
SUSTAINABLE
PROGRESS.
Integrated Annual Report Enel Américas 2022
4
Memoria Anual Enel Américas 2022
Letter to the shareholders
and stakeholders
We present you the Integrated Annual Report of Enel
Américas for 2022. In this document, we report on the
Company’s performance in the different countries
where we operate, on the compliance with our strategy
and the delivery of value for our stakeholders, thanks
to incorporating environmental, social, and corporate
governance (ESG) criteria into the management. We also
report on our forward vision and objectives.
Although this past period was one of a return to normality
in our daily lives, the year in the region was marked by
presidential elections in Brazil and Colombia; high inflation,
which particularly affected food prices; rising fuel prices;
the war in Ukraine and the effect on supply chains as a
result of the Covid-19 pandemic.
We have made every effort to maintain the generation,
transmission, and distribution operations of safe and
accessible energy for all our customers in these complex
and rising cost of living times, favoring, first of all, the
generation from renewable energies, modernizing and
digitizing our distribution networks and promoting the
electrification of consumption, because we are sure that
electric energy is the most sustainable.
We are experiencing the energy transition process in
Latin America and we are at a key moment to achieve
our Zero Emissions goal in 2040. Polluting energies are
being replaced by renewables in the region and customers
are adopting electric power in the most varied areas,
obtaining benefits in terms of costs, efficiency, and
emissions reduction.
2023-2025 Strategy
In November 2022, we presented our 2023-2025 Strategic
Plan, which focuses on corporate simplification, converging
on the markets that offer the greatest growth opportunities.
We will work to achieve the Company’s operational and
financial development and, at the same time, attain the
Zero Emissions goal by 2040 and combat climate change.
We seek to establish an integrated position across the value
chain in key markets, to support our customers on their
journey towards full electrification. With this in mind, we
decided to concentrate our efforts in Brazil and Colombia,
the two countries that are moving the fastest on the energy
transition path.
In 2022, along the same lines, according to the Energy
Transition process, Enel Américas decided to sell assets
with a lower strategic value, such as Central Fortaleza, which
left Enel Brasil with a 100% renewable generation matrix
and Enel Distribución Goiás, whose concession is located
in a fundamentally rural area with fewer opportunities to
move forward on the road to electrification. In 2023, we
intend to start a sale process of Enel Distribución Ceará
and of Enel Américas’ assets in Argentina and Peru.
Letter to the Shareholders and Stakeholders 5
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
In the near future, we will continue to add renewable
generation capacity, thanks to a solid projects pipeline,
adding the implementation of a stewardship model that
will permit us to move forward in a more sustainable way
from an economic and social point of view. In distribution,
we will continue working on networks digitalization and
modernization making some significant investments. Finally,
we will boost customer centrity, promoting and facilitating
electrification through new services and products.
Results of the period
Notwithstanding the challenging context, EBITDA in 2022
reached US$ 4,825 million, which represents an 18% increase
compared to 2021, driven mainly by better results in distribution
in Brazil and Argentina, and an improved performance in
Colombia, Peru and Central America, together with the
consolidation, for the first time, of a full year of EGP Américas.
In 2022, Enel Américas consolidated its position in the
ESG indices thanks to integrating sustainability into its
strategy, which was validated by significant improvements
in various rankings. We achieved historic scores in the
Dow Jones Sustainability Index: Emerging Markets, Pacific
Alliance Integrated Market (MILA) and Chile, and were again
confirmed in the FTSE4Good Latin America Markets Index
and the FTSE4Good Emerging Markets Index and obtained
an A- rating in the Carbon Disclosure Project (CDP). In
addition, for the fifth consecutive year we were confirmed
in The Sustainability Yearbook 2023 and this year we were
distinguished for the first time in the Top 5% S&P Global
ESG Score category, ranking us among the most sustainable
companies in the electricity industry worldwide.
Corporate milestones
In line with our strategy, this year we moved towards
developing 545 MW of new renewable capacity for the
region and continued constructing more than 2.5 GW
of new wind and solar projects. Enel Green Power Brasil
began constructing the second expansion of the Lagoa
dos Ventos complex, the largest wind farm in operation
in South America and Enel Green Power Colombia began
constructing the Guayepo I & II solar park in the Pondera and
Sabanalarga municipalities, in the department of Atlántico,
with 486.7 MW of installed capacity. This project will become
the largest photovoltaic project in Colombia.
We also made progress in signing agreements with private
entities for clean generation, such as Enel Brasil’s contract
with Itaú Unibanco to supply renewable energy to 80%
of the bank’s branches, with a total installed capacity of
54.7 MWp. In Colombia, we signed an agreement with the
Bavaria brewery to supply clean energy for 15 years for
seven breweries, two malting plants and a labeling plant.
Enel Generación Perú also installed more than 900 solar
panels in SIDERPERÚ, which is the industrial complex of the
country’s largest steel company, with a 500 kW capacity. In
Argentina, Edesur installed a photovoltaic generation system
at the Vocational Training Center in Buenos Aires.
Maurizio Bezzeccheri
●
Francisco de Borja Acha
Chairman of the Board
CEO
6
Integrated Annual Report Enel Américas 2022
We developed a new modern and digital electricity
infrastructure to enable energy transition based on the
electrification of consumption. In Enel Colombia, we
implemented the new San José Electric Substation in
downtown Bogota, which makes this city’s comprehensive
urban regeneration plan viable. Similarly, we are adapting
the city’s electrical infrastructure to make way for the first
line of the Bogota Metro. In Peru, construction began on the
new 60kV José Granda Substation, designed to distribute
electricity to more than 80,000 customers. The project
involves circular economy and energy efficiency criteria,
and it is to become operational in May 2023.
We also began to implement the results of the Grid Blue
Sky project in all the countries, a strategic redesign using
management technology of the electricity grid to digitize
and improve it, providing it with higher performance and
resilience levels. This includes employee training and
a roadmap to identify and prioritize network renewal,
improvement, and expansion till 2030.
We increased the electrification of public transport, and
thus, in Colombia, Enel X developed the electrical and
charging infrastructure for the Fontibón III – Escritorio
yard and delivered 172 electric buses to Transmilenio for
the Bogota Integrated Public Transport System. Enel Perú
implemented the first 100% electric public transport buses
in the Lima Red Corridor and in the Arequipa Integrated
Transport System.
On May 31, we announced our intention to withdraw our
stock from the New York Stock Exchange and deregister our
company from the U.S. Securities and Exchange Commission
(SEC). This decision was mainly based on the fact that the
conditions of the ADR (American Depositary Receipts)
program launched 30 years ago were no longer the same,
since the Chilean market became much more liquid and
open to foreign investors and ADR’s participation in our
ownership structure was below 2%.
The ADRs were delisted from the New York Stock Exchange
on June 20 and, after a month of trading in the Over the
Counter market, the ADR program was officially canceled.
Subsequently, on November 2, we formally requested the
deregistration of our company from the SEC.
Innovation at the service of business
In Brazil, hand in hand with innovation, we continue to make
progress to digitize energy networks. Today São Paulo has
Letter to the Shareholders and Stakeholders 7
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
more than 205 thousand smart meters installed with a
new application for end users. This technology allowed 1.4
million remote billing transactions, 62 thousand electricity
disconnections and almost 40 thousand reconnections or
distributed generation operations.
In Colombia, we completed 34 innovation projects, including
the Grid Mining project that consists of using copper and
aluminum materials that are rescued from the network
to generate new products, putting our bets on circularity
and generating new income. The Ministry of Science and
Technology approved 12 innovation and technological
development projects with tax benefits.
The National Council of Science, Technology and
Technological Innovation recognized as innovative two
Enel Generación Perú projects, which apply artificial
intelligence and developing new equipment to increase the
efficiency of hydroelectric power plants. And, in Argentina,
an interdisciplinary team of collaborators developed and
implemented a series of applications to optimize field
work, helping to improve operations time, and generating
a positive impact on process sustainability completely
elimination paper and physical records. Each App has a
direct impact on between 200 and 2,000 collaborators.
Energy Transition
In 2022, we carried out participatory work with local
stakeholders in Brazil, Colombia, Peru and Argentina to draw
up an Energy Transition Roadmap based on workshops,
working groups and a strategic meeting with relevant
players, aiming to contribute to the construction of public
policies that would permit to move forward to a more
sustainable energy matrix and achieve the objective of
reaching the zero emissions goal by 2040.
We also developed “Energies in Latam”, an empowerment
project dedicated to committed, competent and capable
people to become essential players in the energy transition
leadership. The objectives of the project were to identify
profiles, promote mobility between functions and countries,
define personalized development programs and retain talent.
557 people participated in the first and second stages.
Before finishing these lines, we sincerely want to express
our thanks for the support of all those who every day
join forces to make our Company more sustainable
and efficient, that is to say, our directors, employees,
shareholders, collaborators, investors and customers. Thank
you very much for what has already been achieved and we
encourage you to continue working together on the path
of sustainability that has bet set up.
8
Integrated Annual report Enel Américas 2022
Index
2.
Governance
3.
Strategy
and risk
management
Letter to the shareholderds and stakeholders
4
Reporting rules
12
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1.
Enel
Américas
at a glance
Main figures
18
2022 Milestones
21
Enel Américas Group
23
ESG indices and rankings
25
Ownership and control
30
Governance Framework
34
Corporate values and
ethical pillars
66
Environment and
industrial sector
88
Enel Américas’ Strategy
90
Investments and financial
projections
94
Integrating sustainability
into the business model
96
Risk Management
108
Climate change
and scenarios
114
Risk classification
124
9
4.
Enel Américas
Group’s Business
5.
2022
Management
6.
Other
Corporate
Regulatory
Information
7.
Main
Indicators
8.
Annexes
Macroeconomic Environment 148
Industrial Sector
150
Regulatory Framework
150
Enel Américas’
consolidated operations
151
Generation and
transmission segment
by country
162
Electricity Distribution
Segment by Country
178
Innovation and digitalization
at the heart of our operations 186
Enel X leads the
global energy
transformation process
188
Financial management
196
Economic management
212
Environmental Management 216
Social Management
221
Innovation and
circular economy
244
Engaging local communities 250
Articles of incorporation
256
Historical information
258
Summary of Significant
or Relevant Events reported
in 2021 and 2022
268
Annual Management
Report Of The Directors’
Committee
273
Share information
and other securities
278
Properties and facilities
285
Brands, insurance and
concessions
285
Subsidiaries and associates 286
Risk factors
388
Legal and Regulatory
Compliance Indicators
404
Board Diversity Indicators
405
Diversity Indicators
in the Organization
406
SASB Table of Contents
411
Membership in guilds,
associations, and
other organizations
418
Glossary
422
Disclaimer
427
Basic Company Information 429
Publication Financial
Statements
431
Table of contents rule
461 of the CMF
432
10
Integrated Annual Report Enel Américas 2022
PURPOSE
VISION
Open Power to tackle some
of the world’s biggest
challenges.
Enel is Open Power
POSITIONING
Open Power
PRINCIPLES OF CONDUCT
• Make decisions in daily activities and take
responsibility for them.
• Share information, being willing to collaborate
and open to the contribution of others.
• Follow through with commitments, pursuing activities
with determination and passion.
• Change priorities rapidly if the situation evolves.
• Get results by aiming for excellence.
• Adopt and promote safe behavior and move proactively
to improve conditions for health, safety and well-being.
• Work for the integration of all, recognizing and leveraging
individual diversity (culture, gender, age, disabilities,
personality, etc.).
• Work focusing on satisfying customers and/or coworkers,
acting effectively and rapidly.
• Propose new solution and do not give up when faced
with obstacles or failure.
• Recognize merit in co-workers and give feedback
that can improve their contribution.
VALUES
• Trust
• Proactivity
• Responsibility
• Innovation
MISSION
• Open access to electricity
for more people.
• Open the world of energy
to new technology.
• Open up to new uses of energy.
• Open up to new ways of managing
energy for people.
• Open up to new partnerships.
11
12
Integrated Annual Report Enel Américas 2022
Reporting rules
Enel Américas’ reporting is inspired by the Core&More
reporting approach, in line with its parent company, Enel
SpA, whose most important document is the Integrated
Annual Report prepared in accordance with General
Standard No. 461 of the Financial Market Commission of
Chile (FMC) complemented by the Sustainability Report
(document that communicates the generation of value to
stakeholders) and the Consolidated Financial Statements
prepared in accordance with the International Financial
Reporting Standards IFRS/IAS.
The Integrated Annual Report is based on the transparency
and accountability of information. It communicates how the
Company’s governance, strategy, risk management and
operations create value for all stakeholders. Its objective is to
tell the story through a strategic-sustainable approach and
present the results and medium and long-term perspectives
of the sustainable and integrated business model that, in
recent years, has fostered value creation in the context of
the energy transition process.
This report presents the results and perspectives of the
sustainable business model, including the qualitative
and quantitative, financial, and non-financial information
considered the most relevant from a materiality point of
view, also taking into account all stakeholders’ expectations.
Enel Américas’ Integrated Annual Report incorporates
financial and sustainability elements based on a materiality
analysis that considers stakeholders’ information
requirements, including Enel Américas’ contribution to
reaching the Sustainable Development Goals (SDGs). The
Group also conducts a double materiality analysis, details
of which are provided in the Sustainability Report.
It should be noted that, to prepare quantitative sustainability
information, the Group applies the provisions of the SASB
Sustainability Accounting Standards Board’s, Sustainable
Industry Classification System® (SICS),® IF-EU Electric
Utilities & Power Generators., in line with the requirements
of NCG No. 461 of the FMC.
Vision of reportability
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
13
Reportability Framework
CORE&MORE approach of
the Enel SpA Group
Integrated Annual
Repor
2022
OPEN
POWER
FOR A
BRIGHTER
FUTURE.
WE EMPOWER
SUSTAINABLE
PROGRESS.
Enel Américas Integrated Annual Repor
14
Integrated Annual Report Enel Américas 2022
To represent information connectivity, the Enel Group has developed a matrix that delineates the relationships between the
strategic objectives, which also clearly represent Enel Américas’ contribution to achieving the United Nations Sustainable
Development Goals (SDGs) and, in particular, to the four key Strategic Plan objectives (SDG 7, SDG 9, SDG 11 and SDG 13):
governance, risks and opportunities, performance and prospects for each line of business.
Connectivity matrix
Enel Américas`s
Business
Value creation model
Governance
Strategic actions
ODS
Generation
Distribution and
Grids
Enel X
Integrated business
strategy to satisfy the
needs of customers
“beyond commodities”
Enel Américas’ Corporate
Governance System
Executive Team
Corporate simplification
to focus our effors to
strategic countries and
assets
For furher details, review
the Strategy and Risk
Management Chapter.
All these deployments of
SDGs 7, 9 and 11 will
contribute ODS 13 to
reduce the impacts of
climate change a priority
on the agenda
Continue deployment of
RES capacity, suppored
by a robust pipeline, along
with the implementation
of a stewardship model.
For furher details, review
the Strategy and Risk
Management Chapter.
Reinforce growth of grids
to enable the energy
transition, investing in
modernization and
digitization
For furher details, review
the Strategy and Risk
Management Chapter.
Boost customer
centricity, offering new
services and products,
and leading market
liberalization.
For furher details, review
the Strategy and Risk
Management Chapter.
1
2
3
4
Risks and
opporunities
Perormance and KPI´s
Outlook
Six macro risk
categories:
> Strategic;
> Governance and
Culture;
> Technology and digital;
> Compliance;
> Operational;
> Financial
For furher details, review
the Strategy and Risk
Management Chapter.
The Beyond Commodity
strategy improves our offer of
products and services that allow
us to achieve sustainable
financing:
> EBITDA
> CAPEX
> Net debt/EBITDA
> Generación OPEX/MW
> Renewable Generation TWh
> Renewable Installed Capacity
(GW)
Strategic Plan 2023-2025
> EBITDA in the range of 3.5 to 3.6 billion, between 2023 and 2025
>Net debt/EBITDA, should reach 0 by 2025
> CAPEX, 5,0 bn between 2023 and 2025
> Renewable Generation of 98% in 2025
> Renewable Installed Capacity (GW) Will go from 71% in 2022 to 98% in
2025
Growth of renewable energies
towards a more resilient and
diversified matrix:
> Generation OPEX/MW
> Renewable Generation
> Renewable installed capacity
> Renewable Installed Capacity (GW) Will go from 71% in 2022 to 98% in
2025 (*)
> Net energy production (TWh) from 32.6 (TWh) in 2022 to 44.8 (TWh) in
2025, with an increase of 35%.. (*) (**)
> Energy sold (TWh) will go from 33.9 (TWh) to 48.7 (TWh) in 2025 with
an increase of 44% (*) (**)
(*) include Ownership and Stewardship
(**) The figures for 2022 are proformas, excluding Argentina and Peru,
for comparison purposes with the figures for 2025.
The network infrastructure,
digitized and modern, which is
a crucial link to achieve the
required electrification:
> Distributed Energy (TWh)
> Final customers (mm)
> Smar meters (Number) (Th)
% energy lost
> SAIDI: minutes
> SAIFI: times
> Guarantee a high level of quality and modernization of the networks
for network customers, who will continue to be at the center of the
strategy.
> Electrification and digital transformation to suppor the energy
transition, creating value for all stakeholders, where Enel X will play a
fundamental role.
> Distributed energy (TWh) from 67.8 (TWh) in 2022 to 72.8 (TWh) in
2025. (*)
> Grid customer (mn) 15,1 en 2022 a 16,0 en 2025 (*)
> Loss of energy (%) 11.8% in 2022 to 11.0% in 2025 (-0.8 p.p) (*)
> CAPEX Grids 2023-2025 ( US$ 2,5 bn) (*)
> RAB ( US$ bn): 6,2 in 2022 to 7,6 in 2025
> RAB / Grid customer ( US$ / Grid customers) : 414 in 2022 and 474 in
2025.
(*) considers 9 months of Enel Perú, Enel Argentina.
Clean electrification through
the creation of value with new
products and services for
customers to meet their needs:
> Number of free clients:(th)
> Demand Response: (MW)
> % E-Billing 21% in 2022 to 34% in 2025;
> % Direct Debit 14% in 2022 to 16% in 2025 ( +2 p,p)
> % of contactable customers 88% in 2022 to 92% in 2025
> Net Promoter Score -25,2 in 2022 to 63,1% in 2025
16
Integrated Annual Report Enel Américas 2022
ENEL AMÉRICAS
AT A GLANCE
1.
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
17
About Enel Americas.
After the merger of Enel Green Power (EGP)
and the agreement with Grupo Energia de
Bogota SAESP, Enel Americas consolidated
its leading position in Latin America, where it
generates electricity in seven countries and
distributes energy in four of them.
Enel Americas’ value creation model.
Enel Americas’ business strategy not only
optimizes short-term profits for shareholders,
but also seeks to create long-term value,
considering the needs of all its stakeholders
and the society in general.
2022 Milestones.
Enel Américas’ business strategy not only
optimizes short-term benefits for shareholders,
but also seeks to create long-term value, taking
into account the needs of all its stakeholders
and society in general.
Enel Américas
at a Glance
18
Integrated Annual Report Enel Américas 2022
Enel Américas at a Glance
Main figures
Assets Liabilities
TOTAL
ASSETS
TOTAL LIABILITIES
PAYABLE
NET FINANCIAL
DEBT
(0.5%)
US$34,744 million
US$ 34,959 million in 2021
(3.0%)
US$19,327million
US$ 19,929 million in 2021
+17.0%
US$6,868 million
US$ 5,870 million in 2021
Income
EBITDA
TOTAL NET
INCOME
OPERATING
REVENUES
+17.6%
US$4,825 million
US$ 4,102 million in 2021
(106.0%)
(US$44) million
US$ 741 million in 2021
(2.9%)
US$15,729 million
US$ 16,192 million in 2021
Ratios
LIQUIDITY
RATIO
DEBIT
RATIO
+8.1%
0.98
TIMES
0.91 times In 2021
(5.6%)
1.4
TIMES
1.4 times In 2021
Total Workers
TOTAL
STAFF
TOTAL
WOMEN
(8.4%)
15,072
EMPLOYEES
16,461 in 2021
(3.4%)
3,350
Nº DE TRABAJADORAS
3,467 in 2021
Enel Américas at a Glance 19
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Generation Business
TOTAL INSTALLED
CAPACITY
TOTAL INSTALLED CAPACITY
FROM RENEWABLES SOURCES
+1.2%
16.1 GW
+2.6 p.p.
71.2% GW
68.6% in 2021
15.9 GW in 2021
HYDROELECTRIC
44%
7.0 GW
44% in 2021
7.0 GW
SOLAR
10.8%
1.7 GW
10,0% in 2021
1.6 GW
WIND
16.7%
2.7 GW
14.4% in 2021
2.3 GW
TOTAL ENERGY
GENERATED
+9.5%
53.4 TWh
48.7 TWh in 2021
THERMAL
28.8%
4.6 GW
31.4% in 2021
5.0 GW
EMISSIONS
(SCOPE 1)
(6.0%)
6.56 million tCO2eq
6,98 million tCO2 eq in 2021
TOTAL ENERGY
SOLD
+22.1%
88.0 TWh
72.1 TWh in 2021
20
Integrated Annual Report Enel Américas 2022
Distribution Business
NETWORK CUSTOMERS
Enel X
(11.0%)
23.3 million
69%
DISTRIBUTED
ENERGY
+1.2%
122.6 Twh
121.2 Twh in 2021
849 thousands en 2021
26.2 million in 2021
SAIDI
(5.8)%
8.1 hours
8.6 hours in 2021
SAIFI
(7.1)%
3.9 times
4.2 times in 2021
PUBLIC
LIGHTING
+9.0%
924 thousands
3,3 thousands en 2021
CHARGING
POINTS
+119.7%
7.3 thousands
880 units en 2021
E-BUSES
+175.8%
2.427 units
Enel Américas at a Glance 21
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
2022 Milestones
We promote renewable energies
In line with our strategy, in 2022 we made progress in the
development of 545 MW of new renewable capacity for the
Region. Enel Green Power Brasil began constructing the
Aroeira wind farm in Bahia with a 348 MW installed capacity.
The Company also began building the second expansion
of the Lagoa dos Ventos complex, the largest wind farm
currently in operation in South America. In addition, Enel
Green Power Colombia began constructing Guayepo I & II
solar park in the Ponedera and Sabanalarga municipalities,
in the department of Atlántico. With an installed capacity
of 487 megawatts in direct current (MWdc), it will become
the largest photovoltaic project in Colombia and in South
America in general.
We have new electrical
infrastructure
We are making progress modernizing and digitalizing
our distribution networks to improve service quality for
customers and enabling energy transition based on the
electrification of consumption.
Enel Colombia put the new San José Electrical Substation
into operation and its two associated connection lines,
located in the center of Bogota, an important milestone
within the framework of the comprehensive urban
regeneration plan that this area of the Colombian capital
is currently undergoing, permitting it to meet the growing
demand for energy. It also began working on adapting its
electrical infrastructure to make way for the first line of
the Bogota Metro.
In Peru, construction began on the new 60kV José Granda
Substation, designed to distribute electricity to more than
80,000 customers. The works consider circular economy
and energy efficiency criteria: reduction and reuse of
construction materials, excavation, use of LED lamps and
electric vehicles. Its implementation is scheduled for May
2023.
During the 2022 period, the Grid Blue Sky project
was completed. The project redesigns the Company’s
processes to obtain higher levels of performance, as a
strategic response to prepare the electricity grid for the
challenges of the coming years.
Moving forward with public
transport electrification
In 2022, Enel X in Colombia developed the electrical and
charging infrastructure for the Fontibón III – Escritorio yard
and delivered 172 electric buses to Transmilenio, in addition
to the city’s Integrated Public Transport System. The Escritorio
yard has a total of 81 chargers and is the fifth electric terminal,
out of a total of six (with capacity for 878 electric buses) that
the Company delivered in Bogota in 2022.
Enel Perú implemented the first 100% electric public transport
buses in the Urban Transport Authority (ATU) Red Corridor in
Lima and in the Integrated Transport System in the city of
Arequipa, contributing to a decreased consumption of fossil
fuels and thus helping decarbonization.
We drew up an Energy Transition
Roadmap
In 2022, the Company conducted participatory efforts in
Brazil, Colombia, Peru and Argentina with local stakeholders
to draw up an Energy Transition Roadmap based on
workshops, work groups and strategic meetings with
relevant players.
In all cases, the main objective was to contribute to the
creation of public policies that will permit us to move
towards a more sustainable energy matrix and achieve the
objective we have set up as a Group, including, amongst
others, achieving carbon neutrality by 2040.
2023- 2025 Strategic Plan
Our 2023-2025 Strategic Plan aims to establish an integrated
position across the value chain in key countries, to support
our customers in their electrification journey. With this in
mind, we decided to concentrate our efforts in Brazil and
Colombia, the two countries that we believe are most closely
aligned with the energy transition and are moving the fastest
along that path.
In 2022, and along the same lines, we sold assets that are
no longer strategic. These included Central Generadora
Fortaleza Power Plant, which left Enel Brasil with a 100%
renewable generation matrix and Enel Distribución Goiás,
whose concession area is located far from the urban centers
where we find more opportunities to electrification. By
2023, we are going to begin a process to dispose of Enel
Distribución Ceará, as well as the exit from Argentina and
Peru.
22
Integrated Annual Report Enel Américas 2022
Our strategic plan for the next three years promotes the
development of renewables in generation, supported by a
strong portfolio of projects and adding the implementation
of a stewardship model that will permit us to reduce our risk
and maintain a healthy financial position. We will continue to
promote network digitalization and modernization through
significant investments. Finally, we will boost customer
centrity, promoting and facilitating electrification through
new services and products.
Delisting from the New
York Stock Exchange and
deregistration from the SEC
On May 31, we announced our intention to delist our stock
from the New York Stock Exchange (NYSE) and deregister our
company from the U.S. Securities and Exchange Commission
(SEC). This decision was based mainly on three reasons:
• The conditions of the ADR program launched 30 years
ago were no longer the same, since the Chilean market
became much more liquid and open to foreign investors,
with Chile being a benchmark for governance in Latin
America.
• ADR’s share of our ownership structure has declined
significantly over the past few years. At the time of the
announcement, it was below 2%.
• Listing on the NYSE and registering with the SEC requires
significant effort in terms of time and compliance.
Our ADRs were delisted from the NYSE on June 20 and after
a month of trading on the Over the Counter (OTC) market,
our ADR program was officially canceled on July 21, 2022.
Subsequently, on November 2, we filed Form 15F with the SEC,
formally requesting the deregistration of our company from
that regulatory entity. The process was finalized and announced
to the market in a significant event issued on February 1, 2023.
Enel Américas at a Glance 23
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Enel Américas Group
The next decade will be key to achieving the goals set out
in the 2015 Paris Agreement, which will involve an increase
in initiatives to incentivize electrification.
In this context, customers will play a crucial role in gradually
converting their consumption, thus obtaining benefits in
terms of costs, efficiency, and emission reductions.
Diversified growth opportunity in
Latin America
The Company is part of Enel SpA, a multinational electricity
company and a leading integrated player in the global
energy, gas, and renewable energy markets. It is present
in more than 30 countries worldwide , producing energy
with more than 92 GW of installed capacity. Enel SpA
distributes electricity through a network of more than 2.3
million kilometers and is the main private electricity grid
operator in the world, with around 75 million end users
worldwide, concentrating the largest customer base among
its European peers.
After to the merger of EGP Américas and the agreement with
Grupo Energía de Bogota SAESP, Enel Américas consolidated
its leading position in Latin America. In 2021 and 2022, we
incorporated, 5.2 gigawatts (GW) of renewable capacity
mainly in the Brazilian and Colombian markets, countries
that concentrate the most urbanized cities in the region,
offering a unique opportunity to accelerate the energy
transition process and take advantage of clean electrification
options, through the integrated generation and distribution
segments. The Company’s simplification strategy aims to
focus its efforts on these two countries that offer the best
conditions to fully develop Enel Américas’ value chain,
which derives from consumption electrification, networks
digitalization and electricity generation decarbonization to
create value for different stakeholders and, especially, for
the Company’s customers.
At the end of the year, the Company had 16.1 GW of installed
generation capacity, with 71% renewables in its parent
company and a portfolio of projects that will permit it to
continue accelerating energy transition together with the
Group’s corporate simplification that will leave the thermal
generation operations in the future. In 2022, Enel Américas
achieved a US$ 4,825 million EBITDA with net debt of US$
6,878 million and a net debt to EBITDA ratio of 1.4 times.
Through its subsidiaries, Enel Américas generates, transmits,
and distributes energy in four South American countries:
Argentina, Brazil, Colombia and Peru and also participates
in the generation business in Central America: Costa Rica,
Guatemala and Panama. This places it as the largest private
electricity company in Latin America, delivering energy to
more than 23 million customers.
As part of the Enel Group, the Company adheres to the vision
and philosophy of Open Power, which means committing
to some of the greatest challenges facing the planet. To
achieve this, we want to open energy to more people, to new
technologies, to new ways of managing it for the consumer;
open up to new uses and more workers.
A task that will be carried out according to our values:
responsibility, innovation, trust and proactivity.
24
Integrated Annual Report Enel Américas 2022
installed renewable
capacity
11.5 GW
vs. previous year
+0.6 GW
total network
customer
in 4 countries
23.3 mn
total charging
points
7,291
energy sold on
the free market
24.4TWh
installed
thermal capacity
4.7 GW
EBITDA
Net income:
US$4.8 bn
(US$ 0.04) bn
Net Debt/EBITDA:
US$6.9 bn
1.4 x
Argentina
Brazil
Colombia
Peru
Panama
Costa Rica
Guatemala
The Corporate Governance rules are an essential instrument
to guarantee efficient and successful management and
represent a tool to control the activities carried out by the
Company with a view to creating sustainable value for all
our shareholders. These are established in accordance with
laws and regulations, which are inspired by the principles
of transparency and fairness and in line with international
best practices.
Robust Corporate Governance
Transparency of financial management
Enel Américas has clear and transparent financial policies,
which have proven to be crucial in contexts of economic
uncertainty and market volatility. The Company strongly
believes that fiscal transparency is another important
dimension of sustainable finance.
The disclosure of its tax contribution in the countries
where it operates shows the importance it attaches to
fiscal issues, its social role and, in general, transparency as
a factor that promotes sustainable development. As part
of this framework, honesty and integrity are at the heart
of the principles of the Company’s fiscal strategy, as is its
commitment to transparency. Thanks to this approach, Enel
Américas’ risk ratings reflect its track record of meeting
objectives, as well as its robust and diversified presence
in Latin America, together with an adequate debt profile.
Distributed Economic Value
The following table shows the distributed economic value in 2021 and 2022:
2021
2022
MMUS$
MMUS$
Generated Economic Value (VEG)
Income
16,521
16,265
Operating
16,192
15,729
Non-operating
329
536
Distributed Economic Value (VED)
Operating costs
13,009
13,012
Salaries and social benefits for employees
519
557
Payment to capital suppliers
2,015
2,219
Financial costs
1,052
1,554
Dividend payments
963
665
Government payments
806
840
Economic value retained (VER)
VER = VEG - VED
172
(362)
Enel Américas
(Figures expressed in millions of dollars)
Enel Américas at a Glance 25
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
ESG indices and rankings
AA
AA
AA
AA
2019
2020
2021
2022
Scale from 0 a 5
2019
2020
2021
2022
Scale from CCC a AAA
Scale from 0 a 100
2021
2022
Scale from D- a A
B
A-
3.5
3.8
4.2
4.4
2019
2020
2021
2022
81
83
84
90
Scale from 0 a 100
2019
2020
2021
2022
Scale from 0 a 100
2019
2020
2021
2022
81
83
85
87
47
53
56
67
Sustainable business model
Companies integrating the triple environmental, social
and governance (ESG) dimension into their management
maximize profits, minimize risks and, at the same time,
contribute to achieving the Sustainable Development
Goals (SDGs) promoted by the United Nations. Company
Stakeholders expect companies to play a central role in
the decarbonization of the global economy, a point that
will be one of the central aspects considered when taking
investment decisions. Therefore, the long-term value
depends on how effectively they manage to move forward
in the energy transition process. Since 2016, Enel Américas
has incorporated sustainable management into its business
model, which is reflected in its outstanding risk ratings in
this area and its participation in the main ESG indices. The
Company’s long-term sustainability strategy and vision
present a great strength and an investment opportunity.
Since 2016, the Company has increased its EBITDA by
more than 99%, while increasing activities without direct
CO2 emissions by up to 81%. In 2022, and as part of the
framework of the Group’s corporate simplification, the
Company recorded extraordinary losses associated with
the sale processes of Enel Generación Fortaleza, Enel
Distribución Goiás, Enel Generación Costanera and Central
Dock Sud, which led to recognizing a US$ 44 million net loss
for the controlling group. The relevance of sustainability
in the Company’s business is reflected in its inclusion in
the main sustainability indices and a constant increase
in its annual evaluations. These ratings are made using
specialized methodologies to measure ESG management
and are essential to support investors’ and analysts’ decision
to identify ESG risks and opportunities in their investment
portfolios.
26
Integrated Annual Report Enel Américas 2022
29% Women on Board of Directors
90 Complaints for alleged violations of the code of ethics
* Excludes, Argentina, Peru and Ceará
Principles of governance
Our resources
Our business model
Planet
People
Purpose
WE EMPOWER
SUSTAINABLE PROGRESS
Value Chain
Prosperiy
Strategic pillars
ENEL`S VALUES
TRUST
PROACTIVITY
Values
Value creation and the business
model
Use of 3,83 million m3
of water consumed
15,072 Workers
22.2% Women in proporion to
total workers
69 Women in positions of
management
OPEN POWER FOR
A BRIGHTER FUTURE
EX
TE
RN
AL
EN
VIR
ON
ME
NT
RIS
KS
AN
D O
PP
OR
TU
NIT
IES
GR
OU
P P
ER
FO
RM
AN
CE
GE
NE
RA
TI
ON
GR
ID
S
US$6,878 millions Net financial
debt
US$15,447 millions Equity
US$13,682 millons Propery,
plant and equipment
16.1 GW Total net installed
generation capacity
11.5 GW Total net installed
renewable generation capacity
14,252 km Electricity
transmisión grid
23.3 million grid customers
4.4* Thousands free customers
Enel Américas at a Glance 27
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Value created for Enel and our stakeholders
IS OPEN POWER
Mission
Outcomes
Prosperity
Impact
Vision
RESPONSIBILITY
IINNOVATION
Planet
People
GO
VE
RN
AN
CE
TR
AD
IN
G
CU
ST
OM
ER
S
1.
simplification to
focus our effors
to strategic
countries and
assets
2.
Continue deployment
of RES capacity,
suppored by a robust
pipeline, along with the
implementation of a
stewardship model
3.
Reinforce growth of
grids to enable the
energy transition,
investing in
modernization and
digitization
6.56 million tCO2eq
Greenhouse gas emissions
direct greenhouse – Scope 1
Net Zero Commitment
emissions to 2040
14 average days lost by accidents
51 of training (hours average per
worker)
• Open acces to electricity
for more people.
• Open the world of energy to
new technology.
• Open up to new uses of
energy.
• Open up to new ways of
managing energy for people.
• Open up to new parnerships.
Open Power to
tackle some of
the world’s
biggest
challenges.
OU
TL
OO
K
4.
Boost customer
centricity, offering new
services and products,
and leading market
liberalization
6
12
13
14
15
1
2
3
4
5
10
8
7
9
11
16
17
US$364 million Economic
value generated by the Enel
Américas Group
US$840 million Total taxes
US$ 665 million Dividends
paid
53.4 TWh Energy generated
122.6 TWh Energy sold
US$15,729 million Total
revenue
US$4,825 million EBITDA
US$44 million Loss
atributable to the owners of the
controller
0.545 GW Additional
installed renewable capacity
7.3 million Charging points
2,427 Electric buses
SAIDI (min.) 500
G
RO
UP
ST
RA
TE
GY
A
ND
RI
SK
M
AN
AG
EM
EN
T
28
Integrated Annual Report Enel Américas 2022
2.
GOVERNANCE
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
29
29
Governance
Corporate Governance.
Enel Americas’ Corporate Governance
structure is a fundamental element
to guarantee efficient and successful
management. It is also a tool to control the
activities carried out by the Company with a
view to creating value for shareholders and
their stakeholders.
Values and ethical pillars.
The Company’s governance is inspired by the
principles of transparency and fairness. These
rules are in line with the recommendations
contained in the Enel Americas Corporate
Governance Guidelines that follow international
best practices.
Audit and Internal Control .
The Company has implemented an Internal
Control and Risk Control System that brings
together the rules and procedures that permit
to identify, measure, manage and supervise the
main corporate risks and which contributes to
guaranteeing the value of assets, the efficiency
and effectiveness of business processes,
the reliability of financial information and
compliance with laws and regulations, bylaws
and internal procedures.
30
Integrated Annual Report Enel Américas 2022
Governance
Ownership and control
Ownership structure
As of December 31, 2022, the Company’s capital, as
indicated in Article Five of its Bylaws, totaled fifteen thousand
seven hundred and ninety-nine million, four hundred and
ninety-eight thousand five hundred forty-four US dollars
(US$ 15,799,498,544) divided into one hundred and seven
thousand two hundred and eighty-one million, six hundred
and ninety-eight thousand five hundred and sixty-one
(107,281,698,561) ordinary nominative shares, all of the
same series and without par value, subscribed and paid as
indicated in the First Transitory Article of the Bylaws. where
each share represents a right to vote, with no privileged
shares on part of the State.
At the end of 2022, the Company registered 22,323
shareholders and all the shares were subscribed and paid,
distributing ownership as follows:
Shareholder´s Name or Company Name
Number of shares
% participation
Enel SpA
88,260,048,702
82.3%
Pension Fund Managers
10,211,439,899
9.5%
Other local shareholders
1,854,972,002
1.7%
Foreign shareholders
5,726,590,110
5.3%
Other shareholders
1,228,647,848
1.1%
Total shares outstanding
107,281,698,561
100.0%
Enel SpA
Other local Shareholders
Other Shareholders
Pension fund managers
Foreign Shareholder
Stock Market Capitalization
to December 31, 2022 amounts
to US$ 14.2 bn
82.3%
9.5%
5.3%
1.7%
1.1%
Governance 31
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Identification of the controller
As defined in Title XV of Law No. 18,045 (Securities Market
Law), Enel Américas is an open public limited company,
directly controlled by Enel S.p.A., an Italian joint-stock
company, which, as of December 31, 2022, held 82.3% of
the shares issued by the Company. It is also reported that at
the end of the 2022 period, the members of the controller
did not have any agreements or covenants of joint action.
Institutionals Investors
Ministerio dell’ Ecomomia e delle Finanza de Italia
Retail Investors
56.7%
23.6%
19.7%
1. Article Ten of the Bylaws states: Specific agreements between shareholders relating to the transfer of shares must be deposited with the Company at the
disposal of other shareholders and interested third parties and will be referred to in the Shareholders’ Register. Should this not be done, such agreements shall
be unenforceable against third parties. However, such agreements shall not affect the Company’s obligation to register without further formalities the submitted
transfers, pursuant to law.
Majority shareholders
As of December 31, 2022, apart from the controlling group
that owns 82.3% of the stock, there is no other shareholder
that individually exceeds 10% of the Company’s capital, or
that in an agreement to act jointly with other shareholders
can appoint at least one member of the Board of Directors
or the Company’s Management.
Pursuant to the provisions of Article 56 of Law No. 18,046 on
Corporations and Article 20 of the Bylaws, it is the Ordinary
Shareholders’ Meeting that decides on the total renewal of
the Board of Directors. Furthermore, Article 30 of the Bylaws
states that the Company must have a Directors’ Committee,
composed of three members, most of whom must be
independent, according to the criteria and requirements
established for this purpose in Article 50 bis of Law No.
18,046 and the Regulations of the Law on Public Limited
Companies , both at the time of their appointment and
throughout their term as members of the Committee.
32
Integrated Annual Report Enel Américas 2022
Twelve largest shareholders
Below are the 12 largest shareholders as of December 31, 2022:
ID
Name or Company Name
Number of shares
% Participation
59.243.980-8
Enel SPA
88,260,048,702
82.27%
59.135.290-3
Banco de Chile on behalf of State Street
2,504,518,921
2.33%
97.004.000-5
AFP Habitat S A for Pension Fund C
1,392,129,991
1.30%
98.000.100-8
Banco Santander on behalf of foreign inv.
1,136,513,087
1.06%
97.004.000-5
AFP Cuprum S A for Pension Fund C
1,045,128,791
0.97%
97.036.000-K
Banco de Chile on behalf of non-resident third parties
1,000,505,375
0.93%
98.000.100-8
AFP Capital S A Pension Fund Type C
773,235,303
0.72%
98.000.100-8
AFP Habitat S A Fund Type A
744,472,931
0.69%
76.265.736-8
AFP Cuprum S A Deep Type A
730,044,395
0.68%
98.000.000-1
AFP Provida S.A. for Pension Fund C
688,584,056
0.64%
96.571.220-8
AFP Habitat SA Fund Type B
577,161,207
0.54%
76.240.079-0
AFP Cuprum SA Type B
523,266,686
0.49%
Subtotal twelve largest shareholders
99,375,609,445
92.63%
Other 22,311 shareholders
7,906,089,116
7.37%
Total
107,281,698,561
100.00%
Governance 33
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Major changes to ownership in 2022
Below we present the most significant changes to ownership between January 1, 2022, and December 31, 2022:
2022
Id
Name or business name
Number of shares
as of 12/31/2022
Number of shares
as of 12/31/2021
2022 pp variation
76.240.079-0
AFP Cuprum S.A.
2,650,860,359
1,038,512,729
0.0150
59.243.980-8
Enel SPA
88,260,048,702
87,554,801,852
0.0066
98.000.000-1
AFP Capital S.A.
1,910,674,817
1,456,459,120
0.0042
97.004.000-5
Banco de Chile on behalf of non-resident stakeholders
4,347,588,275
4,012,262,128
0.0031
76.762.250-3
AFP Model S.A.
613,697,852
416,682,904
0.0018
98.001.200-K
AFP Planvital S.A.
439,206,585
278,068,591
0.0015
76.265.736-8
AFP Provida S.A.
1,372,387,750
1,235,883,003
0.0013
97.036.000-K
Banco Santander on behalf of foreign investors
1,584,372,469
1,552,396,506
0.0003
90.249.000-0
Santiago Stock Exchange
50,731,821
20,664,628
0.0003
59.153.850-0
BNP Paribas Arbitrage SNC
44,029,469
16,270,647
0.0003
76.960.424-3
AFP Uno S.A.
70,995,914
46,165,513
0.0002
47.005.117-5
JP Morgan Securities Limited
32,051,777
11,259,930
0.0002
59.239.230-5
BNP Paribas Securities Services Sociedad Fiduciari
42,903,393
23,215,031
0.0002
77.750.920-9
Zurich Chile Acciones Mutual Fund
38,902,807
22,398,957
0.0002
80.537.000-9
Larraín Vial S.A. Corredores de Bolsa
160,308,917
150,708,611
0.0001
96.665.450-3
Itaú Corredores de Bolsa Limitada
43,472,303
35,541,544
0.0001
96.519.800-8
BCI C de B S.A.
52,071,363
59,391,042
(0.0001)
79.532.990-0
BICE Inversiones Corredores de Bolsa S.A.
46,366,166
56,287,097
(0.0001)
96.515.580-5
Valores Security S.A. C de B
97,085,046
110,165,395
(0.0001)
96.683.200-2
Santander Corredores de Bolsa Limitada
157,387,341
173,280,303
(0.0001)
96.980.650-9
Mutual Fund ETF IT Now IPSA
47,050,032
69,004,872
(0.0002)
96.489.000-5
Credicorp Capital S.A. Corredores de Bolsa
47,744,592
80,096,336
(0.0003)
96.772.490-4
Consorcio C de B S.A.
37,629,226
71,606,750
(0.0003)
96.571.220-8
Banchile Corredores de Bolsa S.A.
404,508,895
447,947,126
(0.0004)
84.177.300-4
BTG Pactual Chile S.A. B of B
102,948,751
152,485,028
(0.0005)
97.023.000-9
Banco Itauú Corbanca on behalf of foreign investors
1,586,440
134,005,714
(0.0012)
98.000.100-8
AFP Habitat S.A.
3,153,616,622
3,617,711,152
(0.0043)
59.135.290-3
Citibank N.A. According to Circular 1375 S.V.S.
-
2,740,633,278
(0.0255)
Ownership of directors and top executives in the Company
According to the shareholders’ register as of December 31,
2022, none of the current directors and none of the top
executives had any ownership, directly or indirectly, in the
Company. In addition, in the period from January 1, 2022, to
December 31, 2022, apart as indicated in “Stock Exchange
Transactions of Related Persons” further down, none of the
current directors and none of the top executives carried
out transactions in Enel Américas S.A shares. At the same
time, the Company’s Bylaws do not require the CEO or senior
executives to hold securities issued by Enel Américas S.A.
Stock market transactions of related persons
In 2022, the Company’s director, Patricio Gómez Sabaini sold 7,500,000 Enel Américas shares for $657,442,435. Apart from
this transaction, there were no stock market transactions with related persons.
34
Integrated Annual Report Enel Américas 2022
Governance Framework
Ethics and integrity
are Enel Américas’
core values
• Enel S.p.A.’s Corporate Governance system2 complies with the principles set out in the Corporate
Governance Code of the Milan Stock Exchange, which is reflected in the Enel Group’s Corporate
Governance Guidelines and the Recommendations on Corporate Governance of Enel Group
Listed Companies. The corporate governance system adopted by Enel Américas is essentially
focused on the objective of creating long-term value for the Company’s shareholders, at the
same time being aware of the social relevance of the activities the group is committed to and the
need derived from adequately considering all the interests involved in the relative development.
• Enel Américas does not directly adhere to a National or International Code of Corporate
Governance. However, in line with its parent company, it has put in place Corporate Governance
Guidelines, which, among other aspects, establish the general governance principles. This
document establishes the guidelines for its implementation so that it can be applied uniformly
in all the Company’s subsidiaries. The recommendations contained in them follow international
best practices and are inspired by the principles of transparency and fairness. The Corporate
Governance Guidelines recognize the advantages of coordination by the Company and guarantee
due respect for the legal independence of subsidiaries, within a framework designed to adequately
protect the corporate interest of each of them and the rights of their stakeholders. All of the
above , with special consideration for operations with related parties and conflicts of interest. In
addition, procedures and standards of behavior are established with a view to guaranteeing strict
compliance with the duty of loyalty of the directors towards Enel Américas companies, avoiding
any situation that may adversely affect the compliance of said duty.
• The Enel Américas Code of Ethics is made up by the criteria of conduct towards each class of
stakeholder, which specifically provide the guidelines and rules that the people that form part of
the Company’s must respect to prevent the risk of unethical behavior; by the action mechanisms
that describe the control system to comply with the Code of Ethics and for its continuous
improvement.
• Enel Américas, apart from its Code of Ethics, has also adopted the Human Rights Policy defined
by the Enel Group. Both the Code of Ethics and the Human Rights Policy safeguard, among other
matters, a series of principles that seek to create an environment free of barriers that inhibit the
diversity of skills, visions, characteristics, and conditions within the Company. To comply with
the above objective, training and internal communication campaigns were periodically carried
out and during 2022 an evaluation report was commissioned from a legal firm on the detection
and implementation of possible improvements or areas of reinforcement in the operation of the
Board of Directors, including the detection of organizational, social and cultural barriers.
• To detect and reduce the barriers that may affect the plurality of visions within the organization,
the Board of Directors has put in place a Permanent Training Procedure and the possibility of
hiring consultancies. The Board also periodically visits the facilities to learn first-hand about the
Company’s operational reality. The Board of Directors integrates different visions through the
periodic meetings held with the Company’s different, in which the participants cover a wide variety
of subjects. At the same time, the Directors’ Committee reviews biannually the complaints received
through the Ethics Channel, including those that refer to violations of the non-discrimination
principle.
2. It will be referred to indistinctly as: “Enel” or Enel S.p.A. or Enel Group.
Enel Américas’
Corporate
Governance
structure is a
fundamental
element in
guaranteeing
efficient and
successful
management.
Governance 35
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
• As part of the analysis and evaluation system of the ESG issue management (environmental, social
and governance), the Company is evaluated according to different indices each year. In 2022,
Enel Américas once again integrated the three categories of the Dow Jones Sustainability Index:
Emerging Markets, Integrated Market of the Pacific Alliance (MILA) and Chile, after having obtained
the highest score since it began participating (87 points out of 100). The Company’s inclusion
is determined through an independent evaluation carried out by S&P (Corporate Sustainability
Assessments), which, in the case of the electricity industry, considers 27 criteria that assess more
than 250 companies around the world.
• Enel Américas was also acclaimed this year in the FTSE4Good Emerging Index and the FTSE4Good
Latin America Markets Index, indices that are part of the FTSE4Good series and incorporates
companies listed on stock exchanges around the world that comply with high ESG standards,
which in the corporate governance pillar evaluate , their risk management, financial transparency,
anti-corruption policies and governance structure.
Governing bodies
Pursuant to the provisions of the Bylaws, the Company
is managed by a Board of Directors3 composed of
seven members -who may or may not be shareholders-
nominated by the Ordinary Shareholders’ Meeting, and who
may be re-elected. Enel Américas does not contemplate
the appointment of alternate directors. It is also established
that the Company will have a CEO, who will be appointed
by the Board of Directors and will have all the required
commercial powers and all those expressly granted by
the Board of Directors. Such position is incompatible
with that of the Company’s Chairman, Director, Auditor
or Accountant.
3. Article 31 of Law No. 18046 deals with the management of public limited companies.
Governance Structure
Board of Directors
Shareholders´ Meeting
External Audit Firm
KPMG SpA
Director´s Commite
Audit
3 members
7 members
Sustainability
Stakeholders
36
Integrated Annual Report Enel Américas 2022
Shareholders’ Meeting
It is the corporate body responsible for deciding, among
other things, on the appointment of directors, as well as their
remuneration, the election of the External Audit Company,
the Risk Rating Companies, the approval of the financial
statements and the allocation of profits, the purchase and
sale of shares, amendments to the Bylaws, mergers and
divisions, the issuance of shares, among others.
The Company’s shareholders meet at ordinary and
extraordinary meetings. The former are held once a year
within the four-month period following the emission of the
balance sheet, while the latter can be held at any time –
when corporate needs so require – to decide on matters
established by law or the Bylaws.
2022 Annual Ordinary Shareholders’ Meeting
• The Company’s Board of Directors, pursuant to the
provisions of Articles 19 and 20 of the Bylaws, and Article
58 No. 1 of Law No. 18,046, summoned the Annual
Ordinary Shareholders’ Meeting on April 26, 2022, with
a quorum of 96.58%. It was held remotely4 via a virtual
platform supplied by the Electronic Voting Service of DCV
provided by DCV Registry, an entity that manages the Enel
Américas Shareholders’ Register.
2022 Extraordinary Shareholders’ Meeting
The Meeting was held remotely on April 26, 2022, following
the Ordinary Shareholders’ Meeting, whose purpose was to:
• Modify the Enel Américas S.A. bylaws in the areas of:
(i) modifying the Company’s Bylaws Articles Twenty,
Twenty-Two, Twenty-Five, and Thirty-Seven to adapt
them to current legislation and regulations, especially in
relation to the appointment of an external audit firm and
the formalities and deadlines for summons; (ii) replacing
the references to “Superintendency of Securities and
Insurance” or “Superintendence” with “the Financial
Market Commission” or “Commission” in Articles Twenty-
Two and Twenty-Eight, since the latter entity is the
legal successor of the former; and (iii) amending Article
Forty-Four of the Bylaws to update the reference to Enel
Américas S.A.
• Grant and approve a consolidated text of the Company’s
Bylaws that incorporates the aforementioned
modifications: and
• Adopt the necessary agreements to implement the
proposed statutory reform, under the terms and
conditions that the Shareholders’ Meeting ultimately
approves, and to grant the powers deemed necessary,
especially those to legalize, materialize and carry out the
agreements adopted by said Meeting.
4. As a result of the pandemic, and the measures adopted by the authority in matters of health and public mobility, the Board of Directors, in accordance with
the provisions of Articles 58 and 59 of the Law on Corporations, and the provisions of General Rule No. 435 and Circular No. 1,141.
Governance 37
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Board of Directors
Role and duties of
Board of directors
• Pursuant to the provisions of the Bylaws, the Board of Directors is the corporate body responsible
for the Company’s management. It is composed of seven re-elected members who may or may
not be the Company’s shareholders. The Board of Directors’ members are elected by the Ordinary
Shareholders’ Meeting and will serve as such for a period of three years, at the end of which they
must be fully replaced or re-elected.
• Pursuant to the Law on Public Limited Companies and the Company’s Bylaws, the Board of Directors
is invested with the broadest powers for the ordinary and extraordinary management of the Company
and is authorized to carry out any actions it deems appropriate to develop and reach the corporate
purpose.
• It plays a central role in corporate governance, holding the powers of direction and strategic control
of the Company. It reviews and approves the corporate strategy, including the Business Plan that
incorporates the main objectives and planned actions, including in terms of sustainability, the
Investment Plan that incorporates the objectives associated with the energy transition process and
climate change challenges, considering the analysis of the key issues to create long-term value
that permits to produce value for shareholders and stakeholders.
• It plays an important role in approving policies and provides an assessment of the Internal Control
and Risk Management System (IRS). and evaluates its performance; approves the Audit Plan, based
on a structured process of analysis and identification of the main risks; and reviews the reports of
the actions and procedures to control and manage risks.
• The Board of Directors is the body responsible for monitoring and controlling the main risks related to
the Company’s business as well as of its subsidiaries - including any risk that may affect sustainability
in a medium and long term perspective -, establishing the degree of compatibility of these risks
with the established strategic objectives.
38
Integrated Annual Report Enel Américas 2022
Composition of the Board of Directors
Pursuant to the provisions of Articles 32 and 56 of Law No. 18,046 on Corporations and Article 20 of the Company’s Bylaws,
the Ordinary Shareholders’ Meeting held on April 29, 2021, decided to completely renew the Board of Directors nominated
for a period of three years. At the Board meeting held on April 29, 2021, Mr. Francisco de Borja Acha Besga was elected as
Chairman; on the same occasion, Mr. Domingo Valdés Prieto was nominated as Secretary of the Board of Directors.
Board of Directors
CHAIRMAN OF THE BOARD
Francisco de Borja Acha Besga
DIRECTORS
Giulia Genuardi
Francesca Gostinelli
José Antonio Vargas Lleras
Hernán Somerville Senn (*)
Domingo Cruzat Amunátegui (*)
Patricio Gómez Sabaini (*)
SECRETARY
Domingo Valdés Prieto
(*) Independent directors
Governance 39
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Board Diversity
Pursuant to Article 16 of the Bylaws, the Ordinary Shareholders’ Meeting will establish directors’ remuneration, with the Chairman
receiving twice the amount corresponding to each director. Therefore, there are no salary gaps between men and women who
are part of the Board of Directors, since equal remuneration is explicitly established for all directors without gender distinction
or otherwise, except for the position of the Board’s Chairman.
The Company has no alternate directors and none of the members is disabled.
Recruitment of Board Advisors
When the Board of Directors requires the advice of an
expert, whether in issues of accounting, tax, financial or
other matters, an advisor or more advisers can be elected at
the request of one or more directors, respecting the voting
quorums of said entity. To appoint advisors, the directors
take into consideration their background, knowledge of the
industry or subject, as well as their reputation in the market,
among other factors. All of the above is done in compliance
with the provisions of article 43 of the Law on Public Limited
Companies and article 80 of the Regulations of the Law on
Public Limited Companies . Additionally, in the event that
the external advisor is a person related to the Company,
Title XVI of the Law on Public Limited Companies must be
strictly complied with.
Currently, there is no policy in place to hire consultants
for the Board of Directors and the Directors’ Committee in
particular, but the hiring policy for consultancies in general
is applied. It includes objective opportunity and selection
criteria, as well as procedures which involve various areas
of the Company.
During the 2022 financial year, the Board of Directors did
not hire consultancies.
71% 29%
>70
61-70
51-60
41-50
AGE >
GENDER >
SENIORITY >
14%
29%
57%
More than
Less than 3 years
Between 6 and 9 years
12 years
NATIONALITY >
14%
14%
14%
29%
29%
Argentinean Colombian
Spanish
Chilean
Italian
Male
Female
40
Integrated Annual Report Enel Américas 2022
1) Have maintained any economic, professional, credit -related or
commercial relationship, interest, or dependence, of a relevant
nature and volume, with the Company, the Group’s other
companies of which it is part, its controller, or with the main
executives of any of them, or have been directors, managers,
administrators, main executives, or advisors of these.
2) Have maintained a relationship of kinship up to the second
degree of consanguinity or affinity, with the persons indicated
in the number above.
3) Have been directors, managers, administrators, or chief
executives of non-profit organizations that have received
significant contributions, aid or donations from the persons
indicated in number 1).
(4) Have been partners or shareholders who have owned or
controlled, directly or indirectly, 10% or more of the capital;
Directors; managers; administrators or senior executives of
entities that have provided legal or consulting services, for
significant amounts, or external audit, to the persons indicated
in number 1).
(5) Have been partners or shareholders who have owned or
controlled, directly or indirectly, 10% or more of the capital;
Directors; managers; administrators or senior executives of the
main competitors, suppliers, or customers of the company.
Under these criteria, all Enel Américas‘ directors are independent
- Hernán Somerville Senn, Patricio Gómez Sabaini and Domingo
Cruzat Amunátegui.
International guidelines
According to the criteria established by the Dow Jones
Sustainability Index, an independent director is one who
meets the following conditions:
• The director must not have been employed by the
company as an executive for the last five years.
• The director must not be a “family member of a physical
person who has worked, or during the last three years
been employed by the company or by the Company’s
parent or subsidiary as an executive officer.”
• The director must not be (and must not be related to a
company that is) an advisor or consultant to the company
or a member of the company’s senior management.
• The director must not be related to the Company’s
significant customer or supplier.
• The director must not be related to a non-profit entity
that receives significant contributions from the company.
• The director must not have been a partner or employee
of the company’s external auditor for the last three years.
• The director must not have any other conflict of interest
that the Board of Directors determines cannot be
considered independent.
Under these criteria, all Enel Américas’ directors are
independent.
Knowledge, skills, and experience matrix of
the Board of Directors’ members .
The Board of Directors has a combination of experiences and
capabilities that permit them to correctly direct and govern
the Company. Below we present the experience matrix of
the Board members, highlighting their main knowledge,
skills and experience according to their professional and
academic career detailed in chapter “Other Corporate
Regulatory Information”:
Independent directors
Chilean law guideline
Article 50 bis of Law No. 18,046 on Corporations establishes
the criteria to define which directors cannot be considered
independent, leaving the Corporations Regulations and
the Financial Market Commission the possibility of setting
additional criteria. In accordance with the foregoing, the
directors who have been, at any time within the last 18
months, in any of the following circumstances, cannot be
considered independent:
Governance 41
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
KNOWLEDGE,
SKILLS,
EXPERIENCE >
1
7
1
7
1
7
1
7
1
7
1
7
1
7
3
7
5
1
5
5
6
Enviromental issues and climate change
Energy Sector
Electrical regulation
TI, information Security and cibersecurity
Audit and Risk Management
Finance
Corporate Governance and Compliance
42
Integrated Annual Report Enel Américas 2022
Induction procedure
The Company has implemented an Induction Procedure for New Directors5, designed through discussions with the Board’s
Chairman and Secretary. The process considers existing experience and possible roles of the Board of Directors or Directors’
Committee.
• The content of the documentation includes matters related to the business, strategies and risks
that concern the Company. In this way, the new director can count on extensive information about
the Company and not only the one that is most relevant.
• The directors can access, among other documents, the Bylaws, minutes of meetings of the Board
of Directors and the Directors’ Committee in the case of members of said committee, minutes of
shareholders’ meetings for the last two years; Significant events, reports, sustainability reports,
audited financial statements and quarterly financial statements, risk reports, human rights policy.
Similarly, they are provided with those manuals, policies and other documents that the Company
has adopted internally for its correct functioning, including, but not limited to, the Manual for the
Management of Information of Interest to the Market, the Code of Ethics and the Zero Tolerance
with Corruption Plan.
• Furthermore, the new director is given the current and related to the Company’s business legislation.
This includes copies of Law No. 18.046 on Corporations, the Regulations on Corporations and Law
No. 18.045 on the Securities Market.
• The Induction Procedure contemplates a series of meetings with the Board of Directors’ Chairman
and with the different management heads. These meetings deal with the business and the most
relevant subjects of each department. At such meetings, the new director may raise concerns and
request further information if deemed necessary.
• The Directors are informed of the duties that concern them and, additionally, they are provided with
a copy of Law No. 18,046 on Corporations (LSA), and the Regulations of the LSA and other internal
documents that contain the legal provisions that govern the duties and responsibilities of the Board
of Directors of an open corporation. As for more relevant rulings, sanctions, or declarations, these
are also included in the information to be provided under the Induction Procedure for New Directors.
The Board of Directors has defined the concept of conflict of interest through the provisions of the
Manual for the Management of Information of Interest to the Market and the Code of Ethics. The
Board of Directors takes into consideration the legal provisions in force and the regulations of the
Financial Market Commission. The Induction Procedure for New Directors addresses the issue of
the treatment of conflicts of interest.
5. This Procedure will be effective as of September 28, 2015, the date on which it was approved by the Board of Directors of Enel Américas S.A. and shall be reviewed
at least once a year to ensure that its terms and procedures are consistent with the objectives and responsibilities of the Board of Directors..
Documents the
directors are
provided with
Meetings with
management
Directors’ duty
of care and
confidentiality of
directors
Actions related to the induction process carried out during the period.
In 2022, the Board of Directors was not renewed, so there were no inductions for new directors, but training was carried out
for all members of the Board of Directors, as part of the permanent training process.
Governance 43
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Meetings with the risk area
• Risk control and management is part of the structures of Corporate Governance. To make sure it
is effective, risk is considered yet another element of strategic planning.
• Enel Américas’ risk management framework is designed in such a way so as to manage and mitigate
these risks, as far as possible, achieving the Company’s goals and objectives, allowing for reasonable
prevision against material losses.
• The Board of Directors meets with the Risk Management department every quarter and throughout
the period they review, among other issues, the main strategic risks, the main sources of risks and
methodologies to detect new risks, as well as the probability and impact of those most relevant
occurring and their effect on the operation and its financial results. The Board also analyzes the
recommendations and improvements that, in the opinion of the unit, would be pertinent to a better
management of the Company’s risks, as well as the contingency plans designed to react to critical
events when they occur, including the continuity of the Board of Directors in crisis situations. The
meetings that the Board of Directors holds with the Risk Control area foresee the presence of
the Company’s CEO. The Board monitors and controls risks, including emerging risks, which may
affect future results.
• The review of the main strategic risks for the 2022 period was completed and presented to the
Board at the meeting held on February 25. Some of its objectives included evaluating and obtaining a
detailed view of the current risk management practices. Given the close alignment of the Company’s
purpose with the energy transition process and the impact of climate change, these matters are
integrated into the Board of Directors’ reviews and risk management. The sessions held on March
30, June 30 and September 30, reviewed the main strategic risks within the Risk Matrix as well as
mitigation measures. The Company’s CEO was present and participated in all the sessions.
A risk is something
inherent to the
management of
businesses and
is part of it, its
strategy, and its day
to day operations.
Therefore, it is
necessary to
manage, guide and
mitigate the risks to
which the Company
is exposed.
44
Integrated Annual Report Enel Américas 2022
Monitoring climate change risks
• To correctly identify and manage the risks and opportunities associated with climate change, the
Enel Group published a Group policy in 2021 outlining common guidelines to evaluate such risks and
opportunities. The “Climate Change Risks and Opportunities” policy defines a shared approach to
integrating climate change and energy transition issues into the Group’s processes and activities,
thus informing industrial and strategic decisions to enhance business resilience and long-term
sustainable value creation, in line with the adaptation and mitigation strategy. The main stages
considered in the policy are described below.
−Prioritizing phenomena and analyzing scenarios. These activities include the identification of
physical and transitional phenomena relevant to the Group and the resulting preparation of
the scenarios to be considered, which are developed through data analysis and processing
obtained from internal and external sources. For the phenomena thus identified, functions can
be developed to connect the scenarios (e.g., data on changes in renewable sources) with the
operation of the enterprise (e.g., changes in expected potential production).
−Impact assessment. It includes all the analyses and activities necessary to quantify the effects at
operational, economic, and financial levels, in line with the processes in which they are integrated
(e.g., design of new buildings, evaluation of operational performance, etc.).
−Operational and strategic actions. The information obtained from the above activities is
integrated into the processes, informing the Group’s decisions and business activities. Examples
of activities and processes that benefit from this are capital allocation, such as in the evaluation
of investments in existing assets or in new projects, the development of resilience plans, risk
management and financing activities, engineering, and business development.
Following the above lines, Enel Américas’ Board of Directors analyzed the application of this
Policy in the Company and its subsidiaries, establishing periodic instances to monitor and
control climate change risks and other related issues. In 2022, meetings were held with the
sustainability area and a presentation was offered on climate scenarios at the Board meeting
held on March 30. Similarly, the Company’s CEO reports on scenarios and risks associated with
climate change in the countries in which the Company is present, on a monthly basis, in his/her
statement and management report.
Monitoring and
controlling climate
change risks
Governance 45
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Meetings with the Internal Audit area
The Board of
Directors meets,
at least once per
quarter, with
Internal Audit area
The Board of Directors meets with the Internal Audit area at least once per quarter to analyze: (i)
the annual audit program or plan; (ii) any serious deficiencies that have been detected and irregular
situations that, by their nature, must be reported to the competent oversight bodies or to the Legal
Counsel; (iii) the recommendations and improvements that, in the Board’s opinion, would be pertinent
to minimize the potential of irregularities or fraud occurring and (iv) the effectiveness of the crime
prevention model implemented by the Company, accounting for the management of the Crime
Prevention Officer and explaining the activities carried out and those that will be carried out in the
coming months. The presence of the Company’s CEO is foreseen In the meetings that the Board of
Directors holds with the Internal Audit area.
The subjects discussed at the meetings held in the 2022 period, were, among others, the following
ones:
At the meeting held on February 25, 2022, the Board of Directors was presented with the Results of
the 2021 Internal Audit Plan for Enel Américas and its subsidiaries, the 2022 Internal Audit Plan for
Enel Américas and subsidiaries and the Internal Audit Risk Map.
At the meeting held on March 30, 2022, the Board of Directors met with the Internal Audit area to follow
up on the action plans established as a result of the internal audits, review the corporate governance
practices indicated in numeral 1.f) of General Standard No. 385 of the Financial Market Commission
and, finally, pursuant to provision of Law No. 20,393, to receive a report on the management of the
Crime Prevention Officer.
At the June 30 meeting, the Board of Directors was informed of the progress of the annual internal
audit program, the relevant control deficiencies or irregular situations, and the recommendations
and improvements of the Company’s Crime Prevention Model, analyzing: (i) the annual audit program
or plan; (ii) any serious deficiencies that have been detected and those irregular situations that,
by their nature must be reported to the competent oversight bodies or to the Public Prosecutor’s
Office; (iii) the recommendations and improvements that, in the Board’s opinion, would be pertinent
to minimize the possibility of irregularities or fraud; and (iv) the effectiveness of the crime prevention
model implemented by the Company.
At its September 30 meeting, the Board of Directors, together with the internal audit area, reviewed
the progress of the Company’s internal audit plan, the effectiveness of the crime prevention model
and the management account of the Crime Prevention Officer. The activities to update the prevention
model, the results of the review carried out on controls associated with risk mitigation of the prevention
model and the training and communication plan within the framework of the Prevention Model
were presented. Similarly, the Board was informed of the latest legal amendments introduced to
Law No. 20,393 that establishes the criminal liability of legal persons, including basic crimes such as
weapons control and persons’ trafficking, explaining the main scope of such modifications and the
need to, consequently, update the Prevention Model, as well as the risk matrix, which was adopted
at that session. Finally, the Board was presented with the results of the examination of compliance
with General Standard No. 385 with regard to the annual internal audit program, relevant control
deficiencies or irregular situations, effectiveness and recommendations and improvements of the
Company’s prevention model.
46
Integrated Annual Report Enel Américas 2022
Meeting with External Auditors
The Board of Directors meets with the External Auditors every quarter. The Company’s CEO is expected
to be present at the meetings held by the Board of Directors. The meetings are an instance in which
the following aspects, among others, are reviewed: possible differences detected in the audit with
respect to accounting practices, management systems and internal audit, any serious deficiencies and
irregular situations detected which, by their nature, must be reported to the competent audit bodies,
results of the Annual Audit Program, possible conflicts of interest that may exist in the relationship with
the audit firm or its staff, both for the provision of other services to the company or to the companies
that belong to its corporate group, as well as other audit situations or the staff.
The main subjects discussed, among others, at the meetings held during the 2022 period, were the
following ones: (i) the Company’s external audit program or plan; (ii) any differences detected in the
external audit with respect to accounting practices, management systems and internal audit; (iii) any
serious deficiencies that have been detected and those irregular situations that, by their nature, must
be reported to the competent audit entities; (iv) the results of the annual external audit program and
(v) any conflicts of interest that may exist in the relationship with the external audit firm or its staff,
both for the provision of other services to the Company or to the companies that form part of its
corporate group, as well as other audit situations.
Sustainability Management Meetings
The Board meets, at
least once per each
quarter, with the
External Auditors
Enel Américas adopted the practice of holding meetings with the Sustainable Development area
on a quarterly basis. To comply with this, each quarter the Sustainability Management reports to
the Board of Directors the results of the different business indicators with which ESG performance
is measured, identified pursuant to the three-year Sustainability Plan, as well as the acceptance of
public information based on Enel Américas’ positioning in the different sustainability indices and
ratings, such as DJSI (Dow Jones Sustainability Index), MSCI, FTSE4Good and Sustainalytics, among
others. The Company’s CEO is expected to be present at the meetings of the Board of Directors with
the Sustainability Management.
In the 2022 period, the following subjects were reviewed:
• The effectiveness of the policies approved by the Board of Directors to disseminate within the
organization, its shareholders, and the general public the benefits of diversity and inclusion for
the Company.
• The organizational, social, or cultural barriers detected that could inhibit the natural diversity that
would have occurred if these barriers did not exist.
• The usefulness and acceptance of sustainability reports disseminated to relevant stakeholders in
the Company.
• Policies adopted by the Company in the area of social responsibility and sustainable development.
• Stakeholders identified by the Company as relevant, as well as the reasons why such groups have
that status.
• Relevant risks, including sustainability risks to the Company, as well as the main sources of those risks.
• The indicators measured by the Company in terms of Social Responsibility and sustainable
development.
• The existence of goals and the evolution of sustainability indicators.
The Board meets,
at least once per
quarter, with people
responsible for
sustainability.
Governance 47
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Monitoring and controlling issues relevant to stakeholders
The Board of Directors configures the framework within which relationships with its stakeholders
are developed and maintained. The Company places stakeholders at the center of its sustainable
business model and, based on their identification as such, and the reasons why they hold such status,
the Board set up a methodology that permitted to identify and prioritize subjects relevant to such
groups. The Board’s periodic review of sustainability priorities reflects the Company’s commitment
to furthering the energy transition. These material subjects include health and safety, risks and
opportunities associated with the impacts of climate change, as well as furthering the Company’s
diversity and inclusion agenda.
Each year, Enel Américas develops a materiality analysis that is applied to the main identified
stakeholders and detailed at different stages in the Materiality section of this Integrated Annual Report.
The latter was approved by the Board of Directors and submitted to the 2022 Ordinary Shareholders’
Meeting for ratification. It was also sent to the regulator.
With regard to the relationship with shareholders and stakeholders, the Company has put in place a
procedure detailed in the Investor Relations Policy. It also has an Investor Relations area that channels
the inquiries and concerns of shareholders, bondholders, risk classifiers and the financial community
in general.
Additionally, the Company set up a policy of relations with the media, establishing the guidelines that
must be followed by the communications area, such as press releases, channeling responses to the
media and monitoring information regarding the Company and published by the media.
The Board of
Directors Approves
Materiality Analysis
48
Integrated Annual Report Enel Américas 2022
Monitoring social issues
• Enel Américas’ Code of Ethics states that the Company guarantees equal opportunities and the
absence of arbitrary discrimination in the management of people, valuing the unique contribution
of each person. In the areas of management and development of people, as well as in the selection
phase, the evaluation of people is carried out in a broad way involving those responsible, the
department of People and Organization and, whenever possible, the subjects who have had a
relationship with the person that at is being evaluated.
• The Company promotes the principles of diversity, inclusion and equal opportunities and seeks to
create a work environment where people are treated equitably by guaranteeing the right to working
conditions that are respectful of individual dignity. It also undertakes to protect the physical and
psychological integrity and individuality of each person, opposing any form of behavior that causes
arbitrary discrimination as to sex, age, disability, nationality, sexual orientation, ethnicity, religion,
political opinions and any other form of individual diversity or that is harmful to the person, his or
her convictions or preferences. Physical, verbal, visual or psychological harassment that creates a
degrading, hostile, humiliating, intimidating, offensive or unsafe work environment is not tolerated.
The work environment is the place where work activity takes place.
• The Board of Directors monitors the management of best practices in these matters and has
approved the Diversity Policy, which establishes formal procedures that aim to provide the public
with information regarding the policies adopted on diversity and inclusion. The Company identified
key indicators in this area, which are reflected in the report that the sustainability area presents each
quarter to the Board of Directors, which considers gender inclusion and disability inclusion indicators.
• Enel Américas has adopted the Human Rights Policy defined by the Enel Group, which is based on
eight principles: Rejection of forced or compulsory labor and child labor; Respect for diversity and
non-discrimination; Freedom of association and collective bargaining; Health and safety; Fair and
favorable working conditions; Respect for the rights of communities; Integrity - zero tolerance for
corruption; Privacy and Communications.
• Regarding the identification of new talents, the Board of Directors decided to implement training
programs managed by the People and Organization Management. The aim is to detect and train
new talents emerging among the Company’s professionals. Another objective is to develop the
skills, knowledge, and experiences of Enel Américas professionals, along with consolidating future
leadership.
• In 2022, the Board of Directors met every quarter with the areas of sustainability, investor relations,
and internal audit, as described in previous sections of this chapter. The CEO participated in said
session. Furthermore, the Directors’ Committee biannually analyzes the complaints received through
the Ethics Channel, the way they are delt with and the procedures in force. The Chairman of the
Directors’ Committee is authorized to convene an extraordinary session of said body in the event
that, in his or her opinion, a complaining entity justifies it.
The Board of
Directors monitors
environmental
and social issues
affecting the
Company
Governance 49
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Field visits
Since 2017, the Board of Directors has carried out at least
two annual visits to an Enel Américas unit or facility and
subsidiaries. The Company’s CEO should always be present
at the meetings that the Board of Directors holds in relation
to the points referred to above. The reasons for the visits
are as follows:
• To get to know the status and operation of these units
and facilities.
• To get to know the main functions and concerns of those
who work in the facilities and,
• To learn about the recommendations and improvements
that in the opinion of those responsible for these units
and facilities would be relevant to improve their operation.
The Board meeting held on November 25, 2021, approved
the schedule of visits to the Company’s facilities for the
2022 period. On that occasion, it was agreed to carry out
visits to installations or facilities of Enel Américas S.A.
and/or its subsidiaries (Brazil, Central America, Peru and
Argentina) to learn about the matters indicated in the
same paragraph above.
Given the extraordinary and still persisting circumstances
arising from the Covid-19 pandemic in 2022 and the
resulting impossibility of the Board of Directors to travel,
virtual visits were put in place to the following facilities of
the subsidiaries:
(i) Enel Brasil: virtual visit to the facilities of the Enel Brasil
subsidiary, where the Directors were able to learn about
the current status and operation of these units and were
informed of the political and economic scenario in Brazil,
updates on the Group’s strategy on energy transition,
subjects related to the business area developed by Enel X
and trading, among others.
(ii) Central America: virtual visit to the Company’s facilities
in Costa Rica, Guatemala, and Panama. The visit began with
an update presentation to the directors on the merger of
EGP Américas with Enel Américas, where the latter acquired
ownership of EGP’s non-conventional renewable energy
generation business and assets developed in Central and
South America (with the exception of Chile). Next, the
CEOs of Costa Rica, Guatemala and Panama referred to
the opportunities for growth and development of new
businesses in these countries. Finally, the participants
discussed sustainability subjects such as circular economy
and shared value, climate change and innovation. Afterwards,
the Directors were invited to virtually tour the facilities and
ask questions about the operation.
(iii) Enel Argentina: virtual visit to the Company’s facilities in
Argentina. The host countries made presentations on the
current context in Argentina and the plan contemplated
for the 2022 period, the redesign of Edesur, the actions
that will be taken in terms of sustainability, the regulation
of the sector and the challenges that must be faced in the
country. Finally, the directors had the opportunity to tour
the facilities virtually, receiving answers to their questions
about the operation.
(iv) Enel Perú: a visit to the 177 MW Wayra Extension Wind
Project in the Marcona district, Peru, which is currently
under construction by Enel Green Power Peru, and a visit
to the 40MVA José Granda Substation Project located in
Metropolitan Lima, which is an example of a sustainable
substation in Peru and which is under construction by Enel
Distribución Perú. In both visits, the Directors were able
to learn about the current status of the progress of the
Projects, the main functions of those who work there, tour
the facilities and answer questions about the progress and
operation with those in charge of said facilities. Various
subjects related to the Enel Group’s operations in Peru were
also discussed.
All these visits were attended by the CEO.
50
Integrated Annual Report Enel Américas 2022
Evaluation of the Board’s effectiveness
The Board undergoes a continuous improvement process
that includes self-assessment and review by an independent
third party. Each year, the Company hires the advice of
an external expert, who prepares a report to detect and
implement possible improvements or areas of consolidating
Enel Américas’ Board of Directors, in light of the practices
recommended in NCG N°385.
Report of the self-assessment process: the methodology
to prepare this report considers conducting interviews with
directors, CEOs, Legal Counsel, Internal Audit manager
and the Company’s external auditors. They address the
functioning of the Board of Directors, the preparation of
the sessions and the debates that take place during the
Board’s sessions, among other relevant subjects.
Self-assessment of the Board of Directors: for 2022,
the self-assessment was reviewed and validated by the
Compliance Programs certifying company BH Compliance
Limited. Similarly, the person or team of people who carried
out this task meet the established requirements, that is to
say, they have five years of experience in process evaluation,
control effectiveness and they have undertaken more than
100 certification processes of crime prevention models
both in Chile and abroad. The independent review was
also carried out by BH Compliance Limitada. The results of
this evaluation are the input that permits to structure the
training sessions for the following period. This evaluation is
conducted annually. Additionally, a report was commissioned
from the law firm Puelma y Cía. Abogados on the detection
and implementation of possible improvements or areas of
strengthening in the operation of the Board of Directors,
which was presented and analyzed by the Board of
Directors6.
Regarding the Directors’ Committee, the Company does
not have a formal evaluation process, except for the annual
management report, which is reported at the Ordinary
Shareholders’ Meeting and included in the Company’s
Annual Report.
6. BH Compliance is registered in the Santiago Stock Exchange since June 1, 2016.
Governance 51
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Board Training
−Enel Américas has adopted adequate Corporate
Governance practices that permit directors to obtain
the necessary training to improve their skills in all the
areas in which they believe they have some weaknesses,
including those related to organizational, social, or
cultural barriers that could be inhibiting the natural
diversity of capabilities, visions, characteristics and
conditions that would have existed in the Board of
Directors if such barriers did not exist.
−The Company has implemented a Board of Directors
Training Procedure, whose permanent training and
continuous improvement schedule, considering
the potential suggestions offered by the CEO and
the managers of the areas that may be affected,
is approved annually by the Board of Directors.
Subjects in which managers receive training include,
inter alia, long-term energy market trends, analysis
of the markets in which the Company operates and
related issues, strategic economic analysis of the
main competitors, most relevant risks, considering,
among others, the main management tools thereof,
including sustainability risks, accounting principles
applicable to the Company, legal and regulatory
amendments, rulings, sanctions or declarations of
the most relevant authorities that have occurred in
the last year at the local and international level, related
to the duties of care, confidentiality, loyalty, diligence
and information, corporate governance practices,
including those adopted by other entities both locally
and internationally, main progress they have registered
in the last year in terms of inclusion, diversity and
sustainability reporting, conflicts of interest and the
ways in which they can be avoided or resolved in the
best interests of the company, corporate organization,
and others that may be suggested from time to time
by the Company’s directors or management.
−The Permanent Training and Continuous Improvement
Procedure includes the Board of Directors’ concept of
conflict of interest, as established in the current legal
provisions, the FMC regulations, in the Manual for the
Management of Information of Interest to the Market
and also in the Company’s Code of Ethics.
−In 2022, directors received training on a variety of
subjects, including:
−04.19.2022: “Energy Transition, Cost or Opportunity”
presentation given by Ronaldo Valiño, Daniel Martins
and Mauro Toledo.
−07.19.2022: Green Hydrogen presentation offered
by Alejandra Bermudez, Head of Legal Affairs and
Development Power Generation Chile, Rodrigo Lobos:
Business Development, Enel Green Power Chile, and
Marcela Díaz: Legal Affairs and Development Power
Generation Chile.
−07.26.2022: Virtual Coffee Colombia Situation presented
by Mr. Mauricio Cárdenas, Economist.
−07.28.2022: Virtual Coffee on Global and Regional
Geopolitical Update given by Mr. Gaspard Estrada,
Executive Director of the Political Observatory of Latin
America.
−08.09.2022: Presentation on Free Competition.
−09.05.2022: Talk on Law 20.393 on Criminal Liability
of Legal Persons and its Updates given by María
Jaraquemada, Executive Director of Chile Transparente.
−09.08.2022: Economic Political Outlook of Chile
presented by Mr. Rodrigo Valdés, Associate Professor
of the School of Government of the Catholic University
of Chile.
−09.12.2022: Outlook on Peru and Colombia presented
by Mr. Daniel Velandia, Chief Economist of Credicorp
Capital since January 2016, in charge of the direction
of the Research area of Credicorp Capital Colombia
since April 2010.
−09.15.2022: The Outlook in Brazil presented by Alberto
Ramos, head of the Latin America Economic Research
team in Global Investment Research and Managing
Director of Goldman Sachs.
52
Integrated Annual Report Enel Américas 2022
Attending Board meetings
The frequency of the Board of Directors’ ordinary meetings is established in the Company’s Bylaws.
With regard to the minimum duration of meetings or times dedicated to being a director, it has been
established that there is no need to create specific regulations since the dedication given to the
functions of being a director, according to the provisions of the Securities Market Law, is regulated by
the standard of care and diligence that people ordinarily employ in their own business. the directors
being jointly and severally liable for the damages caused to the Company and the shareholders by
their intentional or culpable actions.
The Board of Directors has indicated which management must provide directors with relevant
information on the issues to be discussed at each session, at least three days before the session,
to allow them to analyze said issues. Similarly, the directors are continuously informed about the
Company’s events and, when they deem it necessary, they agree to take part in extraordinary sessions
to deal with the subjects that require urgent attention.
The Board of Directors has put in place an electronic dispatch system, which allows directors to
access securely, remotely, and permanently the documentation related to the sessions. In 2022, the
Board of Directors met 19 times with an average attendance of 99% of the directors. The minimum
percentage of attendance at the ordinary and extraordinary sessions is 75%. Of the total sessions
mentioned, 7 were held virtually and 12 were mixed, that it to say, both virtually and in person at the
Company’s corporate offices.
19
Board Meetings
held in 2022
Governance 53
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Operational continuity plan
The Company has implemented contingency plans designed
to react to critical events or crisis situations, by forming
ad-hoc committees made up of experts to face the crisis
or event in question.
Functions of the Board of Directors in crisis situations
To respond adequately to the Company’s specific needs, the
procedure for continuous improvement of the functioning
of the Board of Directors does not specifically contemplate
situations that trigger a change in the functioning of this
management body. This is because, in practice, directors
are continuously informed of the events that affect it and
in crisis situations they are able to act promptly to take all
the measures they deem suitable to resolve each specific
situation. Pursuant to Circular No. 1530, the Board of
Directors approved at its meeting held on March 23, 2001,
the technological means to be used by directors who are
not physically present in the meeting room. For these
purposes, telephone and videoconferencing were approved
as technological means to be used in the circumstance
described above, bearing in mind in any case, that these
means may be used provided that they comply with the
requirement that the attending directors - whether they are
physically present in the session room or are simultaneously
and permanently communicating with each other.
Replacement procedure
In case of an unforeseen replacement of the CEO, he or
she will be substituted automatically and temporarily by
the Administration, Finance and Control manager. After
that, a Board of Directors meeting must be convened
immediately to designate the person who will occupy the
position definitively. In the event of a replacement of a senior
executive, the CEO shall determine who will replace him or
her until a final replacement is appointed. In the case of the
appointment of a new CEO or chief executive, the Board of
Directors must file the background information they have
seen, which must include, at least, the candidates’ academic
level, previous experience and trajectory. At the same time,
the outgoing executive must prepare a detailed report on
the relevant pending matters, the current status of each of
them, associated risks and recommended steps to follow,
in addition to one or more personal meetings between the
incoming and outgoing executive or CEO.
Succession Programs
Regarding the identification of new talents, the Board of
Directors agreed to implement training programs, managed
by the People and Organization Management, aimed at
detecting, and training new talents emerging among
the Company’s professionals. The objective is to develop
the skills, knowledge, and experiences of Enel Américas
employees, along with consolidating future leadership.
54
Integrated Annual Report Enel Américas 2022
Information system and electronic dispatch
• The Board of Directors has implemented an Information
System and electronic dispatch7, which permits its
members to access securely, remotely, and permanently
the documentation related to the sessions, made available
at least three days before each meeting.
• This system makes it possible to:
• Access, notwithstanding the legal obligations regarding
the deadline for sending and content of the summonses,
the minutes or documents that summarizes all the matters
that will be discussed in that session and the other
background information that will be presented in said
session or necessary additional items to be prepared.
• The access referred to in the previous point, at least five
days before the respective session. However, the deadline
adopted is three days before the respective session.
• Access the complaints system implemented by the
Company.
• Review the final text of the minutes of each session.
• It also aims at the paperless management of all
documentation made available to the Board members.
Directors’ Committee
The Company’s leadership and management in the Enel
Américas Group are inspired by international best practices.
This includes the Directors’ Committee intentions to create
value for all shareholders in the medium and long term.
Article 50 bis of the Law on Public Limited Companies states
that public limited companies that meet the requirements
indicated in said point, such as Enel Américas, must appoint
at least one independent director.
Additionally, pursuant to articles twenty-nine and thirty of
the Bylaws, as long as the Company is an issuer of securities
duly registered with the New York Stock Exchange (NYSE),
the composition, operation and powers of the Directors’
Committee shall also be governed, in everything that is
not contrary to the Chilean legislation, by the mandatory
provisions for the so-called Audit Committees set forth
by the Sarbanes Oxley Act (SOX). of the United States
of America and, accordingly, all its members must be
independent pursuant to these criteria8.
However, it should be recalled that, on June 10, 2022, Enel
Américas submitted its request to be delisted from of the
New York Stock Exchange, which became effective on June
20, 2022, and that, on July 21, 2022, it ended its American
Depositary Shares program, which was duly communicated
as a Significant Event. Similarly, on November 2, 2022, the
Company reported that it filed Form 15F with the Securities
and Exchange Commission of the United States of America
(“SEC”) whose purpose is to voluntarily deregister as per
Section 12(g) of the U.S. Securities Exchange Act of 1934,
and its amendments (the “Exchange Act”), and terminate,
among others, its disclosure obligations under Section 13(a)
and Section 15(d) of the Exchange Act. This deregistration
became effective on January 31, 2023. Consequently, the
composition, functioning and powers of the Directors’
Committee are no longer governed by the regulations
established for the so-called Audit Committees by the
Sarbanes Oxley Act (SOX) of the United States of America.
Role of the Directors’ Committee
Article 50 bis of the Law on Public Limited Companies
establishes the powers of the Directors’ Committee. The
functions of this body are also those indicated in the Bylaws,
as well as those entrusted by the shareholders’ meeting or by
the Board of Directors. In this regard, the following functions
were delegated to the Company’s Directors’ Committee at
the ordinary meeting held on April 23, 2010,:
• Supervise the work of the Company’s external auditors.
• Review and approve the annual audit plan of the external
audit firm and the means to develop it.
• Evaluate the qualifications, independence, and quality
of the work of the external audit firm. Establish the
Company’s policies regarding the hiring of former
employees of external audit firms.
Directors’ Committee oversees issues related
to sustainability.
On June 25, 2020, Enel Américas’ Board of Directors, in
order to further improve the high standards in Corporate
Governance practices in relation to sustainability
management and positioning among investors and
sustainability analysts, agreed to delegate functions related
to sustainability to the Directors’ Committee, a body made up
entirely of independent directors, to supervise and follow up
7. Agreed at Board meeting held on August 28, 2015.
8. At the Extraordinary Shareholders’ Meeting held on April 22, 2010, the Bylaws were amended and the Audit Committee merged with the Directors’ Committee.
Governance 55
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
on matters related to sustainability in the Company. Among
others, the delegated functions included the review of the
Report and the Sustainability Plan prior to its final approval
by the Board of Directors. Also monitoring the Company’s
participation in sustainability indices.
Composition of the Directors’ Committee
At the Board of Directors’ ordinary meeting held on April 29,
2021, the Board appointed the members of the Directors’
Committee, namely Mr. Hernán Somerville Senn, Mr. Patricio
Gómez Sabaini and Mr. Domingo Cruzat Amunátegui.
Pursuant to the provisions of FMC Circular No. 1956, all
members of the committee are independent directors.
The Board of Directors appointed Mr. Hernán Somerville
Senn as financial expert of the Directors’ Committee. He
was also appointed Chairman of said corporate body while
Mr. Domingo Valdés Prieto was nominated as its Secretary.
Composition of the Directors’ Committee for the last two years:
Members of the Directors’ Committee
As of 12.31.2021
Name
Position
Relation
Start date
Termination date
Hernán Sommerville Senn
Chairman
Independent
04-29-2021
-
Domingo Cruzat Amunátegui
Director
Independent
04-29-2021
-
Patricio Gómez Sabaini
Director
Independent
04-29-2021
-
Members of the Directors’ Committee
As of 12.31.2022
Name
Position
Relation
Start date
Termination date
Hernán Sommerville Senn
Chairman
Independent
04-29-2021
-
Domingo Cruzat Amunátegui
Director
Independent
04-29-2021
-
Patricio Gómez Sabaini
Director
Independent
04-29-2021
-
Annual Report of the Directors’ Committee
The Directors’ Committee met 14 times in 2022. The average
attendance of the directors at the sessions was 100%. During
the period, the Committee addressed the matters of its
competence, fully complying with the obligations set forth in
article 50 bis of Law No. 18046 on Public Limited Companies
and the Sarbanes Oxley Act of the United States of America
and other applicable regulations. For more detail see “The
Management of the Directors’ Committee” within the chapter
“Other Corporate Regulatory Information” of this Integrated
Annual Report.
Policies to hire consultants for the Directors’
Committee
When the Directors’ Committee has required the advice of an
expert in accounting, tax, financial issues, or other matters. At
the request of one or more directors, the election of the latter
is carried out respecting the Committee’s voting quorums. To
appoint advisors, the directors take into consideration their
background, knowledge of the industry or subject, as well
as their reputation in the market, among others. All of the
above must comply with the provisions of Article 43 of the
Law on Public Limited Companies (Law No. 18046) and 80
of the Regulations of the Law on Public Limited Companies .
Additionally, in the event that the external advisor is a person
related to the Company, Title XVI of the Law on Public Limited
Companies (Law No. 18046) is strictly complied with. In 2022,
no consultancies were hired.
56
Integrated Annual Report Enel Américas 2022
Meetings of the Directors’ Committee
Meeting with the
risk area
The Risk area does not currently meet with the Directors’
Committee, given that due to the relevance of this issue,
it has been considered that these issues should be
discussed directly with the Board of Directors.
Management in 2022:
The Risk Control area complied with the Risk Governance
Roadmap and reported the Risk Map and its mitigation
measures directly to Enel Américas’ Board of Directors.
This way, the Risk Control area complied with its role as
the Second Line of Defense, reinforcing the role of the
Board of Directors as the highest corporate governance
body in risk control and management, which oversees
the process of detection, evaluation, management,
monitoring and communication of risks, pursuant to the
current Risk Control and Management Policy.
Meeting with the
sustainability area
To further improve the high standards in Corporate
Governance practices related to sustainability
management and positioning among investors and
sustainability analysts, on June 25, 2020, Enel Américas’
Board of Directors delegated certain functions related to
sustainability to the Directors’ Committee – a body that
already operates with a permanent structure and with
a defined and periodic calendar so that the Committee
would support the Board of Directors with proactive
and advisory functions, in the evaluations and decisions
related to the Company’s sustainability, supervising
and promoting Enel Américas S.A.’s sustainability
commitment. Among the functions delegated are,
among others, those of reviewing the Report and the
Sustainability Plan prior to its final approval by the Board
of Directors. Also monitoring the Company’s participation
in sustainability indices.
Management in 2022:
Number of meetings: 4
Subjects addressed: (i) The effectiveness of the policies
approved by the Board of Directors to inform the
organization, its shareholders, and the general public of
the benefits of diversity and inclusion for the Company.
(ii) The organizational, social, or cultural barriers detected
that could inhibit the natural diversity that would have
occurred in the absence of these barriers.
(iii) The usefulness and acceptance of the sustainability
reports disseminated to relevant stakeholders in the
Company.
(iv) Policies adopted by the Company in terms of social
responsibility and sustainable development.
(v) Stakeholders identified by the Company as relevant,
as well as the reasons why such groups hold such status.
(vi) Relevant risks, including sustainability risks, of the
Company, as well as the main sources of those risks.
(vii) The indicators measured by the Company in terms
of Social Responsibility and sustainable development.
(viii) The existence of goals and the evolution of
sustainability indicators.
And there was also a presentation on investor relations
in sustainability matters.
CEO Support: Yes
Meeting with the
Internal Audit area
Complaints to the Ethics Channel.
Management in 2022:
Number of meetings: 2
Subjects addressed: Complaints ethics channel.
CEO Support: Yes
Meeting with the
External Audit
Company
They meet every quarter to examine the voluntary matters
of good corporate governance contained in sections (ii),
(iii) and (v) of number 1 d) of General Standard No. 385
of the FMC.
Management in 2022:
Number of meetings: 4
Subjects addressed: (i) the Company’s external audit
program or plan; (ii) any differences detected in the
external audit with respect to accounting practices,
management systems and internal audit; (iii) any serious
deficiencies that have been detected and those irregular
situations that, by their nature, must be reported to the
competent audit bodies; (iv) the results of the annual
external audit program; and (v) possible conflicts of
interest that may exist in the relationship with the
external audit firm or its staff, both for the provision of
other services to the Company or to the companies of
its business group.
CEO Support: Yes
Summary of Comments and Proposals from
shareholders and the Directors’ Committee
Between January 1 and December 31, 2022, Enel Américas
S.A. received no comments or proposals regarding the
progress of the corporate business, from the Directors’
Committee or from shareholders who own or represent
10% or more of the issued shares with voting rights,
pursuant to the provisions of Articles 74 of Law No. 18,046
on Corporations and 136 of the Regulations of Corporations.
Governance 57
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Remuneration of the Board of Directors and the Directors’ Committee
Board Remuneration
The payment consists of a fixed monthly remuneration, one
part at all events, and one part per event. This remuneration
is broken down into 216 UF as a fixed monthly payment and
UF 79.2 as a daily subsistence for attending a session, with
a maximum of 18 sessions in total. As stated in the Bylaws,
the remuneration of the Board of Directors’ Chairman shall
be twice that of a director.
Should a director of the Company participate in more than
one Board of Directors of subsidiaries and/or associates or
is a director or advisor of other companies or legal entities
in which Enel Américas S.A. directly or indirectly holds any
interest, he or she may only receive remuneration in one of
said committees or boards of directors.
The Company’s executives and/or of its subsidiaries or
associates will not receive remuneration or allowances if
they are directors of any of the subsidiaries, associates or
investees in any way owned or with Enel Américas S.A.’s
participation. However, such allowances may be received
by the executives if such a situation is previously and
expressly authorized as an advance of the variable part of
their remuneration to be paid by the respective companies
to which they are linked by an employment contract.
Incentive Plans
In 2022 and 2021, the Company did not contemplate
incentive plans for directors.
Board Advisory Expenses
During 2022 and 2021, the Board of Directors did not have any
expenses related to advisories.
Remuneration of the Directors’ Committee
The remuneration of the Directors’ Committee is a fixed
monthly payment, one part at any event and the other
part per event. The compensation consists of 72 UF as the
fixed monthly compensation at any event and 26.4 UF as
an attendance fee per each session, with a maximum of
16 sessions, whether ordinary or Extraordinary within the
corresponding year.
At the same time, the Company’s Board of Directors, at its
meeting held on February 25, 2022, agreed to propose to
the Ordinary Shareholders’ Meeting to set the budget for
expenses and operation of the Directors’ Committee of Enel
Américas S.A. and its advisors for the current year, at UF
10,000.
In 2022 and 2021, the Directors’ Committee did not have
any expenses related to consultancies.
Remuneration of the Board of Directors
and Directors’ Committee for the 2022
and 2021 periods (Amount in US$)
Total remuneration in 2021 was US$588,810
(Ch$466,944,188), while the same item in 2022 was
US$601,092 (Ch$523,665,120). The Board did not incur
additional expenses for external advisory services in the
2021 and 2022 periods.
58
Integrated Annual Report Enel Américas 2022
Board Remuneration for the 2022 period (Amount in US$)
Name
Position
Fixed
Remuneration
of the Board of
Directors
Regular
and Special
Meetings of
the Board of
Directors
Fixed
remuneration
of the
Committee
Regular and
Special Sessions
of the Directors’
Committee
Total
Francisco de Borja Acha (1)
Chairman
-
-
-
-
-
Jose Antonio Vargas Lleras (1)
Director
-
-
-
-
-
Francesca Gostinelli (1)
Director
-
-
-
-
-
Giulia Genuardi (1)
Director
-
-
-
-
-
Hernán Somerville Senn
Director
98,699
53,752
32,900
15,013
200,364
Domingo Cruzat Amunátegui
Director
98,699
53,752
32,900
15,013
200,364
Patricio Gómez Sabaini
Director
98,699
53,752
32,900
15,013
200,364
Total
296,098
161,255
98,699
45,040
601,092
Board Remuneration for the 2021 period (Amount in US$)
Name
Position
Fixed
Remuneration
of the Board of
Directors
Regular and
Special Meetings
of the Board of
Directors
Fixed
remuneration
of the Directors
Committee
Regular and
Special Sessions
of the Directors’
Committee
Total
Francisco de Borja Acha (1)
Chairman
-
-
-
-
-
Jose Antonio Vargas Lleras (1)
Director
-
-
-
-
-
Francesca Gostinelli (1)
Director
-
-
-
-
-
Giulia Genuardi (1)
Director
-
-
-
-
-
Hernán Somerville Senn
Director
101,947
46,855
33,982
13,486
196,270
Domingo Cruzat Amunátegui
Director
101,947
46,855
33,982
13,486
196,270
Patricio Gómez Sabaini
Director
101,947
46,855
33,982
13,486
196,270
Total
305,841
140,565
101,946
40,458
588,810
(1) Ms. Giulia Genuardi, Ms. Francesca Gostinelli and Mr. Francisco de Borja Acha B. and Mr. José Antonio Vargas Ll. waived the
payment of remuneration for their current positions as directors of the Enel Group.
Governance 59
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Executive Committees
Since 2015, Enel Américas has had a Risk Committee, whose aim is to define risk management structure and processes, as
well as their detection, quantification, monitoring, and reporting to the Board of Directors. This concerns the relevant risks of
financial nature and the ones related to commodities, commercial debt statement and the Company’s credit. The Committee is
composed of: (i) the Company’s CEO, as its Chairman; (ii) the Administration Finance and Control Manager and (iii) the Planning
and Control Manager. The Committee reports directly to the Board of Directors.
• The Company’s Board of Directors has not required to establish a formal procedure for this type
of situation. The Directors’ Committee usually addresses these matters periodically and in detail, in
compliance with the provisions of article 50 bis of the Law on Public Limited Companies. Furthermore,
the salaries and compensation policies of the Company’s top executives are developed on a balanced
basis of incentives. In determining these, special care is taken so that they should not involve a
stimulus to expose the Company to risks or the commission of unlawful acts.
• Although the Board of Directors has not established a formal procedure, information on the subject
is disseminated to the public through the Integrated Annual Report, which can be found on the
corporate website. As the body in charge of administration, to date the Board has not deemed it
necessary to implement this practice.
Review of executive
team salary
structures
60
Integrated Annual Report Enel Américas 2022
Executive Team
The organization chart and executive team reported to the Financial Market Commission are detailed below:
CHAIRMAN OF THE BOARD
Francisco de Borja Acha Besga
CEO ENEL AMÉRICAS
Maurizio Bezzeccheri (*)
(*) Senior Executives repored to the CMF
(**) The Internal Audit Management repors directly to the Company's board of directors
EXECUTIVES
INTERNAL AUDIT
Eugenio Belinchón Gueto(*)(**)
ADMINISTRATION, FINANCE,
PLANNING AND CONTROL
Aurelio Bustilho de Olivera(*)
PEOPLE AND ORGANIZATION
Liliana Schnaidt Hagedorn
COMMUNICATIONS
Carolina Ricke Hunting
LEGAL COUNSEL AND BOARD SECRETARY
Domingo Valdés Prieto(*)
ENEL X SOUTH AMERICA
Simone Tripepi(*)
Organization chart
Governance 61
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Chief executives
CEO
Mr. Maurizio Bezzeccheri (3)
ID: 26.490.357-2 (*) Nationality: Italian
Profession: doctor “cum laude” in Chemical Engineering,
University of Naples; R+D Development of Steam Generators;
Official Professional Qualification to Practice Engineering.
Date of birth: July 2, 1958
Date of appointment: August 1, 2018
Internal Audit Manager
Mr. Eugenio Belinchón Gueto(2) (3) (5)
ID: 24.544.814-7 Nationality: Spanish
Profession: Degree in Economics, Universidad Complutense,
Madrid
Date of birth: August 5, 1976
Date of appointment: February 1, 2022 (5)
Administration, Finance and Control Manager
Mr. Aurelio Bustilho de Oliveira (3) (4)
ID 26.537.505-7 Nationality: Brazilian
Profession: Business Administrator, University of Brasilia MBA
from Universidad Federal Rio Janeiro/ COPPEAD
Date of birth: July 29, 1968.
Date of appointment: October 1, 2018
Legal Counsel and Secretary of the Board of
Directors
Mr. Domingo Valdés Prieto ( 1) (3)
ID 6.973.465-0 Nationality: Chilean
Profession: Lawyer, Universidad de Chile
Master of Law, University of Chicago (USA)
Date of birth: March 25, 1964.
Date of appointment: April 30, 1999
Manager Enel X South America
Mr. Simone Tripepi(3)
ID 25.067.660-3 Nationality: Italian
Profession: engineer, Universita Degli studi di Roma “Tor
Vergata”
Date of birth: November 1, 1970
Date of appointment: August 29, 2019
(1) He also holds the same position at Enel Chile.
(2) The Internal Audit Management reports directly to the Company’s Board of Directors.
(3) The indicated executives correspond to principal executives informed to the FMC
(4) In charge of Planning and Control Management on an interim basis as of October 27, 2021, previously said position was occupied by Mr. Francisco Miqueles.
(5) Mr. Eugenio Belinchón Gueto took up the position on February 1, 2022, replacing Mr. Raffaele Cutrignelli, who served as internal audit manager between 1
October 2016 and 31 January 2022.
62
Integrated Annual Report Enel Américas 2022
Compensation of Chief Executives
In 2022, the remuneration and benefits received by the
Company’s CEO and senior executives totaled US$ 3,659
thousand in fixed remuneration and US$133 thousand
in short- and long-term benefits. In turn, in 2021, the
remuneration and benefits received by the Company’s CEO
and senior executives totaled US$3, 869 thousand of fixed
remuneration and US$95 thousand in short- and long-term
benefits.
These amounts include the principal executives present as
of December 31 of each year, as well as those who left the
Company during the respective fiscal year.
Compensation paid to managers and senior
executives.
No compensation was paid for years of service during 2022
and 2021.
Benefits for Chief Executives
As a benefit, the Company maintains supplemental health
insurance and catastrophic insurance for senior executives
and members of their household credited as dependents. In
addition, there is life insurance for every senior executive. These
benefits are granted in accordance with the managerial level
of each executive.
Compensation plans linked to share price
There are no payment plans granted to the Directors or key
management personnel based on the share price of the
Company’s common stock.
Restricted Share Unit Program
During 2022, the Restricted Share Unit (“RSU”) program
was implemented whereby certain key personnel from Enel
Américas received for the first and only time shares issued
by Enel SpA. These shares were not offered on an optional
basis, but were automatically assigned on a pre-established
date when certain conditions were met.
The equivalent in cash of the RSU program is subject to a
recharge agreement. This agreement establishes that all
fixed and variable remuneration, (whether in cash or in kind),
are paid by the Company for which the expatriate executives
work. The cost of this program amounted to ThUS$40, which
is included in the item Payroll expenses for 2022.
Incentive plans for managers and chief
executives
For its senior executives, Enel Americas has an annual bonus
plan for meeting objectives and individual contribution to
the Company’s results.
It includes a definition of bonus ranges according to the
hierarchical level, which consist of a certain number of gross
monthly remunerations.
The following are the variable incentives of the CEO:
Macro Objective
Objective
Type of target
Profitability
Profitability
Financial
Business
Business
Security
Net income
Latin America
Integared gross
margin Latin America
FFO1 Latin America
Strategy
Latin America
Customers
Security in
the workplace
Weight
Range
15%
15%
20%
15%
15%
20%
Maximum
120%
Maximum
120%
Maximum
20%
Maximum
120%
Maximum
120%
Maximum
120%
Economic
Economic
Financial
Estrategic
ESG
ESG
1. Funds from operations (flujo de efectivo de la Compañía).
Governance 63
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Information for shareholders and stakeholders
Enel Américas considers it its duty towards the market to guarantee a constant and open dialogue based on mutual
understanding of roles, with investors, analysts, bondholders and their representative associations and with the stock market
as a whole, in order to increase the level of understanding of the activities carried out by the Company and the Enel Group.
In July 2021, Enel Américas’ Board of Directors approved an Investor Relations Policy to guarantee
that the Company’s dialogue with institutional investors and the general needs of its shareholders
and bondholders should be inspired by the principles of fairness and transparency and that it should
take place in compliance with national regulations, as well as in line with international best practices.
Furthermore, the Company has created a Manual for the Management of Information of interest to
the Market.
Procedure for remote participation in shareholders’ meetings: The Company has implemented a
procedure prepared pursuant to regulations, so that both the Ordinary Shareholders’ Meeting and the
attendance record and the corresponding votes can be carried out remotely. This procedure, which
considers the mechanism for enrolment and validation at the meeting, is available on the Company’s
website. The technological platform used for the registration of attendance and the electronic voting
of the matters to be discussed at the shareholders’ meeting was made available by DCV Registros
and the Santiago Stock Exchange.
Procedure for informing shareholders about the background of candidates for director: this
Procedure establishes that the Company deems convenient for shareholders to be able to keep
informed about the candidates for directors with a due anticipation of the shareholders’ meeting in
which such election should take place. It was agreed that information regarding a candidate for director,
including his or her experience and professional profile, must be made available to shareholders
on the Company’s website at least two days before the respective meeting, in the event of timely
delivery to the Company by the respective candidate. At the meeting held on September 28, 2015, the
Board of Directors agreed, with the same anticipation referred to above, to provide the shareholders
with information on whether each candidate for director maintains or has maintained contractual,
commercial or other relationships with the Company’s controller in the last eighteen months as well as
with its main competitors or local suppliers, as long as the information regarding the latter is provided
by the respective candidate. Said information was posted on the Company’s website.
To make it possible for the public to be informed in a timely manner about the qualifications, conditions
and experiences of the candidates for director, the Company had published a list of all candidates on
the Company’s website, ten days before the 2021 Ordinary Annual Shareholders’ Meeting was held
which involved the election of the Board of Directors for a period of three years9, the foregoing also
complying with the provisions of article 73 of the Regulations on Public Limited Companies.
Enel Américas
is committed to
guaranteeing
an open and
transparent
dialogue
9. The proposal of candidates for directors was made pursuant to the provisions of Article 50 bis of Law No. 18046 on Public Limited Companies and the provisions
of Circular No. 1956 of December 22, 2009, issued by the Financial Market Commission.
64
Integrated Annual Report Enel Américas 2022
Creating value for stakeholders
Enel Américas understands that it works towards achieving
its own interests, as well as its duties towards the market,
by guaranteeing a constant and open dialogue – based
on mutual understanding of functions – with institutional
investors and asset managers or their representative
associations and with all its shareholders and bondholders.
The above is aimed at increasing the level of understanding
of the Company’s activities.
The Investor Relations Policy seeks to guarantee and deliver
the guidelines permitting the Company’s to communicate
effectively. Transparency of information prevails in this type
of communication in accordance with local regulations,
and in line with international best practices. This Policy
also considers the best practices adopted by institutional
investors, reflected in the Enel Group’s codes and policies.
The Company’s Board of Directors periodically verifies the
correct application of this Investor Relations Policy and
the adequacy of the relevant provisions, according to the
evolution of best practices in this matter at national and
international levels. The Company’s Board of Directors, in
compliance with the contents of the aforementioned Policy,
will be subject to compliance with the duty of diligence or
care and the duty of loyalty that directors inherently have
in the habitual exercise of their functions.
Investor Relations
The Company has set up a management unit dedicated
to handling its relations with investors (Investor Relations),
which depends on the Administration, Finance and
Control Management. Its main function is to provide
transparent, timely and quality information to the market
on the Company’s main financial, strategic, and operational
issues, together with the necessary indications on matters
of interest, such as shareholders’ meetings, related
accreditation procedures and, more generally, matters
related to corporate governance or dividend distribution,
among others.
Communication with the aforementioned area can be done
via email or telephone, using the contact details indicated
on the Company’s website in the section dedicated to
investors (https://www.enelamericas.com/en/investors.
html). This management interacts continuously with
Institutional Investors, financial analysts, risk rating agencies,
bondholders, among others.
The information provided to the financial market by
the Investor Relations unit, as well as by any other duly
authorized representative of the Company, will meet the
criteria of truthfulness, clarity, consistency, integrity , and
symmetry of information. Such information shall be provided
in a timely manner and in accordance with applicable internal
corporate governance rules and practices, in order to
guarantee compliance with applicable national rules.
The main communication channels with the market include
our website, the Investor Relations app, conference calls,
emails, face-to-face meetings and participation in local and
international conferences.
The documentation available to investors mainly includes
presentations of quarterly results, annual reports, annual
sustainability reports, press releases and quarterly financial
tables, and corporate presentations.
Additionally, as of 2016, each year the Company presents its
strategic plan for the following three years, showcasing the
main strategic guidelines, along with financial and business
projections.
Communication channels
To facilitate the effectiveness of the dialogue with
institutional investors and with all shareholders and
bondholders, and guaranteeing the clarity and symmetry
of the content of the information, there is a special section
on the corporate website (https://www.enelamericas.com/
es.html.html) called “Investors”. The section holds the
documents and information considered of most interest
to stakeholders. The documents can be consulted in their
Spanish and English versions.
In line with international best practices, apart from
guaranteeing continuous dialogue with investors, financial
analysts, and risk rating agencies, among others, the
Investor Relations office offers a series of opportunities for
interaction, whose method and opportunity vary according
to the subjects discussed. The following stand out, among
others:
Conference calls with institutional investors and financial
analysts: during which the Company presents the economic
and financial results previously disclosed to the market,
through the publication of the Financial Statements in the
Chilean financial regulator (“Financial Market Commission”).
In order to guarantee the symmetry of the information, at the
same time as each conference call is planned, the relevant
supporting documentation is published in the “Investors”
section of the corporate website.
Regular meetings with the financial community (Capital
Markets Day or Investor Day): in which the Company’s
Investor Relations unit presents institutional investors,
financial analysts and risk rating agencies, among others,
with updates on the Company’s strategic plan.
Governance 65
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Roadshows: where the Company’s Investor Relations unit
meets with institutional investors to explain in detail, and
in compliance with national regulations, the prevention
of stock market abuse conduct, the Company’s strategic
plan, the most recent economic and financial data, and any
extraordinary transactions in progress. These events provide
an opportunity for debate, allowing the aforementioned
area and management to listen to requests and concerns
coming from the market.
2022 Management
In 2022, Enel Américas participated in four conferences, of
which three were international and one national, all of which
provided instances of information exchange with various
investors around the world. Additionally, the company held
a roadshow, organized by an international bank, whose main
task was to coordinate the agendas and meetings of the
company’s management. At the same time, the Company
also participated in other events, such as breakfasts and /
or lunches with the market, usually organized by banks at
their own premises.
This way, Enel Américas held more than 300 meetings
during the year. This figure considers one-on-one meetings
requested by investors and analysts, along with meetings
in the context of roadshows and conferences, and other
corporate events (breakfasts and lunches with the market).
This year, due to the relaxation of sanitary measures within
the context of the COVID-19 pandemic, the Company
organized meetings and events in virtual and face-to-
face modality. In the case of face-to-face meetings, all
the necessary safeguards were taken through self-care
measures against COVID-19.
Our Investor Relations management is available to address
any concerns about the company, either in Spanish or
English, through the mail ir.enelamericas@enel.com.
Analyst Coverage
Enel Américas has 11 analyst coverages, of which six are
international and five are national. Currently, the Company
has four coverages with positive ratings and seven with
neutral ratings. There are no negative ratings.
Additionally, the Company considers the coverage of all
reports from major global and local brokers, with the
exception of those that have not updated their estimates
in the last 12 months.
For more information visit the Investors section of our
website:
https://www.enelamericas.com/en/investors.html
66
Integrated Annual Report Enel Américas 2022
Corporate values and ethical pillars
Enel Américas works every day to improve people’s quality
of life.
Those who make up the Enel Group share the same
objectives, mission, vision, and commitment. The Enel brand
is a visible sign of its global identity and Enel Américas is
part of this way of managing energy, a task it carries out
hand in hand with its Open Power values: trust, responsibility,
innovation, and proactivity.
A solid ethics system underlies all of Enel Américas and its
subsidiaries’ activities. This system is carried out according
to a set of rules aimed at incorporating the best practices
that all the people who work for and with the Company must
respect and apply in their daily activities.
The system is based on specific compliance programs,
including: the Code of Ethics, Enel’s Global Compliance
Program, the Zero Tolerance for Corruption Plan, the
Criminal Risk Prevention Model and the Human Rights
Policy and any other national compliance model adopted
by the Group’s companies in accordance with local laws
and regulations.
Values in Power
• Trust: Enel Américas’ work is based on transparency: in
its power plants, distribution networks, offices, and digital
channels that the Company uses to link with its customers.
Its success comes from the trust the Company has built
and maintains every day with its communities and with
the people who works there.
• Responsibility: Enel Américas is looking for people who
want to improve life on the planet, along with proposing
solutions to the climate change challenges and the
growing need for clean energy, bringing electricity to
people who still do not have access to it.
• Innovation: Enel Américas drives innovation to guarantee
that the best and most creative ideas contribute to
improving people’s lives.
• Proactivity: Enel Américas has an ambitious vision to
improve the quality of life with sustainable energy. For
this to happen, it seeks creative people, who can think
outside the box, who like to question themselves and see
challenges as opportunities.
Open Power values have inspired the Company’s governance
system and form a fundamental pillar of its business model,
which has integrated the objective of working towards
generating a real impact on the growing energy problems
in the places where the Company operates. That is how it
is possible to multiply the effects of the progress achieved.
For this reason, the Company increasingly delivers services
to a greater number of people, boosting the economies of
the communities where it operates and expanding access
to energy where possible.
All of this benefits the needs of its customers, shareholder
investment, the competitiveness of the markets where it
participates and the expectations of all those who work for
the company.
Governance 67
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Code of Ethics
Enel Américas and its subsidiaries have implemented
a Code of Ethics that guides the actions of directors,
executives, collaborators and employees with occasional
or temporary contractual relationships, in addition to the
Company’s supervisory bodies (shareholders’ meetings,
Board of Directors, Directors’ Committee, among
others). This Code expresses the ethical commitments
and responsibilities in the management of business and
business activities, adopted by the Company and its
subsidiaries. The Code of Ethics and the main documents
that form part of Enel Américas’ ethical culture are delivered
to employees, directors, suppliers, and contractors, and
they are also published internally and, on the website, so
that all stakeholders can easily access their contents. The
last modification of the document was made in 2021 and
since then the new Code of Ethics has the following key
words: trust, responsibility, and reciprocity.
The following are the expected behaviors regarding Enel
Américas’ mission, vision, and strategy:
• The Company’s mission is to create and distribute
value in the international energy market, for the benefit
of customers’ needs, shareholder investment, the
competitiveness of the markets where it operates and
the expectations of all the people who work for the
Company.
• Through its subsidiaries, Enel Américas operates at the
service of communities. It is committed to respecting the
environment and the safety of people to offer a better
world to future generations.
• Enel Américas aspires to maintain and develop a
relationship of trust in the areas where it carries out
its work, that is to say, with those individuals, groups or
institutions whose contribution is necessary to complete
its mission or who have, in any way, an interest in that
mission or in achieving its objectives.
• Stakeholders are those who make investments linked to
Enel Américas’ activities, with shareholders first, followed
by employees, customers, suppliers, and partners. In a
broader sense, all those individuals or groups are equally
involved, in addition to the organizations and institutions
that represent them, whose interests are influenced
by the direct and indirect effects of the Company’s
activities: the local and national communities in which
the Company operates, environmental associations and
future generations are part of this area. among others.
• Unethical behavior compromises the relationship of
trust between Enel Américas and its stakeholders. The
behaviors of any individual, or organization, that tries to
appropriate the benefits of the collaboration of others,
taking advantage of positions of power, are unethical,
and favor the onset of hostile attitudes towards the
Company.
Enel Américas strictly adheres to the Law on Public Limited
Companies, whose criteria establish the independence
and absence of conflicts of interest. At the same time,
Internal Audit, reports to the Board of Directors the main
information on compliance with this standard.
Policy No. 82 “Declaration of Conflict of Interest” aims to
regulate the reporting, analysis, and resolution of current
or potential situations that may lead to conflicts of interest
in accordance with the Code of Ethics, the Zero Tolerance
with Corruption Plan, the Enel Global Compliance Program,
the Criminal Risk Prevention Model, the Internal Order
Regulations, Health and Safety and the legal provisions
that regulate the matter.
Therefore, all direct personnel linked by an employment
contract with the Company must sign an annual declaration
of conflicts of interest. It reports the existence or not
of conflicts of interest, considering, furthermore, the
provisions that the Criminal Risk Prevention Model (Law No.
20,393) contemplates for this purpose. This document also
covers the management of conflicts of interest of contract
managers and operational coordinators.
Legal Corporate Affairs (LCA) manages, through another
procedure, the declarations of conflict of interest of
directors and chief executives registered (informed) to
the Financial Market Commission (FMC).
Furthermore, Enel Américas´ Policy No. 1.124 “Workplace
and Sexual Harassment” aims to establish the key
principles required to spread a culture that rejects
and does not tolerate any form of harassment in the
workplace, as well as provide tools to deal with such
unacceptable situations. This policy applies to all Enel
10. The general principles are inspired by the United Nations Universal Declaration of Human Rights of 1948 and the European Convention on Human Rights of 1950.
68
Integrated Annual Report Enel Américas 2022
Américas employees and third parties who interact with the
Company’s employees in all instances where the Company
operates (workplace and any place where workers conduct
business on the Company’s behalf) such as business trips,
lunches, dinners, field trips, training, online and telephone
communication during working hours and work-related
social activities. Activities inside and outside the facilities
must always be consistent with the values of the Enel
Americas Group and its commitment to diversity and
inclusion.
In Enel SpA, the corresponding document is “Workplace
Harassment Policy”. This policy is implemented and
enforced, whenever possible, within Enel Américas and in
accordance with applicable laws, regulations and governing
rules, including relevant legal provisions, which, in any case,
prevail over the provisions contained herein.
Enel América considers ethical action and transparency in
trade and labor relations of vital importance. For this reason,
the Company is constantly concerned about promoting a
culture of integrity both among employees’ peers and in
the relationship with the Organization.
Principles on which the Code of Ethics is
based
The general principles on relations with the stakeholders,
which abstractly define the reference values in Enel
Américas’ activities:
• The criteria of conduct in relation to each type of person
involved, which specifically provide the guidelines and
that Enel Américas’ workers must comply with in order
to respect the general principles and to prevent the risk
of unethical behavior;
• The implementation mechanisms that describe the
control system to comply with the Code of Ethics and
for its continuous improvement.
Principles of the Code of Ethics
−Impartiality and non-arbitrary discrimination.
−Honesty.
−Correct conduct in case of potential conflicts of
interest.
−Confidentiality.
−Shareholder relations.
−Valorization of capital investment.
−Value of people.
−Integrity of people.
−Equity.
−Transparent, complete, correct, and truthful
information.
−Diligence and precision in the activities and
implementation of contracts.
−Quality of services and products.
−Fair competition.
−Responsibility towards the community.
−Environmental protection.
−Protection of personal data.
The principles and provisions of the Code of Ethics are
addressed to the members of the Board of Directors, the
Directors’ Committee and other supervisory bodies of
Enel Américas and the Group’s other companies, as well
as the managers, employees and workers linked to it by
contractual relationships arising under any title, including
occasional or temporary.
Furthermore, the Company requires all subsidiaries or
investees and all suppliers and partners to conduct
themselves in accordance with the general principles of
the Code.
Governance 69
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
KPI
AT
2022
2021
2020
2019
2018
2022-2021
%
Complaints received (1)
n.
90
75
93
110
93
15
20%
Non-compliance related
episodes of:
n.
12
17
21
25
13
(5)
(29%)
Conflict of interest/corruption (2)
n.
4
4
2
4
3
-
-
Misuse of assets
n.
1
2
12
7
6
(1)
(50%)
Work environment
n.
-
4
7
11
3
(4)
(100%)
Community and society
n.
-
-
-
-
-
-
-
Other motivations (3)
n.
5
6
-
3
1
(1)
(17%)
Workplace harassment
n.
1
-
-
-
-
1
(100%)
Sexual harassment
n.
1
1
-
-
-
-
-
(1) In 2022 there was an increase in reports related to potential breaches of the Code of Ethics.
(2) Corruption is the abuse of power for the purpose of private gain and can be carried out by individuals in the public or private sector. It is interpreted to include
corrupt practices such as bribery, extortion, collusion, conflicts of interest and money laundering. Regarding the non-compliance, disciplinary and disciplinary
actions were taken against two workers of the subsidiaries of Enel Américas, in accordance with the internal regulations of each company.
(3) Another motivation refers to control weaknesses in technical processes or non-compliances related to contractors
Ethics Channel
Enel Américas has implemented an ethics mailbox
that permits to report bad practices confidentially and
anonymously. The existence of an Ethics Channel has been
duly disseminated within the Company and extends to
workers, contractors, suppliers, customers, communities,
and other stakeholders.
Whistleblowing: whistleblower protection
The Company promotes the principles and rules that
govern the correct and balanced functioning of its
governing bodies, guaranteeing effective, transparent, and
fair management, aimed at safeguarding the corporate
interest. The Ethics Channel is managed under this logic
and is governed by the Whistleblowing Global Policy No. 107,
which guarantees anonymity, protection of the whistleblower
against retaliation, as well as protection against complaints
made in bad faith. This whistleblowing guidelines are based
on the principles of trust, impartiality, and whistleblower
protection.
The Ethics Channel is the responsibility of the Internal Audit
Management but is managed by an external company
(Navex). It allows to anonymously report irregular conduct,
contrary to the principles of the Criminal Risk Prevention
Model, the Code of Ethics or other matters related to
accounting, control, internal audit, and crimes such as
money laundering, financing of terrorism, bribery, corruption
between individuals, receiving offences, misappropriation,
incompatible negotiation, and environmental crimes, among
others. The complaints received are investigated by the Audit
Management and reported to the Directors’ Committee.
During the period, Enel Américas and its subsidiaries
received 90 complaints – all duly managed for alleged
breaches of the Code of Ethics, in matters of contract
management and conflicts of interest. In the past five years,
the Company has not had any confirmed cases of corruption
and bribery against it.
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Integrated Annual Report Enel Américas 2022
¿Where to report?
Corporate website
https://www.enelamericas.com/en/investors/a201609-ethical-channel.html
Direct ethics channel
https://secure.ethicspoint.eu/domain/media/en/gui/102504/index.html
In person or in writing
Enel Américas
Internal Audit Management, Santa Rosa N°76, Santiago.
Analysis of complaints to the Ethics Channel
The Directors’ Committee analyzes the report presented by
the Audit Manager with all the complaints received through
the Ethics Channel and that were analyzed in each period.
The Committee provides guidance to follow regarding the
corrective measures to be implemented. It is also up to the
Chairman of the Committee to summon an Extraordinary
session of this entity when a complaint so warrants. In 2022,
no Extraordinary sessions related to this matter were held.
Governance 71
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Strategy and Risk
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Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Audit perorms preliminary analysis
Complaint relevant to
Compliance is analyzed
by Audit
Compliant is
delivered to the
área for resolution
Operational
compliant
Unfounded
compliant
Investigation and
review of the
compliant
Compliant
is filed
Compliant
closing form
Disciplinary System,
implementation of
improvements and repor
to the Board
Operation of the Ethical Channel
Policy Nº107
The Enel Group has a Policy on
“Whistleblowing”, the one born with
the spirit to regulate the process of
reception, analysis and management
of compliants relating to conduct and
practices with a possible violation of
the Enel Compliace Program
Policy and channels ensure:
• Anonymity guarantee
• Protection of confidentaly
• Security
• Protection against retaliation
Is generated the compliant
External Company
channel to audit
Answer Audit
Acknowledgment of receipt
and request for older
backgound and evidence
about the denounced
Audits perorms
preliminary
¿What compliant?
¿Who is the defendant?
¿What principle or ethical
behaviour is it breached?
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Integrated Annual Report Enel Américas 2022
Enel Americas Group Compliance Program
Enel Américas understands compliance as an integrated
compliance management system, which includes regulatory
order and internal commitment related to corporate ethics
and regulatory obligations, which translates into complying
with the law, in addition to those standards that the
Company has voluntarily self-imposed.
The Compliance Program operates according to the
guidelines of Chilean Law No. 20,393 on Criminal Liability
of Legal Persons, which allows the Company to develop and
disseminate an effective and solid culture of compliance
with the risks related to compliance.
This standard establishes the necessary requirements to
implement, develop, evaluate, maintain, audit and improve
the Compliance Program.
Additionally, our Compliance Program includes an Anti-
Bribery Management System (ANAB) based on the
International Standard: ISO 37001:2016.
This System focuses on identifying risks and designing,
implementing, and improving controls and standards of
behavior in operations considered risky. It is part of Enel
Américas’ Compliance Program and has the Board of
Directors as its highest governing body as indicated by
ANAB and as the highest administrative authority for the
Criminal Risk Prevention Model (Law Nº 20,393), which,
together with the Company’s Senior Management, promotes
the prevention of any type of bribery in daily activities and
operations.
Compliance Program Components
CODE OF ETHICS
ZERO
TOLERANCE
WITH
CORRUPTION
PLAN
Control
environment
PROCEDURES AND
POLICIES
CRIMINAL
RISK
PREVENTION
MODEL
ENEL GLOBAL
COMPLIANCE
PROGRAM
PROTOCOLS
Cerifications
and initiatives
Fraud Risk
Assesment
Complaints channel
and whistleblowing
Communication
and Training
Third paries
and due
diligence
Sensitive
Processes
Digitalization and
Continous monitoring
Compliance Officer/
Prevention officer
CRPM Coordinator
Executive team
Board of Directors
Governance 73
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Compliance Program Policy Documents:
The documents considered essential for the Compliance Program are:
All Enel Américas subsidiaries have implemented a
Compliance Program aligned with the Enel SpA Group’s
guidelines and with specific regulatory requirements.
Companies not directly controlled, joint ventures, related
companies or suppliers and contractors, are encouraged to
develop local regulations and policies that are aligned with
local legislation and Enel Américas standards.
Global Compliance
Program on Corporate
Criminal Liability
Code of Ethics
Zero Tolerance With
Corruption Plan
of Enel Américas
Criminal Risk
Prevention Model
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Integrated Annual Report Enel Américas 2022
Compliance Road Map:
The evaluation and monitoring of internal and external
implementation is carried out through the Compliance Road
Map (CRM), a work methodology and planning of medium-
term activities associated with the Compliance Program and
SUPPLIERS AND
CONTRACTORS
Transfer our culture and
commitment to Ethics and
Compliance, and jointly
establish and/or strengthen
good practices associated
with this area.
INSTITUCIONAL
STAKEHOLDERS & NGO
Share and develop Ethical and
Anti-Corruption compliance
standards and practices with
civil society and government
organizations.
COMMUNITY/CLIENTS
Transmit the Group’s commitment to
transparency and integrity in the
development of its activities, in order to
generate trust with communities and
customers.
OUR PEERS
Be aware of the best practices of the
electricity industry and markets, and at the
same time, promote standards, that are
carried out entirely within the Group. These
actions will add valued to our corporate and
industry governance.
Compliance
model
the MPPR. Its objective is to monitor, evaluate and improve
Enel Américas’ MPPR, as well as contribute to the Group’s
Corporate Governance and sustainability strategy. The CRM
has several pillars of action involving different stakeholders:
Governance 75
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Enel Global Compliance Program
https://www.enelamericas.com/content/dam/enel-americas/
investor/Gobierno_Corporativo/codigo_etico_y_plan_tcc/
enel-global-compliance-program-enel-americas.pdf is a
tool that improves the proactive prevention of corporate
criminal liability, in accordance with Italian Legislative Decree
231. It is designed to reinforce the Company’s commitment
to the highest ethical, legal, and professional standards to
enhance and preserve the reputation and contribute to
preventing criminal liability of the Enel Américas Group.
This document is inspired by the most relevant international
regulations on the subject, including ISO 37001:2016, Foreign
Corrupt Practices Act (USA) and Bribery Act (the United
Kingdom).
Additionally, the Company incorporated the definitions of
the Global Compact and the Sustainable Development Goals,
both developed by the United Nations, especially Goal 16:
Promote just, peaceful and inclusive societies pursuant to
Principle No. 10 of the United Nations Global Compact. Under
the latter principle, companies commit to fighting corruption
in all its forms, including extortion and bribery. Enel Américas
contributes by implementing and maintaining the pillars
of its Compliance Program. The following are the crimes
addressed by the EGCP:
• Bribery/corruption offences
• Other offences against public administration
• Accounting fraud
• Market abuse
• Terrorist financing and money laundering offences
• Offences against private individuals
• Crimes against safety and health
• Crimes against the environment
• Cybercrime
• Copyright offences
Zero Tolerance with Corruption Plan
Enel Américas is a company committed to respecting its
Code of Ethics. This is why it demands that its workers
be honest, transparent, and fair in the performance of
their tasks. These commitments are translated into the
following general principles: Enel Américas rejects all
forms of corruption, both direct and indirect; and Enel
Américas implements a program to fight corruption called
“Zero Tolerance with Corruption Plan” (TCC Plan by Spanish
acronym)”.
The Company adheres to the United Nations Global Compact
and as part of its compliance with its tenth principle, it has
adopted the TCC Plan to fight corruption. The company has
taken on the following commitments when carrying out its
business activities:
• Bribes: The Company prohibits the use of any form of
illicit payment, by pecuniary or other means, to obtain any
advantage in relations with its stakeholders.
• Donations to political parties: the Company does
not finance political parties, their representatives,
or candidates, either in Chile or abroad; nor does it
sponsor any events whose exclusive purpose is political
propaganda.
• Donations to charities and sponsorship: Enel Américas
supports, through sponsoring activities and by formalizing
specific agreements, initiatives that can refer to social,
environmental, sports, art and entertainment and scientific
and technological dissemination issues with events that
offer quality assurance, of a national character or which
respond to specific territorial needs.
• Favorable treatment: the Company does not authorize
making, offering or accenting direct or indirect payments
or benefits for any amount in order to expedite services
due by its interlocutors.
• Gifts, presents and favors: gifts are not allowed that
can be interpreted as something that exceeds normal
commercial or courtesy practices or, in any way, intended
to receive a favorable treatment in the performance of any
activity that may be linked to Enel Américas.
Criminal Risk Prevention Model
Enel Américas is fully committed to complying with ethics
standards and ethical conduct, as well as with the legislation
both in its internal and external relations with other
stakeholders It has a Criminal Risk Prevention Model (CRPM),
made up of a set of components that cover the activities and
behaviors of directors, managers and directors, employees,
suppliers, public officials, communities and other counterparts
with which the Company relates. It is complemented by
the guidelines and standards defined in the Enel Global
Compliance Program and the Anti-Bribery Management
System.
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Integrated Annual Report Enel Américas 2022
Disciplinary
System
Senior Management
Commitment
Legisltive
Context
Control environment
and Regultaions
Risk
Assessment
Control
activities
Monitoring
and Evaluation
Training and
communication
Ethics
Channel
Continous
Improvement
Governance 77
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Strategy and Risk
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Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Control Environment
Identification
Risk Areas
Pillars of regulatory
system
Control
Activities
Oversight and response
to risk
Cod of Ethics
Enel Global Compliance
Program
Criminal Risk Prevention
Model
Zero Tolerance with
Corruption Plan
Gifts and Enterainment
Protocol
Dealing with public
oficials protocol
Internal Rules and Regulation
Identification of risk areas
Implementation of CRPM
preventive controls
Updating of Matrix of Controls
CRPM identified in risk areas
Continuous Monitoring
Risk Assessment
Fraud Risk Assessment
Oversight
eview and Supervision
Analysis of Weaknesses and
Areas for improvement
Information Flows and Sample
Testing
Continuous Monitoring
Response to Risk
Disciplinary System
Identification and Implementation of
Improvements
Monitoring of
Disciplinary System
Effectiveness
The CRPM is built on the guidelines of the Compliance
Program and its objective is to control and prevent the
commission of crimes in the Company’s operations,
mitigate the risks associated with the criminal liability of
the legal entity for the purposes of Law No. 20,393 and
the risks of administrative liability established in the Enel
Global Compliance Program , guaranteeing compliance
with regulations, transparency in all actions in Enel Américas
and in entities in which it owns a majority shareholding,
exercises control or is responsible for management. It also
covers all the requirements of the Crime Prevention Model
defined in the Law that establishes the Criminal Liability of
Legal Persons No. 20,393 and its amendments. Through
this model, Enel Américas includes reputational risks and
compliance risks, although it already had controls to mitigate
them.
The Board of Directors is the body responsible for
supervising compliance with the rules, the prevention of
criminal risks and respect for the Company’s Code of Ethics,
a task whose monitoring and management is delegated to
the Internal Audit Management. Thus, the Board approves
the documents that make up the compliance program,
including the CRPM, relying on the Crime Prevention
Officer for its implementation. The latter has the necessary
organizational autonomy, authorization, resources to
correctly carry out his or her duties.
Every three months, the Board meets with the Internal Audit
area to analyze the Annual Audit Plan, monitor action plans,
examine the effectiveness of the Crime Prevention Model
implemented in accordance with the provisions of Law
No. 20,393, among other matters. This instance allows the
analysis of possible deficiencies identified in the Company’s
Internal Control and Risk Management System; as well as
reviewing the implementation of recommendations and
improvement plans to mitigate the risks inherent to Enel
Américas’ processes and operation.
In 2022, the Board of Directors, the highest administrative
authority and the Company’s other areas completed
the review and adaptation of the CRPM, considering the
modifications made to the Law during the last two years.
This work was coordinated by the Crime Prevention Manager,
updating the risks and specific controls under the scope
of the Criminal Risk Prevention Model with all areas and
processes, with the support of external experts and the
Legal area.
Elements that make up the Criminal Risk Prevention Model
78
Integrated Annual Report Enel Américas 2022
Furthermore, at the March and September sessions, the
Board of Directors met with the Crime Prevention Officer
to review the effectiveness of the CRPM.
In 2022, the Audit Manager and Crime Prevention Officer
met with the Board of Directors /Directors’ Committee in the
February, March, June, September, and December sessions
and reported on all the matters indicated above, in addition
to the management of the Ethics Channel, which was duly
documented in the minutes.
Enel Américas has obtained the external certification for
the Criminal Risk Prevention Model, recertified in 2022 for
a period of two years (maximum possible by law), until 2024.
The company that certified it is an external entity authorized
by the FMC (ICR Chile), which objectively accredited and
evaluated the prevention model adopted and implemented
by Enel Américas as per the requirements of Law No. 20,393.
This certification covers the crimes incorporated in Chile in
Law No. 20,393 from 2016 to 2022, highlighting corruption
between individuals, unfair administration, incompatible
negotiation, misappropriation, non-observance of isolation
or other preventive measure ordered by the health authority,
arms control, and human trafficking.
All Enel Americas subsidiaries maintain a compliance
program in line with the Company’s practices, including
specific regulatory requirements. In those companies that
are not directly controlled, joint ventures, related companies
or suppliers and contractors, the development of local
regulations and policies that are aligned with local legislation
and the standards of the Company is encouraged..
Certifications
Enel Américas has led the implementation of voluntary
practices in favor of ethics and transparency in business.
In fact, it was the first multinational energy company in South
America to certify its Anti-Bribery Management System11
under the ISO 37001:2016 standard in 2018.
Furthermore, with respect to the tenth principle of the Global
Compact -under which companies commit to fighting
corruption in all its forms, including extortion and bribery-,
Enel Américas contributes to meeting this commitment
through the application and maintenance of the Anti-Bribery
Management System pillars pursuant to ISO 37001:2016
standard.
This standard specifies a series of measures and best
practices to help organizations prevent, detect and deal with
bribery, along with meeting voluntary commitments made.
In the Company, this system focuses on identifying risks
and designing, implementing and improving controls and
standards of behavior in operations considered risky, such
as negotiations and implementation of contracts with
third parties, participation in public and private tenders,
management of financial resources, management of
gifts and hospitalities, personnel selection processes and
management incentive mechanisms, among others.
Certifications of subsidiaries
As part of Enel Américas’ commitment to implementing best
practices at an international level, the subsidiaries that are
certified in ISO 37001:2016 Anti-Bribery Management System
at the end of the period are detailed below.
Argentina
Brazil
Colombia and CA
Peru
Edesur,
Enel Generación Costanera,
Central
Dock Sud and Enel
Generación
el Chocón
Enel Brasil,
Enel Distribución Ceará,
Enel Distribuidora Rio de Janeiro,
Enel Distribuidora Goiás,
Enel Distribuidora Sao Paulo,
CIEN, y
Enel X Brazil
Cachoeira Dourada EGP
EGP Volta Grande
Enel Colombia S.A. ESP,
Enel Green Power
Guatemala S.A,
Enel Green Power Costa
Rica S.A. y
Enel Green Power
Panamá S.R.L.
Enel Generación Perú,
Enel Generación Piura,
Chinango S.A.C. ,
Enel X Perú S.A.C.,
Enel Distribución Perú and
Enel Green Power Perú. Project and
Renewable Solutions
For the fifth consecutive year, Enel Brasil (which represents all Enel Group’s companies in Brazil) has been evaluated and
included in the “Pro-Ética” business initiative, an initiative promoted by the Ministry of Transparency and the Brazilian Court
of Accounts to highlight companies with the best practices in integrity.
11.The Anti-Bribery Management System is part of Enel Américas’ compliance program, in which the Board of Directors is its highest governing body, and which,
together with the Company’s Senior Management, promotes the prevention of any type of bribery in daily activities and operations.
Governance 79
Enel Américas
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Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Communication and training
The Code of Ethics states that staff management policies
are available to all workers through business communication
tools (intranet on the business website, organizational
documents, and dissemination by managers). Furthermore,
everyone internally and externally involved is informed
through specific communication activities, to guarantee
that all employees correctly understand such training
opportunities.12
Following the indications of the Internal Audit Manager,
the People and Organization Management prepares and
implements an Annual Training Plan whose aim is to transfer
awareness of the principles and standards. Training initiatives
differ according to the role and responsibility of individual
workers.
During the period, the Company and its subsidiaries
maintained and operated their communication and
training plans, aimed at disseminating the main aspects
of the compliance program and bolstering the culture
among workers and suppliers. These plans contemplated
internal and external activities, including inductions for the
Company’s new arrivals, who received specific training on
the Compliance Program.
In 2022, Enel Colombia was recognized locally by the
UN Global Compact Office within the framework of
Best Practices in Anti-Corruption for its training and
communication (#yolohagobien) program.
As part of the update of Law No. 20,393, which establishes
Criminal Liability of Legal Persons, in 2022 the Enel Group’s
directors in Chile were trained on issues associated with
the incorporation of the new crimes on human and arms
trafficking, in conjunction with updating and consolidating
their knowledge in all the crimes included in the portfolio.
As a result of the above, Enel Américas subsidiaries
throughout Central and South America held new versions
of the Ethics Week in the 2nd half of 2022. The activity
included various dissemination and training instances with
workers, managers, and directors as well as suppliers and
contractors. associated with the Enel Group’s Compliance
Program in Latin America.
An active part of this Ethics Week was the participation of
AHK (Chilean-German Chamber of Commerce and Industry)
and the Alliance for Integrity, which held training hybrid-
format sessions for suppliers and contractors on integrity
and compliance issues, highlighting the importance of
adopting compliance programs.
Similarly, and as a result of the update of Law No. 20,393,
the Company held a discussion in collaboration with
Chile Transparente on the current local challenges of
the compliance programs. The event highlighted the
commitment of workers, managers, suppliers, and directors
to transparency, focusing on the relationship of compliance
programs with Corporate Governance and Sustainability.
The Company and its subsidiaries organized training related
to the Criminal Risk Prevention Model. The session centered
on corruption and unethical conduct prevention, the use of
the Ethics Channel, the Anti-Bribery Management System
(ISO 37001: 2016) and, in general, on the knowledge of the
Company’s Compliance Program.
Part of the communications and preparation management
focused on improving the use of the Ethics Channel through
publications and training, in which workers were shown its
usefulness and form of use . Their knowledge was also
enhanced in events aimed at suppliers through press
releases and talks.
The communication and training program aims to
strengthen the ethical and compliance culture in the
Company, where all the elements of compliance are
developed, including the Code of Ethics.
12. The activities included the delivery of a copy of the Code of Ethics to all employees, sections dedicated to the same subject on the Company’s intranet and
insertion of an informative note about its adoption in all contracts, among others.
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Integrated Annual Report Enel Américas 2022
Country
2022
2021
% variation previous year
2022
No. of People
Training Hours
No. of People
Training Hours
No. of People
Training Hours
Scope (%)
Argentina
852
1313
520
1,062
64%
24%
21.78%
Brazil
6,922
12,259
4,128
6,717
68%
83%
79.73%
Chile
32
184
42
212
(24%)
(13%)
86.49%
Colombia
866
1282
1,612
3,199
(46%)
(60%)
36.82%
Peru
947
5873
895
989
6%
494%
79.45%
Central America
149
370
53
107
181%
246%
66.82%
Total
9,768
21,281
7,250
12,286
35%
73%
59.57%
Training in anti-corruption policies and Code of Ethics
Policy training on labor and sexual abuse
2022
2022
Country
No. of People
Training Hours
Scope (%)
Argentina
458
499
11.71%
Brazil
5,888
5,859
67.82%
Chile
11
15
29.73%
Colombia
776
641
32.99%
Peru
674
945
56.54%
Central America
182
368
81.61%
Total
7,989
8,327
48.72%
The Group’s companies participate in collective actions and initiatives that promote best corporate practices and business
ethics at national and international levels, sharing their experience in the implementation of this relevant certification, as
well as the deployment to their subsidiaries. These include UN Global Compact, Chile Transparente, Fundación Generación
Empresarial, Alliance for Integrity, the German Chamber AHK, Acción Empresas and the Argentine Association of Ethics and
Compliance, among other entities.
The purpose is to share experiences and promote the best practices applied in the Company in terms of probity, organizational
culture, as well as ethics and transparency in business.
Policies and procedures
In accordance with the standards established by its
integrated management systems, Enel Américas’ Board of
Directors defines policies that are part of the Company’s
purpose and values, since it allows it to properly manage its
duly established actions, defining performance indicators
representative of the strategic implementation of a
sustainable business.
Manual for the Management of Information of Interest to
the Market
Enel Américas strictly adheres to the Law on Corporations,
which within its criteria establishes independence and the
absence of conflicts of interest. The Code of Ethics states
that it is necessary to avoid situations where the subjects
involved in a transaction are, or appear to be, in a conflict of
interest. This means both that an employee has a different
interest in relation to the Company’s mission and the balance
of the interests of those involved or he or she personally
benefits from business opportunities of the latter, as well
as the representatives of customers or suppliers, or public
institutions, act against the fiduciary obligations linked to their
position, in their relations with the Company.
Free Competition Compliance Program
The Free Competition Manual provides information
and education on the program to all of the Company’s
employees, so that they can detect, in a timely manner,
dangerous situations and, as such, prevent them from
happening. Along with the program and the manual, the
Company implemented a number of additional tools that
have become an active prevention program aligned with
the Company’s trade policies. The Company also has a
Free Competition Manual, Consultations Channel on free
Governance 81
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Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
competition, Guide to Risks and Conduct, Self-Certification
Procedure of each Management department, Training
Program on Free Competition for the Company’s workers,
Monitoring Program on compliance with a Self-Certification
Procedure, conduct procedure in case of dawn raids (raids)
, and Internal control regarding the figure of interlocking.
Corporate Governance Guidelines
The Good Governance Manual establishes a series of
principles on which Enel Américas Group’s Corporate
Governance is based, together with the guidelines on its
implementation, so that it can be applied uniformly in all
the companies that are part of it.
General Habituality Policy
It was approved by the Company’s Board of Directors in
accordance with the provisions of Article 147, letter b) of
Law No. 18046. It allows transactions with related parties
to be entered into, without the need to comply with the
requirements and procedures established in paragraphs 1
to 7 of article 147 of Law No. 18046.
Risk Management Policy
It is a set of decisions that the Company makes to establish
the acceptable limits of risk levels inherent in its activity.
Some of them include the normal performance of business
activity and the appropriate measures to adequately
manage, monitor and control of such risks
Investor Relations Policy
The Board of Directors has adopted the Investor Relations
Policy to guarantee that the Company’s communication
with institutional investors and all the shareholders and
bondholders is inspired by principles of fairness and
transparency. Additionally, the policy is required to follow
national regulations to prevent and avoid abuse in the stock
market, and it also must be in line with international best
practices. It also considers the best practices adopted by
institutional investors, as reflected in the Enel Group’s codes
and policies.
Enel Américas’ Human Rights Policy
Enel Américas is permanently committed to respecting and
promoting human rights. The United Nations (UN) Guiding
Principles on Business and Human Rights are at the core
of Enel Américas’ human rights approach. They establish
the global standards authorized to assess management
systems and human rights risks linked to business activity.
In 2013, the Enel Group adopted the approach of the
UN Guiding Principles for Business and Human Rights of
“Protect, Respect and Remedy” thanks to the approval of
the Boards of Directors of each of its companies, of a policy
dedicated to human rights, a commitment that improves and
deepens the values and pillars of Enel Américas’ corporate
ethics, based on the Code of Ethics, the Zero Tolerance
with Corruption Plan, and the Enel Global Compliance
Program. The 12 principles of the Human Rights Policy
are grouped into two macro themes: “Working Practices”
and “Community and Society”. This policy establishes the
commitment and responsibilities that all people who work
at Enel Américas and subsidiaries adopt in relation to human
rights, as well as the standards that their stakeholders must
meet. It also promotes the adherence of its contractors,
suppliers, and business partners to the same principles,
paying particular attention to conflict and high-risk
situations. This Policy was approved by its Board of Directors
and updated in November 2021 adapting to the evolution of
international reference frameworks and its own operational,
organizational and management processes.
Principles of Human Rights Policy
Employment Practices:
• Rejection of forced or compulsory labor and child labor
• Respect for diversity and non-discrimination
• Freedom of association and collective bargaining
• Health, safety, and well-being
• Fair and favorable working conditions
Communities and societies:
• Environment
• Respect for the rights of communities
• Respect for the rights of local communities
• Respect for the rights of Indigenous and tribal peoples
• Integrity - zero tolerance for corruption
• Privacy
• Communications
Diversity and Inclusion Policy
Enel Américas is committed to respecting and promoting
the principles of arbitrary non-discrimination, equal
opportunities, and inclusion, as they represent fundamental
values in the development of its activities. The Company
seeks to improve the work environment and make a better
quality of life at work possible, which would, in turn, lead to
improving its results. With this in mind, the Company put in
place a Diversity and Inclusion Policy that aims to define the
key principles required to disseminate a culture that pays
attention to diversity and adds value.
Environmental Policy
Enel Américas and its subsidiaries are committed, through
this policy, to protecting the environment and natural
resources, as well as to combating climate change and
achieving sustainable economic development. These are
some of the strategic factors used in the planning and
implementation of activities indispensable to consolidate
the company’s leadership in the energy markets, being
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Integrated Annual Report Enel Américas 2022
a fundamental part of the progress towards the energy
transition process and of the commitments to sustainable
development goals.
The policy is based on four basic principles:
• Protect the environment by preventing impacts.
• Improve and promote the environmental sustainability of
products and services.
• Create shared value for the Company and its stakeholders.
• Adopt and meet voluntary commitments, promoting
ambitious practices in environmental management.
Biodiversity Policy
The protection of biodiversity is one of our Company’s
strategic objectives. It is regulated by its specific policy
adopted by the entire Enel Group since 2015. This Policy
includes the highest international standards and principles
described in the United Nations Convention on Biological
Diversity (CBD), the 2011-2020 Strategic Plan for Biodiversity
of the UN and the CBD Aichi Biodiversity Targets.
The policy is based on six basic principles:
• It organizes activities respecting the principle of the
“mitigation hierarchy”.
• It implements compensatory measures that respect
the principle of “no net loss” of biodiversity and, where
applicable, with a positive net balance.
• It evaluates, for each new facility, impact studies,
which include a systematic evaluation of the effects on
ecosystems, their biotopes, fauna species and vegetation,
avoiding operations in areas of high conservation value.
• It contributes to local communities, academic institutions,
and NGOs to value biodiversity, developing studies and
projects that promote conservation and ecosystem
restoration
• It monitors the effectiveness of the actions undertaken.
• It reports regularly on its biodiversity performance.
Sustainability Policy and Community Relations
This policy defines the principles for moving forward along
the path of sustainable development in the territories
where Enel Américas operates, guaranteeing permanent
management at the territorial and country levels. Its purpose is
to publicize the commitments, principles and guidelines that
promote social and economic development in the localities
in which the Company operates, with a long-term view by
creating shared value, protecting the environment, as well
as contributing to social, community, environmental and
economic management.
Enel Américas has implemented the shared value creation
model throughout its value chain to integrate environmental
and social aspects into its business strategy. Thanks to this
model, the Company establishes transparent relationships
with stakeholders, legitimizing its operations by promoting
the socioeconomic development of communities according
to co-designed plans that respond to local priorities
and needs. In this way, it facilitates the establishment of
relationships of trust based on permanent dialogue.
Human Rights Policy
Enel Américas has put in place a Policy approved by the
Board of Directors, updated in November 2021, to adapt to
the evolution of international reference frameworks and its
own operational, organizational and management processes.
It consists of 12 principles divided into two macro-themes:
“Labor Practices” and “Communities and Society”, focusing
on how environmental issues and climate change are
interconnected with human rights to mitigate their impact
and enable the just and inclusive energy transition.
Governance 83
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
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Integrated Annual Report Enel Américas 2022
Audit and Internal Control
Internal Control and Risk Management System
The Company has put in place an Internal Control and
Risk Management System (ICRMS) that brings together
the rules and procedures that help to identify, measure,
manage and supervise the main corporate risks.
Furthermore, it helps guarantee asset value, efficiency
and effectiveness of business processes, reliability of
financial information, and compliance with laws and
regulations, bylaws and internal procedures.
Therefore, the ICRMS plays a central role in the Company,
permitting to adopt decisions consistent with our risk
appetite, as well as the dissemination of a correct
understanding of risks, laws and corporate values.
The system also guarantees the traceability of risk
identification, evaluation, management and monitoring
activities, considering three different types of activities:
First level of control
It consists of all the control activities that the Company’s
operating units perform in their processes to guarantee that
operations are properly executed.
Second level of control
It is assigned to specific corporate functions and aim to manage
and monitor certain types of risks.
Third level of control
Internal audit activities that aim to verify the structure and
operation of the internal control and risk management system,
including the monitoring of first and second level controls.
Enel Américas’ ICRMS follows the guidelines of Enel SpA’s
Internal Control System. It is also part of its Corporate
Governance Model. In particular, the system takes into
account the recommendations of the Corporate Governance
Code and is consistent with the Internal Controls - Integrated
Framework model, issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO Report),
which is part of internationally recognized benchmark for
the analysis and integrated evaluation of the effectiveness
of the ICRMS.
Chapter 3: Strategy and Risk Management details how
climate change and cybersecurity risk management is
addressed.
Objectives of the Internal Control and
Risk Management System
The main objectives of the system are:
• It considers control actions at each operational level,
clearly identifying roles and responsibilities, to avoid work
duplication and guarantee coordination between the main
stakeholders in the ICRMS itself;
• It provides for the separation of roles and responsibilities
to prevent incompatible tasks from being concentrated
under common responsibilities; in particular, it guarantees
the necessary separation of operational and control
activities, to avoid or, if this is not possible, to mitigate
conflicts of interest.
• It is integrated, providing for the dissemination of a
common language, adopting complementary methods
and instruments to measure and assess risks, as well as
the flows of information between the different functions
in relation to the results of the tasks entrusted to them;
• It endeavors to guarantee reliable and adequate
information systems for information processes at the
different levels entrusted with control functions.
• It guarantees the traceability of the tasks of identifying,
evaluating, managing, and monitoring risks, guaranteeing
the reconstruction of the sources over time and the
elements of information that support these tasks.
• It is consistent with best practices that allow employees
(as well as third parties in general) to report possible
irregularities or violations of applicable legal provisions
and/or internal procedures. These reporting procedures
are characterized by the existence of specific reporting
channels designed to guarantee the anonymity of
whistleblowers.
• It reveals anomalous situations that may be indicators
of inefficiency in risk measurement and control systems;
• It guarantees that the detected anomalies are quickly
brought to the attention of appropriate levels of corporate
responsibility, so that appropriate corrective measures
can be effectively implemented.
Governance 85
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Governance of the Internal Control System
Board Oversight Role
Supporting the Company’s purpose, vision, strategy and
long-term sustainability, the Board of Directors monitors and
controls, among other aspects, the existence of an ethical
corporate culture, robust internal control systems and risk
management.
Internal Audit
The Internal Audit Agency is responsible for objectively and
independently guaranteeing the efficiency and effectiveness
of the Internal Control and Risk Management System.
Due to its nature, it reports directly to the Board of Directors
and at least once per quarter meets with the Board to report
on control activities. This includes any potential serious
deficiencies detected or possible irregular situations that
must be reported to the supervisory or other competent
bodies or that affect the legal situation of the Company.
This management carries out audit processes to periodically
evaluate – from a risk-based perspective, the performance
of the Company’s operations, determining areas for
improvement and facilitating, together with the Process
Owners , action plans to reinforce the Internal Control
System, minimize irregularities or possible instanced of
fraud that may affect Enel Américas.
The results of each audit and the monitoring of the
implementation of the action plans are periodically reported
to the Board of Directors, which directly supervises the
correct implementation of the improvement actions. In 2022,
the Audit Manager and Crime Prevention Officer (EPD) had
access to the Board of Directors in the February, March,
June, September, and December sessions to report all the
aforementioned matters, in addition to the management of
the Ethics Channel.
This work methodology is also applied in the Company’s
subsidiaries, considering the local particularities in terms
of applicable regulations and the context where it operates.
Internal Control System on Corporate
Information
The requirements of transparency in the preparation of
financial information require that the internal control
system should have the highest levels of quality in its
design, implementation and monitoring by the Company’s
management and Board of Directors. That is why Enel
Américas has put in place an internal control system of
corporate information that aims to provide reasonable
assurance regarding the reliability of financial and non-
financial information, in the preparation of integrated
financial statements, permitting to mitigate the risks
related to the observation and strict application of all
existing procedures and standards in accordance with
the COSO methodology (Committee of Sponsoring
Organizations of the Treadway Commission).
The Company carries out a periodic evaluation of the
effectiveness of the design and operation of corporate
information controls and procedures, in line with the
requirements set forth by General Standard No. 346 of
the Financial Market Commission (FMC) and the Italian
law “Testo Unico della Finanza” (D.Lgs. Nº 58/98, D.Lgs
Nº 262/2005, D.Lgs. No. 303/2006) and the CONSOB
regulation, including the semi-annual certification of
these controls by a qualified independent consultant.
This evaluation process is managed by the Internal Control
of Corporate Information unit, an area responsible for
defining, together with the Process Owners and Control
Owners the remediation actions to mitigate the identified
control deficiencies and continuously improve the
processes, as well as monitoring the implementation
of these actions and communicating their status to the
Board of Directors.
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Integrated Annual Report Enel Américas 2022
3.
STRATEGY AND
RISK MANAGEMENT
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
87
Strategy and
Risk Management
Enel Américas’ strategy.
Enel Americas is transforming from a utility
company model to one based on a platform
that focuses on customers’ needs.
Integrating sustainability into the business
model.
Enel Americas integrates its shareholders’
expectations into the Company’s purpose.
That is why each year it carries out a process
in which material issues related to economic,
environmental, and social issues are identified
and defined, forming part of the strategic
priorities.
Risk management.
Enel Americas considers risk management
as one of the main tools to define business
sustainability, along the entire value chain and
all lines of business. Understanding economic,
environmental, and social contexts is essential
to be able to identify the external or internal
factors that can become potential business
risks.
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Integrated Annual Report Enel Américas 2022
Strategy and risk management
Environment and industrial sector
The world has been forced to face a difficult political,
economic, and social scenario in recent years. The pandemic,
the war between Russia and Ukraine and the political and
social instability in Latin America have hit the economy and
society hard. The electricity sector has not been oblivious to
these difficulties and has had to overcome not only this harsh
scenario but also the measures taken by some governments
to mitigate the effects of inflation on the population through
reductions in the electricity tariff.
At the same time, Enel Américas continues to make progress
towards achieving energy transition, where the use of
clean energies and the electrification of cities must grow
substantially in the coming years, reaching almost 100%
renewable generation by 2050 in the countries where the
Company operates.
The challenge to build up the new energy market in the region
70
75
80
85
90
95
100
Source: Energy Transition Roadmaps, promoted by Enel Americas and developed by independent consultants with collaboration of stakeholders
70
60
50
40
30
20
10
0
Electrification rate (%)
Renewable generation (%)
2021
2050
Despite the great challenges and the difficult scenarios,
the Company believes that it is in the right place to carry
through the decarbonization and electrification strategy.
According to studies carried out together with various
external consultants, the rate of residential and transport
electrification in the countries in which the Company
operates will grow 3.6 times by 2050, while the installed
capacity of renewable energy will grow 4.8 times in the same
period.
Strategy and Risk Management 89
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
To meet these objectives, the collaboration of various players
in the sector is required and a series of strategic actions are
carried out, including the following:
• Stable regulatory frameworks that encourage and
guarantee investments to reach the zero emissions goal.
• Public and private support for the energy transition
process, promoting electrification and decarbonization
through the guidelines defined by governments.
• A modern energy sector, promoting innovation in
renewable energy sources and grid digitalization.
• Agile administrative processes, with faster authorization
processes thus accelerating investment in renewable
energy, networks and new products and services.
2021
2025
2030
2040
2050
2021
2025
2030
2040
2050
724
821
1,080
1,780
2,825
Source: Energy Transition Roadmaps, promoted by Enel Americas and developed by independent consultants with collaboration of stakeholders, considers Brazil, Colombia,
Costa Rica, Guatemala, and Panama.
+3.6x
+4.8x
A clear view of the
pathway for the
coming years
11
14
19
27
41
180
211
297
550
862
Electrification rate (%)
Residential + Transpor
Countries RES Capacity (GW)
RES generation
(TWh)
90
Integrated Annual Report Enel Américas 2022
Enel Américas’ Strategy
Enel Américas’ strategy for the upcoming years is
summarized in the following 4 strategic actions:
Corporate simplification to focus efforts on countries and
strategic assets.
.
Continue the development of renewable capacity,
supported by a robust pipeline, together with the
implementation of the Stewardship model.
Strengthen the growth of networks to become an enabler
for energy transition, investing in modernization and
digitalization.
Enhance customer centricity offering new products and
services and leading market liberalization.
Corporate simplification
In line with the objective of growing renewable energies and
electrification, the Company has decided to focus on the
countries and regions that foster a quicker progress towards
energy transition. That is why Enel Américas has decided
to focus its business on Brazil and Colombia, the latter also
This new geographical approach will permit to progress more quickly in the development of renewable energies, in the
digitalization of networks and in the electrification of cities. At the same time, we will be able to anticipate the goal of being
a Zero Emissions company as will be shown below.
Exit from Peru
Exit from Argentina
Assets’ sale
Foraleza
Enel Dx Goiás
Enel Dx Ceará
Note: Exit of Argentina and Peru, and Sale of Enel Ceará processes ongoing. Sale of Foraleza and Enel Dx Goiás completed during 2022.
Strategic actions for 2023
Strategic
rationale
1
Focus on countries that are more
advanced in the energy transition and
electrification
2
Foster renewable penetration,
becoming 100% renewable
3
Advancing in zero emissions target
4
Concentrate management effors in
urban areas with high potential for
Grids infrastructure and digitalization
including the Central American assets, and close all its
operations in Argentina and Peru, as well as the distributor
Enel Ceará, located in the state of Ceará in Brazil. These
sales processes should occur in 2023.
Strategy and Risk Management 91
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Developing renewable capacity
The Enel Group’s goal is to become a Zero Emissions company by 2040. Enel Américas will find itself in a very advanced position
after selling the assets in Argentina and Peru. It is expected that by the end of 2023, once these sales are concluded, 98% of the
Company’s energy matrix will be renewable. That is why we are working hard to continue developing new renewable capacity. As
of November 2022, there have been projects under construction totaling 2.5 GW and an additional 60 GW long-term pipeline.
Brazil1
Colombia Panama
Brazil1
Colombia Panama
Solar
Wind
Storage
Capacity in execution
Pipeline3
(GW)
65%
34%
1%
79%
19%
2%
74%
25%
1%
By technology
By technology
By COD2
By country
By country
Gross Pipeline
Early Stage
Mature
In excecution
~62
~36
~22
~2
(1) Capacity in execution considers Stewardship projects
(2) Commercial operation date
(3) Early stage and mature are classified based on their development regarding land secured, environmental permits and networks connection, while mature is furher along in this
process
~60 GW
~60 GW
2.5 GW
~60 GW
52%
2023 59%
48%
2024 41%
The projects under construction will begin operating in 2023 and 2024. They are located mainly in Brazil and, to a lesser extent,
in Colombia. In terms of technology, they are almost equally divided between wind and solar projects. As for the long-term
pipeline, 36 GW are in the initial stage of development while 24 GW are in the mature stage, which means that in the short/
medium term we could begin their construction.
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Integrated Annual Report Enel Américas 2022
Strengthening network growth
Electricity grids are the key element to enhancing energy transition, since it is through them that we can not only offer clean
energy to customers but also to electrify cities and make life easier for consumers through new products and services. In the
next 3 years, the Company will invest around US$ 2.5 billion to modernize and digitize the networks.
An important part of this investment will focus on installing smart meters, which play a key role in the strategy to move energy
transition forward. The distributor Enel Sao Paulo is implementing an important plan that seeks to increase from 205,000 to
more than 1,760 million smart meters by 2025.
Brasil
Colombia
Peru
Grids
CAPEX 2023-251
Unitary margin
(US$/MWh)
66%
29%
5%
Energy distributed
(TWh)
Grid customers
(mn)
Energy losses
20222
Pro forma
2025
20222
Pro forma
2025
20222
Pro forma
2025
20222
Pro forma
2025
+2% ↗
+6% ↗
+6% ↗
-0.6 pp ↘
27
15.1
16
11.6
11.0
28
72.8
68.6
(1) Considers 9 months of 2023 for Peru and Ceará, and
excludes Argentina;
(2) 2022 Pro forma excludes Argentna, Goiás, Ceará, and Peru
US$ 2.5 bn
RAB
(US$ bn)
OPEX/Grid customer2
(US$/grid cust.)
20221
Pro forma
2025
20221
Pro forma
2025
2022
Pro forma
2025
+8% ↗
-8% ↘
7.0
7.6
28
30
(1) 2022 Pro forma excludes Argentina, Goiás, Ceará and Peru
(2) In real terms
RAB/Grid customers (US$/Grid customer )
467
474
Total Smar Meters (Th )
294
1,853
Smar Meters Sao Paulo (Th )
205
1,767
Smar Meter is the enabler of the
Digital DSO for the Energy Transition,
bringing significant benefits to society
and the economy
Enel Dx SP
Smar Meters deployment
Total investment 2023-25
R$ 1,337 mn
Strategy and Risk Management 93
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Enhancing customer centricity
Hand in hand with the modernization and digitalization of
networks, we are focused on improving our customers’
quality of life. With this in mind, Enel Américas continues
to strengthen the Enel X business line, which seeks to
offer innovative products and services to customers that
represent an improvement in their quality of life, such as
energy storage, installation of solar panels, chargers for
electric vehicles, among other services.
At the same time, the Company is prepared to become a
leader in terms of liberalizing the electricity market. As the
regulation relaxes the parameters to access different energy
suppliers, the Company will be ready to offer current and
potential customers the best conditions to deliver clean
and reliable energy.
Sustainability in the center
All these strategic actions mentioned above will be carried out, as the Company has always done, with sustainability at the
center of its vision. Enel Américas has become a benchmark in terms of ESG policies and seeks to create value not only for
shareholders but also for all stakeholders.
Financial community
Cumulated dividend amount
~US$ 1 bn
Clients
Cumulated smar meters
~2 mn
Planet
Renewable generation
~100%
Communities
16 mm
Employees
35%
Suppliers
100%
Parners
Stewardship capacity
2 GW
Beneficiaries from projects
with communities
Gender diversity in the
top management
Human rights assessment
in suppliers
@ 2025
This sustainable vision, aligned with the UN Sustainable Development Goals (SDGs) 7, 9, 11 and 13, has been recognized by
various raters in the market, reflecting the Company’s good work on ESG issues.
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Integrated Annual Report Enel Américas 2022
Investments and financial projections
Enel Américas is incorporating a new investment model
into its strategy, namely the Stewardship model, which
consists of some renewable generation projects carried out
in conjunction with a financial partner that will contribute a
majority percentage of the required investment. At the same
time, Enel Américas will contribute a smaller investment, but
will be responsible for developing, operating, and managing
the project. The objective of this investment model is to
mitigate risk and reduce the company’s debt level.
During the 2023-25period, the Company will make
investments totaling US$5.0 billion, of which 51% will
be allocated to the networks business and 41% to the
generation business, including the projects built under
the stewardship model. In terms of geography, 61% of
investments will be in Brazil, 31% in Colombia, 5% in Peru
and 1% in Central America.
If we isolate the impact that the change of perimeter will
have due to the departures of Argentina and Peru, together
with the impact of the Stewardship model, we can see that
investments will increase by US$ 0.6 billion compared to
the previous plan.
Strategy and Risk Management 95
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Brazil
Stew. Brazil Colombia
Peru
C. America
2023-25 CAPEX
(US$ 5.0 bn)
51%
33%
10%
5%
1%
Renewables Stew. Brazil Grids
Retail
Enel X Thermal generation
51%
31%
10%
4%
3%
1%
CAPEX
Corporate Stewardship Thermal +
Renewables
Grids
Retail
Enel X
CAPEX
2022-241 Simplification
Trading
2023-25
+US$ 0.6 bn CAPEX vs Old Plan
(2.53)
(2.00)
(0.01)
0.26
0.26
0.08
(0.00)
CAPEX
Corporate Stewardship Thermal +
Renewables
Grids
Retail
Enel X
CAPEX
2022-241 Simplification
Trading
2023-25
(1.34)
(0.56)
(0.16)
0.02
0.02
0.00
(0.05)
8.9
5.0
3.5
1.5
(1) Strategic plan 2023-25
Finally, the strategic plan for the period envisages achieving EBITDA in the range of US$11.1 - 11.6 billion, while net income
should be in the range of US$3.2 - 3.4 billion, which means a dividend payment to shareholders of around US$1 billion during
the period.
More information on the 2023-2025 Strategic Plan can be found on the corporate website: https://www.enelamericas.com/
content/dam/enel-americas/en/investor/strategic-plan/Investor-Day-2023-2025.pdf
2023-2025 targets
2022
2023
2024
2025
Total 2023-25
EBITDA (US$ bn)
4.8
4.1-4.4
3.5-3.6
3.5-3.6
11.1-11.6
Group Net Income (US$ bn) (0.04)
1.2-1.3
1.0-1.1
1.0-1.1
3.2-3.4
CAPEX (US$ bn)
3.6
2.0
1.5
1.5
5.0
Dividends (US$ bn)
0.3
0.36-0.38 0.30-0.32 0.30-0.32
0.96-1.01
This new strategic plan is very impacted by the new perimeter that we are announcing for our Company, so the guidance that we are delivering is
not comparable with the numbers of previous years.
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Integrated Annual Report Enel Américas 2022
Integrating sustainability into the business model
As a result of context analysis and prioritization of material
issues, the Company defines its course of action by
integrating sustainability management into the business
throughout its value chain.
These actions are reflected in the sustainability plan, which is
presented annually to the Board of Directors, and constitute
the roadmap to address the expectations of stakeholders
and the market.
The 2023-2025 Sustainability Plan
Is divided into six macro subjects interconnected with each
other and representing the Company’s strategic lines of action.
Zero emissions ambition: bring forward the “zero emissions”
objectives to 2040.
Clean electrification: enable the electrification of customers’
energy demand, offering a reliable and sustainable service.
People: create long-term value with and for all our
stakeholders, helping them grow and meet challenges.
Nature: promote the protection of natural capital, which
has a special focus on biodiversity.
Growth accelerators: empowering and accelerating
sustainable progress, through innovation, digitalization and
circular economy.
ESG fundamentals: support the governance, respect,
and promotion of human rights, and the continuous
improvement of health and safety objectives.
Strategy and Risk Management 97
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Human Rights
Nature
ambition
Zero emission
People
Customers
Communities
Suppliers
Financial community
Institutions
Media
Business and trade associations
Enel People
Innovation
Growth
Accelerators
Circular economy
Digitization
Sustainable finance
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Integrated Annual Report Enel Américas 2022
Zero emissions ambition. It includes actions of the business model aligned with the objective of not exceeding
the temperature increase of 1.5 degrees Celsius with respect to pre-industrial levels. To meet this ambitious
goal, the Company will not offset emissions, based on the process of decarbonization of the generation matrix.
Clean electrification. Enel Américas is committed to the electrification of energy with people and their
daily choices are protagonists of adopting cleaner energies. The Company’s strategic actions, backed up
by a digitized platform capable of managing an important customer base, will lead to the creation of value,
by allowing a reduction in energy expenditure and its customers’ carbon footprint, significantly and tangibly
improving the quality of life of all.
People. The relationships that the Company establishes with stakeholders are at the heart of its commitment,
be they employees, suppliers, community members or customers. Responding to their needs also translates
into paying attention to those who are most exposed in this transition towards a decarbonized economy
with special attention to their requalification and reconversion to support the creation of a more resilient
ecosystem. In relation to the people who work in the Company we are also committed to promoting a diverse
and inclusive environment encouraging development and strengthening capacities. Establishing responsible
relationships with the communities in which the Company operates is part of the strategy, which allows
promoting social and economic development. The Company is increasing the commitment to sustainability
by incorporating environmental and governance requirements within our supply chain.
Nature, the challenge posed by climate change is one of the strongest obstacles people face nowadays. The
protection of the environment, natural resources, the battle against climate change and the contribution
to sustainable economic development are strategic factors in planning, operating and developing Enel
Américas’ activities.
For the Company, environmental sustainability translates into the daily commitment to the conservation and
preservation of nature and biodiversity through the reduction and mitigation of potential negative effects
that may arise from the Company’s activities.
Growth accelerators are tools that increase and expand the range of action to achieve the objectives set forth
in the sustainability strategy. These are:
• Innovation facilitates the integration of sustainability in all aspects of the operation of the business, which
permits to respond to the needs of stakeholders, expanding the scope of the impacts of the strategy.
• Circular economy, another accelerator that aims both to reduce the consumption of materials, along the
entire value chain, and to the development of circular business models and new solutions as exchange
platforms.
• Cybersecurity, the basis of the digital transformation necessary to increase resilience, and digital support,
that is to say, platforms and tools to make the daily activities of those who work in the Company more
sustainable.
ESG Foundations. At the heart of Enel Américas’ strategy is the idea of contributing to sustainable progress,
which includes, in particular, the commitment to respecting human rights throughout the value chain.,
considering the well-being, health and safety of people. A firm governance is the foundation for a sustainable
success and cannot be separate from a corporate governance structure that incorporates ESG aspects into
its main corporate decision-making processes.
The above principles are in line with NCG 461 of the Financial Market Commission, a regulations that introduce issues of
sustainable finance, such as climate change, the relationship with the environment, with society, with its employees, the gender
approach, cybersecurity, free competition, and human rights because the Regulator understands that they are material factors
that permit companies to generate sustained returns in this new challenging and dynamic context.
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Commitment to the Sustainable Development Goals
As part of the Enel Group, Enel Américas has made a
commitment to contributing specifically to four of the
17 Sustainable Development Goals (SDGs) defined by the
United Nations in 2015 through its business model, without
excluding the contribution to achieving the other goals.
This commitment to the SDGs was the result of the definition
of the sustainable business model, focusing on the fair
energy transition process reflected in the investments of
the business lines.
ODS
Commitment
SDG 7: Guarantee access to affordable, secure,
sustainable, and modern energy
Several years ago, the Enel Group decided to invest in power plants with
100% renewable technology, aiming at affordable, safe, sustainable, and
modern energy (SDG 7). As part of this process, Enel Américas continues
to build its growth p adding another 2.4 GW of renewable energy by 2025
SDG 9: Build resilient infrastructure, promote
sustainable industrialization, and foster innovation.
To make it possible for renewable energy to reach customers’ homes,
Enel Américas needs a solid, digitized and resilient infrastructure. In
accordance with this principle, and in line with SDG 9, the Company
focuses part of its investments on the digitalization of networks and
the quality of services.
SDG 11: Sustainable cities and communities
Urbanization challenges the electricity industry to contribute to the
sustainability of cities, permitting citizens to opt for different services,
generating less pollution, as well as being inclusive and affordable. In
line with SDG 11, Enel Américas is investing in new services aimed at
electrification and digitalization. detailed in Chapter “Our Business” of
this Integrated Annual Report,
SDG 13: Climate action
To comply with SDGs 7, 9 and 11, Enel Américas has adopted a business
model in line with the SDG 13 goal, “Climate action”., especially actions that
aim to reduce direct emissions as well as our customer’s carbon footprint.
Decarbonization and energy transition are both part of the Enel Group’s
strategic pillars which seek to achieve a specific direct emission of scope
1 of 130 grams of CO2 per kWh by 2025 and to reach zero emissions by
2040 .
The SDGs to which Enel Américas is committed are:
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Main ESG rankings, indices, and awards
Analysts and ESG rating agencies assess environmental,
social and governance performance using different
methodologies. These measurements are a strategic tool
for investors to identify risks and opportunities related to
sustainability, contributing to developing active and passive
sustainable investment strategies. For Enel Américas. These
evaluations are also a way of prioritizing and receiving
feedback on its performance in its continuous improvement
process. In 2022, the Company consolidated its footholds
in ESG ratings and indices, strengthening its leadership
position as a result of its sustainable business strategy.
S&P Dow Jones Index (DJSI)
In 2022, Enel Américas was included in the three categories
in which it participated: Emerging Markets, Integrated
Market of the Pacific Alliance (MILA) and Chile. The Company
obtained 87 points, which places it among the best
companies worldwide, achieving scores above 90 out of a
maximum of 100 in more than 59% of the criteria, reaching
a maximum score in areas such as Materiality, Political
Influence, Innovation Management, Environmental Report,
Water Risk, Social Reporting, Human Rights, Human Capital
Development and Corporate Citizenship and Philanthropy.
Sustainability Yearbook 2023
For the fifth consecutive year, the Company was confirmed
in S&P Global’s The Sustainability Yearbook 2023 and
distinguished for the first time in the Top 5% best score
category, ranking side by side with most sustainable
companies in its industry worldwide.
CDP
Enel Américas was distinguished by the CDP (Carbon
Disclosure Project) with an A- evaluation, in its second
participation in this initiative of voluntary reporting of actions
aimed at facing climate change. CDP is a recognized non-
profit organization that evaluates performance in the fight
against climate change with a scale of A to D through its
outreach agenda.
MSCI ESG Indexes
Since 2019, Enel Américas has received the AA (Maximum
AAA) classification as part of the various sustainability
stock market indices offered by said entity. MSCI’s ESG
assessments aim to measure companies’ long-term financial
resilience to material ESG risks.
FTSE4Good
London Stock Exchange Sustainability Index ranks the best
companies based on their performance in areas such as the
combat against climate change, governance, respect for
human rights and anti-corruption measures. Enel Américas
was once again included in this ranking in the Emerging
Markets and Latin America categories, with 4.4 points out
of a maximum score of 5.
Moody’s ESG Solution
The Company increased by 11 points to reach 67 points this
year (from a maximum of 100) in an exhaustive evaluation
of ESG performance based on public information, aimed at
identifying risks and opportunities.
Refinitiv
The Refinitiv ESG score measures the company’s ESG
performance based on verifiable data in the public domain.
It captures and calculates more than 630 enterprise-
level ESG measures, of which a subset of 186 of the most
comparable and material by industry drive the company’s
overall assessment and scoring process. Enel Américas was
rated with 90 points, from a maximum of 100, for 2022.
First Diagnosis of Business and Human Rights
in Chile
Conducted by the Corporate Sustainability Program of
the Faculty of Law of Universidad Católica de Chile in
collaboration with the World Benchmarking Alliance (WBA).
The study included the 29 companies listed on the IPSA. The
maximum score companies could get was 24. Enel Américas
obtained 21.5, placing it first together with Enel Chile.
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Stakeholders and materiality
For Enel Américas it is of utmost importance to know,
integrate and align stakeholders’ expectations to the
purpose of the Company and its subsidiaries.
That is why Enel Américas, in coordination with its parent
company, carries out a process each year to identify,
evaluate, define, and prioritize the matters related to
environmental and social issues and financial materiality
indicated in General Standard No. 461 (NCG No. 461).
Said standard adopted as one of its central elements the
concept of financial materiality indicating that companies
must disclose information that could affect investors’
decisions, that is to say, information that could affect their
results, and incorporates the SASB Standards (Standard
Accountability Sustainability Board), which establish
indicators of disclosure of financially material sustainability
information aimed at investors, identifying the subset of
environmental, social and governance issues most relevant
to financial performance in each industry.
With this in mind and to comply with section 8.2 of NCG
No. 461 of the Financial Market Commission (FMC), the Enel
Américas S.A.’s Board of Directors met on February 27, 2023,
to exercise its administrative powers and in compliance with
section I. 4.8.2 of General Standard No. 461 of the Financial
Market Commission, pursuant to the indications contained
in Section III. 2 of the Implementation and Supervision
Guide of September 2022 prepared by the Financial Market
Commission, agreeing to report the Company’s 2022 Annual
Report under the SASB standard for the industrial sector of
Electric Companies and Electric Generators. Similarly, the
Board approved the accounting parameters of the industry
indicating the reasons or motives why some of them would
potentially not be disclosed in the 2022 Integrated Annual
Report.
Stakeholders
The Company considers it important to maintain a
continuous and close dialogue with its stakeholders to create
areas of collaboration, development, and trust, thus building
the cornerstone of its strategy. Through this approach, we
seek to identify the drivers that allow us to use sustainable,
competitive, and safe energy models, as well as to develop
innovative, exhaustive and pioneering perspectives to
anticipate events, manage risks and seek differentiation. In
short, Enel Américas believes that management and dialogue
with stakeholders contributes to:
• Improving the management of risks and opportunities.
• Identifying earl on relevant trends and issues.
• Enhancing credibility and trust, allowing to create
synergies.
• Promoting the decision-making processes.
• Finding opportunities for improvement and business.
Depending on their activities, the managers of the Company
and its subsidiaries are responsible to manage their
stakeholders. Every year, Enel Américas identifies, reviews,
and maps its stakeholders, an update made according
to the reality of the Company and the environment. This
process is carried out through internal consultations with
the reference models from the different areas and lines of
business. The prioritization of stakeholders was carried out
according to their relevance for the Company and in line
with two variables:
Dependency: groups or individuals who are directly
or indirectly dependent on the Company’s activities,
products or services and their associated functions.
Influence: groups and individuals that can have an
impact on the Company; stakeholders that are strategic
for the decision-making process.
The graph below shows a stakeholder map according
to their influence and dependency.
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Communication channels
All the Company’s work is based on a continuous integration
with its stakeholders, through different communication
channels and procedures, which facilitate solid knowledge
of their needs and expectations. The complaints channel is
also available to all stakeholders.
Additionally, through its subsidiaries, the Company is widely
present in social networks, uploading content aimed at all
the stakeholders, boasting an ongoing interaction with its
virtual communities through the various social platforms
(Twitter, Facebook, LinkedIn, and Instagram). The Company
publishes corporate, educational, commercial, financial,
sustainability and customer service information on the
above-mentioned.
Priority of subjects for stakeholders
The Company identified the priority of each material
subject for each stakeholder group using direct surveys of
stakeholders, complemented by local sources of information.
The obtained results permit to create an overview of
stakeholders’ expectations and to identify the issues on
which the company should focus its strategy.
Community
Businesses
Financial
Community
Workers
Media and press
Suppliers and
contractors
Customers
Civil Society
organizations and
local community
Government
institutions and
control bodies
Dependence
Influence
5.0
2.5
0
2.5
5.0
Customers
Our People
Civil Society and Local and Global
Community
Suppliers and contractors
Media
Financial community
Business Community
Institutions
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Agents
App Enel Investor
Mobile App
Complaint channel
Web Channel
Press Releases
Direct contact
Focused meetings
Surveys
Research interviews
Forum
Work Groups
Intranet
Investor day
Newsleter
Social media
Business magazine
Roadshow
Enel stores and
commercial offices
Employees
Civil society
and local
communities
Institutions
Media
Financial
Community
Customers
Suppliers and
Contractors
Companies and
trade associations
Priority values from 4,3 a 4,9 (high priority)
Priority values from 3,6 a 4,2 (medium priority)
Priority values from 2,8 a 3,5 (low priority)
Facebook
LinkedIn
YouTube
Instagram
Others
Followers
Followers
Followers
Followers
Followers
Millions
Thou.
Thou.
Thou.
Thou.
2022
1.3
396.0
47.2
142.6
431.6
2021
1.6
460.2
40.5
111.1
368.2
2020
1.6
387.4
26.5
84.9
340.7
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Materiality Matrix
Based on the information obtained from the materiality
analysis, the Company can elaborate the Enel Américas
Materiality Matrix which reflects the relationship of the
priority of material issues, both for stakeholders and the
Company.
This matrix is presented annually to the Board of Directors
and is the foundation used to define the strategic actions
included in the sustainability plan. It is reported in the
Integrated Annual Report and the Sustainability Report, as
a way of responding to stakeholders’ expectations.
LOW
HIGH
HIGH
Priority material issues for stakeholders
Priority material issues for the Company
1
3
3
5
5
5.0
3.75
2.5
3.75
5.0
Creation of economic and nancial value
Good governance and equitable corporate conduct
Commitment to customers
Products and services for electrication and digitalization
Decarbonization of the energy mix
Innovation, circular economy, and digital transformation
Infrastructure and Networks
Ecosystem preservation and environmental management
Management, motivation, and development of employees
Occupational Health Safety
Sustainable supply chain
Engage local andglobal communities
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Priority of material aspects for stakeholder groups
Creating economicand
financial value
Solid governance and fair
corporate conduct
Customer Engagement
Products and services for
electrication and digitalization
Descarbonization of the mix
energetic
Innovation, circular economy
and digital transformation
Infrastructure and networks
Environmental Management
People’s management,
development and motivation
Occupational health and safety
Sustainable supply chain
Involvement of local
communities
Business
community
Civil and
global society
Customres
Financial
community
Institutions
Media
Our
People
Suppliers
and contractors
Priority values from 1.0 to 2.5
Priority values from 2.6 to 4.0
Priority values from 4.1 to 5.0
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The following are the priority subjects for
the Company and stakeholders:
Occupational Health and Safety
Protecting people’s health and lives is a central pillar of
the people axis of Enel Américas’ Sustainability Plan. The
Company addresses this issue from a preventive approach
and reduction of risks related to occupational health and
safety. The Company is aware that operational continuity
is crucial to the success of the business and depends on
security risks. Preventing and reducing risks permits to
achieve business sustainability, beyond legal requirements.
Good governance and fair corporate
conduct
Enel Américas has a solid Corporate Governance
structure, based on the principles of transparency, ethics,
and integrity. Enel Américas incorporates international
practices and standards linked to local regulation,
managing any risks. The governance structure is built
in such a way so as to permit it to monitor and control
the potential impacts on its operations. The Board of
Directors is one of the main governing bodies. Integrity
in operations is supported by the implementation of Enel
Américas’ Global Compliance Model. For more detail see
the Governance Chapter.
Infrastructure and networks
In line with Enel Américas’ fair energy transition process,
it is of utmost importance to have solid infrastructure that
guarantees the quality of supply to the population in the
concession areas. This, in turn, allows us to address the
global trend of electrification of energy consumption. To
consolidate this infrastructure, the Company must adopt
new technologies, robust processes, and transversal
digitalization of operations, thus improving electrification
and, furthermore, the support for energy transition and
new uses of energy. That is why the Company continuously
implements improvement plans, maintaining and
modernizing network to reduce the number and duration
of service interruptions.
Decarbonization of the energy matrix
Climate change is currently one of the main challenges
facing humanity. That is why Enel Américas continues to
develop its strategy to contribute to combating climate
change. As part of the growth and development of new
renewable capacity, the Company took another step towards
the decarbonization of its energy matrix, also contributing
to meeting the Enel Group’s goal of reducing direct CO2
emissions.
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Risk Management
• Enel Américas considers risk management one of the
main tools to define its business strategy and integrate
sustainability throughout the entire value chain.
Understanding economic, environmental, and social
contexts is essential to identify external or internal factors
that may become potential risks.
• The Company understands that risk is something
inherent to the management of its businesses and is
part of them, its strategy, and its day to day operations.
Therefore, it is necessary to manage, direct and
mitigate risks. Risk control and management is part of
the Corporate Governance structure and, to make the
organization effective, risk is considered yet another
element of strategic plans. Therefore, it is necessary to
identify and analyze the factors that may affect achieving
business objectives, quantifiably detect their possible
consequences, as well as quantitatively estimate their
probability of occurring, in order to determine the required
actions so that these objectives can be reached with
greater certainty.
• The risk management framework is designed to, as far
as possible, manage and mitigate risks and achieve the
Company’s goals and objectives, allowing for reasonable,
but not absolute, assurance against material loss.
Risk governance
The Enel Group adopts a risk governance model based on
pillars and a homogeneous risk taxonomy for the Company.
Enel Américas’ risk governance is based on a structured
and formalized set of bodies that are defined and updated
periodically according to the evolution of its business, the
international risk management standard ISO 31000: 20181
and the best practices in this area.
1. The Board of Directors, at least once a year, reviews Enel Américas’ Risk Map, including both direct and indirect risks that may arise in its subsidiary companies.
The risk map will include commodity, financial, credit and counterparty, regulatory, fiscal, legal, and sustainability risks: economic, social, and environmental.
Pillars of governance
The pillars of the Enel Group’s risk management governance include:
1 Enel Group Risk Committee
Established at the highest level and led by the CEO of the Enel
Group.
4 Three lines of defense
Clear and defined assignment of roles and responsibilities according
to the principle of the three lines of defense (1 = Management, 2 =
Control, 3 = Internal Audit).
2 Local risk committees
Located in the main Business Lines and geographical
perimeters (Countries and Regions), directed by the head of
the corresponding unit(Business Line / Country / Region), and
coordinated with the Group’s Risk Committee.
5 System of organizational procedures and risk policies
It permits to develop processes for measuring, managing, monitoring,
and controlling significant risks.
3Risk Appetite Framework
Expressly formalized in the Enel Group’s risk catalogue.
6 Reporting system
Continuous and structured information from decision makers on risk
exposures and metrics, provided at Group level, Business Lines, and
relevant geographical areas.
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Internal Control and Risk Management System
Enel Américas’ Internal Control and Risk Management
System (“ICRMS”) is based on and reflects the principles
elaborated in the Guidelines of the Enel Group’s Internal
Control and Risk Management System document. This
document is a central part of the Corporate Governance
structure and is based on international best practices,
consistent with the Internal Controls - Integrated Framework
model issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO Report), which is the
reference point to analyze and evaluate the effectiveness
of the ICRMS. This system is subject to audit testing and
verification, such as ISO 31000:2018 (G31000) or COSO.
The ICRMS is regularly updated and consists of a set of rules,
procedures and organizational structures that permit to
identify, measure, manage and supervise the main corporate
risks. This system comprehensively defines, for each risk and
with an integrated approach, the risk strategy, the appropriate
management and control measures, the development and
update of metrics, risk measurement models and risk limits.
Furthermore, the ICRMS is hierarchically integrated within the
Company, permitting to face unforeseen events and their
possible effects with mitigation actions and contingency plans.
Risk governance
Enel Américas’ risk governance model conforms to best
practices. The following are the bodies and units that make
up this structure:
FIRST LINE
OF DEFENSE
Business Units
• Front Office, Risk Owners;
• Responsible for risk
management
Internal control over Corporate
information Repor
• Process level control
• Management controls
• Access Control
SECOND LINE
OF DEFENSE
THIRD LINE
OF DEFENSE
Board and Directors’ Commite
Executive team
• Risk Control
• Guarantees
compliance with
limits, criteria, and
principles.
Risk Map
• Strategics
• Financial
• Operational
• Governance and
Culture
• Digital technology
• Compliance
• Internal Audit
• Controls the
effectiveness of the
measures
• Repors to the Board
Regulations
Standards, Policies and
Procedures
EXTERNAL AUDIT
REGULATOR
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Three Lines of Defense Model
Enel Américas’ risk control and management system is aligned with international standards, following a methodology based
on the Three Lines of Defense model, which segregates different functions.
First Line of Defense
Second Line of Defense
Third Line of Defense
Business Units / Front Office “Risk Owners”.
They are responsible for managing risks and
therefore must have control mechanisms.
Risk Control and Monitoring .
Internal Audit
First Line of Defense Features:
Second Line of Defense Functions:
Third Line of Defense Functions:
• The Management, Operational or Corporate
Areas are primarily responsible for the risks
arising from their daily work and manage them
in their area of competence.
• Define the methodologies and tools to
identify, measure and control risks.
• Annually prepare the Audit Plan
-based on a structured process of analysis
and identification of the main risks-, which
is presented and approved by the Directors’
Committee and the Board of Directors.
• Implement corrective measures to address
process and control deficiencies
• Submit annually the limits and thresholds
of commodity risks and financial risks for the
approval of Enel Américas’ CEO.
• Monitor the operation and effectiveness
of the ICRMS.
• Maintain effective internal control and
constantly implement control procedures on
risks on a day-to-day basis.
• Track risks and analyze compliance with limits.
• Carry out controls in specific corporate
functions or operations when it deems
appropriate or at the request of the Board of
Directors.
• Identify, evaluate, control, and mitigate
risks, guiding the development and
implementation of internal policies and
procedures that guarantee that the activities
conducted are consistent with the goals and
objectives of each Business Unit.
• Process or deny requests for exceptions in
the transfer of established risk limits (waivers).
Any action that exceeds the approved risk
thresholds must have the approval of the CEO
of Enel Américas.
• Report directly to the Board of Directors.
It is not responsible or dependent on any
operational area.
• Implement detailed procedures that serve
as controls and supervise the execution of such
procedures by employees.
• Support Risk Owners in defining risk
mitigation plans, as well as monitor these plans
and propose corrective actions if necessary.
• Prepare periodic reports containing
adequate information on their actions and
procedures for risk control and management,
as well as compliance with established plans.
• Establish management and supervision
controls to guarantee compliance with the
procedures outlined, as well as to timely detect
control gaps, inadequate processes, and
unexpected events.
• Analyze the impact of relevant operations
on risks.
• Report on the result of the activity carried
out with the corporate bodies as provided
in the current local regulations and the
applicable foreign regulations.
• Implement controls coherent with the
guidelines and limits approved by Enel
Américas’ Board of Directors.
• Report to senior management and the Board
1, 2 of Directors the Risk Map of Enel Américas,
including both direct and indirect risks.
• Review, as part of the Audit Plan, the
reliability of information systems.
• Promote and plan the permanent training
of the Company’s relevant staff members,
regardless of the contractual link, regarding the
policies, procedures, controls and regulations
or internal regulatory bodies implemented for
management.
• Monitor the implementation and
effectiveness of the Company’s compliance
programs inherent to criminal risks for the
legal entity, in accordance with the provisions
of the applicable regulations.
1. The Risk Report (summary of main risks) is reported on a monthly basis. Furthermore, the Risk Committee is held quarterly, with the participation of all the
Company’s senior management.
2. Risk Control Latam participates in the meetings of Boards of Directors of Enel Américas, held on a monthly basis, in which specific risks or issues associated
with risks that strategically affect the business are reported. Furthermore, the entire risk map of both Enel Américas and its subsidiaries is presented on a quarterly
basis. Enel Américas has chosen to strengthen the participation of the Board of Directors as the highest corporate governance body in risk management and
control, in this context the Latam Risk Control area, at the end of 2022, has not reported to the Directors’ Committee.
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Main structures and functions of the ICRMS
The Board of Directors and the Executive Team represent
the main internal bodies served by the lines of defense and
are best placed to guarantee that the risk model is applied
to the Company’s control and management processes.
Board of Directors is the body responsible for monitoring
and controlling the main risks related to the business of
the Company and its subsidiaries, including any risk that
may have a sustainability effect in a medium and long term
perspective, determining the degree of compatibility of said
risks with the objectives established in the Strategic Plan.
It approves, among other functions, the ICRMS guidelines,
evaluates its performance, approves the Audit Plan, based
on a structured process of analysis and identification of
the main risks, and reviews the reports of the actions and
procedures for control and management.
Risk Committee: the Company has implemented a Risk
Committee at the executive level, which aims to define
the structure and processes of risk governance to detect,
quantify, monitor, and communicate to the Board of
Directors relevant risks of a financial nature and those related
to commodities, commercial debt status and credit. It is
chaired by Enel Américas’ CEO and its members include the
Finance and Planning and Control Managers. This Committee
reports to the Board of Directors.
Crisis Committee: aims to guarantee the clarity, speed, and
efficiency of decision-making. Furthermore, it integrates the
functions of internal and external communication for the
management of any event that may compromise the safety
of people, the continuity of public and business service, care
for the environment, asset protection, the Company’s image
and reputation and its management. It seeks to minimize
impacts on stakeholders and guarantee rapid restoration
of normal operating conditions. Additionally, each country
where the Company is present implemented a Critical Event
Monitoring Office (CEMO), which manages crises in real time,
24 hours a day, 365 days a year.
Internal Audit: the Internal Audit area is the Third Line of
Defense and is responsible for the general supervision of
the structure and functionality of the ICRMS, it develops
an independent and objective activity of assurance and
consultation, designed to add value, and improve the
Company’s operations.
Risk Control: this unit is responsible for monitoring the
established risk limits or thresholds, creating proposals in
risk policies, as well as their periodic review and permanent
evaluation, and reporting and communicating to the Board
the main risks, including both direct and indirect risks. It
reports the results of its monitoring and evaluation activities
to the CEO, so that he or she can adopt the measures he/she
deems appropriate. It is also the unit in charge of processing
or denying requests for exceptions in the transfer of
established risk limits or thresholds (waivers), which will be
processed and managed in accordance with the Risk Policy.
Risk Owner: this unit is responsible for risk management
in the Company. It usually corresponds to the operational
areas, both of business and support. The Risk Management
function is specific to each line of business or corporate
area. Its responsibility is to lead risk management in its area
of competence. Similarly, risk owners must implement risk
controls that guarantee compliance with the guidelines and
limits defined by the Risk Control area.
Internal Control of Corporate Information: The Company
has put in place an internal control system of corporate
information that seeks to provide reasonable assurance
regarding the reliability of the Company’s financial and non-
financial information. The internal control unit conducts
periodic evaluations of the effectiveness of the design and
operation of the implemented controls and procedures, and
then communicates the status to the Board of Directors.
Risk Control and Management Policy
Enel Américas’ Risk Control and Management Policy
establishes the basic principles and general framework to
control and manage risks that may affect achieving business
objectives, guaranteeing that they are systematically
identified, analyzed, evaluated, managed, communicated,
and controlled and that they remain within the established
risk levels. This Policy, reviewed and approved annually by
Enel Américas’ Board of Directors, represents the set of
decisions that define the acceptable framework for the
levels of risk inherent to the business segments in which
the Company operates.
The objectives of the Policy are to establish a model that
permits to control and manage risks, defining the mission
and functions of the bodies linked to it, and regulating the
control and management model of said risks. This Policy
covers and binds all the Company’s employees, regardless of
the nature of the functions of the respective position. It also
includes companies in which it holds directly or indirectly
100% of its share capital, in which it is directly applied as a
regulation of said organization.
Other complementary risk control and
management policies
The General Risk Control and Management Policy is
developed and complemented by other specific risk policies
established in relation to certain risks, corporate functions,
or business of Enel Américas. Here are the main ones:
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• Collateral Management Policy: it establishes the
guidelines and methodologies that must be applied to
the management of supplier guarantees and to guarantee
effective mitigation of counterpart risk, related to the
profile of the supplier and the guarantor.
• Commodity Risk Control Policy: it aims to permit the
Company to make informed decisions and minimize
the likelihood of not achieving strategic results.
Furthermore, it allows the Company to control the risks
of non-compliance with the regulation of prices, volume,
exchange rate, credit, and counterpart of commodities.
• Credit and Counterpart Risk Control Policy: it is designed
to minimize the likelihood that expected results will be
affected by default or reduction in a counterparty’s credit
quality.
• Financial Risk Control Policy: it seeks to minimize the
probability of not achieving strategic commercial and
financial results by controlling financial market, financial
counterparts, liquidity, and operational risks.
• Hedging Policy: it aims to mitigate the risk of variations
in exchange rates, maintaining a balance between flows
indexed to US$ or local currencies, if any, and the levels
of assets and liabilities in that currency.
• Climate Change Policy: it establishes a common
framework for the Company to guarantee effectiveness in
managing risks and opportunities associated with climate
change, integrating with the Company’s main processes
and decision-making.
Board meetings with the Risk Control area
The Board of Directors reviews , at least once per quarter,
the main strategic risks associated with the Company’s
business, complying with its management, and evidencing
the identification of new risks, as well as the evolution and
monitoring of those previously recognized.
This revision is in line with the Risk Control and Management
Policies, ISO 31000:2018, internal procedures and external
regulations, to guarantee business continuity. It monitors
the main sources of risks and methodologies to detect
new risks, as well as the probability and impact of the most
relevant ones and their effect on the operation and its
financial results. Similarly, it analyzes the recommendations
and improvements that, in the opinion of the unit, would be
pertinent to make to better manage the Company’s risks, as
well as the contingency plans designed to react to critical
events. The presence of the Company’s CEO is expected
at the meetings that the Board of Directors holds with the
Risk Control area.
In 2022, the Latam Risk Control area complied with the
calendar/2022 Risk Governance Roadmap and reported
to Enel Américas’ Board of Directors the Risk Map and its
mitigation measures (main risks that may affect business
continuity (and/or opportunities). This way, the Latam
Risk Control area met its role as Second Line of Defense,
reinforcing the role of the Board of Directors as the
highest corporate governance body in risk control and
management, which oversees the process of detecting,
evaluating, managing, monitoring, and communicating
risks, in accordance with the current Risk Control and
Management Policy.
The review of the main strategic risks for the 2022period
was completed and presented to the Board of Directors at
its meeting held on January 31, in order to assess and obtain
a detailed view of current risk management practices, risk
environment and risk management practices. Given the
close alignment of the Company’s purpose with the energy
transition process and the impact and risks associated with
climate change, these matters are integrated into Board
reviews and risk management. The Board reviewed the
main strategic risks within the Risk Matrix and mitigation
measures at the sessions held on March 30, June 30 and
September 28.
Meeting of the Directors’ Committee with
the Risk Control area
In 2022, the Risk Control area did not meet with the
Directors’ Committee, given that, in compliance with
Enel Américas’ Corporate Governance procedures, it met
periodically with the Company’s Board of Directors.
Monitoring risks associated with climate
change
Enel Américas’ Corporate Governance and structure define
the specific tasks and responsibilities of the governing
bodies within the Company, guaranteeing that risks and
opportunities related to climate change are taken into
consideration for all relevant business decision-making
processes.
The Board of Directors is responsible for reviewing and
approving the Company’s strategy, including the annual
budget and business plan, which incorporate the main
objectives and actions; In terms of energy transition and
sustainability in general, in order to guide investments,
promoting a sustainable business model that generates
long-term value for shareholders and stakeholders.
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Enel Américas has a team of managers who assign
responsibilities related to the specific functions that help
guide leadership in the energy transition process. Each
area is responsible for managing climate change risks and
opportunities in their area of expertise.
The Company’s developed sustainable strategy and the
integrated business model have permitted Enel Américas
to create value for all its stakeholders, capturing the
opportunities arising from energy transition and climate
action. To achieve that, the Company focused its actions
on increasing renewable capacity, modernizing the grid
infrastructure, and implementing new platform models.
Board Review of the Risks Associated with Climate
Change: In addition to the quarterly updates on the
risks indicated above, in 2022, the Board incorporated
monthly presentations addressing specific risks related
to climate change. In January 2022, the Board analyzed
the risk of non-compliance with quality indicators (SAIDI-
SAIFI), whose source of risk is climate change. In March,
the Board reviewed the risk related to the water crisis in
Brazil and in April, Directors reviewed the Profit at Risk
in generation activity, which considers certain aspects
related to climate change.
Risk culture
In 2022, the Company set up virtual meetings “Close to
Business: Risk Management” as part of the Risk Management
Culture, with the participation of more than 800 attendees,
including the Risk Owners of Enel Américas’ subsidiaries
and Company staff.
As part of the Risk Management Culture, since 2021 the SAP-
GRC System has been operational in all of the Company’s
business lines, with more than 500 active users. Our risk
management process has put into practice automated
workflow throughout all management stages, from risk
identification to risk assessment and treatment. This way,
the person responsible for the risk or the Risk Owner must
self-assess, manage, and keep updated the risks that are
under their responsibility, according to the frequency
defined together with the Latam Risk Control area, and /
or ad-hoc, whenever the risk undergoes any change.
The SAP-GRC System offers tools to completely and
automatically manage organizational processes that involve
potential risks for the Company’s governance, adapting
compliance rules for a safe and preventive management.
It also permits the different areas of the lines of business
to trace information and make comprehensive risk
assessments to make relevant decisions.
The SAP-GRC System permits to develop the Annual Self-
Assessment Process of Enel Américas Risks, in which all
hierarchical levels of the Company validate and monitor the
information reported in the SAP-GRC System.
In 2022, we worked on creating tools and preparing
documentation of procedures that permitted us to increase
and improve the support for Risk Owners in the use and
management of the SAP-GRC platform, increasing, in turn,
user interaction with the system, and making it easier to
manage risks and opportunities.
Additionally, in 2022, a training for contract managers was
carried out to enhance the collateral management process
and mitigate credit and counterpart risk.
The SAP-GRC System has positioned itself as a robust tool
permitting to increase the effectiveness and efficiency of
Enel Américas’ risk management processes, delivering
information in real time, while guaranteeing compliance
with best governance and risk management practices.
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Climate change and scenarios
The Enel Group and Enel Américas, in line with its parent
company, promote transparency in their disclosures related to
climate change and they work on informing their stakeholders
of how they are diligently and decisively addressing climate
change. The Enel Group is committed to adopting the
recommendations of the Financial Stability Board’s Task Force
on Climate-related Financial Disclosures (TCFD) and to follow
all published updates.
Scenario analysis
In a complex world and in conditions of uncertainty, the
evaluation of the context and its evolution is a fundamental
part of defining the strategy both of the Enel Group and of
Enel Américas, as part of the Group. The strategic planning
process is, therefore, based on the analysis of the evolution
of the environment, with special reference to climate
change and the energy transition process. To achieve this,
the Company adopted a structured approach to scenario
analysis to maximize opportunities and mitigate risks.
The process of scenario planning is based on the definition
of alternative futures, defined by a series of key uncertainty
variables, such as reaching the objectives of the Paris
Agreement or technological development. Compared to a
forward-looking approach, scenarios offer greater flexibility
and allow the Company to prepare for risks and to seize
opportunities.
At Enel Américas, as part of the Enel Group, scenarios are
used in the planning, capital allocation, strategic positioning
and risk and resilience assessment of the strategy.
Scenario development helps companies make strategic
decisions by exploring alternative plausible futures,
permitting them to design different paths, timelines, and
mitigation options, and perform key risk-based analyses to
challenge strategic thinking.
As part of the process of defining long-term scenarios,
medium- and long-term trends were identified and
analyzed. The results of the analysis were incorporated
into a synthesis document for internal use (Industry View)
which has become the reference point to define actions
aimed at: guiding, preventing and adapting to changes
and evolutions in business, as well as taking advantage of
the opportunities associated with them, at the same time
developing an awareness of the related risks. The Company
also carried out an analysis and benchmarking of external
energy transition scenarios, which, together with the analysis
of relevant reports on macroeconomic, commodity and
climate trends, were used in internal modelling to define
long-term scenarios.
STRUCTURAL FORCES
3 macro-level
structural factors
• People
• Planet
• Prosperity
EMERGING TRENDS
AND DISRUPTION
SCENARIO
NARRATIVES
10 key factor
that delineate the
long-term outlook for
our industry. They may
be affected by greater
or lesser uncerainty but
their common feature is
high expected impact.
3 narratives
to capture the evolution
of trends and uncerainty.
They are the foundation
of our long-term
planning and the
assessment of risks and
opporunities in alterna-
tive scenarios. They are a
staring point for
“what-if” análisis.
Technologies
10 areas
Ideas for the future
5 suggestions for furher analysis
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Under the framework indicated above, the narrative of
each scenario has been developed to guarantee coherence
between energy transition scenarios and climate scenarios,
where acute and chronic physical phenomena are analyzed.
Benchmarking external scenarios is a key starting point to
build robust internal scenarios.
There are multiple global scenarios of energy transition
published. Benchmarking consists of analyzing the scenarios
developed by external bodies and organizations in order
to compare their results in terms of energy mix, emission
trends and technological options, and to identify the main
drivers of the energy transition process for each scenario.
Global energy scenarios are usually classified into families of
scenarios, according to the level of climate ambition:
• Current situation/Current policies: energy scenarios
based on the usual situation/current policies that provide a
fairly conservative benchmark for the future, representing
the evolution of the energy system in the absence of
additional climate and energy policies. These scenarios
fall short of the goals of the Paris Agreement.
• Aligned with Paris: energy scenarios aligned with the
Paris Agreement, i.e., including the goal of limiting the
increase in global average temperature to “well below
2°C” compared to pre-industrial levels. To this end, the
scenarios in this category contemplate new and more
ambitious policies for end-use electrification and the
development of renewable energies.
• Accelerated Transition: global energy scenarios outlining
a path to net greenhouse gas (GHG) emissions by 2050,
in line with the Paris Agreement’s more ambitious goal of
stabilizing the global average temperature rise at 1.5°C. All
the scenarios of this group agree that the main drivers of
the energy transition process towards “Net Zero” energy
in 2050 are end-use electrification and the increase in
electricity generation from renewable energies, both in the
medium and long term. Overall, what emerges from the
systematic analysis of the different scenarios is that the
most challenging from the point of view of climate change
mitigation involve a greater penetration of electricity and
renewable generation.
A climate scenario, several energy transition scenarios: an
energy transition scenario represents a possible evolution
of the contribution of different energy sources in a specific
economic, social, regulatory, and political context, depending
on the technological options available. Macroeconomic and
social assumptions determine demand for services, while
regulatory, political, and cost constraints define the optimal
mix of technologies to meet these demands. Each scenario
is associated with a greenhouse gas emission trend.
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Long-term scenarios for the Enel Group
Issues related to the industrial and economic transition,
towards solutions capable of reducing CO2 concentrations
in the atmosphere, are the characteristic elements of the
energy transition scenario. The issues that define the so-
called physical scenario are the ones related to the future
trends of climate variables (in terms of acute and chronic
phenomena). The scenarios are constructed with a view to
a global framework that guarantees coherence between
transition scenarios and climate projections. The acquisition
and processing of the large amount of information and
data necessary to define the scenarios, as well as the
identification of the methodologies and metrics necessary to
interpret complex and, in the case of climate scenarios, very
high resolution phenomena, require a continuous dialogue
with external and internal sources.
Enel Group’s scenario analysis
Granularity and
Geographical
coverage
Prospective
metrics and KPIs
Automation
and analytical
techniques
Integration of
Interdependencies
Open Databases
available
Macroeconomics
and finance
Over 150 countries
monitored for
Country Risk
analysis and
scenarios.
Control of market
expectations and
sensitivity analysis
on new social
and economic
paradigms.
General equilibrium
models and
machine learning
techniques for big
data management.
Inclusion of social-
environmental
effects in the
analysis to quantify
the repercussions
of the actions
carried out
corporal.
Updates
periodic
interactive
platforms with
optimization,
through analysis
by graphs.
Energy
Wide coverage
of market and
geographical
indicators and
areas of presence.
Control of
electricity demand
trends and price
volatility. With
study of regulatory
impacts and
transitions.
Econometric
models and neutral
networks for the
formulation of
forecasts.
Impact analysis
with exogenous
variables
(macroeconomic
and climatic).
Development of
an integrated
and automatically
updated database.
Climate
Climate scenario
data available with
global coverage.
Standard and/or ad
hoc measurements
for the assessment
of phenomena of
interest in future
scenarios.
Analysis and
machine
learning for the
management of
georeferenced big
data.
Integration of
exposure data
(population density,
location/asset
value).
Platform to
exchange, view,
and download
results.
Integrated
System Models
Development for
Manage the
models
of integrated
business.
Elaboration
of scenarios
by economic
sector to provide
electrification and
efficiency trends.
Use of system
models to optimize
the use of
technologies and
minimize emissions
and costs.
Integrated
management of
both energy supply
and demand.
Technology
database for each
service.
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To assess the effects of transient and physical phenomena on the energy system, models are used that, for each country
analyzed, describe the energy system considering specific technological, socio-economic, political, and regulatory aspects.
The adoption of the scenarios described and their integration into business processes consider the TCFD guidelines and is
a factor that permits to evaluate the risks and opportunities related to climate change. The process that translates scenario
phenomena into useful information for industrial and strategic decisions can be summarized in five steps:
Energy transition scenarios for the Enel Group
The transition scenario describes how energy production
and consumption evolve in different sectors in a specific
economic, social, political, and regulatory context; it
corresponds to a trend of greenhouse gas (GHG) emissions.
The main assumptions considered in the definition of energy
transition scenarios refer to:
• Local policies and regulatory measures to combat climate
change, such as measures to reduce carbon dioxide
emissions and fossil fuel consumption, to increase energy
efficiency and to decarbonize the electricity sector.
• The macroeconomic and energy context, considering
international references;1
• The evolution of energy production, conversion, and
consumption technologies, both in terms of technical
operating parameters and cost.
The Enel Group defined three narratives of alternative scenarios within the framework of medium- and long-term energy
transition scenarios:
Paris Stage:
It foresees reaching the objectives of the Paris Agreement, which implies a level of climate ambition significantly
higher than the current situation. The increased ambition is supported by greater electrification of consumption
and an ever increasing development of renewable energies.
Slow Transition Scenario:
This scenario is characterized by a slower energy transition, which does not permit the objectives of the Paris
Agreement to be met. This scenario implies a lower increase in renewable energies and a less sustained electrification
process than the Paris scenario, especially in the short term (delay in the implementation of the transition).
Best Place Scenario
(Paris Ambitious):
This is built to test the improvement of hypotheses with respect to the Paris scenario. The objectives of the Paris Agreement
are also met in this scenario, but a wider range of technological options is considered: for example, a greater penetration
of green hydrogen, that it to say, produced with renewable electricity, used more widely in sectors difficult to eliminate,
facilitating the decarbonization process towards net zero emissions.
1. These include International Energy Agency (IEA), Bloomberg New Energy Finance (BNEF), International Institute for Applied Systems Analysis (IIASA).
1
2
3
5
F
I
V
E
S
T
E
P
S
Impact
assessment
Identification of trends and factors
relevant to the business (e.g., electrification of
consumption, heat waves, etc.)
1
Development of link functions connecting
climate/transition scenarios and operating
variables
2
Calculation of impacts
on businesses (e.g., ∆ change in perormance,
losses, capex)
4
Identification of risks and opporunities
3
Strategic actions:
definition and implementation (e.g., capital
allocation resilience plans)
5
1
2
3
4
5
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The Enel Group1 has chosen the Paris scenario, which
foresees reaching the objectives of the Paris Agreement
as a reference for long-term planning. The business model
is in line with the increased ambition of the Paris Agreement
targets, i.e., in line with an increase in global average
temperature of 1.5°C by 2100. The Enel Group has set itself
the long-term goal of achieving zero direct emissions
(Scope 1), with fully renewable electricity generation, and
zero emissions related to retail energy activity (Scope 3). The
two alternative scenarios Slow Transition and Paris Ambitious
are used for strategic stress testing, risk assessment and
identification of business opportunities.
1. Enel Américas in line with its parent company, the Enel Group.
2. Brazil, until the publication of the Enel Group’s 2021 Integrated Annual Report.
3. Carbon capture and storage (CCS).
Main elements of transition scenarios
The Enel Group develops energy transition scenarios based
on the definition of hypotheses on the evolution of policies,
technologies and other macroeconomic variables and
the context of raw materials. The baseline scenario—the
Paris Scenario—was based on two different approaches,
depending on the availability of fundamental models to
simulate the long-term equilibrium of the entire energy
system. In particular, in the main countries where Enel
Américas is present for which such models are available2, a
bottom-up approach has been used, explicitly imposing a
restriction on the evolution of CO2 emissions in the country’s
system. Thus, the assessment of the scenario variables
relevant to the Group’s activities (including electricity
demand, electrification rate, renewable and distributed
generation capacity, number of electric vehicles and green
hydrogen production) was determined by the model with a
time horizon until 2050, in line with the emission restriction
and with a view to minimizing costs for the system.
For the rest of the world, the approach was top-down, that
is to say, the variables of interest were established through
a consensual analysis against external scenarios aligned
with the objectives of the Paris Agreement, provided by
accredited international organizations and suppliers. The two
different approaches were also used to define the alternative
scenarios of Slow Transition and Paris Ambitious.
The Slow Transition scenario contemplates a lower level of
ambition in combating climate change, which translates into
less development of renewable energies and lower growth
of electrification at all levels. This scenario assumes that
countries largely stick with their current national plans, if
these do not express climate ambition consistent with the
achievement of the Paris Agreements, or that ambition,
if high, is not supported by appropriate implementation
policies.
The Paris Ambitious scenario means a faster reduction of
the costs of green hydrogen production technologies. This
dynamic translates into an increase in penetration in hard-
to-reach sectors, to the detriment of blue and grey hydrogen
(hydrogen produced from gas, with and without the use of
CCS3 technologies, respectively), which leads to an increase
in electricity demand and renewable capacity installations
in countries compared to the Paris scenario.
It was also possible to estimate the impact of energy
efficiency measures on trends in energy consumption and
electricity demand using the help of fundamental system
models. Furthermore, the benefit of electrification of
household use and transport for the average household was
quantified in terms of reduced energy bills and contribution
to emissions. The same assessment was made in relation
to an average customer of the Enel Group, which turned
out to be more electrified than the national average in
the respective country, as a result of the Enel Group’s
electrification strategy. Finally, the impact of each scenario
in terms of reducing global fossil fuel consumption and
energy dependence was assessed.
For Enel Américas, the Paris Scenario was defined in its
operation in Brazil, as reaching a net zero emissions target
by 2050.
As part of the scenario definition process, a specific analysis
on electric mobility in Latin America was also developed to
identify the main drivers of electrification in final consumption.
Some countries in particular are working on promoting
electric mobility in the region. Colombia, for example, has
set specific targets related to electric mobility and the
government is implementing clear policies to encourage the
development of this market. Most scenarios foresee private
electric mobility taking off in the region between 2025 and
2030, when costs will be more competitive.
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Physical climate scenario
In scenarios, the role of climate change is increasingly
important and produces effects not only in terms of
transition of the economy towards net zero emissions, but
also in terms of physical impacts, which can be classified as:
• Acute phenomena (heat waves, floods, among others) and
their potential impact on industrial assets.
• Chronic phenomena related to structural changes in
climate, such as the tendency to increase temperature,
rising sea levels, among others, which can cause, for
example, a constant variation in plant production and
a change in electricity consumption profiles in the
residential and commercial sectors.
The Group has selected three from the climate projections
developed by the Intergovernmental Panel on Climate
Change (IPCC) at global level. They coincide with those
considered in the last IPCC report within the sixth
assessment cycle (AR6). These scenarios are associated
with emission patterns linked to a level of the so-called
“Representative Concentration Pathway” (RCP), each of
which is linked to one of the five scenarios defined by the
scientific community as Shared Socioeconomic Pathways.
(SSPs). SSP scenarios include general assumptions such as
population, urbanization, and others, but are not linked to
any of them. The three physical scenarios considered by the
Panel are as follows:
SSP1-RCP 2.6: compatible with a global warming range
below 2°C, compared to pre-industrial levels (1850-1900);
by 2100 , it projects ~+1.8°C on average compared to
1850-1900, with a 44% chance of staying below 1.5°C
and a 78% chance of staying below +2°C. In analyses that
consider physical and transition variables, the Enel Group
associates the SSP1-RCP 2.6 scenario with the Paris and
Paris Ambitious Scenarios.
SSP2-RCP 4.5: fits an intermediate scenario, where the
average temperature is projected to increase by about 2.7 °C
by 2100, compared to the 1850-1900 period. RCP 4.5 is the
scenario that best represents the current global climate and
political context and the corresponding transition scenarios.
This scenario projects global warming consistent with the
range of temperature rise estimates considered by current
global policies. In analyses that consider both physical and
transition variables, the Enel Group associates the SSP2-RCP
4.5 scenario with the Slow Transition Scenario.
SSP5-RCP 8.5: compatible with a scenario where no
particular climate change measures apply. This scenario
estimates a global temperature increase of about +4.4°C,
compared to pre-industrial levels, by 2100 (certainly above
3°C and with a 62% probability > +4°C, according to IPCC
estimates).
The Enel Group considers RCP 8.5 as the worst climate
scenario, used to assess the effects of physical phenomena
in a context of a particularly strong climate change, but
which is currently considered unlikely. The RCP 2.6 scenario
is used both for the assessment of physical phenomena and
for analyses that consider an energy transition consistent
with more ambitious mitigation objectives.
The analyses carried out on the physical scenarios
considered both chronic and acute phenomena. For the
description of specific complex events of interest, the Group
considers data and analysis carried out both by private
entities and by public and academic institutions. Climate
scenarios are global and, in order to define their effect on the
areas of relevance to the Enel Group, they must be analyzed
in each country. One of the active partnership is an ongoing
collaboration with the Department of Earth Sciences of the
International Centre for Theoretical Physics (ICTP) in Trieste.
The ICTP provides projections of the main climate variables
with a resolution ranging from ~12 km to ~100 km areas
and a time horizon of 2020-2050. The main variables in
question are temperature, snow and rain precipitation and
solar radiation.
The use of these maps is well established in the Group,
which already uses the data based on the historical horizon
to optimize its insurance strategies. Furthermore, this
processed information is also being used based on the
projections of climate scenarios.
Finally, the Enel Group has acquired the necessary skills and
tools to independently obtain and process the raw results
published by the scientific community, in order to have a
high-level global vision of the long-term evolution of the
climatic variables of interest.
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Analysis of physical scenarios - Integration of climate scenarios in the
Open Country Risk model
In addition to the use of high-resolution data to specifically
analyze the impact of physical phenomena, a higher-level
analysis process has also been developed. Such analyses
permit to obtain a local assessment of the evolution of
certain climate risks at a global level, homogeneously for
all geographies. In particular, a modular approach has
been adopted that will progressively improve analyses,
incorporating new physical phenomena and refining
methodologies and reference data. Four climatic phenomena
are included: two related to extreme temperatures, one to
heavy rains and one to drought.
This work has made it possible to integrate the dimension of
climate change in the Open Country Risk model, enabling the
tool to include, in addition to the aspects already considered
in the Country Risk models, those aspects related to the
physical risks considered in the model as a cause of stress
at the country’s environmental and economic level . as detailed
in the section “Macroeconomic and geopolitical trends”.
Analysis of the physical scenario in Latin America
Acute phenomena: in countries as large as Brazil, the trend
of acute phenomena can show markedly different patterns
in different areas. To have an overview of the entire continent
and identify the areas of greatest interest for study, some
acute phenomena were analyzed using standard metrics.1
To study the phenomenon of extreme temperatures, the
Warm Spell Duration Index (WSDI) was used, which considers
heat waves characterized by at least 6 consecutive days with
a maximum daily temperature above the 90 percentiles.
Comparing the 2030-2050 period with the 1990-2020
period, the data show a significant increase in heatwave
days already in the CPR 2.6 scenario, especially in parts
of Brazil, Colombia, and Peru. This increase in extreme
temperatures may be even more pronounced in the other
scenarios, especially in RCP 8.5.
1. The analyses were done by processing data from a set of 6 climate models with a spatial resolution of 25 km x 25 km. To study the extreme temperatures
phenomenon, the Heat Wave Duration Index (WSDI) was used, which considers heat waves characterized by at least 6 consecutive days with a maximum daily
temperature above the 90th percentile.
Warm Spell Duration Index (Heat stress) :
difference between RCP (2030 -2050) and historical values (2000-2020)
RCP 2.6
RCP 4.5
RCP 8.5
∆ days
0 • 10
10 • 20
20 • 30
30 • 40
40 • 50
50 • 60
60 • 100
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As for extreme rainfall, future changes in this phenomenon
are less homogeneous. In the RCP 2.6 scenario, reductions
are expected in some areas, such as northern Brazil and
northern Argentina, while in other areas, such as western
Colombia and some areas of Brazil and Peru, an increase in
extreme rainfall is expected.
Chronic phenomena: to evaluate them, the study of
potential changes in heating and cooling demand related
to chronic temperature changes was carried out. In each
country studied, CDDs (Cooling Degree Days) increase
progressively in all scenarios: in the RCP 4.5 scenario this
increase becomes just over 25% in Argentina, Brazil, and
Peru, while it stands at 20% in Colombia. The increase
in CDDs compared to the historical period is even more
pronounced in the RCP 8.5 scenario. As for HDDs (Heating
Degree Days), in the RCP 2.6 scenario, a considerable
reduction is estimated in Colombia (-51%), Brazil (-21%) and
Peru (-15%). This trend intensifies in the CPR 4.5 scenario
with ~-61% in Colombia, ~-28% in Brazil and ~-20% in Peru.
In terms of rainfall, variations in the basins of interest for
the Enel Group’s hydroelectric production were analyzed.
The first analyses, which compare the projections for the
2030-2050 period in the three scenarios with the historical
1990-2009 period, show, above all, a trend towards a chronic
reduction in rainfall. More significant average declines are
expected in Colombia.
Effect of transition and physical scenarios on electricity
demand in Latin America
In Latin American countries, the impact of temperature
evolution, quantified by the metric of Heating Degree
Days (HDD) and Cooling Degree Days (CDD), was estimated
using econometric forecasting models based on historical
elasticity.
The analyses show that Brazil could experience a significant
increase in demand due to temperature increases, estimated
at between 0.8% and 1.5% of the expected demand
(calculated as the average of the demand forecasts in the
2030-2050 period). The driving factor would be the expected
increased demand for refrigeration in the country; This
change is also confirmed by a system modelling approach.
However, these estimates are subject to a significant degree
of uncertainty, given the volatility of Brazilian economic
growth.
In Argentina, we also observe a possible increase in demand
linked to temperature increases, estimated between 0.3%
and 0.6% of the expected demand. As in Brazil, this estimate
depends, to a large extent, on the country’s macroeconomic
component in terms of electricity demand.
In Colombia, historical evidence continues to show a strong
link between electricity demand growth and GDP growth,
with industrial sector demand accounting for around 50%
of electricity consumption. Furthermore, the variability of
the macroeconomic context could have an impact on the
electrification of the residential and tertiary sectors, which
are the most immediate drivers of increased electricity
demand in the event of rising temperatures.
Below we present a summary table with the ranges of
the main temperature effects for the main countries in
which Enel Américas operates, obtained by applying a 95%
confidence interval to our base case.
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Upper bound
Country
Temperature effect (annual average)
from RCP 2.6 to RCP 4.5
from RCP 2.6 to RCP 8.5
TWh
%
TWh
%
Argentina
0.68
0.3
1.37
0.6
Brazil
7.92
0.8
15.83
1.5
Colombia
0.08
0.1
0.17
0.1
Effect of the variation in temperature on electricity demand in Latin American countries.
Risks and opportunities related to Enel Américas’ Strategic Plan
The process of defining Enel Américas’ strategy, in line
with the strategy of its parent company, is accompanied
by adequately analyzing risks and opportunities. The
identification of risks and opportunities within the strategic
planning process is designed to address the horizon in an
integrated manner.
Each year, before the approval of the Strategic Plan, a
quantitative analysis of the risks and opportunities related
to the Company’s strategic positioning is presented to
the Control and Risk Committee. In particular, risk factors
such as macroeconomic and energy variables (such as
exchange rates, inflation, raw materials, and electricity
demand), regulation, weather events and competition
risks are identified. Depending on the nature of the risk and
opportunity factors, the Company chooses the mode of
analysis that best represents their volatility. The validity of
the results is controlled by ex-post analysis by the risk area.
The Company’s scenographic risk analysis for the follow-up
of the Strategic Plan includes exchange rates, electricity
demand and volatility of energy and raw material prices,
variables that represent almost all volatility. In particular,
among the most impactful currencies, in addition to the
dollar, are the Colombian peso and the Brazilian real.
Furthermore, other risk factors are examined, such as those
related to meteorological and weather phenomena. It has
been proven that geographical diversification reduces
part of the exposure due to renewable resources, a very
positive factor considering the positioning of the Company.
In addition, in the climate change scenario, the risk related to
“acute” events is managed within the framework of climate
change adaptation investments and insurance strategy.
Lower
bound
Country
Temperature effect (annual average)
from RCP 2.6 to RCP 4.5
from RCP 2.6 to RCP 8.5
TWh
%
TWh
%
Argentina
0.57
0.3
1.15
0.5
Brazil
2.48
0
4.96
0
Colombia
0.02
0
0.05
0
Effect of the variation in temperature on the demand for electricity in the countries of the Group in Latin America (average
2030-2050).
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Risk classification
Enel Américas seeks to mitigate all risks that may affect reaching the Company’s business objectives. Considering the nature of
its operations, it classifies the risks to which it is exposed according to six macro categories: Strategic, Financial, Governance
and Culture, Operational, Digital Technology and Compliance; and 38 subcategories.
The risks are defined in a catalogue that is a reference for all areas of the Enel Group and for the units involved in the
management and monitoring processes. The adoption of a common language facilitates to map and comprehensively
represent risks, thus permitting to identify those that have an impact on the processes and functions of the organizational
units involved in their management.
Estratgic
Financial
Governance
and culture
Operational
Digital
Technology
Compliance
RISKS
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The six risk categories and 38 sub-categories in relation to their impact on the Group are described below, as set out in the
risk catalogue:
Category
Risk
Definition
Strategic
Climate change
Risks associated with untimely or inadequate strategic and operational
initiatives for climate change adaptation and mitigation.
Competitive landscape
Risks related to the evolution of market trends that may affect the Group’s
competitive positioning in the markets, growth, and profitability.
Innovation
Risks arising from inadequate technological exploration, incorrect or
incomplete analysis of the uncertainty, complexity, and feasibility of
innovative projects.
Legislative and regulatory
development
Risks related to adverse legislative or regulatory developments, not
identified, assessed, and managed promptly.
Macroeconomic and geopolitical
trends
Risks arising from the deterioration of the global economic and geopolitical
environment as a result of economic, financial, political, social, or
macroeconomic crises.
Strategic planning and capital
allocation
Risks linked to hypothetical scenarios that do not capture emerging trends,
compromising the application of timely mitigation measures.
Governance
and Culture
Corporate culture and ethics
Risks related to the inadequate integration of the ethical principles of
diversity and equal opportunities defined by the Group within the Company’s
processes and activities .
Corporate Governance
Risk associated with ineffective corporate governance rules and/or lack of
integrity and transparency in decision-making processes.
Reputation
Risk of adversely affecting the public image of the Group and undermine
the relationship of trust with shareholders.
Stakeholder engagement
Risk that the main stakeholders do not commit to Enel’s strategic
positioning in terms of sustainability and financial objectives, with possible
negative effects on its reputation and competitiveness.
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Category
Risk
Definition
Digital
technology
IT Effectiveness
Risks attributable to the ineffective support for the Company’s processes
and operations of computer systems.
Cybersecurity
Risks arising from cyberattacks and theft of the Company’s and customers’
sensitive data due to the lack of networks, operating systems, and database
security.
Digitalization
Risk of inefficient business processes and higher operating costs due to
the lack of digitalization in terms of workflow coverage, systems integration,
and adoption of new technologies.
Service continuity
Risks linked to exposure of IT/OT systems to service interruptions and
data loss.
Financial
Adequacy of the capital structure and
access to financing
Risk that the ratio of debt to Group equity or the combination of long-term
and short-term debt is not adequate to support financial flexibility, permit
free access to sources of financing and achieve debt cost targets.
Interest rate
Risks attributable to adverse interest rate fluctuations affecting borrowing
costs or adjusting the fair value of sensitive financial assets and liabilities.
Commodity
Risks related to adverse trends in the commodity market, price volatility
movements or lack of demand for raw materials and natural resources.
Exchange rate
Risks associated with adverse changes in exchange rates affecting costs
and revenues denominated in foreign currencies, adjustment of fair value
of sensitive financial assets and liabilities and consolidation of subsidiaries
with different accounting currencies.
Credit and counterparty
Risks caused by non-compliance with contractual payments and delivery
obligations, credit impairment, significant exposures to a single counterpart
or to counterparts operating in the same sector or geographic area.
Liquidity
Potential impacts due to the inability to meet its short-term financial
commitments in a timely manner, except under unfavorable economic
conditions, or to liquidate assets in financial markets in the presence of
restrictions on asset divestment.
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Category
Risk
Definition
Operational
Asset Protection
Risks arising from ineffective protection of group assets (theft,
embezzlement, mismanagement) and financial assets (insurance, legal
guarantees).
Business interruption
Risk of partial or total interruption of the activity as a result of technical
failures, malfunctions, human errors, sabotage, unavailability of raw materials
or adverse weather phenomena.
Customer needs and satisfaction
Risk associated with failure or inadequate satisfaction of customer
expectations and needs in terms of quality, accessibility, sustainability,
and innovation.
Environment
Significant impacts on the quality of the environment and the ecosystems
involved as a result of non-compliance with environmental legislation.
Health & Safety
Potential impacts on the health and safety conditions of employees and
stakeholders as a result of non-compliance with health and safety laws.
Intellectual property
Risk related to infringement or fraud of the Group’s intellectual property.
People and Organization
Impacts attributable to organizational structures or internal staff
competencies due to ineffective recruitment, training, and incentive
processes.
Process efficiency
Risk linked to inadequate management and monitoring of operational
processes and activities.
Contracting, logistics and supply
chain
Possible effects caused by inadequate procurement or contract
management activities.
Service Quality management
Risk due to the inability of third parties/internal service providers to meet
agreed service levels.
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Category
Risk
Definition
Cumplimiento
Accounting compliance
Impacts of potential breaches of international and national accounting laws and
regulations due to the misapplication and/or interpretation of international accounting
standards adopted by the Group.
Antitrust and Consumer
Rights Compliance
Risk related to violations of antitrust laws and consumer rights regulations.
Corruption
Negative impacts as a result of fraud or corruption by individuals inside or outside
the Group in order to gain an unfair or illegal advantage.
Protection of personal
data
Risks arising from non-compliance with applicable legislation on data protection
and privacy.
External disclosure
Risk associated with the dissemination of erroneous, inaccurate, or incomplete reports,
accounts, communications, or other notifications.
Financial Compliance
Risk associated with violation of international or national financial laws and regulations.
Tax compliance
Risk related to violations of international or national tax laws and regulations.
Compliance with other
laws and regulations
Risk arising from non-compliance with other international, national, or local standards
not described above (e.g., with regards to electricity, distribution, generation,
contracting, authorizations, stock exchange and golden power markets, etc.).
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Strategic Risks
Strategic risks are all risks that can significantly affect reaching the Company’s strategic objectives in the short, medium and
long term. The Board of Directors have defined these objectives.
Legislative and regulatory developments
Enel Américas operates in Argentina, Brazil, Colombia,
Peru, Costa Rica, Guatemala, and Panama, where
markets are regulated. In this context, changes in the
operating rules in countries and their systems, as well as
the regulations and obligations that characterize them,
affect the Company’s operations and performance.
Consequently, Enel Américas closely follows:
• The periodic review processes of the regulations on
distribution and generation.
• The liberalization of the electricity markets processes,
and the expectations of evolution in the countries where
it operates.
• The evolution of capacity payment mechanisms in the
production area.
To manage the associated risks, the Company has
intensified its relationships, adopting a transparent,
collaborative, and proactive approach to addressing
and mitigating sources of instability in the legislative and
regulatory framework.
Macroeconomic and geopolitical trends
Enel Américas’ operation in Argentina, Brazil, Colombia,
Costa Rica, Guatemala, Peru, and Panama comples it
to consider and evaluate the so-called “Country Risk”,
composed of risks of a macroeconomic, financial,
institutional, social, climate nature and those associated
with the energy sector, whose appearance could have a
significant negative effect on both revenue flows and the
value of its corporate assets. With this in mind, the Enel
Group has adopted a quantitative assessment model of
Open Country Risk, capable of accurately monitoring the
degree of risk of the countries within its perimeter.
The Open Country Risk model goes beyond the more
conventional definition of country risk, focused on a
government’s ability to repay its issued debt, to offer a
broader view of the risk factors that can affect a country.
Specifically, the model is divided into four risk components:
economic, institutional, and political, social, and energy-
related factors. More specifically, the Open Country
Risk model, has the ambition to measure the economic
resilience of each country, defined as the balance of its
position vis-à-vis the outside world, the effectiveness of
domestic policies, the vulnerability of the banking system
and of companies that may presage systemic crises, their
attractiveness in terms of economic growth and, Finally,
a quantification of extreme weather events as a cause of
environmental and economic stress (economic factors).
Furthermore, the solidity of institutions and the political
context (institutional and political factors) is evaluated, the
analysis of social phenomena and human rights is deepened
to measure the level of well-being, inclusion, and social
progress (social factors), the effectiveness of the energy
system and its positioning in the energy transition process,
essential factors to assess the sustainability of investments
in the medium and long term (energy factors).
Additionally, the consideration of extreme weather events
within the Open Country Risk model permits to elaborate
an evaluation of the evolution of some climate hazards at
the country level to global scale in a consistent way. The
model also includes risks and opportunities analysis from
a forecasting perspective, quantifying the actions and the
• Legislative and regulatory developments.
• Macroeconomic and geopolitical trends.
• Strategic risks and opporunities associated with
climate change.
• Competitive environment.
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path followed by the different countries. For example, the
model integrates several factors related to the weight of
renewable sources in power generation, the electrification
process, and the degree of environmental sustainability of
the national energy system, which, all together, represent
crucial characteristics to evaluate the country’s growth
potential and attractiveness in the medium and long term.
To mitigate this risk, the model supports capital allocation
and investment evaluation processes. To further support the
investment evaluation process, the Enel Group has adopted
a methodology called Total Societal Impact, which, using
an integrated approach, clearly and robustly expresses
the direct, indirect, and induced impacts of investment
initiatives. Through the quantification of internationally
standardized metrics, Total Societal Impact covers a wide
range of economic, social, and environmental indicators
that are strategic to correctly evaluate the social and
environmental contribution of the projects.
In Latin America there are several economic and socio-
political risk factors that must be closely monitored. Central
banks have been among the most reactive in raising interest
rates in response to high levels of inflation, and could
continue to adopt these restrictive strategies, which would
pose a downside risk to economic recovery. Finally, there are
risks related to the high levels of public debt accumulated
by governments in the two years of pandemic crisis and the
political scenarios in Brazil, Colombia and Peru.
Strategic risks and opportunities related
to climate change
Process to identify and manage climate
change-related risks and actions to seize
opportunities
Climate change and the energy transition process may
affect the Company’s activities. A framework has been
adopted that represents the main relationships between
the variables of the scenario and the types of risks and
opportunities in order to identify the main types of risks
and opportunities in a structured and coherent manner
with the recommendations of TCFD as well as the impacts
on the business associated with them, indicating strategic
and operational management methods that also consider
mitigation and adaptation measures. Two major macro
categories of risks/opportunities were identified: those
derived from the evolution of physical variables and those
derived from the evolution of transition scenarios.
Physical risks are divided into acute (i.e., extreme events)
and chronic: the former ones are linked to the onset of
extreme weather and climate conditions, the latter, to
gradual but structural changes in weather conditions.
Extreme events expose the Company to a potential more
or less prolonged unavailability of assets and infrastructures,
restoration costs, inconveniences to customers, among
others. Chronic changes in weather conditions expose it to
other risks or opportunities: for example, structural changes
in temperature could lead to variations in electricity demand
and effects on production, while variations in rainfall or
windiness could have an impact on activity in terms of lower
or higher producibility.
In relation to the energy transition process towards a
more sustainable model characterized by the progressive
reduction of CO2 emissions, there are risks and opportunities
related to changes in the regulatory and normative
framework, trends in technological and competitive
development, electrification, and the consequent market
dynamics. In line with the climate and transition scenarios
used by the Enel Group to define risks and opportunities, it
follows that the main phenomena linked to the transition will
begin to be visible depending on the adoption of behavior
by customers, industrial strategies in all economic sectors
and regulatory policies. By 2030, the transition trends will be
visible depending on the changing context: the Enel Group
has chosen to guide and enable the transition, preparing
to seize all opportunities.
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Framework of key risks and opportunities
Scenario
phenomena
Time horizon
Category of risks and
opportunities
Description of the impact
Acute Physical
From a short period (1 to 3
years)
Extreme events
Risk:
Particularly extreme and intense weather
events.
Chronic Physical
From a long period (2030-
2050)
Market
Risk/opportunity:
Increased or decreased demand for
electricity; increase or decrease in
production.
Transition
From a short period (1 to 3
years)
Policy and regulation
Risk/opportunity:
CO2 pricing and emissions policies,
incentives for energy transition, greater
margin for investment in renewables and
resilience.
Transition
From an average period
(2025-2029)
Market
Risk/opportunity: Changes in the price
of commodity, raw materials and energy,
evolution of the energy package, changes
in retail consumption, modification of the
competitive structure.
Transition
From an average period
(2025-2029)
Product & Services
Opportunity: Greater margins and more
space to invest as a result of the transition,
in terms of electric transport and new
electrification technologies and efficiency
of final consumption.
Transition
From an average period
(2025-2029)
Technology
Opportunity: Greater margins and more
space to invest as a result of the transition,
in terms of electric transport and new
electrification technologies and efficiency
of final consumption.
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Impact
Model of
management
Extreme events can cause impacts in terms of
damage to property and lack of continuity of
operations.
The Company adopts the best practices to manage the return
to activity in the shortest possible time. Furthermore, it works to
implement investment plans for resilience. With regard to the
Risk Assessment activity in the insurance area, it manages a Loss
prevention program for Property risks, to value the main exposures
linked to natural events, together with prevention activities and
internal risk management policies. In the future, the potential
impacts of trends due to the most relevant climate variations that
will manifest themselves in the long term will be integrated into the
valuations.
Electricity demand is also affected by
temperature, fluctuating in which may affect our
business. Renewable energy generation can also
be affected by structural changes in resource
availability.
The geographical and technological diversification of the Enel
Group permits it to mitigate the impact of changes (positive and
negative) on a single variable at a general level. To guarantee that
operations always consider weather and climate events, a number
of practices such as weather forecasting, real-time monitoring of
plants and long-term climate scenarios are adopted to identify any
chronic changes in the availability of renewable sources.
The effects of energy transition and resilience
policies can influence the volume and return on
investments.
The Company is minimizing its exposure to risks through strategic
actions focused on investing in renewables, grids and customers
that permit us to mitigate potential threats and seize opportunities
related to the energy transition. These activities are carried out
within the framework of stakeholder dialogue platforms.
Considering two alternative transition scenarios,
the Company assesses the impacts of the
different trends with the increase in the weight of
renewable sources in the energy package and the
electrification of final consumption.
The Company maximizes opportunities thanks to a strategy aimed
at the energy transition, the electrification of consumption and the
great development of renewable energy production.
Considering two alternative transition
scenarios, Enel Américas assesses the impact
of the different trends in the electrification of
consumption.
Enel Américas maximizes opportunities thanks to a strong strategic
positioning on new businesses and services "beyond commodities".
Faced with the trend of penetration of
electrification and efficiency technologies,
considering two alternative transition scenarios,
the Company values the opportunities to scale in
current businesses.
Enel Américas maximizes opportunities thanks to a strong strategic
positioning on its networks.
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The above framework also highlights the relationships that
link physical and transition scenarios with the possible
effects on the Company’s activity. These effects can be
assessed in three temporal horizons: the short-medium
term horizon (1-3 years), in which sensitivity analyses can
be carried out based on the Strategic Plan presented
to the markets in 2022; the medium term horizon (until
2029), in which the effects of the energy transition can be
appreciated; the long term horizon (2030-2050), in which
chronic structural changes at climate level should begin to
manifest.
To facilitate the correct identification and management
of risks and opportunities related to climate change,
the Enel Group published in 2021 a policy that outlined
common guidelines to evaluate climate change risks and
opportunities. The Climate Change Risks and Opportunities
Policy defines a shared approach to integrating climate
change and energy transition issues into the Group’s
processes and activities, thus informing industrial and
strategic decisions aimed at improving business resilience
and long-term sustainable value creation, in line with the
adaptation and mitigation strategy.
Climate change resilience
Below we present the identified main sources of risks and
opportunities, the best operational practices to manage
weather and climate phenomena and qualitative and
quantitative impact assessments carried out. All these
activities are carried out through a continuum of analysis,
evaluation and management of the information processed.
As stated by the TCFD, the process of disclosing the risks
and opportunities related to climate change will be gradual
and incremental from year to year.
Resilience to energy transition and
climate change
The impacts of climate change, technological developments,
policy developments, and changes in macroeconomic
fundamentals make it increasingly important to define
resilient business strategies, i.e., those that can withstand
external shocks and thus absorb the causes of potential
crises and thrive when external conditions change, even
when they change rapidly. Therefore, considering energy
transition and climate change scenarios together is a
prerequisite for long-term planning. The set of transition
and climate scenarios helps guide strategic and industrial
decisions, considering, for example, the future effects
of temperature on electricity demand, the investments
needed to support increasing electrification and clean
energy production, evolving market contexts and consumer
habits. Given that the Enel Group’s Strategic Plan focuses
more than 94% of its investments on combating climate
change through the progressive increase in generation from
renewable sources and the development of infrastructures
and services to boost energy systems and customers
towards progressive electrification, while foreseeing a
significant reduction in the use of fossil fuels, by design,
the Group’s investments and activities define long-term
growth aligned with an energy transition consistent with
the Paris Agreement.
The application of long-term climate scenarios permits the
Company to build adaptation plans for its portfolio of assets
and activities. Climate scenarios are developed based on the
identification of the most relevant physical phenomena (such
as heat waves, extreme precipitations, fire risk and others),
to produce analyses that provide both high-level indications
(such as comparable risk indices) and high-resolution data
that permit to study physical hazards at the level of each
place. Asset vulnerability assessment identifies priority
actions to increase resilience.
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Chronic and acute physical phenomena
The main repercussions of chronic physical changes can be
reflected, among others, in the following variables:
Variables affected by chronic physical
changes
• Electricity demand: the variation of the average
temperature level can produce a potential increase or
decrease in electricity demand.
• Hydroelectric generation: variation in the average level of
precipitations and temperatures can lead to a potential
increase or decrease in hydroelectric generation.
• Solar generation: variation of the average level of solar
radiation, temperature and precipitation with a potential
increase or reduction of solar generation.
• Wind generation: variation of the average wind level with
a potential increase or decrease in wind generation.
.
Acute physical changes that create risks and
opportunities
As far as acute physical phenomena (extreme events)
are concerned, their intensity and frequency can cause
significant and unexpected physical damage to assets and
generate negative externalities associated with service
interruption. Within climate change scenarios, the acute
physical component plays a prominent role in defining the
risks to which the Company is exposed, both due to the
geographical diversification of its asset portfolio and the
primary importance of renewable resources in electricity
generation. Acute physical phenomena, in different cases,
such as windstorms, floods, heat waves, cold waves, among
others, are characterized by a considerable intensity and
frequency that, although not overly high in the short term,
clearly tends to increase in the medium and long term
climate scenarios.
The methodology is applicable to all extreme events that can
be analyzed, such as windstorms, heat waves, floods, and
others. In all these types of natural disasters, we can identify
three independent factors, which are briefly described
below: probability, vulnerability and exposure, these factors
are the fundamental elements of any assessment of the risk
associated with extreme events.
Scenario integration
High level (e.g., Open country Risk,
evolution of energy system)
Site specific (e.g., high resolution
climate data)
Priorization
Specification of Site adaptation priorities
at the local level and main adaptation risks
and actions at the country level
Vulnerability assessment
Analysis of vulnerabilities to quantify risk
at the asset level (existing and new
investment)
Adaptation plans
Development of long- term
aptation plans to increase
resilience
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Acute and chronic physical phenomena: Regarding the risks
and opportunities associated with the physical variables and
taking as a reference the scenarios of the Intergovernmental
Panel on Climate Change (IPCC), the evaluation of the trend
of the following variables and the associated operational and
industrial phenomena as risks and potential opportunities
was carried out.
Chronic physical changes as sources of risks and
opportunities: Based on climate scenarios developed in
collaboration with the International Centre for Theoretical
Physics (ICTP) in Trieste, Italy, it is uncertain whether
structural changes will occur before 2030, but changes
may begin to appear between 2030 and 2050. The main
impacts of chronic physical changes are expected to affect
the following variables:
Rain/
Snow
Wind
Solar
Radiation
Sea
Level
Air
Temperature
Temperature
of Rivers/
Ocean
Thermal
Solar
Wind
Hydroelectric
Storage
Geothermal
Infrastructure
and Networks
Currently being validated
Enel X
Impor ance
Hight Priority
Low Priority
Not Impor ant
Event
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Variables affected by
chronic physical changes
• Electricity demand: change in the level of average temperature will affect the increase and/or
potential decrease in electricity demand.
• Hydroelectric production: changes in the average level of precipitation and temperatures with a
potential increase and/or decrease in hydroelectric production.
• Solar energy production: change in the average level of solar irradiation, temperature, and rainfall
with a potential increase and/or decrease in solar production.
• Wind energy production: change in the average wind level with an increase and/or potential
decrease in wind energy production.
Economic, political, and social environment
The geographical diversity of the region makes it necessary
for the Company to consider the risks of each country, that
it to say, risks of a macroeconomic, financial, institutional,
social or climatic nature and those specifically associated
with the energy sector, whose existence could have a
significant adverse impact on both revenue streams and
the value of its corporate assets. These risks include:
Social Factors
In relation to the management of social risks, it is important to
highlight social conflicts whose intensity can jeopardize the
continuity of operations. To face these possible impacts, the
Company has put in place, at the territorial level, a strategy of
continuous dialogue and the presence of staff dedicated to the
relationship with communities and stakeholders. Furthermore,
it carries out social investment programs focused on local
development, and has Structured Grievance and Complaints
Management Systems, which are the tools used to mitigate
conflicts related to its operations. In case of contingencies,
it has put in place plans and processes to manage these
situations. Aware of the strategic role that electric power
represents for the region, these plans prioritize the continuity of
the delivery of energy generated to the system, the electricity
supply to its customers and the safety of people.
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Financial Risks
The financial risk governance system defines a system of
operational limits at Enel Group and country level for each risk,
which are regularly monitored by the risk management units.
The limits system is a decision-making tool to achieve its
objectives.
These refer to the probability of an event occurring that might
have negative financial consequences for the Company,
in relation to: (i) the risks of the financial market, whether
they arise from the variability and volatility of interest rates
and exchange rates; and (ii) to the risks arising from any
restrictions on the Company’s access to the financial market
or on meeting the obligations taken on or the flow needs
required in the course of its business, such as liquidity and
credit risks.
According to the risk catalog, they include the following:
Interest Rate Risk
Changes in interest rates modify the fair value of assets
and liabilities that accrue a fixed interest rate, as well as
future flows of assets and liabilities referenced to a variable
interest rate. The objective of interest rate risk management
is to achieve a balance in the structure of the debt, which
minimizes its cost with reduced volatility in the income
statement.
Depending on the Group’s estimates and the objectives of
the debt structure, hedging operations are carried out by
contracting derivatives that mitigate these risks. Risk control
through specific processes and indicators makes it possible
to limit possible adverse financial impacts and, at the same
time, optimize the debt structure with an appropriate degree
of flexibility.
Exchange Rate Risk
In order to mitigate exchange rate risk, Enel Américas’
exchange rate hedging policy aims to maintain a balance
between flows indexed to US$ or local currencies, if any,
and the levels of assets and liabilities in that currency. The
objective is to minimize the exposure of flows to the risk of
changes in the exchange rate.
The instruments currently used to comply with the policy
correspond to currency swaps and exchange rate forwards.
Likewise, the policy seeks to refinance debt in the Company’s
functional currency.
Commodity Financial Risk
This typology considers uncertainty in the face of future
market events, caused by the volatility of prices and
production volumes, availability, and demand of energy
commodities, such as gas, oil, coal, or the variability in
external factors that may affect the prices or volumes
of such commodities, such as hydrology, considering
local peculiarities and restrictions specific to the market
concerned.
Financial Credit and Counterpart Risk
This risk relates to economic loss due to the default of
payment of customers or default of any of the Company’s
suppliers
Liquidity Risk
The Group maintains a liquidity policy consisting of hiring
committed long-term credit facilities and temporary
financial investments, for amounts sufficient to support the
projected needs for a period that is based on the situation
and expectations of the debt and capital markets.
• Interest rate.
• Commodity.
• Exchange rate.
• Credit and counterpar.
• Liquidity
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Governance and Culture Risks
They refer to the risks of incurring judicial or administrative
sanctions, economic or financial losses and reputational
damage as a result of the inability to meet the expectations
of stakeholders, an ineffective exercise of supervisory
functions and/or the absence of integrity and transparency
in decision-making processes and/or the consequence of
unauthorized attitudes and conduct of employees and senior
management, in violation of the Company’s ethical values.
In relation to the management of governance risks, it is important to highlight:
• Violation of human rights, risks that are raised through
the due diligence process that is carried out annually
throughout Enel Américas’ value chain and, transversally,
to all functions. The due diligence process leads to
in action plans to address the areas of vulnerability or
impacts that are detected.
Digital Technology Risks
They are risks inherently vulnerable to cyberattacks, which can take many forms, from data theft and ransomware to invading
systems with potentially damaging consequences on a large scale to service interruptions. .
• Corporate Governance.
• Corporate culture and ethics.
• Engagement with stakeholders.
• Reputation.
• Cybersecurity.
• Digitalization.
• T effectiveness.
• Continuity of service.1
• They originate from unlawful conduct, including
corruption, lobbying, etc., by own staff members or
contractors, or from anti-competitive practices. Enel
Américas has implemented an Internal Control and Risk
Management System based on the rules and procedures
that allow them to be mitigated.
According to the risk catalog, they include the following:
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Cybersecurity Risks1
The speed of technological development always brings
about new challenges, involving a constant increase in
the frequency and intensity of cyberattacks, as well as the
tendency to affect critical infrastructures and strategic
industrial sectors, highlighting the potential risk that, in
extreme cases, normal business operations may suffer a
setback. Cyberattacks have evolved drastically in recent
years: the number has grown exponentially, as well as
their degree of complexity and impact (theft of corporate
and customer data), which makes it increasingly difficult
to identify the source in a timely manner. The Company
operates in numerous contexts (data, industry, and people), a
circumstance that must be added to the intrinsic complexity
and interconnection of resources that, furthermore, over the
years have been increasingly integrated into the Company’s
daily operating processes.
To mitigate these risks, Enel Américas, as part of the Enel
Group, has adopted a holistic governance model related
to cybersecurity, which applies to the IT (Information
Technology), OT (Operational Technology) and IoT (Internet of
Things) sectors. The framework is based on the commitment
of senior management, global strategic management,
and the participation of all business areas, as well as units
dedicated to the design and implementation of systems.
It also strives to use the best technologies available in the
market, design ad hoc business processes, also acting on
the human factor through initiatives aimed at strengthening
people’s awareness and knowledge about cybersecurity,
making them the first lever of corporate defense. The
framework also addresses regulatory requirements related
to cybersecurity, as well as the development of in-depth
tests (in IT, OT and IoT environments) aimed at identifying
and eliminating the identified vulnerabilities.
Furthermore, the Group has defined and adopted a risk
management methodology for IT security based on “risk-
based” and “cybersecurity by design” approaches, thus
making the analysis of corporate risks the fundamental step
of all strategic decisions, on the one hand, and integrating
security requirements throughout the life cycle of solutions
and services, on the other. This model is applied to all types
of computer systems (IT/OT/IoT), in which they identify,
prioritize, and quantify the cyber security risks associated
with the use of such systems. Its ultimate goal is to identify
and adopt the most appropriate security actions to minimize
and mitigate risks.
1. The risks of cybersecurity, digitalization, IT effectiveness and service continuity are considered emerging cross-cutting risks.
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Cybersecurity
Strategy
Treatment of
Cybersecurity Risks
Risk Assessment of
Cybersecurity
Awareness And
Training in
Cybersecurity
Cybersecurity
Assurance
Identity
Management And
Access Control
Reaction Before Cyber
Emergencies
Engineering, Design and
Implementation of
Cybersecurity
Focus of risk
cibersecurity
design
The Company has also created its own Cyber Emergency
Preparedness Team (CERT), to proactively respond and
manage any incident in computer security. Furthermore,
since 2019, the Group has taken out insurance on risks
related to cybersecurity to mitigate exposure not restricted
only to technical measures,
Digitization, IT efficiency and service
continuity
Enel Américas is carrying out a digital transformation of how
to manage its entire value chain, developing new business
models and digitizing its processes, integrating systems,
and adopting new technologies. One consequence of this
digital transformation is that Enel Américas’ operation
is increasingly exposed to risks related to the operation
of information technology (IT) systems implemented
throughout the Company, with impacts on operational
processes and activities, which could lead to the exposure
of IT and OT systems to service interruptions or data loss.
The monitoring of these risks is guaranteed by a series of
internal measures developed to drive digital transformation.
Specifically, an internal control system has been
implemented that, through the introduction of control points
along the entire IT Value Chain, permits to avoid risks related
to aspects such as the creation of services not adhering to
the needs of the business, failure to take adequate security
measures and service interruptions.
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Compliance risks
They are risks that represent the risks of non-compliance with a norm or a regulation. Therefore, compliance risk management
requires knowing and clearly defining the laws and regulations by which the Company is governed.
Personal Data1 Protection
In the era of market digitalization and globalization, Enel’s
commercial strategy has focused on accelerating the
transformation towards a business model based on digital
platforms, using an approach based on personal information
and data, focused on the customer along the entire value
chain.
Enel Américas serves more than 23.3 million customers. It
directly employs more than 15,000 people, in addition to a
significant number of contractors. The Group’s new business
model requires to manage an increasing and growing volume
of personal data to achieve the economic and business
results foreseen in the 2023-2025 Strategic Plan.
This exposes the Company to risks related to personal data
protection, which may lead to the loss of confidentiality,
integrity or availability of personal information of customers,
employees and others (such as suppliers and shareholders),
with the dangers of incurring fines proportionate to the
overall business turnover, disruption of certain processes
and consequent economic or financial losses and, finally,
to exposure to reputational damage.
To manage and mitigate these risks, Enel Américas has
adopted a model for data governance, with the appointment
of privacy officers at all levels, including the appointment of
a Data Protection Officer (DPO), who reports and works in
coordination with the office of DPO holding.
The European Union’s General Data Protection Regulation
(GDPR) imposes compliance obligations on the Enel
Group, by establishing a Data Protection Office, whose
main requirements include professional autonomy and
independence.
Furthermore, the protection of personal data and its
processing is regulated locally in the countries in which the
Enel Group operates. Therefore, in Chile there is the Law on
Private Life Protection (Law No. 19628); in Colombia, Law
1581 on Personal Data Protection; in Brazil, the General Law
on Personal Data Protection (Law 13709/2018); in Argentina,
Law 25,326 on Personal Data Protection and its Regulatory
Decree 1558/2001; in Peru, the Personal Data Protection
Law (Law No. 2973); in Costa Rica, Law No. 8968 on the
Protection of the Individual against the Processing of their
Personal Data; and in Panama, Law No. 81 on Personal Data
Protection.
Although in the countries where the Company operates
the GDPR is not applicable, Enel has chosen to raise the
standards of personal data protection in each of the
companies where the Group is present, to advance beyond
the local regulations.
The Personal Data Protection Governance Model
provides, among other things, for the implementation of
protection policies, including the assignment of functions,
responsibilities, and management in this area to the first and
second line of each company, while making all its workers
1. The risk of protection of personal data is considered an emerging cross-cutting risk
• Data protection.1
• Antitrust compliance.
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protagonists of the care and protection of the data to
which they have access in the exercise of their functions.
Similarly, it contemplates adopting digital compliance tools
to map applications and processes and manage risks with an
impact on the protection of personal data, as well as service
channels on the rights of holders, preparation and training
of employees and executives, increase of organizational
security measures for data protection, among the most
important activities.
Compliance with policies, security controls and data
protection apply to all Enel Américas’ employees and
stakeholders. Personal data protection is part of the Enel
Group’s Code of Ethics, which contains the conduct
expected of our employees, third parties, partners and
stakeholders, as well as formally including respect for privacy
and data protection in our Human Rights Policy, reaffirming
the protection of physical data or data of natural persons
as a fundamental right.
Risks related to antitrust regulation
They refer to breaches in terms of free competition in the
markets where the Group participates. Enel Américas has
implemented a Free Competition Compliance Program1 ,
which provides guidelines on the correct ways to prevent
conduct dangerous or harmful for free competition.
The program provides information and education to the
Company’s employees via the Free Competition Manual, so
that they can detect dangerous situations in a timely manner
and, this way, prevent them from taking place.
Operational risks
Operational risks are risks arising from inadequate internal
processes, system failures in the network and other events
with external causes that may affect the quality of the energy
supply and performance indicators in the main identified
aspects. They represent the risks of the operations, in which
the quality of the energy supply and the rate of loss are the
main aspects identified.
1. In this regard, the Company has implemented: A) Free Competition Manual. B) Guide of Risks and Behaviors. C) Consultations Channel in matters of free
competition. D) Procedure of Self-certification of each Management. E) Training Program on Free Competition for the company’s workers. F) Monitoring Program
on compliance with Self-certification. G) Procedure of conduct in case of Dawn Raids o Raids. H) Internal control with respect to the figure of “interlocking.”
• Health and safety.
• Environment.
• Hiring, logistics and supply chain.
• People and organization.
According to the risk catalog, they include the following:
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Health & Safety
The main health and safety risks staff members and
contractors are exposed to are associated with site
and asset operations. Violation of laws, regulations and
procedures governing health and safety, work environments,
management of corporate structures, assets and processes
that could have an adverse impact on the health of
employees, workers or stakeholders, may lead to the risk of
incurring administrative or judicial sanctions and economic,
financial and reputation related impacts. These risks have
been identified analyzing major developments in recent
years. In particular, in terms of probability of occurring,
mechanical incidents (falls, collisions, crushes and cuts)
are the most common, while the most serious in terms
of a potential associated impact are electrical incidents
(potentially fatal injuries). Furthermore, in relation to the
presence in different areas, employees and contractors
could be exposed to health risks related to potential
emerging infectious diseases of a pandemic and potentially
pandemic nature, which could have an impact on their health
and well-being.
The Enel Group has adopted a Declaration of Commitment
to Health and Safety, signed by the Group’s senior
management. To implement this policy, each business line
has its own occupational health and safety management
system, in accordance with the international standard BS
OHSAS18001, based on hazard identification, qualitative and
quantitative risk assessment, planning and implementation
of prevention and protection measures, verification of the
effectiveness of prevention and protection measures and
possible corrective measures. This system also considers the
rigor used in the selection and management of contractors
and suppliers and the promotion of their participation in
programs to continuously improve safety performance.
Environment
In recent years, the sensitivity of the entire community to
the risks related to development models that have an impact
on the quality of the environment and ecosystems with
the exploitation of scarce natural resources (including raw
materials and water) has continued to grow. In some cases,
the synergistic effects between these impacts, such as global
warming and the increasing exploitation and degradation of
water resources, have increased the risk of environmental
emergencies in the most sensitive areas of the planet, with
the risk of triggering competition between different uses
of water resources, such as industrial, agricultural, and civil.
Hiring, logistics and supply chain
The purchasing processes and the associated governance
documents make up a structured system of rules and
control points that permit to combine achieving the
economic objectives of the business with full compliance
with the fundamental principles established in the Code
of Ethics, the Enel Global Compliance Program, the Zero
Tolerance with Corruption Plan and the Human Rights Policy.
without renouncing the promotion of sustainable economic
development initiatives.
People and organization
Enel Américas has set out to lead the transition towards a
more sustainable system, an essential step for the future of
the planet, accelerating the decarbonization of our energy
mix through the expansion of renewables and the increasing
electrification of energy consumption. The profound
transformations of the energy sector have increased the
importance of hiring people with new experience and
professional skills, as well as imposing the need for major
cultural and organizational changes to achieve the Group’s
objectives. Organizations must adopt new agile and flexible
business models.
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4.
ENEL AMÉRICAS
GROUP’S BUSINESS
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Enel Américas
Group’s Business
Sector regulation and operation of the
electricity system.
The sector is a regulated industry in the
countries where the Company operates. The
Governments are responsible for proposing
and conducting public policies on energy,
enhancing coordination and facilitating a
comprehensive view of the sector.
Generation and transmission business
Renewable energy generation represents the
best option to sell energy to customers in the
future. Therefore, it is better positioned to
provide greater value not only as a project at
the individual level, but also throughout the
entire production chain, offering customers
the benefits of such an integrated position.
The electric power transmission business is
mainly carried out through an interconnection
line between Argentina and Brazil. This is done
through Enel Cien.
Distribution Business.
The Enel Americas Group participates in
the electricity distribution business through
subsidiaries in Argentina,Brazil, Colombia, and
Peru.
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Enel Américas Group’s Business
Macroeconomic Environment
Macro-context
Argentina
Brazil
Colombia
Cota Rica
Guatemala
Panama
Peru
100.3
8.9
10.2
8.8
5.5
4.4
6.4
50.9
10.2
5.6
3.3
3.1
2.6
6.4
Inflation Rates
Inflation 2022
%
Inflation 2021
%
After the marked economic recovery in 2021 as a result of
reducing the restrictions related to the Pandemic, 2022 has
seen lower growth figures due to a challenging comparison
basis , the effects of Russia’s war with Ukraine on energy
and commodity prices and the effects of higher inflation
around the world. At a regional level, Latin America’s social
crisis has led to an increase in social spending, which has
also contributed to the persistence of high inflation in the
region. Central banks have raised interest rates to curb this
inflationary pressure, which meant an increase in the cost of
financing and financial expenses. Macroeconomic conditions
are expected to improve throughout 2023 and are expected
to return to normal by 2024.
Below we present the main economic indicators of the countries where the Company maintained operations in 2022:
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Argentina
Brazil
Colombia
Cota Rica
Guatemala
Panama
Peru
4.4
2.8
8.1
4.3
3.4
6,2
3.4
10.3
4.6
10.7
7.8
8.0
15.3
13.6
Gross Domestic Product Growth
Gross Domestic Product Growth 2022
%
Gross Domestic Product Growth 2021
%
Argentina
Brazil
Colombia
Cota Rica
Guatemala
Panama
Peru
75.0
13.8
11.0
9.0
3.8
0.0
7.3
38.0
9.3
3.0
1.3
1.8
0.0
2.5
Reference interest rate
Reference interest rate 2022
%
Reference interest rate 2021
%
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Industrial Sector
In 2022, the electricity market in Latin America faced
electricity demand increase as a result of the growing
liberalization of restrictions as a result of the Pandemic and
the upsurge of electrification rates in Latin America.
In general, hydrological conditions improved in Latin
America. However, their influence was uneven in the different
countries where we operate. In Brazil, spot prices tended
to fall, remaining at regulatory minimums for most of 2022,
while in Colombia and Peru a rise in spot prices, as a result
of the increase in electricity demand in these countries
exceeded the launch of generation plants from renewable
sources, making it necessary to use thermal sources whose
production cost is higher.
The Company continued to build new non-conventional
renewable energy projects, mainly wind and photovoltaic
farms, aimed at achieving a just energy transition, with lower
costs of electricity production and tending to eliminate
dependence on hydrological conditions and the price
of commodities in the case of the need to use thermal
generation plants.
In tariff terms, the end of the pandemic permitted normal
charging conditions to resume in relation to electricity
services. However, the poor performance of Latin American
economies reflected in an increase in inflation and low
growth, led to downward pressure on electricity rates
charged to regulated customers.
Regulatory Framework
The electricity sector, due to its nature as a basic service
to be provided to society, is highly regulated by each of the
states in which Enel Américas operates. However, there are
particular characteristics related to laws and authorities,
and certain specific limit definitions that define a free or
regulated customer that are detailed in Note 4 Sectoral
Regulation and Operation of the Electricity System, of the
consolidated financial statements of Enel Américas S.A. and
Subsidiaries included in this integrated report, the general
characteristics that regulate the Electricity sector in each
of the countries in which we operate are as follows:
The electricity industry can be essentially divided into three
activities: Generation, Transmission and Distribution. The
electrical installations associated with them must operate
in an interconnected and coordinated manner whose main
objective is to supply electricity to the market at minimum
cost and within the standards of quality and safety of service
required by electrical regulations
Generation Segment
Generators supply electricity to end customers through
transmission lines and substations that belong to
transmission and distribution companies.
The generation segment operates competitively and
does not require a concession granted by the authorities.
Generators can sell their power to unregulated customers
and other generators at freely negotiated prices through
contracts.
They can also sell to distribution companies to supply
regulated customers through contracts governed by tenders
defined by the authorities.
The operations of electricity generating companies are
coordinated by state agencies that define, pursuant to
efficiency criteria, the lowest available cost producer that
meets the demand. Any surplus or deficit between its sales
to customers and its production is sold or bought from other
generators at the spot market price.
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Argentina
Brazil
Colombia
Peru
Panamaa
Costa Rica
Guatemala
Generation
Transmission
Distribution
Renewable
Thermal
Transmission Segment
Transmission companies operate lines and substations
that transport energy from generator production points to
consumption or distribution centers, charging a regulated
toll for the use of their facilities. The transmission segment
is a natural monopoly subject to special industry regulations,
including antitrust legislation. Tariffs are regulated and
access must be open and guaranteed under non-
discriminatory conditions.
Distribution Segment
The distribution segment corresponds to electrical
installations that supply electricity to final customers. The
distribution segment is a natural monopoly also subject to
special industrial regulations, including antitrust legislation.
Distribution companies operate under a public service
concession regime and must provide service to all customers
and supply electricity to customers subject to feed-in tariffs.
Customers with free tariff can negotiate their supply with any
supplier and must pay a regulated toll to use the distribution
network.
The possibility of becoming a free customer will depend
on the volume of sales made to customers and this limit
varies according to the regulations established in each of
the countries where the Company operates.
Enel Américas’ consolidated operations
Enel Américas’ operating perimeter
Enel Américas develops its business through its subsidiaries
in the areas of electricity generation, transmission, and
distribution and it is present in Argentina, Brazil, Colombia,
Costa Rica, Guatemala, Panama, and Peru.
The Company is one of the largest private electricity
companies in Latin America, with an installed capacity of
16,116 MW as of December 31, 2022, supplying energy to
more than 23.3 million customers.
In 2022, the Company sold Enel Generadora Fortaleza
(Generation Segment) in August, and Enel Distribución Goiás
(Distribution Segment) in December. Also in 2022, the EGP
Américas companies were considered part of the Company’s
perimeter for the full year, while in 2021, only 9 months were
considered from the date of their incorporation into the
consolidation perimeter.
The following diagram presents a summary of the main
operations for each of the Company’s business areas of the
electricity sector, as well as the countries where it develops
them as of December 31, 2022:
The activities carried out by Enel Américas were grouped considering the aggregation of operating segments with similar
economic indicators that are common to all the countries in which the Company operates.
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Concepts
Generation and Transmission Segment
Distribution Segment
Other
Total
2022
2021 Variation
2022
2021 Variation
2022
2021 Variation
2022
2021 Variation
In millions of US$ dollars
% In millions of US$ dollars
% In millions of US$ dollars
% In millions of US$ dollars
%
Operating
income
3,848
4,851
(20.7%)
12,512
12,157
2.9%
(631)
(816)
(22.7%)
15,729
16,192
(2.9%)
Operating
costs
(1,325)
(2,550)
(48.0%)
(8,445)
(8,719)
(3.1%)
666
818
(18.6%)
(9,104)
(10,451)
(12.9%)
Staff costs
(142)
(129)
10.1%
(369)
(367)
0.5%
(46)
(24)
91.7%
(557)
(519)
7.3%
Other
expenses by
nature
(266)
(207)
28.5%
(897)
(843)
6.4%
(81)
(69)
17.4%
(1,244)
(1,119)
11.2%
Total EBITDA
2,115
1,965
7.6%
2,801
2,228
25.7%
(92)
(91)
1.1%
4,825
4,102
17.6%
EBITDA generation consolidated operation of Enel Américas Group
EBITDA for the period ended December 31, 2022, was US$ 4,825 million, representing a US$ 723 million increase, equivalent
to a 17.6% growth compared to EBITDA of US$ 4,102 million in the same period of the previous year:
The contribution to the higher EBITDA of the generation
segment was US$ 150 million, mainly from Brazil with
US$136 million, and the generation segment in Peru with
US$67 million.
Meanwhile, the Distribution segment generated a higher
EBITDA of US$ 573 million, with an improved performance
in the four countries where we operate, as a result of better
sales rates, mainly in Brazil contributing US$ 328 million of
the increase, Colombia with a US$ 87 million contribution
and Peru with a US$ 50 million contribution. Argentina
recorded a US$ 108 million positive performance.
Generation and transmission
The electric power generation and transmission segment
is made up of a group of electricity companies that own
generation plants and whose energy is transmitted and
distributed to end consumers.
The electric power transmission business is mainly carried
out through an interconnection line between Argentina and
Brazil. This is the task of Enel Cien, a subsidiary of Enel Brasil,
with a transmission capacity of 2,200MW.
The electricity transmission activity is highly regulated,
so the participation in the interconnection between
Argentina and Brazil, through Enel Cien, is a strategic
activity within the Company’s businesses, representing
0.4% of the Group’s consolidated total.
Installed capacity
Enel Américas has operating subsidiaries in Argentina, Brazil,
Colombia, Peru, Costa Rica, Guatemala, and Panama in the
generation business. The overall net installed capacity is
16,116 MW as of December 31, 2022, of which 11,468 MW
correspond to renewable sources and 4,648 MW to thermal
sources. The segmentation of the business between the
generation of renewable sources – such as hydroelectric,
wind and solar – and that of non-renewable sources – such
as thermal – is natural in the electricity industry, since the
variable costs of generation are different for each form of
production and is also due to the Company’s commitment
to achieve energy transition oriented towards its constant
contribution combating climate change. The generation
of non-renewable sources requires the purchase of fossil
fuels, while that of renewable sources depends on natural
resources such as water from reservoirs and rivers, wind,
and solar energy. Therefore, the commercial policy that
the generator defines is relevant to correctly manage the
business.
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2022
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Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Argentina
Brazil
Colombia
Peru
Central America
Geographic area
Technology Type
1,328 MW
1,272 MW
3,097 MW
792 MW
545 MW
7,034 MW
1,328 MW
5,071 MW
3,305 MW
1,104 MW
660 MW
11,468 MW
3,091 MW
-
406 MW
1,150 MW
-
4,648 MW
4,419 MW
5,071 MW
3,711 MW
2,255 MW
660 MW
16,116 MW
-
2,565 MW
-
132 MW
-
2,697 MW
-
1,234 MW
208 MW
179 MW
115 MW
1,737 MW
Hydraulics
Wind
Solar
Total Renewable No Renewable
Total
Total
Hydro Wind & Solar CCGT Petrol Gas Coal
44%
28%
15%
12%
1%
Installed Capacity
2022
16.1 GW
11.5 GW
71
Renewable
The following graph shows the installed capacity by technology and by country as of December 31, 2022:
Compared to the previous year, the installed capacity of
thermal origin was reduced by 319 MW as a result of the sale
of the Fortaleza Generating Power Plant, which was offset by
adding 415 MW of installed wind capacity in Brazil, 130 MW
of installed solar capacity in Colombia and Panama. Due to
the change in Enel Américas’ generation source mix , the
Company reached an installed capacity of 71%.
This new composition consolidates Enel Américas as
the largest private renewable energy generator in Latin
America, in keeping with the purpose of leading the
region’s energy transition. This, in turn, is aligned with
one of the pillars of the Company’s business strategy.
91% of the non-renewable installed capacity is located in
Argentina and Peru, as a result of the group’s strategic plan
announced at the end of 2022, which establishes proposes
to concentrate in countries where the electricity business
is more integrated and where there are greater growth
possibilities in renewable energy sources. With this in mind,
the Company decided to sell the operations of Argentina and
Peru, accelerating an energy mix that will approach 100%
renewable energy by the end of 2023.
This new composition of the energy mix permits to diversify
the risk associated with adverse hydrological conditions
and the price of commodities that may affect generating
companies whose operations are based on the availability
of these resources. The latter could lead to purchases of
electricity at higher prices to meet the commitments made
to customers.
154
Integrated Annual Report Enel Américas 2022
The following table shows Enel Américas’ generation plants by country, company, net installed capacity and technology:
Country/Company
Name of the Plant
Argentina
Costanera
Steam Turbine Costanera
Combined Cycle II Costanera
Combined Cycle I Buenos Aires
Total Costanera
El Chocón
Chocón
Arroyito
Chocón TG
Total El Chocón
Dock Sud
Dock Sud CC
Dock Sud TG
Total Dock Sud
Total installed capacity in Argentina
Brazil
Cachoeira Dourada
Cachoeira Dourada
EGP Volta Grande
Volta Grande
Fortaleza
Fortaleza
Enel Brasil
Several
Several
Several
Total Enel Brazil
Total installed capacity in Brazil
Colombia
Enel Colombia
Guavio
Betania
Quimbo
La Guaca
Paraíso
Termozipa
Cartagena
Darío Valencia
Centrales menores
El Paso
La Loma
Salto II
Total installed capacity in Colombia
Enel Américas Group’s Business 155
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2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Net installed capacity in MW
Type of Plant
2022
2021
Steam turbine / natural gas + oil
1,062
1,062
Combined cycle / natural gas + diesel
851
851
Combined cycle / natural gas
297
297
2,210
2,210
Reservoir
1,200
1,200
Run-of-the-river
128
128
Diesel engines (diesel + petroleum)
34
34
1,362
1,362
Combined cycle/natural gas + diesel
775
775
Gas turbine / natural gas + diesel
72
72
847
847
4,419
4,419
Run-of-the-river
658
658
Run-of-the-river
380
380
Combined cycle/gas
-
319
Run-of-the-river and reservoir
234
235
Solar
1,234
1,233
Wind
2,565
2,156
4,033
3,624
5,071
4,981
Reservoir
1,260
1,260
Reservoir
540
540
Reservoir
400
400
Run-of-the-river
324
324
Reservoir
276
276
Steam / coal turbine
226
226
Steam / natural gas turbine
180
180
Run-of-the-river
150
150
Run-of-the-river
112
112
Solar
86
86
Solar
122
-
Rio de pasada
35
35
3,711
3,589
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Integrated Annual Report Enel Américas 2022
Peru
Enel Generación Perú
Ventanilla
Santa Rosa
Huinco
Matucana
Callahuanca
Moyopampa
Huampani
Her1
Total Enel Generación Peru
Chinango
Chimay
Yanango
Total Chinango
Enel Generación Piura
Malacas
Total Enel Generación Piura
EGP Perú
Rubí
Waira I
Total EGP Peru
Total installed capacity in Peru
Central America
EGP Costa Rica
Chucas
Don Pedro
Río Volcan
Total EGP Costa Rica
EGP Guatemala
Palo Viejo
Occidente
Matanzas/San Isidro
Montecristo
Total EGP Guatemala
EGP Panamá
Enel Fortuna
Progreso Solar
Jaguito Solar
PV Chiriqui
Llano Sanchez Solar Power Tres
Llano Sanchez Solar Power Uno
Llano Sanchez Solar Power Cuatro
Genradora Estrella Solar
Sol Real Itsmo
Generadora Solar Caldera
Madre Vieja
Total EGP Panama
Total Installed Capacity Central America
Total Installed Capacity
Enel Américas Group’s Business 157
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2022
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Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Net installed capacity in MW
Combined cycle / natural gas
463
459
Gas / diesel turbine
368
397
Reservoir
276
276
Run-of-the-river
133
133
Run-of-the-river
84
84
Run-of-the-river
69
69
Run-of-the-river
31
31
Run-of-the-river
1
1
1,425
1,450
Reservoir
157
157
Run-of-the-river
42
42
199
199
Gas/natural gas + Diesel turbine
319
333
319
333
Solar
180
180
Wind
132
132
312
312
2,255
2,294
Reservoir
50
50
Run-of-the-river
14
14
Run-of-the-river
17
17
81
81
Run-of-the-river
87
87
Run-of-the-river
47
47
Run-of-the-river
16
16
Run-of-the-river
13
13
164
163
Reservoir
300
300
Solar
26
26
Solar
13
13
Solar
12
12
Solar
11
11
Solar
10
10
Solar
8
8
Solar
8
8
Solar
8
8
Solar
6
5
Solar
14
-
415
401
660
646
16,116
15,929
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Integrated Annual Report Enel Américas 2022
Generation and sale of electricity
As of December 31, 2022, electricity generation and
sales totaled 53,380 GWh and 88,007 GWh, respectively,
representing 9.5% and 22.1%, growth, respectively.
The increase in power generation is mainly due to the
consideration of the full year of the EGP Américas Companies,
compared to the nine months considered in the previous
year. Additionally, we must consider the effect of the growth
of generating units from renewable sources, mainly in Brazil,
providing greater energy generation. This was partially offset
by unavailability and lack of eligibility that led to lower energy
production in Argentina’s thermal power plants.
In terms of sales additional to the factors already mentioned,
we must mention the increase in Enel Trading’s energy
brokerage operations in Brazil. The breakdown of these
indicators is as follows:
Generation
Sales
2022
2021
Variation
2022
2021
Variation
Countries
GWh
GWh
%
GWh
GWh
%
Argentina
11,121
13,099
(15.1%)
11.123
13,101
(15.1%)
Brazil
16,608
10,987
51.2%
43.324
27,589
57.0%
Colombia
13,663
13,209
3.4%
18.752
17,686
6.0%
Peru
9,615
9,338
3.0%
11.827
11,434
3.4%
Central America
2,374
2,106
12.7%
2.981
2,279
30.8%
Total
53,380
48,739
9.5%
88.007
72,088
22.1%
EBITDA in the Generation and Transmission segment of the Enel Américas Group
The EBITDA from the Generation segment reached US$ 2.115 million, representing a US$150 million increase, equivalent
to a 7.6% growth compared to the EBITDA of US$1.965 million in the same period of the previous year, whose distribution
by geographical area is as follows:
Generation and Transmission Segment
EBITDA by country
2022
2021
Variation
In millions of US$ dollars
%
Argentina
104
135
(31)
(23.2%)
Brazil
698
562
136
24.2%
Colombia
745
787
(42)
(5.3%)
Peru
393
323
70
21.7%
Central America
176
158
18
11.4%
Totales
2,115
1,965
150
7.6%
The contribution to the higher EBITDA of the generation segment was US$ 150 million, mainly from Brazil with US$ 136 million
due to higher energy sales of the EGP companies, and higher EBITDA contributed by the generation segment in Peru with
US$ 67 million, as a result of a greater volume of thermal energy sales arising from water shortages in that country, partially
offset by a lower performance of Argentina’s generation segment with US$ 136 million given the lag in tariff adjustments in
relation to inflationary processes in that country.
Enel Américas Group’s Business 159
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Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Distribution
Physical sales and customers
The Enel Américas Group participates in the electricity
distribution business through subsidiaries in Argentina,
Brazil, Colombia, and Peru. As of December 31, 2022, the
Company sold 122,615 GWh, with a 1.2% growth compared to
2021, as a result of a recovery in demand in all the countries
where it operates after overcoming the most critical part of
the Covid-19 pandemic, partially offset by lower electricity
consumption by air conditioning systems in Brazil as a result
of a lower average temperature in 2022 compared to 2021.
During the period it delivered energy to more than 23.3 million
customers, according to the following detail:
Distribution
Customers
2022
2021
Variation
2022
2021
Variation
Countries
GWh
GWh
%
Thousands
Thousands
%
Argentina
17,495
16,735
4.5%
2,601
2,549
2.0%
Brazil (*)
81,737
81,755
-
15,382
18,431
(16.5%)
Colombia
15,075
14,598
3.3%
3,795
3,709
2.3%
Peru
8,308
8,130
2.2%
1,534
1,491
2.8%
Total
122,615
121,617
1.2%
23,311
26,180
(11.0%)
(*) The loss of customers in Brazil is due to the deduction of Enel Distribución Goiás customers in 2022 equivalent to 3,353
thousand customers, as a result of the sale of said subsidiary in December 2022.
Quality of service indicators
An important part of the investments is focused on the
distribution business, with the aim of developing another
pillar of the Company’s business strategy. It considers
moving towards an increasingly resilient, intelligent, and
digitized distribution network, which always maintains the
customer at the center.
Meeting this objective permits us to comply with the service
regulations established in each of the countries where the
Company operates and, additionally, serves as a vehicle to
develop the necessary increase in regional electrification.
The distribution business is highly regulated and operates on the
basis of land concessions granted by the various governments
to distribution companies. Among other functions, government
entities regulate electricity sales rates and compliance with
quality standards in the provision of services. The main
indicators related to these issues are shown below:
SITE
SAIFI
Energy Loss
Concession Area
Km2
Next Tariff
Revision
2022
2021
Variación
2022
2021
Variación
2022
2021
Variación
Countries
(hours)
(hours)
%
(frequency)
(frequency)
%
%
%
p.p.
2022
2021
Tarifaria
Argentina
14.9
13.3
12.0%
5.3
4.9
8.2%
17.1%
18.0%
(0.9)
3,304
3,304
-
Brazil (*)
7.8
8,4
(7.1%)
3.8
4.0
(5.0%)
13.5%
13.4%
0.1
186,167
523,038
2023
Colombia
5.3
6.7
(20.9%)
3.9
5.2
(25.0%)
7.5%
7.5%
-
26,093
26,093
2025
Peru
7.1
6.9
2.9%
2.0
2.3
(13.0%)
8.2%
8.5%
(0.3)
1,602
1,602
-
Total
8.1
8.6
(5.8%)
3.9
4.2
(7.1%)
12.8%
12.9%
(0.1)
217,166
554,037
(*) Does not include Enel Distribución Goiás
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Integrated Annual Report Enel Américas 2022
Enel Américas Group’s EBITDA in the Distribution segment
The EBITDA of the Distribution segment reached US$ 2,801 million, representing a US$ 573 million increase, equivalent to a
25.7%, growth compared to the EBITDA of US$ 2,228 million in the same period of the previous year, whose distribution by
geographical area is as follows:
EBITDA by country
Distribution Segment
2022
2021
Variation
In millions of US$ dollars
%
Argentina
131
23
108
477.5%
Brazil
1,761
1,432
329
23.0%
Colombia
641
555
87
15.7%
Peru
269
219
50
22.8%
Totales
2,801
2,228
573
25.7%
Enel-X
Considering the context of climate change and the
urgent need for the world to achieve net zero CO2
emissions, the Enel Group decided to create and develop
a worldwide subsidiary known as Enel X. The aim of Enel
X is to become a driving agent of change, able to offer
new advanced energy products and services, to satisfy
especially those customers with a growing awareness
regarding sustainability and the efficient use of energy.
Enel X was launched as part of Enel’s new strategy called
“Open Power”, seeking to open energy to new uses,
technologies, partnerships, and services, to reach and
impact more people through four business lines: e-City,
e-Home, e-Industries and e-Mobility.
e-City
It seeks to transform the city to facilitate people’s access
to increasingly useful services, developing technological
solutions related to lighting, security systems and energy
efficiency, through commercial links with various public
entities.
e-Home
It seeks to transform homes to make them safer and
more efficient, centered on the specific needs of each
family. This is achieved through innovative and efficient
solutions such as air conditioning services, water heating,
LED lighting, among others. Likewise, the objective is to
differentiate the Company in the B2C market because of
its high standards in installation and maintenance service.
e-Industries
It seeks to transform companies through comprehensive
projects which include specialized advice, implementation,
and monitoring of each service within the B2B area. It
focuses on technologies related to energy efficiency,
distributed generation, electrical projects, and demand
management, among others.
At the same time, it seeks to provide a differentiating value
to each company.
e-Mobility and Enel X Way
It seeks to transform the means of transport offering
products and services that promote the development of
electric mobility, complementing these services through
private, urban charging infrastructure and new technologies.
It also promotes electric public transport by offering
comprehensive solutions for operating companies.
To further accelerate the electrification of transport, the Enel
SpA Group has globally launched the new Enel X Way, with
the aim of giving even more strength to the development
of electric mobility, a key business for the energy transition.
The Distribution segment generated a higher EBITDA of US$ 573 million, with an improved performance in the four countries
where we operate, as a result of better sales rates, mainly in Brazil contributing US$ 328 million to the increase, Colombia with
a US$ 87 million contribution and Peru with a US$ 50 million contribution. Argentina registered a positive performance totaling
US$ 108 million. However, this result is influenced by US$ 220 million of an extraordinary positive recognition arising from
the agreement signed between Edesur, the National Secretariat of Energy and the ENRE which established the cancellation
of debt with CAMMESA.
Enel Américas Group’s Business 161
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Management
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Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Enel Américas, in line with the Enel Group’s strategic pillars,
promoted the acceleration of the electrification of cities
within all its business lines: electrification of transport,
both for the public and private sectors, industries and
homes, the implementation of new Full Electric projects,
and significant progress in the replacement of wood stoves
with inverter air conditioning equipment for homes. Similarly,
it has implemented energy efficiency projects to support
customers and ease the carbon footprint in their operations,
venturing into other industrial sectors and implementing
new business models. At the same time, it works towards
incorporating circular economy in its portfolio of solutions,
products, and services, to promote the Company’s growth
and sustainable development
Therefore, Enel X is a cross-cutting initiative aimed at
increasing the use of sustainable electrical solutions for
homes, industries, cities, and mobility, thereby accelerating
electrification. This leads to an increase in the demand
for electricity and, therefore, in electricity generation and
distribution services
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Integrated Annual Report Enel Américas 2022
Generation and transmission segment by country
Argentina
Argentina
Costanera
2,210
Docksud
847
Motogeneradores
34
Total
3,091
El Chocón
1,200
Arroyito
128
Total
1,328
Net Installed Capacity
MW
Net Installed Capacity
MW
Buenos Aires
Hydraulic
Thermal
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2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Installed capacity and market share in Argentina
Enel Américas S.A. participates in the generation business through Enel Argentina S.A. and is one of the leaders in terms of
installed capacity with 4,419 MW representing 10.30% of the installed capacity nationwide. Below we present a table with
the main generators of the Argentine electricity system:
Participation by Installed Capacity as of 12.31.2022
Business Groups
MW installed
capacity
Market share %
National Government
5,426
12.6%
Pampa Energy
4,950
11.5%
Sadesa
4,583
10.7%
Enel Group
4,419
10.3%
AES
4,307
10.0%
Foninvemem
2,585
6.0%
Provincial Governments
2,940
6.8%
Other
13,699
32.1%
Total
42,909
100.0%
The most relevant business groups participating in the generation activity in the argentine electricity market include AES,
SADESA and Pampa Energía (acquired from Petrobras Argentina in 2016). Other companies are YPF Energía and Pluspetrol
Energía, acquired by YPF.
The 11,123 GWh generated by the Enel Group companies in Argentina represent 8.04% of the total electricity generated in
the country in 2022.
Remuneration of generating units
• On April 21, Resolution SE 238/22 was published in the
Official Gazette. The Resolution updated the remuneration
from generation established in Resolution SE 440/2021
with a 30% adjustment retroactive to the month of
February and 10% in the month of June.
• At the same time, it instructed CAMMESA to eliminate
the Use Factor (FU) that affected the power remuneration
and annulled the additional and transitory remuneration
established in Article 4 of Resolution No. 1,037 from
October 31, 2021, as of the economic transaction of
February 2022.
• The remuneration values updated with a 30% adjustment
retroactive to February 2022 and 10% in June 2022.
• The Ministry of Energy approved 2 increases for
generators in 2023 via Resolution SE No. 826/2022, adding
a total of 60%, along the lines of the inflation forecast in
the 2023 Budget.
• Increases in remuneration for 2023:
• February 2023 = 25%
• August 2023 = 28%
• At the same time, retroactive 20% increase for September
and 10% increase for December were approved for 2022.
• A change in the current Remuneration for Availability in
High Demand Hours for electricity produced from thermal
sources was swapped for a criterion of Remuneration for
Generation at Peak Hours.
• The price of the remuneration of the thermal units is no
longer affected by the breach of the DIGO.
• It indicates that CAMMESA must conduct availability
controls to verify the effective operability of the machines
Hydrological condition and evolution of
raw materials
The months that register the highest rainfall in Argentina are
usually from May to August. The warmest months, therefore,
of the most abundant thaw in the mountains, usually extend
from October to December, providing flows to the Collón
Cura and Limay rivers, which feed the El Chocón reservoir
and its hydroelectric plant, located in the southwest of the
country, in the Comahue region. Therefore, depending on
weather conditions, the availability of water resources has
the potential to peak during two seasons of the year, both
in winter and summer. However, Argentina is a controlled
market, with a defined tariff or remuneration regime, in
which neither energy nor commodities are traded. The
remuneration received by generation companies is defined
in the remuneration regime, which includes remuneration
that covers fixed and variable costs, plus additional
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Integrated Annual Report Enel Américas 2022
remuneration that covers operation and maintenance costs.
Market prices are not related to hydrological conditions or
commodity prices.
2022 Management
Generation and sale of electricity:
In 2022, Cammesa carried out the dispatch of the Argentine
Interconnection System (SADI) according to the resolutions
established by the Ministry of Energy. It is in this context
that the dispatch was maintained prioritizing natural gas,
considering the performance of the units and the use of
liquids (gas oil and fuel oil) depending on the restrictions
imposed on plants during the time of greatest domestic
demand.
As a result of these operations, the generation of the
Costanera Conventional Units reached 323 GWh net and
the generation of the Combined Cycles reached 5,367 GWh
net. In 2021, the generation of the plant was 5,695 GWh.
On December 30, 2019, Resolution 2019-12-APN-MDP
published in the Official Gazette repealed Resolution
2018-70-APN-SGE centralizing again the commercial
management and dispatch of fuels from the Wholesale
Electricity Market (MEM) plants in the dispatch agency. This
situation remained the same throughout 2022.
The hydrological year that began on April 1 was a dry year
according to the accumulated spillovers in the Limay and
Collón Cura rivers. The next generation recorded by Enel
Generación El Chocón during the year was 1,567 GWh. This
production consisted of 1,194 GWh from Chocón (76%),
359 GWh from Arroyito (23%) and 14 GWh from the moto
generators (1%).
The Company started 2022 with a reservoir height of 370.72
meters above sea level (m.a.s.l.) The available reservoir
reserve in El Chocón was 1,316 GWh and in Comahue
3,582 GWh. Both values were measured in relation to the
minimum level condition of the Extraordinary Operation
Strip (FOE in Spanish acronym).
At the end of 2022, the height of the reservoir reached 375.6
m.a.s.l. The energy reserve in the Comahue reservoirs was
5,420 GWh, of which 2,308 GWh correspond to the El
Chocón reserves.
Due to the critical hydrological condition experienced
in 2021, which affected the reservoir level, the energy
production in 2022 compared to 2021 decreased by 22.7%
for the recovery of reservoir levels.
The generation of Central Dock Sud as of December 31,
2022 was 3,886 GWh, below the previous year (5,378 GWh)
since, from October 8 until the end of 2022, the combined
cycle was under major maintenance with a High Efficiency
(HE) upgrade. The maintenance included upgrading the
components of the gas, steam, and auxiliary turbines to
increase capacity and efficiency, improve performance and
competitiveness in the market. The Company expects to
increase installed capacity by 87 MW and improve efficiency
by 1.6%.
Additionally, the Company expects to reduce CO2 and
NOx emissions by 3% and 29%, respectively, as well as
reduce total water consumption by 35%. Generation is also
expected to increase by 1 TWh per year from its current
values.
Request for disengagement of units:
On February 25, 2022, Costanera informed CAMMESA of the
decision of the Company’s Board of Directors to disengage
the generation units COSTTV03, COSTTV04 and COSTTV06
from the WHOLESALE ELECTRICITY MARKET (MEM), valid
from the beginning of the 2022-2023 summer period
(November 1, 2022). These units, to continue operating
normally, require investments that are not possible to make
under the current remuneration system. This decision is
also in keeping with the necessary energy transition and
GHG reduction. CAMMESA must inform the Ministry of
Energy about the request for disengagement confirming
that there are no reasons to oppose it. Subsequently, the
request for disengagement must be published in the Official
Gazette in case of any potential objections or oppositions.
The disengagement authorization is finally granted by the
Ministry of Energy. In 2022, no such authorization was issued.
Enel Américas Group’s Business 165
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Strategy and Risk
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2022
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Other Corporate
Regulatory
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Indicators
Annexes
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Integrated Annual Report Enel Américas 2022
Brasilia
Hydraulic
Solar
Wind
Cachoeira Dourada 658
Volta Grande
380
Salto Apiacas
103
Paranapanema
31
Isamu Ikeda
29
Primavera
22
Apiacás
16
Socibe
14
Mourao
8
Alvorada
7
Quatiara
5
Total
1,273
Net Installed Capacity
MW
Net Installed Capacity
MW
Sao Goncalo
864
Ituverava
254
Horizonte
103
Fontes Solar
12
Total
1,233
Lagoa dos Ventos 1,125
Morro de Chapeau 525
Delfina
209
Cumaru
206
Fontes dos Ventos 179
Serra Azul
118
Cristal
90
Curva
57
Modelo
56
Total
2,565
Net Installed Capacity
MW
Brazil
Installed capacity and market share in Brazil.
Enel Américas continued to increase its share in terms of installed capacity in the Brazilian market. It reached 2.6% through
Enel Brasil S.A. and its subsidiaries, remaining in the group of the country’s largest generators with 5,071 MW installed capacity.
Below is a table with the main generators that form part of the Brazilian electricity system:
Brazil
Participation by Installed Capacity as of 31.12. 2022
Business Groups
Installed
capacity
Market share%
Electrobrás
54,519
29.89%
Engie
13,268
7.28%
China Three Georges Brazil Energia
7,665
4.20%
Copel
6,663
3.65%
Enel Group
5,071
2.63%
CPFL
4,557
2.50%
Neoenergy
3,405
2.42%
Other
87,324
47.43%
Total
182,372
100.00%
Enel Américas Group’s Business 167
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2022
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Other Corporate
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Annexes
Additionally, as a result of Enel Américas’ strategy of
advancing rapidly in the energy transition process, growth
in future generation capacity is oriented towards wind and
solar generation technologies. In fact, the Company’s 2,565
MW of installed capacity in wind farms represents 10% of
the total installed capacity of this generation technology in
Brazil; in the case of centralized solar generation sources,
the percentage is 16%, which involves 1,234 MW of installed
capacity for Enel Brasil.
Remuneration of generating units
In the short-term market, purchases and sales of electricity
are made at spot market prices, established by the Electricity
Trading Chamber (CCEE by its Portuguese acronym). These
prices are calculated on a marginal cost basis, with a model
of future operating conditions and adjustment of an order
of merit curve with variable costs per thermoelectric unit
and opportunity cost for hydroelectric plants. This leads to
a price for each subsystem set for the week following the
resolution. However, spot prices are settled hourly (PLD) from
January 2021.
Long-term contracts with non-regulated clients are freely
negotiated by agreement between the parties.
Brazil has an electricity reallocation mechanism which
provides hydroelectric generators with financial protection
against hydrological risks. To minimize the cost of the
system, the market operator defines which hydroelectric
plants generate electricity and deficit generators buy energy
from surplus generators at a defined price; the marginal
operating cost is established annually by the National
Electricity Agency (ANEEL by its Portuguese acronym). All
hydroelectric generators participating in the Electricity
Reallocation Mechanism (ERM) take part in the overall
hydroelectric generation dispatched in proportion to their
guaranteed energy, regardless of their actual generations.
In 2022, the generation of the Cachoeira Dourada and EGP
Volta Grande hydroelectric plants was higher than in 2021
due to better hydrological conditions.
Hydrological condition and evolution of
raw materials
Brazil has several river basins, with waterfalls used for
hydroelectric generation. Most Brazilian rivers are fed
mainly by rainfall. Due to its tropical climate, rainfall is mostly
concentrated in the summer, from November to May, and
is lighter during the winter. These hydrological conditions
prevail in southern Brazil, on the Paranaíba River, in the
Paraná basin, where the Cachoeira Dourada and EGP Volta
Grande hydroelectric plants are located. In 2022, hydrological
conditions were quite positive, permitting the reservoirs
reduced by the rainfall crisis of 2021 to recover. This , in
turn, led to greater production of the entire hydroelectric
block in Brazil.
Fortaleza’s results, the only thermoelectric plant that
the Group had in Brazil (it was sold in August 2022), are
mainly associated with its thermal generation, in which its
generation costs are mainly linked with the purchase of
gas and energy purchase costs. In 2022, Fortaleza did not
generated energy, as there was no demand from the Brazilian
system due to the positive water situation experienced in
the period.
2022 Management
Generation and sale of electricity:
In 2022, energy generation increased by 5,621GWh mainly
due to the greater generation from renewable sources, the
incorporation of new renewable capacity and improved
hydrological conditions in the country.
Our largest hydroelectric plants, Cachoeira Dourada and
Volta Grande, increased their power generation of 500 GWh
and 238 GWh respectively, linked to the improvement of
hydrological conditions in Brazil in 2022.
In the case of the Fortaleza thermal power plant, it did
not generate electricity during the year as a result of the
improvement of hydrological conditions. The Company
completed the sale of the Fortaleza thermal power plant
in August 2022.
In relation to electricity sales, these exceed own generation
by 26,716 GWh, as a result of energy purchases made from
other generators to comply with the sales commitments of
both long-term and short-term contracts. This figure was
10,114 GWh higher than the purchases made the previous
year, confirming the Group’s growth strategy in the free
market.
Another important point to note is that the Company did not
purchase energy from the Argentine and Uruguayan markets,
which had been 4,844 GWh the previous year.
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Integrated Annual Report Enel Américas 2022
Colombia
Bogotá
El Guavio
1,260
Betania
540
Quimbo
400
La Guaca
324
Paraiso
276
Dario Valencia
150
Tequendama
57
Salto II
35
Charquito
19
Limonar
18
Laguneta
18
Total
3,097
Termozipa
226
Caragena
180
Total
406
El Paso
86
La Loma
122
Total
208
Net Installed Capacity
MW
Net Installed Capacity
MW
Net Installed Capacity
MW
Hydraulic
Solar
Thermal
Colombia
Installed capacity and market share in Colombia.
Enel Américas’ electricity generation in this country reached 17.9% of the total generated electricity in that market in 2021.
It is the largest electricity generation company in Colombia by its net installed capacity and it is positioned as the third nation-
wide in terms of generation. Below we present a table with the main generators that participate in the Colombian electricity
system:
Participation by Installed Capacity as of 12.31.2022
Business Groups
MW installed
capacity
Market share %
EPM
4,054
21.6%
Enel Colombia
3,711
19.7%
Isagen
3,223
17.2%
Celsia
1,629
8.6%
Aes Chivor
1,020
5.4%
Tebsa
911
4.8%
Gecelca
737
3.9%
Prime Termoflores
605
3.2%
Empresa Urra
338
1.8%
Termocandelaria
314
1.7%
Other
2,249
12.0%
TOTAL
18,791
100.0%
Enel Américas Group’s Business 169
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Strategy and Risk
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Enel Américas
Group’s Business
2022
Management
Other Corporate
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Indicators
Annexes
Remuneration of generating units
The National Dispatch Center (CND by its Spanish acronym)
receives price offers every day from all generators
participating in the Colombian Wholesale Electricity Market
(MEM). These offers indicate the prices and capacity available
for each hour of the next day. Using this information, the
CND, guided by the principle of “optimal dispatch” (which
assumes an infinite transmission capacity in the network),
hierarchizes the optimized dispatch during the 24-hour
period, considering the initial operating conditions and
establishing which generators will be dispatched the next day
to meet the expected demand, the price for all generators is
set as the price of the most expensive generator dispatched
in each hourly period under optimal dispatch conditions. The
price hierarchy system tries to guarantee that the national
demand, increased by the total energy exported to other
countries, will be met under the lower cost combination of
generating units available in the country.
Hydrological condition and evolution of
raw materials
2022 was a period with 120% surplus hydrological
contributions to the National Interconnected System (SIN)
in relation to its historical average (MH). This was due to
various weather phenomena, including the ENSO (El Niño
Southern Oscillation) conditions, characterized throughout
the year by low temperatures in the Central Pacific Ocean
and atmospheric conditions typical of La Niña event, leading
to alterations in the continent’s atmospheric conditions,
both in Colombia and Central America, generally causing
precipitation increases.
2022 became the third consecutive year marked by this
phenomenon of climate variability in its cold phase. La Niña
that began in the July-September quarter of 2021, reached
moderate intensity in 2022 and is expected to end in the
first quarter of 2023.
Under this panorama of weather conditions, contributions
and spillovers, the reserves of the SIN (Colombia), which
began with 13.35 TWh increased to 14.38 TWh by the end of
the year. Enel Colombia’s share of reserves increased to 20%,
from 2.55 TWh in January to 2.88 TWh in December 2022.
2022 Management
Generation and sale of electricity:
The Company’s management aimed at optimizing processes
and adopting best practices globally, achieving excellent
operational and economic results for power generation.
One of the main focuses is the availability of the generating
park, which meant complying with the requirements,
supporting the reliable and safe operation of the national
interconnected system and guaranteeing the coverage of
energy demand.
In 2022, Enel Colombia’s net power generation reached
13,663 GWh, positioning ENEL as the country’s third
generator with 17.8% of the total energy generated. With
hydroelectric generation, it ranked first at Enel’s level in
South America.
The availability of Enel’s generating park in Colombia in
2022 was 88%. Various activities necessary to guarantee
the reliability of the generator park in future years were
carried out.
In 2022, the Company sold 18,752 GWh of which 11,398
GWh were sales to customers in wholesale market contracts,
4,605 GWh to non-regulated customers and 2,749 GWh
sales in the spot market. To support energy sales and
own consumption of 118 GWh (auxiliary and pumping
consumption), there was a net generation of 13,663 GWh
and 4,006 GWh and 1,072 GWh were acquired in the spot
market through third parties (non-spot).
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Integrated Annual Report Enel Américas 2022
Peru
Lima
Peru
Rubi
179
Waira I
132
Total
311
Huinco
276
Chimay
157
Matucana
133
Callahuanca
84
Moyopampa
69
Yanango
42
Huanpani
31
Her 1
1
Total
793
Malacas
319
Ventanillas
463
Santa Rosa
368
Total
1,150
Net Installed Capacity
MW
Net Installed Capacity
MW
Net Installed Capacity
MW
Hydraulic
Solar
Thermal
Wind
Installed capacity and market share in Peru
Enel Américas’ electricity generation reached 17.4% of the
total generated in that market in 2022 through the Peruvian
generation subsidiaries.
The Company, through its different generating units, was
placed third in terms of capacity within the generators in
Peru and fourth in terms of power generation.
Enel’s participation in the generation
market in Peru
Electricity generation is a highly procyclical activity and its
evolution is a good reference, for example, of the evolution
of GDP. The electricity demand in Peru has registered a rapid
recovery since 2021 and at the end of 2022, it was above
pre-pandemic levels, a figure that closed as of December 31,
2022, at 56,035 GWh, showing a 3.86% increase compared
to December 2021.
The relevant players in the electricity generation sector in
Peru are the Enel Group (through Enel Generación Perú
and subsidiary Chinango, Enel Green Power Peru and Enel
Generación Piura), Engie Energía Perú S.A., Kallpa Generación
S.A., Electroperú S.A., and Fénix Power Perú S.A.
In 2022, energy production in the SEIN (National
Interconnected Electric System) reached 56,084 GWh, of
which 9,615 GWh corresponded to the Enel Perú Group,
with a 17.1% stake.
Similarly, the effective power of electricity generation plants
in the SEIN, including non-conventional renewable power
plants and cold reserve generation plants was 12,927 MW,
86.3 MW higher than in 2021. Enel Perú maintained a 17.4%
stake of the total. Enel Américas, through its different
generating units, was placed third in terms of capacity within
the Peruvian generators. Below we present a table with the
main generators of the Peruvian electricity system:
Enel Américas Group’s Business 171
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Group’s Business
2022
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Other Corporate
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Indicators
Annexes
Participation by Installed Capacity as of 31.12.2022
Business Groups
MW installed
capacity
Market share %
I Squared Capital (Kallpa, Orazul, Puerto Bravo)
3,073
23.8%
Engie
2,477
19.2%
Enel Perú
2,255
17.4%
State-owned enterprises
1,464
11.3%
Fenix Power
573
4.4%
China Three Gorges
477
3.7%
Statkraft
451
3.5%
Other
2,157
16.7%
Total
12,927
100.0%
Renewable Energy Market
NCRE resources for electricity generation come from
biomass, wind, solar, geothermal, and tidal generating
plants. Legislative Decree No. 1002 (DL 1002). established
the regulatory framework to promote the introduction
of non-conventional renewable energies (hereinafter
“NCRE”) in Peru, which led to four auctions that permitted
to develop various NCRE projects. Hydroelectric plants
with an installed capacity of less than 20 MW are also
considered within this standard. The last auction was held
in 2016. Thanks to these auctions, the income from NCRE
projects is guaranteed by incorporating an additional
premium that covers the difference between the marginal
cost and the tariff offered and awarded by the generator.
The norm also establishes a percentage of NCRE
participation in the country, which remains at 5%, and may
be changed by the Ministry of Energy and Mines. Supreme
Decree No. 003-2022-MINAM established that the Ministry
of Energy and Mines, together with the Ministry of the
Environment, guarantee the use of non-conventional
renewable energy resources, progressively increasing
new requirements with a projection of reaching 20% of
participation by 2030. In addition, other rules established
tax incentives, including accelerated depreciation of assets
for income tax purposes and early recovery of sales tax.
In 2015, the Peruvian Congress passed Law No. 30,327,
which extends the accelerated depreciation of assets for
income tax purposes until 2025.
Environmental regulations: the main standards in the
regulatory environmental framework for the electricity
sector is Law No. 28611, General Law on the Environment,
and Supreme Decree No. 014-2019-EM, Regulation for
Environmental Protection in Electrical Activities.
Remuneration of generating units
The spot price is calculated according to the variable
production costs of each generating plant, regardless
of its contractual commitments. For dispatch purposes,
natural gas prices are established once a year, in June,
and applied for the following twelve months, from July to
June of the following year. However, since July 2021 this
arrangement changed due to the modification of Technical
Procedure No. 31 of the COES, which establishes a monthly
mechanism to sustain and update the prices of natural
gas to be used in the dispatch.
The production of generation plants and customers’
energy are valued at marginal cost, calculated every half
hour. Generators with deficits buy energy from generators
with surpluses. This principle of balancing energy sales also
applies to power charges. The price of power is regulated
by Osinergmin, the Peruvian electricity regulator.
Natural resources
Hydrological condition
The hydrological conditions in Peru are very variable in the
different hydrographic regions. The main characteristic
of the Pacific region is that the flows in its rivers depend
mainly on the rainfalls that occur in the mountains,
between the months of December to April, according to
the hydrological cycle. This area is home to the largest
population, and it is where the greatest economic activities
take place. That is why different water regulation systems
have been built to guarantee the supply of the population,
such as the one used in the Rimac River. The basin of this
river is home to six of the eight hydroelectric plants of Enel
Generación Perú, whose water resource is guaranteed
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Integrated Annual Report Enel Américas 2022
by the regulation system of 21 lagoons and the transfer
of water from the Mantaro basin (Atlantic hydrographic
basin). The Rimac River basin is a regulated system, and
its water availability comes from the storage systems of
21 lagoons. In 2022, the river registered varied hydrology,
starting with dry conditions in the month of January and
culminating with an extremely dry hydrology in the months
of November and December (exceedances of 99% and
81%), reaching values close to the historical minimum. Due
to this drought and the needs to continue maintaining a
stable regulated flow to supply the population with water,
in coordination with Sedapal, additional volumes from the
storage system had to be used, which at the end of 2022
led to 89.5 hm3 (32% of total capacity), with 38% below
the historical average.
Similarly, the Tulumayo and Tarma basins displayed varied
behavior, with predominating dry and extremely dry
conditions. Extremely dry conditions were observed in the
Tulumayo basin in the months of September to December,
registering the lowest flow in the last 57 years in November,
with a value of 27.6 m3/s. Similarly, the lowest values for
the Tarma basin were recorded in the months of October
to December, with an average flow of 6.7 m3/s for said
months. The Amazon hydrographic region is characterized
by a greater water supply due to abundant rainfall from
December to April. This region is home to the basins of
the rivers of Tarma and Tulumayo, where the Yanango and
Chimay hydroelectric plants are installed. However, these
basins presented a mostly hydrology dry and extremely
dry between July and October 2022.
Fuel conditions
In addition to hydrological resources, the Company also
uses other sources to generate energy in Peru, such as
natural gas from deposits within the national territory in
the country’s bedrock, coastal and jungle areas. Liquid
fuels of national and international origin derived from
petroleum are used to a lesser extent.
In recent years, natural gas has transformed the country’s
energy matrix, displacing liquid fuels made from petroleum
(the most expensive and volatile fossil source) and has
become an important complement to hydroelectric
generation (subject to weather variations). This way,
the energy matrix has diversified with different energy
sources available for power generation plants and has also
permitted to increase efficiency in energy production using
new technologies such as natural gas combined cycles.
The natural gas supplied to Enel’s generation plants
and others located on the central coast of the country
comes from the basins of the southern jungle zone of
Peru (Camisea, Lot 88) and from the basins of the northern
coast zone of Peru for the Piura-Talara plants (Lot X, I, IV,
VI, Z-2B). Estimates of depletion of reservoir reserves, due
to gas production and supply on demand, would indicate
an approximate date of 2040.
Gas supplies for Enel are secured through medium-
and long-term contracts (the entire gas chain, supply,
transport, and distribution). Natural gas supplies are
permanently available, except certain periods when
maintenance is carried out in some part of the supply
chain that partially or totally restricts supply.
At the same time, liquid fuel is used as an alternative
source for Enel’s plants in exceptional cases, such as tests
or in an emergency and/or restriction in the gas supply
chain. Likewise, liquid fuel requirements are managed
to replenish a level of stock necessary to guarantee
compliance with the DUALITY and COLD RESERVE regimes
of the thermal generation plants of the Enel Perú Group.
These requirements are guaranteed by physical stock in
each plant and by medium and/or long-term liquid fuel
supply contracts with wholesale suppliers of this type
of fuel. Therefore, liquid fuel supplies are more or less
permanently insured.
Emission limits and incentives for energy
transition
The introduction of laws and regulations, such as D.S.
030-2021-MINAM, which impose stricter emissions limits,
includes a number of commitments to guarantee that our
controls and measurement mechanisms are efficient and
reliable. Since the end of 2021 and in 2022, the evaluation
of compliance with the new “Maximum Permissible
Limits for atmospheric emissions from thermoelectric
generation activities” has been part of the agenda of
our Thermal Generation line, with a number of activities
such as the verification of absence of cyclonic flow and
stratification in our generation units and the requirement
to supply and install new Continuous Emission Monitoring
Systems (CEMS). All this within an agenda planned till
2024 whose aim is to guarantee compliance with this
new regulation within the established deadlines. These
laws and other market-based mechanisms reinforce CO2
price signals to encourage investment in carbon-free
technologies.
Enel Américas Group’s Business 173
Enel Américas
at a Glance
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Enel Américas
Group’s Business
2022
Management
Other Corporate
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Indicators
Annexes
2022 Management
Generation and sale of electricity:
2022 was witness to the economic reactivation after
the COVID-19 pandemic, which, together with adverse
hydrological conditions and a polarized political situation
during the second half of the year, led to a generation mix
more oriented to thermal sources.
Enel’s energy production in Peru in 2022 was 9,615GWh,
a 3.0% growth compared to the previous year. Thermal
generation represented 46% of the total, followed by
hydro with 43%, wind with 6% and solar with 5%.
At the same time, Enel’s energy sales in Peru increased
by 3.4%, reaching 11,827GWh, where 40% of sales came
from the regulated market, and the remaining 60% was
sold in the free market.
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Integrated Annual Report Enel Américas 2022
Central America
Central America
Net Installed Capacity
MW
Net Installed Capacity
MW
Hydraulic
Solar
Foruna
300
Palo viejo
87
Chucas
50
Occidente
47
Rio volcán
17
Matanzas/San Isidro
17
Don Pedro
14
Montecristo
13
Total
545
Progreso Solar
26
Jaguito Solar
13
PV Chiriqui
12
Llano Sanchez Solar Power 3
11
Llano Sanchez Solar Power 1
10
Llano Sanchez Solar Power 4
8
Sol Real Itsmo
8
Generadora Estrella Solar
8
Generadora Solar Caldera
5
Madre Vieja
14
Total
115
Installed capacity and market share in Central America
Enel Américas’ electricity generation reached 13%, 5% and 2% of the total generated respectively by subsidiaries in Panama,
Guatemala, and Costa Rica in 2022.
Enel Américas Group’s Business 175
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at a Glance
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Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
The following is Enel’s participation in the different countries of Central America:
Participation by Installed Capacity in Panama as of 31.12.2022
MW installed
capacity
Participation %
Enel Panamá
415
10.6%
Total Panamá
3,925
100%
Participation by Installed Capacity in Guatemala as of 31.12.2022
MW installed
capacity
Participation %
Enel Guatemala
164
4.8%
Total Guatemala
3,385
100%
Participation by Installed Capacity in Costa Rica as of 31.12.2022
MW installed
capacity
Participation %
Enel Costa Rica
81
2.3%
Total Costa Rica
3,485
100%
Remuneration of generating units
The spot market applies to Panama and Guatemala. Hourly
energy and power transactions are carried out on an hourly
basis permitting to know the surpluses and shortages arising
from the dispatch, the contractual commitments and the
levels of supply and demand of energy and power at a
certain time. This market is developed through an economic
dispatch, which considers variables such as the price of
water, plant availability, transaction in the MER, among other
factors.
The average spot price in 2022 for Panama was 106 US$/
MWh, a 49% increase compared to 2021. This was mainly
due to the demand and fuels increase because of the war
in Europe, and low contributions in hydro plants during the
summer of 2022 (January – March). In Guatemala, the average
spot price in 2022 was 85 US$/MWh, with a 36% increase
compared to 2021, mainly due to the increase in demand
and in commodities.
Hydrological condition and evolution of
raw materials
For Panama, in the case of Fortuna owned by Enel, 2022
was, on average, a year with slight deficit in contributions
in relation to its multi-year historical average (M.H.) (89%).
These contributions were the result of different weather
phenomena that affected the countries in multiple scales
of time and space.
Another factor that affected the contributions was the
hurricane season, which, although not as active as in previous
years, injected large amounts of water in Central America
(Panama, Costa Rica, and Guatemala) mainly in October, the
month of the greatest activity hurricane of the season.
In Costa Rica, the rainy season began in the South Pacific at
the end of March, and by April, many areas of the country
were under the rainy regime. The beginning of this period
was earlier than usual in all areas that normally have a well-
defined regime of dry and rainy season, as a result of the
La Niña phenomenon. The Chucás plant, owned by Enel, is
located in the North Pacific Region, an area that recorded
the highest rainfall during the month of April, with excesses
of up to 200% compared to its typical climatology.
In Guatemala, the El Canadá and Montecristo plants owned
by Enel are located in the Central Highlands region. The
same region is home to the largest reservoir in the country
-Pueblo Viejo- Chixoy. The Matanzas, San Isidro, and Palo
Viejo plants, also owned by Enel, are located in the Bocacosta
and the Franja Transversal del Norte regions, respectively.
The locations of the plants permit us to understand the
record and progress of the rainfalls produced by La Niña,
which occurred at the beginning of April in the Bocacosta
region. Later, in May, rainfall began in the Central Highlands.
The Franja Transversal del Norte region was also affected by
an early rainy season that ended in May. The situation made
the Pueblo Viejo reservoir register an increase in its reserves
and it maintained high levels (>90%) until December 2022.
In general, Guatemala registered high hydrology reflected
in the reserves in 2022.
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2022 Management
Generation and sale of electricity:
The national demand for electricity in Panama, Guatemala
and Costa Rica had grown by 4%, 3% and 3% respectively
compared to 2021, mainly due to the economic reactivation
after the health emergency stemming from COVID-19.
In 2022, Enel Panama sold 1,920 GWh of which 913 GWh
were sales to customers in wholesale market contracts, 603
GWh to non-regulated customers, 404 GWh sales in the
spot market and exports. Net generation totaled 1,498 GWh
and 422 GWh were purchased in the spot, third-party and
MER (Regional Electricity Market) markets.
Enel Guatemala sold 837 GWh in 2022, of which 127 GWh
were sales to customers in wholesale market contracts, 364
GWh to non-regulated customers, 291 GWh were sales in
the spot market and 55 GWh for exports. Net generation
totaled 659 GWh and 178 GWh were purchased in the spot,
third-party and MER (Regional Electricity Market) markets.
In 2022, Enel Costa Rica sold 216 GWh to ICE (Costa Rican
Electricity Institute), which equaled net generation of 216
GWh.
The road to energy transition
The milestone marked by the merger with Enel Green Power
Américas on April 1, 2021, put Enel Américas on the leading
path to energy transition in Latin America, a process that
continued throughout 2022.
This challenge will continue to be possible by directing
a significant part of investments in renewable energy
generation projects earmarked in the Company’s strategic
plans. The following table shows the details of the 2.5 GW
that are already under development and are soon to enter
Enel Américas’ energy matrix in the upcoming years:
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2022
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Other Corporate
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Information
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Indicators
Annexes
Project
Country
Technology
MW to incorporate
2023
2024
Total
Arinos
Aroeira
Lagoa dos Ventos V
Fundación
Guayepo
La Loma
Windspeshi
Pedra Pintada
Baco Solar
Madre Vieja
Total
-
348
399
132
296
65
-
-
30
17
1,287
607
-
-
-
190
-
205
194
-
-
1,196
607
348
399
132
486
65
205
194
30
17
2,483
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Integrated Annual Report Enel Américas 2022
Edesur
2.6 millions customers
Concession Area: southern zone of Greater
Buenos Aires, comprising two thirds of the
Autonomous City of Buenos Aires (CABA)
and 12 municipalities of the Buenos Aires
province covering 3,309 km2.
Concession period: 95 years, as of September
1, 1992. This period consists of initial 15
years and additional periods of eight to ten
years each.
Distribution
Hydraulic Generation
Thermal Generation
Argentina
Electricity Distribution Segment by Country
Argentina
Tariff Regulation
The rates receivable from end customers are subject to
the regulation established by the Comprehensive Tariff
Renegotiation (CTR) that takes place every five years,
between the distribution company and the National
Electricity Regulatory Entity (ENRE by its Spanish acronym)
This renegotiation, apart from establishing the tariff system,
imposes on the distributors the obligations of compliance
and quality of the electricity service to the final customers.
The last tariff period authorized for energy charges
distributed between ENRE and Edesur applied between
February 1, 2017, and January 31, 2021, and was extended
by DNU 1020/20 as a result of the pandemic. This period will
increase the demands on the quality-of-service regime, as
the investments and operational improvements that Edesur
proposed within the framework of the CTR are expected to
mature. It means that the quality parameters will be raised
and the value bonus of the cost of the energy not supplied
will be reduced throughout the period, reaching the full
values established only in the last semester of the period.
The same emergency led to temporary changes in the way
the Company operates, such as the prohibition to suspend
basic services in certain circumstances, a measure that is not
currently in force. Additionally, Edesur was authorized to use
the entire park of Smart Meters installed in its concession
area for billing, thus supporting the new installed technology.
As part of this framework, the National Executive Branch
issued DNU 1020 in December 2020, extending the tariff
freeze for a maximum period of 90 days or until the tariff
table responding to a Transition Agreement enters into force,
whichever comes first. This initiated a new Comprehensive
Tariff Renegotiation Process, whose final result was a Final
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Annexes
Renegotiation Agreement in a period of less than two
years. This negotiation is the exclusive responsibility of the
regulatory bodies, authorizing them to set transition tariffs
and the possibility of segmenting tariff categories.
As long as a definitive CTR is not reached, under the new
arrangement established by DNU No. 1020, the ENRE
is authorized to establish transitory tariff adjustments,
to guarantee stability of service supply. In this context,
there were 3 changes in tariff tables in 2021, two related
to the Price of Electricity to be transferred to users and
one referring to the added value of distribution. The latter
readjusted the distribution value added by 21.8% (equivalent
to 9% in user tariff) on April 30, 2021. In 2022, there was
another 8% readjustment of the added value of distribution
as of March 1, 2022, pending the Comprehensive Tariff
Renegotiation Process.
The readjustments of transitory rates, seasonal prices and
the added value of distribution continued throughout 2022,
rising from a current average rate of $5,362/kWh. in force
on February 1, 2022, through ENRE Resolution No. 42/2022,
up to $9,401/KWh of average rate established in ENRE
Resolution No. 555 of November 3, 2022. The adjustments
were applied on the basis of a segmentation of high-,
middle- and low-income customers, in order to gradually
remove the subsidies granted by the Argentinean State.
As a result of the health crisis, a series of regulations have
been issued to adjust different situations caused by the
Covid-19 pandemic. These measures have been losing their
validity, for example the prohibition to cut off energy supply
of certain customers, the temporary suspension of the
issuance of Debit Notes and Complementary Settlements for
unregistered consumption, among others. After extending
the mechanisms to regulate debts maintained by distributors
with CAMMESA, subsequently to several postponements in
the regularization of the obligations of the distributors with
CAMMESA, an agreement was reached between the Ministry
of Energy, the ENRE and the distributors EDENOR and
EDESUR on December 29, 2022. Its aim was to implement
the “Special Regime for the Regularization of Obligations” for
the debts maintained with CAMMESA (Article 87 Law 27591,
DNU 88/22 and Res. SE 642/22). The agreement recognizes
credits for distributors of up to 5 average invoices issued in
2020 under the measures taken as a result of the pandemic.
The agreement also indicates that late payment surcharges
will not apply for the remaining obligations originated until
August 31, 2022, pending payment with CAMMESA, and a
payment plan of 96 monthly installments with 6 months of
grace and an interest rate equivalent to up to 50% of that
in force in the MEM will be implemented.
A new agreement was signed between the National State,
the Province of Buenos Aires, and the distribution companies
EDENOR and EDESUR on December 2022 recognizing the
consumption of impoverished neighborhoods (FRAMEWORK
AGREEMENT) corresponding to the energy consumed by
them in 2021. The National State undertakes to reimburse
these distributors through a credit in their bills of energy
purchased from CAMMESA to be made effective during
the first days of 2023.
2022 Management
Energy sales
In 2022, Edesur delivered electricity service to 2.6 million
customers. Of the total, 88.4% were residential customers,
11.3% commercial and 0.3% industrial and others.
At the end of the period, Edesur’s market share was 15.1%
in relation to the demand supplied by Edesur on the total
demand in Argentina.
Sales reached 16,918 GWh while during the same period
distribution reached 17,495 GWh, including the distribution
service (toll) to large users.
Consumption increased by 4.5% compared to 2021. This
was distributed as follows: 46.66% to the residential sector
(+1.40%), 27.50% to the commercial segment (+3.69%) and
25.84% to the industrial sector and others (+0.38%).
Energy losses
In 2022, the annual loss rate (technical and non-technical)
reached 17.12% (45.84% technical and 54.16% non-
technical), registering an improvement compared to 2021
(18.04%), thanks to the inspection activities (204,497)
and standardization of customer and non-customer
measurement (52,640 carried out).
To highlight the digitalization of the commercial loss control
process we must mention the implementation of field
inspection management software (e-order suite) and the
development of the consumption reconstruction module in
the SMILE measurement management system, integrated
with the billing system.
SAIDI/SAIFI Performance
The SAIDI (one of the quality of service indices) increased in
2022 compared to 2021, by 39 minutes, with its final value
of 836 min, according to Enel’s criteria.
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Integrated Annual Report Enel Américas 2022
Brasilia
Hydraulic Generation
Solar Generation
Thermal Generion
Wind Generation
Brasil
Enel Distribución Ceará
4.1 Millon customers
Concession Area: covers a 148,921 km2
concession area in norhwest Brazil. The
Company serves a population of more than 9
million inhabitants.
Duration of the Concession: 30 years from
1997.
Enel Distribución Sao Paulo
8.2 Millon customers
Concession Area: Enel Distribución São Paulo
is present in 24 cities in the Metropolitan
Region of São Paulo, including the capital,
Brazil's main economic and financial center.
Its concession area totals 4,526 km2.
Duration of the Concession: 30 years from
1998.
Enel Distribución Rio de Janeiro
3.1 Millon customers
Concession Area: 73% of the State of Rio de
Janeiro, which consists of 7 million inhabitants
spread over 66 municipalities, including
Niterói, São Gonçalo, Petrópolis, Campos and
Cabo Frio, over a 32,615 km2 area.
Duration of the Concession: 30 years from
1996
Brazil
Tariff regulation
Electricity rates are adjusted annually by ANEEL, through the
Annual Tariff Adjustment, the Periodic Tariff Review, and the
Extraordinary Tariff Review. The adjustments are made annually,
the tariff revisions take place every 3, 4 or 5 years, according to
the concession contract and the Extraordinary revisions when
the economic-financial balance must be reviewed.
ANEEL divides distributors’ revenues into two parts
corresponding to the following costs: (a) those that cannot
be managed by the distributor, called Part A costs; and (b)
those that can be managed by the distributor or Part B costs.
Part A costs include:
(i) electricity acquisition costs obtained in ANEEL’s public
auctions.
(ii) electricity purchase costs from Itaipu Binacional.
(iii) electricity purchase costs in bilateral contracts.
Part B comprises distributor management costs, such as
capital costs and operating and maintenance costs, known
as operating costs.
Average adjustment increase
Company
Tariff Adjustment date
High voltage
Low voltage
Enel Distribución Rio
March 2022
+15.38%
+17.39%
Enel Distribución Ceará
April 2022
+24.16%
+25.09%
Enel Distribución Ceará (RTE)
July 2022
-2.96%
-3.02%
Enel Distribución Sao Paulo
July 2022
+18.03%
+10.15%
The latest tariff modifications are summarized below:
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Companies
Energy Loss
2022
2021
Increase/(Decrease) p.p.
Enel Distribución Sao Paulo
11.01%
10.34%
0.7 pp
Enel Distribución Rio
19.69%
20.42%
(0.7 pp)
Enel Distribución Ceará
15.22%
16.14%
(0.9 pp)
Total
13.50
13.44%
0.1 pp
Law No. 14.385 of June 27, 2022, establishes that ANEEL
must insert in the tariff processes the full values of the
reimbursement of the PIS/COFINS credit indicated in final
and unappealable rulings that deal with the exclusion of
the ICMS from its calculation base. It also must promote
the Extraordinary tariff review (ETR) of distributors whose
adjustments had already been amended prior to issuing
the aforementioned Law. Therefore, the tariffs of Enel
Distribución Ceará S.A. and Enel Distribución Rio de Janeiro
were readjusted on July 12, 2022, by Resolutions No. 3,061 and
No. 3,064, respectively. The latter is pending application given
that on August 4, 2022, ANEEL published Communication
Note No. 2,104, suspending the Extraordinary review of Enel
Distribución Rio, due to the judicial decision in which ANEEL
has not yet arbitrated the request for Extraordinary review
because of the effects of the COVID-19 Pandemic.
Tariff flags
Based on the mismatches between the energy costs
recognized in the tariffs and the real costs external to the
management of the distributor, in January 2015, ANEEL
began to implement a Tariff System called “Tariff Flags”
applying an additional monthly charge onto the consumer
tariff provided that the marginal cost of the system is higher
than the regulatory standard.
The Tariff Flag System is composed of three levels of flag
colors: Red, Yellow, and Green. In brief, thanks to this tariff
system the generation cost that is currently transferred
to the customer only once a year (when the annual tariff
adjustment is made) will have a monthly variation and
the customer will be able to manage their electricity
consumption better.
2022 Management
Energy Sales
In 2022, Enel Brasil’s distributors provided electricity services
to more than 15.0 million customers. Of this total, 90% were
residential, 5% commercial and 5% industrial and other
customers.
By the end of 2022, energy sales totaled 81,737 GWh
consistent with the 81,755 GWh sold in 2021. It was
distributed in the following way: 40% to the residential sector,
25% to the commercial segment and 35% to the industrial
and other sectors.
The net increase in physical sales was led by the growth
of the free customer base and by an improvement in the
commercial sector, where the revival of local economic
activity was evident
Energy Losses
In 2022, the total loss rate reached 13.6%, 0.2 p.p. worse than
in 2021 (13.4%). As a result of the action plan focused on
losses throughout the year, all distributors in Brazil registered
an improvement in this indicator, with the exception of Enel
Distribución São Paulo, which failed to reverse the negative
macroeconomic scenario.
The breakdown of the losses recorded by the Brazilian
distributors is presented in the following table:
SAIDI/SAIFI Performance
In 2022, the DEC and FEC quality indicators of Enel’s distributors
in Brazil improved by 12.1% and 12.9%, respectively. The
consolidated DEC of the distributors ended the year at 41.7 hours
and the FEC at 19.9 times. All distributors showed a reduction in
both indicators. The main highlights were in Enel Ceará, where
both the DEC and the FEC showed an improvement (-16.1% and
-17.4%) resulting from an action plan established together with
the regulator and implemented at the end of 2020.
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Integrated Annual Report Enel Américas 2022
Colombia
Distribution
Hydraulic Generation
Solar Generation
Thermal Generion
Bogotá
Colombia
Enel Distribución
Colombia
3.7 million customers
Concession Area: supplies energy to more
than 110 municipalities, mainly
Cundinamarca, covering a 26,093 km2
concession area.
Duration of the Concession: indefinite
First distributor in the country with a 20.8%
market share.
Tariff regulation
The current regulatory framework (2019-2024) of the
distribution activity in Colombia mainly includes the
following variables for the compensation of investments
and administration and maintenance costs:
• Return Rate (WACC or weighted average cost of capital) of
11.5% pursuant to CREG resolution 016-2018 and modified
by CREG Resolution 07-2020.
• Recognized administrative, operating and maintenance
costs of 4% for new Tier 1 and 2 assets, and 2% for new
Tier 3 and 4 assets.
• Remuneration of Other Required Assets (Non-Electric
Assets and Land).
• Incentives for compliance with supply quality standards.
The regulatory return rate was updated to 12.09% (Res. CREG
215 of 2021) in December 2021, as a result of the “Social
Investment Law” tax reform - Law 2155 of 2021 that modified
income tax. This WACC started to apply from April 2022.
Additionally, in September 2022, the Energy and Gas
Regulation Commission, CREG, issued resolution 101,027
of 2022 which invited operators to voluntarily adjust the
indexer used for energy tariffs to reduce the impact on
cost to the end user given the upward behavior of the PPI
throughout 2022. Enel Colombia adopted this resolution,
adjusting the indexer for energy tariffs between October
2022 and September 2023, returning from October 2023
to the indexer defined in the regulation, i.e., IPP (“Producer
Price Index, domestic supply”).
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2022
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Annexes
2022 Management
Energy sales
In 2022, Enel Colombia delivered electricity service to 3.8
million customers. Of this total, 89% were residential, 9%
commercial, 2% industrial and other customers.
At the end of the period, the Company’s market share was
21%, in terms of the number of customers in Colombia.
Energy sales reached 15,070 GWh, including the distribution
service (tolls) for large users. They were 3.2% higher
compared to 2021, as a result of the post-pandemic
economic reactivation.
Sales were distributed by sector as follows: 35% residential
sector, 16% commercial sector and 49% industrial sector
and others.
Energy losses
In 2022, the Company reduced energy losses from its
distribution system in a market still affected by critical
conditions caused by the pandemic, mainly in the first
months of the year. Through an energy recovery plan, the
Company managed to guarantee the correct functioning of
the measuring equipment and standardize non-client users
directly connected to the network.
The 2022 inspection plan reinforced the actions aimed at
improving anomaly targeting and detection associated
with the measure, thus achieving a 53 GWh recovery of
unregistered consumption which permitted to reduce the
loss rate by 0.2 percentage points.
TAM energy losses as of December 2022 were 1,224.5 GWh-
year, of which 871.7 GWh-year (vs. 845 GWh-year in 2021)
are associated with technical system losses and 352.8 (vs.
345 GWh-year in 2021) with non-technical losses. The loss
index has maintained a downward tendency in recent years,
achieving a value of 7.51% in 2022.
SAIDI/SAIFI Performance
In 2022, Enel Colombia consolidated the main challenges in
network maintenance, with the commitment to protecting
life and the environment, regulatory requirements and
compliance with current regulations, obtaining important
achievements and progress despite the adverse atmospheric
conditions presented by the La Niña phenomenon in
Colombia during the second half of the year.
Also in 2022, Enel Colombia met the established regulatory
goals, and additionally consolidated a 5% improvement in
SAIDI and 1% in SAIFI, compared to the 2021 results.
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Enel Dx Perú
1.5 Million customers
Concession Area:
The concession area covers some 1,602 km2,
extending over the norhern area of Lima
Metropolitana, the Constitutional Province of
Callao and the provinces of Huaura, Huaral,
Barranca and Oyón, covering 52 districts of the
provinces mentioned exclusively and another five
jointly with the distribution company in the
southern zone. In 2020, Enel managed to
increase its concession area in No e Chico by
52.12 km2, reaching to electrify the Caral
Population Center, benefiting small farmers,
agro-industrial and mining companies.
Concession duration: indefinite
Lima
Peru
Hydraulic Generation
Solar Generation
Thermal Generation
Wind Generation
Peru
Tariff regulation
In 2022, the Distribution Value Added (VAD by its Spanish
acronym) review process for Enel Distribución Perú S.A.A.
took place. The process established the values that would be
in force for the period from November 1, 2022, to October
31, 2026. The aforementioned process concluded with
the resolution issued by the regulatory body of appealing
the reconsideration filed by Enel Distribución Perú against
Resolution Osinergmin No. 189-2022-OS/CD. Osinergmin
Resolution No. 224-2022-OS/CD was published with the
values that would be in force until October 31, 2026.
Structure
Real WACC before taxes
12%
Regulatory period
Nov 2022 - Oct 2026
Period (years)
4
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Annexes
2022 Management
Energy sales
In 2022, Peru’s customer base reaches 1.5 million, with
a 2.8% increase compared to 2021. We increased our
concession area in the northern part of Lima (Huaral and
Barrancas) by 52.12 km2, which permitted us to electrify
the Caral town center, thus benefiting small farmers, agro-
industrial and mining companies. Of these, 94.9% are
residential customers, 3.5% are commercial customers,
0.1% are industrial customers and 1.4% are other types of
customers. Energy sales to end customers reached 8,308
Gwh representing a 2.2% increase compared to 2021. This
was mainly due to a recovery in energy consumption after
the economic slowdown recorded in 2021 as a result of
the pandemic.
Energy losses
At the end of 2022, the indicator of total accumulated
energy losses stood at 8.2%.
Enel Distribución Perú makes constant efforts to reduce
energy losses arising from technical factors (such as the
extension of the network or the impact on the climate), as
well as unwanted situations associated with energy theft.
The same effect is expected take place at the level of energy
losses item where a 7.9% decrease of the indicator is forecast
for 2024, together with a reduction in expenses, due to the
digitalization and modernization efforts conducted along the
network. In 2022, more than 340,000 inspections were carried
out, equivalent to a 1.71% increase compared to the previous
year, achieving 158GWh of additional billing for unregistered
energy consumption, equivalent to 79 million soles.
SAIDI/SAIFI Performance
The quality of the electricity supply is controlled by
Osinergmin (Supervisory Agency for Investment in Energy
and Mining), through indicators that are mainly related to the
frequency and duration of electricity supply interruptions.
Compliance with the investment plan permits us to meet
the established service regulations and, additionally, serves
as a vehicle to develop the necessary increase in the
electrification of consumption.
Our internal Average Outage Frequency per Customer
(SAIFI) indicator was 2.04 times per year in 2022, decreasing
from 2.34 times in 2021. This is due to the effective
implementation of the maintenance plan and investments
in network expansion, reinforcement, and automation.
Our internal indicator of Average Outage Time per Customer
(SAIDI) was 425 minutes during 2022, a value that includes
14 minutes associated with power outages to detect PCBs
(plorichlorinated biphenyl) in oil-insulated equipment,
according to the application of ministerial resolution No.
002-2021-MINEN, which will be developed in the 2022-
2025 period. Therefore, with regard to the quality of pure
service (without PCB events), the duration is reduced to 411
minutes compared to the duration in 2021 when it reached
414 minutes.
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Integrated Annual Report Enel Américas 2022
Innovation and digitalization at the heart of our operations
For Enel Américas, innovation and digitalization are key
pillars of its growth strategy to guarantee high standards
of safety, efficiency, and safety in business operations, in
an environment that changes rapidly and imposes new
challenges.
Digital tools are at the heart of the Company’s ongoing
search for the safest way to accomplish the tasks required
to do in its generation, transmission, and distribution
operations.
Main innovation and digitalization activities in the generation and
transmission segment
Smart Glasses: smart devices that allow supervisors to
work safely, minimizing occupational risks and carrying
out activities more accurately. This way, supervisors can
share and receive documents, review plans in real time and
high definition, as well as stay in touch with experts and
technicians worldwide. In 2022, this technology made it
possible to carry out audits, inspections, failure analysis,
maintenance, and operation with the necessary support.
Drones: the integration of drones in the different activities
of the generation and transmission segment has continued
including inspection of facilities and surroundings, and
inspection of equipment and structures of the plants,
extending their scope even to the revision of the blades of
the wind turbines This, in order to identify operational or
physical anomalies, which allow an action plan for the safety
of employees. Drones have made it possible to minimize
diagnostic times and be efficient in costs, obtaining relevant
and timely information in the event of a contingency. This
technology is used in all countries where we have a presence
in the generation and transmission sector.
Smart Repowering aims to develop and test a prototype of
a new hydroelectric turbine at the Usina Pary Veado Power
Plant.
Smart Repowering will make it possible to study the
implementation, testing and validation of a new amphibious
turbine. The initiative incorporates a technological innovation
that permits to install this type of turbines at a lower cost
and lower civil impact, either in new plants or in existing
ones.
RoBoost: a program that aims to integrate and distribute
robotics in the operation and maintenance activities of the
plants, aiming to create added value and increase safety and
operational efficiency, leading to cost savings.
The robots – drones and Remotely Operated Vehicles
(Underwater ROVs) – are used to inspect and monitor
assets that located in high, confined, or submerged spaces.
This BlueROV technology is particularly important in Brazil
for underwater inspections. The implementation of this
initiative replaced diving activities in hydroelectric power
plants, as it is now possible to inspect areas that could not
be previously reviewed reducing the risks involved and the
costs associated with carrying out inspections through
diving companies. RHIINO in Colombia, a Rover-like robotic
platform that can enter confined spaces, measure the
concentration of dangerous gases, and warn of the state
of the atmosphere, illuminate, and send 360° videos to carry
out safe inspections remotely. It is being implemented. It is
being implemented.
PesAGHO (Predictive System and Analytics for Global
Hydro Operation) and other systems using the combination
of historical data and mathematical algorithms were
implemented to perform predictive maintenance of
hydroelectric plants to prevent their unforeseen detention.
Advanced flow prediction system It is a computer program
developed in Python, which trained an Artificial Intelligence
model based on neural networks and time series. Its aim
was to make a monthly prediction of the flows of the Tarma
and Tulumayo rivers, and of the inlets of the Sheque and
Tamboraque river.
The creation process consisted of two parts. The first
was “collection and search.” The first step collected and
validated historical data of the flows carried out since
2016. Subsequently, the process searched for a prediction
model capable of obtaining good results with the available
resources.
The second step was the “modeling” step which, after
processing the collected data, conducted a hybrid modeling
based on Deep Learning and Time Series using the support
of Facebook’s NeuralProphet Framework.
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Soiling evaluation with Satellite data and dust sensor
calibration for panels: a program and algorithms built to
calibrate dust sensors with satellite images in Peru.
We used artificial intelligence to evaluate all panels. In Rubí,
more than 560,880 were analyzed one by one using this tool,
and the areas with the largest amount of dirt were evaluated
with the aim of reducing and controlling the issue.
The reduction of dirt permitted to achieve greater plant
efficiency.
Main innovation and digitalization activities in the distribution segment
Telecontrol: a project that seeks to automate the medium
voltage network, using remote control equipment and a
management system to remotely supervise the network.
Blue Sky Grid: The Blue-Sky Grid project aims to redesign
the Enel Group’s processes worldwide to improve the
quality of our services, which will lead to one of the biggest
changes that Infrastructure & Networks will experience
worldwide, and Brazil will consolidate our role as a leader
in the energy sector.
2022 activities continued with new solutions for the
project’s layers. Safety layers are being developed at work,
in digital user experience, environmental management
and site quality, providing data-driven planning and
efficient, supervised control execution in the operation and
maintenance field, a solution was developed that permits
to track materials, efficiency in all the phases of work
and remote monitoring and support of equipment in real
time, with access to updated network maps, operational
documents and expert support remotely.
Grid Blue Sky makes it possible to manage, in an integrated
and efficient way, the networks in all our geographic
areas, permitting, for the first time, to manage the global
network portfolio under a unified model. It is made possible
by a digital solution platform that makes global energy
management more efficient than ever, moving towards a
new, simple, fast, and safe “electric” lifestyle.
Thanks to Grid Blue Sky, the relationship with our
customers is evolving, and this allows them to adopt
electrification as the simplest, safest, and most sustainable
energy option.
Urban Futurability in São Paulo, Brazil, where Enel Américas
operates the megacity’s distribution network. The Group
launched the project involving a virtual replica of the
power grid called Network Digital Twin. It uses the grid’s
full digitization and also of its surroundings, along with
real-time data and predictive maintenance to mitigate
the risks of extreme weather, fires and floods, moreover,
helping to measure and mitigate carbon emissions and
noise pollution.
Large scale installation of Smartmeters: this project
will permit to save operating costs, improve technical
and commercial processes, lead to a greater customer
satisfaction and greater efficiency in the collection
processes, among other benefits. Developed with
proprietary technology, the solution permits consumers,
in addition to remote reading with communication
technology, to monitor and optimize simplified and
transparent energy consumption, using a cell phone or
a computer. It also makes it possible for distributor to do
some activities remotely, constantly aiming to improve the
quality of service.
To date, more than 200,000 Smart Meters have been
operating in the city of Sao Paulo and we expect to have
more than 1.7 million in operation by the end of 2025.
This led to a 100% reduction in unproductive visits for low
voltage maintenance in case of failure, gaining customer
approval.
Enel Américas is convinced that the smart meter is a
strategic enabler to achieve energy transition, benefitting
everyone, bringing efficiency and flexibility to the electricity
sector.
Grid Mining: Developed by Enel Colombia as a result of
the continuous promotion of innovative projects that are
subsequently registered to develop them and also obtain
tax benefits. Grid Mining is currently 70% complete. This
Innovation and Circular Economy project consists of using
copper and aluminum materials disassembled from the
network to create new products (grounding rods and
hardware), guaranteeing price, stability, and supply of
raw material. This project was one of the winners in the
Make It Happen program. Its benefits are reducing the
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environmental impact (mining exploitation) and improving
prices both for raw materials purchase and for the sale of
our services. In 2022, we signed a contract to separate
materials for their disposal. Subsequently some 3.5 tons
of aluminum and copper were sold.
Paper Elimination: Using the AppSheet application,
a multidisciplinary team in Argentina developed and
implemented a series of applications to optimize field work,
helping to improve operating times and making positive
impacts on the sustainability of the processes eliminating
paper in various processes of the distribution business.
Enel X leads the global energy transformation process
The world of energy is changing and opening up to new opportunities. Enel X makes it possible for them to happen for everyone,
everywhere. Below we list the projects developed in the different countries where the Company operates:
Most important e-mobility projects
Argentina
From Ushuaia to Salta: first 100% electric Ar-
gentine corridor
Thanks to different agreements between Enel X Argentina
and automotive companies, each user who purchases an
electric car can choose to purchase one of the different
types of Enel X charging stations and even request the
necessary home adaptation.
An electric car can be easily recharged by connecting it
to the equipment with a special connection, which has a
dashboard and protection keys. The entire charging process
can be followed and monitored from a mobile application
that connects to the charging equipment via Wi-Fi.
Brazil
Enel X and Estapar, the country’s largest parking network,
signed a strategic agreement to create Brazil’s first semi-
public electric vehicle charging network. The objective of the
project is to promote the development of electric mobility in
the country and expand the vehicle charging infrastructure.
Colombia
Inauguration of 172 cargo buses in Fontibon III
Electric mobility has become one of the main objectives
of the cities committed to sustainability, including Bogotá.
To this end, since 2010, Enel X has led public and private
charging infrastructure projects, which will allow progress
towards making Bogota a a smart city.
As part of this work, the company installed five yards in the
capital that permit to recharge the electric bus fleets that
are part of the Integrated Public Transport System (Sitp) and
one more is under construction.
Yards for electric buses in Bogotá
To facilitate the transition to sustainable mobility, to date,
Enel X has built five charging yards in different locations in
Bogotá, including the following:
Fontibón Yard I - Refugio:
This yard is located on Carrera 116 # 19A – 49. It has a
constructed area of 12,600 square meters, with 56 double
electric charging stations, with an installed capacity to
recharge 120 buses per day.
Additionally, it has 120 parking spaces, utilization, preventive,
and corrective maintenance areas, washing area using
wastewater treatment plant, among other services.
This project benefits more than 69 thousand passengers
who use 9 zonal routes of the system.
Fontibón Yard II - Airport
This electric terminal is located on Carrera 100 with Calle
24D, in the La Cofradía and San José sector. It has 59
installed stations to recharge 126 e-Buses (electric buses)
each day and serve 4 zonal routes that benefit about 30,500
users.
Usme Yard I – Usme Center
The fourth recharging yard for e-Buses is located in the town
of Usme with a capacity for 133 buses. It has 62 double
charging points and utilization and maintenance areas
spread around 20,500 square meters of constructed area.
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This fleet of electric buses serves 16 zonal routes, benefiting
114,800 users.
Fontibón Yard III – Escritorio
To complement sustainable mobility in Bogotá, this fifth
recharging yard was recently inaugurated, with 81 chargers
for the 172 new buses. It will be part of six Sitp routes,
serving some 30,000 users.
It is located in Carrera 134 # 22A – 84 and stands out
thanks to its photovoltaic solar system that generates the
necessary energy to illuminate the administrative areas and
the electro-liners. It also has LED lights and high-resolution
surveillance cameras.
Usme Yard 13
This yard is currently under construction. It will have some
40,000 square meters with a total installed capacity of 17.5
megavolt amps. Its circulation area will be illuminated by 42
LED lights and 5 high-rise masts (27 meters).
It will have 229 parking lots and 108 charger units. In
addition, it will have a solar panel system to produce 53
kilowatts peak (KWp).
Enel X has been an ally in this process, contributing the
necessary infrastructure, accompanied by the highest
standards in technology and energy efficiency. This way,
the Colombian capital is recognized as a leader in electric
mobility in the region and is the second city with the
biggest number of e-Buses in operation in Latin America.
Peru
Enel X, the Provincial Municipality of Arequipa, the Integra
Arequipa Consortium, the company Motores Diesel Andinos
S.A (Modasa) and the energy distributor Sociedad Eléctrica
del Sur Oeste S.A. (SEAL) established an alliance to put into
circulation the first electric bus of the Integrated Transport
System of the city.
This electric bus will circulate in a section that connects
the north part and the center of the city of Arequipa. It
has a 85-passenger capacity and, according to Modasa
calculations, this model represents a reduction of up to 80
tons of CO2 emissions per year. The unit has an integrated
passenger counting system, a Wi-Fi network and the seats
are equipped with USB chargers. It has an air conditioning
system with filters and a UV light that purifies the air. It
promises savings of between 50 to 60% of the maintenance
cost and the equivalent in fuel.
To make this initiative a reality, Enel will install a 60kW DC
electric charger, one of the chargers that are part of Enel X’s
portfolio of solutions and services for electromobility. The
charger has the capacity to service two electric vehicles at
the same time and provide a full charge in approximately
40 minutes.
With this first milestone for public transport in the region,
Enel X, Consorcio Integra, Modasa and SEAL, with the
support of the Provincial Municipality of Arequipa, seek to
continue contributing to energy transition towards efficient
and sustainable mobility of public and private transport.
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Most important e-Home projects
Argentina
The Company included the business of billing, charging and
collection of the public lighting fees for 1.2 million customers
in 13 municipalities of the EDESUR concession area within
its scope and management under Enel X.
Brazil
Negotiation with distributors
The company developed a project to renegotiate the
collection rates in the contracts with the Group’s four
distributors in Brazil, leading to 55% savings compared to
the previous rates.
Smart home For the first time in Latin America, the Company
implemented the first generation of Homix Hub in Brazil,
a smart gateway to manage home electronic devices.
This European device was nationalized, adapted to the
Brazilian reality, and today exists thanks to the Research and
Development Program of the National Electric Energy Agency
(ANEEL), so its use is regulated, personal and non-transferable.
Colombia
Enel Click is a project that seeks to automate operations
and implement electronic payment technology in an easy
way in order to grow the business. Enel Colombia will permit
customers to pay for products and services on their energy
bill without the need of a card, without cash and without
paper. The target market is residential customers who want
to shop online and make payments on the energy bill.
Smart-Home: Offers appliance automation, energy
consumption management and home security services.
It seeks to test automation kits through the BETA USERS
community, to identify the best suppliers and structure the
business model.
Peru
The Company managed to digitalize house appliance sales
through a local e-commerce solution forming alliances with
partners to operate the digital sale of more than 170 leads
per month and more than 90 products in the sales catalog.
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Most important e-City projects
Argentina
As part of the framework of the Company’s cooperation
agreement with the Vocational Training Center No. 15 whose
activity takes place in CABA’s Barrio 21-24 we installed the
Photovoltaic Generation System on the terrace of the
educational center’s building.
The Center carries out an intense community and training
activity seeking to develop strategic capacities for young
people and adults of that community.
Brazil
Street lighting in the Municipality of Angra Do Reis
The public lighting project in the Municipality of Angra Do
Reis modernized 21 thousand lights in a 24-month period,
including installing services such as remote management, a
control center, application and web portal, better quality and
energy-saving architectural lighting, time reduction without
energy supply, improvement in citizen security and quality
of life in the neighborhood.
Colombia
San José substation modernization: After a year
of construction and an investment of more than $26
billion pesos, Enel implemented the new San José Electric
Substation and its two associated connection lines, located
in the center of the country’s capital (Los Mártires). This
became a milestone of great importance and part of the
framework of the comprehensive urban renewal plan that
this area of Bogotá is currently undergoing. It will also
permit to meet the growing demand for energy, required
for current and future infrastructure, urban planning and
housing projects planned in the sector.
The San José Electrical Substation Modernization Project
consisted of dismantling previous infrastructure, and the
design, construction and commissioning of a new substation
and transmission lines, increasing their capacity. The new
infrastructure has two power transformers of 40 million
voltamperes (MVA) each, to complete a total capacity of 80
MVA, which is equivalent to the energy consumption of a
municipality like Zipaquirá.
At the same time, another of the characteristics of this new
substation is the technology used, which corresponds to
encapsulated GIS type, meaning that the main operating
equipment is inside control rooms and not visible to the
public, obtaining an improvement in the harmonization of
the landscape of the influence area. 20 medium voltage
circuits were also built within the framework of this project,
responsible for distributing energy through the different
neighborhoods.
Readjustment of power lines for the
construction of the Bogotá Metro:
In coordination with the Bogotá Metro Company, Enel-
Colombia continues to move forward in the Anticipated
Transfer of Networks (TAR) of energy to clear the corridor
through which the works of the First Line of the Bogotá
Metro will be carried out. This project consists of
constructing new structures, installing poles and pylons,
and laying new networks and transmission lines, which will
allow six points (crossings) to be cleared.
Street Power is a power supply service to charge mobile
equipment and/or electric bicycles, at the same time offering
users a Wi-Fi network service, for a certain time. This project
seeks to improve the experience of citizens by providing a
solution to charge their cell phone or tablet when they are
away from home, among others.
Perú
The year was witness to the commencement of the
construction of the José Granda 60Kv Substation and
Associated Lines project which will meet the demand for
electricity supply of more than 80 thousand customers in
the San Martin de Porres and Los Olivos districts.
The construction of the substation and line is considered in
the 2021-2024 Transmission Investment Plan approved by
OSINERGMIN and has all the licenses for its implementation.
The project uses innovative, sustainable, and circular
economy solutions, for example: supervising electric vehicles,
demolition waste management to manufacture new building
materials, energy efficiency using LED lamps, reusing material
from excavations and minimizing the use of wood in the
construction stage.
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Most important e-Industries projects
Argentina
Enel X Argentina and Banco Santander formed an alliance
to provide and finance the purchase of energy efficiency
equipment for Argentine SMEs and other companies,
including solar panels and lithium batteries. This union of two
leading companies permits Argentinean companies of all
sizes, to accelerate their path to clean energy. Thanks to the
agreement, Enel X designs solutions tailored to each client
under the “turnkey” modality and Santander Argentina offers
financing of between 4 and 5 years, so that customers can
make substantial savings in tariff and consumption efficiency.
Brazil
Itaú Unibanco and Enel Brasil signed a contract through
Enel X and Enel Trading to supply 80% of the bank’s units
with renewable energy. The agreement foresees to develop
and construct 46 photovoltaic generation plants with a
total installed capacity of 54.7 MWp. It will serve 1,557 Itaú
branches in 14 Brazilian states. The agreement also includes
the purchase of energy for another 554 agencies in the free
market, with 1 terawatt hour (TWh) of energy sold. There are
more than 2,000 units served with clean energy.
The distributed solar generation contract with Itaú is Enel X’s
largest in the world and reinforces the Company’s strategy
of becoming facilitators in the energy transition process
in the countries where we operate, promoting the use of
green, efficient, and safe energy among our customers and
business partners.
The distributed generation project reaffirms the sustainable
commitment of both companies, since it will avoid the annual
emission of around 10 thousand tons of CO² in the Federal
District. In total, there will be more than 75,000 solar panels
installed and the plants are expected to come online in about
12 months.
Through Enel Trading, Enel’s energy marketer on the free
market, Itaú also signed electricity purchase agreements
lasting 8 years and almost 1 TWh of negotiated energy.
UBM (Utility Bill Management)
As yet another deliverable for Itaú, Enel X will implement the
UBM (Utility Bill Management) system, which digitizes the
company’s payment management, organizing all service
provider account information on a single platform, as well
as permitting to monitor energy and water consumption in
all the company’s units and monitor sustainability indicators.
The management of monthly invoices is a challenge for
companies of the most diverse sizes and sectors and
becomes even more laborious for enterprises whose
operations are distributed throughout the country, as in the
case of Itaú. Enel X’s UBM will monitor utility bills of around
3,100 of the bank’s units every month, that is to say, more
than 6 thousand invoices per month.
The UBM platform will also permit to monitor the results of
the initiatives developed by Itaú focused on reducing energy
consumption, such as modernizing lighting in the units,
installing distributed generation systems and buying energy
in the open market, allowing an overview of compensated
and injected energy, and avoided costs.
Another benefit of the UBM is the monitoring of sustainability
indicators, improving and streamlining the management of
goals, consumption, and emissions.
In addition to concentrating information on water and
energy expenditure, the platform also aggregates data on
the use of emissions and resources to calculate and report
the company’s carbon footprint.
Enel X will also carry out consulting and infrastructure
works in more than 450 Itaú branches to adapt it to the
free market, following regulatory deadlines, focusing on cost
reduction and intelligent energy management.
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Colombia
The brewery Bavaria AB InBev and Enel Colombia signed an
agreement (PPA power purchase agreement) that will permit
to meet the electricity needs for a 15-year period with non-
conventional renewable energy for seven breweries, two
malting plants and a label ling plant located in the country’s
different cities, starting in February 2024.
The renewable energy that Bavaria will use to produce
100% of its beers will be generated in the first stage of the
Guayepo I & II solar park (486.7 MWdc), located in Ponedera,
Atlántico. This first phase (Guayepo I) will have 221 MWdc
of installed capacity of which 50% will be dedicated to the
supply to the brewery, that is to say, around 250 GWh /
year of energy.
Peru
Enel Perú and SIDERPERU, a Gerdau group company,
signed a 12-year energy supply contract through which the
electricity company will supply energy from its renewable
plants to the steel operation. This alliance will last for more
than a decade and will involves part of the energy that will be
produced by Enel’s next non-conventional renewable energy
plants: Wayra extension wind power plant and Clemesí solar
plant.
Thanks to this agreement, Enel will supply a capacity of
70MW that will meet SIDERPERU’s electricity demand. The
energy will come from its renewable plants with hydro, solar
and wind technology, including the production from Wayra
Extension and Clemesí will start operating in 2023. This will
permit the steel company to reduce its CO2 emissions to
the atmosphere.
During the term of the contract, Enel will issue SIDERPERU
I-REC Certificates, guaranteeing that the energy supplied
to its operations comes from renewable sources. I-REC is a
standardized international renewable energy certificate and
is accepted by the Greenhouse Gas Protocol (GHG Protocol),
the carbon footprint accounting standard most used by
large companies globally as an instrument to show effective
emission reductions in energy supply contracts.
Another project to highlight is the Company’s consolidation
as a pioneer in the country by installing the first large-scale
energy “behind the meter” storage system in Peru. Thanks to
this service, industrial customers will reduce power charges
and transmission tolls recorded during peak demand hours.
At the same time, the Peak Shaving service was completed
for 10 years in Pamolsa, based on the installation of large
capacity smart batteries behind the meter, which will store
energy in the hours of low demand and discharge it at peak
times thanks to its artificial intelligence system.
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5.
2022 MANAGEMENT
Enel Américas
at a Glance
Governance
Strategy and Risk
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Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
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Indicators
Annexes
195
2022
Management
Economic management
Enel Americas is investing in improving the
resilience of its asset portfolio, coupled
with a strong commercial strategy. The new
opportunities lie in the integrated commercial
approach, where Enel X’s new energy services
are key
Environmental management.
Environmental protection is one of the
Management pillars of the Enel Americas
Group.
Social Management.
For Enel Americas, people are at the center.
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2022 Management
Financial management
Relevant Investments Associated with the Investment Plan
Subsidiaries develop independent capital investment plans
financed by internal funding generation or direct financing.
One of the goals is to focus on investments that deliver
long-term benefits, such as projects that lead to energy
transition from renewable sources, achieve resilient, digital,
and dynamic energy distribution networks and reduce
energy losses. All of the above keeping the client at the
center of the provision of the Company’s services.
Furthermore, with Enel Américas focusing on providing
services to all its companies, the objective is to reduce
investments at the individual subsidiary level, in elements
such as hiring, telecommunications and information systems.
Even though the issue of how to finance these investments
has been studied as part of the Company’s budget process,
no particular financing structure has been committed and
investments will depend on market conditions when cash
flows are required.
The Investment Plan is flexible enough to adapt to changing
circumstances, assigning different priorities to each project
according to profitability and a specific strategic match.
Investment priorities are currently focused on developing
mainly the work plans for Brazil, Colombia, and Peru.
We continue along the path of boosting investments in
projects that increase the generation capacity of renewable
energy from renewable sources, shown in the following
summary table of investments that took place in 2022:
Countries
Generation Segment
Development
of Renewable
Projects
Maintenance
Renewable
sources
Total
Renewables
Thermal
Maintenance
Distribution
Segment
Enel X Other
Businesses
Total
Argentina
-
-
-
86
174
-
260
Brazil
697
49
746
-
1,298
21
2,065
Colombia
268
40
308
5
228
106
647
Peru
197
12
209
17
176
-
402
Costa Rica
-
1
1
-
-
-
1
Guatemala
-
9
9
-
-
-
9
Panama
18
2
20
-
-
100
120
Total
1,180
114
1,293
108
1,876
227
3,505
2022 Management 197
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Important 2022 financial operations
In 2022, the Company completed the merger by absorption
between Emgesa S.A. ESP (absorbing), Codensa S.A. ESP,
Enel Green Power Colombia S.A.S. ESP and ESSA2 SpA
(absorbed). The resulting shareholding composition of the
Colombian subsidiary Enel Colombia S.A. ESP concluded
with a 57.345% stake of Enel Américas S.A.
• The Investment and Financing Policy remains unchanged
in Enel Américas’ Corporate Governance structure.
• In 2022, Enel Américas S.A. financed its working capital
operations using the line negotiated in February 2021.
Enel Américas negotiated this committed line for US $
1,000 million over three years, to cover its working capital
requirements.
Brazil
Sale of Enel Distribución Goiás
In December 2022, the Company completed the sale of
99.9% of the shares issued by CELG DISTRIBUIÇÃO S.A. –
CELG D (“Enel Goiás”) the Company’s Brazilian subsidiary,
Enel Brasil S.A. (“Enel Brasil”) to Equatorial Participações e
Investimentos S.A., a subsidiary of Equatorial Energia S.A.
(jointly “Equatorial”).
The sale totaled approximately BRL 8.5 billion (Brazilian reais),
equivalent to approximately US$ 1.6 billion, subject to some
post-closing adjustments, of which approximately BRL 1.5
billion (equivalent to more than US$ 285 million) corresponds
to its equity interest paid by Equatorial on the date, and
approximately BRL 7 billion (equivalent to approximately US$
1.3 billion) corresponding to intercompany loan repayment,
which will be paid by Enel Goiás within the next twelve
months.
Negotiation of Credit Line in Brazil with Enel
International Finance
Enel Brasil, together with the distributors (Enel Distribución
Ceará, Enel Distribución Goiás, Enel Distribución Rio and
Enel Distribución Sao Paulo), negotiated a multi-company
committed credit line for BRL 800 Million (US$ 153 million)
intercompany with Enel International Finance. Of which BRL
271 million (US$52 million) has already been drawn.
Company’s Operations
• Enel Brasil: increased its capital by US$ 1,075 million. In
addition, it obtained bank financing for BRL 312 million
(US$60 million)
• Enel Distribución Ceará: obtained bank financing for BRL
632 million (US$ 121 million) and a bond for BRL 600 million
(US$ 115 million).
• Enel Distribución Goiás: undertook intercompany
financing with Enel International Finance for a total of
BRL 527 million (US$ 101 million).
• Enel Distribución Rio: obtained intercompany financing
with Enel International Finance for a total of BRL 1,041
million (US$ 200 million)
• Enel Distribución São Paulo: issued bonds for BRL 1,473
million (US$ 282 million).
Colombia
• Enel Colombia: increased its capital by COP 1,515,000
million (US$ 357 million) as a result of the merger
agreement with Enel Green Power. In addition, it obtained
bank financing for COP 2,145,000 million (US$ 446 million)
and negotiated a committed bank line for COP 400,000
Million (US$ 83 million)..
Peru
• EGP Perú: increased its capital by US$ 80 million on part
of Enel Américas. In addition, it obtained US$ 50 million in
bank financing with the European Investment Bank (EIB).
• Enel Distribución Perú: accessed bank financing for PEN
210 million (US$ 55 million) and renewed the bank line for
PEN 20 million (US$ 5 million).
• Enel Generación Perú: obtained bank financing for US$
165 million.
• Enel Piura: contracted bank financing for US$ 31 million.
• Enel Perú: completed bank financing for US$ 80 million.
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Summary of completed financial operations:
Operation in Brazil
Operation in Colombia
Operation in Peru
Enel Brazil: increased its capital
by US$ 1,075 million. In addition, it
obtained bank financing for BRL312
million (US$ 60 million) and negotiated
a committed line for BRL800 Million
(US$ 153) intercompany with Enel
International Finance.
Enel Colombia: increased its capital by
COP 1,515,000 million (US$ 357 million)
as a result of the merger agreement
with Enel Green Power. In addition,
it obtained bank financing for COP
2,145,000 million (US$ 446 million) and
negotiated a committed bank line for
COP 400,000 million (US$ 83 million).
Enel Distribución Peru: accessed
bank financing for PEN 210 million
(US$ 55 million) and renewed bank
line for PEN 20 million (US$ 5 million).
Enel Distribución Ceará: committed
intercompany line with Enel
International Finance for BRL 271
million (US$ 52 million) obtained bank
financing for BRL 632 million (US$
121 million). and a bond for BRL 600
million (US$ 115 million).
Enel Generación Perú: obtained bank
financing for US$ 165 million
Enel Distribución Goiás: obtained
intercompany financing with Enel
International Finance for BRL527
million (US$ 101 million).
Enel Piura: obtained bank financing
for US$ 31 million.
Enel Distribución Rio: obtained
intercompany financing with Enel
International Finance for BRL 1,041
million (US$ 200 million)
Enel Perú: completed bank financing
for US$ 80 million.
Enel Distribución São Paulo: obtained
bonds of BRL 1,473 million (US$ 282
million).
EGP Peru: increased its capital by
US$80 million by Enel Américas. In
addition, it obtained US$ 50 million
in bank financing with the European
Investment Bank (EIB).
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Investments made in 2022
The main investments made in 2022 by business line are as follows:
Generation
Capital expenditures in the Generation Segment reached US$ 1,402 million in 2022 (US$ $ 1,180 million for EGP projects),
while in 2021 they were US$ 1,224 million ( US$$ 1,033 million for EGP projects).
Argentina
Total investment was US$ 86.4 million in 2022 (mainly US$
15.9 million in Enel Generación Costanera S.A. and US$
70.5 million in Central Dock Sud S.A. ).
Enel Generación Costanera S.A. The main investments
consisted of:
Hot Gas Passage Inspection of the Siemens V94.3
Combined Cycle CBA Turbine: This inspection will safely
extend the useful life of the TG for one more operation
period. The inspection focused on replacing fixed and
movable first stage blades that were at the end of their
useful life. This inspection also found a fault the southern
combustion chamber of the TG and it was repaired, using
the Plant’s own resources.
Boroscopic inspection of the TG9 of the MHI Combined
Cycle: This inspection consisted of an exhaustive review of
Hot Parts of the TG (fixed and mobile blades) to guarantee
the correct operation of the TG, until the next scheduled
major pause to be carried out in the 3rd quarter of 2023,
extending its operating period.
Central Dock Sud. The main investments consisted of:
Inspection C 07 + Up Grade HE: The project was carried
out in our Dock Sud plant, specifically in its Combined Cycle
located in Buenos Aires with an installed capacity of 775
MW. Gas, steam, and auxiliary turbine components were
upgraded to increase capacity and to improve performance
and competitiveness in the market. While Performance
Tests are still due, we expect to increase installed capacity
by 87 MW and improve efficiency by 1.6%. Additionally, it is
estimated that by improving efficiency and applying new
technology, CO2 and NOx emissions will be reduced by 3%
and 29%, respectively, as well as the total consumption of
demineralized water will decrease by 35%. Generation is
also expected to increase by 1 TWh per year on average in
the coming years.
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Brasil
Total investment of the Generation Segment in Brazil
reached US$746 million in 2022 (US$ 5 million of
investments in traditional hydroelectric and thermal
generation and US$ 741 million in Enel Green Power
projects, in the period between January 1 and December
31, 2022).
Enel Generación Fortaleza: there were no relevant
investments in 2022 until the sale of the plant in August
2022.
Volta Grande and Cachoeira Dourada: made investments
totaling US$ 5.2 million, mainly in activities to improve
plant performance and mitigate risks (reduction of physical
guarantee, improvement of the unavailability factor and
reduction of penalties).
Enel Brasil (EGP Brasil-Enel Green Power) The following
table summarizes the investments made in Enel Brasil
projects between January 1 and December 31, 2022.
Project Name
Technology
Completed prior
to merger
Substantially
completed post-
merger
Running
Total
Lagoa dos Ventos
Wind
44
-
-
44
Lagoa dos Ventos II
Wind
16
-
-
16
Fontes dos Ventos II
Wind
-
55
-
55
Cumaru
Wind
-
94
-
94
Morro De Chapeau II
Wind
-
219
-
219
Sao Goncalo
Solar
-
69
-
69
Lagoa dos Ventos III y V
Wind
-
-
147
147
Aroeira
Wind
-
-
32
32
Pedra Pintada
Wind
-
-
5
5
Parapanema
Hydroelectric
-
-
6
6
Project maintenance
-
-
-
17
17
Total invested
-
60
437
207
704
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Colombia
• Enel Colombia
Enel Colombia’s total investment in the hydroelectric and
thermal generation segment reached US$ 45 million in
2022. The required maintenance was carried out and the
expected investments were completed, demonstrating the
capacity and commitment to the operation and maintenance
of the plants. These include recovering equipment in the
Guavio Power Plant, modernizing and recovering equipment
and infrastructure in the Bogotá River power plants. The
activities of engineering, testing and manufacture of
equipment for the automation and remote control of the
Bogotá River plants continued. At the same time, some
activities were carried out to adapt the corporate building.
As for growth investments, work was carried out at the El
Quimbo Hydroelectric Project and Guavio Sedimentation.
Total investment of Enel Colombia, generation segment,
non-conventional renewable sources was US$ 268 million
in 2022. The main investments were made in the Windpeshi
projects, with US$ 60 million invested during the period, a
wind project with an estimated commissioning date in the
second half of 2024. La Loma, with US$ 29 million during the
period, a solar project with an estimated commissioning date
in the first half of 2023. Fundación with US$ 73 million during
the period, a solar project with an estimated commissioning
date in the second half of 2023, and Guayepo with US$ 90
million during the period, a solar project with an estimated
commissioning date in the first half of 2024.1
1. For Enel Colombia, this includes EGP’s 2 months prior to the merger.
2. Se incluyen los 2 meses de EGP previos a la fusión.
Peru
• Maintenance investments totaling US$30 million. These
projects include: automation and remote control of
hydraulic power plants; supply of G1 and G2 impellers
to Moyopampa; replacement of 220KV G1, G2, G3
and G4 cables in Huinco; upgrade of the G1 and G2
voltage regulation system in Chimay; maintenance,
environmental and civil works in hydraulic units; TG3
major overhaul including repair and services; overhauling
of Combined Cycle cooling towers; major overhaul TG4
Window; overhaul Malacca TG4 (C6); rehabilitation of TG4
Malaccas generator; rehabilitation of TG4 Window blades;
environmental projects to reduce harmful emissions in
TG4 of Malaccas and maintenance activities in thermal
units.
• In the EGP perimeter, investments related to the growth
plan totaled US$ 197 million, mainly composed of Wayra
Extension for US$ 135 million, and Clemesí for US$ 61
million. It is to become operational in 2023, in addition
to other maintenance investments already in operation
totaling US $ 2 million.
2022 Management 203
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Annexes
Central America
The main investments made during 2022 in Central America were as follows:
Costa Rica
The investments made in accordance with Status
Components Health (CHS) totaled US$1.2 million. Among
the investments in the PH Chucas plant, we would like
to highlight the beginning of the project to recover the
protection of the left bank downstream of the dam, along
with the designs that will guarantee the reliability of the
infrastructure.
Panama
Panama’s investment plan reached US$ 18 million in 2022.
The main investments were in projects such as Madre
Vieja (Chiriquí) with a 30MW capacity generated through
68,220 solar panels distributed in an area of 33 hectares,
in addition there was the Solar Baco project (Chiriquí) with
a total capacity of 29MW that just begins to be built and is
expected to become operational in the second half of 2023.
In terms of operational investments, transformers were
replaced in Jagüito and Esperanza Solar. The portfolio
of projects under development was improved with the
commissioning of two wind measurement towers located
in the Veraguas province.
We are a strategic ally of the country’s energy transition
process, implementing large-scale projects, in addition to
contributing to a cleaner, safer, and more efficient energy
matrix, with the development of our wind and solar farms
we are contributing to the decarbonization goals to 2050
avoiding the emission of tons of CO2 per year.
Panama’s Investment Plan totaled US$ 2.4 million in 2022.
The investment totaled US$ 1.9 million in the hydraulic
power plants with the development of the Overhaul Unit 3,
highlighting the installation of a new more efficient impeller,
the modernization of the speed and voltage regulator, as
well as the change of the adjustment bolts of the stator
core plating. Likewise, the motor control centers were
modernized guaranteeing the reliability of the plant. In solar
technology, US$ 0.5 million was invested, adjustments and
synchronizations were made to the investors, as this system
was the most relevant. As part of the maintenance strategy,
the Company promoted the search for suppliers to reverse
engineer components such as IGBTs (Insulated Gate Bipolar
Transistor) that are critical components for the operation,
achieving better response times and increasing availability.
Panama’s Investment Plan totaled US$ 100 million in 2022.
US$ 99.8 million was spent on the acquisition of the Martano
contract, which means energy sales of 1.3 TWh and capacity
of 224 MW-month as of March 2023. Additionally, US$ 0.2
million was spent on the GDS trading area where it was
possible to optimize different processes of the Energy and
Commodity Management
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Integrated Annual Report Enel Américas 2022
Guatemala
In 2022, investments totaled US$ 9.0 million. Civil recovery
works were carried out in the canals, slopes, works to
protect the riverbed and roads in the Palo Viejo plant after
the impact of Iota and Eta Hurricanes. The demolition of
the old bridge and the construction of the new one that
guarantees access to the plant were also completed.
The update of the Scada system in the Montecristo and Palo
Viejo plants was implemented to monitor the operational
condition of the units to increase the reliability of the
information to guarantee the generation process.
Argentina
Distribution
In 2022, investments totaled US$ 1,750 million, mainly
focused on new connections, maintenance of networks,
optimizing quality of service, improving safety, and
reducing energy losses. In the previous year, investments
totaled US$ 1,694 million to meet consumption needs.
Investments were related to capacity increases and
reinforcing the company’s HV, MV and LV facilities.
In 2022, Edesur invested US$ 174 million to meet the
demand growth and improve service quality. The most
relevant projects during the period are described below:
• Tripolar cable 574 was replaced between the Escalada
and Corina substations. Trajectory of approximately 3.7
km, by a 1200 mm2 Al type XLPE cable.
• Installation of 3rd transformer 300 MVA 220/132 kV and
3rd Bar 132 kV in Substation Bosques.
• Repowering in the Spegazzini SE at 3x40 MVA 132/13.2
kV, together with a new MV Section (8 feeders) and 4.8
MVAr reagent compensation.
• Mobile Substation installation 35 MVA 132/13.2 kV .
• Repowering in the Heroes de Malvinas substation at 2x80
MVA 132/13.2 kV, installation of 2 new MV Sections (16
feeders) and compensation of 4.8 MVAr reagent.
• Power supply PEyM AySA in Dock Sud: It includes the laying
of a double tripolar cable 132 kV from Maciel SS to the
new Delivery and Measurement Station AySA Dock Sud.
Repowering of 2 transformers at 40 MVA in the Maciel
Substation, together with the installation of 6 hybrid
pieces of equipment of 132 kV.
• Improving the MV/LV network infrastructure due to New
Supplies: 662 works were executed to meet new supplies
and power increases, of which 646 correspond to Low
Voltage and 12 to Medium Voltage. The distribution
network was expanded and renewed along 42 km in
terms of Medium Voltage and 48 km in Low Voltage. The
Transformer Centers also played an important role in the
renewal of the network, as 248 transformer centers were
intervened.
• Main actions focused on improving service quality.
−In order to continue improving service quality for users,
various actions were carried out, including the “Plan to
Normalize Vulnerable Neighborhoods”, “Technological
improvements in the network”, “Neighborhood
Normalizations”, “Improvements in network systems”
and “Network maintenance management”.
−In 2022, 68 alternative energy sources (AEDs) were
installed for electro-dependent users. Similarly,
maintenance was carried out on 151 operating pieces
of equipment corresponding both to equipment
installed in the homes of electro-dependent users
and in the vaccination centers enabled because of
COVID-19.
−Contingency Plan 2022: Edesur participated in the IRAM
certification of the “Emergency Operating Plan”. The
audit took place on December 19, 21, 22 and 23, 2022
“, as it happens uninterruptedly since the year 2000.
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On this occasion, the IRAM audit focused on the
Effectiveness Report of the SOP, on the simulation carried
out on October 4. During the simulation exercise, the service
output of cables No. 581 and 582 was proposed due to
the action of their impedance relay - in SE 180 Alte. Brown,
affecting the following:
• SE 082 Burzaco - Sections N°: 1(13.2 kV) and 3 (33 kV)
• SE 189 R. Calzada- Sections N°: 1 and 4 which initially
affected 116,995 customers.
• The company obtained the auditor’s recommendation
for the recertification of the “Emergency Operating Plan”.
−All these actions were part of a Preventive Strategies
Plan to reinforce the most critical facilities and
networks. The actions developed during the course
of the period guarantee the availability of the
resources (material and human) necessary to meet
the requirements that the demand and temperature
impose on our facilities.
Brazil
Total investment reached US$ 1,298 million in 2022.
Enel Distribución Rio
Investments totaled US$ 269 million. Of this amount, 35%
was allocated to new connections, 29% to projects to reduce
energy losses, improvements in the quality of distribution
networks with a positive impact on the services offered to
customers and remote-control systems through the use
of technology. The rest was invested in maintenance of
distribution networks.
Enel Distribución Goiás
Investment totaled US$ 363 million. Of these, 17% was used
for projects to reduce energy losses and to improve the
quality of distribution networks. The Company invested 35%
in new connections and 49% in maintenance of distribution
networks.
Enel Distribución Sao Paulo
Investments totaled US$ 371 million, of which 39% was used
for network maintenance, 36% for quality projects and 24%
for new connections.
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Colombia
Enel Colombia
Distribution investments (formerly Codensa) in 2022
reached US$ 228 million.
• To maintain the improvements of quality indicators, US$ 41
million was invested, focusing mainly on improving service
quality and efficiency.
• To meet the new demand, capacity was expanded by US$
106 million.
• To improve energy loss indicators, loss control US$6
million and additionally US$ 19 million to meet
replacement requirements.
• US$ 26 million developing systems pursuant to the
Company’s Policy, and US$ 10 million in digitalization of
networks and adaptation of headquarters.
• US$ 20 million for standardization and modernization.
Peru
Enel Distribución Perú
The Company invested US$ 175.7 million in 2022.
Energy demand is associated with new customer
requirements, a situation that has created investments
in distribution networks totaling US$ 115.6 million, of
which US$ 57.6 million were allocated to expanding and
reinforcing networks to meet the requirements of residential,
commercial, and industrial customers; US$ 9 million to
electrify human settlements; US$ 25.7 million to expand
public lighting systems; and US$ 23.3 million to guarantee
supply quality and security.
In terms of sub-transmission, US$ 24.5 million was invested
in expanding the capacity and safety of substations and
transmission lines. Additionally, US$ 13.9 million was
allocated to loss control and US$ 21.7 million to information
systems and infrastructure.
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Investment Projections for the 2023 – 2025 period
The investments projected for the forthcoming years are
as follows:
For the next three years, Enel Américas is aiming to reach
a significant level of investments totaling US$ 5.0 billion
according to its 2023-2025 Strategic Plan, whose main
aim is to accelerate decarbonization, electrification and
digitalization.
Investment by business segment
51% of the Company’s investments will be made in
the Infrastructure & Networks segment, permanently
searching for resilient, digitized networks adapted to
customer requirements, 41% in the renewable generation
segment (own investment + stewardship) that will permit
us to progress towards energy transition required by the
emissions level of our planet. About 1% will be used to
maintain and improve traditional generation sources that
permit to reduce emissions. Approximately 3% of these
investments will be used to develop Enel X’s initiatives
(including e-mobility), as a driver of new forms of energy
use, and the remaining 4% will be used to develop the free
customer market who will be able to negotiate better long-
term rates for the Company’s services.
Renewables Stew. Brazil Grids
Retail
Enel X Thermal generation
51%
31%
10%
4%
3%
1%
(1) Strategic plan 2023-25
2022 Management 209
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Annexes
Investment by country
61% of investments between 2023 and 2025 will be made in Brazil; 33% in Colombia, 5% in Peru (only in 2023) and 1% in
Central America.
Decarbonization will be possible by increasing renewable generation capacity that will provide clean energy to society,
concentrating on countries with the most ground gained in the energy transition process and electrification. The Enel Group
maintains its goal of net-zero emissions to be reached by 2040.
For more details on what Enel Américas’ investments will be between 2023-2025, please review the title Investments and
Financial Projections, in the Strategy and Risk Management Chapter.
Brazil
Stewardship Brasil Colombia
Peru
Central America
By Country
5.0 (US$ bn)
51%
33%
10%
5%
1%
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Integrated Annual Report Enel Américas 2022
Financial situation
Liquidity
Available liquidity has continued in a strong position, and
is as follows:
• Cash and cash equivalents (*) US$ 1,166 million
• Cash and cash equivalent. + placements over90 days (*)
US$ 1,178 million
• Available committed credit lines (**) US$ 1,237 million
(*) It includes four lines of credit committed between parties
related to Enel Finance International (EFI). One of them from
Enel Américas for an available amount of US$ 500 million,
another from Enel Brasil for an available balance of US$ 143
million, another one from EGP Perú for an available balance
of US$ 24 million and another from EGP Costa Rica for an
available balance of US$ 10 million.
Indebtedness
Net financial debt reached US$ 6,878 million, representing
a 37.1% increase compared to the end of 2021, mainly
explained by higher net debt in Enel Brasil, in the Brazilian
distributors, in Enel Generación Perú, partially offset by a
decrease in debt in Enel Colombia.
Hedging Policy
Exchange rate
To mitigate the financial risks associated with changes in
exchange rates and interest rates, Enel Américas has put
in place policies and procedures to protect its financial
statements from the volatility of these variables.
• Enel Américas Group’s exchange rate risk hedging
policy establishes that there must be a balance between
the indexation currency of the flows generated by
each company and the currency in which they borrow.
Therefore, the Enel Américas Group has hired cross
currency swaps for US$ 2,110 million and forwards for
US$ 968 million.
• To reduce volatility in the financial statements due to
changes in the interest rate, the Enel Américas Group
maintains an adequate balance in the debt structure. To
achieve it, we have hired interest rate swaps, for US$ 778
million.
Interest rate
The rise in interest rates in Enel Américas (6.1% in Dec-21 vs.
9.8% in Dec-22) was mainly due to increases in interest rates
in Brazil (CDI) and Colombia (IBR), despite the lower costs
of the Enel Américas Holding’s financial debt. Despite this,
there was a visible improvement in the financial debt margin,
as a result of new debt takings in the region.
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2022
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2022 Investment and Financing Policy
Investment areas
As authorized by its Bylaws, Enel Américas can make
investments in the following areas: (i) Contributions to
investing in or setting up subsidiaries or associated
companies whose activity is related, connected or linked
to energy in any of its forms or nature or to the supply of
public services or whose main input is energy; (ii) Investments
consisting of the acquisition, exploitation, construction,
leasing, administration, marketing and disposal of all kinds of
real estate, either directly or through subsidiaries; (iii) Other
investments in all kinds of financial assets, securities and
transferable securities.
Investment ceilings
The investment ceilings for each investment area will be
as follows:
i) Investments in its subsidiaries in the electricity sector
required to comply with their respective corporate purposes,
with a maximum amount equivalent to 50% of the Total
Equity of Enel Américas’ Consolidated Balance Sheet as of
December 31, 2021.
ii) Investments in other companies outside the electricity
business, provided that at least 50.1% of Enel Américas’ total
Consolidated Assets are in the electricity sector.
Participation in the control of investment
areas
To control the investment areas and, pursuant to the
provisions of Enel Américas’ corporate purpose, as far as
possible, the following procedure must be followed:
i) Appointing directors corresponding to at least Enel
Américas’ participation in them shall be proposed at
the shareholders’ meetings of subsidiaries, affiliates,
and associates, preferably from among the directors or
executives of both the Company and its subsidiaries.
(ii) Investment, financing, and trade policies, as well as the
accounting systems and criteria to which they must adhere,
shall be proposed to subsidiaries.
(iii) Managing subsidiaries and affiliates and associates shall
be monitored.
(iv) The level of indebtedness shall be kept under permanent
control.
Financing
Maximum debt level
Enel Américas’ maximum debt limit will be calculated
pursuant to a ratio of Total Financial Debt (measured as
Other Current Financial Liabilities plus Other Non-Current
Financial Liabilities), less than or equal to 2.2 times Total
Equity of Enel Américas’ Consolidated Balance Sheet as of
December 31, 2021.
Management powers to agree with creditors on the
restrictions related to the distribution of dividends.
Restrictions on the distribution of dividends may only be
agreed with creditors if they have been previously approved
at a shareholders’ meeting (ordinary or extraordinary).
Management powers to agree with creditors on granting
bonds. The Extraordinary Shareholders’ Meeting must
approve granting real or personal guarantees to pledge
third party obligations with regard to the essential assets
indicated below.
Assets essential for the Company’s operation. The direct
and/or indirect participation, which permits to control
Enel Brasil and Emgesa holding the majority of the shares
or maintaining shareholder agreements or covenants, is
considered an essential asset for Enel Américas’ operations.
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Integrated Annual Report Enel Américas 2022
Economic management
Customers at the heart of the strategy
Enel Américas maintains a solid position, as it participates in
the entire renewable energy value chain, permitting it to offer
its customers an integrated range of products and services.
In the upcoming decades, clean electrification will be a
cornerstone and will be driven by the necessity to reduce
pollution in large cities. This process will require significant
investments and will extend to different industries, such as
transportation, construction, and manufacturing.1
Enel Américas is present in one of the largest cities in Latin
America and has the resources and experience necessary
to lead this process. Furthermore, it is committed to making
an important effort to accelerate the process by placing
customers at the center, since without them achieving
results would be meaningless. The Company’s strategic
actions will aim to maximize the value of this trend and it
is adapting its offering to one transcending commodities
and moving towards an integrated offering of products and
services.
The electricity to be provided to customers must be
accessible, clean, reliable, secure, of high quality and
digitized. To achieve this, the Company must have a resilient
and digitized network, since customers will increasingly
demand a wide range of services. These include electric
mobility or other electrical products and services that did
not exist before and are now seen as basic.
Enel Américas today is even greener, more renewable
and with a greater future, anticipating the current trends
prevalent in the utilities sector in the region.
The Company is increasing its Enel X business, thanks to
which it currently has more than 6.1 thousand charging
points for electric vehicles and it continues to grow in other
services for the benefit of its customers. It is also expanding
in the free market, reaching 4.4 thousand free customers
in 2022.
1. Electrification is the main trigger that will permit this to happen, at a minimum, an electrification rate of 50% and more than 90% of renewable energy generation
must be reached by 2050. Anything below that will mean a further increase in the average temperature of our planet, major social changes, and incalculable
economic damage.
2022 Management 213
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2022
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Annexes
Electrification: a dominant factor in maximizing customer value
One of the focal points of the Strategic Plan is the creation of value through electrification and digital transformation to
support the energy transition process, incorporating customers’ active position. To achieve this goal, the Company has
concentrated on the following efforts:
This will involve establishing new forms of engagement with customers, to maintain constant, easy, and dynamic communication
with customers through various traditional and / or digital communication channels with a special emphasis on mobile apps,
new functionalities, new payment channels and back-office automation to improve customer satisfaction, paying special
attention to complaints. All this will permit Enel Américas to maintain its leadership in the industry.
Enel X
The ways we use energy today open up opportunities for
people, businesses, and cities.
• Enel X aims to offer the necessary support for people to live
in a smarter and more sustainable way, through innovative
solutions that respond to constantly changing needs.
• The Company is simplifying what is currently difficult
and complex by creating opportunities for growth and
progress for everyone, everywhere – innovating and
moving forward to provide customers with the opportunity
to drive progress and change the world.
For people
Transforming homes
to make them
smarer and simpler,
more comfoable,
and sustainable,
puing the customer
in control of their
home environment.
69%
For business
Transform
businesses to
unlock new values
through simple,
scalable, and
innovative solutions,
with new
oppounities and
lower costs.
For cities
Transform cities to
improve the quality
of life by developing
sma lighting
solutions and energy
use, connectivity,
and mobility.
1
Increased service
quality
Leverage digital
technologies to improve
the level of services
provided to network
customers.
2
Improve the
relationship with
customers
1 New channels according
to customer needs and
new digital installations
in traditional channels.
2 Transparency to help
customers beter
understand regulated
communications
3
New services for new
needs
Developing and launching
new services for a smarer
society: Fostering
electrifications
Make life easier.
Electrication as a central factor to maximize
value for customers
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• Enel X plays an essential role In this process by creating and integrating the offer of products and services for all customers,
permitting them to access clean, safe, and resilient energy, through electrification.
Enel X mission
Assist customers in decarbonization and more efficient use of energy through
electrification and digitalization
Create new value by offering new products and services.
ELECTRIFICACTION
B2C
Aliation Home Services, HVAC &
Green Products, Smart Home
Solutions.
Market development through new
capacity available to achieve beter
conditions for free market customers
2,0
2,5
e-Home
B2B
Flexibility services, distributed
energy, energy management
systems
e-Industries
B2G
Public lighting, smar city
services, public electronic
Transpor.
e-City
Comoodity
e-Mobility
Financial Services
UBB
Enel X
Retail
Focus on a customer base model to take
advantage of opporunities duringan energy
transition scenario
Atracting new customers in the transition
from a regulated market to a free market
Acciones estratégicas
Main indicators
Lighting points
2022
2025
*0.5 (mn#) 0.9 (mn#)
Responsible Demand
2022
2025
41 (MW)
198 (MW)
Credit cards
2022
2025
938 (th#)
1,244 (th#)
e-Buses
2022
2025
2.4 (th#)
3.9 (th#)
Repair and maintenance
services
2022
2025
629 (th#)
1,371 (th#)
Charging points
(Public and Private)
2022
2025
7.3 (th#)
30.4 (th#)
Other relevant indicators
(*) Proforma figure, excluding the operations in Argentina, Peru and Enel Distribucion Ceara, in order in order to compare them with the projection to 2025.
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2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Commitment to customers
The grid customer base and distributed energy will continue
to grow organically in the perimeter, covered by the strategic
definitions established by Enel Américas in the plan drawn
up for the 2023- 2025 period.
Towards the end of 2022, Enel Distribución Goías, one of
our subsidiaries was sold , which explains the sharp 11.0%
decrease in customers in 2022.
As part of the corporate simplification framework
established for the 2023 to 2025 period, the sales of the
energy distribution companies in Argentina (Edesur), Peru
(Enel Distribución Perú) and Enel Distribución Ceará will be
completed. Therefore, the number of customers forecast for
2025 wil most likely reach 16 million, compared to the 15.1
million customers that the Company had as of December
31, 2022 in Enel Distribución Rio, Enel Distribución Sao Paulo
and Enel Colombia distribution segment and that are part
of the geographical areas that the Group has demarcated
as strategic to continue developing its business. Over the
next three years, the Company will continue to invest in
network resilience, flexibility, and quality, lowering both
quality indicators by a double-digit decrease in both
Main indicators
2021
2022
Final users (mn)
26.2
23.3
Distributed Energy (TWh)
121.2
122.6
SAIDI (hours)
8.6
8.1
SAIFI (frecuency)
4.2
3.9
Energía Perdida (%)
12.9
12.8
Smar Meters (*)
137 th
313 th
Distribution
Energy loss
Customers
2022
2021
Variation
2022
2021
Variation
2022
2021
Variation
Countries
GWh
GWh
%
%
%
p.p.
Thousands
Thousands
%
Argentina
17,495
16,735
4.5%
17.1%
18.0%
(0.9)
2,601
2,549
2.0%
Brazil
81,737
81,755
-
13.4%
13.0%
0.4
15,382
18,431
(16.5%)
Colombia
15,075
14,598
3.3%
7.5%
7.5%
-
3,795
3,709
2.3%
Peru
8,308
8,130
2.2%
8.2%
8.5%
(0.3)
1,534
1,491
2.8%
Total
122,615
121,217
1.2%
12,8%
12.7%
0,1
23,311
26,180
(11.0%)
Energy sold by customer type GWh
Customer segment
Distribution segment
Argentina
Brzsil
Colombia
Peru
Total
Residential
7,460
32,145
5,322
3,365
48,292
Commercial
3,980
13,140
2,402
716
20,238
Industrial
1,334
3,180
1,086
1,883
7,483
Others
4,721
33,272
6,265
2,344
46,602
Total
17,495
81,737
15,075
8,308
122,615
(*) Included Argentina, Peru and Ceará
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Customer concentration by business segment
The segments defined by the Company within its financial
statements are Generation and Transmission, and Distribution:
Generation and transmission segment
The generation and transmission segment’s main customers
are those who have freely contracted the supply of energy
with the Company, and the auctions in which the Chamber
of Commercialization of Electric Energy (CCEE) regulates
the purchase and sale of energy between generators and
distributors.
As of December 31, 2022, there were no clients concentrating
more than 10% of sales in the generation and transmission
segment.
Distribution segment:
The customers of the distribution segment are regulated
customers, and those who, according to their consumption
volumes, can freely negotiate rates with the distributor for
which they receive their denomination as free customers.
Given the atomization of sales made by electricity
distributors in each of the countries where Enel Américas
operates, none of the more than 23 million customers
exceeds 10% of sales concentration in the segment.
Environmental Management
For Enel Américas, the environment is one of the pillars
on which it bases the implementation of all business core
ideas. That is why environmental management relies on solid
governance, implemented with policies promoting actions
that go beyond compliance with reference standards,
encouraging the Company and its management to search
for innovative and sustainable solutions throughout the
value chain.
Hence, the Company has defined standards and procedures
that make it easy to adequately identify and evaluate
impacts, applying protection, reduction and mitigation plans,
if necessary. Furthermore, it promotes the dissemination
and exchange of best practices, encouraging continuous
improvement in line with its commitment to the conservation
of natural resources and nature-based solutions.
Enel Américas, aligned with Enel SpA’s commitment to
the “Business Ambition for 1.5⁰C” campaign promoted
by the United Nations and other institutions, which, in
turn, incorporates the criteria and recommendations of
the Science Based Targets initiative (SBTi), is committed
to actively contributing to move forward the complete
decarbonization of the Group by 10 years, i.e., by 2040.
Integrated Management System
The Company has implemented an Integrated Management System, a tool that permits it to manage, direct and organize
health, occupational safety, quality, and environmental performance indicators, establishing continuous improvement processes
and allowing preventive risk mitigation.
Argentina
Brazil
Colombia
Peru
Costa Rica
Panama
ISO 9001:2015
X
X
X
X
X
ISO 14001:2015
X
X
X
X
X
X
ISO 45001:2018
X
X
X
X
X
X
ISO 50001:2011 1
X
X 1
X
X
ISO 55001:2014
X
(1) Applies to thermal plants in Colombia and Peru and in Brazil before the sale of Fortaleza
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Regulatory
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Main
Indicators
Annexes
Emissions Management
For Enel Américas, the direct greenhouse gas emissions indicator (Scope 1) was 6,56 million t CO2eq in 2022. Below, we present
the Company’s goals pursuant to the 2023-2030 Plan. For more details regarding the emissions figures, review chapter 8 of
this Integrated Annual Report.
Main initiatives and recognitions by country
País
Iniciativa/Reconocimiento
Argentina
With regard to emissions, APRA (Environmental Protection Agency) was informed about the project to isolate three turbo-
steam units, which involves an environmental improvement through a reduction of emissions, improvement of air quality and
lower consumption of fossil fuels and water. To quantify this improvement, an air quality model will be prepared. (Costanera)
Brazil
Electric vehicle
Global Power Generation initiative replacing a conventional vehicle with an electric one, which would avoid the emission of
GHGs together with a reduction in the purchase of fossil fuels. This Aroeira project is aimed at transporting staff responsible
for cleaning bathrooms in the service fronts.
Electric truck
In 2022, Enel Distribución São Paulo already had 13 vehicles that are 100% electric in its distributors of which 11 in São Paulo
and 2 in Ceará. These vehicles stand out because of their low maintenance costs and zero emissions.
Colombia
National Carbon Neutrality Program:
We received recognition for our participation in the activities developed in the NATIONAL CARBON NEUTRALITY PROGRAM,
organized by the Ministry of Environment. By participating in this program, we received technical and conceptual tools to
identify and plan mitigation actions against Greenhouse Gases (GHG) emission which will become an input to structure f
Enel Grids’ Integrated Climate Change Management Plan. This recognition is a sign of Enel’s commitment to mitigating CO2
emissions on the road to decarbonization.
Identifying and evaluating initiatives to mitigate CO2 emissions:
In 2022, we carried out studies to identify specific actions that permit us to mitigate CO2 emissions related to technical
loss management, management of equipment with SF6 content, modernization of lighting systems in substations, among
others, in order to map new alternatives to mitigate and compensate our carbon footprint.
Peru
Enel Generación Piura:
It culminated with the EV Burner project consisting of upgrading the TG4 Unit combustor, contributing to reducing nitrogen
oxide (NOx) emissions and savings in water consumption. In January 2022, the environmental license was approved, through
the Technical Supporting Report, and in July 2022 it became operational.
Enel X received the first prize from the RECOLECC Collective System at the sustainable event “We recycle to leave a mark”
for the waste management of electrical and electronic public lighting equipment, which reduces carbon footprint emissions.
Enel Distribución Perú received the first Star of the “Peru Carbon Footprint” recognition, from the Ministry of the Environment,
for the collection of information that allowed us to calculate greenhouse gas emissions 2021.
Activity/goal
Results
Goal Enel Group Plan2
Enel Américas
2022
2025
2030
Scope 1 generation specific emissions 1 (gCO2e/kWh)
123
130
82
Reduction of specific emissions of SO2 (g/kWh) vs 2017
(25%)
(93%)
(94%)
Reduction of specific emissions of NOx (g/kWh) vs 2017
(54%)
(66%)
(70%)
Reduction of specific dust emissions (g/kWh) vs 2017
(56%)
(98%)
(98%)
Reduction of specific freshwater extraction (l/kWh) vs 2017
(54%)
(61%)
(65%)
1. Enel Group Objective certified by SBTi
2. Enel Group’s goals according to its Capital Market Day in November 2022
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Water management
The responsible use of water resources and their protection are essential to safeguard natural ecosystems and vital for the
well-being of the people who inhabit them, as well as for the success of our activities.
Main initiatives by country
Country
Initiative
Argentina
Mistras System consists of a continuous acoustic monitoring system, which permits to detect
incipient failures in the steam generator pressure system of the Dock Sud Power Plant (Central
Dock Sud – quantitative data will be reflected in EDEN)Wastewater Treatment System The WWTS
was completed, and the progress of the water permits requested prior to commencing. The
project is being managed by an external company.
Brasil
In 2022, Enel Ceará implemented a water reuse project in 6 new substations for non-human
consumption according to valid legal regulations.
Perú
The implementation of the WAVE program continues and is centered on reducing industrial
water consumption through an intelligent chemical control system in the cooling tower at the
Ventanilla and Santa Rosa Thermal Power Plant.
Biodiversity Management
The main intrusions of Enel Américas’ actions into
biodiversity refer to the occupation of natural areas when
installing structures and their associated impacts, whether
on the landscape, fauna, flora, or ecosystem services.
These impacts are reduced in the initial stage, when an
exhaustive feasibility analysis is carried out and mitigated
by the environmental programs implemented during
the installation and operation phases, according to valid
regulations and international standards.
Country
Initiative
Argentina
A plant biodiversity management guideline was developed, and plant maintenance staff members
were trained. (Enel Generación Costanera)
In the El Chocón and Arroyito facilities vegetation cover was measured in specific sites at the
same time as indices of plant richness and abundance. Based on the results, compensation
projects were carried out aimed at creating and improving green spaces in areas of public
traffic and roundabouts.
These projects emphasize ecosystem landscaping by using native species to facilitate the
preservation of local flora and fauna (Enel Generación El Chocón.
Brazil
Biodiversity Monitoring Program
Enel Ações Biodiversidade consists of several initiatives, including additional ones to voluntary
initiatives and compliance with the conditions of the environmental license. The program is
carried out in 19 plants, covering 13 biological groups, from flora, fish, aquatic and terrestrial
vertebrates to invertebrates. It considers educational actions that contribute to the prevention
of impacts, such as the Campaign for the International Day of Biodiversity, which included
actions such as wildlife monitoring, veterinary care, animal rescue, training and an educational
bombardment with employees to promote commitment to biodiversity..
The main initiatives by country are the following ones:
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Country
Initiative
Colombia
Tree planting:
In 2022, 2,000 trees were voluntarily planted in the Bosque RENACE reserve, offsetting part of
the Company’s carbon footprint. Similarly, in compliance with environmental legal obligations,
1,231 trees were planted in activities related to maintaining and expanding our infrastructure.
Alliances for the protection of fauna:
In 2022, the Company continued to celebrate the Convention with the Santa Cruz Zoo for
the protection of wildlife in the Soacha and Tequendama region. It permits us to reinforce
the Company’s technical capacities to manage and rescue wildlife that comes into contact
with the electricity distribution networks.
Urban Biodiversity
Two projects were implemented in electric buses charging points:
1. Voluntary re-naturalization by planting 736 native trees in approximately 7,954 m2 of the
available green area, creating synergies between the environmental area and sustainable
mobility projects and contributing to ecological connectivity within the city, in areas of
environmental interest such as the Thomas Van Der Hammen Nature Reserve.
2. Project focused creating ecosystem services and façade beautification for the inhabitants
of Usme, by installing vertical gardens and community gardens in an area of 50 m2 that
contribute to the sustainable infrastructure of the project by reducing environmental noise,
increasing biodiversity, and improving air quality
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Annexes
Social Management
Focusing on people
The Company of the future starts with people
The profound social, economic, and cultural
transformations that characterize the current era, from
the energy transition to the digitalization processes and
technological innovation, also profoundly affect work
environment and have created the necessity to rethink
the current paradigms to respond to the new needs where
the human being is the main protagonist. The Enel Group
is in the midst of a cultural evolution, where the concept
of “people are our focus” has become the axis of a new
business model and the key to an innovative strategy
permitting to create a positive impact both inside and
outside Enel Américas.
By promoting the centrality of the individual, the Company
has initiated a process of valuing people: it no longer
begins with the gap to be overcome, but with the strengths
of each one, with their talents and with their uniqueness.
People are the center of a harmonious and virtuous triangle
in which well-being and motivation are elements that favor
the expression of the potential of individuals who, can offer
their best efforts constructing the Company’s results.
As part of the process, the Company launched the Personal
Statute in 2022, a document that reflects the Enel Américas
Group’s desire to evolve, laying the foundations for a more
collaborative work between the Company, its employees,
and its representatives, respecting diversity, adding value,
sharing experience, and solidifying the relationship with
the different social partners.
This commitment includes three main principles:
• Work for well-being, participation, and productivity.
• Knowledge and continuous learning of people.
• Culture and behavior in terms of safety, putting the value
of life as a premise.
Listening, sharing, participating and passion are the
key words in Enel Américas’ new way of working. Work
in the future will promote new hybrid methods, such as
smart working and innovative organizational models, to
create an ecosystem that guarantee that everyone will
feel comfortable in the new work environment. For the
Company, its team is the main stakeholder and, therefore,
it is committed to developing and promoting the culture
of well-being.
The gentle leadership adopted by the Group is a point
of cultural evolution definitely leaving aside hierarchical
leadership in favor of another model in which people work
in (and with) people. Gentle leadership builds a virtuous
mechanism that cares for the relational space, based on
listening and dialogue, with the view to creating a work
environment where motivation and well-being lead to
productivity and sustainability. Because the concept of
sustainability is at the basis of this change it no longer
refers only to the environmental dimension but to the entire
set of relationships in which the Company is immersed.
Furthermore, in 2022 the Enel Leadership Program was
linked to the #Respetar es Energia Campaign, to work on
a solid cultural foundation of respect, kindness, and ethics,
also reinforcing Open Power values.
This campaign included workshops on fundamental human
rights at work, consolidating our policies on Workplace
and Sexual Harassment, Diversity and Inclusion, and the
Code of Ethics. Awareness talks were also held regarding
psychological safety, the construction of inclusive work
environments and care for people’s well-being.
15,072
Total workers
% of women
22%
Training hours per employee
51
% of women on the Board
29%
% of women in management position
33%
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Workforce
As of December 31, 2022, Enel Américas’ workforce totaled 15,117 people, representing an 8.2% decrease compared to the
16,461 employees at the end of 2021. This reduction was influenced by a lower number of staff in Brazil as a result of the sales
of Enel Generación Fortaleza and Enel Distribución Goiás, which the previous year reported a total of 1,375 workers.
Workers by function category
For more detail, review the metrics chapter of this Integrated Annual Report.
People’s well-being
Promoting personal well-being, both at work and in private life, reinforces the sense of belonging and makes work more
sustainable. With this in view, the Enel Group defined a Global Wellness Program, based on eight pillars that affect overall
satisfaction levels, considering the centrality of people:
Global
Wellbeing
Framework
PSYCHOLOGICAL
Feel good about yourself
SOCIAL/RELATIONAL
Feeling connected and
belonging to a community
PHYSICAL
Inspiration to take care
of your physical
wellbeing
HARMONY WORK
AND LIFE
Balance between work
life and personal life
ECONOMIC
Sense of satisfaction
with their economic
situation
PROTECTION
Feeling safe and
protected from
undesirable events
ETHICAL
Sense of value,
meaning, and purpose
CULTURAL
Feel motivated with
growth and learning
Number of
people by
gender and
job category
Enel Americas and subsidiaries
Senior
Management
Management
Headquarters
Laborer
Sales Force
Auxiliary
staff
Other
professionals
Other
Technicians
Total
Total
39
171
1,244
4.297
95
6
5,420
2,444
15,072
Women
6
63
349
15
43
-
2,024
172
3,350
Men
33
108
895
4.282
52
6
3,396
2,272
11,722
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Annexes
Dialogue with workers
Another essential element involved in listening and dialogue
with people is the People & Business Partners program to
capture individual motivations and aspirations and integrate
them with the Company’s needs in a harmonious manner.
In general, internal communication is a fundamental pillar
to create a corporate culture, guarantee the development
of people and the growth of the organization, stimulating
and promoting the exchange of information, knowledge,
and experiences. Internal communication is also the main
vector aimed at disseminating the strategy and objectives
identified for the near future.
Twice a year, the Company carries out (2020 and 2022) the
Climate Survey with a wide participation of our employees
(Open Listening: An interview to build our future). Using
the results of this survey, specific action plans have been
drawn up in relation to the main needs that have arisen
(working conditions, meritocracy, personal development,
reconciliation of work and family life, and others).
Open Listening
In 2021 and 2022, the survey was applied in the countries
where Enel Américas has operations reporting the following
results:
Countries
Argentina
Brazil
Colombia
Chile
Peru
Central America
% participation
63%
71%
84%
66%
84%
86%
Level of well-being
and commitment
87%
90%
97%
93%
97%
99%
During the period, the wellbeing survey was also applied to
the “Global Wellness Program”. Its objective was to identify
actions and initiatives aimed at improving the quality of
life, referring to the eight pillars of the new Well-being
Model: balance between work and private life, physical
and psychological well-being understood as being well
with oneself, quality of social life outside and inside the
Company, ethical well-being defined as coherence with
one’s own values, intellectual well-being as an incentive to
learn and improve, a sense of security, economic well-being
considered as a certainty in the workplace and value of one’s
own work
Benefits for employees
Maternity/paternity leave
Enel Américas has implemented different benefits for
employees who become mothers and fathers, respectively
in each country where it operates. The benefits established
by local regulations and what each Enel Américas’ subsidiary
additionally delivers are detailed below:
Benefit according to regulations for each country in which Enel Américas operates
Argentina
Brazil
Chile
Colombia
Perúu
Central America
Paid maternity leave
for three months
– applied from 45
or 30 days before
birth, as chosen by
the employee.
Paid maternity leave
for 120 days and
five-day paternity
leave.
12-week paid
maternity leave for
the mother, 12 weeks
full-time or 18 weeks,
if she returns part-
time. This leave can
be transferred to the
father, for a maximum
of six weeks of
full-time leave, or
a maximum of 12
weeks, on a part-time
basis.
Maternity leave with
pay for 18 weeks,
Mothers can share 6
with the father and
two weeks by law for
fathers
Paid maternity leave
for 98 days + 1 hour
of breastfeeding per
day for one year.
10-day paid for
fathers
Panama:
Paid maternity leave for
14 weeks.
Paid parental leave for 3
working days
Costa Rica
Paid maternity leave for
16 weeks.
Fathers not entitled by
law
Guatemala
Paid maternity leave for
84 days
2-day paid father’s leave
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Integrated Annual Report Enel Américas 2022
Additional benefits provided by Enel in each of the countries in which Enel Américas operates (maternity/paternity leave)
Argentina
Brazil
Chile
Colombia
Peru
Central America
Extension of
paid leave for
an additional
three months,
a total of six
months of paid
leave.
It is linked to
the Citizen
Enterprise
program, a
supplement
of 60 days for
maternity and
15 days for
paternity leave.
Permits are
provided for
parents to attend
medical check-
ups with their
children
up to six months
from birth.
Unpaid additional
Maternity Leave:
This benefit
gives mothers
the opportunity
to enjoy up to
three months of
unpaid additional
maternity leave.
Additional paid
paternity leave:
3 additional
business days
Additional
Maternity Benefit:
Permanent
teleworking for
one year.
Paternity Benefit:
Additional 10-day
paid leave.
Panama
Mothers are given
an extra 2 weeks of
pay.
Fathers are offered
extra 2 business
days pay
Costa Rica
Mothers are given
two additional paid
weeks with pay
plus evaluation
with Headquarters
to authorize two
weeks of continuous
telework
Fathers are given
a paid week plus
evaluation with
Headquarters to
authorize two weeks
of continuous
telework
Guatemala
Mothers are given
an extra 42 paid
days
Fathers are given 3
additional paid days
Other Benefits
The Company has implemented a benefit plan for its employees as well as for their families. Among these are scholarships for
academic excellence, activities for employees’ children, extended legal leave, birthdays, and recognitions for work trajectory.
To access the benefits the company evaluates the employee’s contract type. The main benefits per country are as follows:
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Argentina
Brazil
Birth gift
PAE : Psychological, legal, financial, nutritional advice for
employees and their family group (operates 24 hours a
day, 365 days a year) and is strictly confidential
School kits for children from 5 to 13 years old
Service time Recognition
Graduation gift for employees
5 days per year for personal procedures for employees
Back to School – 1st Day of School (flexible schedule for
children’s entry to classes)
Civil marriage (Cohabitation ) similar to marriage leave
(10 working days).
Study days, 12 days per year.
Same-sex couples or single-parent families - people who
decide to adopt or, in the case of same-sex couples, 6
months with pay for the adopting parent who works in
the Company.
Extended holidays for new employees - 15 working days
Days off for the death of Spouse or Cohabitant, Parents
or Adoptive Parents and Children (one day must be a
working day), 14 calendar days.
Days off for the death of siblings, in-laws, or
grandchildren, 3 calendar days.
Days off for the death of grandparents of both spouses,
sons-in-law, daughters-in-law, uncles, cousins, nephews,
and brothers-in-law, one day.
Days off for moving, house 2 calendar days.
Gender affirmation leave 10 working days
Christmas gift
Discount on mobile phone for the employee and family
group
Canal Você: is a program that offers psychological,
legal, social, financial, funeral, social security, and other
support. It has provided more than 58,553 visits to our
employees and their families.
Gympass: Corporate wellness platform that offers the
greatest coverage of the best academies, studios, and
activities for employees.
Short Friday: early departures on Fridays and
redistribution of the hours on other days.
Parental Program: is an orientation program for Enel’s
future parents and their respective partners related to
health during pregnancy and baby care. The meetings
are held by experts and take place in 2 annual cycles, with
4 meetings each.
Wedding and Birth Kit: Employees who have had a child
or got married receive a gift kit for this special date.
Day Off for birthday: All our employees are eligible and
have the right to take off on their birthday.
Short Day Mother’s and Father’s Day : Employees who
are parents can leave early on a weekday of Father’s Day
and Mother’s Day.
Extended maternity and paternity leave: 120 days of
maternity leave and 20 days of paternity leave for Enel
employees
New work model: The new policy states that eligible
employees can have a hybrid work schedule, that is:
40% of the days must be in person and the other
60% remotely. This new work model has permitted to
apply several measures of geographical flexibility and
schedules, transforming the approach to work into a
model based on trust and the achievement of objectives.
New ways of working must permit us to be more efficient
and effective, as well as achieving a balance between our
employees’ personal and professional lives.
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2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Chile
Colombia
Peru
Central America
Complementary health
insurance, for greater
coverage of health benefits.
Collective Isapre health
insurance Plan, which gives
access to better plans, and
additional benefits.
Supplement Subsidy for
Work Absence due to illness,
The Company makes the full
payment of the monthly salary
to employees on medical
leave.
Financial support, provided
to different groups of people
such as mothers and pay
for their children’s studies,
through loans, scholarships
and awards for academic
excellence.
Activities aimed at promoting
physical care and well-being:
The Company has developed
an extensive program to
promote the development
of healthy habits. Through
agreements with gyms.
Recreational and social
networking activities:
Parental Program This
program provides benefits
for parents who accompany
their children the entire first
cycle of.
Health benefits Associated
with teleworking care,
developing remote initiatives
for physical and mental health
care of employees and their
families.
We have a digital and
personalized benefits
model called a la carte
benefits in Colombia
and Central America,
where people can find
a portfolio of more than
70 benefits that are
grouped into 4 broad
categories: My time, my
experiences, monetary
benefits, and my care.
Each one includes
benefits associated
with generating a great
experience in working
life with Enel.
Benefits such as
birthday time, flexible
work schedule, pool of
hours to share, first day
of school, graduation
day, Halloween with
children, mindfulness
experiences, professional
psychological support,
celebrations, sports
tournaments and
physical experiences and
an informative section
of monetary benefits.
People have at their
disposal the information
required to redeem them
by tracking their annual
points.
Agreements with
discounts in relevant
educational entities.
Flexible hours.
Daylight saving time
throughout the year.
Special recognitions for
service times.
Recreational activities
for employees’ family
members.
Coverage for special
health plans.
Balance day: Option to
take paid day per year.
Panama:
Scholarships for the
children of employees
Costa Rica, Guatemala
and Panama, benefits
such as: medical
expenses and life
insurance policy, there is
the platform for a la carte
benefits (transversal
COL-CA) that contains
benefits of quality of
life and recognition to
the work team in its
three categories of My
time (flexible schedule,
reduced hours on Fridays
(according to work
area), assistance for sick
relatives, balance day,
hours sharing) My Care
(psychological support)-
My Experiences (birthday
celebrations, recognition
of work trajectory, end-
of-year activity)
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Hybrid working method
The profound digital and technological transformation
has permitted to apply various geographical flexibility and
schedule measures, moving the focus of work towards a
model based on trust and meeting objectives, favoring the
supply of services. This way, new work forms mean that we
must be efficient and effective, in addition to achieving a
balance between our personal and professional lives.
Currently, hybrid teleworking has been implemented in
practically all Enel Américas subsidiaries, whereby people can
carry out their tasks 60% from home and 40% by attending
Enel Américas’ offices in person, and may even decide, by
mutual agreement with their line-managers, which days
they prefer for each of the above-mentioned modalities.
Additionally, and in order to comply with the regulations and
guarantee employees’ welfare, the Company considered the job
conditions guaranteeing optimal environments for employees
regardless of the place where the service is provided.
Teleworking – Smart Working
Number of people who were teleworking as of December 31, 2022
Number of people who were teleworking as of December 31, 2022
Countries
No. of people
% of total
Argentina
624
16%
Brazil
3,534
48%
Chile
44
100%
Colombia
1,676
7%
Central America
94
42%
Peru
897
85%
Total
6,869
46%
Flexible working hours
This measure has allowed people subject to time control, and
the positions that permits it, to start their working day in a
range that will depend on what is defined by each country.
This way, they can conclude their day later or earlier in the
same period. In remote working conditions, emphasis has
been placed on management by objectives, seeking to
balance the times required by personal and work issues.
This is an opportunity for people, according to their needs
and moments of life, to agree with their line-managers on
the most convenient time slot.
Support Programs
The Company offers all its employees and their families
individual psychological support through a plan of up to
eight sessions, in which it is possible to deal with a variety of
issues whether personal or work-related. Furthermore, they
are given the opportunity to attend group meetings, guided
by a specialist, to develop dynamics that are related to team
interactions. Additionally, in critical cases, employees can be
provided with crisis support.
Work-life balance
A relevant focus for the people strategy is based on the
quality of life of its employees and achieving a balance
between professional and family life. This is why, and
especially considering the post-pandemic context, face-
to-face activities were gradually reinstated n in 2022, always
implementing due protection and preventive rules, with small
face-to-face meeting spaces to sustain coexistence and
interaction between teams.
Campaigns to encourage the use of holidays
Enel Américas organized various campaigns in all the
countries where it operates asking employees to use their
vacations. The Company included a benefit of 1 additional
day for employees who make use of their vacations in
periods of low activity. This way, teams are able to plan
better slack and busy times and increase their moments
of disconnection.
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2022
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Other Corporate
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Indicators
Annexes
Empowering people
The Company has implemented the Open Power values
and behavior model, which translates into operational
aspects that foster the commitment and participation
of the people who work for and with Enel Américas and
which constitute the benchmark to manage people and
their development. People selection, management and
development processes are governed by global guidelines,
policies, and procedures, which are supplemented by
specific local documents. Training and awareness-raising
initiatives continue to accompany the adoption of fully
digital working methods and promote a work culture based
on autonomy, delegation, and trust, as well as a special
attention to people’s well-being.
Integration of Agile Methodology in the Open
Power Culture
The Agile Methodology is a collaborative model based on
openness and flexibility to face challenges in times of
change. Interdisciplinary teams develop projects through
iterative processes under this framework, including the
participation of the end customer. The Company developed
and accompaniment and training people in agility program,
working with a team of internal Scrum Masters.
Why
AGILE
Growth of energy
demand it`s not the
same as in the past
Technological evolution is
contributing for a new
services to emerge that
join the traditional offer
Revolution in the worl
of energy
Agile: apoyo a la
ransformation suppor
801,524hours
Of training
99%people
trained
US$ 2.1million
investment
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Integrated Annual Report Enel Américas 2022
Various activities were carried out during the period to disseminate the Agile Methodology environment in the Open Power culture.
Training and development
In order to grow sustainably in the Company, people must be able to deploy their talents, improve innovation, digital and
technical capabilities, and accompany the Enel Group’s transformation. This corporate culture is based on 4 pillars:
1
Promoting
the quality of life and
wellbeing of people
through responsible care,
generating a flexible,
trusting, close, challenging
and motivating work
environment imbued with
a sense of pride and
identity.
2
Strengthening
leadership by providing
tools and capabilities that
promote trust and the
search for purpose within
each team, encouraging
autonomy, empowerment
and practivity to furher
advance the potential and
diversity of the teams.
3
Promoting
cultural change and
develop people's
capacities to digitize
processes, promote the
use of platforms and
manage people's
effectiveness and
experience based on data.
4
Understanding
people as strategic
parners that challenge
and suppor the business,
providing innovative,
effective and integrated
solutions that promote the
development of a
sustainable organization
and a benchmark in the
market.
Therefore, the Company put in place and upgraded
reskilling and upskilling programs: the first is intended
to learn the skills and competencies that permit people
to cover positions and roles different from their original
ones; the second focuses on training and empowering
employees to permit them to improve the way they carry
out their role increasing existing skills in their original
position.
In 2022, the Company disseminated the subject of upskilling
and reskilling, establishing working groups to draft guidelines
and map out projects, as well as undertaking several
technical and digital training actions in accordance with
the energy transition process and digital transformation.
Furthermore, the Company is now integrating a common
taxonomy for upskilling, reskilling, and external skilling, so
that they are an integrated set of interventions that include
training and development as a whole.
To achieve this, the training strategy has been based mainly
on two efforts:
The first, approached from a Bottom-Up perspective,
encourages self-learning and self-management of
professional development. To achieve that, the Company
provided digital platforms that enable constant learning. To
strengthen this pillar, the Company formed alliances with
different providers such as Coursera or UBITS Learning that
permit employees to avail of a greater catalog of content and
thus motivate them to manage their own learning process.
The second effort focuses on the Top-Down approach which
guarantees that all training actions are aligned with the
business strategy, converging on achieving organizational
objectives and involving the Company’s leaders.
To guarantee compliance with these guidelines, we have
implemented a Training Policy which permits us to delimit
the general framework of action to define and carry out
training activities, which should contribute to consolidating
and achieving our values and objectives.
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Strategy and Risk
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2022
Management
Other Corporate
Regulatory
Information
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Indicators
Annexes
• Developing Open Power Culture
To strengthen this pillar, a program was implemented that
seeks to develop the Enel Group’s fifteen competencies,
which consists of a series of courses that seek to acquire,
improve, or expand skills required for future work.
• HSEQ and Compliance Training Program
It seeks to develop skills and techniques that permit us to
safeguard our security pillar in the Company. It also includes the
training program related to our criminal risk prevention model.
• Preparing for the future, Reskilling
To strengthen this pillar, alliances were made with universities
to transfer to our employees’ new knowledge of the
electricity sector.
• Digital transformation and agility
This module delivered concepts, management tools, work
methodologies and analysis techniques that permit to face
the challenge of new energy technological environments.
In 2022, the following programs were developed:
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Enel Américas promotes training activities for its staff as a foundational element to guarantee their development, and establishes
ways aimed at fostering the growth of their own talent, the valorization of skills and promoting the birth of internal trainers.
The specific training activities that are framed in each of these 5 pillars in each of the countries were the following:
Argentina
Brazil
Description
specific training
issue
Through the Learning Community, made up of 5 Academies: Leadership,
Innovation, Agility, Technical and Digital, we provide a wide portfolio of
proposals available to the entire Organization.
This year we implemented new formats: Inspiring Talks and Think
different and we added internal trainers to continue promoting the
continuous learning process, making it available to the Community.
Integrating the experience of our people, who share knowledge, we
create virtuous circles, spreading positive energy, enriching us all.
The most relevant programs of each academy are:
Leadership Academy:
• Energizing Teams Program
• Women Power
• Human Experience
• INC Skills
• Soft Leadership
• Talent loyalty tools
• Leadership Day
Innovation Academy:
• Power People Podcast
• Workshops Creative Problem Solving, Lean Start Up, Design
Thinking y Agility:
• Mentor Workshop
Agility Academy:
• W7shop for Product Owners
• Open workshops on Mural digital boards:
• Agile Mindset Episode Series
Digital Academy:
• Digital Leaders Program
• Talk New trends II
• Digital Pill
• Digital Immersion Program
• Power BI.
Technical Academy:
This year we made 7 episodes Close to Business:
• Regulatory Framework
• Innovation
• Circular Economy
• Electricity market
• Hydroelectric Generation
• Risk Management
• The ethical outlook of our leaders
Likewise, we responded to the needs of each Business Unit and carried
out transversal trainings, which arose from the need detection meetings.
Since 2019, we have
invested in digital tools
that support workers in
managing their activities,
agile methodologies,
and soft skills. In 2021,
several initiatives were
implemented, including:
Online training platform
to guarantee safe training.
Furthermore, live webinars
were offered, with expert
employees from the
commercial areas. Virtual
Welcome Program, with
a three-day integration
period for new members.
Transversal Labor rotation
program.
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2022
Management
Other Corporate
Regulatory
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Indicators
Annexes
Colombia
Peru
Centroamérica
• Different technical and digital
training activities were carried
out within the framework of
the Reskilling and Upskilling
project according to the needs
established by the business lines
and their impact on the energy
transition process and digital
transformation.
• For this year, the information
governance offices of the different
business lines were consolidated.
We developed a training plan in
data analytics and tools (Power
BI, Spotfyre, Qliksense), with the
support of the specialized group
of CEAN internal workers.
• Leadership training program in
Effectiveness for leaders and
workshop “I take care of myself to
care for others”.
• Soft skills training to strengthen
the 15 competencies established
by the Group
• Implementing jointly established
HSEQ plan to meet legal and
regulatory requirements on health
and safety issues.
• Certification in drone handling,
operation, and safety by O&M
EGP&TG equipment.
• Using Power BI tool to follow the
development of digital skills.
• Training in agile frameworks and
promotion of agile culture.
• Women Open Power Program to
continue developing our employees
with high potential.
• Developing the training plan for new
leaders providing them with tools to
optimally manage their teams.
• Staff Training in regulations in the
electricity sector.
• Training lead auditors and internal
auditors in 5 ISO standards: 90001,
14001, 450001, 37001, 50001.
• Developing the HSEQ training plan
focused on technical courses such
as work at heights and COVID-19
prevention.
• Closing Lead Up Program - Gentle
Leadership Module
• Growing with coaching for leaders
• Use of Power BI module II tool to
develop technical skills.
• Reinforcing Compliance
(Workplace Harassment and
Conflict of Interest, Institutional
Relations) HSEQ training on health,
safety and the environment
• Behavioral observations and safety
leadership HSEQ technical training
according to current regulations
D&I awareness talks SDDP and
OptGen models (software) Training
in Digital Transformation (business
applications) Cybersecurity
Training Corporate Inductions
Training and workshops in Circular
Economy and Innovation.
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In 2022, approximately 800 thousand hours of training were
delivered, most of them remotely. It was possible thanks to
improving our digital tools and the E-Ducation platform,
which guarantees widespread access to the content and a
greater culture of learning digitization. 77% of these training
sessions were taken by men and 24% by women, with a total
cost of US$ 2.1 million representing 0.013%of the Company’s
total revenue.
People Development Programs
As part of people development actions, We have programs
that contribute to growth and preparation for their
professional careers. Between the main ones, we have the
following:
Coaching
Empowerment process based on becoming aware of
oneself and one’s own resources. It is a creative learning
based on the relationship of trust between the coach and
the coachee.
Job Shadowing
A period of working together by two work colleagues: a host,
who coaches his/her colleague, and a guest, the person
who is coached. Together, they co-construct activities,
objectives, and goals along the shadowing process. The
guest accompanies the host in his/her own work activities
and is involved in his/her relations with the team, with the
main stakeholders, sharing content and daily meetings.
Mentoring
This program is based on sharing experiences between a
professional expert in certain sectors or competences (the
mentor), and a person less experienced in those sectors or
competences, (the mentee). The first gives advice to the
second and, as he/she gets to know the organization, he/
she is improved his/her knowledge of different dynamics,
making him/her responsible and allowing him/her to develop
his/her own potential.
Team building
Activities that were carried out virtually or in person,
incorporating practices that consolidate teamwork and
cohesion among workers, according to the diverse needs
of the business.
Attracting talent
The new digital tools to support the selection process
have allowed to involve and include all candidates to get to
know the skills of young people. Last year, several initiatives
were developed, mainly digital, that are related to talent
attraction and Employer Branding, aimed at building an
attractive corporate identity for potential candidates and
including the transfer of the value structure in the workplace,
to immediately capture the interest of young people who
could occupy a position in the Company in the future.
Talent management integrates and enhances relationships,
trust in, and respect for the talent of each individual, without
putting aside the goal-focused approach. The focus on the
development of people’s potential permits individual and
team objectives to be achieved, so it is important to have a
diverse and inclusive talent at all levels of the organization.
Between 2022 - 2021, more students were incorporated
into the company as interns. They were selected through
an evaluation model that seeks to choose young people
with the greatest affinity with the Company’s values and
culture. Diversity and inclusion are also relevant aspects, so
initiatives were developed to fortify integration without age
discrimination in the various areas, especially promoting the
integration of women as interns.
The Company developed initiatives focused on improving
actions aimed at younger age groups, through activities
such as meeting young professionals “My Enel experience
as an intern” and the study associated with recognizing
the “Best Companies for Young Professionals and Interns”,
among others. Additionally, and as part of the Voluntary
Retirement Program, a cycle of preparatory talks was held
to better face retirement in relation to health and insurance
issues, as well as on an emotional level, and the beginning
of this new stage in life. Such activities were aimed not only
at the people who left the Company, but also at the teams
where such employees used to work.
Enel Américas boasts flexibility and resilience based on the
consolidated experience of remote work, which began in
its headquarters in 2016, and the technological and digital
transformation are part of the Enel Group’s business
strategy, making it the first public service company entirely
in the cloud.
Energies in Latam
For Enel Américas, the development of trained people is
essential to meet its objectives, and to face the challenges
imposed by current times, in particular developing leaders
who are capable of representing the Group’s active role in
combating climate change. As part of this framework, the
Energy in Latam program was created, an initiative aimed
at developing and monitoring managers, preparing them to
lead the challenges of the energy transition process. Some
of the project’s objectives include mentioning to facilitate
the internal rotation of managers between the business
lines and in the different Latin-American countries, establish
personalized programs to develop and retain talent. To date,
557 people have participated in this program.
2022 Management 235
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
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Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Performance evaluation and internal mobility
Performance Evaluation
In 2022, approximately 98% of Enel Brasil employees who
met the eligibility requirements were evaluated. They
all received feedback which permits them to develop
personalized development plans.
Open Feedback Evaluation
This evaluation model, launched in 2021, is based on
the Enel Group’s 15 competencies and on individual and
collective growth, as well as on gentle leadership. It focuses
on identifying talents and generosity as a recognizable
and quantifiable value and relates three dimensions:
talent, action, and generosity. The instances of feedback
that managers hold with employees are opportunities to
create greater closeness, transparency, align expectations
and support their professional development. One of these
instances is Open Feedback, which seeks to encourage
the culture of continuous feedback among the entire labor
network, following the Open Power philosophy.
GENEROSITY
It measures the ability to
interact and deal with the
network.
ACCIÓN
Assignment and evaluation
of objectives.
TALENT
Identification of personal
skills based on Enel's 15
competencies
Open Feedback
Evaluation
Global perormance
evaluation system
Q
u
al
it
a
ti
v
e
Q
u
a
n
ti
t
a
ti
v
e
Q
u
a
n
t
it
a
ti
v
e
This evaluation system is supported by an online platform where any employee can deliver feedback to his/her peers, teams, and
managers, highlighting the positive aspects of their performance and highlighting the identified opportunities for improvement.
This model makes it possible to send and receive feedback among colleagues and encourages them to contribute to everyone’s
growth in the Enel Group’s 15 identified competencies. It also permits the manager to assign professional objectives.
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Bond: Individual
cluster organization
1. Inteliligence emotional,
social and
organizational
2. Meaning making
Storytelling
3. New way of teamwork
4. Creativity - Innovation
disruptive
5. Orientation to results
Creation of value
sustainable
6. Security, wellfare and
environment
atmosphere
7. The client in the center
8. Flexibility and learning
continuous
9. Inclusion and
interculturality
10. Data management
11. Digitization and
critical thinking
Leadership
12. Empowerment,
coaching
13. Spirit business
14. E-Leadership and
management of
complexity
15. Take of decisions
69%
The skills necessary in modern world evolve rapidly and
upskilling1 and reskilling2 strategies become increasingly
important to permit to develop talent and contribute to
socially responsible approaches, due to the constant concern
for people’s development. That is why the Company developed
the total compensation program called Total Rewarding
, whose purpose is to reward employee performance not
only through remuneration, but also through important
opportunities for professional empowerment.
Internal mobility and Replacement planning
Internal mobility at work is another key element promoted by
the Company to allow people to open up to new professional
challenges, developing their skills and designing increasingly
horizontal programs. In total, more than 500 vacancies have
been filled using direct selection processes and direct
competitions of the Company’s internal staff.
Replacement plan and function transfer
The replacement plan seeks to identify talented people who
take on managerial and high-responsibility roles, to design
development itineraries for them. It is a central process that
affects the Company’s KPIs. It is also a sensitive and strategic
procedure, which encourages generational change and gender
diversity. It is an annual process with the following stages:
1. Upskilling, concept that seeks to teach employees new skills to optimize their performance.
2. Reskilling, also known as professional retraining, seeks to train an employee to adapt to a new position in the Company.
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Strategy and Risk
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Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Identification
The position holder chooses his or her successors in two categories: ready (people who are ready to take on the
job) and pipeline (those who have yet to prepare to take on the job in the medium term).
The criteria to select successors must consider gender diversity, that is to say, the proposals must guarantee 50%
of women and 50% of men, transversality, that is to say, it must provide candidates from areas different from the
one being identified and at least one person with an archetype different from the position holder.
Sharing
The position holder shares his/her plan with his/her leader, with his/her peers and with the People Business
Partner (PBP)
Action and communication plan
The selected proposed successors are informed and the action plan to be carried out during the year is prepared.
This plan may include be the following: Coaching, Mentoring, Job Shadowing, work experiences within Enel or
outside the Company, experiences in Agile Projects and diversity and inclusion and training in soft and technical skills.
In 2022, the replacement planning also took place. It is
an annual process that involves managers who identify
high-potential colleagues available for short-term (ready)
and medium-term (pipeline) management positions. To
accompany the development of successors in relation to
their potential jobs, the manager who appoints them, the
responsible manager and the People and Organization
area identify shared development actions, based on an
individual and professional profile. The identification of
successors follows criteria based on meritocracy, diversity,
and horizontality of profiles, and requires great attention to
gender equality.
Diversity and inclusion
Enel Américas’ corporate strategy is expressed around
the central concept of contributing to the construction of
a fairer and more inclusive society along the entire value
chain, protecting the environment and creating future
opportunities for the Company and all its stakeholders.
The Company’s commitment to human rights is the guiding
thread of the activities and is fully integrated into the
purpose and all corporate values. This constant commitment
is expressed through the Human Rights Policy, which is
consistent with the main international reference standards.
The document adopts the approach of the UN Guiding
Principles on Business and Human Rights – Protect, Respect
and Remedy – and the OECD Guidelines for Multinational
Enterprises aimed at promoting sustainable business model
management.
The inclusion of diversity and each person’s multiple unique
talents are essential factors to create long-term sustainable
value for different stakeholders.
The paradigm Inclusion equals Value underpins this
approach, increasingly relevant in view of the changing
conditions the world is undergoing. It is fundamental to be
able to imagine new scenarios and dynamically co-create
innovative solutions, taking advantage of the varied mix of
individual characteristics.
This approach is based on the principles of non-
discrimination, equal opportunities, dignity, work-life
balance and inclusion of all people, beyond any form of
diversity also established in the diversity and inclusion
policy managed by the Group, and is embodied in an
organic set of actions that promote the care and expression
of everyone’s talents, an inclusive and non-judgmental
organizational culture and a consistent mix of skills, quality
and experiences that create value for people and the
Company.
The action plan for diversity and inclusion is based on public
and specific commitments included in our Sustainability
Plan, which addresses 5 core ideas: disability, female
empowerment, interculturality, the LGBTIQ + community
and age; and that is maintained by the Diversity and Inclusion
Committee.
Different programs address the various barriers that
prevent the full participation of different groups of people
and, in particular, those who, for cultural reasons, are less
represented in the work context.
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Argentina
Brazil
Chile
Colombia
Inclusive Language Workshop
Sensitization of Search
Consultants on gender issues
Accompaniment programs on
issues of Domestic Violence
Inclusion Project: Non-binary
Gender
Webinar LGTBIQ+
SHE CAN - Gender Skills
Workshop
Women Power - Leadership for
Women Managers
Day to eliminate Violence
against Women Webinar
Training Violence and
Harassment at Work, and
Human Rights
Maternity Coaching
Employee and Family Group
Assistance Program
- Disability. Awareness talks
in relation to empathy and
functional
Diversity and inclusion
workshop for all
leadership and P&O.
Eight webinars on
diversity and inclusion
were held for all
employees
% of women managers
and middle managers:
26.58%
Diagnosis of the Intervention
of Unconscious Biases
in Employability, Training
Processes and Subsequent
Women’s Career Development
in Companies in the Electricity
Sector.
First Job’s Best Companies for
Young Professionals.
Best Companies for Interns,
from First Job.
Gender-Equality Index (GEI).
Featured Company in Diversity,
Equity, and Inclusion 2021, EY
Ernst & Young.
Merco Corporate Business
Reputation Monitor.
Measurement of Business
Labor Inclusion (Mile), Network
of Inclusive Companies (ReIN).
Internal X-ray, from Pride
Connection.
Seal of intercultural companies
of the Network of Intercultural
companies
Holding an all-female Enel Recruiting Day
session , with the aim of forming a talent
pool ready to enter our vacancies.
Contact and new relationships with
different entities that will permit us to
approach diverse audiences to expand
our talent pool.
Technical training program for women
in order to have a talent pool of women
interested in being part of technical areas
of the business.
We developed two congresses focused
on students and graduates in STEM
careers seeking to attract new talent to
the Company.
A webinar focused on diversity, equity
and inclusion was developed by telling
the people of Colombia and CA, relevant
aspects of diversity.
Development of the diversity committee
in which team managers contribute
directly to the mobilization of diversity
participate together with the country
manager, reviewing progress of
initiatives associated with complying
with organizational goals and objectives
around diversity.
Recertified as a gold seal company equips
and certified with the friendly Biz Gold
seal.
Book associated with colors and gender
roles for the daughters and sons of the
Company’s employees.
Podcast with expert on diversity issues
with focus on sexual diversity and its
relationship with human rights
Visit to 2 schools within the Back to
school program to inspire girls and
opening a horizon on STEM careers and
their contribution and input to creating
a more sustainable world, through
the experience and testimony of Enel
Colombia workers, This initiative had an
impact on more than 200 girls. Through
the company’s different media messages
have been disseminated that are in line
with our commitment to diversity and the
importance of valuing talents.
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Peru
Central America
Woman Open Power Women’s Leadership Panel
Leading without labels
Diversamente Challenge Program
Workshop on sexual harassment in the workplace
University Fair for People with Disabilities
STEM Talent
Back to School
Webinar on Nonviolence
Diversely Challenge (Women’s Leadership Panel)
STEM Virtual Tour
Open Diversity
Launch of the Guide against Violence (Enel is a sponsor)
Communication campaign against violence
Training workshop for leaders and managers
Course on sexual harassment in the workplace Prevention and
Punishment
ELSA Harassment-Free Workplace Survey
Cafe for Diversity Podcast
We are part of the Disability Network
Personal Branding Workshop for Interns
COL-CA has been treated transversally:
Internal communications campaign: Visible talents (Internal communications
campaign focused on strengthening the concept of talent beyond
prejudices, from the different focuses of diversity, one of them gender)
Enel Without Borders Women’s Panel (Share the story of Enel women
who will talk through a panel about the challenges, opportunities and
perspectives they identify for women in a sector like ours from their own
experience and how they have managed to occupy important business
positions in different countries)
Back to school (Strategy that seeks to help the Company’s female staff
members to return to their schools to share experiences related to STEM
studies, so that they can promote and raise awareness of STEM careers,
leading by example and success.)
Is this a girl or a boy? (Share with children a book that allows us to question
the biases associated with one or another gender and that limit the
professional and human development that people can have in the world,
making the invitation that we can be, whatever we want to be.)
In Guatemala:
A Story of Talent, Without Barriers (STEM) Making visible the stories of
women scientists and engineers can help inspire girls and young women by
giving them icons to look up to. This is the case of Liliam Juárez Cárdenas,
an engineer who works at Enel Green Power’s hydroelectric plants in
northwestern Guatemala. Her story is the first chapter of a series called
‘Goal5’, in reference to the United Nations’ Sustainable Development Goal
(SDG) 5, “Gender equality.”
Making your dream come true (STEM) (Webinar focused on bringing our
Enel role models (women in technical roles with STEM degrees) to the world,
to promote and raise awareness in STEM careers, leading by example and
success.)
In Costa Rica:
Women in STEM careers: myths and realities (STEM) (Webinar that seeks
to position the role of women in the clean energy industry and sustainable
development.)
Diversity and inclusion talk: Who are LGBTIQ+ people? (STEM) (Address
basic concepts of integral sexuality, which help us understand who LGBTIQ+
people are and inputs to promote a more inclusive workplace)
Basic Awareness Workshop - Positive Masculinities (to introduce and create
the first steps of raising awareness of gender-masculinities)
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Disability inclusion1
To guarantee a full inclusion of people with disabilities and
in line with the approach indicated by the UN Convention,
the Enel Group provides tools, services and working
methods, and promotes initiatives aimed at creating an
accessible environment that is conducive to the independent
expression of the talents and potential of everyone in the
organization.
The public commitment taken on by the Enel Group as part
of the Valuable 500 Global initiative, which identified the
gaps that prevent the inclusion of people with disabilities in
the Company and gave rise to the 2020 Value for Disability
project, which aims to harness the potential and promote a
full inclusion of people with disabilities at company level, and
develop specific plans at global and local levels, considering
discussions with associations and benchmarking with other
companies. The programs referred to are currently being
implemented in line with the priorities identified in the
Sustainability Plan.
1. Article 2. of Law 29973 indicates the definition of a person with a disability: a person with a disability is one who has one or more permanent physical, sensory,
mental, or intellectual deficiencies who, when interacting with various attitudinal and environmental barriers, does not exercise or may be impeded in the exercise
of their rights and their full and effective inclusion in society, on equal terms with the others.
Regulations in each country:
Argentina
Brazil
Chile
Colombia
Perú
Central America
Decree No. 312/10
Regulates Law No.
22.431 to comply
with the 4% quota in
the National Public
Administration or
companies that
provide public service.
The quota law seeks to
guarantee the right to
work of persons with
disabilities, facilitate
their inclusion and
equal opportunities.
According to Brazilian
law, companies
with more than 100
employees are subject
to a legal quota to
hire PWDs, which
varies from 2% to 5%,
depending on the total
number of employees.
The data associated with
the compliance of 1% of
people with disabilities
are established in Law
No. 21015 on Labor
Inclusion.
It is not a legal obligation
to hire people with
disabilities and, therefore,
there is no stipulated
or minimum number.
However, there are some
laws that encourage to
hire staff with disabilities,
including:
• Law N.. 361 of
1997.- Decree 2011 of
November 30, 2017
• Decree 2177 of
December 22, 2017.
• Decree 392 of February
26, 2018.
The General Law on
People with Disabilities
N.29973 and its
regulation Supreme
Decree N.002-2014 MIMP
promotes the inclusion
of people with disabilities
in the public and private
sector. For the public
sector, it establishes
3% of people with
disabilities.
Guatemala
There is no law governing
recruitment. Only Decree
No. 135-96 “Law on Care for
People with Disabilities” for
their protection.
Costa Rica
Law N.7600 (1996),
Regulation N. 26831 (1998).
Law N. 8661 (2008), Law
N.8662 (2010), Law N.7092
(1988 – Article 8, subsection
b, second paragraph) and
Law N.9379 (2016).
Panama
Law N.15/2016 and Law
N.42/1999 on “Equal
Opportunities for Persons
with Disabilities”.
Inclusion of Generational Diversity
For Enel Américas, diversity and inclusion also refer to the
importance of the contribution of different generations,
where young talent and experience play an important role
in enriching the organization.
Inclusion of Interculturality/Nationality/
Migrants
Enel Américas and its subsidiaries promote diversity and
inclusion, aspects that also involve the contribution of
different cultures. An organization where different origins,
formations and cultural backgrounds converge can access
a greater wealth of views. As part of the above, the Company
has implemented a mentoring program for expatriate workers
to contribute to the cultural inclusion of people from other
countries who come to work at the Company and its
subsidiaries. Tutoring permits to orientate and integrate the
expatriates in the new context, and it is an informal focal
point for information about the local organization and the
new environment.
Inclusion of Sexual Diversity
In terms of sexual diversity, in 2021 Enel Américas became
part of the Pride Connection network, which seeks to
improve the inclusion of people in the community.
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Inclusion of Gender Diversity and Equity Policy
To recognize, respect and manage gender differences, while
guaranteeing the development of their talents and equal
opportunities and treatment, the Company has taken a
series of actions fundamentally related to:
−Seeking a balance in the recruitment and selection
processes.
−Promoting women’s participation in higher education
programs, especially in technical areas.
−Developing programs to achieve a balance between
employees’ parental needs and their aspirations for
professional growth.
In terms of sexual diversity, in 2021 the Company became
part of the Pride Connection network, which seeks to
promote the inclusion the LGBTI+ community in the
workplace.
Enel Américas does not have a Gender Equity Policy but is
making efforts to develop one.
In keeping with the UN Sustainable Development Goals,
specifically with SDG 5, the Company conducts a periodic
salary review, which considers gender criteria. It has
implemented a methodology to evaluate positions that
help to establish the relative value of each one according
to its importance and contribution to the interests of
the organization. This way, it can compare salaries in an
objective way with the similar conditions of the labor market,
considering criteria of equity of both gender and peers.
Collective relations
At Enel Américas, we comply with current labor legislation
and collective agreements signed with trade unions,
as well as with the fundamental principles of the United
Nations Universal Declaration of Human Rights and
International Labor Organization (ILO) conventions on
workers’ rights (freedom of association and collective
bargaining, consultation, right to strike, etc.), systematically
promoting debate between our social partners in search
of an appropriate level of agreements. We guarantee
our employees’ freedom to join any trade unions, and we
hold regular meetings with the representatives of such
organizations, to maintain a mutual, sustainable, and
beneficial relationship for all, which is embodied in favorable
agreements for both parties.
As of December 31, 2022, the Company’s unionized staff
reached 44% of the total workforce.
% Covered by Country
Total unionized persons / Total Staffing
Argentina
47%
Brazil
46%
Colombia
47%
Costa Rica No Unionized Staff
Not applicable
Guatemala No unionized staff
Not applicable
Panama
40%
Peru
21%
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Argentina
Company (1)
Fecha de inicio
Fecha de término
Edesur – Collective Bargaining Agreement 1
2004
2007
Edesur - Collective Bargaining Agreement 2
2004
2007
El Chocón - Collective Bargaining Agreement 1
2012
2017
Costanera - Collective Bargaining Agreement 1
2011
2014
Costanera - Collective Bargaining Agreement 2
2012
2015
Brazil
Company (2)
Start date
End date
Enel Distribución Sao Paulo - Collective Bargaining Agreement
2021
2023
Enel Distribución Rio - Collective Bargaining Agreement
2021
2023
Enel Distribución Ceará - Collective Bargaining Agreement
2021
2023
CIEN - Collective Bargaining Agreement
2021
2023
Cachoeira Dourada - Collective Bargaining Agreement
2021
2023
Enel Distribución Goias - Collective Bargaining Agreement
2020
2023
Enel Brasil - Collective Bargaining Agreement
2011
2023
Colombia
Company
Start date
End date
Codensa – Sintraelecol - Collective Bargaining Agreement
2019
2022
Codensa – Asieb- Collective Bargaining Agreement
2016
2019 (3)
Emgesa – Sintraelecol- Collective Bargaining Agreement
2015
2022
Emgesa - Asieb- Collective Bargaining Agreement
2016
2019 (3)
Panama
Company
Start date
End date
Enel Fortuna S.A.-SITIESPA-Collective Bargaining Agreement 1
2021
2024
Peru
Company
Start date
End date
Enel Generación Perú S.A.A. – Collective Bargaining Agreement 1
2022
2026
Enel Generación Piura S.A. – Collective Bargaining Agreement 1
2022
2026
Enel Distribución Perú S.A.A.-SINTREDEL – Collective Bargaining Agreement 1
2021
2023
Enel Distribución Perú S.A.A.-SUTREL – Collective Bargaining Agreement 2
2020
2023
(1) According to Argentine labor law, the working conditions contemplated in expired contracts remain in force until the signing of the new contracts,
in accordance with the principle of validity after the termination of the contract established in Law No. 14.250 (Article 12).
(2) According to Brazilian law, collective bargaining agreements may not exceed two years.
(3) It is currently under negotiation.
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The integration of safety into processes, training and
dissemination activities, rigorous selection and management
of contractor companies, quality controls, exchange of
experience and benchmarking are fundamental elements
of safety culture.
The current period is a challenging one regarding health
management, due to the effect of the pandemic that
radically changed the way we work and relate with each
other. Consequently, the Company has had to adapt to
maintain the operational continuity of an essential service
in all the communities where it operates. This adaptation has
consisted of implementing protocols, such as the PL1031
Global Policy “Coronavirus operational and emergency
indications for Enel Group” and the IO3420 Access Control
operational instructions, among several others.
For Enel Américas, the safety of workers is the most
important thing, and based on this, continuous training
and dissemination campaigns are carried out to achieve
the goal of 0 accidents in all activities carried out by
workers.
During the year 2022, 17 accidents involving personnel
hired by the Company were registered at the global level
of Enel Américas, within the 8 countries where it operates,
with an average of 14 days lost due to accidents, no
fatalities were recorded.
Labor Safety
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Innovation and circular economy
Innovation
Innovation of our products, services or processes is a
strategic priority that guarantees the Company’s long-term
success in a context of an increasingly competitive and
demanding market. This scenario offers new opportunities
based on the development of energy solutions that promote
sustainability and allow diversifying the offer of products
and services.
Enel Américas works on innovation ecosystems through the
Open Innovability model, which is implemented via two core
ideas: promoting and interacting with external innovation
spaces through the Innovation Hub, and promoting the
internal innovation culture through Idea Hub.
Innovation Hub
With its Open Innovability model , Enel Américas creates
solutions, products, and services continuously transform
the current energy model. To do this, the Innovation Hub
detects startups whose technology has the necessary
potential to transform good ideas into solutions for
business needs. In 2022, more than 80 emerging
companies from all over Latin America were evaluated.
Main initiatives by country Innovation Hub
Enel Américas carried out different activities in 2022 to
improve and promote innovation, both internally and
externally, through alliances with various organizations in
the countries where the Company operates.
Brazil
• In 2022, the Company entered into a sponsorship
agreement with the National Industrial Training Service
(SENAI) to design new projects and to organize an
exhibition at the largest Industry Innovation fair in Brazil,
where we presented the technologies developed by Enel
and focused on the smart meter, the decarbonization of
cities and the relevance of electric and renewable vehicles.
• The Roboost program was carried out. Its mission is to
integrate and distribute innovative robotic solutions
related to Operation and Maintenance activities on
a global scale, to increase safety, sustainability, and
operational efficiency. Some of the devices adopted In
Brazil as part of these guideline were: solar panel cleaning
robots, robotic lawnmowers, submarines for underwater
inspection, drones and smart glasses.
Colombia and Central America
• In 2022, Enel Colombia and Central America continued
to promote different culture programs in intra-
entrepreneurship and open innovations, permitting us
to provide creative solutions to the challenges of the
different businesses and to support management. Thanks
to the above, Enel is positioned as an innovative brand
both nationally and in Latin America, receiving important
awards including the Business Innovation Ranking – Andi
and Dinero Magazine, the recognition of the Ministry of
Sciences, the 100 Open Startup Ranking of Colombia
where it reached the number one position in the energy
sector, among other distinctions.
Peru
• Agreement with the Scientific University of Peru to establish
a joint collaboration project between companies and
the university to carry out academic activities (including
scientific research) on innovation, circular economy, and
renewable energies, among other issues. To date, the
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preparation of the Position Paper on the potential for
circularity in the city of Lima has been finalized.
• Virtual Visit: a solution that permits technicians to record,
manage and prepare reports on the visual inspection
carried out with the Enel Distribución customer using
their own mobile devices. Technicians interact with
customers through Visual Remote Assistant software,
and the solution interacts with the customer via emails
and SMS. Virtual Visit may collect information to notify
upcoming visits, send inspection results, etc.
• EV-Burner: Technological improvement initiative to reduce
industrial water consumption and reduce NOx emissions.
In 2022, a new combustion chamber was installed at
the Malecas thermal power plant, which will reduce
greenhouse gas emissions by 95% and save 400,000 m3
of water, equivalent to providing this resource to 22,000
people per year.
Idea Hub
To promote and disseminate the culture of innovation,
the Company established the Idea Hub, which seeks to
generate knowledge and behaviors in innovation and
intrapreneurship, guaranteeing the participation of
all employees and the integration of businesses. The
Company encourages the creativity of technical and
professional teams, putting at their disposal the tools to
develop their capacities.
Innovation =
Creativity x Execution x Traction
To inspire and spread
divergent thinking by
strengthening innovation
and multidisciplinary
teamwork
Transforming business
problems and challenges
into creative solutions
Scope of
work
I
n
n
o
v
a
ti
o
n
A
c
a
d
e
m
y
I
n
n
o
v
a
ti
o
n
A
c
a
d
e
m
y
E
n
el
I
d
e
a
F
a
c
t
o
r
y
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Lines of work
• Innovation Academy: Innovation academy is open to all
the Company’s employees who participate, develop or are
interested in innovation, digital transformation and want
to incorporate knowledge and new methodologies into
their way of working.
• Enel Idea Factory: a program based on innovation and
creativity methodologies to help find new solutions to
solve business challenges and foster intrapreneurship.
• Culture of Innovation: it includes diverse activities, talks,
workshops and events that seek to inspire and enhance
the divergent thinking of Enel employees.
• Innovation Ambassadors: a program that promotes the
creation of a network of people from different areas, who
can influence, expand and develop innovation culture at
all levels of Enel Américas, seeking to reinforce a culture
of innovation and its integration into daily work. The
people who are part of this network are called innovation
ambassadors.
CREATIVE PROBLEM
SOLVING
Based on the natural way in
which creative thinking is
built. This methodology
seeks to turn problems into
challenges, opening the way
to a resolution process that
generate a ferile
environment for creative
ideas.
The construction of thought
emerges as a four-phase
process:
Clarify
Devise
Develop
Implement
DESIGN THINKING
A "human-centric" way of
working, which puts the
customer at the center of
everything and uses different
tools to co-create with them
the product or service that
best suits their needs,
changing their habits and
improving their experience.
The phases of Design
Thinking are:
Empathize
Define
Devise
Create a prototype
Testing
LEAN STATUP
It is used for business and
product development and
allows for shorening the
cycles of each process,
adopting a combination of
hypothesis-driven
experimentation to measure
progress, iterative product
launches to gain valuable
customer feedback, and
validated learning to measure
how much has been learned.
The phases of the process
are:
Learn
Create
Measure
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Make it Happen
It is a corporate entrepreneurship program that promotes
the participation of employees in presenting creative ideas
that solve commercial necessities (new businesses) and
the derivatives of the operation (improvement ideas). This
initiative seeks to develop the proactive and experimental
skills of all Enel employees around the world, with the
understanding that each of them can be decisive in moving
forward the innovation and transformation process within
the organization This initiative emerged in March 2019 and
has the support of experts in each phase of the process,
with risk capital and exclusive time to develop the projects.
Innovability week
Held this year in a hybrid format (online and face-to-face)
under the concept of “transition with impact”. It included
several workshops, talks, and interventions to promote
creative thinking and the active participation of Enel
employees.
Open Innovability Model
In 2020, three initiatives (Gxcellence, Digital-G and Hall
of Energies) were merged into a single program: Power
G (Global Power Generation). This program considers
recognizing people’s behaviors according to the Company’s
Open Power values, appreciating innovative ideas and best
practices and adopting new digital tools, as well as innovative
ideas and initiatives related with their work, through a local
and global evaluation committee that awards prizes.
GXcellence
HALL OF
ENERGIES
POWERG AWARD
Digital-G
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Circular Economy: An accelerator of our sustainable business model
Circular economy proposes a transformation of the entire
economic system, decoupling growth from natural resource
extraction and it is based on the principles of eliminating
waste and pollution by design; keeping products and
materials in use over time and regenerating natural systems,
key aspects in the energy transition process towards clean
technologies.
Enel Américas’ circular vision is based on the rethinking of
the business along the entire value chain, from the design
and acquisition phases, and it is based on the following pillars
that define business models throughout their life cycle.
Circulability
Model
M
a
t
e
r
i
a
l
s
a
n
d
e
n
e
r
g
y
U
s
e
%
up
cy
cli
ng
%
re
us
e
%
re
c
y
cl
e
%
w
a
s
t
e
NEW LIFE
CYCLES
All solutions designed to
preserve the value of an
asset at the end of its life
cycle thanks to reuse,
regeneration, upcycling or
recycling, in synergy with
other pillars
EXTENDING
USEFUL LIFE
Approach to the design and
operation of an asset or
producto intended to extend
its useful life, such as
modular design, facilitated
repair or predictive
maintenance
CIRCULAR
INPUTS
Model of production and use based
on renewable inputs or inputs from
previous life cycles (reuse and
recycling).
SHARING
PLATFORMS
Systems for joint
management by multiple
users of products,
goods or skills.
PRODUCT
AS SERVICE
A business model in which the
customer purchases a service for a
specifed period of time, while the
company retains ownership of the
producto, maximizing usage and
useful life.
%
e
ffi
ci
en
cy
%
re
ne
w
ab
le
%
re
us
e
%
n
o
t
r
e
n
e
w
a
b
l
e
%
r
e
c
y
cl
e
In
cr
ea
se
i
n
us
ef
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fe
In
cr
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se
i
n l
oa
d
fa
ct
or
In
cr
ea
se
i
n
lo
ad
f
ac
to
r
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2022 Highlights
In 2022, in relation to the deployment of information and
culture around circular economy, the Company held fourth
version of Enel’s LATAM School of Circular Economy, an
eight-week program designed especially for Enel Group
employees in Latin America. In total, this program, which
lasted three years, trained around 500 people in circular
economy in Latin America and the Caribbean. In 2022,
professionals from all lines of business from eight countries
(Chile, Colombia, Brazil, Argentina, Peru, Guatemala, Panama,
and Costa Rica) participated in the program and the school
also became a space to meet and talk with stakeholders
from the public and private sectors addressing issues such
as innovation in business models, metrics and finance for
circular economy and design of circular cities and territories.
Participants also met regional innovators who shared their
success stories.
Study of Circular Cities - Latin America and the Caribbean
- with the participation of more than 20 national and
international exhibitors, the event “Towards circular
cities in Latin America and the Caribbean” was held at
the ECLAC headquarters in Santiago. This was the first
instance of reflection organized as part of the Declaration
of Circular Cities of Latin America and the Caribbean,
where the shortcomings of the current urban model and
the opportunity offered by circular economy to rethink the
challenges holistically and accelerate the transition towards
more inclusive, safe, resilient, and sustainable cities were
discussed. To date, the local governments of the cities of
Bogotá, Buenos Aires, Mexico City, Curridabat, Lima, Port-
au-Prince, Port of Spain, Santiago, and Sao Paulo have
signed up to the Declaration. The objective for 2022 was
to specify different working groups in each signatory city
and simultaneously carry out an analysis of the current
situation in terms of circular economy and the potential
sectors to be developed, define regulatory frameworks
for the development of new business models, definition of
impact metrics and the acceleration of the application of
circularity principles in urban planning.
In 2022, Argentina focused its efforts on the second life
project for lighting poles, installing 250 replacement
concrete columns in the place of wooden poles, in the
areas of Florencio Varela, San Vicente and Berazategui,
municipalities of the Buenos Aires province.
Enel Brasil continued the actions to reuse and recycle
materials , managing to recirculate more than 780 tons of
regenerated oil, 49 tons of reused meters and almost 60
tons of recycled plastic in the meters.
Enel Perú joined the circular economy coalition of Latin
America and the Caribbean in an alliance that agreed
to implement two work groups focused on metrics
development. The business group was coordinated in
four sessions and with the participation of more than 20
companies, guilds and international institutions invited.
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Engaging local communities
Enel Américas regard the constant relationship with
communities as a pillar for business sustainability. Constant
dialogue, symmetry of information and transparency are
necessary aspects to reach a consensus on decisions
shared with stakeholders.
The Company operates in seven countries with dedicated
community engagement teams, given the importance of
knowledge of local cultures and empowering communities
on the journey towards a just energy transition, listening
to the needs of stakeholders and working together to
identify innovative solutions aimed at the electrification
of electricity demand.
Focusing on local development, the Company takes into
consideration the scenario of each Latin American country
where it has operations to define its community relationship
strategy and reduce the gap in multidimensional and
energy poverty. A global perspective permits to develop
electrification projects that guarantee access to a safe
and quality supply, fostering economic development, green
jobs and promoting quality education for young people
and children, in line with the 2030 Agenda.
Enel Américas has continued to develop the shared value
creation (CSV) model throughout the value chain and
asset life cycle to get to know better the specific needs
and priorities of each territory . This model foresees
the application of socioeconomic-environmental study
tools, the definition of stakeholders and, finally, the
implementation of a sustainability plan agreed with them,
focused on the generation of shared value - initiatives that
benefit the community, as well as companies.
Millions of accumulated beneficiaries Enel Américas (2015-
2022)
SDG
TOTAL AMÉRICAS
4
1
7
7.9
8
1.8
TOTAL
10.7
2030 targets – Millions of beneficiaries accumulated since
2015: SDG 4 = 1 ; SDG 7 = 12 ; SDG 8= 3
Number of projects developed by Enel Américas in 2022
ODS
TOTAL AMÉRICAS
4
139
7
151
8
157
TOTAL
447
Membership in guilds, associations, and
other organizations
The Company considers relevant institutional relations given
that they permit to get to know the legislative, political,
regulatory, or administrative issues that could affect its activity,
its interests, and its relationship with stakeholders. They also
provide information on the commercial scenario in which
businesses move and expand companies’ circle of influence.
Enel Américas has developed scenarios to permanently
participate and collaborate with different stakeholders
and civil society, where they share practices in terms of
transparency and probity promoting sustainable growth
in the region with relevant actors in the field. Therefore,
it continued to be part of multiple trade and business
associations, the details of which can be found in the “Main
Indicators” of this Integrated Annual Report.
Supplier qualification
The Company incorporates sustainability into its supply chain
monitoring it from the earliest stages thanks to the Global
Supplier Qualification System. In addition to evaluating
technical, economic, financial, and legal criteria, it considers
the following factors: human rights and business ethics,
health and safety, environmental impact and integrity and
reputation. All these aspects are analyzed in different depth
depending on the risk involved in the service to be hired in
each line of business.
2022 Management 251
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
This system guarantees a careful selection and evaluation
of companies wishing to participate in procurement and
rewards suppliers committed to improving their sustainability
management, as well as guaranteeing the necessary quality
standards.
Suppliers qualified according to sustainability
criteria
During the period, 13,015 suppliers (45.78% domestic and
54.22% foreign) were evaluated out of a total of 13,015 suppliers
with active contracts. 100% of them were evaluated under
sustainability criteria, achieving a coverage of 96% of the
volume of purchases in value, with respect to total purchases.
Suppliers assessed against ESG criteria
National
suppliers
Foreign suppliers
Total
Coverage Qualification Contracts with Qualified
Suppliers/ Total Contracts awarded
Chile
1,268
1,020
2,288
98.20%
Argentina
800
838
1,638
99.32%
Peru
699
1,046
1,745
99.00%
Brazil
1,442
844
2,286
97.49%
Colombia
1,283
1,104
2,387
99.88%
Panama
164
169
933
98.00%
Costa Rica
123
720
843
97.00%
Guatemala
179
716
895
99.00%
Total
5,958
7,057
13,015
Bidding and hiring processes
Along the lines of the commitment to introducing
sustainability aspects in the bidding processes, a specific
factor “K for Sustainability” was incorporated into the
evaluation of bids, which relates to requirements linked to
social, environmental, health, safety, and circular economy
aspects.
Once the minimum technical threshold defined for the
bidding processes has been exceeded, the selection of the
supplier considers a weighted mix of economic offer and
“K factor of Sustainability”. Incorporating these factors into
bids can improve the supplier’s final position in the selection
ranking of the most advantageous weighted offers.
Furthermore, specific contractual clauses on sustainability
are foreseen in all contracts for work, services, and supplies,
including the respect, defense and protection of human
rights and compliance with ethical and social obligations.
Supplier Performance Management
The Supplier Performance Management (SPM) system allows
real-time monitoring of supplier performance, according
to measurement and observation criteria. These include
the quality of the product or service, punctuality, safety,
environment, human rights, innovation, and collaboration.
This tool allows to periodically evaluate the behavior
of suppliers, making it possible to take actions, either
to recognize those who have a reliable performance
or to request mitigation plans to those who present a
performance under the standard. The latter is done through
Consequence Management, which involves providing
support and motivating suppliers who have obtained an
unsatisfactory rating, sending them a letter where the errors
are communicated, and the applicants are invited to take
corrective actions.
252
Integrated Annual Report Enel Américas 2022
Subcontracting Policy
Enel SpA defines the guidelines to manage subcontracting
which Enel Américas adheres to and which are implemented
in compliance with the applicable local legislation in force.
In the event of a conflict between the two, the valid law
shall prevail over the more restrictive rules. The principles of
integrity, transparency and compliance must be respected,
as specified in the Code of Ethics and in the Zero Tolerance
with Corruption plan, Human Rights Policy and in the
Compliance Program; Guarantee adequate traceability of
the main phases of the process and comply with external
and internal regulations on health, occupational and social
safety.
Enel Américas seeks for contractors and subcontractors
, together with the correct performance of their tasks of
providing services, to faithfully comply with the labor and
social security obligations defined in the legal regulations
where the Company operates.
At the same time, it seeks for contractors to maintain
processes aimed at developing levels of good working
environment with their workers and the development of
the competencies and skills required to correctly implement
the services provided. To this end, control activities defined
in an Operational Instruction are carried out, which apply
at least to the activities that provide services in all works,
tasks, services, projects, or activities that, while they are
being carried out, have any of the following characteristics:
• Intended for the development of operations or business.
• Services with a duration longer than 30 days.
• When the works and / or services to be implemented or
provided by the respective contractors or subcontractors,
they should be carried out permanently or habitually.
Supplier Payment Policy
The Payment Policy is used in Enel Américas1 for different
payments to national and foreign suppliers that provide
goods and/or services. The policy complies with Payment
Law No. 19,983. Excluded from this policy are documents
that, due to the special condition of their nature, must be
paid within a period other than the one established by the
general policy, such as, for example, fuel, import and/or
customs duties, basic services, remuneration, social security
contributions, taxes, debt service and financial expenses.
The purchase documents of spot energy (CEN), power,
unique charges, toll, transmission, and everything related
to energy movement have a special treatment to comply
with the regulation of the electricity market.
Supplier concentration
The segments defined by the Company within its financial
statements are Generation and Transmission and
Distribution:
Generation and transmission segment
The main suppliers in the generation and transmission
segment, correspond to suppliers related to energy
purchases, fuel purchases, electricity transportation services
and purchases of plant and equipment property.
As of December 31, 2022, there were no suppliers that alone
exceeded 10% of the purchases made by the generation and
transmission segment.
Distribution segment
The main suppliers of distribution companies are those
related to energy purchases, transport services and
purchases of network infrastructure.
Distributors operating in Brazil, in the cities of Rio de Janeiro,
Goiás, Ceará and Sao Paulo. As of December 31, 2022, there
were no suppliers that alone exceeded 10% of the purchases
made by the generation and transmission segment.
1. Enel Americas individual..
2022 Management 253
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Payment Deadlines to Suppliers
During the period from January 1 to December 31, 2022, the terms of payments to suppliers have been as follows:
National Suppliers
Payment Ranges
0 to 30 days
between 31 and
60 days
more than 60
days
Total
Total number of invoices paid
404,198
62,534
158,239
624,905
Amount in ThUS$ dollars paid
7,614,023
911,843
1,230,564
9,756,429
Amount of interest on overdue
payments in ThUS$ dollars
993
24
24
1,040
Number of Suppliers to whom
invoices are paid
7,531
4,793
3,305
15,392
Agreements with exceptional payment
terms registered with the Ministry
of Economy, or corresponding
regulatory body
N/A
N/A
N/A
N/A
Foreign suppliers
Payment Ranges
0 to 30 days
between 31 and
60 days
more than 60
days
Total
Total number of invoices paid
406
480
1,379
2,265
Amount in ThUS$ dollars paid
94,272
120,192
198,489
412,953
Amount of interest on overdue
payments in ThUS$ dollars
-
-
-
-
Number of Suppliers to whom
invoices are paid
146
187
368
695
Agreements with exceptional payment
terms registered with the Ministry of
Economy, or corresponding regulatory
body
N/A
N/A
N/A
N/A
254
Integrated Annual Report Enel Américas 2022
6.
OTHER CORPORATE REGULATORY
INFORMATION
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
255
Other Corporate
Regulatory
Information
Articles of incorporation.
Historic information.
Risk factors.
256
Integrated Annual Report Enel Américas 2022
Other Corporate Regulatory
Information
Articles of incorporation
Incorporation
The Company that gave rise to Enel Américas S.A. was
initially launched under the name of Compañía Chilena
Metropolitana de Distribución Eléctrica S.A. by a public
deed dated June 19, 1981, issued by Patricio Zaldívar
Mackenna, Notary Public in Santiago, and modified
by a public deed on July 13 of the same year and by
the same notary public. The Company’s incorporation
was authorized, and its bylaws approved by Resolution
409-S of July 17, 1981, of the Securities and Insurance
Commission (now the Financial Market Commission). The
extract of the incorporation authorization and approval
of the bylaws was registered in the Santiago Commerce
Registry on page 13,099 No. 7,269 in 1981 and were
published in the Official Journal on July 23, 1981. The
bylaws of Enel Américas S.A. have undergone several
modifications ever since. On August 1, 1988, the Company
was renamed “Enersis S.A.”
In April 2015, Enersis S.A. began a corporate reorganization
process. As part of this process, on December 18, 2015,
at the Company’s Extraordinary Shareholders´ Meeting
shareholders. approved the first stage of the reorganization
process called “the Spin-off”. Subsequently, the Company’s
Spin-off was approved, and the entity called “Enersis Chile
S.A.” was created, representing the unique vehicle for the
control of generation and distribution assets that the
Group owns in Chile. The former Enersis S.A. was renamed
as “Enersis Américas S.A.” to control the businesses in
the other countries of the region (Argentina, Peru, Brazil,
and Colombia). The Spin-off was registered in a public
deed on January 8, 2016, issued by Iván Torrealba Acevedo,
Notary Public in Santiago, whose extract was registered on
pages 4013 No. 2441 of the Commerce Registry in 2016
of the Santiago Property Registrar and was published in
the Official Gazette on January 22, 2016. A supplementary
extract was registered on pages 10.743 No. 6.073 of the
same Registry in 2016 of the Property Registrar and was
published in the Official Gazette on February 10, 2016.
The Extraordinary Shareholders’ Meetings of Enersis
Américas S.A. and its subsidiaries Endesa Américas
S.A. and Chilectra Américas S.A. held on September 28,
2016, approved, among other issues, the second stage
of the corporate reorganization plan. As a result, Enersis
Américas S.A., as the acquiring company, acquired all the
assets and liabilities of the subsidiaries Chilectra Américas
S.A. and Endesa Américas S.A. and succeeded it in all its
rights and obligations. All the shareholders and assets of
Chilectra Américas S.A. and Endesa Américas S.A. were
incorporated into Enersis Américas S.A.
A Meeting held on December 1, 2016, voted that, after the
Merger, Enersis Américas S.A would change its name to
“Enel Américas S.A.”. The Meeting was registered in a public
deed dated October 18, 2016, granted by Iván Torrealba
Acevedo, Notary Public, whose extract was registered on
pages 79,974 No. 43,179 of the 2016 Commerce Registry
of the Property Registrar in Santiago and was published
in the Official Gazette on October 29, 2016.
At the Extraordinary Shareholders’ Meeting of April 27,
2017, the Company’s functional currency was changed
from pesos to United States dollars, modifying for this
purpose article five permanent and the first transitory
article of its Bylaws.
On December 18, 2020, the Company’s shareholders
approved the Merger by incorporation of EGP Américas
SpA into Enel Américas and the subsequent capital
increase. Under the Merger, Enel Américas will acquire all
the assets and liabilities of EGP Américas and replace it
in all its rights and obligations, permitting the Company
to control and consolidate the ownership of the business
and unconventional renewable energy generation assets
that Enel Green Power SpA operates and owns in Central
and South America (except Chile). The aforementioned
operation materialized on April 1, 2021.
Other Corporate Regulatory Information 257
Enel Américas
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Governance
Strategy and Risk
Management
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Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Finally, on April 26, 2022, the Extraordinary Shareholders’
Meeting agreed to modify the Bylaws in their articles
Twenty, Twenty-Two, Twenty-Five and Thirty-Seven in
order to adapt them to current legislation and regulations,
especially in relation to the appointment of an external
audit firm and the formalities and deadlines for summons;
replace the references to “Superintendency of Securities
and Insurance” or “Superintendency” with “ the Financial
Market Commission “ or “the Commission” in Articles
Twenty-Two and Twenty-Eight, as the latter entity is the
legal successor to the former; and amend Article Forty-
Four of the Company’s Bylaws to update the reference to
Enel Chile S.A.
Corporate purpose
The Company’s corporate purpose is indicated in the
amendment approved by the Extraordinary Shareholders´
Meeting held on September 28, 2016, formalized in a public
deed on October 18, 2016, issued by Iván Torrealba Acevedo,
Notary Public in Santiago, whose extract was registered on
pages 79,974 No. 43,179, of the Commerce Registry of the
Property Registrar in Santiago in 2016 and was published in
the Official Gazette on October 29, 2016.
The purpose of the Company shall be to carry out, both
in the country or abroad, the exploration, development,
operation, generation, distribution, transmission,
transformation and/or sale of energy in any of its forms
or nature, directly or through other companies, as well
as activities in telecommunications and the provision of
engineering advice, in the country and abroad. Its purpose
will also be to invest and manage its investment in subsidiary
or associated companies, which are generators, transmitters,
distributors or marketers of electrical energy or whose turn
corresponds to any of the following:
(i) energy in any of its forms or nature,
(ii) the supply of public services or those whose main input
is energy,
(iii) telecommunications and information technology,
(iv) and intermediation businesses through the Internet.
To meet its main purpose, the Company shall carry out the
following activities:
Promote, organize, constitute, modify, dissolve, or liquidate
companies of any nature, whose corporate purpose is
related to the purpose of the company.
Propose to its subsidiary companies the investment,
financing, and commercial policies, as well as the accounting
systems and criteria to which they must adhere.
Supervise the management of its subsidiary companies.
Provide its related, subsidiary, and affiliated companies
with the financial resources necessary to conduct their
businesses and, additionally, to provide their related
companies, subsidiaries, and affiliated companies with
management services; financial, commercial, technical,
and legal advice; audits and, in general, services of any kind
necessary for their best performance.
In addition to its main purpose and always acting within the
limits established by the Investment and Financing Policy
approved at the Shareholders’ Meeting, the Company may
invest in:
Acquire, operate, construct, lease, manage, broker, market,
and dispose of all kinds of movable and immovable property,
either directly or through subsidiary or affiliated companies.
All kinds of financial assets, including shares, bonds and
debentures, trading effects and, in general, all kinds of
securities or transferable securities and contributions to
companies either directly or through subsidiaries or affiliates.
258
Integrated Annual Report Enel Américas 2022
Historical information
Main milestones
Generation
Business
Acquisition
Volta Grande
Disstribution
Business
Acquisition Enel
Distribución Goiás
(ex Celg)
Distribution
Business
Acquisition Enel
Distribución Sao
Paulo (ex
Eletropaulo)
Capital Increase
US$ 3.0 bn
A fully
integrated
vehicle, ready to
be a natural
leader in an
energy
transition
scenario in Latin
America.
Asset
Reorganization
2022
Sale of Enel
Generación
Foraleza
Sale of Enel
Distribución
Goias
2016
2017
2018
2019
2020-21
2022
Américas
Inorganic growth through M&A: consolidation in Dx & Gx businesses
Strong financial position
New growth phase
Reorganization of Assets
Other Corporate Regulatory Information 259
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Historical overview
1981
On June 19, the Compañía Chilena de Electricidad S.A.
created a new corporate structure, which gave rise to a
parent Company and three subsidiaries. One of them was
Compañía Chilena Metropolitana de Distribución Eléctrica
S.A.
1985
Stemming from the Chilean government’s privatization
program, the company began the process of transferring
the share capital of Compañía Chilena Metropolitana de
Distribución Eléctrica S.A. to the private sector, a process
that ended on August 10, 1987. As part of the process,
pension fund management companies (AFPs as per Spanish
acronym), the company’s employees, institutional investors
and thousands of small shareholders joined the Company. Its
organizational structure was based on activities or operative
functions whose results were evaluated functionally and
their profitability was limited by a tariff structure because
of the Company’s exclusive dedication to the electricity
distribution business.
1987
The Company’s Board of Directors proposed to divide the
Company’s different activities. This way, the four subsidiaries
created as a result of the division were to operate as
business units with their own objectives, thus expanding
the Company’s activities towards other non-regulated
activities but linked to the core business. This division was
approved at the Extraordinary Shareholders’ Meeting held
on November 25, 1987, thus establishing the Company’s
new corporate purpose. As a result of the above, Compañía
Chilena Metropolitana de Distribución Eléctrica S.A. became
an investment company.
1988
On August 1, pursuant to the agreement of the Extraordinary
General Meeting of Shareholders of April 12, 1988, one of
the companies born from the division changed its corporate
name to Enersis S.A.
2002
The Extraordinary General Shareholders’ Meeting held on
April 11, 2002, modified the Company’s corporate purpose
introducing telecommunications activities and investment
in and management of companies whose business was
telecommunications and information technology through
the Internet.
2015-2016
The Company underwent a corporate restructuring process
which started in April 2015 and was completed in December
2016. The process consisted of separating the electricity
generation and distribution activities carried out in Chile,
from those carried out in the rest of the countries. As such,
former Enersis S.A. was divided into the following companies:
a) Enel Américas S.A., the continuing Company of Enersis with
activities in Argentina, Brazil, Colombia and Peru, and b) Enel
Chile S.A. which owns the assets related to the activities in Chile.
2020-2021
The Extraordinary Shareholders’ Meeting, held on December
18, 2020, approved the Merger by incorporation of the assets
of EGP Américas into Enel Américas in the countries of South
America (without Chile) and Central America (Argentina,
Brazil, Colombia, Peru, Panama, Costa Rica, and Guatemala).
The meeting had an attendance quorum of 96.67% and an
81% approval of all shares subscribed on that date.
On April 1, 2021, the Merger was completed.
2022
On 27 July, the Extraordinary Shareholders’ Meetings of Enel-
Emgesa, Enel-Codensa and Enel Green Power approved the
merger commitment between Emgesa S.A. ESP (absorbing),
Codensa S.A. ESP, Enel Green Power Colombia S.A.S. ESP and
ESSA2 SpA (absorbed), as part of the agreement between
Enel Américas and Grupo de Energía de Bogotá.
After all the administrative procedures had been carried
out, and the legal authorizations had been obtained, this
corporate reorganization was completed on March 1, 2022,
and includes Enel Américas’ assets in Colombia, Costa Rica,
Panama, and Guatemala.
The main shareholders of the new company are Enel
Américas with 57.345% and Grupo de Energía de Bogotá
with 42.515%.
In 2022, as part of corporate simplification, sales of the
following Brazilian subsidiaries were completed:
i) On August 24, the sale of Enel Generación Fortaleza was
completed, making the energy matrix in Brazil entirely made
up of emission-free sources.
ii)On September 23, the Company signed the contract
for the sale of Enel Distribución Goiás although the
authorizations to be granted by the regulatory authorities
in Brazil ended on December 29, the date on which the sale
was completed.
260
Integrated Annual Report Enel Américas 2022
Expansion and Development
Enel Américas began its international expansion in 1992
through different privatization processes in Latin America,
thus developing a significant presence in the electricity
sectors in Argentina, Brazil, Colombia, and Peru.
1992
On May 15, Enel Américas, (Enersis at that time) acquired
a 60% shareholding and control of Central Costanera, a
generation company, currently Enel Generación Costanera,
located in Buenos Aires, Argentina. On July 30, the Company
was awarded 51% of Empresa Distribuidora Sur S.A., Edesur,
a company that distributes electricity in the city of Buenos
Aires, Argentina.
1993
In July, the Company acquired Hidroeléctrica El Chocón,
(today Enel Generación) located in the Neuquén and Río
Negro provinces, Argentina.
1994
In July, Enel Américas acquired 60% shareholding of
Empresa de Distribución Eléctrica de Lima Norte S.A.,
Edelnor (currently Enel Distribución Perú) in Peru for US$176
million. The Company also acquired Edechancay, another
electricity distribution company in that country, which was
later absorbed by the former.
1995
On December 12, Enel Américas acquired an additional
39% shareholding of Edesur. The Company also acquired
the Peruvian generation Company Edegel (currently Enel
Generación Perú) in Peru.
1996
On December 20, Enel Américas entered the Brazilian market
with the acquisition of a substantial portion of shares of the
former Companhia de Eletricidade do Río de Janeiro S.A.,
Cerj, an electricity distribution company in the cities of Río
de Janeiro and Niteroi, Brazil, whose business name was
changed to Ampla Energía e Serviços S.A. and currently is
called Enel Distribución Río. On December 20, the Company
acquired 99.9% shareholding of Central Hidroeléctrica de
Betania S.A. E.S.P, in Colombia.
1997
On September 5, the Company acquired a 78.9%
shareholding of the Brazilian company Centrais Elétricas
Cachoeira Dourada (currently Enel Green Power Cachoeira
Dourada) for US$ 715 million. On September 15, Enel
Américas (at the time Enersis) successfully participated
in the capitalization of Codensa S.A. E.S.P., a company
that distributes electricity in the city of Bogotá and the
Cundinamarca department in Colombia acquiring a
48.5% shareholding for US$ 1,226 million. The Company
also acquired 5.5% of Empresa Eléctrica de Bogotá. On
September 15, investing US$ 951 million, the Company
acquired a 48.5% shareholding of Emgesa, a Colombian
generation Company, and an additional 5.5% of Empresa
Eléctrica de Bogotá S.A. Endesa, S.A. (Spain) acquired 32%
of Enersis (currently Enel Américas).
1998
On April 3, Enersis (currently Enel Américas) acquired 89%
and the control of Companhia Energética de Ceará S.A.,
Coelce (currently Enel Distribución Ceará) for US$868 million,
a company that distributes electricity in the northeast region
of the country, in the state of Ceará.
1999
Endesa, S.A. (Spain), took control of Enersis (today Enel
Américas). Through a Public Tender Offer, Endesa acquired
an additional 32% of Enersis, which, together with the 32%
already acquired in August 1997, totaled 64%. This transaction
was completed on April 7, 1999, and involved a US$ 1,450
million investment. As a result of the subsequent capital
increase by Enersis in 2003, the shareholding decreased to the
current 60.62%. On May 11, Enersis (currently Enel Américas)
acquired 35% of Endesa Chile (today Enel Generación Chile),
in addition to the already owned 25%, thus reaching 60%
of the Company’s shareholding. The Company, therefore,
consolidated its position as one of the main private electricity
companies in Latin America.
2000
The Company sold the subsidiaries Transelec, Esval, Aguas
Cordillera and real estate assets for US$ 1,400 million.
2001
The Company made important investments: US$364 million to
increase its shareholding in Chilectra (today Enel Distribución
Chile), US$150 million for the acquisition of 10% shareholding
of Edesur in Argentina, a stake that was held by the Company’s
employees; US$ 132 million to increase its shareholding
in the Brazilian distribution Company Ampla (today Enel
Distribución Río); US$ 23 million to increase its shareholding
in Río Maipo, in Chile by 15%, and US$ 1.6 million to increase
its shareholding in Distrilima, in Peru by 1.7%.
2002
The Company acquired Central Termoeléctrica Fortaleza
(Enel Generación Fortaleza) located in the Brazilian state of
Ceará. Additionally, the Company began the second phase of
the commercial operation of the electricity interconnection
between Argentina and Brazil, CIEN (today Enel Cien),
completing a 2,200 MW transmission capacity between
both countries.
Other Corporate Regulatory Information 261
Enel Américas
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Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
2006
In February, Enersis acquired Termocartagena (142 MW),
a Colombian combined cycle power plant which operates
either with fuel oil or gas for approximately US$17 million.
2007
On October 11, Enel S.p.A. took control of Enersis, through
Endesa, S.A.
2009
On October 15, Enersis S.A. (currently Enel Américas)
acquired 153,255,366 shares, representing 24%
shareholding of its Peruvian subsidiary Enel Generación
Perú (formerly Edegel), at PEN 2.72 per share. This was
purchased from Generalima S.A.C., a Peruvian subsidiary
of Enel Latinoamérica S.A., the parent company of Enersis.
With this transaction, the direct and indirect shareholding
of Enersis S.A. in Edelnor rose from 33.53% to 57.53%.
2010
Enersis (currently Enel Américas) sold CAM and Synapsis for
US$ 20 million and US$ 52 million, respectively.
2012
The Extraordinary Shareholders’ Meeting held on December
20, approved with 81.94% of the Company’s total voting
shares a capital increase of up to Ch$2,844,397,889,381.
The controlling shareholders would subscribe this capital
increase with a contribution in kind, corresponding to the
entire share capital of Cono Sur, a company that will bring
together the shares that would be contributed by Endesa
(Endesa España) to Enersis (now Enel Américas), valued at
Ch$1,724,400,000.034.
2013
Capital increase: With a record result for this type of
operation in the local market, shareholders of Enersis
(today Enel Américas) subscribed a total of US$ 6,022
million, placing 100% of the shares available for the capital
increase.
2014
Through a Public Offer for the Acquisition of Shares (OPA in
Spanish acronym) 3,002,812 common shares, 8,818,006 type
A preferential shares and 424 type B preferential shares of
Colece (today Enel Ceará) were purchased equivalent to an
investment of approximately US$243 million.
With the completion of this transaction the Company
reached a 74.05% .direct and indirect stake. In April, Enersis
(currently Enel Américas) signed an agreement to purchase
all the shares that Inkia Américas Holdings Limited indirectly
held in Generandes Perú S.A., equivalent to a 39.01% stake,
with an investment of US$ 413 million.
The transaction ended in September and, as a result, Enersis
(currently Enel Américas) achieved a 58.60% shareholding of
Edegel (today Enel Generación Perú). On July 31, Enel Energy
Europe S.R.L., currently Enel Iberoamérica SRL, controller of
Endesa S.A. (92.06% shareholding) proposed the acquisition
of 100% of Endesa Latinoamérica S.A.’s share capital. The
transaction was completed in October 2014 and, as a result,
Enel S.A. directly controls Enersis (today Enel Américas) with
a 60.62% stake in the company.
2015
On December 18, the Company’s Extraordinary Shareholders’
Meeting approved the corporate restructuring of Enersis and
its subsidiaries Endesa Chile and Chilectra (currently Enel
Américas). This operation consisted of dividing the generation
and distribution activities in Chile from those conducted in
the rest of the countries in Latin America both for Enersis and
for its subsidiaries Endesa Chile and Chilectra.
2016
On March 1, the non-material Division of the former Enersis,
Endesa and Chilectra was conducted as a result of which
Enel Chile and Enel Américas were formed.
On November 30, the Company announced the acquisition
of CELG-D (now Enel Distribución Goiás) for BRL2,187 million.
2017
On October 4, Enel Perú (wholly owned by Enel Américas
S.A.) acquired 47,686,651 shares issued by the subsidiary
Enel Distribución Perú. The transaction closed at the price
of PEN262,276,580 (equivalent to approximately US$ 80
million) and was carried out on the Lima Stock Exchange.
On September 27, Enel Brasil was awarded a concession
to operate the 380 MW Volta Grande power plant. The
total investment was BRL1,420 million (US$ 445 million
approximately). The concession is for 30 years.
2018
On June 4, Enel Américas successfully completed the
best offer for the acquisition of Eletropaulo (currently Enel
Distribución São Paulo), the main distribution company in
São Paulo, Brazil acquiring 73.4% of the shares. The following
month, all shareholders of Eletropaulo Metropolitana
Eletricidade de São Paulo SA were permitted to sell their
additional shares, at the same price offered and, on July
4, the transaction was completed with the acquisition of
93.3% of the shareholding of Enel Distribución São Paulo.
Subsequently, in September, Enel Américas completed a
capital increase leading to the final shareholding of 95.88%.
2019
On April 30, the Extraordinary Shareholders’ Meeting
approved a US$ 3 billion capital increase. The aim of the
capital increase was to provide Enel Brasil with funds to pay
the debt incurred to acquire Enel Distribución São Paulo
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and to restructure Enel Brasil’s pension fund liabilities.
On September 2, the capital increase was successfully
concluded with a subscription of approximately 99.49%
of the shares and a gross amount of US$ 3.021 billion. On
November 21, Enel Brasil acquired 1.48% of Enel São Paulo
‘s shares for BRL49.39 reais per share, becoming the owner
of 95.9% of the shares. On the November 27, the Enel São
Paulo Shareholders’ Meeting approved the redemption of all
shares issued in circulation, equivalent to 2.58%, at a price
of 49.46 reais per share.
2020
On May 4, 2020, Enel Américas subscribed and paid an
exclusively monetary capital increase in its subsidiary Enel
Brasil S.A. (“Enel Brasil”), for a total amount amounting to
BRL 2,820,101,060.85, equivalent to approximately US$ 504
million (five hundred and four million US dollars). Thus, Enel
Brasil, in its capacity as sole shareholder of the subsidiary
Enel Distribución São Paulo S.A. (Eletropaulo Metropolitana
Eletricidade de São Paulo S.A. or “Eletropaulo”), will finance
the latter in order to restructure the pension fund of its
employees. With this operation, the use of funds from the
capital increase approved by the Extraordinary Shareholders’
Meeting of Enel Américas, which was held on April 30, 2019,
is fully complied with.
2021
On April 1, 2021, the merger by incorporation of EGP
Américas SpA (“EGP Américas”) into Enel Américas (the
“Merger”), approved by an Extraordinary Shareholders’
Meeting dated December 18, 2020 (the “Meeting”), which,
as anticipated by a Significant Event reported on March 5,
2021, was completed. On April 1, 2021, the Merger becomes
fully valid and, therefore, Enel Américas acquired, through
the Merger, all the assets and liabilities of EGP Américas,
including the business and non-conventional renewable
energy generation assets that EGP Américas owns in Central
and South America (except Chile), and succeeds it in all its
rights and obligations, incorporating into Enel Américas all
the shareholders and assets of EGP Américas, which, as a
result of the foregoing, is automatically dissolved, without
the need for liquidation.
Consequently, as of April 1, 2021, the following main
companies are incorporated into its perimeter as new
subsidiaries of Enel Américas: Enel Green Power Brasil
Participacoes Ltda., Enel Green Power Costa Rica S.A.,
Enel Green Power Colombia S.A.S ESP, Enel Green Power
Guatemala S.A., Enel Green Power Panamá S.R.L., Enel Green
Power Perú S.A.C., Enel Green Power Argentina S.A., Energía
y Servicios South América SpA y ESSA2 SpA.
Finally, on the same date, April 1, 2021, all the amendments
to Enel Américas’ bylaws approved at the Meeting, consisting
of the respective capital increase and the elimination of
the limitations and restrictions established in the bylaws
pursuant to Title XII of Decree Law No. 3,500 of 1980 – with
the sole exception of the Investment and Financing Policy
that remains, and particularly, in the case that a shareholder
and its related persons may not concentrate more than 65%
of the voting capital in Enel Américas.
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Corporate Simplification
2022
Merger Emgesa S.A. and Codensa S.A.
On March 1, 2022, the Superintendency of Companies of
the Republic of Colombia authorized a statutory reform
consisting of the merger by absorption of the subsidiaries
of Enel Américas, Emgesa S.A. ESP (Absorbing Company),
Codensa S.A. ESP, Enel Green Power Colombia S.A.S. ESP
and ESSA2 SpA (Absorbed Companies).
The new corporate name of the merged companies is Enel
Colombia S.A. ESP.
As anticipated in previous communications, the resulting
shareholding composition of the Colombian subsidiary Enel
Colombia S.A. ESP is as follows: i) Enel Américas S.A. with
a 57.345% stake; ii) Grupo Energía Bogotá S.A. ESP with a
42.515% stake and iii) Other minority shareholders with a
0.140% stake
Sale of Enel Generación Fortaleza
On August 24, 2022, the Company’s Brazilian subsidiary,
Enel Brasil S.A., completed the sale of 100% of the shares
issued by CGTF – Central Generadora Thermoelétrica
Fortaleza S.A. (“Termofortaleza”) owned by Enel Brasil S.A.
to ENEVA S.A. (the “Sale”). As consideration for the sale of the
aforementioned shares, the subsidiary Enel Brasil received
payment of R$ 489,755,891.94, equivalent to approximately
US$ 96 million, after complying with all the conditions set
forth in the Sale Agreement. This operation is part of the
Company’s decarbonization policy.
Sale of Enel Distribución Goiás
On September 23, 2022, the Company’s Brazilian subsidiary,
Enel Brasil S.A. (“Enel Brasil”) entered into a share purchase/
sale agreement with Equatorial Participações e Investimentos
S.A., a subsidiary of Equatorial Energia S.A. (collectively
“Equatorial”), in which Enel Brasil agreed to sell 99.9% of the
shares issued by CELG DISTRIBUIÇÃO S.A. – CELG D (“Enel
Goiás”) owned by it (the “Sale”). The completion of the Sale
and the subsequent transfer of shares issued by Enel Goiás
was completed on December 29, 2022, after complying with
the usual conditions for this type of operations, including
the authorization of Enel Américas’ Board of Directors S.A.
and the authorizations of Agência Nacional de Energia
Elétrica (“ANEEL”) and the Conselho Administrativo de
Defesa Economica (“CADE”), the Brazilian regulatory bodies.
The sale totaled BRL 8.5 billion (Brazilian reals), equivalent
to approximately US$ 1.6 billion, subject to some post-
closure adjustments, of which approximately BRL 1.5 billion
(equivalent to more than US$ 285 million) corresponds
to its equity interest paid by Equatorial on said date, and
approximately BRL 7 billion (equivalent to approximately US$
1.3 billion) corresponds to an intercompany loan repayment
, which will be paid by Enel Goiás within the next twelve
months. In addition to this amount, the parties have agreed
on an earn-out payment mechanism.
The sale was consistent with the Company’s Strategic Plan,
as it contributes to the objective of constantly improving
and optimizing the Company’s risk-return profile and asset
base, focusing on core businesses.
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Academic and professional career of Directors
Mr. Francisco de Borja Acha Besga
Chairman
ID; 05263174-S
Date of birth: February 17, 1965
Nationality: Spanish
Profession: Law Degree from Universidad Complutense
Madrid (1988) and State Lawyer (1991)
Joined the Board of Directors on: June 30, 2015
Career
Since 2015 he has been Secretary General of the Board and
Director of the Legal Department of Endesa S.A., as well as
member of the Board of Directors of Enel Iberia, S.R.L. and
Trustee of the Endesa Foundation. He was Director of Legal
Advice and Corporate Secretary of the Enel Group (2012-
2015). General Director of Legal Advice of Endesa (1998-
2013). Director of the Legal Department of the Sociedad
Estatal de Participaciones Industriales (1997-1998) of Spain.
Secretary General of the Board of Directors and Director of
the Legal Department of the Industrial Agency of the Spanish
State (1996-1997). Head of the Madrid Regional Legal Service
of the State Tax Administration Agency (1995-1996). He was
also Professor of Commercial Law at Universidad Carlos III
de Madrid (1991-1995).
Mr. Hernán Somerville Senn
Director
ID: 4,132,185-7
Date of birth: February 11, 1941
Nationality: Chilean
Profession: lawyer, Universidad de Chile
Other studies: master of Comparative Jurisprudence, New
York University of
Joined the Board of Directors on: July 29, 1999
Career
Lawyer graduated from the School of Law of Universidad
de Chile, Santiago, in 1966 and postgraduate at New York
University. In the latter, he also studied a master’s degree
in Comparative Law (1967). He is currently director of Enel
Américas. He began his work experience at the Law Firm
of Helmut Brunner (1959-1965). Taking advantage of the
opportunity to study in the United States, he worked in
the firm of Dewey, Ballantine, Bushby, Palmer & Wood in
New York (1966-1967). From 1968 to 1982 he held various
positions at Adela Investment Co. S.A., in Lima, Caracas
and Santiago. He started as a lawyer and then served as
an executive in charge of Adela’s problematic loans and
investments in Peru, Bolivia, Venezuela, and the Caribbean.
In June 1983, he was hired by the Central Bank of Chile
as an advisor in the process of renegotiation of Chile’s
external debt and as of November 1983, he became the
Coordinating Director of the External Debt of the issuing
agency, in charge of all negotiations with international
commercial banks (about 500 creditor banks) and the Paris
Club (seven creditor countries). A position he held until
1988. In 1989, he became a director and partner of Fintec
Ltda., an investment management company created in
1988 with headquarters in Santiago. He was also chairman
of the Financial Administrator of Transantiago and director
of Inacap. In 1990 he published the book “Negotiating in
Difficult Times”, where he recounts the Chilean experience
of foreign debt. He is a member of the Chilean Bar
Association, Interamerican Bar Association of the Bar of the
City of New York. Between 1992 and 2010 he was president
of the Association of Banks, in addition to heading the
Latin American Federation of Banks (1994-1995) and the
Confederation of Production and Commerce (2004-2006).
He served on the APEC business council from 2000 to
2010. During those years, he was chairman of the Chilean
Pacific Foundation and president of the Chilean-Peruvian
Business Committee (2004-2010). In 2010 he was appointed
by President Michelle Bachelet as commissioner general
of the Chilean pavilion at the 2010 Shanghai World Expo.
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Mr. Domingo Cruzat Amunátegui
Director
ID: 6,989,304-K
Date of birth: April 6, 1956
Nationality: Chilean
Profession: Industrial Civil Engineer, Universidad de Chile.
Other studies: MBA The Wharton School of University of
Pennsylvania.
Joined the Board of Directors on: April 28, 2016
Career
Mr. Cruzat has an extensive career in the business world,
both in Chile and abroad. Since the beginning of his career,
he has worked in important companies, such as Celulosa
Arauco and Procter & Gamble in Cincinnati. He was CEO of
Watt’s Alimentos, Loncoleche and Bellsouth Comunicaciones
S.A. Later, he served as Assistant Manager at Compañía Sud
Americana de Vapores (CSAV). He has been a director of
several private and public companies. Among them Conpax,
Viña San Pedro Tarapacá, CSAV, Solfrut, Copefrut, Alto,
Inmobiliaria Plaza Santo Domingo, and Principal Financial
Group. He also participated in the management of public
companies, chairman of Correos de Chile and chairman
of the System of Public Companies (SEP) during the
government of President Sebastián Piñera.
He is currently Director of Stars, IP Chile, and Embotelladora
Andina S.A. In the social sphere, he participates in the Board
of Directors of Corporación la Esperanza, an entity dedicated
to rehabilitating people with drug addiction. .
Mr. José Antonio Vargas Lleras
Director
ID: 79,312,642
Date of birth: April 28, 1964
Nationality: Colombian
Profession: Law Degree, Universidad Colegio Mayor del
Rosario, Colombia
Joined the Board of Directors on: April 28, 2016
Career
Dr. Vargas is currently the Chairman of Enel Colombia, a
leading company in electricity generation and distribution
in Colombia. Since 2016, he has been Director of Enel
Américas, responsible for controlling the group’s investments
in Argentina, Brazil, Colombia, Peru, Costa Rica, Guatemala,
and Panama.
He has been linked to companies in the energy sector
for more than 25 years, particularly in the gas, coal, and
electricity industries. Between 1999 and 2006 he was CEO
of the Empresa de Energía de Bogotá (GEB). At international
level, he has been Chairman and Vice President of the
Regional Energy Integration Commission (CIER); likewise, he
is Chairman of the Program Committee of the World Energy
Council and Chairman of the WEC Colombian Committee.
For more than 20 years he has been a university professor in
International Relations, Public Services Law, and Corporate
Governance.
Currently, he is Chairman of the Italian Chamber of
Commerce in Colombia and Chairman of the Association for
the Progress of Management (APD), which brings together
several of the most representative companies in the industry
and services of the country. Dr. Vargas is a permanent guest
at most important forums and congresses in the energy
sector.
Between 1996 and 1997 he served as Secretary General of
the Presidency of the Republic of Colombia (Minister of the
Presidency). In the international arena, he was Colombia’s
trade representative in Spain and Mediterranean Europe
between 1991 and 1993. He was also Ambassador of
Colombia to the European Union, the Kingdom of Belgium,
and the Grand Duchy of Luxembourg between 1997 and
1998.
Dr. Vargas has been a member of the Board of Directors of
the Colombian Agency for the Promotion of Exports, also
Director of the Colombian Agency for the Promotion of
Foreign Investment, the Bogotá Aqueduct and Sewerage
Company (EAAB) and non-profit foundations for the
promotion of arts and culture. Since 2017 he is a member
of the Colombian Institute of Corporate Governance, of
which he is a founder.
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Mr. Patricio Gómez Sabaini
Director
ID: 16.941,675-N
Date of birth: March 25, 1964
Nationality: Argentinean
Profession: Bachelor of Business Administration,
George Mason University, Virginia
Other studies: Master of Business Administration
George Washington University, Washington DC
Joined the Board of Directors on: April 28, 2016
Career
From May 2005 to date, he has been the executive director
and partner of the Private Equity Fund Sur Capital Partners
(SCP). He is also a member of the Board of Directors of
Comercial e Importadora Audiomúsica SpA, Inmobiliaria
Barcelona SA, Aguada Park and Enel Américas. He was a
member of the Board of Directors of the chain of ambulatory
care centers Integramedica in Chile and TIBA, a satellite
service company for the cable industry in Latin America.
From May 1999 to 2004 he was managing director for Latin
America of General Electric Capital (GE Equity), in charge
of the private equity investment portfolio in the region. He
previously worked at Banco Santander Rio, in the area of
investment banking, and in the Treasury of the Bunge &
Born Group.
Mrs. Francesca Gostinelli
Director
ID: GSTFNC73E41D612B
Date of birth: May 1, 1973
Nationality: Italian
Profession: Environmental Engineer (University of
Florence in Italy)
Other studies: Master of Economics and Management of
Energy and Environment (Scuola Superiore Enrico Mattei)
Joined the Board of Directors on: April 29, 2021
Career
Nearly 25 years of professional experience in the energy
industry and its relationship with the environment, in jobs
ranging from regulation and energy policy to business
development and strategy, within business lines and
holding structures. She joined Endesa in June 2002 as Head
of Regulatory Affairs for Italy and Head of CO2, becoming
in 2004 Head of Sustainability. In 2007 she joined Enel. In
2016 she became Global Head of Group Strategy and from
September 2019 to date she has been Global Head of Enel
Group Strategy, Economics and Scenario Planning, reporting
to the Group’s CFO. Other relevant positions at Enel SpA
include Global Head of Generation Business Development
(two years), Head of Business Development of the
International Division (four years) and Head of International
Regulation of the Enel Group (three years). She has a lot of
experience as a director, having served on various boards
of directors of Enel, including those of Endesa Américas
(January-April 2016), Endesa Chile (April 2015-April 2016)
and Enel Green Power SpA (2013-2015). She participates
in the Alumni networks at INSEAD, Scuola Superiore Enrico
Mattei and German Marshall Fund (Fellow since 2010), as a
mentor, and supports various projects.
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Mrs. Giulia Genuardi
Director
ID: GNRGLI78T45G273F
Date of birth: December 5, 1978
Nationality: Italian
Profession: Degree in Economics and
Business Administration from the University of Palermo, Italy
Other studies: Master’s in administration, Finance and
Control from Luis Business School, Rome, Italy
Joined the Board of Directors on: April 29, 2021
Career
Her professional career began at the Enel Group in 2003.
She specialized in internal audit activities, covering a wide
range of functions and managing the adoption of the
Organizational Model of Italian Legislative Decree 231/01.
From February 2011 to July 2013, she was compliance officer,
pursuant to the Legislative Decree, in some companies of
the Enel group. Since 2014, she has been responsible for
Sustainability Planning and Performance Management at
the Enel Group, responsible for integrating environmental,
social and governance (ESG) issues through the definition
and monitoring of the sustainability strategy. At the same
time, she coordinates sustainability planning and reporting
processes in all the countries where Enel is present. She is
responsible for promoting accountability and transparency,
leading the preparation of the Annual Sustainability Reports,
both at Group and country level, and for managing the
Human Rights Policy and due diligence.
Since 2018, she has managed ESG indices and sustainability
rating at conglomerate level. In 2019, she was a member of
the Working Group of the European Climate Lab Project
(EFRAG) and since 2021 of the European projects on the
preparatory work for the elaboration of sustainability
reporting standards of the European Union, at EFRAG,
Brussels, Belgium. Since September 2020, she has been
a member of the Global Sustainability Standards Council
at the GRI Global Reporting Initiative, Amsterdam, the
Netherlands and since 2022 of the EFRAG Sustainability
Reporting Technical Expert Group (EFRAG SR TEG).
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Summary of Significant or Relevant Events reported in 2021
and 2022
Pursuant to the provisions of articles 9 and 10, second
paragraph of Law 18,045, on the Securities Market and
the provisions of General Standard No. 461 of the Financial
Market Commission (“FMC”), the following significant or
relevant events disclosed by Enel Américas S.A. in 2022 are
Divisions, mergers, and incorporation of companies
Merger by incorporation of EGP Américas S.P.A. .
During said period Enel Américas reported four significant
events related to the compliance with the copulative
conditions precedent the completion of the merger was
subject to because of the incorporation of EGP Américas
S.PA. by Enel Américas S.A. (the “Merger”), approved at the
Company’s Extraordinary Shareholders’ Meeting held on
December 18, 2020 (the “Meeting”).
As a result of the Merger, the following main companies were
incorporated as Enel Américas’ new subsidiaries: Enel Green
Power Brasil Participacoes Ltda., Enel Green Power Costa
Rica S.A., Enel Green Power Colombia S.A.S ESP, Enel Green
Power Guatemala S.A., Enel Green Power Panamá S.R.L., Enel
Green Power Perú S.A.C., Enel Green Power Argentina S.A.,
Energía y Servicios South América SpA and ESSA2 SpA.
First, on January 21, 2021, the Company reported that
the time for Enel Américas S.A.’s dissident shareholders to
exercise their right of withdrawal arising from the Merger
had expired. The right was exercised by shareholders who,
together, represent 1,787,514 shares issued by the Company,
equivalent to 0.002% of the total. This met the requirement
stating that the right to withdrawal duly exercised by
dissident shareholders of Enel Américas on the occasion
of the Merger did not exceed 10% of the shares with voting
rights issued by the Company.
On February 1, 2021, Enel Américas reported the completion
of the international merger of the Italian company Enel
Rinnovabili S.r.l into the Chilean company EGP Américas
S.p.A. Pursuant to the foregoing, EGP Américas S.p.A.
acquired all the assets and liabilities of Enel Rinnovabili
S.r.l , the Italian company, including the non-conventional
renewable energy generation business and assets that Enel
Green Power S.p.A. develops and owns in Central and South
America (except Chile). Similarly, the merger obtained all the
consents and authorizations that certain financing banks in
Brazil had to grant.
On March 5, 2021, the Company reported that the National
Superintendence of Customs and Tax Administration
(SUNAT) of Peru issued a certificate corresponding to the
Merger, the last pending condition precedent.
As a result of the foregoing, Enel Américas and EGP
Américas issued the same and unique public declaration
deed, recording compliance with each and every one of the
conditions precedent the completion of the Merger was
subject to. The Company also reported that the share price
of the dissident shareholders who exercised their right to
withdraw from Enel Américas as a result of the approval of
the Merger would be paid on March 8, 2021, including their
corresponding adjustments and interest.
On April 1, 2021, the Company reported that the Merger
by incorporation of EGP Américas S.p.A. into Enel Américas
S.A. was completed, and, therefore, Enel Américas acquired,
through the Merger, all the assets and liabilities of EGP
Américas, including the business and assets of non-
conventional renewable energy generation that it owns in
Central and South America (except Chile), and it succeeds in
all its rights and obligations, incorporating into Enel Américas
all the shareholders and assets of EGP Américas, which, as
a result of the foregoing, is dissolved by law, without the
need to liquidate. On April 1, 2021, all the amendments to
Enel Américas’ bylaws approved at the Meeting, consisting
of the respective capital increase and the elimination of
the limitations and restrictions established in the bylaws
by the application of Title XII of Decree Law No. 3,500 of
1980 – with the sole exception of the remaining Investment
and Financing Policy that remains, became effective, and
particularly, in the case where a shareholder and his/her
related persons may not concentrate more than 65% of
Enel Américas’ voting capital.
summarized below, as well as one that occurred previously
and, during said period, had a material effect on the
Company’s business, its financial statements, its securities
or the offer thereof, or may have so in the future:
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Creation of Enel Colombia S.A. ESP by
merger by absorption of Codensa S.A. ESP,
Enel Green Power Colombia S.A.S. ESP and
ESSA2 S.p.A. by Emgesa S.A. ESPP
On January 29, 2021, Enel Américas, as the controlling
shareholder of the Colombian subsidiaries Emgesa S.A. ESP
and Codensa S.A. ESP, announced that it had signed a new
framework investment agreement with Grupo Energía de
Bogotá SA ESP (GEB), its partner in said subsidiaries. The
completion of the contract was subject to meeting certain
conditions precedent. Therefore, a series of measures
were agreed upon that would permit the integration of the
renewable business into the joint investments, the definition
of new corporate governance rules more consistent with
the new objectives and opportunities of this new stage and
the willingness to propose conciliation agreements for the
arbitration claims existing between them.
As part of the new framework agreement, the Company
reported on June 22, 2021, that the Colombian subsidiaries
of Enel Américas, Emgesa S.A. ESP and Codensa S.A. ESP,
convened their respective Boards of Directors. The relevant
sessions of the respective Boards of Directors would then
decide to summon a General Shareholders’ Meetings that
would deliberate, among other issues, on the approval of
a quadruple merger by absorption (the “Merger”) via which
Emgesa S.A. ESP would become the Absorbing Company,
while Codensa S.A. ESP, Enel Green Power Colombia S.A.S.
and ESSA2 S.p.A., all subsidiaries of Enel Américas, would
be the Absorbed Companies. As disclosed on June 29, 2021,
the company arising from the reorganization process would
have the following shareholding: i) Enel Américas S.A. would
have a 57.345% stake; ii) Grupo Energía Bogotá S.A. ESP a
42.515% stake and iii) Other minority shareholders would
have a 0.140% stake.
The foregoing depends on complying with the following
conditions and legal and contractual requirements: (i)
The approval of the Merger by the General Shareholders’
Meetings of the involved companies pursuant to their
respective bylaws and the applicable laws of the respective
jurisdictions; (ii) The approval by the ordinary bondholders
issued by Emgesa and Codensa under the conditions
required by Colombian regulations and in the respective
prospectuses of issuance and placement; and (iii) The
authorization of the Superintendence of Companies of
Colombia.
On July 8, 2021, an arbitration tribunal held a hearing of
Grupo Energía Bogotá against Enel Américas, in which the
arbitrators accepted the conciliation agreement presented
by the parties, thus ending the differences between Grupo
Energía Bogotá and Enel Américas argued in this litigation.
On July 27, 2021, the Company announced the General
Shareholders’ Meetings of the subsidiaries of Enel Américas,
Emgesa S.A. ESP, Codensa S.A. ESP, Enel Green Power
Colombia S.A.S. and ESSA2 SpA, which approved the Merger
commitment.
On March 1, 2022, the Company announced that the
Superintendence of Companies of the Republic of Colombia
authorized the statutory reform consisting of the Merger.
The same significant event reported the public deed where
the merger commitment, its annexes and other necessary
documents were protocolized. On the same date the Merger
was completed. The Company also communicated the
registration of the public deed in the Chamber of Commerce
of Bogotá. The deed formalized the aforementioned merger
by absorption. The new corporate name of the merged
companies is Enel Colombia S.A. ESP.
270
Integrated Annual Report Enel Américas 2022
Profit sharing (dividend payment)
On November 26, the Board of Directors agreed to
distribute a provisional dividend corresponding to 15% of
the Company’s net profits as of September 30, 2021, based
on the Company’s financial statements as of that date, and
reported in the Dividends Paid section of this Integrated
Report .
On April 26, the Company reported that the Ordinary
Shareholders’ Meeting of Enel Américas S.A. agreed to
distribute a definitive dividend of US$222,257,820, equivalent
to US$ 0.00207175660763378 per share. Given that a
provisional dividend was previously paid, the remainder
of the final dividend No. 105 totaling US$128,938,768,
equivalent to US$ 0.00120189131965822 per share, was
distributed and paid, setting the payment date for May 31,
2022.
On November 28, the Company announced that because
of the financial results for the year, the requirements
contemplated in the 2022 dividend policy for the distribution
of provisional dividends were not met, which is why there
would not be payments.
Strategic Plan
The Company reported on November 26, 2021, that the Company’s Board of Directors meeting held the previous day approved
Enel Américas’ 2022-2024 Strategic Plan, which was replaced by the 2023-2025 Strategic Plan, announced on November 28,
2022 and which is reported in the Strategy and Risk Management section of this Integrated Report.
Assets or share packages, acquisition, or disposal
Sale of 100% of the shares issued by CGTF
owned by Enel Brasil S.A. to ENEVA S.A.
On June 10, 2022, the Company announced that the
Company’s Brazilian subsidiary, Enel Brasil S.A., signed a
share purchase agreement with ENEVA S.A. through which,
and subject to complying with certain conditions precedent,
Enel Brasil would dispose of 100% of the shares issued by
CGTF – Central Generadora Thermoelétrica Fortaleza S.A.
(“Termofortaleza”) owned by Enel Brasil S.A. (the “Sale”).
Termofortaleza’s main operating asset is UTE Fortaleza, a
gas-fired thermal power plant, with a maximum installed
capacity of 327 MW, located in the municipality of Caucaia,
State of Ceará, in the northeastern region of Brazil.
The subsidiary Enel Brasil S.A. will receive for the Sale BRL
467 million (Brazilian reals), equivalent to approximately
US$ 96 million, subject to positive or negative adjustments,
depending on the terms of the agreement between the
parties. In addition to this amount, the parties agreed on
a payment mechanism based on Termofortaleza’s future
business performance, which could reach up to BRL 97
million, equivalent to approximately US$ 20 million.
On August 24, 2022, the Company announced that the
Company’s Brazilian subsidiary, Enel Brasil S.A., completed
the sale of 100% of the shares issued by Termofortaleza
to ENEVA S.A. As consideration for the sale of the
aforementioned shares, on that date the subsidiary Enel
Brasil received the payment of R$ 489,755,891.94, equivalent
to approximately US$ 96 million, after meeting all the
conditions set forth in the Sale Agreement. This value
represents an Enterprise Value of R$ 431,583,000, equivalent
to approximately US$ 85 million. This price was subject to
positive or negative adjustments, according to the validation
of the closing balance to be carried out by Termofortaleza
within the following 90 days.
This operation is part of the Company’s decarbonization
policy and was contemplated in the hypotheses of the 22-
24 Strategic Plan presented to the market by Enel Américas
last November 2021..
Sale of 99.9% of the shares issued by
Enel Goiás proporty of Enel Brasil S.A. to
ENEVA S.A. to Equatorial Participações e
Investimentos S.A.
On September 23, 2022, the Company reported that the
Company’s Brazilian subsidiary, Enel Brasil S.A., entered into
a share purchase agreement with Equatorial Participações
e Investimentos S.A., a subsidiary of Equatorial Energia
S.A. (collectively “Equatorial”), through which, and subject
to meeting certain conditions precedent, including the
authorization of Enel Américas’ Board of Directors S.A.,
Enel Brasil would dispose of 99.9% of the shares issued by
CELG DISTRIBUIÇÃO S.A. – CELG D (“Enel Goiás”) owned by
Enel Brasil S.A.
Other Corporate Regulatory Information 271
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Main
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Annexes
To evaluate and approve this sale, an Extraordinary meeting
of Enel Américas’ Board of Directors was summoned for
September 28, 2022.
Other agreed conditions precedent concern the
authorizations of the Brazilian regulatory bodies Agência
Nacional de Energia Elétrica (“ANEEL”) and the Conselho
Administrativo de Defesa Econômica (“CADE”).
Enel Goiás is a Brazilian energy distributor located in the
State of Goiás, with a concession area of 337,000 km2 and
3.3 million customers in 237 municipalities.
Should the Sale be approved, the subsidiary Enel Brasil S.A.
would receive approximately BRL 7,300 million (Brazilian
reals), equivalent to approximately US$ 1,400 million,
of which approximately BRL 1,600 million (equivalent to
approximately US$ 300 million) correspond to its equity
and would be paid by Equatorial at closing, which is expected
to occur during December, and approximately BRL 5,700
million (equivalent to approximately US$ 1,100 million) for
the prepayment of intercompany loans, of which US$ 600
million correspond to Enel Brasil and US$ 500 million to
Enel Finance International, a company related to Enel SpA ,
Enel Américas’ controller, which would be paid by Enel Goiás
within twelve months after the operations is completed. All
of the above is subject to positive or negative adjustments,
depending on the terms of the agreement between the
parties.
In addition to this amount, the parties thereto agreed on an
earn-out payment mechanism, based on the result of certain
contingencies that are in progress, whose estimate to date is
not quantifiable. As a result of this transaction, it is estimated
that Enel Américas would record a loss in its consolidated net
result of approximately US$ 990 million. This amount does
not include any additional earn-out income indicated above.
The Sale agreement is consistent with the Company’s
Strategic Plan, as it contributes to the objective of constantly
improving and optimizing the Company’s risk-return profile
and asset base, focusing on core businesses.
The sale was completed on December 29, 2022, once
the Brazilian regulatory authorities finalized the approval
procedures for this transaction.
Other corporate events
Delisting American Depositary Receipts
(ADRs) issued by the Company and traded
on the New York Stock Exchange (NYSE)
of the United States of America.
On May 30, 2022, the Company reported that the Company’s
Board of Directors unanimously approved the following:
1. File a request to delist the American Depositary Receipts
(ADRs) issued by the Company, which are traded on the
New York Stock Exchange (NYSE) of the United States
of America. Such delisting request shall be filed on June
10, 2022, with the Securities and Exchange Commission
of the United States of America in Form 25. The delisting
would be effective ten days after the presentation of the
aforementioned form.
2. Terminate the “Deposit Agreement”, and instruct Citibank,
in its capacity as Depositary Bank of the ADR Program of Enel
Américas S.A., to inform the ADR holders of the Company’s
decision to terminate said Program at least thirty calendar
days in advance as agreed in the aforementioned Deposit
Agreement,.
3. File, upon compliance with the requirements of the
Securities and Exchange Commission, Form 15F with
said regulator to voluntarily deregister the Company from
Section 12(g) of the US Securities Exchange Act of 1934
and its subsequent amendments (the “Exchange Act”) and
terminate its disclosure obligations under Sections 13(a)
and 15(d) of the Exchange Act.
The Company will continue to list its shares on the Santiago
Stock Exchange and the Chilean Electronic Exchange.
Delisting Enel Américas S.A. bonds from
the NYSE
On June 30, 2022, the Company reported that the
Company’s Board of Directors unanimously approved
to delist the Enel Américas S.A. bonds registered on the
New York Stock Exchange (NYSE), of the United States of
America, with a view to subsequently deregistering the
Company from the Securities and Exchange Commission
of the United States of America (SEC).
Such delisting request will be filed on July 11, 2022, with the
SEC using Form 25. The delisting would be effective ten days
after the presentation of the aforementioned form.
It was noted that the above decisions have no material
financial effects relevant to the Company.
272
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Presentation of Form 15 before the SEC by
Enel Américas S.A
On November 2, 2022, the Company filed Form 15F with
the Securities and Exchange Commission of the United
States of America (“SEC”). The purpose of the form is to
voluntarily deregister the Company from Section 12(g) of
the U.S. Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and terminate, among others, its disclosure
obligations under Section 13(a) and Section 15(d) of the
Exchange Act.
Consequently, once Form 15F is filed, the Company’s
obligation to disclose the annual report in Form 20-F and
significant events through Form 6-Ks is suspended. The
deregistration under the Exchange Act is expected to be
effective within 90 calendar days following the scheduled
filing of Form 15F, that it to say, as of January 31, 2023.
Enel Américas S.A. will continue to trade its registered shares
and listed on the Santiago Stock Exchange and the Chilean
Electronic Stock Exchange.
Other Corporate Regulatory Information 273
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Governance
Strategy and Risk
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Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
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Main
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Annexes
Annual Management Report Of The Directors’ Committee
In 2022, the Company’s Directors’ Committee’s members
were Mr. Hernán Somerville Senn, Mr. Patricio Gómez
Sabaini and Mr. Domingo Cruzat Amunátegui, chaired by
Mr. Somerville Senn, who also served as this corporate
entity’s Financial Expert. Furthermore, the three independent
members comply with the definition of article 50 bis of Law
18,046 on Corporations and the Sarbanes Oxley Act and
complementary legislation.
In an ordinary session of the Directors’ Committee held on
April 29, 2021, Mr. Hernán Somerville Senn was appointed the
Directors’ Committee’s Chairman and Mr. Domingo Valdés
Prieto, the Committee’s Secretary. In an ordinary session
held on the same date, the Company’s Board of Directors
appointed Mr. Hernán Somerville Senn as Financial Expert.
The Directors’ Committee met 14 times in 2022, including
the above-mentioned session, in full compliance with the
obligations set forth in Article 50 bis of Law 18,046 and the
Sarbanes Oxley Act of the United States of America and
other applicable regulations.
During the 2022 financial year, the Directors’ Committee
addressed the matters within its sphere of competence,
which are summarized below:
1. Financial Statements.
At the ordinary meeting held on February 25, 2022, the
Company’s Consolidated Financial Statements as of
December 31, 2021, its Notes, Income Statements and
Significant Events, as well as the External Auditors’ Report
on the subject, were declared examined, by the unanimity
of the Committee’s members, recommending their approval
by the Board of Directors.
In an extraordinary session held on May 2, 2022, the
Directors’ Committee unanimously approved the Company’s
Consolidated Financial Statements as of March 31, 2022,
its Notes, Income Statements, Significant Events and the
Report on Related Party Operations.
At its ordinary session held on July 27, 2022, the Directors’
Committee unanimously resolved to declare examined the
Company’s Consolidated Financial Statements as of June
30, 2022, its Notes, Press Release, Income Statements and
Significant Events, as well as the External Auditors’ opinion
issued “without remarks” on July 27, 2022.
At its ordinary session held on October 27, 2022, the
Directors’ Committee unanimously declared, that it had
examined the Company’s Consolidated Financial Statements
as of September 30, 2022, its Notes, Income Statements and
Significant Events and the report on transactions between
related parties prepared by the external auditors.
2. External Auditors’ Report on Bank Drafts and Money Brokerage.
At its regular meeting held on February 25, 2022, the
Directors’ Committee unanimously agreed to place on record
that it had examined the report on Money Brokerage, Bank
Draft and Securities Intermediation prepared by KPMG
Auditors Consultores SpA, Enel Américas S.A.’s External
Auditors.
3. Directors’ Committee’s Budget
At its ordinary session held on February 25, 2022, the
Directors’ Committee unanimously approved the proposal
of the Directors’ Committee’s Budget for 2022, which would
total 10,000 inflation indexed units (UF or Unidades de
Fomento) for expenses and operation of the Directors’
Committee and its advisors. Similarly, the members of the
Directors’ Committee unanimously resolved to submit the
aforementioned Directors’ Committee’s budget proposal for
2022 to the Company’s Board of Directors to be proposed by
this corporate body at the next Enel Américas S.A.’s Ordinary
Shareholders’ Meeting to be held in April of said year so that
it may finally resolve on the issue pursuant to its powers.
274
Integrated Annual Report Enel Américas 2022
8. Analysis of services to be provided by External Auditors.
At its regular sessions held on January 31, April 29, May
30 and October 27, 2022, the Directors’ Committee
analyzed the services to be provided to Enel Américas
S.A. and its subsidiaries by external auditors, other than
recurring external audit. The Committee agreed, pursuant
to Section 202 of the Sarbanes-Oxley Act, to section 242,
final paragraph, of Law No. 18,045 on the Securities Market
and the Procedure for Approval of Services Provided by
External Auditors, to declare that hiring such services does
not compromise the technical suitability or independence
of judgment of the respective external audit firm.
9. Form 20-F filed with the SEC (Securities and Exchange Commission)
of the United States of America.
At its regular meeting held on April 29, 2022, the Directors’
Committee unanimously declared that the financial statement
prepared under IFRS incorporated in Form 20-F had been
examined, so that it could be filed with the US Securities and
Exchange Commission (SEC) to comply with the rules and
requirements emanating from said public authority.
4. External Auditors’ Analysis of Matters Provided for in NCG No. 385.
At its ordinary sessions held on February 25, April 29, August
30 and November 28, 2022, the Directors’ Committee
unanimously declared that it had examined the voluntary
matters of good corporate governance contained in
sections (ii), (iii) and (v) of number 1 d) of General Standard
No. 385 of the FMC, as presented by the External Auditors.
The Committee emphasized that none of the hypotheses
described in sections II, III and V of the aforementioned
number had occurred.
5. Presentation of external audit plan.
At its ordinary sessions held on August 30 and November
28, 2022, the Directors’ Committee, unanimously declared
that it had examined the external audit plan in accordance
with the requirements of the Public Company Accounting
Oversight Board (PCAOB) presented by KPMG Auditores
Consultores SpA as Enel Américas S.A.’s External Auditors.
6. External Auditor Fees for 2021 and cost estimate for 2022.
In its ordinary session of January 31, 2022, the Directors’
Committee unanimously resolved to declare examined the
analysis of fees for services provided by external auditors
in 2021.
At its ordinary session held on February 25, 2022, the
Directors’ Committee unanimously declared having analyzed
the estimate of the recurring service fees planned for 2022,
which would reach a total amount of US$ 4 million.
7. Supervision and Evaluation of External Auditors.
At its ordinary meeting held on February 25, 2022, the Committee unanimously agreed to qualify as reasonable the work of
the Company’s external auditors, KPMG Auditores Consultores SpA ., carried out during the 2021 financial year.
Other Corporate Regulatory Information 275
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Governance
Strategy and Risk
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2022
Management
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Regulatory
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Main
Indicators
Annexes
10. Analysis of Operations between Related Parties.
At its ordinary meeting held on January 31, 2022, the
Directors’ Committee unanimously declared that it had
examined the Related-Party Transaction, consisting of
the subscription and payment of a capital increase in the
subsidiary Enel Brasil S.A. by Enel Américas S.A. for a total
amount of US$ 700 million.
At its ordinary meeting held on January 31, 2022, the
Directors’ Committee unanimously declared that it had
examined the Operation between Related Parties, consisting
of renewing a mutual loan of money granted by the
Company to its subsidiary Enel Brasil, whose main terms
and conditions will be: (i) Amount: US$225,000,000; (ii) New
Maturity Date: February 21, 2024; (iii) New Interest Rate: Libor
US$ + 2.27%, which at the moment is equivalent to a fixed
interest rate in US$ of 3.50% per year. ; and (iv) Payment of
interest: three months or fraction thereof.
At its ordinary meeting held on February 25, 2022, the
Directors’ Committee unanimously declared that it had
examined the Related-Party Transaction, consisting of
signing a contract for the provision of Global Procurement
Technical Services between Enel Américas S.A., as the
recipient and Enel SpA, as the supplier thereof, for an
annual price of € 42,713, which includes the total cost of
the service plus a profit margin or Mark Up of 5%, and valid
until December 31, 2022 and may be automatically renewed,
for equal and successive periods of one year each, if neither
party expresses otherwise their decision not to renew it in a
written communication given 2 months prior to the date of
the end of this agreement or each of its extensions.
At its extraordinary meeting held on September 12, 2022,
the Directors’ Committee unanimously declared that
it had examined the situation of the indirect Brazilian
subsidiary Celg Distribución S.A. also called Enel Goiás, the
justifications that advise to proceed with its sale and the
current status of the sale process, highlighting that it would
be the subject of deliberation at the Board’s extraordinary
meeting scheduled for September 28, 2022.
At its ordinary session held on September 30, 2022, the
Directors’ Committee unanimously declared that it had
examined the Related-Party Transaction, consisting of
Enel Américas S.A. promoting and subscribing one or
more capital increases in its subsidiary Enel Brasil, payable
exclusively through the capitalization of the mutual loans
of which said company is a debtor and whose creditor is
Enel Américas, granted in February, March and December
2017, for a total amount equivalent, in Brazilian reais, to
approximately US$375 million.
11. Proposing Private Risk Rating Agencies.
At its ordinary meeting held on February 25, 2022,
the Directors’ Committee unanimously agreed to ask
Enel Américas S.A.’s Board of Directors to propose
Feller Rate Clasificadora de Riesgo Limitada and Fitch
Chile Clasificadora de Riesgo Limitada, at the national
level, and Fitch Ratings, Moody’s Investors Service and
Standard & Poor’s International Ratings Services, at the
international level, as Private Risk Rating Agencies of
Enel Américas S.A. for 2022 to the respective Ordinary
Shareholders’ Meeting
12. Proposing external auditors.
At its ordinary meeting held on March 30, 2022, the
Directors’ Committee unanimously agreed to ask the
Board of Directors to present KPMG Auditores Consultores
SpA, as Enel Américas S.A.’s external auditor for 2022, for
the following reasons: (i) the proposal of KPMG Auditores
Consultores SpA is the most competitive according to
the technical and economic evaluations carried out; (ii)
it was highly recommended by the work teams and has
experience in the electricity sector; (iii) it is one of the four
most important audit firms internationally and nationally;
(iv) it is the auditing company with the highest level of
synergy with Enel Américas S.A., since KPMG Auditores
Consultores SpA is the external auditor of Enel Américas
S.A.’s controller, Enel S.p.A. Likewise, the following order of
priority was unanimously established: (i) KPMG Auditores
Consultores SpA, (ii) Mazars Auditores Consultores SpA,
(iii) PKF Chile Auditores Consultores Ltda. and (iv) ARTL
Chile Auditores Ltda.
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Integrated Annual Report Enel Américas 2022
13. Approving contracts with External Auditors.
At its ordinary session held on May 30, 2022, the Directors’ Committee unanimously agreed to declare that it had examined and
approved the contract to be signed between Enel Américas S.A. and the external auditors KPMG Auditores Consultores SpA.
14. Analysis of complaints to the Ethical Channel.
At its ordinary sessions held on June 30 and December 14,
2022, the Directors’ Committee, unanimously issued its
opinion on each of the presented complaints, delivering
instructions to be followed for each of said complaints and
confirming what had already been resolved by said body,
stating that the Chairman of the Directors’ Committee would
summon an extraordinary session of this body in the event
that a complaint, in his opinion, justifies such summons.
15. Examining the remuneration system and compensation plans of the
Company’s managers, senior executives, and workers.
At its ordinary session held on June 30, 2022, the Directors’
Committee unanimously declared that it had examined
the remuneration systems and compensation plans of
the Company’s managers, senior executives, and workers,
stating that they had been reviewed and no conflicts had
been observed.
16. Self-assessment of the Company’s internal control system.
At its regular meeting held on February 25, 2022, the
Directors’ Committee unanimously agreed to record that
the self-assessment of Enel Américas S.A.’s internal control
system for financial reporting had been examined.
At its ordinary session held on February 25, 2022, the
Directors’ Committee unanimously agreed to record that
it had examined and formally understood the presentation
the independent testing process of the internal control of
the financial report carried out in 2021 and of Enel Américas
S.A.’s Internal Control Charter prepared by the Company’s
external auditors, KPMG Auditores Consultores SpA.
17. Presentations on sustainability.
At its ordinary session held on May 30, 2022, the Directors’
Committee unanimously agreed to record that it had
examined the presentation regarding the compliance with
the sustainability aspects contained in General Standard
No. 385, number 1.g) and 2.c) of the Financial Market
Commission. in the context of delegating certain functions
that Enel Américas’ Board of Directors made to the Directors’
Committee, referring to sustainability matters.
At its regular meeting held on August 30, 2022, the Directors’
Committee unanimously agreed to record that it had
examined the presentation regarding investor relations on
sustainability matters
At its regular session held on November 28, 2022, the
Directors’ Committee unanimously agreed to record that it
had examined and understand the presentation regarding the
progress and monitoring of Enel Américas’ Sustainability Plan.
At its regular meeting held on December 14, 2022, the
Directors’ Committee unanimously agreed to record that it
had examined the presentation regarding investor relations
on sustainability matters.
Other Corporate Regulatory Information 277
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Governance
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2022
Management
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Annexes
278
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Share information and other securities
Share information
Market information
In 2022, the Chilean stock market significantly recovered
compared to the previous year, closing the local S&P/
CLX IPSA index with a rise of 22.1% vs. 3.1% in 2021. This
positive performance is mainly explained by a year with
greater investment interest in local stocks that managed
to positively push the local index, together with a remarkable
control of the COVID-19 health crisis, which permitted to
fully open businesses and industries. At the same time, we
witness a performance contrary to the Chilean local market
in the most relevant international markets where the US
Dow Jones Industrial fell by 8.8%, and London’s FTSE 100
showed a marginal gain of 0.9%.
In the case of the main stock exchanges in the countries
where Enel Américas operates, returns were mixed:
Argentina (Merval; +142.0%), Brazil (Bovespa; +4.7%),
Colombia (Colcap; -8.9%) and Peru (SPBLPGPT; +1.0%).
These varied performances are framed within a context
where inflation was one of the main attention points during
the year, along with a scenario of political uncertainty, with
presidential elections in Brazil and Colombia, and a political
crisis in Peru, in a global economic environment where the
first signs of a recession are beginning to be seen.
Santiago Stock Exchange
Progression of Enel Américas shares over the last two years
with respect to the Selective Stock Price Index (S&P/CLX
IPSA) in the local market:
Variation
2022
2021
Enel Américas
22.0%
(19.8%)
S&P/CLX IPSA
22.1%
3.1%
New York Stock Exchange (NYSE)
Performance of Enel Américas ADSs listed on NYSE (ENIA)
pertaining to the Dow Jones Industrial and Dow Jones Utilities
indices over the last two years:
Variation
2022
2021
ENIA1
(16.4%)
(33.8%)
Dow Jones Industrial
(8.8%)
18.7%
Dow Jones Utilities
(1.4%)
13.4%
1): For 2022, it considers the period traded until July 20, due to the
delisting process of the American Depositary Receipts (ADR) issued that
are traded on the New York Stock Exchange (NYSE). For more information,
go to the “SEC Deregistration” chapter of the Investors section of the
company’s website.
Other Corporate Regulatory Information 279
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Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Stock market transactions
The following are the quarterly transactions for the last
three years, carried out on the stock exchanges where
Enel Américas shares are traded. In Chile, this occurs via
the Santiago Stock Exchange and the Chilean Electronic
Exchange, while in the United States it is the New York Stock
Exchange (NYSE).
Santiago Stock Exchange
Durante 2022 se transaron 17.367 millones de acciones
en la Bolsa de Comercio de Santiago, lo que equivalió a
Ch$1.675.083 millones. El precio de cierre de la acción a
diciembre fue de Ch$$113,50.
Periods
Units
Amounts (Ch$)
Average price
1st quarter 2020
6,483,030,618
903,507,075,433
144.31
2nd quarter 2020
14,268,399,863
1,833,377,784,158
128.05
3rd quarter 2020
7,265,357,511
834,916,385,115
115.39
4th quarter 2020
5,365,328,887
596,767,343,968
111.27
Total 2020
33,382,116,879
4,168,568,588,674
124.75
1st quarter 2021
5,338,469,815
619,464,959,900
115.42
2nd quarter 2021
14,135,894,665
1,742,630,126,521
106.55
3rd quarter 2021
2,108,676,714
220,979,170,132
104.44
4th quarter 2021
4,767,772,799
477,853,951,640
99.8
Total 2021
26,350,813,993
3,060,928,208,193
106.55
1st quarter 2022
4,209,679,451
397,405,081,459
94.35
2nd quarter 2022
4,130,546,741
372,685,971,272
90.82
Q3 2022
4,709,419,585
445,699,576,996
95.52
4th quarter 2022
4,317,478,084
459,292,614,321
107.61
Total 2022
17,367,123,861
1,675,083,244,048
97.08
Electronic Exchange of Chile
A total of 1,331 million shares, equivalent to Ch$ 121,263 million, were traded on the Chilean Electronic Stock Exchange during
the period. The closing price of the share in December was Ch$ 113.58.
Electronic Exchange of Chile
Periods
Units
Amounts (Ch$)
Average price
1st quarter 2020
144,597,209
20,075,715,893
141.98
2nd quarter 2020
1,237,699,863
162,895,157,521
126.84
3rd quarter 2020
673,706,089
78,587,318,409
114.18
4th quarter 2020
361,507,323
39,782,570,462
111.31
Total 2020
2,417,510,484
301,340,762,285
123.58
1st quarter 2021
173,486,877
19,973,875,844
115.7
2nd quarter 2021
132,818,875
14,018,936,966
105.86
3rd quarter 2021
154,071,165
16,115,639,890
104.33
4th quarter 2021
237,996,952
23,694,170,707
99.48
Total 2021
698,373,869
73,802,623,407
106.35
1st quarter 2022
279,502,619
26,296,169,960
94.14
2nd quarter 2022
774,660,285
68,946,582,805
90.86
3rd quarter 2022
213,209,369
19,457,347,224
95.29
4th quarter 2022
63,639,884
6,563,003,665
105.14
Total 2022
1,331,012,157
121,263,103,654
96.36
280
Integrated Annual Report Enel Américas 2022
New York Stock Exchange (NYSE)
Enel Américas shares began trading on the New York Stock
Exchange (NYSE) on October 20, 1993. At that time, the
name of the Company was Enersis and the mnemonic was
ENI. An American Depositary Share (ADS) of Enel Américas
represented 50 shares and the mnemonic used at the time
of delisting was ENIAY. Citibank N.A. acted as depositary
bank and Banco Santander Chile as custodian in Chile. In
2022, 302 million ADSs were traded in the United States,
equivalent to US$1,606 million. The price of the ADS closed
at US$4.55 on July 20, 2022.
Delisting of the New York Stock Exchange and deregistration
from the SEC
On May 31, the Company announced its intention to
withdraw the stock from the New York Stock Exchange
(NYSE), terminate the ADR program, and cancel the
Company’s registration with the U.S. Securities and
Exchange Commission (SEC).
Some of the main reasons for this operation include the
following:
1. The conditions of the ADR program launched 30
years ago were no longer the same, since the Chilean
market became a more developed market, with greater
liquidity and open to foreign investors, placing Chile as
a benchmark for governance in Latin America.
2. ADR’s participation in our ownership structure has
been significantly reduced in recent years, in particular
following the merger with EGP Américas’ assets and the
corresponding takeover bid that took place in April 2021.
At the time of the announcement, it was below 2%.
3. The Company believes that the costs of listing on
the NYSE and being registered with the SEC exceed
the benefits received by the SEC, since it requires a
significant effort in terms of time and compliance, and
in turn, the main market for Enel Américas shares is now
the Santiago Stock Exchange.
The ADR instruments were delisted on June 20 from the
New York Stock Exchange (NYSE), and from that date until
July 20 the ADR was traded on the Over the Counter (OTC)
market. At the end of this period, on July 21, 2022, the ADR
program was officially canceled.
Finally, on November 2, Form 15F was filed with the Securities
and Exchange Commission (SEC) of the United States,
requesting to deregister the company from said regulatory
entity.
Periods
Units
Amounts (US$)
Average price
1st quarter 2020
105,532,984
906,951,037
9.03
2nd quarter 2020
130,171,049
1,003,015,883
7.75
3rd quarter 2020
104,948,137
763,353,164
7.30
4th quarter 2020
66,780,890
484,871,129
7.30
Total 2020
407,433,060
3,158,191,213
7.84
1st quarter 2021
86,244,461
696,170,423
7.95
2nd quarter 2021
157,645,476
1,207,791,256
7.36
3rd quarter 2021
57,690,201
386,220,890
6.7
4th quarter 2021
82,513,530
493,173,775
5.94
Total 2021
384,093,668
2,783,356,344
6.99
1st quarter 2022
74,239,375
430,898,904
5.79
2nd quarter 2022
211,318,534
1,101,212,091
5.40
3rd quarter2022
16,651,595
73,673,915
4.38
4th quarter 2022
-
-
-
Total 2022
302,209,504
1,605,784,910
5.19
Other Corporate Regulatory Information 281
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Dividends
Dividend Policy
Pursuant to General Standard No. 283. Number 5), the Company’s dividend corresponding to the years 2023 and 2022 are
set out below.
General
At its meeting held on February 25, 2022, the Company’s
Board of Directors approved the following Dividend Policy
and the corresponding procedure on the dividend payment
of Enel Américas S.A. for 2022.
Dividend Policy for 2022
At its meeting held on February 25, 2022, the Company’s
Board of Directors approved the Dividend Policy and the
corresponding procedure on the dividend payment of
Enel Américas S.A. for 2022, reported to shareholders at
the Ordinary Shareholders’ Meeting held on April 26, 2022.
Therefore, as of September 30, 2022, the requirements for
the distribution of provisional dividends contemplated in
the aforementioned Dividend Policy were not met and said
distribution did not take place.
Furthermore, the Board of Directors intends to propose to
the Ordinary Shareholders’ Meeting to be held in the first
quarter of 2023, to distribute, as a final dividend, an amount
equivalent to 30% of the profits for 2022. The final dividend
will be defined by the Ordinary Shareholders’ Meeting, to be
made in the first quarter of 2023,as a definitive dividend but
will depend on the profits obtained by the Company, thus
trying to maintain its financial balance.
Procedure for Enel Américas S.A.’ Dividend
Payments
Enel Américas S.A. contemplates the following modalities
to pay dividends in 2022, whether provisional or definitive,
and to avoid their unauthorized collection:
1. Deposit in a current account in a bank, whose holder is
the shareholder.
2. Deposit in a savings account in a bank, whose holder is
the shareholder.
3. Dispatch of a check or a sight draft with a named payee
by registered mail to the address of the shareholder listed in
the Shareholders’ Register of Enel Américas S.A.; and
4. Collecting a check or or a sight draft at the offices of
DCV Registros S.A., as the administrator of Enel Américas
S.A.’ shareholders’ registry or at the bank and its branches
established for this purpose and which will be reported in
the notification published on the payment of dividends. For
these purposes, bank checking or savings accounts can be
held anywhere in the country.
The payment method chosen by each shareholder will be
used by DCV Registros S.A. for all dividend payments, as
long as the shareholder does not express his intention in
writing to modify the method and registers a new option.
Shareholders who have not registered a payment method
will be paid according to modality No. 4 indicated above. In
the cases where the checks or vouchers are returned by
mail to DCV Registros S.A., they will remain in its custody
until they are collected or requested by the shareholders. In
the case of deposits in current accounts, Enel Américas S.A.
and/or DCV Registros S.A. may request, for security reasons,
that the corresponding banks verify these deposits. If the
accounts indicated by the shareholders are objected to,
either in a prior verification process or for any other reason,
the dividend will be paid according to the modality indicated
in point No. 4 above. The Company has also adopted and
will continue to adopt in the future all the necessary security
measures required by the dividend payment process, in
order to safeguard the interests of both shareholders and
Enel Américas S.A.
Dividend Policy for 2023
The Company’s Board of Directors, at its meeting held on
February 27, 2023, approved the following Dividend Policy
and the corresponding Procedure on dividend payments by
Enel Américas S.A. for 2023.
The Board of Directors intends to distribute a provisional
dividend, charged to accumulated profits until September
30, 2023, of up to 15% of such profits, as shown in Enel
Américas S.A.’s financial statements as of that date, to be
paid in January 2024.
Furthermore, the Board of Directors intends to propose to
the Ordinary Shareholders’ Meeting, to be held in the first
quarter of 2024, to distribute an amount equivalent to 30%
of the profits of 2023. The final dividend will be defined by
the Ordinary Shareholders’ Meeting, to be made in the first
quarter of 2024 as a definitive dividend, which will depend on
the profits obtained by the Company, thus trying to maintain
its financial balance.
Enel Américas S.A. contemplates the following modalities
to pay dividends, whether provisional or definitive, and to
avoid their unauthorized collection:
282
Integrated Annual Report Enel Américas 2022
1. Deposit in a current account in a bank, whose holder is
the shareholder.
2. Deposit in a savings account in a bank, whose holder is
the shareholder.
3. Dispatch of a check or a sight draft with a named payee
by registered mail to the address of the shareholder listed in
the Shareholders’ Register of Enel Américas S.A.; and
4. Collecting a check or or a sight draft at the offices of
DCV Registros S.A., as the administrator of Enel Américas
S.A.’ shareholders’ registry or at the bank and its branches
established for this purpose and which will be reported in
the notification published on the payment of dividends. For
these purposes, bank checking or savings accounts can be
held anywhere in the country.
It should be noted that the payment method chosen by
each shareholder will be used by DCV Registros S.A. for all
dividend payments, as long as the shareholder does not
express his intention in writing to modify the method and
registers a new option.
The payment method chosen by each shareholder will be
used by DCV Registros S.A. for all dividend payments, as
long as the shareholder does not express his intention in
writing to modify the method and registers a new option.
Shareholders who have not registered any payment methods
will be paid according to modality No. 4 indicated above. In
the cases where the checks or sight drafts returned by mail
to DCV Registros S.A., they will remain in its custody until
they are collected or requested by the shareholders. In the
case of deposits in current accounts, Enel Américas S.A. and/
or DCV Registros S.A. may request, for security reasons, that
the corresponding banks verify these deposits.
If the accounts indicated by the shareholders are objected
to, either in a prior verification process or for any other
reason, the dividend will be paid according to the modality
indicated in point No. 4 above. The Company has also
adopted and will continue to adopt in the future all the
necessary security measures required by the dividend
payment process, in order to safeguard the interests of
both shareholders and Enel Américas S.A.
Dividend Policy for 2024
The Board of Directors will communicate its dividend policy
for 2024 in due course once it is approved.
In any case, pursuant to article 38 of the Company’s Bylaws,
the Ordinary Meeting shall decide on the proposal of the
Board of Directors, establishing the number of dividends to
be distributed in 2024, which may not be less than 30% of
the net profits of the year, unless unanimously agreed by the
shares issued. If there are no accumulated losses, the Board
of Directors may distribute provisional dividends during the
year against the year’s profits.
Dividends paid
Distributable Profit for 2022
On November 28, it was announced that due to the financial results for the year, the requirements contemplated in the 2022
dividend policy for the distribution of provisional dividends were not met, which is why these would not be paid.
Dividends paid
Distributable profit for 2022
US$ thou
Yearly Loss
44,145
Distributed dividends
The following table shows the dividends per share paid over the past few years:
Dividend No.
Dividend rate
Registration closure
date
Payment date
Dollars per share
Charged to the
fiscal year
100
Provisional
01-18-20
01-24-20
0.00162
2019
101
Definitive
05-23-20
05-29-20
0.00899
2019
102
Provisional
01-23-21
01-29-21
0.00096
2020
103
Definitive
05-22-21
05-28-21
0.00317
2020
104
Provisional
01-22-22
01-28-22
0.00087
2021
105
Definitive
05-25-22
05.315-22
0.00120
2021
Other Corporate Regulatory Information 283
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Risk rating
In 1994, Standard and Poor’s and Duff & Phelps ranked
Enersis (now Enel Américas) BBB+ (investment grade) for
the first time. Subsequently, in 1996 Moody’s placed the
Company’s long-term foreign currency debt at Baa1.
Since then, most risk ratings have varied. Currently, all are
“investment grade” and are based on diversified asset
portfolios, liquidity, and adequate debt service hedging
policies.
INTERNATIONAL RATING OF ENEL AMÉRICAS
Corporate
S&P (1)
Moody’s (2)
Fitch Ratings (3)
BBB- (Stable)
Baa2 (Stable)
BBB+ (Stable)
(1): https://www.standardandpoors.com/en_US/web/guest/home
(2): https://www.moodys.com
(3): https://www.fitchratings.com
LOCAL RATING ENEL AMÉRICAS
Feller Rate (1)
Fitch Ratings (2)
Actions
1st class, Level 2
1st class, Level 1
Bonuses
AA / Stable
AA+(cl) / Stable
(1): https://www.feller-rate.com/corporativo
(2): https://www.fitchratings.com/
The main events that took place in 2022 are summarized
below:
• March 7: Standard and Poor’s confirmed the rating at
BBB- with a Stable outlook. These ratings are aligned
with the rankings of the sovereigns of Brazil and Colombia,
which are the company’s main markets.
• July 5: Feller Rate ratified Enel Américas’ corporate rating
in AA with a Stable outlook on the national scale. These
assigned ratings respond to a “Satisfactory” business
profile and a “Sound” financial position.
• August 3: Fitch Ratings downgraded the rating from A- to
BBB+ and kept the outlook at Stable. This change is mainly
due to the Company’s exposure to non-investment grade
countries such as Colombia (BB+/Stable) and Brazil (BB-/
Stable). However, the diversified cash flow and trading
profile, leverage profile and liquidity stand out, which are
consistent with category “A”.
•
• October 28: Moody’s upheld the Baa2 rating with a Stable
outlook, due to expectations in cash flow levels, which
are expected to remain stable through the expansion of
operational activities and presence in the region.
284
Integrated Annual Report Enel Américas 2022
Information on other securities
A summary of secured and unsecured obligations to the public are presented in the following tables:
Unsecured bonds
In thousands of U.S. dollars – ThUS$
Country
Currency
Nominal
Rate
Secured/
Unsecured
al 12.31.2022
Maturity
Total
Current
Maturity
Total
Non-current
One to
three
months
Three to
twelve
months
One
to two
yers
Two to
three
years
Three
to four
years
Four
to five
years
More
than five
years
Chile
US$
5.30%
Unsecured
-
4,405
4,405
-
-
592,135
-
-
592,135
Peru
US$
6.34%
Unsecured
275
-
275
-
-
-
-
10,017
10,017
Peru
PEN
6.01%
Unsecured
3,073
43,322
46,395
39,965
36,712
26,223
23,600
132,032
258,532
Brazil
BRL
12.03%
Unsecured
48,474
83,448
131,922
192,771
91,014
174,485
54,453
461,773
974,496
Colombia
COP
13.38%
Unsecured
9,763
157,795
167,558
142,668
155,966
-
51,558
148,983
499,175
Total
61,585
288,970
350,555
375,404
283,692
792,843
129,611
752,805
2,334,355
Summary of secured bonds by currency and maturity
In thousands of U.S. dollars – ThUS$
Country
Currency
Nominal
Rate
Secured/
Unsecured
al 12.31.2022
Maturity
Total
Current
Maturity
Total
Non-current
One to
three
months
Three to
twelve
months
One to
two yers
Two to
three
years
Three
to four
years
Four to
five years
More
than five
years
Brazil
BRL
12.04%
Secured
6,691
150,619
157,310
19,163
19,880
19,893
19,553
35,145
113,634
Total
6,691
150,619
157,310
19,163
19,880
19,893
19,553
35,145
113,634
Details of secured and unsecured obligations to the public
and their maturity can be found in Notes 20.b and 20.c to
the Consolidated Financial Statements of Enel Américas
S.A. and Subsidiaries as of December 31, 2022. At the same
time, the details of the financial constraints that must be
met by each of these securities issued by the Company and
its subsidiaries can be found 36.4 of these Consolidated
Financial Statements.
Other Corporate Regulatory Information 285
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Properties and facilities
The main facilities relevant to the Company’s operations, in which Enel Américas subsidiaries carry out their core business
activities, are detailed in Chapter 4 in the Enel Américas Our Business by Country section.
Brands, insurance and concessions
Brands
The Company has registered the trademark “Enersis
Américas” in services, products, commercial and industrial
establishment. In a July 2016 communication addressed to
Enel Américas’ Board of Directors S.A., Enel SpA authorized
the free use of the Enel brand by Enel Américas S.A., and may
include it in its corporate name, logo, or other forms of use
of the aforementioned name. The Enel Américas trademark
is duly registered.
Insurance
Enel Américas S.A. is part of a global risk coverage program
for property damage, terrorism, business interruption and
general and environmental liability, led by its parent company
Enel SpA. The process of renewing the insurance contracts
was carried out via an international tender, which involved
the main leading insurers worldwide.
Concessions
Enel Américas in the normal course of its operations requires
contracting concessions with government agencies of the
countries where it operates in order to develop the provision
of electricity generation and distribution services. The details
of these concessions, as well as their expiration dates, are
detailed in the financial statements of Enel Américas as of
December 31, 2022.
286
Integrated Annual Report Enel Américas 2022
Subsidiaries and associates
Direct and Indirect Participations of Enel Américas
Argentina
Business
Property
Central Dock Sud S.A.
Gx
72.01%
Enel Generación Costanera S.A.
Gx
75.68%
Enel Generación El Chocón S.A.
Gx
67.67%
Central Vuelta Obligado S.A.
Gx
40.90%
Compañía de Transmisión del Mercosur S.A.
Tx
100.00%
Transportadora de Energía S.A.
Tx
100.00%
Sacme S.A.
Tx
50.00%
Yacylec S.A.
Tx
33.33%
Empresa Distribuidora Sur S.A.
Dx
99.45%
Enel Argentina S.A.
Ox
99.92%
Enel Green Power Argentina S.A. (1)
Ox
100.00%
Enel Trading Argentina S.R.L.
Ox
100.00%
Hidroinvest S.A.
Ox
96.70%
Distrilec Inversora S.A.
Ox
51.50%
Inversora Dock Sud S.A.
Ox
57.14%
(1) Companies incorporated by the merger of Enel Américas S.A. with Enel Green Power Américas S.A.
Brazil
Business
Property
EGP Cachoeira Dourada S.A.
Gx
99.75%
Enel Green Power Proyectos I (Volta Grande)
Gx
100.00%
Companies EGP´s Brazil (2) (3)
Gx
100.00%
Enel Cien S.A.
Tx
100.00%
Enel Distribución Rio S.A.
Dx
99.73%
Enel Distribución Sao Paulo S.A.
Dx
100.00%
Enel Distribución Ceará S.A.
Dx
74.05%
Enel Brasil S.A.
Ox
100.00%
Enel X Brasil S.A.
Ox
100.00%
Central Generadora Fotovoltaica Sao Francisco Ltda.
Ox
100.00%
Luz de Angra Energía S.A.
Ox
51.00%
Enel Trading Brasil S.A.
Ox
100.00%
Luz de Caruaru Energía S.A.
Ox
51.00%
Luz de Jaboatao Energía S.A.
Ox
51.00%
Enel X Way Brasil S.A.
Ox
20.00%
Enel Brasil Central S.A.
Ox
100.00%
(2) Companies incorporated by the merger of Enel Américas S.A. with Enel Green Power Américas S.A.
(3) See details of the total number of companies that make up EGP’S Brazil Companies, in Annex 1, of the Consolidated Financial Statements of Enel
Américas y Subsidiaries S.A. till 31.12.2021
Each one of the Subsidiaries or associates carries out its business in the country where it operates, and there are no significant
commercial transactions between Enel Américas (Parent Company or investor based in Chile) and them, except for financing
or capital increases carried out by Enel Américas. in its subsidiaries or associates to promote the execution of expansion
projects of the group’s property, plant and equipment.
Other Corporate Regulatory Information 287
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Colombia
Business
Property
Enel Colombia
Gx/ Dx
57,34%
EGP Fotovoltaica La Loma S.A.(4)
Gx
100,00%
Guayepo Solar SpA (5)
Gx
100,00%
Latam Solar Fotovoltaica Fundación S.A.S. (5)
Gx
100,00%
Atlántico Photovoltaic S.A.S. E.S.P. (5)
Gx
100,00%
Colombia Ze
Ox
100.00%
Sociedad Portuaria Central Cartagena S.A.
Ox
99,99%
Enel X Colombia
Ox
100.00%
Bogota ZE S.A.S.
Ox
100.00%
Usme ZE S.A.S. (6)
Ox
100.00%
Fontibon ZE S.A.S. (6)
Ox
100.00%
Latam solar energias renovables
Gx
57,34%
(4) Companies incorporated by the merger of Enel Américas S.A. with Enel Green Power Américas S.A.
(5) Companies acquired by EGP Colombia S.A.S. E.S.P during the second half of 2021, for the development of renewable electricity generation projects
(6) Companies incorporated during the first quarter of 2021, to develop electric mobility and public transport projects in Colombia.
Perú
Business
Property
Enel Generación Perú S.A.
Gx
83.60%
Enel Generación Piura S.A.
Gx
96.50%
Chinango S.A.C.
Gx
80.00%
Empresa de Generación Eléctrica Los Pinos S.A. (7)
Gx
100.00%
Energética Monzón S.A.C. (7)
Gx
100.00%
Empresa de Generación Eléctrica Marcona S.A.C. (7)
Gx
100.00%
Enel Distribución Perú S.A.
Dx
83.15%
Enel Perú S.A.C.
Ox
100.00%
EGP Perú S.A.C. (7)
Ox
100.00%
Compañía Energética Veracruz S.A.C.
Ox
100.00%
Enel X Perú S.A.C.
Ox
100.00%
Enel x way Perú
Ox
20.00%
(7)Companies incorporated by the merger of Enel Américas S.A. with Enel Green Power Américas S.A.
Costa Rica
Business
Propiedad
PH Chucas S.A. (8)
Gx
65.00%
PH Don Pedro S.A. (8)
Gx
33.44%
PH Rio Volcán S.A. (8)
Gx
34.32%
Energía Global Operaciones S.A. (8)
Ox
100.00%
EGP Costa Rica S.A. (8)
Ox
100.00%
(8) Companies incorporated by the merger of Enel Américas S.A. with Enel Green Power Américas S.A.
288
Integrated Annual Report Enel Américas 2022
Guatemala
Business
Property
Generadora Occidente Ltda. (9)
Gx
100.00%
Generadora Montecristo S.A. (9)
Gx
100.00%
Renovables de Guatemala S.A. (9)
Gx
100.00%
Tecnoguat S.A. (9)
Gx
100.00%
Transmisora de Energías Renovables S.A. (9)
Tx
100.00%
EGP Guatemala S.A. (9)
Ox
75.00%
(9) Companies incorporated by the merger of Enel Américas S.A. with Enel Green Power Américas S.A.
Panamá
Business
Property
Enel Fortuna S.A.(10)
Gx
50.06%
Enel Solar S.R.L. (10)
Gx
100.00%
Generadora Eólica Alto Pacora S.A. (10)
Gx
100.00%
Generadora Solar Tole S.A. (10)
Gx
100.00%
Llano Sanchez Solar Power One S.A. (10)
Gx
100.00%
Generadora Solar Austral S.A. (10)
Gx
100.00%
Jaguito Solar 10 MW S.A. (10)
Gx
100.00%
Progreso Solar 20 MW S.A. (10)
Gx
100.00%
Generadora Solar El Puerto S.A. (10)
Gx
100.00%
Generadora Solar de Occidente S.A. (10)
Gx
100.00%
EGP Panamá S.R.L. (10)
Ox
100.00%
(10) Companies incorporated by the merger of Enel Américas S.A. with Enel Green Power Américas S.A.
Chile
Business
Property
Energía y Servicios South América S.P.A.
Ox
100.00%
Uruguay
Business
Property
Enel Uruguay S.A.
Ox
100.00%
Gx= Generation
TX= Transmission
DX= Distribution
Ox= Gas pipelines. marketing. and others
Other Corporate Regulatory Information 289
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
290
Integrated Annual Report Enel Américas 2022
ENEL
Argentina S.A.
Edesur S.A.
Enel
Distribución
Ceará S.A.
Generadora
de Occidente Ltda.
Generadora
Montecristo S.A.
Renovables
de Guatemala S.A.
Transmisora
de Energía
Renovable S.A.
Tecnoguat S.A.
Enel Solar
S.R.L.
Generadora
Eólica Alto
Pacora S.R.L.
Generadora
Solar Tolé S.R.L.
Llano Sánchez
Solar Power
One S.R.L.
Enel Green
Power Panamá
S.R.L.
EGP Cachoeira
Dourada S.A.
Enel Distribución
Sao Paulo S.A.
EGP
Volta Grande
Enel Trading
Brasil S.A.
Latam S.A.
Enel
Distribución Rio S.A.
ENEL X
Brasil S.A.
Distrilec
Inversora S.A.
Enel Trading
Argentina S.R.L .
Hidroinvest S.A.
Central
Dock Sud S.A.
Inversora
Dock Sud S.A.
TESA S.A.
CTM S.A.
Yacilec S.A.
Enel Green Power
Argentina S.A.
Enel Generación
Costanera S.A.
Enel Generación
El Chocón S.A.
ENEL X WAY
Brasil S.A.
Enel Generación
Chile S.A.
99.92%
43.10%
20%
99.75%
74.05%
100.00%
100%
100%
0.00005%
99.82%
100%
100%
20.226%
51%
51%
51%
100%
100%
79.774%
51%
100%
100%
0.08%
45%
75.68%
8.67%
54.76%
0.24%
59.00%
71.78%
95%
56.36%
57.344988%
0.0001%
99%
99.999%
99.999%
99.998%
75%
1%
1%
1%
0.2%
0.03%
50.06%
99%
99%
99%
99.8%
99.9999%
0.001%
0.001%
0.002%
1.00%
100%
55%
99.24%
CHILE
ARGENTINA
BRAZIL
PERU
COLOMBIA
URUGUAY
CENTRAL AMERICA
0.76%
60.15%
39.85%
25.85%
74.15%
5%
Parque Solar
Cauchari IV S.A.
Enel
Brasil S.A.
Luz de Macapá
Energia S.A.
ENEL Brasil
Central S.A.
Luz de Angra
Energia S.A.
Luz de
Jaboatao
Energia S.A.
Luz de
Caruaru
Energia S.A.
EGP´s
Brasil
ENEL Cien S.A.
Enel Uruguay S.A.
Central Geradora
Fotovoltaica
Sao Francisco Ltda.
ENEL Colombia S.A. ESP
EGP
Guatemala S.A.
Energía y
Servicios South
América S.P.A.
51.50%
41.94%
57.14%
33.33%
Shareholding Perimeter
Other Corporate Regulatory Information 291
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Generadora
Solar Austral S.A.
Jaquito Solar
10 MW S.A.
Progreso
Solar 20 MW S.A.
Generadora
Solar El
Generadora
Solar de
Occidente S.A.
Energía Global
Operaciones S.R.L.
PH Chucas S.A.
PH Don Pedro S.A.
GLOBYTE S.A.
Ph Río Volcán S.A.
EGP Costa Rica S.A.
Sociedad
Enel
Distribución
Perú S.A.
Enel
Generación
Piura S.A.
Compañía
Energética
Veracruz S.A.C.
Enel
Generación
Perú S.A.
Enel Green Power
Perú S.A.C.
Chinango S.A.C.
Empresa de
Generación Eléctrica
Los Pinos S.A.
Energética Monzón
S.A.C.
Empresa de
Generación Eléctrica
Marcona S.A.C.
SL Energy S.A.C.
ENEL X Colombia
S.A.S. ESP
Colombia ZE S.A.S.
Bogotá ZE S.A.S
Guayepo
Solar S.A.S.
Latamsolar
Fotovoltaica
Fundación S.A.S
EGP Fotovoltaica
La Loma S.A.S.
en liquidación
Atlántico
Photovoltaic
S.A.S. ESP
Crédito Fácil
Codensa S.A.
Latamsolar
Energias
Renovables S.A.S.
USME ZE S.A.S.
Fontibon ZE S.A.S.
100%
100%
100%
100%
100%
100%
100%
100%
100%
100.0%
100%
40.31%
24.69%
94.94%
99.99999%
100%
99.99998%
83.15%
96.50%
99.99999%
83.60%
80.00%
5.05%
100.00%
99.97%
100%
100%
66.54%
65.66%
33.44%
10%
34.32%
0.00001%
0.0001%
0.00003%
0.0001%
99.99999%
99.99999%
99.99997%
100%
99.9999%
Enel X Way
Peru S.A.C.
20%
49%
100%
100%
P
ENEL AMÉRICAS S.A.
ENEL PERÚ S.A.C.
Enel X
Perú S.A.C.
292
Integrated Annual Report Enel Américas 2022
ENEL Brasil S.A.
EGP Salto
Apiacás S.A.
EGP Sao
Gonçalo 1 S.A.
EGP Sao
Gonçalo 2 S.A.
EGP Sao
Gonçalo 3 S.A.
EGP Sao
Gonçalo 4 S.A.
EGP Sao
Gonçalo 5 S.A.
EGP Sao
Gonçalo 6 S.A.
EGP Sao
Gonçalo 7 S.A.
EGP Sao
Gonçalo 8 S.A.
EGP Sao
Gonçalo 10 S.A.
EGP Sao
Gonçalo 11 S.A.
EGP Sao
Gonçalo 12 S.A.
EGP Sao
Gonçalo 14 S.A.
EGP Sao
Gonçalo 15 S.A.
EGP Sao
Gonçalo 17 S.A.
EGP Sao
Gonçalo 18 S.A.
EGP Sao
Gonçalo 19 S.A.
EGP Sao
Gonçalo 21 S.A.
EGP Sao
Gonçalo 22 S.A.
EGP Ituverava
Nore Solar S.A.
EGP Ituverava
Sul Solar S.A.
EGP Ituverava
Solar S.A.
Fótons de Santo Anchieta
Energias Renováveis S.A.
EGP Horizonte
Mp Solar S.A.
Usina Fotovoltaica
Arinos E 11 Ltda
Usina Fotovoltaica
Arinos E 12 Ltda
Usina Fotovoltaica
Arinos E 13 Ltda
EGP Ventos de
Santa Ângela 1 S.A.
EGP Ventos de
Santa Ângela 2 S.A.
EGP Ventos de
Santa Ângela 3 S.A.
EGP Ventos de
Santa Ângela 4 S.A.
EGP Ventos de
Santa Ângela 5 S.A.
EGP Ventos de
Santa Ângela 6 S.A.
EGP Ventos de
Santa Ângela 7 S.A.
EGP Ventos de
Santa Ângela 8 S.A.
EGP Ventos de
Santa Ângela 9 S.A.
EGP Ventos de
Santa Ângela 10 S.A.
EGP Ventos de
Santa Ângela 11 S.A.
EGP Ventos de
Santa Ângela 14 S.A.
EGP Ventos de
Santa Ângela 15 S.A.
EGP Ventos de
Santa Ângela 17 S.A.
EGP Ventos de
Santa Ângela 19 S.A.
EGP Ventos de
Santa Ângela 20 S.A.
EGP Ventos de
Santa Ângela 21 S.A.
EGP Nova
Olinda 01 S.A.
EGP Nova
Olinda 02 S.A.
EGP Nova
Olinda 03 S.A.
EGP Nova
Olinda 04 S.A.
EGP Nova
Olinda 05 S.A.
EGP Nova
Olinda 06 S.A.
EGP Nova
Olinda 07 S.A.
Usina Fotovoltaica
Arinos E 14 Ltda.
Usina Fotovoltaica
Arinos E 15 Ltda.
Usina Fotovoltaica
Arinos E 16 Ltda.
EGP Ventos de
São Roque 01 S.A.
EGP Desenvolvimento
Ltda.
EGP Ventos de
São Roque 02 S.A.
EGP Ventos de
São Roque 03 S.A.
EGP Ventos de
São Roque 04 S.A.
EGP Ventos de
São Roque 05 S.A.
EGP Ventos de
São Roque 07 S.A.
EGP Ventos de
São Roque 06 S.A.
EGP Ventos de
São Roque 08 S.A.
EGP Ventos de
São Roque 11 S.A.
EGP Ventos de
São Roque 13 S.A.
EGP Ventos de
São Roque 16 S.A.
EGP Ventos de
São Roque 17 S.A.
EGP Ventos de
São Roque 18 S.A.
EGP Ventos de
São Roque 19 S.A.
EGP Ventos de
São Roque 22 S.A.
EGP Ventos de
São Roque 26 S.A.
EGP Ventos de
São Roque 29 S.A.
EGP Nova
Olinda 08 S.A.
EGP Nova
Olinda 09 S.A.
EGP Zeus II -
Delfina 8 S.A.
EGP Zeus
Sul 1 Ltda.
EGP Zeus
Sul 2 S.A.
Usina Fotovoltaica
Arinos E 17 Ltda.
Usina Fotovoltaica
Arinos E 21 Ltda.
Usina Fotovoltaica
Arinos E 22 Ltda.
EGP Delfina
B Eólica S.A.
EGP Delfina
A Eólica S.A.
EGP Delfina
C Eólica S.A.
EGP Delfina
D Eólica S.A.
EGP Delfina
E Eólica S.A.
EGP Cristal
Eólica S.A
EGP São Judas
Eólica S.A
EGP Primavera
Eólica S.A
EGP Emiliana
Eólica S.A
EGP Joana
Eólica S.A.
EGP Pau Ferro
Eólica S.A.
EGP Pedra Do
Gerônimo Eólica S.A.
EGP Tacaicó
Eólica S.A.
EGP Modelo I
Eolica S.A.
EGP Modelo II
Eólica S.A.
EGP Dois Riachos
Eólica S.A.
EGP Damascena
Eólica S.A.
EGP Esperança
Eólica S.A.
EGP Morro Do
Chapéu I Eólica S.A.
EGP Morro Do
Chapéu II Eólica S.A.
EGP São Abraão
Eólica S.A.
EGP Boa Vista
Eólica S.A.
EGP Maniçoba
Eólica S.A.
Usina Fotovoltaica
Arinos E 23 Ltda.
Usina Fotovoltaica
Arinos E 24 Ltda
Ventos de São Mário
Energias Renováveis S.A.
100%
ENEL AMÉRICAS S.A.
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Group Companies EGP's
Brazil
Other Corporate Regulatory Information 293
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
EGP Cumaru 01 S.A.
EGP Cumaru
Paricipaçoes S.A.
EGP Cumaru 02 S.A.
EGP Cumaru 03 S.A.
EGP Cumaru 04 S.A.
EGP Cumaru 05 S.A.
EGP Cumaru
Solar 01 S.A.
EGP Cumaru
Solar 02 S.A.
EGP Ventos de Santa
Ângela ACL 12 S.A.
EGP Ventos de Santa
Angela ACL 13 S.A.
EGP Ventos de Santa
Angela ACL 16 S.A.
EGP Ventos de Santa
Angela ACL 18 S.A.
Ventos de São Roque
Energias Renováveis S.A.
EGP Aroeira 01 S.A.
EGP Aroeira 02 S.A.
EGP Aroeira 03 S.A.
EGP Aroeira 04 S.A.
EGP Aroeira 05 S.A.
EGP Aroeira 06 S.A.
EGP Aroeira 07 S.A.
EGP Aroeira 08 S.A.
EGP Aroeira 09 S.A.
EGP São Cirilo 01 S.A.
EGP São Cirilo 02 S.A.
EGP São Cirilo 03 S.A.
Fazenda Aroeira
Empreendimento
de Energia Ltda.
EGP Ventos de
Santo Orestes 1 S.A.
Ventos de Santo
Orestes Energías
Renováveis S.A.
EGP Ventos de
Santo Orestes 2 S.A.
EGP Lagoa
Paricipações S.A.
EGP Lagoa
do Sol 01 S.A
EGP Lagoa
do Sol 02 S.A
EGP Lagoa
do Sol 03 S.A
EGP Lagoa
do Sol 04 S.A
EGP Lagoa
do Sol 05 S.A
EGP Lagoa
do Sol 06 S.A
EGP Lagoa
do Sol 07 S.A
EGP Lagoa
do Sol 08 S.A
EGP Lagoa
do Sol 09 S.A
EGP Lagoa II
Paricipações S.A.
EGP Lagoa III
Paricipações S.A.
EGP Novo
Lapa 01 S.A.
EGP Novo
Lapa 02 S.A.
EGP Novo
Lapa 03 S.A.
EGP Novo
Lapa 04 S.A.
EGP Novo
Lapa 05 S.A.
EGP Novo
Lapa 06 S.A.
EGP Novo
Lapa 07 S.A.
EGP Novo
Lapa 08 S.A.
EGP Morro
Nore 01 S.A.
EGP Morro
Nore 02 S.A.
EGP Morro
Nore 03 S.A.
EGP Ventos de Santa
Esperança 13 S.A.
EGP Ventos de Santa
Esperança 08 S.A.
EGP Ventos de Santa
Esperança 15 S.A.
EGP Ventos de Santa
Esperança 16 S.A.
EGP Ventos de Santa
Esperança 17 S.A.
EGP Ventos de Santa
Esperança 21 S.A.
EGP Ventos de Santa
Esperança 22 S.A.
EGP Ventos de Santa
Esperança 25 S.A.
EGP Ventos de Santa
Esperança 26 S.A.
EGP Fontes
Dos Ventos 2 S.A.
Alvorada
Energia S.A.
Apiacás
Energia S.A.
Alba Energia Ltda.
Bondia Energia Ltda.
EGP Boa
Vista 01 Ltda.
Enelpower
Do Brasil Ltda.
Isamu Ikeda
Energia S.A.
EGP Mourão S.A.
Enel Soluções
Energéticas Ltda.
Primavera
Energia S.A.
Quatiara
Energia S.A.
Socibe Energia S.A.
Jade Energia Ltda.
EGP Cerrado
Solar S.A.
EGP Brejolândia
Solar S.A.
EGP Esperança
Solar S.A.
EGP Fontes
Solar S.A.
EGP Fontes II
Paricipações S.A.
EGP Morro do
Chapéu Solar 01 S.A.
EGP Cabeça
de Boi S.A.
EGP Fazenda S.A.
EGP
Paranapanema S.A.
Usina Eólica Pedra
Pintada A Ltda.
Usina Eólica Pedra
Pintada C Ltda.
Usina Eólica Pedra
Pintada B Ltda.
Central Geradora
Fotovoltaica Bom
Nome Ltda.
EGP Fontes
Dos Ventos 3 S.A.
EGP Ventos de Santa
Esperança 1 S.A.
EGP Ventos de Santa
Esperança 3 S.A.
EGP Ventos de Santa
Esperança 7 S.A.
Parque Eólico Palmas
Dos Ventos Ltda.
EGP Ventos de Santa
Ângela Energias
Renováveis S.A.
EGP Ventos de Santa
Ângela Energias
Renováveis S.A.
EGP Ventos de Santa
Esperança
Paricipações S.A.
EGP São
Micael 01 S.A.
EGP São
Micael 02 S.A.
EGP São
Micael 03 S.A.
EGP São
Micael 04 S.A.
EGP São
Micael 05 S.A.
EGP Morro
Nore 04 S.A.
Usina Eólica Pedra
Pintada D Ltda.
Ventos De São Cirilo
Energias Renováveis S.A.
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
294
Integrated Annual Report Enel Américas 2022
Information on Subsidiaries and Associates
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the
individual assets
of the Parent
Company
Central Dock Sud S.A.
Closed
corporation
San Martín 140,
2nd floor, CABA
187,676
41.25%
41.25%
0.03%
Enel Generación
Costanera S.A.
Public
corporation
Avda. España
3301, Buenos
Aires, Argentina
72,687
75.62%
75.62%
0.93%
Enel Generación
El Chocón S.A.
Public
corporation
Avda. España
3301, Ciudad
Autónoma de
Buenos Aires,
Argentina
158,257
65.69%
65.69%
1.01%
Central Vuelta de
Obligado S.A.
Closed
corporation
Av. Thomas
Edison 2701,
Ciudad
Autónoma de
Buenos Aires,
Argentina
5
25.43%
25.43%
0.01%
CTM Compañía de
Transmisión del
Mercosur S.A
Public
corporation
Bartolomé
Mitre 797, piso
11, Ciudad
Autónoma de
Buenos Aires,
Argentina
46,769
100.00%
100.00%
0.03%
Argentina
Other Corporate Regulatory Information 295
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
The company's purpose is to generate electricity and market it in bloc. It may conduct
all those complementary and subsidiary activities linked to the corporate purpose
Chairman
Héctor Martín Mandarano
ViceChairman
Jorge Esteban Ravlich
Directors
Juan Carlos Blanco
Mónica Diskin
Daniel Garrido
Carlos Dionisio Ariosa
Marcelo Adrián Sobico
Rodolfo Eduardo Berisso
Rodolfo Heriberto Freyre
Juan José Marcet
The purpose of the company is to produce and commercialize electricity in bloc.
Chairman
Juan Carlos Blanco
ViceChairman
Francesco Tutoli
Directors
Daniel Garrido
Mónica Diskin
María Victoria Ramírez
Jorge Piña
Horacio Frene
Nicolás Nuñez
Eduardo Iannaccio
Production of electricity and its commercialization in bloc.
Chairman
Juan Carlos Blanco
ViceChairman
Francesco Tutoli
Directors
Mónica Diskin
María Victoria Ramírez
Daniel Garrido
María Cecilia Manso
Néstor Hugo Martín
Alberto Eduardo Mousist
Daniel Garrido
Production of electricity and its commercialization en bloc, and particularly, the
management of equipment purchase, construction, operation, and maintenance
of a thermal power plant Vuelta de Obligado in compliance with the "Agreement for
the Management and Operation of Projects.”
Chairman
Leonardo Pablo Katz
ViceChairman
Adrián Gustavo Salvatore
Directors
Daniel Garrido
Mónica Diskin
Leonardo Katz
Provide high voltage electricity transmission services, both to link national and
international electrical systems, pursuant to current legislation,
Chairman
Juan Carlos Blanco
ViceChairman
Francesco Tutoli
Directors
Mónica Diskin
Sandro Ariel Rollan
296
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the
individual assets
of the Parent
Company
TESA- Transportadora
de Energía S.A.
Public
corporation
Bartolomé
Mitre 797, piso
11Buenos Aires,
República de
Argentina
61,560
100.00%
100.00%
0.05%
Sacme S.A.
Closed
corporation
Avda. España
3251, Ciudad
Autónoma de
Buenos Aires,
Argentina
0
36.04%
36.04%
0.00%
Yacylec S.A.
Closed
corporation
Bartolomé
Mitre 797, piso
11º; Ciudad
Autónoma de
Buenos Aires,
Argentina
196
33.33%
33.33%
0.01%
Edesur Empresa
Distribuidora Sur S.A.
Public
corporation
San José 140
(1076) Capital
Federal,
Argentina
737,419
72.09%
72.09%
5.64%
Enel Argentina S.A.
Public
corporation
San José 140,
piso 3, CABA
662,308
99.92%
99.92%
2.33%
Other Corporate Regulatory Information 297
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Provide high voltage electricity transmission services, both to link national and
international electrical systems.
Chairman
Juan Carlos Blanco
ViceChairman
Francesco Tutoli
Directors
Mónica Diskin
Sandro Ariel Rollan
Manage, supervise, and control the operation of the generation, transmission and
sub-transmission system of electrical energy of the Federal Capital and Greater
Buenos Aires and the interconnections with the Argentine Interconnection
System (SADI), Represent distribution companies Edenor S.A. and Edesur S.A. in
the operational management with the Wholesale Electricity Market Management
Company (CAMMESA).
Chairman
Leonardo Bednarik
ViceChairman
José Luis Marinelli
Directors
Pablo Antonio Pérez
Valter Moro
Alejandro Salvatierra
Construct, operate and maintain the first electrical link between the Yacyretá
Hydroelectric Power Plant and the Resistencia Transformer Station and supply
electricity transmission service, including the exploitation by concession under the
modality of independent transporter.
Chairman
Guillermo Osvaldo Diaz
ViceChairman
Manfredini Antonini
Directors
Marcelo Daniel Meritan
Juan Manuel Pereyra
Juan Carlos Blanco
Francesco Tutoli
Raffaele Sardella
Pablo Pedro Piatti
Claudio César Constantino
Mónica Diskin
Oscar Arturo Quihillalt
Andrés Edgardo Blanco
Sandro Ariel Rollan
Distribution and commercialization of electricity and related operations.
Chairman
Juan Carlos Blanco
ViceChairman
Francesco Tutoli
Directors
María Alejandra Martínez
Andrés Leonardo Vittone
Víctor José Díaz Bobillo
Mónica Diskin
Giovanni Zanchetta
Jaime Barba
Alejandro Martínez
Valter Moro
Investing in companies and enterprises already incorporated or to be incorporated
engaged in any of the following activities: generation, production, transportation,
distribution and / or commercialization of electricity, and the supply of electric
energy services, and engineering, consulting, and management services to operate
power plants.
Chairman
Claudio César Weyne Da
Cunha
ViceChairman
Francesco Tutoli
Director
Juan Carlos Blanco
Not applicable
298
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the
individual assets
of the Parent
Company
Enel Green Power
Argentina S.A.
Closed
corporation
San Jose 140,
piso 3, CABA
861
100%
100%
0.00%
ETA- Enel Trading
Argentina S.R.L
Limited Liability
Company
San José 140,
piso 6, CABA
Buenos Aires,
Argentina
7,676
99.96%
99.96%
0.00%
Hidroinvest S.A.
Public
corporation
Avda, España
3301 Buenos
Aires, Argentina
139,324
96.95
96.95
0.80%
Distrilec Inversora S.A.
Closed
corporation
San José 140,
Buenos Aires,
Argentina
373,863
51.50%
51.50%
0.02%
Inversora Dock Sud S.A.
Closed
corporation
San Martin 140,
piso 2, CABA
4,512
57.14%
57.14%
0.03%
Parque Solar
Cauchari S.A.
Closed
corporation
Dr. Sabin 1061,
Barrio Ciudad
de Nieva, San
Salvador de Jujuy,
Provincia de Jujuy
5
100.00%
100.00%
0.00%
(1) Subscribed and paid-up capital used for consolidation purposes, according to the conversion of local currencies to
US$ according to International Accounting Standards .
(2) Percentage of direct and indirect economic participation of Enel Américas through its subsidiaries.
Other Corporate Regulatory Information 299
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Developing the following activities: (a) Industrial: Installation, exploitation, operation
and administration of all kinds of assets associated with the generation, transport
and distribution of electrical energy (b) Import and Export: Raw materials and all types
of goods, derivative products and machinery related to the corporate purpose; (c)
Services: Supply and provision of assistance, maintenance, operation, administration
and advice services of natural or legal persons engaged in the production, transport,
transformation, distribution and commercialization of electrical energy (d) Financial
or investment: Acquire, maintain and manage participations and investments in other
companies incorporated both in the country and abroad.
Sole Director/ Chairman
Daniel Garrido
Daniel Garrido
Purchase and wholesale sale of power and electrical energy produced by third parties
and / or to be consumed by third parties, including the import and export of power
and electrical energy and the commercialization of royalties. Purchase and sale of
natural gas, liquid fuels, and/or their transportation, including imports and/or exports
of natural gas and/or the commercialization of royalties,
Francesco Tutoli
Claudio Cesar
Weyna Da Cunha
Federico Martín Granier
Acquire and maintain a majority stake in Hidroeléctrica Alicura S.A. and/or
Hidroeléctrica El Chocón S.A. and/or Hidroeléctrica Cerros Colorados S.A. ("the
concessionaire companies") created by decree of the National Executive Power
287/93 and manage said investments.
Chairman
Claudio César Weyne Da
Cunha
ViceChairman
Franceso Tutoli
Directors
Juan Carlos Blanco
Not applicable
Invest capital in companies incorporated or to be incorporated whose main activity
is the distribution of electricity or that directly or indirectly participate in companies
with said main activity.
Chairman
Gonzalo Peres Moore
ViceChairman
Claudio César Weyne Da
Cunha
Directors
Francesco Tutoli
Gabriel Grande
Leonel Sánchez
Guillermo P. Reca
Víctor J. Díaz Bobillo
Andrés L. Vittone
Marcelo Suva
Gonzalo Pérez Moore
Participate in companies of any nature by creating joint stock companies, temporary
unions of companies, collaborative groups, joint ventures, consortia and any other
form of association and in general purchase, sell and broker securities, shares and
any other class of transferable securities and credit documents in any of the systems
or modalities created or to be created.
Chairman
Juan Carlos Blanco
ViceChairman
Daniel Garrido
Directors
Mónica Diskin
Héctor Martín Mandarano
Jorge Esteban Ravlich
Marcelo Adrián Sóbico
Not applicable
Engage on their own, on behalf of third parties or associated with third parties, in the
installation, exploitation, operation and management of all kinds of assets associated
with the generation, transport and distribution of electricity, including wind farms and
/ or solar parks or any other source of renewable energy, own or belonging to third
parties, for the generation and production of electricity and its commercialization.
Chairman
Maurizio Bezzeccheri
ViceChairman
James Lee Stancampiano
Directors
Gaetano Salierno
Not applicable
300
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the
individual assets
of the Parent
Company
Enel Green Power
Cachoeira Dourada S.A.
Closed
corporation
Rodovia GO 206,
Km 0, Cachoeira
Dourada Goiânia
Goiás, Brasil
12,186
99.75%
99.75%
0.51%
Enel Green Power Volta
Grande S.A.
Closed
corporation.
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro
107,156
100.00%
100.00%
0.85%
Special Purpose
Vehicles (SPVs) EGP
Brazil
(3)
(3)
(3)
100.00%
100.00%
1.06%
Enel CIEN S.A.
Closed
corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro
53,988
100.00%
100.00%
0.84%
Enel Distribución RIO
S.A.
AMPLA ENERGÍA
(Ampla Energía e
Serviços S.A.)
Open Public
Limited Company
Avenida Oscar
Niemeyer, nº
2000, Sala 701,
parte, Aqwa
Corporate, Santo
Cristo, Rio de
Janeiro
783,795
99.73%
99.73%
5.79%
Enel Distribución
São Paulo S.A.
Eletropaulo
Metropolitana
Eletricidade de
São Paulo S.A.
Av. das Nações
Unidas 14401,
torre B1 Aroeira,
17° ao 23° andar,
conjunto 231,
Torre B1 Aroeira,
Vila Gertrudes,
São Paulo
583,272
100.00%
100.00%
6.71%
Brazil
Other Corporate Regulatory Information 301
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Managing, studies, planning, construction, installation, operation and exploitation of
electric power plants, including retail, and import and export activities. The company
can also promote or participate in other companies incorporated to produce
electricity, inside or outside the State of Goiás.
Chairman
Vacant
Directors
Julia Freitas de Alcântara
Nunes
Marcia Massotti de
Carvalho
Vacant
The purpose of the company is to generate electricity, as granted, permitted,
and authorized by the Granting Authority. Also authorized to carry out the
commercialization of energy in any modality and in any market.
Company without a Board of
Directors
Fabio Destefani Campos
`(3)
(3)
`(3)
Production, industrialization, distribution, and commercialization of electric
energy, including in import and export activities, the Company may promote the
implementation of associated projects, as well as activities inherent, accessory or
complementary to the services and works that it provides, participation in other
companies.
Company without a Board of
Directors
Rosario Zaccaria
Study, plan, project, build and explore the systems of production, transmission,
transformation, distribution, and trade of electric energy, as well as correlated
services that have been or may be granted; research in the energy sector; participate
in regional, national and international organizations of the electricity sector as a
shareholder, including in privatization programs in Brazil.
Chairman
Guilherme Gomes Lencastre
ViceChairman
Mario Fernando de Melo
Santos
Directors
Nicola Cotugno
Márcia Sandra Roque Vieira
Silva
Márcia Massotti de Carvalho
Gino Celentano
Eduardo dos Santos
Machado
Anna Paula Hiotte Pacheco
a) operate public energy services, mainly electricity, in the areas referred to in
the Concession Agreement and in the others in which, pursuant to the applicable
legislation, it is authorized to act; study, develop, design, implement, explore or
transfer research and develop plans and programs covering any type or form of
energy;(b) participate in undertakings aimed at the distribution and trade of energy;
supply technical services for the operation, maintenance and planning of third-party
electrical installations; supply services to optimize energy processes and electrical
installations of consumers; onerous assignment of easement strips of lines and areas
of land exploitable from plants and deposits; (c)provide other services of a public or
private nature, including IT services operating its infrastructure, in order to produce
additional or ancillary alternative revenues; (d) contribute to the preservation of the
environment, within the scope of its activities, and to participate in social programs
of Community interest; e) participate in other companies as a partner, shareholder
or quota
Chairman
Guilherme Gomes Lencastre
ViceChairman
Britaldo Pedrosa Soares
Directors
Mario Fernando Melo Santos
Nicola Cotugno
Marcia Massotti de Carvalho
Marcia Sandra Roque
Vieira Silva
Alexandre Meduneckas
Ana Claudia Gonçalves
Max Xavier Lins
302
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the
individual assets
of the Parent
Company
Enel Distribución
Ceará S.A.
COELCE (Companhia
Energética do
Ceará S.A.)
Open Public
Limited Company
Rua Padre
Valdevino, 150 -
Centro Fortaleza,
Ceará, Brasil
205,568
74.05%
74.05%
4.48%
Enel Brasil S.A
Closed
corporation
Av. das Nações
Unidas 14401,
torre B1 Aroeira,
23° andar,
conjunto 231,
Torre B1 Aroeira,
Vila Gertrudes,
São Paulo
5,925,804
100.00%
100.00%
24.86%
Enel X Brasil S.A
(Anteriormente Enel
Soluçoes S.A.)
Closed
corporation
Av. das Nações
Unidas 14401,
torre B1 Aroeira,
23° andar,
conjunto 231,
Torre B1 Aroeira,
Vila Gertrudes,
São Paulo
89,345
100.00%
100.00%
0.28%
Central Generadora
Fotovoltaica
São Francisco Ltda
Limited Business
Company
incorporated
pursuant to
the laws of
the Federative
Republic of Brazil.
Av. das Nações
Unidas 14401,
torre B1 Aroeira,
20° andar,
conjunto 201,
Torre B1 Aroeira,
Vila Gertrudes,
São Paulo
32,663
100.00%
100.00%
0.27%
Luz de Angra
Energia S.A.
Closed
corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro
769
51.00%
51.00%
0.01%
Enel Trading Brasil S.A.
(Formerly Enel Brasil
Investimentos Nordeste
86 S.A.)
Closed
corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro
998
100.00%
100.00%
0.16%
Other Corporate Regulatory Information 303
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
(a)The production, transmission, distribution and commercialization of electricity,
development of correlated services granted or authorized to them and the
development of activities associated with the services, as well as celebrating
commercial acts related to these activities; b) realization of studies, planning, projects,
construction and operation of the systems of production, transformation, transport
and storage, distribution and trade of energy of any origin or nature, in the form of
concession, authorization and permit that is granted, with jurisdiction in the territorial
area of the State of Ceará and other areas defined by the Granting Authority.
Chairman
Guilherme Gomes Lencastre
ViceChairman
Mário Fernando de Melo
Santos
Directors
Nicola Cotugno
Marcia Massotti de Carvalho
Gino Celentano
Ana Claudia Gonçalves
Rebello
Francisco Honório Pinheiro
Alves
João Francisco Landim
Tavares
Marcia Sandra Roque Vieira
Silva
Participate in the capital stock of other companies and enterprises; supply services
for the transmission, distribution, generation or commercialization of electricity and
related activities, as well as the import, export and commercialization of natural gas
in any physical state for own- or third-party use; and participate in tenders, projects
and ventures for the execution of these services both in Brazil and abroad.
Chairman
Guilherme Gomes Lencastre
ViceChairman
Mario Fernando de Melo
Santos
Directors
Antonio Pires de Carvalho e
Albuquerque
Aurelio Ricardo Bustilho de
Oliveira
Marcia Sandra Roque Vieira
da Silva
Nicola Cotugno
Participate in the capital stock of other companies, in Brazil or abroad, production,
industrialization, assembly and trade in general, including import and export, for own
commercialization or by third parties of various products, and the supply of services
in general for the electric power sector and others.
Company without a Board of
Directors
Francisco Scroffa
The company's purpose is to rent and manage equipment for the production of
electricity of solar origin, energy efficiency, electrical infrastructure, and others, as
well as the operation and maintenance activities of these assets.
Company without a Board of
Directors
Francisco Scroffa
Work on and supply of public lighting service, including the implementation,
installation, recovery, modernization, efficiency, expansion, operation, maintenance,
and improvement of public lighting networks
Company without a Board of
Directors
Carlos Eduardo Cardozo de
Souza
The purpose of the company is to engage in wholesale and retail trade in energy
and other unspecified products, import and export activities, management activities,
such as related products and services, as well as participation in other enterprises.
Company without a Board of
Directors
Mateo de Zan
304
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the
individual assets
of the Parent
Company
Enel X Way Brasil S.A.
Closed
corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 701, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro
255
-
20.00%
0.00%
Luz de Jabotao
Energía S.A.
Closed
corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro
3,999
-
51.00%
0.02%
Enel Brasil Central S.A..
Closed
corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 701, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro
8
100.00%
100.00%
0.00%
Luz de Macapá
Energía S.A.
Closed
corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 701, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro
2,305
-
51.00%
0.01%
Luz de Caruaru
Energía S.A.
Closed
corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro
1,991
-
51.00%
0.01%
(1) Subscribed and paid-up capital used tom consolidation purposes, according to the conversion of local currencies to
US$ according to International Accounting Standards
(2) Percentage of direct and indirect economic participation of Enel Américas through its subsidiaries.
(3) They correspond to 210 Companies from the merger with EGP Américas, develop non-conventional
renewable energy business and their detail is at the end of this list.
Other Corporate Regulatory Information 305
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
The purpose of the company is to provide consulting services; supply engineering
services; wholesale trade of electric energy; installation and maintenance of electrical
and electronic equipment, repair, and maintenance of electronics; Equipment rental;
Training development; commercial representation activities; licensing, software resale
and technical support activities; and supply public electric vehicle charging services
Company without a Board of
Directors
Francisco Scroffa
The Company's corporate purpose is works and supply of public lighting services,
including the implementation, installation, recovery, modernization, improvement,
efficiency, expansion, operation, and maintenance of the lighting network in the city
of Jaboatãodos Gararapes.
Company without a Board of
Directors
Carlos Eduardo Cardoso de
Souza
The Company's corporate purpose is to supply consulting services; supply
engineering services; wholesale electricity trade acts; installation and maintenance
of electrical and electronic equipment and repair and maintenance of electrical and
electronic equipment; Equipment rental; the development of training; commercial
representation activities; software licensing, resale, and technical support activities;
and supply of public electric vehicle charging services.
Company without a Board of
Directors
Carlos Eduardo Cardoso de
Souza
The Company's corporate purpose is works and supply of public lighting services,
including the implementation, installation, recovery, modernization, improvement,
efficiency, expansion, operation, and maintenance of the lighting network in the
city of Macapá.
Company without a Board of
Directors
Carlos Eduardo Cardoso de
Souza
The Company's corporate purpose is works and supply of public lighting services,
including the implementation, installation, recovery, modernization, improvement,
efficiency, expansion, operation, and maintenance of the lighting network city of
Caruaru.
Company without a Board of
Directors
Carlos Eduardo Cardoso de
Souza
306
Integrated Annual Report Enel Américas 2022
Chile
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas’
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas’
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the
individual assets
of the Parent
Company
Energía y Servicios
South América S.P.A.
Joint Stock
Company
Santa Rosa 76,
Santiago
12,121
100.00%
100.00%
0.01%
(1) Subscribed and paid-up capital used for consolidation purposes, according to the conversion of local currencies to
US$ according to International Accounting Standards.
(2) Percentage of direct and indirect economic participation of Enel Américas through its subsidiaries.
Other Corporate Regulatory Information 307
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Invest in all types of companies, public corporations, investment vehicles or other
entities through the acquisition of shares, rights or social participations, and in
addition to the supply of all kinds of services and advice on business development,
engineering, construction, operation, maintenance that have as their object the
generation, transmission, distribution and / or commercialization of electrical energy
from non-conventional renewable sources, in addition, in Chile and/or abroad.
Manager: Ali Shakhtur
Ali Shaktur
308
Integrated Annual Report Enel Américas 2022
Colombia
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the
individual assets
of the Parent
Company
Enel Colombia S.A. ESP
Public Limited
Company, Private
Company, Utilities
company
Calle 93 No. 13-
45 Bogotá D.C.,
Colombia
135,128
-
57.34%
16.0%
Enel X Colombia S.A.S.
ESP
Simplified Joint
Stock Company
Utilities Public
Service Company
Calle 93 No. 13-
45 Bogotá D.C.,
Colombia
10
100.00%
100.00%
0.00%
Guayepo Solar S.A.S
Simplified Joint
Stock Company
Calle 93 No. 13-
45 Bogotá D.C.,
Colombia
1
100.00%
100.00%
0.00%
Latamsolar Fotovoltaica
Fundación S.A.S.
Simplified Joint
Stock Companies
Calle 93 No. 13-
45 Bogotá D.C.,
Colombia
1
100.00%
100.00%
0.00%
EGP Fotovoltaica
La Loma S.A.S. en
liquidación
Simplified Joint
Stock Companies
Calle 93 No. 13-
45 Bogotá D.C.,
Colombia
1
100.00%
100.00%
0.00%
Atlántico Photovoltaic
S.A.S. E.S.P.
Simplified Joint
Stock Companies
Utilities Public
Service Company
Calle 76 No,
54-11 Of. 702.
Barranquilla,
Atlántico
3
100.00%
100.00%
0.00%
Latamsolar Energías
Renovables S.A.S
Simplified Joint
Stock Companies
Carrera 9 # 115 -
06 piso 17 oficina
01
1
100.00%
100.00%
0.00%
Colombia ZE S.A.S.
Simplified joint
stock company
Calle 93 No. 13-
45 Bogotá D.C.,
Colombia
5,503
100.00%
100.00%
0.00%
Sociedad Portuaria
Central Cartagena S.A.
Public
corporation
Calle 93 No. 13-
45 Bogotá D.C.,
Colombia
19
57.34%
57.34%
0.00%
Bogotá ZE S.A.S
Simplified Joint
Stock Company.
Calle 93 No. 13-
45 Bogotá D.C.,
Colombia
104
100.00%
100.00%
0.06%
Other Corporate Regulatory Information 309
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
The purpose of the company is the generation, distribution, commercialization,
and storage of electrical energy under the terms of Law 144 of 1994 and the rules
that regulate,, add and modify or repeal it, and all types of activities related directly,
indirectly, complementary, or additionally to them, as well as all activities related to
the supply of public services in general.
Lucio Rubio Díaz
José Antonio Vargas Lleras
Andrés Rico Caldas
Juan Ricardo Ortega López
Jorge Andrés Tabares
Astrid Martínez Ortiz
Carolina Soto Losada
Lucio Rubio Díaz
The company's corporate purpose is the traditional and/or digital commercialization
of electrical energy.
Lucio Rubio Díaz
Carlos Mario Restrepo
Simone Tripepi
Alejandro Barragan Osorio
The company's corporate purpose is the development of generation projects with
renewable sources.
The company does not have
a Board of Directors
Adrian Dugulan
The company's corporate purpose is the development of generation projects with
renewable sources.
The company does not have
a Board of Directors
Adrian Dugulan
The company's purpose is to promote photovoltaic social generation facilities.
The company does not have
a Board of Directors
Adrian Dugulan
The generation and commercialization of electricity under the terms of Law 143
of 1994
The company does not have
a Board of Directors
Adrian Dugulan
The company's corporate purpose is the development of generation projects with
renewable sources.
The company does not have
a Board of Directors
Adrian Dugulan
a) Develop public lighting projects for modernizations, administrations, operation and
maintenance, expansions, remote management, inventory surveying, photometric
designs, auditing, among others; Under the different modalities of contracting with
the State as concessions individually or jointly, forming strategic alliances. B) Develop
electrical engineering projects in low, medium, and high voltage, special lighting
projects, architectural lighting and Christmas lighting, energy storage projects and
renewable energies. C) Design, develop, maintain, build, and assemble all types of
electrical installations in industrial and / or commercial and / or residential areas and
/ or free zones. D) Commercialize electrical materials, provide conceptual, basic and
detailed engineering services, such as consultancies, studies, auditing and project
supervision; Development and sale of renewable energy projects, energy intelligence
software, operation and maintenance of public service systems.
Lucio Rubio Díaz
Carlos Mario Restrepo Molina
Maurizio Rastelli
Carlos Mario Molina
The Company's main purpose is the following: investment, construction, and
maintenance of public or private docks and ports, their administration and operation,
the development and operation of multipurpose ports, pursuant to the law, among
others.
Eugenio Calderón López
Lorena Rojas Donado
Fernando Javier Gutiérrez
Medina
Erwin Villamil
Any acts related to electric and sustainable mobility in Colombia and abroad. Similarly,
the company can participate in public or private selection processes and incorporate
companies or participate in them.
The company does not have
a Board of Directors
Mauricio Miranda Ojeda
310
Integrated Annual Report Enel Américas 2022
Usme ZE S.A.S
Simplified joint
stock company
Calle 93 No. 13-
45 Bogotá D.C.,
Colombia
22
100.00%
100.00%
0.06%
Fontibon ZE S.A.S.
Simplified Joint
Stock Company
Calle 93 No. 13-
45 Bogotá D.C.,
Colombia
81
100.00%
100.00%
0.08%
Crédito Fácil Codensa
S.A.
Public
corporation
Carrera 7 No. 24-
89 Piso 12
8
49.00%
49.00%
0.02%
(1) Subscribed and paid-up capital used for consolidation purposes, according to the conversion of local currencies to
US$ according to International Accounting Standards
(2) Percentage of direct and indirect economic participation of Enel Américas through its subsidiaries.
Other Corporate Regulatory Information 311
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
The Company may: i) Sign and develop the concession contract or contracts subject
to the abbreviated selection process No. TMSA-SAM-14-2020 of Transmilenio S.A.
ii) Sign and develop any Concession Contract in Colombia and abroad iii) Any act
related to electric and sustainable mobility in Colombia and abroad; iv) Carry out any
activity related to public transport in Colombia and abroad.
Mauricio Miranda Ojeda
Felipe Torres Parra
Dora Vera Pérez
Mauricio Miranda Ojeda
The Company may: i) Sign and develop the concession contract or contracts subject
to the abbreviated selection process No. TMSA-SAM-14-2020 of Transmilenio S.A.
ii) Sign and develop any Concession Agreement in Colombia and abroad; iii) Carry
out any acts related to electric and sustainable mobility in Colombia and abroad; iv)
Carry out any activity related to public transport in Colombia and abroad.
Diego Valderrama
Jorge William Betancur
Esteban Duque Correa
Diego Rolando Valderrama
The purpose of the company is the activities of Financing Companies as permitted
by law.
Juan Pablo Robles Alvarado
Danilo González Asensio
Carlos Mario Restrepo Molina
Diego Mauricio Muñoz Hoyos
Luis Fernando Martínez Lema
Camilo Herrera Mora
Edgar Fernando Álvarez
312
Integrated Annual Report Enel Américas 2022
Peru
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the
individual assets
of the Parent
Company
Enel Generación
Perú S.A.A.
Open Public
Limited Company
Paseo del
Bosque N° 500,
urbanizacipon
Chacarilla del
Estanque, San
Borja, Lima, Perú.
465,639
83.60%
83.60%
2.99%
Enel Generación
Piura S.A.
Public
corporation.
Paseo del
Bosque N° 500,
urbanización
Chacarilla del
Estanque, San
Borja, Lima, Perú.
21,386
96.50%
96.50%
0.43%
Chinango S.A.C
Closed
corporation
Paseo del
Bosque N° 500,
urbanización
Chacarilla del
Estanque, San
Borja, Lima, Perú.
69,864
66.88%
66.88%
0.60%
Empresa de
Generación Eléctrica
Los Pinos S.A.C.
Closed
corporation
Paseo del
Bosque N° 500,
urbanización
Chacarilla del
Estanque, San
Borja, Lima, Perú.
1,985
100.00%
100.00%
0.00%
Energética Monzón
S.A.C
Closed
corporation
Paseo del
Bosque N° 500,
urbanización
Chacarilla del
Estanque, San
Borja, Lima, Perú.
2,000
100.00%
100.00%
0.00%
Empresa de
Generación Eléctrica
Marcona S.A.C
Closed
corporation
Paseo del
Bosque N° 500,
urbanización
Chacarilla del
Estanque, San
Borja, Lima, Perú.
1,011
100.00%
100.00%
0.00%
Enel Distribución
Perú S.A.A.
Open Public
Limited Company
Paseo del
Bosque N° 500,
urbanización
Chacarilla del
Estanque, San
Borja, Lima, Perú.
139,476
83.15%
83.15%
4.66%
Other Corporate Regulatory Information 313
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
Gerente General
/Representante Legal
Engage electricity generation activities pursuant to the provisions of current
legislation.
Chairman
Marco Fragale
ViceChairman
Guillermo Martín Lozada Pozo
Directors
Daniel Abramovich Ackerman
Pedro Segundo Cruz Vine
Francisco García Calderón
Portugal
Karl Georg Maslo Luna
Elena Conterno Martinelli
Rigoberto Novoa Velásquez
Engage in the generation of electricity and natural gas processing, pursuant to the
provisions of current legislation.
Chairman
Marco Fragale
ViceChairman
Guillermo Martín Lozada Pozo
Director
Pedro Cruz Vine
Rigoberto Novoa Velásquez
Generation, commercialization, and transmission of electrical energy.
Not applicable
Enel Generación Perú S.A.A.
(represented by Rigoberto
Novoa Velásquez)
Generation and other electrical activities, especially in the area of renewable energy
resources.
Not applicable
Rigoberto Novoa Velásquez
Electricity generation activities and others related to the operation of energy projects.
Not applicable
Rigoberto Novoa Velásquez
Generation and other electrical activities, especially in the area of renewable energy
resources.
Not applicable
Rigoberto Novoa Velásquez
Supply of distribution, transmission, and generation of electricity pursuant to the
provisions of current legislation.
Chairman
Marco Fragale
ViceChairman
Guillermo Martín Lozada Pozo
Directors
Carlos Alberto Solís Pino
María del Carmen Soraya
Ahomed Chávez
Martín Pérez Monteverde
Rafael Llosa Barrios
Jenny del Rosario Esaine
Quijandría
Mónica Cataldo
314
Integrated Annual Report Enel Américas 2022
Enel Perú S.A.C.
Closed
corporation.
Paseo del
Bosque N° 500,
urbanización
Chacarilla del
Estanque, San
Borja, Lima, Perú.
1,407,245
100.00%
100.00%
5.58%
Enel Green Power
Perú S.A.C.
Closed
corporation
Paseo del
Bosque N° 500,
urbanización
Chacarilla del
Estanque, San
Borja, Lima, Perú.
369,082
100.00%
100.00%
1.83%
Compañía Energética
Veracruz S.A.C.
Closed
corporation
Paseo del
Bosque N° 500,
urbanización
Chacarilla del
Estanque, San
Borja, Lima, Perú.
756
100.00%
100.00%
0.02%
Enel X Perú S.A.C.
Closed
corporation
Paseo del
Bosque N° 500,
urbanización
Chacarilla del
Estanque, San
Borja, Lima, Perú.
3,148
100.00%
100.00%
0.00%
Enel X Way Perú
Closed
corporation
Paseo del
Bosque N° 500,
urbanización
Chacarilla del
Estanque, San
Borja, Lima, Perú.
315
-
20.00%
0.00%
(1) Subscribed and paid-up capital used for consolidation purposes, according to the conversion of local currencies to US$
according to International Accounting Standards
(2) Percentage of direct and indirect economic participation of Enel Américas through its subsidiaries.
Uruguay
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the
individual assets
of the Parent
Company
Enel Uruguay S.A.
(Formerly
Nuxer Trad)
Closed
corporation
Avenida Luis
Alberto de
Herrera, n. 1248,
Torre II, Piso
15, OF 11300,
Montevideo,
Uruguay.
1
100.00%
100.00%
0.00%
(1) Subscribed and paid-up capital used for consolidation purposes, according to the conversion of local currencies to
US$ according to International Accounting Standards .
(2) Percentage of direct and indirect economic participation of Enel Américas through its subsidiaries.
Other Corporate Regulatory Information 315
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Invest, in general, in other companies, preferably those dedicated to the exploitation
of natural resources and especially in those linked to the distribution, transmission
and generation of electricity. Develop engineering for the construction of electric
power plants; Supply, assembly and commissioning of equipment, facilities and / or
services for the production of electricity.
Not applicable
Marco Fragale
Activities of generation, transmission, and distribution of electrical energy
Not applicable
Rigoberto Novoa Velásquez
Develop and operate hydroelectric projects in any hydrographic basin of Peru.
Not applicable
Rigoberto Novoa Velásquez
I. Industrial and commercial activities, such as: a. distribution, generation,
cogeneration and storage, b. electric mobility, c. sale of household appliances,
marketing of insurance and collection, d. general services, e. electrical works,
equipment, materials and solutions, f. lighting and fiber optics; II. Advisory activities in
the control of energy efficiency to public and private entities, as well as to individuals;
III. Financial and investment activities.
Not applicable
María del Pilar Matto Calderón
Energy marketing, management and control of energy consumption and energy
efficiency; any activities in the electric mobility sector that allow (i) a better use
and development of existing structures, resources and skills in the market; (ii) a
profitable use of the goods and services provided in the aforementioned sectors;
(iii) application of the energy vector and electric mobility to create value-added
solutions for customers.
Not applicable
Alex Ascón Jiménez
Summarized corporate purpose
Directors
CEO/
Legal representative
Commercialize energy and electrical power in the Wholesale Electric Energy Market
nationwide. Export, import, supply and supply of energy and electrical power as well
as the development, implementation, operation, and maintenance of electricity
generation equipment, as well as transmission and distribution networks.
Jorge Cernadas
Jorge Cernadas
316
Integrated Annual Report Enel Américas 2022
Costa Rica
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas' stake
in the subsidiary
as of 12.31.2021
(2)
% of Enel
Américas' stake
in the subsidiary
as of 12.31.2022
(2)
% representing
this investment
on the individual
assets of the
Parent Company
PH Chucas S.A.
Public
corporation
San José, San
Rafael de
Escazú, Centro
Corporativo,
“Centro 27” 100
metros norte del
túnel de Multiplaza
de Escazú, frente
a Euro Alimentos,
tercer piso, Costa
Rica
169,323
99.50%
99.50%
0.22%
PH Don Pedro S.A.
Public
corporation.
San José, San
Rafael de
Escazú, Centro
Corporativo,
“Centro 27” 100
metros norte
del túnel de
Multiplaza de
Escazú, frente a
Euro Alimentos,
tercer piso, Costa
Rica
1
99.46%
99.46%
0.05%
PH Río Volcán S.A.
Public
corporation.
San José, San
Rafael de
Escazú, Centro
Corporativo,
“Centro 27” 100
metros norte
del túnel de
Multiplaza de
Escazú, frente a
Euro Alimentos,
tercer piso, Costa
Rica
1
99.50%
99.50%
0.06%
Energía Global
Operaciones S.R.L.
Limited Liability
Company
San José, San
Rafael de
Escazú, Centro
Corporativo,
“Centro 27” 100
metros norte
del túnel de
Multiplaza de
Escazú, frente a
Euro Alimentos,
tercer piso, Costa
Rica
2,670
100.00%
100.00%
0.00%
Enel Green Power
Costa Rica S.A.
Public
corporation
San José, San
Rafael de
Escazú, Centro
Corporativo,
“Centro 27” 100
metros norte
del túnel de
Multiplaza de
Escazú, frente a
Euro Alimentos,
tercer piso, Costa
Rica
122,487
100.00%
100.00%
0.85%
(1) Subscribed and paid-up capital used for consolidation purposes, according to the conversion of local currencies to
US$ according to International Accounting Standards
(2) Percentage of direct and indirect economic participation of Enel Américas through its subsidiaries.
Other Corporate Regulatory Information 317
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Generation and commercialization of electricity, generation plants and design, build,
maintain, commercially operate electricity generating plants
Karla Rodríguez Monge
Mauricio Garita Campos
Dunia Alfaro Arce
Karla Rodriguez Monge
Develop and operate a hydroelectric project in San Miguel de Sarapiqui
Karla Rodríguez Monge
Dunia Alfaro Arce
Mauricio Garita Campos
Karla Rodriguez Monge
Develop and operate a hydroelectric project in San Miguel de Sarapiqui
Karla Rodríguez Monge
Mauricio Garita Campos
Dunia Alfaro Arce
Karla Rodriguez Monge
Develop, plan, design, direct, manage, build, own, and operate electric power
generation plants of all types, including hydroelectric plants, as well as power
generation and others.
Karla Rodríguez Monge
Karla Rodriguez Monge
Design, marketing, and construction of systems for electrical energy conservation in
all types of public or private buildings, energy production for industrial commercial
and agricultural purposes
Karla Rodríguez Monge
Mauricio Garita Campos
Dunia Alfaro Arce
Karla Rodriguez Monge
318
Integrated Annual Report Enel Américas 2022
Guatemala
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas’
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas’
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the
individual assets
of the Parent
Company
Generadora de
Occidente Ltda.
Limited Liability.
Centro de
Negocios Spazio,
15 avenida 5-50
zona 5, Vista
Hermosa III,
Nivel 11, Oficina
1103, Ciudad
de Guatemala,
Guatemala
2,063
100.00%
100.00%
0.27%
Generadora
Montecristo S.A.
Public
corporation.
Centro de
Negocios Spazio,
15 avenida 5-50
zona 5, Vista
Hermosa III,
Nivel 11, Oficina
1103, Ciudad
de Guatemala,
Guatemala
501
100.00%
100.00%
0.14%
Renovables de
Guatemala S.A.
Public
corporation.
Centro de
Negocios Spazio,
15 avenida 5-50
zona 5, Vista
Hermosa III,
Nivel 11, Oficina
1103, Ciudad
de Guatemala,
Guatemala
236,307
100.00%
100.00%
2.21%
Tecnoguat S.A.
Public
corporation.
Centro de
Negocios Spazio,
15 avenida 5-50
zona 5, Vista
Hermosa III,
Nivel 11, Oficina
1103, Ciudad
de Guatemala,
Guatemala
4,044
75.00%
75.00%
0.11%
Transmisora de Energía
Renovable S.A.
Public
corporation.
Centro de
Negocios Spazio,
15 avenida 5-50
zona 5, Vista
Hermosa III,
Nivel 11, Oficina
1103, Ciudad
de Guatemala,
Guatemala
29,815
100.00%
100.00%
0.20%
Enel Green Power
Guatemala S.A.
Public
corporation.
Centro de
Negocios Spazio,
15 avenida 5-50
zona 5, Vista
Hermosa III,
Nivel 11, Oficina
1103, Ciudad
de Guatemala,
Guatemala
8,717
100.00%
100.00%
0.00%
(1) Subscribed and paid-up capital used for consolidation purposes, according to the conversion of local currencies to
US$ according to International Accounting Standards
(2) Percentage of direct and indirect economic participation of Enel Américas through its subsidiaries.
Other Corporate Regulatory Information 319
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Develop, plan, design, direct, manage, build, own and operate electric power
generation plants of all types, including hydroelectric plants, as well as power
generation and others.
Sole Administrator and Legal
Representative
José Antonio Sánchez Boche
José Antonio Sánchez Boche
Generation, marketing, supply, sale, promotion, transmission, and distribution
of electricity, as well as the development, formalization, and subscription of
contracts in order to provide electricity supply services
Sole Administrator and Legal
Representative
José Antonio Sánchez Boche
José Antonio Sánchez Boche
Generation, marketing, supply, sale, promotion, transmission, and distribution
of electricity, as well as the development, , formalization, and subscription of
contracts in order to provide services of supply and / or sale of electricity
Sole Administrator and Legal
Representative
José Antonio Sánchez Boche
José Antonio Sánchez Boche
Production and generation of electricity, as well as all those activities related and
necessary to carry out this sole corporate purpose.
Sole Administrator and Legal
Representative
José Antonio Sánchez Boche
José Antonio Sánchez Boche
Transmission, transformation, and distribution of electrical energy, by private
transmission lines or the national interconnected system, as well as the
construction and maintenance of transmission lines and substations and facilities
to transmit electricity, including the development, formalization, and subscription
of contracts.
Sole Administrator and Legal
Representative
José Antonio Sánchez Boche
José Antonio Sánchez Boche
Commercialize, buy, and sell blocks of electric energy as intermediaries, contract,
manage, and intermediate electricity contracts of all kinds.
Sole Administrator and Legal
Representative
José Antonio Sánchez Boche
José Antonio Sánchez Boche
320
Integrated Annual Report Enel Américas 2022
Panamá
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas' stake
in the subsidiary
as of 12.31.2021
(2)
% of Enel
Américas' stake
in the subsidiary
as of 12.31.2022
(2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Fortuna S.A.
Public
corporation
República de
Panamá, Ciudad
de Panamá,
Corregimiento
de Bella Vista,
Avenida Aquilino
de la Guardia, PH
Marbella Office
Plaza, Piso No. 3
309,458
50.06%
50.06%
2.63%
Enel Solar S.R.L
Limited liability
company
República de
Panamá, Ciudad
de Panamá,
Corregimiento
de Bella Vista,
Avenida Aquilino
de la Guardia, PH
Marbella Office
Plaza, Piso No.
11,010
100.00%
100.00%
0.10%
Generadora Eólica Alto
Pacora S.R.L.
Limited liability
company
República de
Panamá, Ciudad
de Panamá,
Corregimiento
de Bella Vista,
Avenida Aquilino
de la Guardia, PH
Marbella Office
Plaza, Piso No. 3
10
100.00%
100.00%
0.00%
Generadora Solar Tolé
S.R.L.
Limited liability
company
República de
Panamá, Ciudad
de Panamá,
Corregimiento
de Bella Vista,
Avenida Aquilino
de la Guardia, PH
Marbella Office
Plaza, Piso No.
93
100.00%
100.00%
0.00%
Llano Sánchez Solar
Power One S.R.L.
Limited liability
company
Calle 64 y
Calle 50 San
Francisco, casa
#29, Panamá,
República de
Panamá
10
100.00%
100.00%
0.00%
Generadora Solar
Austral S.A.
Public
corporation
República de
Panamá, Ciudad
de Panamá,
Corregimiento
de Bella Vista,
Avenida Aquilino
de la Guardia, PH
Marbella Office
Plaza, Piso No. 3
3,485
100.00%
100.00%
0.02%
Jaquito Solar 10MW
S.A.
Public
corporation
República de
Panamá, Ciudad
de Panamá,
Corregimiento
de Bella Vista,
Avenida Aquilino
de la Guardia, PH
Marbella Office
Plaza, Piso No. 3
1,961
100.00%
100.00%
0.02%
Other Corporate Regulatory Information 321
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Electric power generation-hydroelectric concession
Directors
Antonio Scala
Bruno Riga
Pablo Pescarmona
Federico Alfaro Boyd
Rodolfo Moreno
Chairman and legal
representative
Antonio Scala
Maximilian Winter
Electric power generation
Sole Administrator
Maximilian Winter Bassett
Stand Administrator
Jesse Ann Duarte Chang
Chairman
Maximilian Winter Bassett
Maximilian Winter
Project development. Advisory services, consulting and design and development
of renewable energy projects
Administrator
Maximilian Winter Bassett
Stand Administrator
Jesse Ann Duarte Chang
Chairman
Maximilian Winter Bassett
Maximilian Winter
Advisory services, consulting, and development of renewable energy projects
Administrator
Maximilian Winter Bassett
Stand Administrator
Jesse Ann Duarte Chang
Chairman
Maximilian Winter Bassett
Maximilian Winter
Advisory services, consulting and development of renewable energy projects
Sole Administrator
Maximilian Winter Bassett
Chairman
Maximilian Winter Bassett
Maximilian Winter
Electric power generation
Director y Chairman
Bruno Riga
Treasurer
Jorge Calderón
Director
Maximilian Winter
Maximilian Winter
Electric power generation
Director y Chairman
Bruno Riga
Treasurer
Jorge Calderón
Director
Maximilian Winter
Maximilian Winter
322
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas' stake
in the subsidiary
as of 12.31.2021
(2)
% of Enel
Américas' stake
in the subsidiary
as of 12.31.2022
(2)
% representing
this investment
on the individual
assets of the
Parent Company
Progreso Solar 20 MW
S.A.
Public
corporation
República de
Panamá, Ciudad
de Panamá,
Corregimiento
de Bella Vista,
Avenida Aquilino
de la Guardia, PH
Marbella Office
Plaza, Piso No. 3
3,846
100.00%
100.00%
0.03%
Generadora Solar El
Puerto S.A.
Public
corporation
República de
Panamá, Ciudad
de Panamá,
Corregimiento
de Bella Vista,
Avenida Aquilino
de la Guardia, PH
Marbella Office
Plaza, Piso No. 3
1,563
100.00%
100.00%
0.02%
Generadora Solar de
Occidente S.A.
Public
corporation
República de
Panamá, Ciudad
de Panamá,
Corregimiento
de Bella Vista,
Avenida Aquilino
de la Guardia, PH
Marbella Office
Plaza, Piso No. 3
10
100.00%
100.00%
0.00%
Enel Panamá CAM
S.R.L.
Limited liability
company
República de
Panamá, Ciudad
de Panamá,
Corregimiento
de Bella Vista,
Avenida Aquilino
de la Guardia, PH
Marbella Office
Plaza, Piso No. 3
91,275
100.00%
100.00%
1.25%
(1) Subscribed and paid-up capital used for consolidation purposes, according to the conversion of local currencies to
US$ according to International Accounting Standards .
(2) Percentage of direct and indirect economic participation of Enel Américas through its subsidiaries.
Other Corporate Regulatory Information 323
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Electric power generation
Director y Chairman
Bruno Riga
Treasurer
Jorge Calderón
Director
Maximilian Winter
Maximilian Winter
Electric power generation
Director y Chairman
Bruno Riga
Treasurer
Jorge Calderón
Director
Maximilian Winter
Maximilian Winter
Electric power generation
Director y Chairman
Bruno Riga
Treasurer
Jorge Calderón
Director
Maximilian Winter
Maximilian Winter
Advisory services, consulting, design of renewable energy generation projects,
business training, consulting in the area of electric power generation
Administrator
Maximilian Winter Bassett
Stand Administrator
Jesse Ann Duarte Chang
Chairman
Maximilian Winter Bassett
Maximilian Winter
324
Integrated Annual Report Enel Américas 2022
Detail of EGP Companies Brazil
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Alba Energia Ltda.
Limited
Partnership
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo,
20220-297 Rio
de Janeiro Brazil
2,888
100.00%
100.00%
0.00%
Alvorada Energia S.A
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
20220-297 Rio
de Janeiro, Brazil.
5,897
100.00%
100.00%
0.02%
Apiacás Energia S.A
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297,
20220-297 Rio
de Janeiro Brazil
14,644
100.00%
100.00%
0.06%
Bondia Energia Ltda.
Limited
Partnership
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo,
20220-297 Rio
de Janeiro Brazil
388
100.00%
100.00%
0.00%
Central Geradora
Fotovoltaica Bom Nome
Ltda
Limited
Partnership
Avenida Tancredo
Neves, Nº 1632,
Edf. Salvador
Trade, Sala 2014,
Caminho Das
Árvores 41820-
020 Salvador,
Brazil
943
100.00%
100.00%
0.00%
Enel Green Power
Aroeira 01 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
14,415
100.00%
100.00%
0.08%
Other Corporate Regulatory Information 325
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Design, development, construction, and operation of power generation plants
Jean Philippe Salvatore
Bellavia
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity
Jayme Barg
Camilo Rebollo Couto
Jayme Barg
Production and sale of electricity
Jayme Barg
Camilo Rebollo Couto
Jayme Barg
Design, development, construction, and operation of power generation plants
Jean Philippe Salvatore
Bellavia
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Fabio Destefani Campos
Camilo Rebollo
Mara Ayesha Lopez Berrios
Luca Ceci"
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
326
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Aroeira 02 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
10,655
100.00%
100.00%
0.06%
Enel Green Power
Aroeira 03 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
11,566
100.00%
100.00%
0.07%
Enel Green Power
Aroeira 04 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
20,863
100.00%
100.00%
0.12%
Enel Green Power
Aroeira 05 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
12,259
100.00%
100.00%
0.07%
Enel Green Power
Aroeira 06 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
10,131
100.00%
100.00%
0.06%
Enel Green Power
Aroeira 07 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
13,320
100.00%
100.00%
0.08%
Other Corporate Regulatory Information 327
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production of electricity from renewable sources
Jean Philippe
Salvatore Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe
Salvatore Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe
Salvatore Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe
Salvatore Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe
Salvatore Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe
Salvatore Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
328
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Aroeira 08 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
10,636
100.00%
100.00%
0.06%
Enel Green Power
Aroeira 09 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power Boa
Vista 01 Ltda.
Limited
Partnership
Avenida Tancredo
Neves, Nº 1632,
Edf. Salvador
Trade, Sala 2014,
Caminho Das
Árvores 41820-
020 Salvador,
Brazil
425
100.00%
100.00%
0.00%
Enel Green Power Boa
Vista Eólica S.A
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
20220-297 Rio
de Janeiro Brazil
8,124
100.00%
100.00%
0.06%
Enel Green Power
Brejolândia Solar S.A
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Cabeça De Boi S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
20220-297 Rio
de Janeiro Brazil
47,761
100.00%
100.00%
0.24%
Enel Green Power
Cerrado Solar S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Other Corporate Regulatory Information 329
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Parent company
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatores
Bellavia
Production and sale of wind energy
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Jean Philippe Salvatores
Bellavia
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Jean Philippe Salvarote
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Jayme Barg
Camilo Rebollo Couto
Jayme Barg
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Jean Philippe Salvarote
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
330
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Cristal Eólica S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
20220-297 Rio
de Janeiro Brazil
16,627
100.00%
100.00%
0.13%
Enel Green Power
Cumaru 01 S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
Rio de Janeiro
20220-297 Rio
de Janeiro Brazil
33,247
100.00%
100.00%
0.22%
Enel Green Power
Cumaru 02 S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
Rio de Janeiro
20220-297 Rio
de Janeiro Brazil
20,380
100.00%
100.00%
0.15%
Enel Green Power
Cumaru 03 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
37,941
100.00%
100.00%
0.24%
Enel Green Power
Cumaru 04 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
19,105
100.00%
100.00%
0.13%
Enel Green Power
Cumaru 05 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
33,166
100.00%
100.00%
0.21%
Enel Green Power
Cumaru Participaçoes
S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Other Corporate Regulatory Information 331
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Jean Philippe Salvarote
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Parent company
Luca Ceci
Jean Philippe Salvatore
Bellavia
Jean Philippe Salvatore
Bellavia
332
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Cumaru Solar 01 S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Cumaru Solar 02 S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Damascena Eólica S.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
Rio de Janeiro
20220-297 Rio
de Janeiro Brazil
15,855
100.00%
100.00%
0.08%
Enel Green Power
Delfina A Eólica S.A.
Closed
Corporation
N/A Avenida
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
20220-297 Rio
de Janeiro Brazil
53,802
100.00%
100.00%
0.35%
Enel Green Power
Delfina B Eólica S.A.
Closed
Corporation
N/A Avenida
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
20220-297 Rio
de Janeiro Brazil
17,627
100.00%
100.00%
0.11%
Enel Green Power
Delfina C Eólica S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
Rio de Janeiro
-RJ,CEP:20220-297
5,891
100.00%
100.00%
0.03%
Enel Green Power
Delfina D Eólica S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
20,051
100.00%
100.00%
0.13%
Enel Green Power
Delfina E Eólica S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
20,065
100.00%
100.00%
0.13%
Other Corporate Regulatory Information 333
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Jean Philippe Salvarote
Bellavia
Luca Ceci
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Jean Philippe Salvarote
Bellavia
Luca Ceci
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Jean Philippe Salvarote
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvarote
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvarote
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvarote
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvarote
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvarote
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Jean Philippe Salvatore
Bellavia
334
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Desenvolvimento Ltda
Limited
Partnership
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
8,830
100.00%
100.00%
0.02%
Enel Green Power Dois
Riachos Eólica S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
20220-297 Rio
de Janeiro Brazil
15,786
100.00%
100.00%
0.12%
Enel Green Power
Emiliana Eólica S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
Rio de Janeiro
20220-297 Rio
de Janeiro Brazil
18,408
100.00%
100.00%
0.11%
Enel Green Power
Esperança Eólica S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297.
20220-297 Rio
de Janeiro Brazil
18,830
100.00%
100.00%
0.12%
Enel Green Power
Esperança Solar S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Fazenda S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297.
20220-297 Rio
de Janeiro Brazil
46,279
100.00%
100.00%
0.22%
Enel Green Power
Fontes dos Ventos 2
S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
25,250
100.00%
100.00%
0.17%
Other Corporate Regulatory Information 335
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvarote
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Jean Philippe Salvatore
Bellavia
Production and sale of wind energy
Jean Philippe Salvarote
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvarote
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Luca Ceci
Fabio Destefani Campos
Jean Philippe Salvarote
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Jayme Barg
Camilo Rebollo Couto
Jayme Barg
Production and sale of electricity from renewable sources
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvarote
Bellavia
Mara Ayesha Lopez Berrios
Jean Philippe Salvatore
Bellavia
336
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Fontes Dos Ventos 3
S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
24,812
100.00%
100.00%
0.17%
Enel Green Power
Fontes II Participações
S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Fontes Solar S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Horizonte Mp Solar S.A.
Closed
Corporation
Avenida
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
82,687
100.00%
100.00%
0.49%
Enel Green Power
Ituverava Norte Solar
S.A.
Closed
Corporation
Avenida
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
36,367
100.00%
100.00%
0.18%
Enel Green Power
Ituverava Solar S.A.
Closed
Corporation
Avenida
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
37,902
100.00%
100.00%
0.14%
Enel Green Power
Ituverava Sul Solar S.A.
Closed
Corporation
Avenida
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
69,710
100.00%
100.00%
0.31%
Other Corporate Regulatory Information 337
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvarote
Bellavia
Mara Ayesha Lopez Berrios
Jean Philippe Salvatore
Bellavia
Parent company
Jean Philippe Salvarote
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Fabio Destefani Campos
338
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Joana Eólica S.A
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
17,095
100.00%
100.00%
0.10%
Enel Green Power
Lagoa do Sol 01 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Lagoa do Sol 02 S.A.
Closed
Corporation
Piauí Avenida
Senador Area
Leão, 2.185,
salas 909, 910,
911, torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary, Teresina,
PI, CEP: 64.051-
090 Teresina
Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Lagoa do Sol 03 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Lagoa do Sol 04 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Lagoa do Sol 05 S.A
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
-
100.00%
100.00%
0.00%
Other Corporate Regulatory Information 339
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of wind energy
Jean Philippe Salvarote
Bellavia
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
340
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Lagoa do Sol 06 S.A
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
salas 909, 910,
911, torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary, Teresina,
PI, CEP: 64.051-
090 Teresina
Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Lagoa do Sol 07 S.A
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
salas 909, 910,
911, torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary, Teresina,
PI, CEP: 64.051-
090 Teresina
Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Lagoa do Sol 08 S.A
Closed
Corporation
Piauí Avenida
Senador Area
Leão, 2.185,
salas 909, 910,
911, torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary, Teresina,
PI, CEP: 64.051-
090 Teresina
Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Lagoa do Sol 09 S.A
Closed
Corporation
Piauí Avenida
Senador Area
Leão, 2.185,
salas 909, 910,
911, torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary, Teresina,
PI, CEP: 64.051-
090 Teresina
Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Lagoa II Participações
S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Lagoa III Participações
S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Other Corporate Regulatory Information 341
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Parent company
Jean Philippe Salvatore
Bellavia
Luca Ceci
Jean Philippe Salvatore
Bellavia
Parent company
Jean Philippe Salvatore
Bellavia
Luca Ceci
Jean Philippe Salvatore
Bellavia
342
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Lagoa Participações
S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Maniçoba Eólica S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
Rio de Janeiro
20220-297 Rio
de Janeiro Brazil
17,183
100.00%
100.00%
0.10%
Enel Green Power
Modelo I Eolica S.A.
Closed
Corporation
N/A Avenida
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
20220-297 Rio
de Janeiro Brazil
13,418
100.00%
100.00%
0.08%
Enel Green Power
Modelo II Eólica S.A.
Closed
Corporation
Avenida
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
20220-297 Rio
de Janeiro Brazil
12,073
100.00%
100.00%
0.07%
Enel Green Power
Morro Do Chapéu I
Eólica S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
Rio de Janeiro
20220-297 Rio
de Janeiro Brazil
46,998
100.00%
100.00%
0.28%
Enel Green Power
Morro Do Chapéu Ii
Eólica S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
Rio de Janeiro
20220-297 Rio
de Janeiro Brazil
39,027
100.00%
100.00%
0.25%
Enel Green Power
Morro do Chapéu Solar
01 S.A.
Closed
Corporation
Rio de Janeiro
Avenida
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Other Corporate Regulatory Information 343
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Parent company
Jean Philippe Salvatore
Bellavia
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvarote
Bellavia
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvarote
Bellavia
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvarote
Bellavia
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvarote
Bellavia
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvarote
Bellavia
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Parent company
Fabio Destefani Campos
Luca Ceci
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
344
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Mourão S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
4,849
100.00%
100.00%
0.04%
Enel Green Power Nova
Olinda 01 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
salas 909, 910,
911, torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary, Teresina,
PI, CEP: 64.051-
090 64.051-090
Teresina Brazil
-
100.00%
100.00%
0.00%
Enel Green Power Nova
Olinda 02 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
salas 909, 910,
911, torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary, Teresina,
PI, CEP: 64.051-
090 64.051-090
Piauí Brazil
-
100.00%
100.00%
0.00%
Enel Green Power Nova
Olinda 03 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
-
100.00%
100.00%
0.00%
Enel Green Power Nova
Olinda 04 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
-
100.00%
100.00%
0.00%
Enel Green Power Nova
Olinda 05 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
-
100.00%
100.00%
0.00%
Other Corporate Regulatory Information 345
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Jayme Barg
Camilo Rebollo Couto
Jayme Barg
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
346
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power Nova
Olinda 06 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
salas 909, 910,
911, torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary, Teresina,
PI, CEP: 64.051-
090 64.051-090
Teresina Brazil
-
100.00%
100.00%
0.00%
Enel Green Power Nova
Olinda 07 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
salas 909, 910,
911, torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary, Teresina,
PI, CEP: 64.051-
090 64.051-090
Teresina Brazil
-
100.00%
100.00%
0.00%
Enel Green Power Nova
Olinda 08 S.A.
Closed
Corporation
Piauí Avenida
Senador Area
Leão, 2.185,
salas 909, 910,
911, torre 02,
Manhattan
River Center,
São Cristóvão,
Parque Vilmary,,
PI, 64.051-090
Teresina Brazil
-
100.00%
100.00%
0.00%
Enel Green Power Nova
Olinda 09 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
salas 909, 910,
911, torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary, Teresina,
PI, CEP: 64.051-
090 Brazil
-
100.00%
100.00%
0.00%
Enel Green Power Novo
Lapa 01 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power Novo
Lapa 02 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
Rio de Janeiro-
RJ20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Other Corporate Regulatory Information 347
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
348
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power Novo
Lapa 03 S.A.
Closed
Corporation
Avenida
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-300 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power Novo
Lapa 04 S.A.
Closed
Corporation
Avenida
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-300 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power Novo
Lapa 05 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power Novo
Lapa 06 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro-RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power Novo
Lapa 07 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
Rio de Janeiro-
RJ20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power Novo
Lapa 08 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
Rio de Janeiro-
RJ20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Paranapanema S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
Rio de Janeiro-
RJ20220-297 Rio
de Janeiro Brazil
29,295
100.00%
100.00%
0.24%
Other Corporate Regulatory Information 349
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Jayme Barg
Camilo Rebollo Couto
Jayme Barg
350
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power Pau
Ferro Eólica S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
Rio de Janeiro-
RJ20220-297 Rio
de Janeiro Brazil
14,039
100.00%
100.00%
0.09%
Enel Green Power
Pedra Do Gerônimo
Eólica S.A.
Limited
Partnership
Avenida
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Brazil
22,600
100.00%
100.00%
0.14%
Enel Green Power
Primavera Eólica S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
20220-297 Rio
de Janeiro Brazil
18,121
100.00%
100.00%
0.15%
Enel Green Power Salto
Apiacás S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
20220-297 Rio
de Janeiro Brazil
49,360
100.00%
100.00%
0.28%
Enel Green Power São
Abraão Eólica S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
17,293
100.00%
100.00%
0.11%
Enel Green Power São
Gonçalo 01 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
14,198
100.00%
100.00%
0.04%
Enel Green Power São
Gonçalo 02 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
15,582
100.00%
100.00%
0.05%
Other Corporate Regulatory Information 351
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of wind energy
Jean Philippe Salvarote
Bellavia
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of wind energy
Jean Philippe Salvarote
Bellavia
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of wind energy
Jean Philippe Salvarote
Bellavia
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jayme Barg
Camilo Rebollo Couto
Jayme Barg
Production and sale of electricity from renewable sources
Jean Philippe Salvarote
Bellavia
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
352
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power São
Gonçalo 3 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
14,267
100.00%
100.00%
-0.01%
Enel Green Power São
Gonçalo 4 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
15,706
100.00%
100.00%
0.06%
Enel Green Power São
Gonçalo 5 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
15,575
100.00%
100.00%
0.06%
Enel Green Power São
Gonçalo 6 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
34,775
100.00%
100.00%
0.17%
Enel Green Power Sao
Goncalo 07 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
19,985
100.00%
100.00%
0.11%
Enel Green Power São
Gonçalo 08 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
17,857
100.00%
100.00%
0.10%
Other Corporate Regulatory Information 353
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Fabio Destefani Campos
354
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power São
Gonçalo 10 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
15,696
100.00%
100.00%
0.05%
Enel Green Power São
Gonçalo 11 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
18,659
100.00%
100.00%
0.11%
Enel Green Power São
Gonçalo 12 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
17,051
100.00%
100.00%
0.10%
Enel Green Power São
Gonçalo 14 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresin Brazil
27,895
100.00%
100.00%
0.14%
Enel Green Power São
Gonçalo 15 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
22,739
100.00%
100.00%
0.10%
Enel Green Power São
Gonçalo 17 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
23,109
100.00%
100.00%
0.11%
Enel Green Power São
Gonçalo 18 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
22,914
100.00%
100.00%
0.12%
Other Corporate Regulatory Information 355
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Fabio Destefani Campos
356
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power São
Gonçalo 19 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
23,196
100.00%
100.00%
0.11%
Enel Green Power São
Gonçalo 21 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
17,045
100.00%
100.00%
0.05%
Enel Green Power Sao
Gonçalo 22 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
17,006
100.00%
100.00%
0.05%
Enel Green Power São
Judas Eólica S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
15,659
100.00%
100.00%
0.13%
Enel Green Power São
Micael 01 S.A.
Closed
Corporation
Piauí Avenida
Senador Ar ea
Leão, 2.185,
salas 909, 910,
911, torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary, Teresina,
PI, CEP: 64.051-
090 64.051-090
Teresina Brazil
-
100.00%
100.00%
0.00%
Enel Green Power São
Micael 02 S.A.
Closed
Corporation
Piauí Avenida
Senador Area
Leão, 2.185,
salas 909, 910,
911, torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary, Teresina,
PI, CEP: 64.051-
090 Teresina
Brazil
-
100.00%
100.00%
0.00%
Other Corporate Regulatory Information 357
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Fabio Destefani Campos
Production and sale of wind energy
Jean Philippe Salvarote
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Fabio Destefani Campos
358
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power São
Micael 03 S.A.
Closed
Corporation
Piauí Avenida
Senador Area
Leão, 2.185,
salas 909, 910,
911, torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary, Teresina,
PI, CEP: 64.051-
090 Teresina
Brazil
-
100.00%
100.00%
0.00%
Enel Green Power São
Micael 04 S.A.
Closed
Corporation
Piauí Avenida
Senador Area
Leão, 2.185,
salas 909, 910,
911, torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary, Teresina,
PI, CEP: 64.051-
090 Teresina
Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Tacaicó Eólica S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro-RJ
20220-297 Rio
de Janeiro Brazil
9,477
100.00%
100.00%
0.06%
Enel Green Power
Ventos De Santa
Ângela 1 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
15,583
100.00%
100.00%
0.10%
Enel Green Power
Ventos De Santa Ângela
10 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
23,126
100.00%
100.00%
0.16%
Enel Green Power
Ventos De Santa Ângela
11 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
25,150
100.00%
100.00%
0.17%
Other Corporate Regulatory Information 359
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Jean Philippe Salvarote
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
360
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Ventos De Santa Ângela
14 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
37,607
100.00%
100.00%
0.23%
Enel Green Power
Ventos De Santa Ângela
15 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
23,695
100.00%
100.00%
0.16%
Enel Green Power
Ventos De Santa Ângela
17 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
28,794
100.00%
100.00%
0.20%
Enel Green Power
Ventos De Santa Ângela
19 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
18,105
100.00%
100.00%
0.12%
Enel Green Power
Ventos De Santa
Ângela 2 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
48,334
100.00%
100.00%
0.30%
Enel Green Power
Ventos De Santa Ângela
20 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
17,595
100.00%
100.00%
0.12%
Other Corporate Regulatory Information 361
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
362
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Ventos De Santa Ângela
21 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
16,133
100.00%
100.00%
0.11%
Enel Green Power
Ventos De Santa
Ângela 3 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
18,900
100.00%
100.00%
0.13%
Enel Green Power
Ventos De Santa
Ângela 4 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
19,079
100.00%
100.00%
0.13%
Enel Green Power
Ventos De Santa
Ângela 5 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
16,059
100.00%
100.00%
0.11%
Enel Green Power
Ventos De Santa
Ângela 6 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
15,869
100.00%
100.00%
0.11%
Enel Green Power
Ventos De Santa
Ângela 7 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
15,388
100.00%
100.00%
0.10%
Other Corporate Regulatory Information 363
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
364
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Ventos De Santa
Ângela 8 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
16,059
100.00%
100.00%
0.11%
Enel Green Power
Ventos De Santa
Ângela 9 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
22,499
100.00%
100.00%
0.16%
Enel Green Power
Ventos De Santa Ângela
ACL 12 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
17,942
100.00%
100.00%
0.12%
Enel Green Power
Ventos De Santa Angela
Acl 13 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
14,678
100.00%
100.00%
0.10%
Enel Green Power
Ventos De Santa Angela
Acl 16 S.A.
Closed
corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
17,031
100.00%
100.00%
0.12%
Enel Green Power
Ventos De Santa Angela
Acl 18 S.A.
Closed
corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
16,383
100.00%
100.00%
0.11%
Other Corporate Regulatory Information 365
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
366
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Ventos De Santa
Esperança 08 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
23,371
100.00%
100.00%
0.15%
Enel Green Power
Ventos De Santa
Esperança 1 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Ventos De Santa
Esperança 13 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
30,532
100.00%
100.00%
0.19%
Enel Green Power
Ventos De Santa
Esperança 15 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
28,883
100.00%
100.00%
0.20%
Enel Green Power
Ventos De Santa
Esperança 16 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
36,291
100.00%
100.00%
0.24%
Enel Green Power
Ventos De Santa
Esperança 17 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
37,072
100.00%
100.00%
0.25%
Other Corporate Regulatory Information 367
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
368
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Ventos De Santa
Esperança 21 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
42,972
100.00%
100.00%
0.28%
Enel Green Power
Ventos De Santa
Esperança 22 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
28,862
100.00%
100.00%
0.29%
Enel Green Power
Ventos De Santa
Esperança 25 S.A.
Closed
Corporation
Fazenda Martins
Afonso, Rodovia
Ba 052, Km 14,
Zona Rural Do
Município De
Morro Do Chapéu
44.850-000
Salvador Brazil
22,582
100.00%
100.00%
0.15%
Enel Green Power
Ventos De Santa
Esperança 26 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de JaneiroBrazil
58,543
100.00%
100.00%
0.36%
Enel Green Power
Ventos de Santa
Esperança 3 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Ventos de Santa
Esperança 7 S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green
Power Ventos De
Santa Esperança
Participações S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Other Corporate Regulatory Information 369
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Parent company
Jean Philippe Salvatore
Bellavia; e Luca Ceci
Jean Philippe Salvatore
Bellavia
370
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Ventos de Santo
Orestes 1 S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Ventos de Santo
Orestes 2 S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Green Power
Ventos de São Roque
01 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
49,862
100.00%
100.00%
0.30%
Enel Green Power
Ventos de São Roque
02 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
49,065
100.00%
100.00%
0.30%
Enel Green Power
Ventos de São Roque
03 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
9,079
100.00%
100.00%
0.05%
Enel Green Power
Ventos de São Roque
04 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
63,489
100.00%
100.00%
0.38%
Enel Green Power
Ventos de São Roque
05 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
25,401
100.00%
100.00%
0.15%
Other Corporate Regulatory Information 371
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
372
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Ventos de São Roque
06 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
7,445
100.00%
100.00%
0.04%
Enel Green Power
Ventos de São Roque
07 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
7,663
100.00%
100.00%
0.04%
Enel Green Power
Ventos de São Roque
08 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
47,439
100.00%
100.00%
0.29%
Enel Green Power
Ventos de São Roque
11 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
49,363
100.00%
100.00%
0.30%
Enel Green Power
Ventos de São Roque
13 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
7,305
100.00%
100.00%
0.04%
Enel Green Power
Ventos de São Roque
16 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
50,182
100.00%
100.00%
0.30%
Other Corporate Regulatory Information 373
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
374
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power
Ventos de São Roque
17 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
46,556
100.00%
100.00%
0.28%
Enel Green Power
Ventos de São Roque
18 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
47,251
100.00%
100.00%
0.28%
Enel Green Power
Ventos de São Roque
19 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
6,791
100.00%
100.00%
0.04%
Enel Green Power
Ventos de São Roque
22 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
7,019
100.00%
100.00%
0.04%
Enel Green Power
Ventos de São Roque
26 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
6,548
100.00%
100.00%
0.04%
Enel Green Power
Ventos de São Roque
29 S.A.
Closed
Corporation
Avenida Senador
Area Leão, 2.185,
Salas 909, 910,
911, Torre 02,
Manhattan River
Center, São
Cristóvão, Parque
Vilmary 64.051-
090 Teresina
Brazil
5,644
100.00%
100.00%
0.03%
Enel Green Power Zeus
II - Delfina 8 S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
14,762
100.00%
100.00%
0.11%
Other Corporate Regulatory Information 375
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Jean Philippe Salvatore
Bellavia
376
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Enel Green Power Zeus
Sul 1 Ltda.
Limited
Partnership
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
1,323
100.00%
100.00%
0.00%
Enel Green Power Zeus
Sul 2 S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo,
Rio de Janeiro
20220-297 Rio
de Janeiro Brazil
-
100.00%
100.00%
0.00%
Enel Soluções
Energéticas Ltda.
Limited
Partnership
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 701, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
8,118
100.00%
100.00%
0.04%
Enelpower Do Brasil
Ltda.
Limited
Partnership
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 701, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brasil
1,078
100.00%
100.00%
0.00%
Fazenda Aroeira
Empreendimento de
Energia Ltda.
Limited
Partnership
Avenida
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-305
-
100.00%
100.00%
0.00%
Fótons de Santo
Anchieta Energias
Renováveis S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo
20220-297 Rio
de Janeiro Brazil
94
100.00%
100.00%
0.00%
Isamu Ikeda Energia
S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo
20220-297 Rio
de Janeiro Brazil
11,133
100.00%
100.00%
0.02%
Other Corporate Regulatory Information 377
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Jayme Barg
Camilo Rebollo Couto
Jayme Barg
378
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Jade Energia Ltda.
Limited
Partnership
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo
20220-297 Rio
de Janeiro Brazil
778
100.00%
100.00%
0.00%
Parque Eólico Palmas
Dos Ventos Ltda.
Limited
Partnership
Avenida Tancredo
Neves, Nº 1632,
Edf. Salvador
Trade, Sala 2014,
Caminho Das
Árvores 41820-
020 Salvador
Brazil
776
100.00%
100.00%
0.00%
Primavera Energia S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo
20220-297 Rio
de Janeiro Brazil
21,777
100.00%
100.00%
0.13%
Quatiara Energia S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297.
20220-297 Rio
de Janeiro
2,198
100.00%
100.00%
0.01%
Socibe Energia S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
11,319
100.00%
100.00%
0.04%
Usina Fotovoltaica
Arinos E 11 Ltda
Limited
Partnership
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
3,264
-
100.00%
0.02%
Usina Fotovoltaica
Arinos E 12 Ltda
Limited
Partnership
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
327
-
100.00%
0.00%
Other Corporate Regulatory Information 379
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Luca Ceci
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Mara Ayesha Lopez Berrios
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jayme Barg
Camilo Rebollo Couto
Jayme Barg
Production and sale of electricity from renewable sources
Jayme Barg
Camilo Rebollo Couto
Jayme Barg
Production and sale of electricity from renewable sources
Jayme Barg
Camilo Rebollo Couto
Jayme Barg
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Fabio Destefani Campos
380
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Usina Fotovoltaica
Arinos E 13 Ltda
Limited
Partnership
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
327
-
100.00%
0.00%
Usina Fotovoltaica
Arinos E 14 Ltda
Limited
Partnership
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
327
-
100.00%
0.00%
Usina Fotovoltaica
Arinos E 15 Ltda
Limited
Partnership
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
327
-
100.00%
0.00%
Usina Fotovoltaica
Arinos E 16 Ltda
Limited
Partnership
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
327
-
100.00%
0.00%
Usina Fotovoltaica
Arinos E 17 Ltda
Limited
Partnership
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
327
-
100.00%
0.00%
Usina Fotovoltaica
Arinos E 21 Ltda
Limited
Partnership
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
327
-
100.00%
0.00%
Other Corporate Regulatory Information 381
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Fabio Destefani Campos
382
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Usina Fotovoltaica
Arinos E 22 Ltda
Limited
Partnership
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
327
-
100.00%
0.00%
Usina Fotovoltaica
Arinos E 23 Ltda
Limited
Partnership
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
327
-
100.00%
0.00%
Usina Fotovoltaica
Arinos E 24 Ltda
Limited
Partnership
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
327
-
100.00%
0.00%
EGP São Cirilo 1 S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
-
-
100.00%
0.00%
EGP São Cirilo 2 S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
-
-
100.00%
0.00%
EGP São Cirilo 3 S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
-
-
100.00%
0.00%
Other Corporate Regulatory Information 383
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Fabio Destefani Campos
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Fabio Destefani Campos
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
384
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
EGP Morro Norte 01
S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
-
-
100.00%
0.00%
EGP Morro Norte 02
S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
-
-
100.00%
0.00%
EGP Morro Norte 03
S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
-
-
100.00%
0.00%
EGP Morro Norte 04
S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
-
-
100.00%
0.00%
Ventos de São Cirilo
Energías Renovables
S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
-
-
100.00%
0.00%
Ventos de São Mario
Energías Renovables
S.A.
Closed
Corporation
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
-
-
100.00%
0.00%
Usina Eólica Pedra
Pintada A Ltda.
Limited
Partnership
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
-
-
100.00%
0.00%
Other Corporate Regulatory Information 385
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
386
Integrated Annual Report Enel Américas 2022
Company Name
Legal status
Domicile
Capital
subscribed and
paid (1) in US$
thousands
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2021 (2)
% of Enel
Américas'
stake in the
subsidiary as of
12.31.2022 (2)
% representing
this investment
on the individual
assets of the
Parent Company
Usina Eólica Pedra
Pintada B Ltda.
Limited
Partnership
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
-
-
100.00%
0.00%
Usina Eólica Pedra
Pintada C Ltda.
Limited
Partnership
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
-
-
100.00%
0.00%
Usina Eólica Pedra
Pintada D Ltda.
Limited
Partnership
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 601, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro - RJ,
CEP: 20220-297
Rio de Janeiro
Brazil
-
-
100.00%
0.00%
Ventos de Santa Angela
Energias Renováveis
S.A.
Closed
Corporation
Rio de Janeiro
Avenida
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo, Rio
de Janeiro – RJ
20220-297 Rio
de Janeiro Brazil
990
100.00%
100.00%
0.00%
Ventos de Santa
Esperança Energias
Renováveis S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo
20220-297 Rio
de Janeiro Brazil
422
100.00%
100.00%
0.00%
Ventos de Santo
Orestes Energias
Renováveis S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo
20220-297 Rio
de Janeiro Brazil
286
100.00%
100.00%
0.00%
Ventos de São Roque
Energias Renováveis
S.A.
Closed
Corporation
Rio de Janeiro
Avenida Oscar
Niemeyer, nº
2000, Bloco 01,
Sala 501, parte,
Aqwa Corporate,
Santo Cristo
20220-297 Rio
de Janeiro Brazil
1,894
100.00%
100.00%
0.00%
Other Corporate Regulatory Information 387
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Summarized corporate purpose
Directors
CEO/
Legal representative
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Camilo Rebollo Couto
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Luca Ceci
Jean Philippe Salvatore
Bellavia
Production and sale of electricity from renewable sources
Jean Philippe Salvatore
Bellavia
Mara Ayesha Lopez Berrios
Camilo Rebollo Couto
Luca Ceci
Jean Philippe Salvatore
Bellavia
388
Integrated Annual Report Enel Américas 2022
Risk factors
Significant risks related to Enel Américas’ business
The Company’s business is highly
dependent on hydrological conditions
and can be affected by droughts, floods,
storms, ocean currents and other
chronic changes in weather conditions
due to climate change.
Climate change is a major global challenge that exposes Enel
Américas’ businesses to a series of medium and long-term
risks. The generation business was in the past adversely
affected and could be adversely affected again in the future
by arid hydrological conditions, which harmed and could
harm again its ability to dispatch power from hydroelectric
generation facilities. Hydrological conditions in the region
have often been affected by two climatic phenomena, El
Niño, and La Niña, that affect rainfall and cause droughts
or floods, depending on the region affected. El Niño has
affected Colombian hydrological conditions in the past,
causing a deficit of rainfall and elevated temperatures during
that period and, as a consequence, higher energy prices in
some years, and rains of unusual intensity, floods and floods
that damaged hydroelectric stations in other years. Each
change in ocean currents is different and, depending on
its intensity and duration, the magnitude of the social and
economic impacts could be considerable.
The distribution business is also affected by inclement
weather. With extreme temperatures, the demand for
electricity can increase significantly in a short period,
affecting the service and causing service outages that have
and could in the future lead to fines for the distribution
business. Furthermore, with increased severity and frequency
of extreme weather events, such as cyclones and floods,
heavy rain or snowfall can occur in a brief period of time,
accompanied by windstorms and lightning. These events can
damage power distribution infrastructure and cause service
outages. As a result, depending on weather conditions,
the results obtained by the distribution business can vary
significantly from year to year.
Operating expenses also increase during these periods of
drought when thermoelectric plants are more frequently
used, and their operating costs are higher compared to
those of hydroelectric plants to compensate for the shortfall
in electricity generation from the reduction in hydroelectric
generation. Furthermore, thermal power plants generate
greenhouse gas (GHG) emissions. Electricity purchases may
have to be made on the market at higher prices to meet the
supplies to which the Company is contractually bound. Apart
from increasing operating costs, the cost of purchasing
electricity under these conditions has been and could be
higher in the future than the price at which the contracted
electricity should be sold, leading to losses under these
contracts.
Droughts also indirectly affect the performance of thermal
power plants, mainly facilities that use natural gas, diesel,
or coal. Thermal power plants require water for cooling, and
extreme drought reduces water availability and increases
transportation costs. Therefore, water has had to be
purchased from agricultural areas that also suffer from water
shortages to operate thermal power plants. These water
purchases have and can continue to increase operating
costs and would require negotiations with local communities.
If such negotiations are unsuccessful, the Company could
be unable to obtain the water needed to operate the thermal
power plants.
It could take a long time for current or future drought
conditions and their effects on the regions where most
hydropower plants are located to recover, and there can be
no guarantee that any recovery in hydrological conditions will
happen under pre-drought terms or that any recovery will
occur at all. Climate change may increase the likelihood of
prolonged droughts aggravating the risks described above,
which would have an additional adverse effect on business,
operating results, and financial condition.
The non-conventional renewable energy
business is also subject to potential
physical, operational, and financial risks in
relation to the effects of climate change.
The electricity generated by solar and wind generation
facilities is highly dependent on climate-related factors
that go beyond hydrology, including suitable solar and
wind conditions, which, even under normal operating
circumstances, can be highly variable. Climate change can
also have long-term effects on wind patterns and the amount
of solar energy received at any given solar facility, reducing
the production of electricity generated by these facilities.
Although the foundations of business decisions for each
renewable energy installation are solar and wind studies, real
conditions may not fit the conclusions of these studies. Solar
and wind conditions can be adversely affected by changes in
weather patterns, including the potential impact of climate
change.
Other Corporate Regulatory Information 389
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
If renewable energy production falls below forecast levels,
electricity would have to be dispatched from backup power
plants to make up for the shortfall in electricity generation.
Thermal power plants have higher operating costs than
renewable energy facilities and generate greenhouse gas
(GHG) emissions. Furthermore, in the past electricity had to
be purchased and it is possible it will have to be purchased
in the future in the spot market to meet the contractual
obligations of supply of solar and wind generation facilities,
which could be at prices higher than the contracted electricity
sale prices, which, in turn, could generate losses under the
terms of these contracts. These impacts have and could in the
future increase costs or lead to losses and have a significantly
adverse effect on the business, operating results, and financial
condition.
The Company depends on the delivery by
subsidiaries to meet payment obligations
To meet payment obligations, the Company relies on cash
distributions in the form of dividends, loans, interest payments,
capital reductions and other distributions from subsidiaries.
Such payments and distributions are subject to legal limitations,
such as restrictions on dividends, fiduciary duties, contractual
limitations, and exchange controls imposed by local authorities.
Historically, cash flows from subsidiaries have not always
been accessible due to government regulations, strategic
considerations, economic conditions, and credit constraints.
In the future, it is likely that the Company will not always be
able to rely on cash flows from operations in those entities
to repay debt.
Dividend limits and other legal restrictions Some of the
subsidiaries are subject to reserve requirements and other
restrictions on dividend payments. Other legal restrictions,
such as currency controls, may limit the ability of subsidiaries
and related companies to pay dividends and amortize credits
or other payments. Furthermore, the ability of any non-
proprietary affiliate to deliver cash payments may be limited
by the fiduciary duties of the directors of such subsidiaries to
minority shareholders. Moreover, some of the subsidiaries may
be forced by local authorities, in accordance with applicable
regulations, to reduce or eliminate dividend payments. As
a result of such restrictions, subsidiaries may, in certain
circumstances, be prevented from delivering cash.
Restrictions on dividend distribution included in some credit
agreements of Brazilian subsidiaries may prevent dividend
payments or other distributions to shareholders if they are
in default for certain financial reasons.
Operating results of subsidiaries The ability of subsidiaries
to pay dividends, repay loans or make other distributions is
limited by the results of their operations. To the extent that
the cash requirements of any of the subsidiaries exceed
their available cash, resources will not be available from
that subsidiary. The insufficiency of the cash flows of the
subsidiaries could prevent complying with debt obligations
and raise the need to request exemptions to meet some
debt agreements. To some extent, these subsidiaries may
require guarantees or other emergency measures from the
Company as shareholders, especially those located in Brazil
and Argentina.
The currency of any dividend paid by subsidiaries is subject
to depreciation linked to the U.S. dollar, the Company’s
functional currency, which could have a negative impact
on the ability to pay dividends to shareholders. The inability
to obtain distributions from the subsidiaries described above
could have a negative impact on the business, operating
results, and financial condition.
The construction and operation of power plants could
suffer significant delays or come to a standstill and lead
to cost overruns or opposition from relevant players that
could damage the Company’s reputation and make it lose
its credibility.
Power plant projects may suffer delays
in obtaining permits from regulators, or
face shortages of equipment, materials,
or labor, or increase in prices thereof, and
be subject to construction delays, strikes,
accidents or human error. Any of these
events could adversely affect operating
results and financial condition.
Market conditions at the time of the initial approval of
projects may be completely different from those prevailing
at the time of project completion, so that in some cases
such projects may be commercially unviable. Deviations
from market conditions, including the projection of timing
and the estimation of expenses related to these projects,
could lead to cost overruns and lead times much longer than
the ones originally estimated, which, in turn, could have a
material negative effect on the business, operating results
and financial condition.
New projects may be developed in places with difficult
topography, such as mountain slopes, high altitudes, or other
areas of limited access. Furthermore, given the location of
some projects, there may be additional risks inherent to
archaeological heritage sites. These factors can also lead
to significant delays and cost overruns.
The operation of thermal power plants, especially coal,
can also affect the reputation with relevant players due to
greenhouse gas emissions that could adversely affect the
environment and local residents. Furthermore, communities
390
Integrated Annual Report Enel Américas 2022
may have their own interests and a different perception of
the Company and may be under the influence of other
stakeholders or motivations outside the project. Therefore,
if the Company does not engage with relevant stakeholders,
it could face their opposition, which could, in turn, adversely
affect reputation, have an impact on operations or lead to
threats of lawsuits or legal action.
Reputation is the basis of the relationship with key
stakeholders and other interested parties. Any reputational
damage could put considerable pressure on regulatory
authorities, creditors, and others, eventually leading to
abandoning projects and operations, causing the share price
to fall, and compromising the ability to attract and retain
valuable employees. Any of the above situations could lead
to a loss of commercial surplus value in the eyes of relevant
players. If these sensitive issues are not effectively managed,
they could adversely affect the business’s operating results
and financial condition.
Long-term electricity supply contracts are
subject to fluctuations in market prices of
certain commodities, energy-related, and
other factors.
The Company is exposed to fluctuations in the market prices
of certain commodities due to signed long-term electricity
sales contracts. Generation subsidiaries are subject to
significant obligations under these contracts, which contain
prices that are indexed to the price of different commodities,
exchange rates and inflation, and to the market price of
electricity. Any adverse change in these indices could
reduce the tariffs applied under these contracts, which
could adversely affect the business, its operating results
and financial condition.
The Company is subject to growing risks
in increasingly liberalized distribution
markets.
In some countries, customers in the distribution business
who meet minimum and peak demand requirements are free
to choose between regulated and non-regulated tariffs. This
can adversely affect operating income because currently
unregulated tariffs are at lower prices. In some cases,
customers may choose an alternative energy supplier, which
could adversely affect the business, its operating results and
financial condition.
If electricity transmission facilities, or
pipeline infrastructure belonging to
third parties or fuel supply contracts do
not provide adequate service, it may be
impossible to deliver the energy sold to
final customers.
The Company relies on transmission owned and
operated by other unrelated companies to deliver the
energy sold. This dependency exposes the Company
to various risks. If transmission is interrupted or if
transmission capacity becomes insufficient, it could
be impossible to sell and deliver electricity, especially
electricity generated by solar and wind power plants,
which requires more flexibility. If the power transmission
infrastructure in a region is inadequate, recovery of selling
costs and profits could prove insufficient. If a restrictive
rule governing transmission pricing is imposed, the
transmission companies relied upon may lack sufficient
incentives to invest in the expansion of their transmission
infrastructure, which could adversely affect operations
and financial results or affect the ability to implement the
pipeline of projects under development. The construction
of new transmission lines could take longer than in
the past, mainly due to new social and environmental
requirements that create uncertainty regarding project
execution timelines. Additionally, in some of the countries
in which we operate, the increase in renewable energy
projects is creating congestion in current transmission
systems, since these projects can be built in a relatively
short time, while the construction of new transmission
projects can take much longer. In Argentina, for example,
the lack of investment in transmission lines will reduce
incentives to develop NCRE projects.
In recent years, the Peruvian system has faced a shortage of
gas and energy due to the lack of sufficient capacity in the
current gas pipelines and transmission lines, respectively,
which has led to higher spot prices. Thermoelectric
generation facilities also buy gas, coal, diesel, and other fuels
to produce electricity, depending on the technology they
use. Any breach of contract or supply shortage may prevent
facilities from producing electricity in a timely manner.
Other Corporate Regulatory Information 391
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Labor disputes, inability to reach
satisfactory collective bargaining
agreements with unionized employees,
or inability to attract, train, and retain key
employees could adversely affect business,
operating results, financial condition, and
reputation.
The business depends on attracting and retaining
many highly skilled employees, and a large percentage
of employees are union members and have collective
bargaining agreements that must be renovated on a regular
basis. The business, financial condition and operating results
could be adversely affected if no agreement is reached with
any of the unions representing such employees, or if any
collective bargaining agreement entered into stipulates
conditions deemed unfavorable. The laws of several of the
countries in which the Company operates establish legal
mechanisms for courts to impose negotiation agreements
if the parties are unable to reach an agreement. Certain
actions such as strikes, walk-outs, or work stoppages by
these unionized employees could adversely affect business,
operating results, financial condition, and reputation.
Furthermore, there could be a shortage of qualified key staff,
which can reduce headcount of employees more than the
ability to hire new employees to fill key positions. There
can be no guarantee that key personnel can be attracted,
trained, or retained or that it can be done without a high
cost or a prolonged delay.
Adequate acquisitions may not be possible,
or the businesses that are acquired may not
be successfully integrated
Mergers are carried out on an ongoing basis and acquisition
prospects are reviewed to expand operations, which may
increase market coverage or provide synergies with existing
businesses. However, there can be no guarantee that it will
be possible to identify and acquire suitable companies
in the future. Acquiring and integrating independent,
uncontrolled companies can be a complicated, costly, and
time-consuming process that can strain resources and
relationships with employees and customers.
These mergers and acquisitions may ultimately fail or
not bring the expected benefits, and may face delays or
difficulties in integrating their operations due to a number
of factors, including:
• Inconsistencies in rules, controls, procedures and policies,
company cultures and remuneration structures.
• Difficulties in integrating various business-specific
operating procedures and systems, as well as financial,
accounting, information, and other systems.
• Complications in retaining key employees, customers,
and suppliers.
• Unexpected transaction costs or failures in value
assessment or proper projection of potential benefits
and synergies; and
• Distraction of managers from their other responsibilities.
Any of these risks arising in the integration process could
adversely affect revenues, expenses, operating results, and
financial condition.
Disruption or failure of information
technology systems and communications
systems or external attacks or invasions
of these systems could have an adverse
effect on operations, results, and financial
condition.
The industry requires the constant operation of
sophisticated information, control, and communication
technologies (IT systems) and network infrastructure.
Likewise, the Company’s IT Systems and related
infrastructure are used to create, collect, use, disclose,
store, dispose of or process sensitive information, including
company data, customer data and personal information
about customers, employees and their dependents,
contractors, shareholders, and other natural persons.
IT systems are critical to controlling and monitoring
power plant operations, maintaining generation and grid
performance, monitoring smart grids, managing billing
processes and customer service platforms, achieving
operational efficiency, and meeting service objectives and
standards in the generation and distribution businesses.
The operation of the generation system depends not only
on the physical interconnection of the facilities with the
infrastructure of the electricity networks, but also on the
communication between the various parts connected
to this network. The reliance on IT systems to manage
information and communications between these parties
392
Integrated Annual Report Enel Américas 2022
has increased significantly since the introduction of smart
meters and grids in Brazil and Colombia.
Generation and distribution facilities, IT systems and
other infrastructure, as well as information processed in
IT systems, could be affected by cybersecurity incidents,
including those due to human failure. Cybersecurity
incidents have evolved dramatically in recent years, and
the number of incidents and their degree of impact have
increased exponentially, making it progressively more
difficult to identify their origin in a timely manner. The
industry has begun to witness an increase in the volume
and sophistication of cybersecurity-related incidents
caused by international activist organizations, states,
and individuals, which are part of the emerging risks
identified in the planning process. Cybersecurity incidents
could harm businesses, limiting generation capabilities,
causing delays in the development and construction of
new facilities or capital improvement projects at existing
facilities, disrupting customer operations, or resulting in
exposure to various events that could increase exposure
to liability. Generation and distribution systems are part of
an interconnected system. Given the role of electricity as a
vital resource in modern society, widespread or prolonged
disruption caused by the impacts of a cybersecurity
incident on the electricity transmission grid, network
infrastructure, fuel sources or the operations of third-
party service providers could have broad socio-economic
impacts on households, businesses, and vital institutions,
which could also adversely affect the business.
The business must collect and retain personally identifiable
information from customers, employees, and shareholders,
who expect that the privacy of such information be
adequately protected. Cybersecurity breaches could
expose the Company to the risk of loss or misuse of
confidential and privileged information. A significant
theft, loss or misuse of information, or the unauthorized
disclosure of personal or sensitive data, could be very
costly in terms of notifying and protecting affected
individuals. This could lead to Enel Américas being subject
to significant claims, costs, liabilities, fines, and penalties,
any of which could affect the operating results as well
as reputation, in a very negative way. Furthermore, the
Company may be forced to incur significant costs related
to government actions in response to such attacks or to
strengthen information systems and electronic controls.
The threat of cyber-attacks is dynamic and constantly
evolving. They are also becoming increasingly sophisticated
and of a greater magnitude and frequency. There are no
guarantees that adequate preventative measures can be
implemented or that it will be possible to accurately assess
the likelihood of a cyber incident. The potential impact
of cybersecurity incidents on business and reputation
cannot be quantified. These latent cybersecurity incidents
and related regulatory actions could lead to a significant
reduction in revenue and significant additional costs,
including penalties, third-party claims, repair costs,
additional insurance expenses, judicial, notification and
remedial costs, security, and regulatory compliance costs.
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Significant risks related to regulatory issues
Government regulations could affect
the business, cause delays, impede
the development of new projects, or
increase operating costs and capital
investments.
Electricity businesses are subject to extensive regulations,
inspections, and audits. The tariffs charged to customers
are the result of a rate-setting process defined by
regulators, which can harm profitability. The business
is also exposed to governmental decision regarding
significant rationing policies during droughts or prolonged
power outages, or regulatory changes that may adversely
affect future operations and profitability.
Electricity regulations issued by government authorities in
the countries in which the Company operates may affect
generation companies’ ability to raise sufficient revenue
to offset operating costs, which could adversely affect
the activity, operating results, and financial situation.
Government authorities may also delay the process
of reviewing distribution tariffs, or tariff adjustments
established by regulatory authorities may prove
insufficient to pass costs on to customers.
Operating subsidiaries are also subject to environmental
standards which, inter alia, require environmental impact
studies for future projects and construction and operating
permits from local and national audit bodies. Government
authorities may deny or delay the approval of these
permits until after the completion of environmental
impact studies, sometimes unexpectedly. Environmental
standards regarding existing and future generation
capacity have become stricter and require greater capital
investments. Any delay in meeting the required emission
standards may constitute a violation of environmental
standards. Failure to certify the original application and
emission standard requirements at any given time for
such monitoring systems may lead to heavy penalties and
lawsuits for damages. More restrictive emission limits are
expected to be established in the future.
Proposed changes to the regulatory framework are often
submitted to legislators and administrative authorities
for consideration, and some of these changes, if
implemented, could have a significantly adverse effect
on business, operating results, and financial condition.
Business and profitability could be
adversely affected if water rights are
denied or if water concessions are
granted for a limited period of time, or if
the cost of such rights increases.
Each country’s water authorities grant water rights for
the water supply from rivers, lakes and reservoirs near the
generating facilities based on specific criteria. The terms
differ from country to country, ranging from 25 years to
an indefinite period.
• In Argentina, hydroelectric generators with a generating
capacity greater than 500 kW must obtain a concession
to use public water sources for a fixed or indefinite
period.
• In Brazil, hydroelectric plants with an installed capacity
of more than 50 MW must obtain a water rights
concession for a period of up to 35 years.
• In Costa Rica, all hydroelectric plants require a
concession from government authority for a maximum
of 25 years, which can be revoked if the plant is not
operational within five years, extendable once up to
one year.
• In Guatemala, concessions are required for all
hydroelectric plants with an installed capacity greater
than 5 MW and can be granted for a maximum of 50
years.
• In Colombia, water rights and water concessions are
granted for different periods for each of the plants, in
some cases for up to 50 years.
• In Panama, all hydroelectric generators must obtain a
concession, which can be granted for a maximum of
50 years and renewed for another 50 years.
• In Peru, concessions are granted for indefinite periods,
but can be revoked due to shortages or decreased
quality of service.
Government authorities may revoke water rights that have
been granted for a variety of reasons, including failure
to start operations within a certain period, declining
or progressively depleting water, non-compliance with
environmental standards, and declining quality of service,
among others.
Other Corporate Regulatory Information 395
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Any revocation or limitation imposed on current water
rights, the granting of additional water rights, the duration
of water concessions or an increase in the cost of water
rights could have an adverse effect on hydropower
development projects and profitability.
The Company is subject to potential
business and financial risks arising
from climate change legislation and
regulations aimed at limiting GHG
emissions.
Future climate change legislation and regulations that
restrict or regulate GHG emissions could increase
operating costs and have a material adverse effect on
the business, operating results, and financial condition.
The adoption and implementation of any international
treaty, legislation or regulation that imposes new or
additional reporting obligations or limits GHG emissions
from operations could require Enel Américas to incur
additional costs to comply with such requirements and
possibly require that GHG emissions associated with
the operations be limited. These stricter compliance
standards, such as net-zero emissions, may require higher
levels of investment in new, more efficient technologies.
Failure to control or delay adopting modern technologies
could compromise the ability to adapt to climate change
and involve additional costs to operate and maintain
equipment and facilities, install emission controls, or pay
taxes and fees related to GHG emissions, which could
have a material adverse effect on the business, operating
results, and financial position.
Enel Américas has experienced and may
experience in the future an increased
interest in environmental, sustainability
and governance (“ESG”) practices
and commitments from stakeholders,
investors, and regulatory bodies. Failure
to disclose, comply with, or address ESG
practices or commitments could adversely
affect reputation, investment in common
stock, or access to capital markets.
The goal is to reduce carbon emissions from power
generation facilities to achieve net zero CO2 emissions by
2040. The financial and operational viability of taking more
aggressive measures to further reduce GHG emissions
continues to be monitored. The plan to replace fossil fuel
generation with zero-carbon renewable generation will
contribute to the achievement of the objectives related to
the reduction of CO2 emissions. However, the ability to meet
these objectives depends on many external factors, including
developing relevant energy technologies and the ability to
pull through the capital investment plan. These efforts could
affect the way electricity generating units are operated and
lead to increased competition and regulation, all of which
could have a material adverse effect on operations and
financial condition.
The ability to successfully implement the strategic plan,
including transitioning generation facilities and achieving
CO2 emission reduction targets, may affect the views
and actions of customers, investors, policymakers, and
regulators. If they have or develop a negative opinion of
the Company due to increasing scrutiny of ESG practices or
failure to comply with announced ESG commitments. This
could lead to increased costs associated with regulatory
oversight and could make it difficult for companies to reach
regulatory agreements. Increased focus and activism related
to ESG and similar issues can make it difficult to access
capital, as investors may decide to reallocate capital or
not commit capital as a result of their assessment of ESG
practices. Any of these consequences could adversely affect
reputation, investment in securities or access to capital
markets and negatively impact operating results, financial
position, and liquidity.
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Some South American countries have
historically been characterized by
frequent, and occasionally drastic,
interventionist economic measures
imposed by governments, including
expropriations, which can adversely
affect the Company’s business and
financial results.
Governments have modified monetary, credit, tariff,
tax, and other policies to influence the direction of
South American economies, including the countries
in which Enel América operates. Although there are
no electrical operations in Chile, Enel Américas is a
company incorporated under the laws of the Republic
of Chile and is subject to changes in Chilean tax, labor, and
monetary laws, among others. For example, in July 2022,
the government of President Gabriel Boric sent to the
Chilean Congress a tax reform project to modify income
and value-added taxes, reduce tax exemptions and
evasion, and introduce new taxes on wealth and mining.
The reforms are still being discussed in the Chilean
Congress. Government actions in the countries in which
Enel Américas operates have also included wage, price
and tariff controls and other interventionist measures,
such as expropriations or nationalizations.
If certain minimum service and technical standards are not
met, concessions could be forfeited. In some concession
areas, such as Buenos Aires and Rio de Janeiro, it may be
particularly difficult to meet some minimum standards,
which, if not met, would authorize local electricity
regulators to revoke concessions and reallocate them
to competitors. If this situation occurs, it could lead to a
default or a material adverse event in relation to some of
the subsidiaries’ debt obligations, which could trigger an
acceleration of payments, cross-defaults, bankruptcies,
or insolvency proceedings.
Inflation, changes in interest rates, devaluation, social
instability and other political, economic, or diplomatic
developments, including the response of governments
in the region to these circumstances, could also reduce
profitability. Changes in government and monetary
policies regarding tariffs, exchange controls, regulations,
and taxation could reduce profitability. These changes are
likely to happen in Argentina, Brazil, Colombia, and Peru,
where leftist governments are likely to implement agendas
focused primarily on popular social security programs
and tax and pension reforms. Changes in these policies
may cause uncertainty about the political and business
Significant risks related to Latin America and other risks
on a global scale
climate in the countries in which the Company operates,
as these reforms could lead to higher-than-expected
levels of inflation, unemployment, higher corporate
taxes, and financial constraints on small and medium-
sized enterprises any of which could adversely affect the
business, operating results, and financial condition.
Economic fluctuations, political
instability and corruption scandals in
Latin America and other regions of
the world can affect operating results,
financial condition, liquidity, and the
value of securities.
All operations are located in Latin America. As a result,
consolidated revenues may be affected by developments
in the regional economy in Latin America and globally.
If local, regional, or global economic trends adversely
affect the economy of any of the countries in which the
Company operates, consumer demand for electricity
is likely to decline and some customers are likely to
face difficulties in paying their electricity bills, possibly
increasing uncollectible accounts which could adversely
affect the operating results and financial position.
Challenges arising from changes in economic conditions,
regulatory policies, laws governing foreign trade,
manufacturing, development and investment, and various
crises around the world, either individually or together,
could severely affect the economies of the countries in
which the Company operates and the business, operating
results, and financial condition. For example, the armed
conflict between Russia and Ukraine has increased
volatility in financial markets around the world. Global
inflation and higher interest rates increase operating and
financing costs, which negatively affect financial results.
Furthermore, instability in the Middle East or any other
major oil-producing region could lead to higher fuel prices
worldwide, increasing the operating costs of thermal
power plants and adversely affecting operating results
and financial situation. An environment where there are
higher interest rates or an international financial crisis
emerges with destabilizing effects on the financial sector
could adversely affect the value of securities, the ability to
access capital markets and the ability to obtain new bank
financing on the same historical terms and conditions
from which the Company has benefited to date.
The Company operates in more volatile countries that
have occasionally experienced political instability due,
among other things, to corruption scandals involving
Other Corporate Regulatory Information 397
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several senior government officials. Political events or
financial and other crises could also diminish the ability
to access local and international capital markets as
sources of liquidity or increase the interest rates available
to us. Reduced liquidity could adversely affect capital
expenditures, long-term investments and acquisitions,
growth prospects and dividend distribution policy.
Although there are no operations in Chile, the
administration and headquarters are located in Santiago,
Chile and the common shares are listed on the Chilean
stock exchanges. Following widespread protests and
social unrest across Chile in October 2019, the Chilean
government introduced several social reforms and
implemented a constitutional convention process to
draft a new Chilean constitution to replace the current
1980 constitution. A September 2022 national referendum
rejected the proposed new constitution by 62% of the
popular vote, leaving the current constitution in place.
However, widespread political support for a second
constitutional process remains and discussions continue
on how to proceed with a new constitutional reform. Any
new constitution could alter the Chilean political situation,
affect the Chilean economy, its business prospects,
change existing rights, including rights to exploit natural
resources, and water and property rights, any of which
could harm the business, operating results, and financial
situation.
There can be no guarantee that these reforms and
proposals or a new constitution will resolve social and
economic concerns or that mass protests or civil unrest
will not resume. The long-term effects of this social
unrest are difficult to predict, but could include slower
economic growth, which could adversely affect the
business, operating results, financial condition, and the
value of securities.
Any adverse events occurring in the countries in which
the Company operates, including political events, financial
or other crises, changes in foreign exchange control
policies, regulations, and taxes, may impair the ability to
execute the business plan and could adversely affect the
business plan, Operating results, and financial position.
Inflation, devaluation, social instability and other political,
economic, financial, or diplomatic developments could
also reduce profitability or could adversely affect the value
of securities.
A further deterioration of the economic
situation in Argentina or a deeper
devaluation of the Argentine peso could
have a negative effect on operations and
profitability.
Since July 2018, Argentina has been considered a
hyperinflationary economy according to IFRS. In
retrospect the amounts related to Argentine subsidiaries,
a general price index was used in the Consolidated
Financial Statements to reflect changes in the
purchasing power of the Argentine peso, in accordance
with the provisions of IAS 29 “Financial reporting in
hyperinflationary economies”. Non-cash assets and
liabilities were adjusted as of February 2003, the last date
on which inflation adjustment was applied for accounting
purposes in Argentine subsidiaries. The Consolidated
Financial Statements have not been amended to reflect
gains from the indexation of the non-cash assets and
liabilities of Argentine subsidiaries prior to January 1,
2018. This monetary gain up to the date indicated was
recognized as an adjustment to retained earnings as of
January 1, 2018 (see Note 2.9 of the Consolidated Financial
Statements).
In 2022, the Argentine peso experienced a devaluation
against the US dollar of 42% respectively. A further
deterioration in the Argentine economy, together with
a persistent devaluation of the Argentine peso against
the US dollar, driven by hyperinflation, or the initial freeze
and subsequent reduction of electricity distribution rates,
could negatively affect operating results and financial
condition.
The Company may be subject to the
effects of the armed conflict between
Russia and Ukraine.
As long as the armed conflict between Russia and
Ukraine, which began in February 2022, continues,
global markets will operate in a period of economic
uncertainty, volatility, and disruption. The armed conflict
and economic sanctions imposed on Russia and certain
Russian citizens and companies could have a negative
effect on the global economy that are unpredictable.
Although there are no direct business transactions with
suppliers, customers or lenders from Russia or Ukraine,
the Company, operating results, and financial condition
may be affected by (i) limited access to financial markets;
(ii) potential disruptions to the global supply chain; and (iii)
an increase in inflationary pressures in the countries in
which it operates, which could increase the fees charged
to customers.
The Company is subject to the negative
effects of global pandemics.
In response to the 2020 Covid-19 pandemic, the
governments of all countries in which the Company
operates declared a state of emergency, introduced
night curfews, mandatory quarantines in affected areas,
entry, exit and mobility controls within specified zones,
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the prohibition of mass gatherings and the closure of
schools, among other measures. The private sector in
the countries in which we operate adopts voluntarily or
forced, such as teleworking whenever possible and closing
commercial offices.
All of these measures, as well as other government
restrictions, temporarily disrupted business and
operations, decreased demand for electricity, destabilized
financial markets, negatively affected the global supply
chain, and compromised the ability to generate revenue.
These disruptions significantly affected 2020 results.
In 2021 and 2022, governments eased many of the
restrictions, which led to an increased electricity demand
and positively impacting net revenues in those years.
The recent emergence of new variants of Covid-19 and
rising infection rates may lead to the reinstatement of
government and private sector measures in response. If
there is an upsurge in the Covid-19 pandemic or similar
outbreaks in the future, the business, operating results,
and financial situation may be adversely affected.
Currency risks could adversely affect
the results.
Although Enel Américas’ functional currency is the U.S.
dollar, most subsidiaries generate revenues in other
currencies, such as Argentine pesos, Brazilian reals,
Colombian pesos, Costa Rican colons, Guatemalan
quetzals, and Peruvian soles. In general, local currency
fluctuations against the US dollar have been and will
continue to be highly exposed to currency fluctuations
against the US dollar, due to time lags and other
constraints in tying tariffs to the US dollar. This exposure
can substantially decrease the value of cash generated
by subsidiaries when converted into U.S. dollars if local
currencies experience a devaluation against the latter. For
example, in 2022 the Colombian peso was devalued by
approximately 17% against the US dollar. Future volatility
in the exchange rate of the currency in which revenues
are received or expenses incurred may adversely affect
the business, operating results, and financial condition.
Other Corporate Regulatory Information 399
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Annexes
Significant risks related to stock ownership
The controlling shareholder could exert
considerable influence on Enel Américas
and have a different strategic vision from
minority shareholders in terms of the
Company’s development.
Enel SpA, the controlling shareholder, holds a usufructuary
interest of 82.3% of the share capital at the date of this
Report. Under Law No. 18,046 (the “Chilean Public Limited
Companies Law”) Enel may determine the outcome of
almost all important matters that require a simple majority
vote of shareholders under Chilean company law, such
as the election of a majority of board members and,
subject to legal and contractual restrictions, adopting the
dividend policy, as well as all important matters requiring the
approval of two-thirds of the shareholders’ votes. Enel also
exerts considerable influence over business strategy and
operations. Enel’s interests could, in some cases, depart from
the interests of minority shareholders. Certain conflicts of
interest affecting Enel in these areas could be resolved in
a way that departs from the interests of the Company and
minority shareholders.
The relative illiquidity and volatility
of the Chilean stock markets and low
trading volumes of common shares could
adversely affect the price of common
stock.
Although the Company has no assets in Chile, the shares are
traded on the Chilean stock exchanges because they are
incorporated under the laws of the Republic of Chile and
are based in Chile. Chilean stock markets are considerably
smaller and less liquid than major stock markets in the
United States or other developed countries. Following
Enel’s takeover bid for the shares in 2021, the number of
public ordinary outstanding shares declined and led to
lower liquidity and a less active public market for ordinary
shares. Furthermore, in 2022, ADRs were removed from
the New York Stock Exchange and the ADR program was
terminated, eliminating the shares from the US market .
The lack of liquidity in the Chilean market could affect the
ability of shareholders to sell their securities on Chilean stock
exchanges in the quantities, price, and opportunity they wish.
Lawsuits brought against the Company
outside the Latin American countries in
which it operates or claims filed against
Enel Américas based on foreign legal
concepts may prove unsuccessful.
All investments are located outside the United States. All
directors and chief executives reside outside the United
States and most of the assets are also located outside the
United States. If any investor were to file a lawsuit in the
United States against the directors and officers, it might be
difficult for such investor to send such people a notification
of procedural acts within the United States or to require
that a judgment based on the liability provisions of the
U.S. federal securities laws be enforced against them in
the courts of the United States or Chile. Furthermore, it is
doubtful whether an action could be successfully brought
in Chile with respect to liability based solely on the liability
provisions of the United States federal securities laws.
A significant weakness in internal controls
over financial reporting has been identified
in the past and additional material
weaknesses or failure to maintain an
effective system of internal control over
financial reporting may occur, which could
lead to material errors in the Consolidated
Financial Statements or lead to non-
compliance with periodic reporting
obligations.
In the past, material weaknesses in internal controls over
financial reporting have been identified and remedied. If
the Company experiences additional material weaknesses
or does not maintain an effective internal control system of
financial reporting, it could (i) lead to a material error in the
financial information or financial statements that may be
impossible to prevent or detect, (ii) cause non-compliance
with the reporting obligations under applicable securities
law, or (iii) cause investors’ loss of confidence in the financial
information or financial statements, and any of these
situations could materially and adversely affect the business,
financial condition, cash flows, operating results and prices
of securities of the Company.
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General Risk Factors
The electricity business is exposed to
risks arising from extreme weather
events related to climate change, natural
disasters, catastrophic accidents and
acts of terrorism that can have an adverse
impact on operations, results, and cash
flow.
Major facilities include power plants exposed to damage
from the increased severity and frequency of extreme
weather events, such as cyclones, hurricanes, or floods, due
to climate change, natural disasters, such as earthquakes
and fires and other man-made disasters, as well as acts of
protest, vandalism, rioting and terrorism. A catastrophic
event could lead to the unavailability of assets for extended
periods, business interruptions, significant reductions in
revenue due to a lower demand, or significant additional
costs that lack coverage under loss of profits insurance
and could force the Company to incur unplanned capital
expenditures. There could be delays between a major
accident or catastrophic event and the final reimbursement
of insurance policies, which typically include a deductible
and are subject to maximum amounts per claim.
Any catastrophic alteration by natural or human action in the
electrical assets in the countries in which it operates could
cause significant adverse effects on operations, operating
results, and financial condition.
Enel Américas is subject to financing risks,
such as risks related to raising funds for
new projects and equity investments, and
risks related to debt refinancing.
As of December 31, 2022, the Company’s consolidated
debt was US$ [7.6] billion, consisting primarily of accounts
payable to related parties and financial liabilities. For
further information on related party transactions and
financial liabilities, see Notes [10 and 19] to the Notes to
the Consolidated Financial Statements, respectively.
A significant portion of financial debt is subject to (i)
financial covenants, (ii) do-and-not obligations, (iii) defaults,
(iv) mandatory advance payments for breach of contract,
(v) change of control clauses in the event of significant
mergers and divestitures, (vi) agreements on bankruptcy and
insolvency proceedings, and (vii) cross-default provisions,
which have variable definitions, criteria, materiality thresholds
and applicability in relation to subsidiaries that could lead to
cross-compliance. Debt may also be immediately payable
in the event of bankruptcy or insolvency of a major or
significant subsidiary.
Current market conditions could prevent access to capital
markets or meet financial needs to finance new projects.
It may also not be possible to obtain the necessary funds
to complete projects under development or construction.
Likewise, it may not be possible to refinance the debt
or obtain such refinancing on terms acceptable to the
Company. In the absence of such refinancing, there could
be an obligation to liquidate assets at unfavorable prices in
order to be able to pay the debt. Moreover, the company
could be unable to sell the assets at opportune times or at
prices high enough to earn the income that would allow
such payments to be met.
The inability to finance new projects or equity investments
or to refinance existing debt could adversely affect business,
operating results, and financial condition.
Regulatory authorities could fine affiliated
entities for operational failures or
regulatory violations.
Utilities are subject to fines, penalties, administrative
sanctions in case of non-compliance with current
regulations, including power supply failures, in the countries
in which the Company operates. Generation subsidiaries
are supervised by local regulatory entities. They could be
exposed to fines, penalties, or monetary sanctions in cases
where the regulator establishes that the Company was liable
for operational failures affecting the regular supply of power
Other Corporate Regulatory Information 401
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2022
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to the system, including coordination issues. Subsidiaries
may be required to pay fines or compensate customers if
they are unable to supply electricity, even if such failures
are not within their control, or when they fail to comply
with environmental or other standards. Fines can also be
associated with non-compliance with regulations. For further
information on sanctions, see Note [36] to the Notes to the
Consolidated Financial Statements.
Enel Américas is engaged in various
litigations.
The Company participates in several contentious
proceedings, including claims and arbitrations, which could
have adverse outcomes or lead to pecuniary fines against
Enel Américas. Given the difficulty of predicting the outcome
of legal matters, there is no certainty about the most likely
outcome of these proceedings or what the potential fines
or penalties related to each litigation may be. While it is
intended to defend positions strongly, the defense of these
legal proceedings may not be successful and the response
to such claims and arbitrations may divert resources and
attention from the day-to-day operations.
The financial condition or results of operations could
be adversely affected if the Company is ruled against in
such legal proceedings. For more information on these
contentious and arbitral proceedings, see Note 34.3 to the
Consolidated Financial Statements.
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7.
Main
Indicators
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
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Indicators
Annexes
403
Main
Indicators
Legal and Regulatory Compliance Indicators.
Board Diversity Indicators.
Diversity Indicators in the Organization.
Indicators related to People and Organization.
SASB Table of Contents .
Membership in guilds, associations, and other
organizations.
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Main Indicators
Legal and Regulatory Compliance Indicators
Procedures to prevent and detect regulatory breaches
In relation to customers:
The Company has put in place a customer service process
consisting of a set of protocols and operating procedures,
whose aim is to address all customer queries, requirements,
and complaints, in a timely manner. It seeks to deliver the
same service, regardless of the contact channel, respecting
and often exceeding the provisions of Law No. 19,496 on
Consumer Rights Protection, and the equivalents in the
countries where the Company operates, to obtain a service
that exceeds expectations and improves the customer
experience. With this in view, the focus of attention is on
self-attention, as well as on executive attention with solutions
to the first contact.
In relation to its workers
The Company has procedures in place to prevent and detect
breaches in relation to labor legislation and regulations.
The Company’s internal regulations include procedures
on complaints, investigations, and sanctions of workplace
and sexual harassment, in addition to the existence of a
complaints channel available via the website, called the
Ethics Channel. Likewise, the People and Organization area
maintains periodic and constant communication with the
Legal area to analyze and learn about potential risks in this
area and determine the courses of action. At the same time,
the People and Organization area has provided training to
the Company’s workers on fundamental rights and their
promotion and prevention.
In relation to the Environment
The Company applies the most demanding environmental
standards, in accordance with the internal policies existing
on the matter. Although it does not have a specific
compliance program or model, the strategy for compliance
with environmental obligations has involved developing
environmental certification processes in generation
plants, as well as identifying and constantly updating
applicable normative-environmental standards. In this
context, the Company has created matrices associated
with environmental compliance with a specific unit that
guarantees compliance with obligations and permits, both
internally and by the companies that provide services to
Enel Américas. As a result of the foregoing, the Company
and its subsidiaries do not have enforceable sanctions from
the Public Registry of Sanctions of the SMA or fines issued
during the year 2022. Likewise, in the same period, due to
the fact that no sanctioning proceedings have been initiated
against projects under construction, operation and closure,
there are no compliance programs or repair plans presented,
approved, or executed satisfactorily.
In relation to Free Competition
The Company has put in place a compliance program
with free competition regulations, approved by the Board
of Directors, which provides internal guidelines regarding
the correct forms of prevention of dangerous or harmful
conduct for free competition. The program provides
information and education to the Company’s workers,
Enforceable sanctions
The following is the number and number of sanctions received by Enel Américas and its subsidiaries, with enforceable status
during fiscal year 2022:
Enforceable sanctions by scope
Number of Penalties
Amount in MUS$
Clients
9
2,614
Company Employees(*)
12
219
Environmental
-
-
Free competition
-
-
Criminal Liability of Legal Persons (Law No. 20,393)
-
-
Total
21
2,833
(*) The total amount and 10 of the 12 enforceable sanctions are the result of labor protection actions
Main Indicators 405
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
permitting them to detect dangerous situations in a
timely manner and, this way, stop them from happening,
configuring an active prevention program, in accordance
with the characteristics and peculiarities of the Company,
and one that is aligned with its commercial policies. The
program consists of: (A) the Free Competition Manual,
which contains a description and explanation of the free
competition regulations; B) Guide to Risks and Conduct,
which contains a list of actions that should not be carried
out, that can be carried out after consultation and that
must be carried out, depending on the area of interaction
in question (risk area); C) Consultation channel on free
competition; D) Self-certification procedure of each
management unit, which includes appointing an internal
coordinator responsible for compliance with the manual
and reporting it to the Legal area; E) Annual training
program on free competition for the Company’s workers;
F) Monitoring program on compliance with the self-
certification procedure; G) Procedure of conduct in case
of raids (Dawn Raids); and H) Internal control regarding the
figure of interlocking (simultaneous participation in relevant
executive positions or director in competing companies).
These documents are available to workers on the Company’s
Intranet services.
In relation to Compliance and Liability of
Legal Entities
The Company has enforced a crime prevention model, as
defined in Law No. 20,393 that establishes the criminal
liability of legal entities, called the Criminal Risk Prevention
Model. It is approved by Senior management and adopted
and published by the Company on its website. Similarly,
the Code of Ethics, the Criminal Risk Prevention Model,
the Enel Global Compliance Program, and the Zero
Tolerance with Corruption Plan are part of the control
environment envisaged in the Enel Group and are available
on the website.
Board Diversity Indicators
Number of people by gender
2022
Women
2
Men
5
Total
7
Number of people by age range
Women
Men
2022
Over 40 and under 50 years old
2
-
2
Over 50 and under 60 years old
-
3
3
Over 60 and under 70 years old
-
1
1
More than 70 years
-
1
1
Total
2
5
7
Number of people by seniority
Women
Men
2022
Less than 3 years
2
-
2
More than 6 and less than 9
-
4
4
More than 12 years
-
1
1
Total
2
5
7
Number of people by nationality
Women
Men
2022
Argentinean
-
1
1
Chilean
-
2
2
Colombian
-
1
1
Spanish
-
1
1
Italian
2
-
2
Total
2
5
7
406
Integrated Annual Report Enel Américas 2022
Diversity Indicators in the Organization
Nationalities
Argentina
Brazilian
Chilean
Colombian
Peruvian
Italian
Spanish
Costa Rican
Guatemalan
Panamanian
Other
Nationalities
Total
Senior
Management
2
10
1
11
2
5
1
2
1
2
2
39
Male
2
9
1
8
1
5
1
1
1
2
2
33
Female
0
1
0
3
1
0
0
1
0
0
0
6
Management
23
58
3
38
17
7
5
0
0
18
2
171
Male
15
33
2
23
13
7
4
0
0
9
2
108
Female
8
25
1
15
4
0
1
0
0
9
0
63
Headquarters
235
599
6
237
123
7
1
7
15
5
9
1,244
Male
184
431
6
158
85
6
1
6
11
4
3
895
Female
51
168
0
79
38
1
0
1
4
1
6
349
Laborer
2,043
2,159
1
0
7
2
0
0
7
10
68
4,297
Male
2,035
2,152
1
0
7
2
0
0
7
10
68
4,282
Female
8
7
0
0
0
0
0
0
0
0
0
15
Sales force
3
0
0
90
0
0
0
0
0
1
1
95
Male
2
0
0
49
0
0
0
0
0
0
1
52
Female
1
0
0
41
0
0
0
0
0
1
0
43
Office staff
839
392
5
13
94
0
0
0
0
6
7
1,356
Male
490
156
2
2
24
0
0
0
0
0
4
678
Female
349
236
3
11
70
0
0
0
0
6
3
678
Auxiliary staff
0
0
0
0
0
0
0
0
0
6
0
6
Male
0
0
0
0
0
0
0
0
0
6
0
6
Female
0
0
0
0
0
0
0
0
0
0
0
0
Other
professionals
267
2,739
30
1,592
683
5
1
20
33
24
26
5,420
Male
173
1,663
22
990
479
2
1
11
25
13
17
3,396
Female
94
1,076
8
602
204
3
0
9
8
11
9
2,024
Other
technicians
475
1,420
0
338
138
0
1
10
32
22
8
2,444
Male
461
1,318
0
292
133
0
1
10
30
19
8
2,272
Female
14
102
0
46
5
0
0
0
2
3
0
172
Total
3,887
7,377
46
2,319
1,064
26
9
39
88
94
123
15,072
Male
3,362
5,762
34
1,522
742
22
8
28
74
63
105
11,722
Female
525
1,615
12
797
322
4
1
11
14
31
18
3,350
Staff numbers by Nationality, Gender, and Job category
Main Indicators 407
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Ages
Under 30
years old
Between 30
and 40 years
old
Between 41
and 50 years
old
Between 51
and 60 years
old
Between 61
and 70 years
old
More than 70
years old
Total
Senior
Management
1
2
19
13
4
0
39
Male
0
2
15
12
4
0
33
Female
1
0
4
1
0
0
6
Management
1
20
86
53
11
0
171
Male
1
11
48
38
10
0
108
Female
0
9
38
15
1
0
63
Headquarters
14
374
585
217
54
0
1,244
Male
8
258
409
169
51
0
895
Female
6
116
176
48
3
0
349
Laborer
315
1,535
1,549
777
121
0
4,297
Male
310
1,532
1,543
776
121
0
4,282
Female
5
3
6
1
0
0
15
Sales force
6
40
34
12
3
0
95
Male
3
23
17
6
3
0
52
Female
3
17
17
6
0
0
43
Office staff
103
317
438
374
112
12
1,356
Male
43
169
192
186
76
12
678
Female
60
148
246
188
36
0
678
Auxiliary staff
1
2
2
1
0
0
6
Male
1
2
2
1
0
0
6
Female
0
0
0
0
0
0
0
Other
professionals
676
2,452
1,571
591
126
4
5,420
Male
378
1,457
1,006
443
110
2
3,396
Female
298
995
565
148
16
2
2,024
Other
technicians
167
843
760
557
117
0
2,444
Male
125
777
722
533
115
0
2,272
Female
42
66
38
24
2
0
172
Total
1,284
5,585
5,044
2,595
548
16
15,072
Male
869
4,231
3,954
2,164
490
14
11,722
Female
415
1,354
1,090
431
58
2
3,350
Staff numbers by Age, Gender, and Job Category
408
Integrated Annual Report Enel Américas 2022
Staff numbers by Time in Company, Gender, and Job Category
Time
Less than 3 years
Between 3 and 6
years
More than 6 and
Less than 9
More than 9 and
less than 12
More than 12
years
Total
Senior
Management
5
6
2
2
24
39
Male
5
5
2
2
19
33
Female
0
1
0
0
5
6
Management
15
14
14
19
109
171
Male
8
10
5
13
72
108
Female
7
4
9
6
37
63
Headquarters
119
167
113
153
692
1,244
Male
77
118
69
92
539
895
Female
42
49
44
61
153
349
Laborer
263
544
1,210
1,074
1,206
4,297
Male
258
542
1,210
1,069
1,203
4,282
Female
5
2
0
5
3
15
Sales force
28
25
6
14
22
95
Male
18
15
3
8
8
52
Female
10
10
3
6
14
43
Office staff
45
99
203
321
688
1,356
Male
22
43
116
177
320
678
Female
23
56
87
144
368
678
Auxiliary staff
2
0
2
2
0
6
Male
2
0
2
2
0
6
Female
0
0
0
0
0
0
Other
professionals
1,639
960
551
661
1,609
5,420
Male
971
589
324
400
1,112
3,396
Female
668
371
227
261
497
2,024
Other technicians
259
275
230
428
1,252
2,444
Male
224
252
217
386
1,193
2,272
Female
35
23
13
42
59
172
Total
2,375
2,090
2,331
2,674
5,602
15,072
Male
1,585
1,574
1,948
2,149
4,466
11,722
Female
790
516
383
525
1,136
3,350
Main Indicators 409
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Disability by Gender and Job category
Male
Female
Total
Senior Management
0
0
0
Management
0
0
0
Headquarters
8
5
13
Laborer
76
1
77
Sales force
0
0
0
Office staff
88
39
127
Auxiliary staff
0
0
0
Other professionals
54
29
83
Other technicians
48
4
52
Total
274
78
352
Type of
Contract
Indefinite term
Fixed Term
By work or type
Fee contract
Total
Number
%
Number
%
Number
%
Number
%
Number
%
Male
11,416
76%
306
2%
0
0
0
0
11,722
78%
Female
3,184
21%
166
1%
0
0
0
0
3,350
22%
Total
14,600
97%
472
3%
0
0.0%
0
0.0%
15,072
100%
Labor terms
Average salary per hour by job category
Consolidated
%
Senior Management
62%
Management
79%
Headquarters
91%
Laborer
76%
Sales force
90%
Office staff
81%
Auxiliary staff
-
Other professionals
87%
Other technicians
61%
Average hourly wage by Job category
Consolidated
%
Senior Management
58%
Management
82%
Headquarters
93%
Laborer
77%
Sales force
117%
Office staff
81%
Auxiliary staff
-
Other professionals
83%
Other technicians
60%
Type of
Ordinary
Partial
Adaptability
agreements (other than
teleworking)
Teleworking
Total
Contract
Number
%
Number
%
Number
%
Number
%
Number
%
Male
7,362
49%
157
1.0%
125
0.8%
4,078
27%
11,722
78%
Female
452
3%
6
0.0%
101
0.7%
2,791
19%
3,350
22%
Total
7,814
52%
163
1.1%
226
1.5%
6,869
46%
15,072
100%
Type of workday
410
Integrated Annual Report Enel Américas 2022
Percentage of use of Maternity/paternity leave
Countries
Man
Woman
Argentina
100%
100%
Brazil
100%
100%
Chile
100%
-
Colombia
100%
100%
Peru
100%
100%
Cost Rica
-
100%
Guatemala
-
100%
Panama
100%
-
Total
100%
100%
Legal maternity/paternity benefit days and additional benefits Enel Américas
Countries
Man
Woman
Legal days
Additional days
ENEL benefit
Total days of
Maternity/
paternity Leave
Legal days
Additional days
ENEL benefit
Total days of
Maternity/
paternity Leave
Argentina
10
8
18
90
90
180
Brazil
5
15
20
120
60
180
Chile
5
1
6
168
0
168
Colombia
8
3
11
90
90
180
Peru
10
10
20
98
0
98
Cost Rica
0
5
5
90
10
100
Guatemala
2
0
2
84
42
126
Panama
3
2
5
74
10
84
Average days used in Maternity/paternity Benefit by gender and by job category
Job Categories
Average days used
Man
Woman
Senior Management
-
-
Management
-
-
Headquarters
16
118
Laborer
15
-
Sales force
-
84
Office staff
13
148
Other professionals
12
115
Other technicians
16
133
Main Indicators 411
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Average training hours by gender and job category
Job Categories
Average Training Hours
Male
Female
Total
Senior Management
53
69
58
Management
49
58
54
Headquarters
62
61
62
Laborer
46
65
46
Sales force
31
44
37
Office staff
22
43
30
Auxiliary staff
41
-
41
Other professionals
55
52
54
Other technicians
66
16
58
Labor Safety Indicators
Labor Safety Indicators (*)
2022
Accident Rate
0,105
Fatality Rate
0
Occupational disease rates
0,012
Average days lost per accident
14,00
SASB Table of Contents
Enel Américas S.A. presents the disclosure of the
Sustainability Accounting Standards (SASB) Standard,
relevant to the Electric Companies and Electric Generators
industrial sector.
At a meeting held on February 27, 2023, the Company’s
Board of Directors, exercising its management powers,
compliance with section 8.2 of General Standard No. 461 of
the Financial Market Commission (FMC) and pursuant to the
indications contained in section III. 2 of the Implementation
and Supervision Guide, issued by the FMC in September
2022, ratified to report in the Enel Américas’ 2022 Integrated
Annual Report the SASB standard for Electric Companies
and Electric Generators industrial sector, pursuant to
the Sustainable Industry Classification System® (SIS ®).
Furthermore, on the same date the Board of Directors
approved the accounting parameters used in the industry,
accounting for the reasons or motives why some of them
would potentially not be disclosed in the 2022 Integrated
Annual Report.
Scope of information
The scope of the information includes all the subsidiaries
that are part of Enel Américas’ consolidation perimeter,
indicated in the subsidiaries, associates and joint ventures
section of the Other Corporate Regulatory Information
chapter of this Integrated Annual Report. Should one
of these indicators not consider any of the subsidiary
companies, it will be expressly indicated.
(*) Incorporates only personnel hired by Enel Américas
SASB - Sustainability Accounting Standards Board
412
Integrated Annual Report Enel Américas 2022
Greenhouse gas emissions and energy resources planning
Code
Accounting Parameter
Category
Unit of Measurement
Answer
IF-EU-110a.1
Scope 1 gross global emissions
Quantitative
Metric tons (t) of CO2-e
6,560,928 tCO2eq
IF-EU-110a.1
Percentage of Scope 1 gross
emissions covered by emission
limitation regulations
Quantitative
Percentage (%)
0%
IF-EU-110a.1
Percentage of Scope 1 gross
emissions covered by emission
reporting regulations
Quantitative
Percentage (%)
100%. It is considered that when having
to notify it in the Enel Americas report
and Enel SpA regulations, all emissions
must be reported
IF-EU-110a.2
Greenhouse gas (GHG) emissions
associated with energy supplies
Quantitative
Metric tons (t) of CO2-e
15,524,253 tCO2eq
IF-EU-110a.3
Analysis of the long- and short-term
strategy or plan to manage scope 1
emissions, emission reduction targets
and analysis of results against those
targets
Discussion analysis
n/a
Enel Américas has made progress in
the Group's commitment to reducing
emissions, setting carbon neutrality
by 2040. As an important part of
its agreements, the Company has
decided to sell the Fortaleza plant in
Brazil that used a fossil fuel of natural
gas. In addition, as an integral part
of the Group's strategy, it has been
decided to remodel operations,
abandoning the plants located in Enel
Perú and Enel Argentina, a process
that should be ready by 2023. In
terms of data, emissions will decrease
markedly due to the reduction of fossil
fuel-based technologies, achieving the
objectives and goals proposed in the
2023-2025 Plan.
IF-EU-110a.4
Number of customers served in
markets subject to renewable
portfolio standards (RPS)
Quantitative
Number (%)
Not Applicable, in Enel Américas
countries there are no customers
served in markets subject to renewable
portfolio standards (RPS)
IF-EU-110a.4
Percentage of compliance with the
RPS target, for each market
Quantitative
Percentage (%)
Not Applicable, in Enel Américas
countries there are no customers
served in markets subject to renewable
portfolio standards (RPS)
Air Quality
Code
Accounting Parameter
Category
Unit of Measurement
Respuesta
IF-EU-120a.1
Air emissions of the following
pollutants: (1) NOx (except N2O), (2)
SOx, (3) particulate matter (PM10), (4)
lead (Pb) and (5) mercury (Hg);
Quantitative
Metric tons
(1) NOx: 6,527.713 t
(2) SOx: 3,145.878 t
(3) PM10: 254.496 t
(4) Pb: na
(5) Hg: 0 t
note: Pb and Hg, are not relevant for
the Company.
IF-EU-120a.1
The percentage of each in or near
densely populated areas
Quantitative
Percentage (%)
1) NOx (except the N2O): 91%
2) SOx: 35%
3) particulate matter (PM10): 86%
Main Indicators 413
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Water management
Code
Accounting Parameter
Category
Unit of Measurement
Answer
IF-EU-140a.1
1) Total water extracted, (2) total water
consumed, (3) percentage of each in
regions with high or extremely high
initial water stress
Quantitative
One Thousand cubic meters
(m³), percentage (%)
(1) Total water extracted: 4,830
thousand of m3
(2) Total water consumed 3,830
thousand of m3
(3) 0%
IF-EU-140a.2
Number of non-compliance incidents
related to water quantity or quality
permits, standards, and regulations
Quantitative
Number
5
IF-EU-140a.3
Description of water management
risks and strategy analysis and
practices to mitigate them
Discussion analysis
n/a
T h e C o m p a n y h a s f o c u s e d
on developing efficient water
management to achieve the best
use of the resource. The context of
a prolonged drought has also had an
important impact on gas management,
which has become a priority lately. To
facilitate the correct identification and
management of risks and opportunities
related to climate change, a policy of
the Group, including Enel Américas
as its subsidiary, was published in
2021, outlining common guidelines
to evaluate risks and opportunities
related to climate change. The "Climate
Change Risks and Opportunities"
policy defines a shared approach to
integrating climate change and energy
transition into the Group's processes
and activities, thus informing industrial
and strategic options to enhance
business resilience and long-term
sustainable value creation, in line with
the adaptation and mitigation strategy.
Furthermore, in 2022, the Company
maintained the WAVE (Water Value
Enhancement) program, which aims to
reduce water consumption throughout
the electricity production process
and make the most of the use of the
resource in all plants. The supervision/
review of consumption is revised on a
quarterly basis.
Coal ash management
Code
Accounting Parameter
Category
Unit of Measurement
Answer
IF-EU-150a.1
Amount of waste generated by coal
combustion (RCC)
Quantitative
Metric tons
Ash generation at the Termozipa Power
Plant by 2022 = 50,572 Ton
IF-EU-150a.1
Recycled percentage
Quantitative
Percentage (%)
100%
IF-EU-150a.2
Total number of coal combustion
waste reservoirs (CCRs), broken
down by risk potential classification
and structural integrity assessment
Quantitative
Number
0 - although it does not have a
reservoir as defined by SASB, it has
a landfill according to local standards
414
Integrated Annual Report Enel Américas 2022
Energy affordability
Code
Accounting Parameter
Category
Unit of
Measurement
Answer
IF-EU-240a.1
Average retail electricity rate for (1)
residential, (2) commercial, and (3)
industrial customers
Quantitative
Velocity
Argentina [US$/MWh] : residential: 67 /
commercial: 65 / industrial: 65.Brazil [US$/
MWh] : residential: 167 / commercial: 180
/ industrial: 234.Colombia [US$/MWh] :
residential: 159 / commercial: 154 / industrial:
147. Peru [US$/MWh] : residential: 167 /
commercial: 115 / industrial: 76.
IF-EU-240a.2
Typical monthly electricity bill from
residential customers for (1) 500
kWh and (2) 1000 kWh of electricity
supplied each month
Quantitative
currency to
communicate
In the countries where we operate, the rates of
consumtion are different
IF-EU-240a.3
Number of power outages for
residential customers due to non-
payment
Quantitative
Number
4,211,428 cuts
IF-EU-240a.3
Percentage reconnections before
30 days
Quantitative
Percentage (%)
84%
IF-EU-240a.4
Analysis of the effect of external
factors on electricity affordability
for customers, including economic
conditions in the service territory
Discussion analysis
n/a
Electric power distribution companies operate
under a concession regime and must provide
service to all customers. Depending on the
connected power, it is the type of tariff that
is applied, and it can be a regulated or free
tariff. Rate ranges depend on the connected
capacity of each Enel Américas country
The tariff without taxes for the electricity
s u p p l y o f a r e s i d e n t i a l c u s t o m e r
w i t h a n a v e r a g e c o n s u m p t i o n o f
200kWh per month, is made up of:
• Generation and transmission component:
corresponds to the purchase of energy
f r o m g e n e r a t i o n c o m p a n i e s a n d
the cost of electricity transmission.
• Distribution and commercialization
component: corresponds to the added
value of distribution, which remunerates
administration, operation, maintenance and
investment costs, based on the operation
of a model company in the case of Peru and
an accounting model based on remunerated
assets ( RAB) for Argentina, Brazil and Colombia.
• Commissions and Others Component:
corresponds to commissions, premiums,
subsidies, subsidies, among others.
Given the regulatory context of the countries,
Enel Américas seeks to achieve levels of
efficiency that allow maintaining the quality
and security of supply within the framework
of tariff recognition, which contributes
to greater affordability for customers.
Enel Américas engages with regulators in
order to achieve affordable rates not only
from distribution, but also accelerating the
use of renewable technologies and different
alternatives that provide continuity of supply
in a more economical way than fossil fuels, in
addition to allowing progress in the net zero.
Main Indicators 415
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Workforce Health and Safety
Code
Accounting Parameter
Category
Unit of Measurement
Answer
IF-EU-320a.1
(1) Total Recordable Incident Rate
(TRIR)
Quantitative
Velocity
0,5
IF-EU-320a.1
(2) Mortality rate
Quantitative
Velocity
0,004
IF-EU-320a.1
(3) Quasi-Accident Frequency Rate
(NMFR)
Quantitative
Velocity
1,0
End-use efficiency and demand
Code
Accounting Parameter
Category
Unit of Measurement
Respuesta
IF-EU-420a.1
Percentage of electric utility revenues
that come from tariff structures that
(1) are decoupled and (2) contain
a loss of revenue adjustment
mechanism (LRAM)
Quantitative
Percentage (%)
It does not apply, for electricity
operations in Enel Américas
countries, there are no decoupled
revenues or ones that contain an
adjustment mechanism for loss
of income, because it is a US
regulation.
IF-EU-420a.2
Percentage of electrical load supplied
with smart grid technology
Quantitative
Percentage (%) per
megawatt hours (MWh)
0.33%
IF-EU-420a.3
Electricity savings by customers,
thanks to efficiency measures, for
each market
Quantitative
Megawatt hour (MWh)
“Within the Enel Américas
countries, Brazil has Energy
Efficiency Programs regulated by
the Federal Government (ANEEL).
Megawatt hours (MWh) Brazil:
:
• Enel São Paulo - 37.730 MWh
• Enel Rio de Janeiro – 14.117
MWh
• Enel Ceará – 5.522 MWh
• Enel Goiás – 3.639 MWh
Total with Enel Goiás: 61.047
MWh
Total without Enel Goiás: 57.408
MWh”
Nuclear safety and emergency management
Code
Accounting Parameter
Category
Unit of Measurement
Answer
IF-EU-540a.1
Total number of nuclear power units,
broken down by the "Share Matrix"
column of the United States Nuclear
Regulatory Commission (NRC)
Quantitative
Number
Not Applicable, Enel Américas
countries do not own or operate
any nuclear power unit.
IF-EU-540a.2
Description of initiatives to manage
nuclear safety and emergency
preparedness
Discussion analysis
n/a
Not Applicable, Enel Américas
countries do not own or operate
any nuclear power unit.
416
Integrated Annual Report Enel Américas 2022
Activity parameters
Code
Accounting Parameter
Category
Unit of
Measurement
Answer
IF-EU-000.A
Number of customers (1) residential,
(2) commercial and (3) industrial
served
Quantitative
Number
Number of
customers
Argentina
Brazil
Colombia
Peru
Total
Residential
2,288,521
13,954,446
3,392,688
1,453,694
21,089,349
Commercial
259,648
771,322
334,792
53,011
1,418,773
Industrial
32,730
38,093
49,078
1,720
121,621
Toll
8,403
5,667
5,485
378
19,933
Others
11,624
612,579
12,457
25,050
661,710
Total Customers
2.600.926
15.382.107
3.794.500
1.533.853
23.311.386
IF-EU-000.B
Total electricity supplied to: (1)
residential customers, (2) business
customers, (3) industrial customers,
(4) all other retail customers, and (5)
wholesale customers
Quantitative
Megawatt hour
(MWh)
Distrbuted Energy
(MWh) 2022
Argentina
Brazil
Colombia
Peru
Total
Residential
7,460,202
32,144,690
5,321,828
3,364,584
48,291,302
Commercial
3,979,808
13,140,425
2,402,158
716,302
20,238,694
Industrial
1,334,166
3,180,397
1,086,132
1,883,142
7,483,837
Toll
2,680,023
22,785,636
5,709,300
1,754,981
32,929,940
Others
2,040,290
10,486,351
555,700
589,024
13,671,365
Total Customers
17,494,489
81,737,501
15,075,117
8,308,032
122,615,139
IF-EU-000.C
Length of transmission and
distribution lines
Quantitative
Kilometers (km)
390,296 Includes, High, medium and
low voltage
IF-EU-000.D
Total electricity generated,
percentage by main energy source,
share in regulated markets
Quantitative
Megawatt hour
(MWh)
Percentaje (%)
TECHNOLOGY
ACTUAL
(MWh)
%
Hydraulics
25,675,417
48%
Coal
202,180
0%
Fuel-Gas
1,646,385
3%
Combined-Cycle
12,380,576
23%
Solar
2,741,096
5%
Wind
10,733,850
20%
Total Enél Américas
53,379,505
100%
21(*)
IF-EU-000.E
Total electricity purchased in bulk
Quantitative
Megawatts hours
(MWh)
34,745,388 (**)
(*) It considers the generation of the Argentine Companies, which are the only ones that operate in a 100% regulated market.
(**) Corresponds to purchases made by generating companies to comply with their energy sale contracts.
Grid resilience
Code
Accounting Parameter
Category
Unit of Measurement
Answer
IF-EU-550a.1
Number of incidents of non-
compliance with physical or cyber
security standards or regulations
Quantitative
Number
0
IF-EU-550a.2
1) Average System Outage Duration
Index (SAIDI), (2) Average System
Outage Frequency Rate (SAIFI),
and (3) Average Customer Outage
Duration Rate (CAIDI), which includes
days when severe events occur
Quantitative
Minutes, times
SAIDI: 486 minutes ; SAIFI: 3.9
times ; CAIDI: 125 minutes
Main Indicators 417
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
418
Integrated Annual Report Enel Américas 2022
Membership in guilds, associations, and other organizations
Country
Association
Argentina
• AAEC – Asociación Argentina de Ética y Compliance Cumplimiento y Control
• ADEERA (Asociación de Distribuidores de Energía Eléctrica de Argentina)
• AEA (Asociación Electrotécnica Argentina)
• AEA (Asociación Empresaria Argentina)
• Asociación Argentina de Vehículos Eléctricos y Alternativos
• Asociación de Generadores de Energía Eléctrica de la República Argentina (AGEERA).
• CAC (Cámara Argentina de Comercio)
• CACIER (Comité Argentino de la Comisión de Integración Eléctrica Regional)
• CACME – Comité Argentino del Consejo Mundial de la Energía
• Cámara de Comercio Italiana en la Rep. Argentina
• CAP (Comité Argentino de Presas)
• Consejo Empresario Argentino para el Desarrollo Sostenible (C.E.A.D.S).
• Corporación Centro de Investigación y Desarrollo Tecnológico del Sector Eléctrico
• CSA (Cámara de Sociedades Anónimas)
• IAE General Mosconi - Instituto Argentino de la Energía General Mosconi
• IAIA (Instituto Argentino de Auditores Interno)
• IARSE (Instituto Argentino de Responsabilidad Social Empresaria)
• IDEA – Instituto para el Desarrollo Empresarial de la Argentina
• IRAM - Instituto Argentino de Normalización y Certificación
• Red Pacto Global de las Naciones Unidas
Brazil
• Asociación Brasileña de Centros Comerciales (ABRASCE)
• Asociación Brasileña de Comerciantes de Energía (ABRACEEL)
• Asociación Brasileña de Comunicación Empresarial (ABERJE)
• Asociación Brasileña de Distribuidores de Energía Eléctrica (ABRADEE)
• Asociación Brasileña de Empresas Generadoras de Energía Eléctrica (ABRAGE)
• Asociación Brasileña de Energía Eólica (ABEEólica)
• Asociación Brasileña de Energía Solar Fotovoltaica (ABSOLAR)
• Asociación Brasileña de Generación de Energía Limpia (ABRAGEL)
• Asociación Brasileña de Generadores Termoeléctricos (ABRAGET)
• Asociación Brasileña de Gestión de Instalaciones, Propiedad y Lugar de Trabajo (ABRAFAC)
• Asociación Brasileña de Hidrógeno (ABH2)
• Asociación Brasileña de Infraestructura e Industrias Básicas (ABDIB)
• Asociación Brasileña de Normas Técnicas (ABNT)
• Asociación Brasileña de Productores Independientes de Energía Eléctrica (APINE)
• Asociación Brasileña de Relaciones Empresa-Cliente (ABRAREC)
• Asociación Brasileña de Vehículos Eléctricos (ABVE)
• Asociación de Distribuidoras de Energía Eléctrica de América Latina (ADELAT)
• Asociación de la Industria de Energía de Cogeneración (COGEN)
• Cámara de Comercio, Industria y Agricultura Italo-Brasileña de São Paulo (ITALCAM)
• Comité Nacional Brasileño de Producción y Transmisión de Energía Eléctrica (CIGRÉ-Brasil)
• Confederación Nacional de Industria (CNI)
• Federación de Industrias del Estado de Goiás (FIEG)
• Federación de Industrias del Estado de Rio de Janeiro (FIRJAN)
• Federación de Industrias del Estado de São Paulo (FIESP)
• Fundación ABRINQ - Sostenibilidad
• Fundación del Sector Eléctrico Brasileño (COGE)
• Fundación Patrimonio Histórico de Energía y Saneamiento
• GEI Brasile (Gruppo Espponenti Italiani)
• Grupo de liderazgo empresarial ltd. (LIDE)
• Instituto ABRATE Energía (Asociación Brasileña de Empresas de Transmisión de Energía Eléctrica)
• Instituto Acende Brasil
• Instituto de Energía ABRADEE (IABRADEE)
• Instituto de Tecnología e Innovación para la Transición Energética (ITITE)
• Instituto Ethos de Responsabilidad Social
• Pacto Mundial (Instituto de la Red de Brasil del Pacto Mundial)
• Sindicato de la Industria de la Energía del Estado de São Paulo (SindiEnergia)
Main Indicators 419
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Colombia
• ProBogotá Región
• Asociación Colombiana de Actores del Mercado de Carbono
• Asociación Colombiana de Distribuidores de Energía
• Asociación Colombiana de Generadores de Energía Eléctrica
• Asociación de Gestión Humana Bogotá y Cundinamarca
• Asociación Instituto Colombiano de Derecho Tributario
• Asociación Nacional de Empresarios de Colombia
• Asociación Nacional de Empresas de Servicios Públicos y Comunicaciones
• Cámara Colombiana de la Construcción
• Cámara de Comercio Colombo Hispana
• Cámara de Comercio Italiana para Colombia
• Colombia Inteligente
• Comité Asesor de Comercialización
• Comité Colombiano de la CIER
• Comité Colombiano del WEC
• Connect Bogotá Región
• Consejo Nacional de Operación
• Corporación Centro de Investigación y Desarrollo Tecnológico del Sector Eléctrico
• Pacto Global de las Naciones Unidas
• INSPYRA
• ASOCIACIÓN INSTITUTO DE AUDITORES INTERNOS
• ASOMUÑA
• CÁMARA DE COMERCIO DE BOGOTÁ y CLÚSTER DE ENERGÍA
• COMITÉ ASESOR PLANEAMIENTO TRANSMISIÓN - CAPT
• SER Asociación Energías Renovables
• ACCIÓN COLECTIVA DE ÉTICA Y TRANSPARENCIA DEL SECTOR ELÉCTRICO
• ASOCIACIÓN PARA EL PROGRESO DE LA DIRECCIÓN - APD
• LONJA DE BOGOTÁ
• COALICIÓN Economía Circular
• EXPERIENCIA CLIENTE
• Alliance for Integrity
Peru
• SNMPE - Sociedad Nacional de Minería, Petróleo y Energía
• SPR - Asociación Peruana de Energías Renovables
• AEDIVE - Asociación Empresarial para el Desarrollo e Impulso de la Movilidad Eléctrica
• Perú Sostenible - Patronato Perú 2021
• APD - Asociación para el Progreso de la Dirección
• Cámara Italiana
• Aquafondo
• H2 Perú
• Coalición de Economía Circular de América Latina y el Caribe
• Cámara de Comercio, Industria y Turismo de Talara
• AAP - Asociación Automotriz del Perú
• Nexos + 1
• Pacto Global Red Perú
Costa Rica
• Business Alliance for Development (EAD)
• Signing of UN Men's Empowerment Principles
• Global Compact
• Chamber of Industries of Costa Rica
Guatemala
• Centro Guatemalteco de producción más Limpia
• Asociación Generadores con Energía Renovable
• Cámara de la Industria de Guatemala
Panama
• Cámara de Industrias y Agricultura de Panamá
• Cámara Americana de Comercio (Relaciones comerciales con los Estados Unidos)
• Sindicato de Industriales de Panamá
• Asociación Panameña de Ejecutivos de Empresa
• Sumarse (Pacto de la ONU, ODS)
• Cámara Panameña Solar
• Cámara de Comercio Internacional
• Gremio eléctrico regional
• Asociación Nacional Panameña de Generadores
• Cámara de Comercio Italiana (recién fundada)
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Integrated Annual Report Enel Américas 2022
8.
ANNEXES
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
421
Annexes
Glossary.
Disclaimer.
Basic Company Information
Publication Financial Statements.
422
Integrated Annual Report Enel Américas 2022
Glossary
AFP
Pension Fund Administrator. Legal entity that manages a Chilean pension fund.
ANEEL
Brazilian state agency for electric power.
BNDES
The National Bank for Economic and Social Development is the main development agent in Brazil, with a focus on sustainable
social and environmental development.
Chilean Stock Exchanges
The two main stock exchanges in Chile: the Santiago Stock Exchange and the Chilean Electronic Exchange.
Cachoeira Dourada
Enel Green Power Cachoeira Dourada S.A. Brazilian generating company owned by Enel Brasil. Formerly, its corporate name
was Centrais Elétricas Cachoeira Dourada S.A.
CAMMESA
Compañía Administradora del Mercado Mayorista Eléctrico S.A. Argentine autonomous entity in charge of the operation of
the Wholesale Electricity Market, or MEM. CAMMESA’s shareholders are generation, distribution and transmission companies,
large users, and the Ministry of Energy.
CCEE
Electricity trading chamber or clearing house in Brazil.
CIEN
Enel CIEN S.A. Brazilian transmission company, wholly owned by Enel Brasil, a subsidiary of Enel Américas. Formerly, its corporate
name was Companhia de Interconexão Energética S.A.
CND
Colombian National Dispatch Center, responsible for coordinating the efficient operation and dispatch of generation units
to meet demand.
Codensa
It was, until March 1, 2022, the name of the Colombian distribution company that operates mainly in Bogotá, and that today
is merged into Enel Colombia S.A., is controlled by Enel Américas.
COES
Economic Operation Committee of the System. Peruvian entity in charge of coordinating the efficient operation and dispatch
of generation units to meet demand.
Costanera
Enel Generación Costanera S.A. Argentine generation company, a public limited company controlled by Enel Américas. Its
former corporate name was Endesa Costanera.
CREG
Energy and Gas Regulation Commission, Colombian commission in charge of energy and gas regulation.
CTM
Compañía de Transmisión del Mercosur S.A. Argentine transmission company and subsidiary of Enel Brasil.
Anexos 423
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
DCV
Chilean Central Securities Depository.
Dock Sud
Central Dock Sud S.A. Argentine generation company and subsidiary of the group.
Edesur
Empresa Distribuidora del Sur S.A. Argentine distribution company, with a concession area in the southern zone of the greater
metropolitan area of Buenos Aires; subsidiary of the group.
El Chocón
Enel Generación El Chocón S.A. Argentine generation company, owner of two hydroelectric plants, El Chocón and Arroyito,
both located on the Limay River, Argentina, and subsidiary of the group. Previously, its corporate name was Hidroeléctrica El
Chocón S.A.
Emgesa
It was, until March 1, 2022, the name of the Colombian generation company that operates mainly in Bogotá, and that today
is merged into Enel Colombia S.A. It is controlled by Enel Américas.
Enel
Italian energy company with multinational operations in the energy and gas markets. As of December 31, 2022, it owned 82.3%
of the share capital of Enel Américas. It is the parent company.
Enel Américas
Limited liability company incorporated in accordance with the laws of the Republic of Chile and headquartered in Chile. It has
subsidiaries dedicated mainly to the generation, transmission, and distribution of electricity in Argentina, Brazil, Colombia,
and Peru. Enel controls it. Signatory of this Report. It was known prior to that, as Enersis S.A.
Enel Brasil
Brazilian holding company and subsidiary of the group. Previously, its corporate name was Endesa Brasil S.A.
Enel Distribución Ceará
Brazilian Distribution Company, operating in the state of Ceará. It was formerly known as Coelce and is controlled by Enel
Brasil, a subsidiary of the group. Its current name is Enel Distribución Ceará.
Enel Distribución Goiás
Brazilian distribution company that operates a concession in the state of Goiás, owned by Enel Brasil until the date on which
the authorization to complete its sale was met, on December 29, 2022.
Enel Distribución Perú
Peruvian distribution corporation, with a concession area in the northern sector of Lima, and subsidiary of the group. Previously,
its corporate name was Empresa de Distribución Eléctrica de Lima Norte S.A. or Edelnor.
Enel Distribución Rio
Ampla Energia e Serviços S.A. Brazilian public limited distribution company operating in Rio de Janeiro, owned by Enel Brasil,
and a subsidiary of the group. Its current commercial name is Enel Distribución Rio.
Enel Generación Perú
Peruvian generation corporation and subsidiary of the group. Previously, its corporate name was Edegel S.A.A.
Enel Generación Piura
Peruvian generation corporation and subsidiary of the group. Previously, its corporate name was Empresa Eléctrica de Piura
S.A. or EEPSA.
424
Integrated Annual Report Enel Américas 2022
Enel Trading Argentina
Energy trading company, with operations in Argentina and subsidiary of the group. Previously, its corporate name was Central
Comercializadora de Energía S.A. or CEMSA.
Enel X
Enel’s division, which seeks to meet customer needs through four business lines: e-City, e-Home, e-Industries, e-Mobility.
ENRE
National Electricity Regulatory Entity. Argentina’s national regulatory authority for the energy sector.
ERNC
Non-conventional renewable energies. Energy sources that are continuously recharged by natural processes, such as wind,
biomass, mini hydro, geothermal, solar, or tidal energy.
FMC
Financial Market Commission for the Chilean Financial Market, a government entity that oversees corporations, banks, securities,
and the insurance business. It replaces the former Superintendence of Securities and Insurance.
FONINVEMEM
Fund for Necessary Investments to Increase the Supply of Electric Power in the Wholesale Electricity Market - Argentine fund
created to increase the supply of electricity in the MEM.
Fortaleza
Central Generadora Termoelétrica Fortaleza S.A. Brazilian generation company operating in the state of Ceará. Enel Brasil, a
subsidiary of the group, remained fully owned by the Company until August 24, 2022, when it was sold.
LNG
Liquefied Natural Gas
MEM
Wholesale Electricity Market of Argentina, Colombia, and Peru.
MINEM
Ministry of Energy and Mines.
OSM
Ordinary Shareholders’ Meeting
OEF
Firm energy commitment of Colombian generators to guarantee energy in the long term.
PLD
Difference settlement price. It is the price assigned to energy purchases in the Brazilian spot market.
SEE
The Argentine Ministry of Energy and Mining manages the electricity industry through the Secretariat of Electric Energy.
SEIN
National interconnected electrical system of Peru.
SENACE
National Environmental Certification Service for Sustainable Investments Autonomous Peruvian environmental certification
service for sustainable investments that depends on the Peruvian Ministry of the Environment.
Anexos 425
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
SIN
National Interconnected System. This type of system exists in Argentina, Brazil, and Colombia.
TESA
Transportadora de Energía S.A. Transmission company with operations in Argentina and a subsidiary of Enel Brasil.
VAD
Distribution Value Added. Its determination is based on an efficient model company scheme and the concept of typical area.
XM
Expertos de Mercado S.A. E.S.P. A subsidiary of Interconexión Eléctrica S.A. (ISA), a Colombian company that provides real-time
management services in the electrical, financial and transportation sectors.
426
Integrated Annual Report Enel Américas 2022
Anexos 427
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Disclaimer
The Directors and the CEO of Enel Américas, signatories of this declaration, are responsible under oath for the veracity of
all the information provided in this Integrated Annual Report, in compliance with General Standard No. 461, issued by the
Financial Market Commission.
José Antonio Vargas
Director
Borja Acha
Chairman
Hernán Somerville
Director
Patricio Gómez
Director
Domingo Cruzat Amuntagui
Director
Maurizio Bezzeccheri
Gerente General
Giulia Genuardi
Firmado por GIULIA GENUARDI
Francesca Gostinelli
Firmado por FRANCESCA GOSTINELLI
Director
Director
428
Integrated Annual Report Enel Américas 2022
Anexos 429
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Basic Company Information
Company Information
Markets in which it is traded
Santiago Stock Exchange
https://www.bolsadesantiago.com
ENELAM
New York Stock Exchange (NYSE)
https://www.nyse.com/index
ENIA
Name or business name
Enel Américas S.A.
Domiciled
Santiago, Chile, can establish agencies or branches in other parts of the
country or abroad.
Type of company
Open Public Limited Company
ID
94.271.000-3
Address
Santa Rosa Nº76, Santiago, Chile
Zip code
833-009 Santiago de Chile
Phones
(56-2) 2353 4400 - (56-2)2 378 4400
PO Box
1557, Santiago
Securities Registry Registration
No. 175
External auditors
KPMG Auditors Consultants
Subscribed and paid-up capital
US$ thousand 15,799,499 thousand
Website
www.enelamericas.com
Email
comunicacion.enelamericas@enel.com
Investor Relations Phone
(56-2) 2353 4682
Investor Relations Contact
Rafael de la Haza
(rafaeldelahazacasarrubio@enel.com)
ir.enelamericas@enel.com
Mnemonic in Chilean Stock Exchanges
ENELAM
Mnemonic at the New York Stock Exchange
(New York Stock Exchange: “NYSE”)
ENIA
Custodian bank ADS program
Banco Santander Chile
Depositary Bank ADS Program
Citibank N.A.
National risk rating agencies
Feller Rate Clasificadora de Riesgo Limitada
Fitch Chile Clasificadora de Riesgo Limitada
International risk rating agencies
Moody´s Investor Services
Standard & Poor´s International Rating Services
Fitch Ratings
Enel Américas S.A. was initially incorporated under the corporate name of Compañía Metropolitana de Distribución Eléctrica S.A.
As of December 1, 2016, it has been called Enel Américas S.A. As of December 31, 2022, its share capital totaled US$15,799,499
thousand, represented by 107,281,561 shares listed on stock exchanges in Chile. Its core business is to explore, develop, operate,
generate, distribute, transmit, transform and/or sell energy in any of its forms or nature, directly or through other companies. It
can also develop activities in telecommunications and provide engineering advice at home and abroad, in addition to investing
and managing its investment in subsidiaries and associates.
The Company controls and manages a group of companies operating in the electricity markets of seven countries in Latin
America (Argentina, Brazil, Colombia, Costa Rica, Guatemala, Panama, and Peru), with total assets of US$26,933,558 thousand
as of December 31, 2022. That year, the net result attributable to the parent company reached a US$44 million loss and the
operating result stood at US$161 million. At the end of that period, it directly employed 15,072 people across its subsidiaries
present in South America.
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Integrated Annual Report Enel Américas 2022
Anexos 431
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Publication Financial Statements
The audited consolidated financial statements of Enel Américas as of December 31, 2022, approved by its Board of Directors
at its meeting held on February 27, 2023, have been prepared in accordance with International Financial Reporting Standards
(IFRS), issued by the International Accounting Standards Board (IASB).
These financial statements are published on the page of the Financial Market Commission under the URL
https://www.cmfchile.cl/institucional/mercados/entidad.
php?mercado=V&rut=94271000&grupo=&tipoentidad=RVEMI&row=&vig=VI&control=svs&pestania=3
and are also published on the Company’s Website under the URL
https://www.enelamericas.com/en/investors/a201609-annual-reports.html
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Integrated Annual Report Enel Américas 2022
Anexos 433
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Number
Contents
Chapter
Annual report tittle
Page
1
Table of contents
2
Company profile
2.1
Mission, vision, purpose and
values
2. Governance
Corporate values and
ethical pillars
66
2.2
Historical information
6. Other Corporate
Regulatory Information
Historical information
258
2.3
Property
2. Governance
Ownership and control
30
2.3.1
Control situation
2. Governance
Identification of the
controller
31
2.3.2
Significant changes in ownership
or control
2. Governance
Major changes to
ownership in 2022
33
2.3.3
Identification of partners or
majority shareholders
2. Governance
Majority shareholders
31
2.3.4
Shares, their characteristics and
rights
2.3.4 i.
Description of the series of shares
2. Governance
Ownership and control
30
2.3.4 ii.
Dividends policy
6. Other Corporate
Regulatory Information
Dividend Policy
281
2.3.4 iii.
Statistical information
2.3.4 iii. a.
Dividends policy
6. Other Corporate
Regulatory Information
Dividends paid
282
2.3.4 iii. b.
Stock market transactions
6. Other Corporate
Regulatory Information
Stock market
transactions
279
2.3.4 iii. c.
Number of shareholders
2. Governance
Ownership and control
30
2.3.5
Other securities
6. Other Corporate
Regulatory Information
Information on other
securities
284
3
Corporate governance
3.1
Governance framework
2. Governance
Governance Framework
34
3.1 i.
Good functioning Government
Corporate
2. Governance
Governance Framework
34
3.1 ii.
Sustainability approach in the
business
2. Governance
Governance Framework
34
3.1 iii.
Conflict detection and
management of interest
2. Governance
Code of Ethics
68
3.1 iv.
Interests of stakeholders
3. Strategy and risk
management
Stakeholders and
materiality
101
3.1 v.
Promotion of innovation
5. 2022 Management
2022
Innovation and circular
economy
244
3.1 vi.
Barrier reduction organizational
2. Governance
Governance Framework
34
3.1 vii.
Diversity of Capabilities
2. Governance
Governance Framework
34
3.1 vii.
Organization chart
2. Governance
Executive Team
60
Table of contents NCG461 of the CMF
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Integrated Annual Report Enel Américas 2022
Number
Contents
Chapter
Annual report tittle
Page
3.2
Board of directors
3.2 i.
Identification members Board of
directors
2. Governance
Composition of the Board
of Directors
39
3.2 ii.
Incorporation of the members of
the board of directors
2. Governance
Board Remuneration for
the 2022 period (Amount
in US$)
57
3.2 iii.
Expert recruitment policy
2. Governance
Recruitment of Board
Advisors
39
3.2 iv.
Matrix of knowledge of Board of
directors
2. Governance
Knowledge, skills, and
experience matrix of
the Board of Directors’
members
40
3.2 v.
Induction procedures new
members of the Board of
directors
2. Governance
Induction procedure
42
3.2 vi.
Periodicity of meetings with Risk
and Internal Audit
2. Governance
Meetings with the risk
area - Meetings with the
Internal Audit area
43-45
3.2 vii.
How to report on environmental,
social and climate change
2. Governance
Monitoring climate
change risks, Monitoring
social issues
44-48
3.2 viii.
Field visits
2. Governance
Field visits
49
3.2 ix.
Board of directors Evaluation
2. Governance
Evaluation of the Board’s
effectiveness
50
3.2 ix. a.
Training areas
2. Governance
Board Training
51
3.2 ix. b.
Detection and reduction of
barriers organizational
2. Governance
Board Training
51
3.2 ix. c.
Recruitment of consultancies
experts
2. Governance
Evaluation of the Board’s
effectiveness
50
3.2 x.
Minimum number of meetings
ordinary
2. Governance
Attending Board
meetings
52
3.2 xi.
Change in your way of
organization
2. Governance
Operational continuity
plan
53
3.2 xii.
Remote information system
2. Governance
Information system and
electronic dispatch
54
3.2 xii. a.
Minutes and documents
2. Governance
Information system and
electronic dispatch
54
3.2 xii. b.
Minutes or summary document of
each session
2. Governance
Information system and
electronic dispatch
54
3.2 xii. c.
Complaints channel
2. Governance
Information system and
electronic dispatch
54
3.2 xii. d.
Final minutes of each session
2. Governance
Information system and
electronic dispatch
54
3.2 xiii.
Board of directors information to
report
Anexos 435
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Number
Contents
Chapter
Annual report tittle
Page
3.2 xiii. a.
Total number of directors,
separated by gender and
independence
7. Main indicators
Board Diversity Indicators
405
3.2 xiii. b.
Number of directors per
nationality separated by gender
holders and alternates
7. Main indicators
Board Diversity Indicators
405
3.2 xiii. c.
Number of directors by range of
age separated by gender holders
and alternates
7. Main indicators
Board Diversity Indicators
405
3.2 xiii. d.
Number of directors per seniority
separated by gender holders and
alternates
7. Main indicators
Board Diversity Indicators
405
3.2 xiii. e.
Number of directors in situation
of disability separated by gender
and independence
2. Governance
Board Diversity
39
3.2 xiii. f.
Salary gap by gender
2. Governance
Board Diversity
39
3.3
Board of directors Committees
3.3 i.
Description of the role and
functions of each committee
2. Governance
Role of the Directors’
Committee
54
3.3 ii.
Identification of the members of
each committee
2. Governance
Composition of the
Directors’ Committee
55
3.3 iii.
Incorporation of the members of
each committee in comparative
form
2. Governance
Remuneration of the
Board of Directors and
the Directors’ Committee
57
3.3 iv.
Identification of the main activities
of each committee
2. Governance
Annual Report of the
Directors’ Committee
55
3.3 v.
Policies for hiring consultancies
and expenses of each committee
2. Governance
Policies to hire
consultants for the
Directors’ Committee
55
3.3 vi.
Periodicity with which the
Committee of Directors meets
with the risk and audit units
2. Governance
Meetings of the Directors’
Committee
56
3.3 vii.
Periodicity with which each
committee reports to the Board of
directors
2. Governance
Annual Report of the
Directors’ Committee
55
3.4
Main executives
3.4 i.
Basic information of each
executive
2. Governance
Chief executives
61
3.4 ii.
Executive compensation in
comparative form
2. Governance
Compensation of Chief
Executives
62
3.4 iii.
Compensation plans or special
benefits
2. Governance
Compensation of Chief
Executives
62
3.4 iv.
Percentage of participation in the
property of the issuer that they
own executives and directors
2. Governance
Ownership of directors
and top executives in the
Company
33
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3.5
Adherence to national codes or
international
2. Governance
Governance Framework
34
3.6
Risk management
3.6 i.
Board of Directors Guidelines on
risk management policies
3. Strategy and risk
management
Risk governance
109
3.6 ii.
Risk and opportunities
3. Strategy and risk
management
Risks and opportunities
related to Enel Américas’
Strategic Plan
123
3.6 ii. a.
Risks and opportunities inherent
in the activities of the entity
3. Strategy and risk
management
Risk classification
124
3.6 ii. b.
Security risks of the information
3. Strategy and risk
management
Digital Technology Risks
139
3.6 ii. c.
Risks related to free competence
3. Strategy and risk
management
Risks related to antitrust
regulation
143
3.6 ii. d.
Risks related to health and
consumer safety
3. Strategy and risk
management
Health & Safety
144
3.6 ii. e.
Other risks and opportunities
derived from the operations entity
3. Strategy and risk
management
Risk classification
124
3.6 iii.
Detection and prioritization of
risks
3. Strategy and risk
management
Internal Control and Risk
Management System
109
3.6 iv.
Role of the Board of Directors
and senior management in
the detection, evaluation, risk
management and monitoring
3. Strategy and risk
management
Main structures and
functions of the ICRMS
111
3.6 v.
Risk Management Unit
3. Strategy and risk
management
Main structures and
functions of the ICRMS
111
3.6 vi.
Internal audit unit
3. Strategy and risk
management
Main structures and
functions of the ICRMS
111
3.6 vii.
Code of ethics
2. Governance
Code of Ethics
67
3.6 viii.
Outreach programs information
and training on risk management
2. Governance
Communication and
training
79
3.6 ix.
Complaints channel for staff,
shareholders, customers,
suppliers
2. Governance
Code of Ethics
67
3.6 x.
Procedures for Plan Succession
2. Governance - 5. 2022
Management
Succession Programs -
Replacement plan and
function transfer
53-236
3.6 xi.
Procedures for review of salary
structures by the Board of
directors
2. Governance
Executive Committees
59
3.6 xii.
Procedures for approval of salary
structures by of shareholders
2. Governance
Executive Committees
59
3.6 xiii.
Crime prevention model
according to Law No. 20,393
2. Governance
Criminal Risk Prevention
Model
75
3.7
Relationship with stakeholders
and the general public
Anexos 437
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Number
Contents
Chapter
Annual report tittle
Page
3.7 i.
Unit of relations with the
stakeholders and media press
2. Governance
Monitoring and
controlling issues relevant
to stakeholders
47
3.7 ii.
Improvement procedure
continuous in diffusion processes
of disclosure
2. Governance
Board Training
51
3.7 iii.
Procedure for shareholders
are informed about diversity of
abilities candidates
2. Governance
Information for
shareholders and
stakeholders
63
3.7 iv.
Remote voting mechanism for
shareholders
2. Governance
Information for
shareholders and
stakeholders
63
4
Strategy
4.1
Time horizons
3. Strategy and risk
management
Enel Américas’ Strategy
90
4.2
Strategic objectives
3. Strategy and risk
management
Enel Américas’ Strategy
90
4.3
Investment plans
3. Strategy and risk
management - 5. 2022
Management
Investment Projections
for the 2023 – 2025
period
208
5
People
5.1
Workforce
5. 2022 Management - 7.
Main indicators
Workforce -Diversity
Indicators in the
Organization
222-406
5.1.1
Number of people by gender
5. 2022 Management - 7.
Main indicators
Workforce - Diversity
Indicators in the
Organization
222-406
5.1.2
Number of people per nationality
7. Main indicators
Diversity Indicators in the
Organization
406
5.1.3
Number of people per age range
7. Main indicators
Diversity Indicators in the
Organization
407
5.1.4
Seniority
7. Main indicators
Diversity Indicators in the
Organization
408
5.1.5
Number of people with disability
7. Main indicators
Diversity Indicators in the
Organization
409
5.2
Labor formality
7. Main indicators
Diversity Indicators in the
Organization
409
5.3
Labor adaptability
7. Main indicators
Diversity Indicators in the
Organization
409
5.4
Pay equity by gender
5.4.1
Equity policy
5. 2022 Management
Inclusion of Gender
Diversity and Equity Policy
241
5.4.2
Pay gap
7. Main indicators
Diversity Indicators in the
Organization
409
5.5
Workplace and sexual harassment
2. Governance
Ethics Channel
69
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Page
5.6
Labor safety
5. 2022 Management
Labor safety
243
5.7
Postnatal leave
5. 2022 Management-7
Main indicators
Benefits for employees-
Diversity Indicators in the
Organization
223-410
5.8
Training and benefits
-
-
-
5.8 i.
Monto total de recursos
destinados a capacitaciones
5. 2022 Management
Training and development
230
5.8 ii.
Número total de personal
capacitado
5. 2022 Management
Training and development
230
5.8 iii.
Promedio anual de horas de
capacitación
5. 2022 Management
Training and development
230
5.8 iv.
Identificación de las materias que
abordaron las capacitaciones
5. 2022 Management
Training and development
230
5.8 iv.
Descripción de los beneficios y
dependencia del vínculo laboral
5. 2022 Management
Training and development
230
5.9
Política de subcontratación
5. 2022 Management
Subcontracting Policy
252
6
Business Model
6.1
Industrial sector
4. Enel Américas Group’s
Business
Industrial Sector
150
6.1 i.
Nature of the entity's products
and/or services
4. Enel Américas Group’s
Business
Enel Américas’
consolidated operations
151
6.1 ii.
Competition faced by the entity in
the industrial sector
4. Enel Américas Group’s
Business
Generation and
transmission segment by
country
162
6.1 iii.
Legal framework that regulates
the industry
4. Enel Américas Group’s
Business
Regulatory Framework
150
6.1 iv.
National or foreign regulatory
entities with supervisory powers
4. Enel Américas Group’s
Business
Regulatory Framework
150
6.1 v.
Main stakeholders that have been
identified
3. Strategy and risk
management
Stakeholders and
materiality
101
6.1 vi.
Affiliation to unions, associations
or organizations
7. Main indicators
Membership in guilds,
associations, and other
organizations
418
6.2
Business
-
-
-
6.2 i.
Main goods produced and/or
services provided and the main
markets
4. Enel Américas Group’s
Business
Enel Américas’
consolidated operations
151
6.2 ii.
Sales channels and distribution
methods
4. Enel Américas Group’s
Business
Generation and
transmission segment
by country - Electricity
Distribution Segment by
Country
162 - 178
6.2 iii.
Number of suppliers that
individually represent at least 10%
of total purchases
5. 2022 Management
Supplier concentration
252
Anexos 439
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Number
Contents
Chapter
Annual report tittle
Page
6.2 iv.
Number of customers that
individually concentrate at least
10% of the income of the segment
5. 2022 Management
Customer concentration
by business segment
216
6.2 v.
Main brands used in the
commercialization of goods and
services
6. Other Corporate
Regulatory Information
Brands, insurance and
concessions
285
6.2 vi.
Entity-owned patents
6. Other Corporate
Regulatory Information
Brands, insurance and
concessions
285
6.2 vii.
Main licences, franchises, royalties
and/or concessions owned by the
entity
4. Enel Américas Group's
Business- 6. Other
Corporate Regulatory
Information
Electricity Distribution
Segment by Country,
Brands, insurance and
concessions
178-285
6.2 viii.
Other factors of the external
environment that are relevant to
the development of the entity's
business
4. Enel Américas Group's
Business
Generation and
transmission segment
by country - Electricity
Distribution Segment by
Country
162 - 178
6.3
Stakeholders
3. Strategy and risk
management
Stakeholders and
materiality
101
6.4
Properties and facilities
-
-
-
6.4 i.
Most relevant characteristics of
the main properties
4. Enel Américas Group's
Business- 6. Other
Corporate Regulatory
Information
Generation and
transmission segment
by country - Electricity
Distribution Segment by
Country
162 - 178
6.4 ii.
Concession areas and/or the
lands it owns (for natural resource
extraction companies)
4. Enel Américas Group's
Business- 6. Other
Corporate Regulatory
Information
Generation and
transmission segment
by country - Electricity
Distribution Segment by
Country
162 - 178
6.4 iii.
Identify whether the entity is the
owner or lessee of such facilities
4. Enel Américas Group's
Business- 6. Other
Corporate Regulatory
Information
Generation and
transmission segment
by country - Electricity
Distribution Segment by
Country
162 - 178
6.5
Subsidiaries, associates and
investments in other companies
6.5.1
Subsidiaries and associates
6.5.1 i.
Individualization, domicile and
legal nature
6. Other Corporate
Regulatory Information
Information on
Subsidiaries and
Associates
294
6.5.1 ii.
Subscribed and paid capital
6. Other Corporate
Regulatory Information
Information on
Subsidiaries and
Associates
294
6.5.1 iii.
Corporate purpose and clear
indication of the activities it
develops
6. Other Corporate
Regulatory Information
Information on
Subsidiaries and
Associates
294
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Integrated Annual Report Enel Américas 2022
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6.5.1 iv.
Name and surname of the
director(s) and the general
manager
6. Other Corporate
Regulatory Information
Information on
Subsidiaries and
Associates
294
6.5.1 v.
Current percentage of
participation of the parent
company or investing entity in
the capital of the subsidiary and
variations
6. Other Corporate
Regulatory Information
Information on
Subsidiaries and
Associates
294
6.5.1 vi.
Percentage that represents the
investment in each subsidiary or
associate over the total individual
assets of the parent company
6. Other Corporate
Regulatory Information
Information on
Subsidiaries and
Associates
294
6.5.1 vii.
Identification of the director,
general manager or main
executives of the parent who have
positions in the subsidiary
6. Other Corporate
Regulatory Information
Information on
Subsidiaries and
Associates
294
6.5.1 viii.
Description of commercial
relations with subsidiaries during
the year
6. Other Corporate
Regulatory Information
Information on
Subsidiaries and
Associates
294
6.5.1 ix.
Concise list of the acts and
contracts entered into with the
subsidiaries
6. Other Corporate
Regulatory Information
Information on
Subsidiaries and
Associates
294
6.5.1 x.
Schematic table showing the
direct and indirect ownership
relationships between the parent
company and the subsidiaries
6. Other Corporate
Regulatory Information
Shareholding Perimeter
290
6.5.2
Investment in other companies
(more than 20% of the entity's
total assets)
6. Other Corporate
Regulatory Information
Information on
Subsidiaries and
Associates
294
6.5.2 i.
Individualization of them and legal
nature
6. Other Corporate
Regulatory Information
Information on
Subsidiaries and
Associates
294
6.5.2 ii.
Participation Percentage
6. Other Corporate
Regulatory Information
Information on
Subsidiaries and
Associates
294
6.5.2 iii.
Description of the main activities
carried out
6. Other Corporate
Regulatory Information
Information on
Subsidiaries and
Associates
294
6.5.2 iv.
Percentage of the total
individual assets of the company
represented by these investments
6. Other Corporate
Regulatory Information
Information on
Subsidiaries and
Associates
294
7
Supplier management
7.1
Payment to suppliers
5. 2022 Management
Supplier Payment Policy
252
7.1 i.
Number of Invoices paid
5. 2022 Management
Payment Deadlines to
Suppliers
253
7.1 ii.
Total Amount (millions of pesos)
5. 2022 Management
Payment Deadlines to
Suppliers
253
Anexos 441
Enel Américas
at a Glance
Governance
Strategy and Risk
Management
Enel Américas
Group’s Business
2022
Management
Other Corporate
Regulatory
Information
Main
Indicators
Annexes
Number
Contents
Chapter
Annual report tittle
Page
7.1 iii.
Total amount of interest for late
payment of invoices (millions of
pesos)
5. 2022 Management
Payment Deadlines to
Suppliers
253
7.1 iv.
Number of suppliers
5. 2022 Management
Payment Deadlines to
Suppliers
253
7.1 v.
Number of agreements registered
in the Register of Agreements
with Exceptional Payment Term
5. 2022 Management
Payment Deadlines to
Suppliers
253
7.2
Supplier Evaluation
5. 2022 Management
Supplier qualification
250
8
Indicators
8.1
Legal and regulatory compliance
8.1.1
In relation to customers
7. Main indicators
Legal and Regulatory
Compliance Indicators
404
8.1.2
In relation to your workers
7. Main indicators
Legal and Regulatory
Compliance Indicators
404
8.1.3
Environmental
7. Main indicators
Legal and Regulatory
Compliance Indicators
404
8.1.4
Free Competence
7. Main indicators
Legal and Regulatory
Compliance Indicators
404
8.1.5
Others
7. Main indicators
Legal and Regulatory
Compliance Indicators
404
8.2
Sustainability indicators by type of
industry
7. Main indicators
SASB Table of Contents
411
9
Relevant or essential facts
6. Other Corporate
Regulatory Information
Summary of Significant or
Relevant Events reported
in 2021 and 2022
268
10
Comments from shareholders and
the directors' committee
6. Other Corporate
Regulatory Information
Annual Management
Report Of The Directors’
Committee
56
11
Financial statements
8. Anexes
Publication Financial
Statements
431