INTEGRATED
ANNUAL REPORT 2024
Build the
FUTURE through
SUSTAINABLE
POWER.
Beyond Reports: Enel’s Graphic Journey to a Sustainable Tomorrow
The graphic design of Enel’s 2024 corporate reporting project powerfully reflects our
commitment to building a better future.
The design featured in this publication underscores our strong commitment to translating our
Purpose “Build the future through sustainable power” into concrete actions.
Specifically, we are dedicated to actively shaping a better tomorrow by reducing environmental
impact through clean, innovative, and responsible energy solutions for future generations.
Our visual narrative is crafted to express Enel’s commitment to our long term aim and how we
embody our core values: trust, innovation, flexibility, respect, and proactivity. We build trust
within our teams and with our stakeholders through clear communication and a focus on
our customers. By fostering curiosity and a practical approach, we drive innovation to meet
changing needs and create sustainable solutions. Our ability to adapt enables us to seize new
opportunities in a rapidly changing world, while our respect for individuality and inclusivity
fosters teamwork. Together, we work diligently to achieve results with integrity and responsibility,
shaping a sustainable future.
As a result, every element of our corporate reporting resonates with Enel’s commitment and
core values, creating a narrative designed to inspire others to join us on our journey toward a
sustainable future.
INTEGRATED
ANNUAL REPORT
2024
CONTENTS
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Starting from 2024, the Group’s Integrated Annual Report includes a section
dedicated to sustainability reporting, with qualitative and quantitative
disclosures on environmental, social and governance issues,in compliance
with the EU Corporate Sustainability Reporting Directive (CSRD) implemented
in Italy with Legislative Decree 125 of September 6, 2024. ESG disclosures are
presented in the section dedicated to the Sustainability Statement, but also in
other sections of the Report on Operations.
The leaf symbol in the table of contents helps the reader to immediately
identify the sections containing sustainability-related content,
facilitating perusal and strengthening the integration between financial
and environmental, social and governance aspects.
Letter to shareholders and other stakeholders.....................................................
10
Basis of Presentation.........................................................................................................
17
REPORT ON OPERATIONS
1. ENEL GROUP
21
Highlights................................................................................................................................
23
Business model....................................................................................................................
27
Enel around the world.......................................................................................................
30
2. GOVERNANCE
33
Enel shareholders................................................................................................................
34
Corporate boards...............................................................................................................
36
The Enel corporate governance system...................................................................
38
Internal control and risk management system on corporate reporting.....
52
Enel organizational model...............................................................................................
54
Incentive system..................................................................................................................
57
Values and pillars of corporate ethics........................................................................
60
3. GROUP STRATEGY AND RISK MANAGEMENT
63
Reference scenario............................................................................................................
64
Group strategy.....................................................................................................................
71
The Enel Group risk governance model....................................................................
77
4. CLIMATE CHANGE
93
The strategy for tackling climate change.................................................................
96
Impacts, risks and opportunities related to climate change............................
104
Policies related to the mitigation of and adaptation to climate change.......
122
Enel’s advocacy system on climate policies and a just
energy transition.................................................................................................................
124
Actions for managing the impacts, risks and opportunities connected
with climate change...........................................................................................................
127
Enel’s metrics in combating climate change..........................................................
142
5. GROUP PERFORMANCE
151
Definition of performance measures..........................................................................
152
Group performance...........................................................................................................
155
Analysis of the Group’s financial position and structure...................................
166
Performance by primary segment (Business Line) and secondary
segment (Geographical Area)........................................................................................
172
Intangibles..............................................................................................................................
205
Enel shares.............................................................................................................................
208
Significant events in 2024...............................................................................................
211
Regulatory and rate issues..............................................................................................
215
6. OUTLOOK
231
Outlook....................................................................................................................................
232
7. CONSOLIDATED SUSTAINABILITY STATEMENT
237
General information...........................................................................................................
238
Environmental information.............................................................................................
277
Social information...............................................................................................................
331
Governance information..................................................................................................
391
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS
419
Consolidated financial statements...........................................................................................
420
Notes to the consolidated financial statements.................................................................
427
Declaration of the Chief Executive Officer and the officer in charge
of financial reporting of the Enel Group at December 31, 2024........................................
601
Declaration of the Chief Executive Officer and the officer in charge
of financial reporting in respect of the consolidated Sustainability Statement
at December 31, 2024.............................................................................................................................
602
Reports.....................................................................................................................
603
Report of the Board of Statutory Auditors............................................................................
603
Reports of the Audit Firm.............................................................................................................
619
Attachments...........................................................................................................
630
Attachment 1 - Subsidiaries, associates and other significant equity
investments of the Enel Group at December 31, 2024...................................................
630
Attachment 2 - Green Bond Report 2024 – Accompanying notes............................
687
Attachment 3 - Sustainability-Linked Financing Report......................................................
695
Build
the future
through
sustainable
power
Drive
electrification,
fulfilling
people’s needs
and shaping a
better world.
VISION
PURPOSE
Trust
Innovation
Proactivity
Respect
Flexibility
Your energy choices,
our responsibility.
Every day, powered by clean energy.
VALUES
POSITIONING
Paolo Scaroni
Chairman
Flavio Cattaneo
Chief Executive Officer
and General Manager
10
INTEGRATED ANNUAL REPORT 2024
Letter to shareholders and other stakeholders
Dear shareholders and stakeholders,
in 2024, Enel continued its path along the stra-
tegic guidelines outlined last year: (i) profitability,
flexibility and resilience, (ii) effectiveness and effi-
ciency, (iii) financial and environmental sustainabil-
ity, achieving a more solid and balanced financial
structure, essential for long-term growth and value
creation.
With a workforce of over 60,000 employees, Enel
confirmed its position as the world’s largest renew-
able energy operator1 with around 66 GW of man-
aged capacity, as well as the world’s largest elec-
tricity distribution company1 serving about 68.5
million end users. It also has the largest customer
base,1 with over 55 million electricity and gas cus-
tomers.
1.
Group of reference: listed companies not predominantly state-owned.
In line with our strategy, we have defined our purpose
to “Build the future through sustainable power” and
the vision to “Drive electrification, fulfilling people’s
needs and shaping a better world”. We contribute to
decarbonization and lead the electrification process
of final consumption through innovative technologies
and reliable services, while remaining focused on our
core business: the generation, distribution and sale of
energy in a way that is sustainable from a financial, en-
vironmental and social point of view.
Enel has an integrated approach to enable a fair and
inclusive energy transition which puts local com-
munities, institutions, suppliers, customers, workers
and shareholders at the core of its strategy to create
shared value in the long term, while being strongly
committed to safety and human rights.
LETTER TO
SHAREHOLDERS
AND OTHER
STAKEHOLDERS
11
Letter to shareholders and other stakeholders
INTEGRATED ANNUAL REPORT 2024
68.5 million
End users
66 GW
Managed capacity
Furthermore, we invest in training and refresher pro-
grams and pursue the goal of creating sustainable pro-
duction processes, reducing the need for critical raw
materials through innovative solutions and processes,
drawing on the skills of around 7,500 qualified suppliers.
Finally, our commitment to sustainability is strength-
ened by a solid governance model, ensuring trans-
parency, integrity and responsibility in managing cor-
porate activities. The focus on sustainability is also
confirmed by our consistent inclusion in the world’s
main sustainability rankings and indexes.
The macroeconomic environment
The global economy proved resilient in 2024, de-
spite a volatile environment fueled by persistent ge-
opolitical uncertainties and the slow normalization
of monetary policies.
The main economies recorded different growth rates:
economic performance remained solid and above
expectations in the United States, mainly support-
ed by the resilience of consumption and investment
growth; economic activity in the euro area showed
a slight improvement, although lower than expected
due to the weakness of domestic demand. Finally,
post-COVID-19 growth in Latin America took place in
a heterogeneous macroeconomic environment, also
impacted by political discontinuities in some states.
For the most important economies, including Bra-
zil, public debt, interest rate developments and ex-
change rate policies represent key elements for the
evolution of macroeconomic variables.
During 2024, the European gas market showed high
volatility while uncertainties in supplies together with
the recovery of Asian demand led to a marked increase
in prices in the last quarter, with stocks at non-alarm-
ing levels. At the same time, coal market prices de-
clined, due to lower availability and the growth of
renewable generation, while the price of Brent oil de-
creased slightly due to the increase in US production
and the stability of global supply. The price of CO2 also
decreased within the Emission Trading System (ETS),
reflecting both lower industrial activity in Europe and
greater use of renewable energy sources.
Lower gas prices in Italy and Spain in the first part
of 2024 and higher renewable generation have nor-
malized market developments contributing to a
year-on-year reduction in the price of electricity of
15% and 28%, respectively.
Copper and aluminum prices rose by about 8% year-
on-year, due to both an increase in demand linked
to the energy transition and the global industrial re-
covery and supply issues, including social tensions
in Chile and Peru and environmental restrictions in
China. On the other hand, metals most closely linked
to renewable technologies, such as lithium and pol-
ysilicon, reached historic lows in the final months of
the year, both reflecting increased supply and low-
er-than-expected demand, highlighting the market
readjusting process.
Performance
Enel’s 2024 financial year ends with solid results and
the achievement of the annual targets communicat-
ed to the market, with ordinary EBITDA at €22.8 bil-
lion and ordinary net profit at €7.1 billion, up 3.8% and
approximately 10% respectively compared to 2023.
The dividend to be proposed to shareholders for 2024
amounts to €0.47 per share, approximately 9% higher
than 2023, in line with the provisions of the 2025-2027
Strategic Plan. Net debt is equal to €55.8 billion, down
7% compared with the previous year, with an improve-
ment in the net debt/EBITDA ratio from 2.7x to 2.4x,
which places Enel at the top of global utilities in terms
of solidity of capital structure and allows us to evaluate
incremental growth opportunities.
INTEGRATED ANNUAL REPORT 2024
Letter to shareholders and other stakeholders
12
Main events
Enel continues its growth path in energy generation
from renewable sources. In 2024, it built around 4.0
GW of new renewables capacity (of which around 1.3
GW of battery storage), reaching a total installed ca-
pacity of around 66 GW, generating 148 TWh/year.
The focus stays on distribution grids through signif-
icant investments in resilience, quality and digitaliza-
tion, as required by both the energy transition process
and the increasingly frequent weather events linked to
climate change.
Furthermore, to manage emergencies related to ex-
treme weather events, such as those that occurred
during the year in Brazil, Chile and Italy, we have ac-
tivated emergency protocols that ensure an effective
and immediate response, leveraging our international
dimension to promptly mobilize expert resources from
all countries where we are present.
As regards the role of grids in the energy transition,
the distributed renewables capacity connected to our
networks totals 78 GW, coming from about 2.4 million
producers and prosumers,2 of which 411,520 added in
2024.
In particular, thanks to an investment planning strate-
gy and favorable regulatory schemes, over €3.5 billion
were invested in Italy in 2024, of which approximately
€900 million from the National Recovery and Resil-
ience Plan (NRRP) funds, allowing, among other things,
to achieve distributed renewables capacity of 1.43
GW, higher than the NRRP target of 924 MW.
Finally, the awareness of the importance of invest-
ments in the resilience, modernization and digitaliza-
tion of distribution grids has led Italy to extend exist-
ing electricity distribution services concessions, for a
maximum period of 20 years, against the provision of
extraordinary multi-year investment plans.3
2024 was a year of changement for the Enel X Global
Retail commercial division: its organizational struc-
2.
A “prosumer” (a blend word of “producer” and “consumer”) is an individual or a company that not only consumes goods or services, but also
produces them, e.g. by installing photovoltaic panels to generate electricity.
3.
Article 1, paragraphs 50-55, of Law 207 of December 30, 2024 (Budget Law 2025).
4.
Reduction in new commercial complaints per 10,000 customers.
5.
Includes Global Information & Communication Technologies, Global Procurement, Global Real Estate and General Services and Workforce
Evolution.
ture was renewed and strengthened to address in-
creasing market competitiveness and better meet
customer needs. The offer of e-mobility business
models was simplified, rationalizing the geographi-
cal presence and confirming Enel as one of the main
players in the sector.
During the year, the division worked to increase and
retain its customer base by defining a portfolio of
innovative solutions (e.g. virtual solar, flexibility) and
bundle offers (commodities, products and servic-
es), including electric vehicle charging in residential,
corporate and public areas. The Enel X Global Retail
division continued to improve customer experience,
reducing commercial complaints by 8%4 compared
with the previous year and strengthening its com-
mercial channels.
To support our commercial strategy, we have im-
proved external communication with ads aimed at
strengthening our brand image as a long-standing,
closer-to-customers, reliable and quality company.
Finally, a new governance was introduced at Group
level allowing the commercial strategy to be defined
and shared with the Global Energy and Commod-
ity Management and Enel Green Power and Thermal
Generation divisions, ensuring the optimization and
monitoring of the Group’s integrated margin along the
entire value chain.
Enel Global Services5 continued the Company’s digital
transformation journey, focusing on advanced solu-
tions and technologies, such as artificial intelligence,
with a training program aimed at providing all em-
ployees with the tools to navigate the AI opportunities
and risks. At the same time, the Procurement unit has
placed financial and environmental sustainability at the
core of the procurement strategy. Through efficiency
and simplification, it has guaranteed the timely availa-
bility of goods, works and services, ensuring flexibility
and competitive prices.
In line with the Paris Agreement, we continue our
decarbonization journey, aiming to reach zero emis-
Letter to shareholders and other stakeholders
INTEGRATED ANNUAL REPORT 2024
13
sions in all Scopes by 2040. In 2024, absolute direct
and indirect greenhouse gas emissions along the en-
tire value chain amounted to approximately 70 Mt-
CO2eq, down by 26% compared with 2023, in line with
the objectives certified by the Science Based Targets
initiative (SBTi).
In 2024, we issued bonds for a total of €4.5 billion, in
line with the financial strategy to optimize the cost of
capital needed for the industrial investments of the
2024-2026 Strategic Plan. Of this amount, the equiv-
alent of €3.6 billion were sustainability-linked bonds
placed on the European and US markets, based on
Key Performance Indicators (KPIs) that confirm Enel’s
commitment to the energy transition, in line with the
environmental and financial sustainability pillar of
our strategy; more specifically, the interest rates on
each issue were related to the achievement of both
the Sustainability Performance Targets (SPT) linked to
the “Capex aligned with the EU taxonomy (%)” and the
“Scope 1 GHG emissions Intensity related to Power
Generation (gCO2eq/kWh)” .
As regards financing with development banks and ex-
port credit agencies, in 2024 Enel signed loans for a
total of about €1 billion, further diversifying its sources
of financing at lower-than-market prices.
Consistent with the objectives of reducing debt and
strengthening the capital and financial structure, the
divestment plan was completed in 2024 with a view to
portfolio rotation focused on maximizing the assets
value and seizing growth opportunities.
More specifically, disposal transactions include the
completion of the sale in Peru of the distribution and
generation company Enel Distribución Perú SAA, the
advanced energy services company Enel X Perú SAC
and the electricity generation company Enel Gener-
ación Perú SAA, as well as the sale by Enel Italia to Sos-
teneo of a 49% stake in Enel Lybra Flexsys, a company
established by Enel for the implementation and oper-
ation of a portfolio of projects mainly including Battery
Energy Storage Systems (BESS). In Italy, the subsidiary
e-distribuzione finalized the sale of 90% of the share
capital of Duereti Srl, a corporate vehicle benefiting
from the transfer of electricity distribution activities in
a number of municipalities in the provinces of Milan
and Brescia, to A2A SpA.
6.
Of the Group core countries (Italy, Spain, Brazil, Chile, Colombia, the United States).
As regards acquisitions, through Endesa Generación,
we signed in Spain the agreement to buy 100% of Cor-
poración Acciona Hidráulica SL, a company of the Ac-
ciona Group owning 34 Spanish hydroelectric plants
with installed capacity of over 600 MW, in order to con-
solidate our leading role in renewables at a global level.
Finally, in line with the strategy on stewardship pre-
sented to the market, Endesa subsidiary Enel Green
Power España finalized the sale to Masdar of a stake
of 49.99% in Enel Green Power España Solar 1 (EGPE
Solar), owner of photovoltaic plants in Spain with to-
tal installed capacity of about 2 GW. Enel will maintain
control of EGPE Solar consolidating the joint venture
and will purchase 100% of the energy generated by
the photovoltaic plants through long-term Power Pur-
chase Agreements.
Strategy and forecasts for 2025-2027
The Strategic Plan for 2025-2027 confirmed the stra-
tegic pillars of the previous Plan:
• profitability, flexibility and resilience, pursuing value
creation through selective capital allocation to opti-
mize the Enel Group’s risk/return profile, while keep-
ing a flexible approach;
• effectiveness and efficiency, pursuing the contin-
uous optimization of processes, activities and the
product and services portfolio, strengthening cash
generation and developing innovative solutions to
increase the value of existing assets;
• financial and environmental sustainability to main-
tain a solid structure, ensure the flexibility needed
for growth and address the challenges of climate
change.
Gross capex in the three years is set at about €43
billion, allocated to the different geographical areas
based on their contribution to EBITDA.
More specifically, capex in Grids is set at about €26
billion, up by 40% compared with the previous Plan, to
improve the resilience, digitalization and efficiency of
the distribution grid. As a result, we expect the Reg-
ulated Asset Base (RAB)6 to reach about €52 billion in
2027, from about €42 billion in 2024, with the contri-
bution of Grids to the Group ordinary EBIDTA standing
at about 40% in the same year.
INTEGRATED ANNUAL REPORT 2024
Letter to shareholders and other stakeholders
14
Capex in Renewables is set at about €12 billion to add
12 GW of capacity in the next three years, to a total of
76 GW of installed renewables capacity in 2027. The in-
vestment strategy provides for: (i) a flexible capital allo-
cation, evaluating both the possibility of building new
plants and the opportunity to acquire assets already
in operation (brownfield), depending on the return on
investment timeframe and the regulatory and market
frameworks of the different countries; (ii) a selective
approach aimed at maximizing returns and minimizing
risks; (iii) improved technologies, with over 70% of new
capacity from onshore wind and programmable tech-
nologies (hydro and batteries).
Capex in the Retail segment is set at about €2.7 billion,
of which 85% in countries where we have an integrated
presence, offering a portfolio of bundled solutions with
energy, products and services. The customer base in
the free electricity market in Italy and Spain is expected
to grow to over 19 million in 2027.
As regards environmental sustainability, we intend
to continue with the reduction of direct and indirect
greenhouse gas emissions, in line with the Paris Agree-
ment and the 1.5 °C scenario, as certified by the SBTi.
Cumulative Group ordinary EBITDA over the Plan peri-
od is expected to exceed €70 billion, of which approx-
imately 90% will derive from regulated or contracted
activities, reducing risks and improving visibility on fu-
ture performance and therefore EBITDA quality.
Group ordinary EBITDA is expected to grow to between
€24.1 and €24.5 billion in 2027 – with a Compound Av-
erage Growth Rate (CAGR) of about 7% compared with
€17.3 billion in 2022 – while Group net ordinary income
is expected to increase to between €7.1 and €7.5 billion,
with a CAGR of about 11% compared with €4.3 billion
in 2022.
Finally, the net financial debt/EBITDA ratio is expected
to stand at around 2.5x at the end of the Plan period,
remaining below the sector average.
As regards shareholders’ remuneration in the three-
year period, the dividend policy has been revised up-
wards with a new minimum annual fixed DPS of €0.46
and a potential further increase up to a payout of 70%
on the Group net ordinary income. Compared to the
previous dividend policy, the constraint of achieving
cash flow neutrality has also been removed.
Letter to shareholders and other stakeholders
INTEGRATED ANNUAL REPORT 2024
15
16
INTEGRATED ANNUAL REPORT 2024
Basis of Presentation
17
INTEGRATED ANNUAL REPORT 2024
Basis of Presentation
Integrated Annual Report
Enel’s Integrated Annual Report is part of the Group’s
broader corporate reporting system, based on trans-
parency, effectiveness and responsibility of information.
The Integrated Annual Report aims at describing Enel’s
strategic vision and presenting the performance and
the medium- and long-term prospects of its sustain-
able business model, as it promotes value creation in
the context of the energy transition; it consists of the
following documents:
• the Report on Operations which, starting from 2024,
includes the Sustainability Statement in application
of the Corporate Sustainability Reporting Directive
(CSRD), implemented in Italy with Legislative Decree
125 of September 6, 2024, and prepared in accord-
ance with the European Sustainability Reporting
Standards (ESRS), issued by the European Financial
Reporting Advisory Group (EFRAG);
• the consolidated financial statements and the notes
to the consolidated financial statements prepared
in accordance with the international accounting
standards IFRS/IAS.
These documents are prepared also taking into ac-
count the latest recommendations issued by the Eu-
ropean Securities and Market Authority (ESMA) on
October 24, 2024, as well as the subsequent CONSOB
Notice no. 2/2024 of December 20, 2024.
The fundamental principles for the preparation of the
Report on Operations are reported below, while infor-
mation on the basis of presentation of the consolidat-
ed financial statements and the notes can be found
in the section “Form and content of the consolidated
financial statements”.
Enel’s approach to the Report on Operations
The Enel Group’s Report on Operations aims to
represent our business model ability to create
short-, medium- and long-term value for stake-
holders, ensuring consistency with the information
presented in the consolidated financial statements
and in the notes; starting from 2024, it includes
a section dedicated to sustainability reporting,
aimed at presenting qualitative and quantitative
disclosure on environmental, social and govern-
ance issues as required by the CSRD Directive and
the ESRS standards.
In this context, the Enel Group has defined the struc-
ture of the Report on Operations taking into account
both the information needs and expectations of the
users of the Report, as well as the provisions of the
aforementioned rules on sustainability reporting, pre-
senting the information in a connected, logical and
structured way.
The organization of the information within the Re-
port on Operations is inspired, in general, by the
“building block” approach promoted by the Inter-
national Sustainability Standards Board (ISSB), and
includes:
• a general part, mainly serving the information needs
of investors, creditors and lenders (i.e. primary us-
ers), also including a series of disclosures required
by the cross-cutting ESRS standards relating to the
value creation process, the business model, corpo-
rate governance, strategy, risk management and
performance of the Group in general, including in-
formation on the operating segments required by
IFRS 8; and
• a section specifically dedicated to sustainability
reporting, compliant with the requirements of the
CSRD and the ESRS, which is of interest to a wid-
er range of stakeholders (e.g. business partners,
trade unions and social partners, civil society
and non-governmental organizations, govern-
ments, analysts and academics) and includes by
reference the disclosures required by the ESRS,
presented in the other sections of the Report on
Operations.
Basis of Presentation
18
INTEGRATED ANNUAL REPORT 2024
This approach, in line with the business model and the
strategic objectives of the Group, guarantees both
compliance with European regulations and interna-
tional comparability.
In particular, the information presented in the Report
on Operations, including the Sustainability State-
ment, is selected based on its materiality, as deter-
mined on the basis of specific frameworks, method-
ologies and processes.
The Report on Operations is therefore divided into
four key thematic pillars, inspired by the IFRS S1 issued
by the ISSB which, in turn, reflects the recommenda-
tions of the Task force on Climate-related Financial
Disclosures (TCFD), and thus identified, in continuity
with previous financial years:
• Governance;
• Group strategy and risk management;
• Group performance;
• Outlook.
In addition to the sections revised in content in order
to ensure compliance with the ESRS, in 2024, the fol-
lowing two new sections have been introduced:
• a specific section dedicated to “Climate change”,
which, in consideration of the relevance of the top-
ic for strategic purposes and also with the aim of
ensuring better consistency with the consolidat-
ed financial statements, presents the information
required by ESRS E1 as well as other disclosures
deemed relevant for primary users;
• a specific section that includes the “Sustainability
Statement”, prepared in accordance with the CSRD,
which includes most of the environmental, social
and governance disclosures required by the ESRS;
in addition to the above-mentioned information
relating to climate change it also includes “by ref-
erence” all the information relating to strategy, risk
management and corporate governance presented
in the other sections of the Report on Operations.
For more information on the basis of presentation
of the Sustainability Statement, as well as the de-
scription of the double materiality analysis process
(so-called “double materiality”), please refer to the
specific sections of the Sustainability Statement.
In addition to the concept of relevance, the qualita-
tive and quantitative disclosures, both financial and
sustainability-related, reported in the Report on Op-
erations have been prepared and presented in such
a way as to guarantee their completeness, accuracy,
neutrality and comprehensibility and are, moreover,
consistent with the previous financial year, except for
the information required as from the first application
Block 1: Investor focused
Block 2: Multi-stakeholder focused
IFRS
ESRS
SASB
GRI
IFRS
SASB
ESRS
GRI
IFRS
Sustainability
IFRS
TCFD
IFRS
Sustainability
REPORT ON
OPERATIONS
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
CONSOLIDATED
FINANCIAL
STATEMENTS
SUSTAINABILITY
STATEMENT
Basis of Presentation
19
INTEGRATED ANNUAL REPORT 2024
of the CSRD, which have been prepared in application
of the ESRS in force since 2024.
The Group generally applies the same methodologies
from year to year, unless otherwise specified, in ac-
cordance with:
• the ESRS in respect of sustainability reporting; and
• international best practices, the ISSB/SASB Stand-
ards and the GRI, in respect of certain sustainability
information included in the general part of the Re-
port on Operations and for the entity-specific topics
included in the Sustainability Statement.
In order to ensure consistency of information and to
communicate how sustainability issues contribute to
current and future performance, clear and consistent
relationships between key financial and sustainability
information have been identified and presented in the
Report on Operations.
Disclosures required by the CSRD and compliant with
the ESRS, in the general part of the Report on Opera-
tions, are identified by a specific vertical pattern, which
highlights their alignment with the relevant reporting
requirements.
Enel’s Integrated Annual Report is published in the “In-
vestors” section of the Enel website (www.enel.com).
REPORT
ON OPERATIONS
1.
ENEL
GROUP
Enel vision
The Group leads the energy transition by
enabling access to cleaner and more efficient
solutions.
Enel stands by people, helping them to manage
energy consumption, actively contributing to a
more responsible lifestyle by showing respect
and commitment towards future generations,
protecting the environment and contributing
to a sustainable and better future for all, with a
long-term vision.
The business model and the value
creation process
The Group operates in an integrated manner in
the sectors of electricity and gas production,
distribution and sale, with a specific mission for
each business line.
Thanks to a sustainable business model and
a strategy integrating financial sustainability
objectives with environmental and social
dimensions, the Group pursues value creation
for all stakeholders, contributing to the energy
transition, the electrification of consumption
and the fight against climate change.
22
INTEGRATED ANNUAL REPORT 2024
Highlights
INTEGRATED ANNUAL REPORT 2024
1. Enel Group
Highlights
(1)
Does not include €189 million regarding units classified as held for sale or discontinued operations (€849 million in 2023).
(2) The figure for 2023 reflects a more accurate calculation of the aggregate.
(3) Injuries whose consequences caused permanent changes in the life of the individual.
CAPITAL EXPENDITURE
CASH FLOWS FROM
OPERATING ACTIVITIES
-9.6%
€13,223 million
€14,620 million in 2023
CAPITAL EXPENDITURE(1)
-14.9%
€10,821 million
€12,714 million in 2023
PEOPLE
NO. OF EMPLOYEES
-1.1%
60,359
61,055 million in 2023
NO. OF LIFE CHANGING
ACCIDENTS (LCA) - ENEL(2)(3)
2
1 in 2023
PERFORMANCE
REVENUE
-17.4%
€78,947 million
€95,565 million in 2023
GROSS OPERATING PROFIT
+18.8%
€24,066 million
€20,255 million in 2023
ORDINARY GROSS
OPERATING PROFIT
+3.8%
€22,801 million
€21,969 million in 2023
RESULTS
PROFIT ATTRIBUTABLE TO
OWNERS OF THE PARENT
€7,016 million
€3,438 million in 2023
ORDINARY PROFIT ATTRIBUTABLE
TO OWNERS OF THE PARENT
+9.6%
€7,135 million
€6,508 million in 2023
NET FINANCIAL DEBT
-7.3%
€55,767 million
€60,163 million in 2023
23
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Highlights of the business lines
INTEGRATED ANNUAL REPORT 2024
(4) If net generation operated through joint ventures were also included, total generation from renewable sources at December 31, 2024 would
amount to 148.3 TWh (140.3 TWh at December 31, 2023).
NET ELECTRICITY
GENERATION FROM
RENEWABLE SOURCES(4)
+5.0%
133.3
(4)
TWh
126.98 in 2023
NET EFFICIENT INSTALLED
CAPACITY FROM RENEWABLE
SOURCES (%)
69.90%
68.2% in 2023
NET ELECTRICITY
GENERATION FROM
TRADITIONAL SOURCES
-27.2%
58.5 TWh
80,35 in 2023
NET EFFICIENT INSTALLED
CAPACITY FROM TRADITIONAL
SOURCES (%)
30.10%
31.8% in 2023
NET EFFICIENT INSTALLED
CAPACITY FROM
RENEWABLE SOURCES
+2.0%
56.6 GW
55.5 in 2023
NET EFFICIENT INSTALLED
CAPACITY FROM
TRADITIONAL SOURCES
-6.2%
24.3 GW
25.9 in 2023
ADDITIONAL EFFICIENT
INSTALLED CAPACITY
FROM RENEWABLE
SOURCES
-34.5%
2.64 GW
4.03 in 2023
SCOPE 1 GHG EMISSIONS
INTENSITY RELATING TO
POWER GENERATION -
SBTi
-36.9%
101 gCO2eq/kWh
160 in 2023
ENEL GREEN POWER
THERMAL GENERATION
Highlights of the
business lines
24
Highlights of the business lines
INTEGRATED ANNUAL REPORT 2024
1. Enel Group
(5) The figure for 2023 reflects a more accurate calculation of the aggregate.
(6) Of which 30.5 million second-generation meters in 2024 and 28.7 million in 2023.
(7) Includes fiber optic customers.
(8) If the figures also included charging points operated through joint ventures, the totals would amount to 28,809 at December 31, 2024 and
25,337 at December 31, 2023.
ELECTRICITY
SOLD BY ENEL
-9.1%
273.5 TWh
300.9 in 2023
STORAGE
+65.2%
2,858 MW
1,730 in 2023
RETAIL
CUSTOMERS(5)(7)
-9.2%
55,485,799 no.
61,125,743 in 2023
DEMAND RESPONSE
CAPACITY
-3.5%
9,250 MW
9,588 in 2023
of which
free market(5)
-2.3%
23,665,515 no.
24,234,813 in 2023
PUBLIC CHARGING
POINTS(8)
+13.2%
27,494 no.
24,281 in 2023
ENEL X GLOBAL RETAIL
END USERS
-2.5%
68,523,156 no.
70,291,727 in 2023
END USERS WITH ACTIVE
SMART METERS(6)
45,181,536 no.
45,172,959 in 2023
ELECTRICITY
DISTRIBUTION AND
TRANSMISSION GRID
-1.5%
1,870,283 km
1,899,419 in 2023
ELECTRICITY
TRANSPORTED ON ENEL’S
DISTRIBUTION GRID(5)
-1.7%
481.2 TWh
489.4 in 2023
ENEL GRIDS AND INNOVABILITY
25
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Highlights of the business lines
26
INTEGRATED ANNUAL REPORT 2024
Business model
27
INTEGRATED ANNUAL REPORT 2024
1. Enel Group
Business model
ESRS SBM-1 – Strategy, business model and value chain
The Enel Group, through its organizational units,
operates in an integrated manner in the sector of
generation, distribution and sale of electricity and
gas. In order to seize all the opportunities aimed at
supporting the energy and digital transition, possibly
also accelerating its implementation, and to effec-
tively manage all the risks of a rapidly changing ener-
gy sector, each business line of the Group has been
assigned its own specific mission, as outlined in the
section “Enel’s organizational model”.
Thanks to a sustainable business model and a strat-
egy integrating financial sustainability objectives with
environmental and social dimensions, the Group pur-
sues value creation for all stakeholders, contributing
to the energy transition, the electrification of con-
sumption and the fight against climate change, while
respecting and safeguarding the social and econom-
ic organization of the countries in which it operates.
The diagram below offers a representation of the
Group’s integrated value chain, with an indication
of the main operating activities and upstream and
downstream relationships with stakeholders. It also
outlines the main inputs on which the Group lever-
ages to develop its business and the main products
and results in terms of short- and medium/long-term
benefits expected for stakeholders.
In this respect, the Group has mapped the main play-
ers in the value chain, through a process that has al-
lowed the identification of the most critical upstream
and downstream relationships in terms of potential
associated Environmental, Social and Governance
(ESG) impacts, risks and opportunities. More spe-
cifically, with regard to the upstream players in the
value chain, the main suppliers were identified by
business line and activity, with particular attention to
those identified as critical in ESG terms with respect
to the peculiarities of their activity. With regard to the
downstream activities of the value chain, a detailed
mapping of the different types of customers allowed
to segment them based on the business line in which
they participate and their characteristics, classifying
them as residential, commercial, industrial, public
bodies as well as distribution users.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Business model
28
INTEGRATED ANNUAL REPORT 2024
POWER
GENERATION
PRODUCTS
AND SERVICES
DISTRIBUTION
Value creation and the business model
ENEL’S BUSINESS
DOWNSTREAM
UPSTREAM
Financial capital: the Group cash flows are
generated by business activities. Additionally, the
Group relies on financial institutions and the issu-
ance of financial instruments to support its sus-
tainable development strategy.
Natural resources: business activities leverage
on the purchase of fossil fuels (coal, gas and fuel oil)
for electricity generation, materials and compo-
nents for the construction of renewable electricity
generation plants (aluminum, copper, lithium and
critical materials, etc.), materials and components
for the development of distribution networks.
Human capital: the Group draws on the work
of its own workforce (over 60,000 employees) and
that of the contractors supporting investment and
operating activities.
Relations with partners and stakeholders:
the Group holds a constant dialogue with the in-
stitutions of the various countries in which it op-
erates, as well as with suppliers, partners and local
communities to support operational activities.
FINANCIAL CAPITAL
€55,767 million net financial debt
68% sustainable financing
€49,171 million total equity
NATURAL RESOURCES
170.52 TWh total energy consumption
30,881 thousand m3 total water consumption
14,186.8 hectares occupied by distribution
assets in protected areas
HUMAN CAPITAL
60,359 employees
131,851 FTE workforce of contracting and
subcontracting companies
RELATIONS WITH PARTNERS
AND STAKEHOLDERS
INPUTS AND DEPENDENCIES
Procurement of supplies, works and services
Relation with retail customers
Business model
29
INTEGRATED ANNUAL REPORT 2024
1. Enel Group
TOTAL NET
EFFICIENT
INSTALLED
CAPACITY
END
USERS
PUBLIC
CHARGING
POINTS
NET EFFICIENT
INSTALLED
RENEWABLES
CAPACITY
ELECTRICITY
DISTRIBUTION
GRID
RETAIL CUSTOMERS
81.0 GW
68.5 M
27.5 K
69.9%
1,870,283 KM
55,485,799
Investors: Enel holds a constant and transparent
dialogue in line with best practices to increase the
level of understanding of the Group’s activities and
performance and ensure returns for its shareholders.
Customers: the Group is committed to offering
sustainable, affordable and flexible solutions and ser-
vices, with particular attention to vulnerable groups.
Enel people: the Group promotes a culture of
inclusion and valorization of diversity, innovation
and entrepreneurship in support of a constantly
changing environment.
Communities: Enel defines action plans and pro-
jects to support local communities in the countries
in which it operates, aimed at promoting access
to energy and contrasting energy poverty, as well
as supporting the social-economic development
through tax contributions.
Suppliers: the Group is committed to protecting
and ensuring the protection of workers’ rights in the
supply chain, supporting its suppliers in the path of
decarbonization and growth in response to the chal-
lenges of the energy transition.
OUTPUTS AND BENEFITS
INVESTORS
83.8% capex aligned with EU Taxonomy
€5,372 million dividends and coupons paid
to holders of hybrid bonds
0.47 (€/share) fixed DPS
CUSTOMERS
205.2 avg. min. SAIDI
167 commercial claims/10,000 customers
ENEL’S PEOPLE
33.3% women managers and middle managers
0.58 Lost Time Injury Frequency Rate
COMMUNITIES
960,000 no. of beneficiaries in projects for
clean and affordable energy (SDG 7)
SUPPLIERS
7,489 suppliers with an active contract
6,952 qualified suppliers with an active contract
Procurement of energy commodities
Relations with end users
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Enel around the world
30
INTEGRATED ANNUAL REPORT 2024
Enel around the world
The Enel Group has a presence in 41 countries on multiple continents around the world, with more than 1,000
subsidiaries.
The following map shows the distribution of the Enel Group across the globe.
41 countries
More than
1,000
subsidiaries
60,359
No. of total Enel employees
PRESENCE
Enel around the world
31
INTEGRATED ANNUAL REPORT 2024
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
1.
GRUPPO
ENEL
La politica dei dividendi
La politica dei dividendi di Enel rimane
semplice e prevedibile, con un dividendo per
azione (DPS) pari a 0,43 euro nel periodo 2
023-2025, in aumento rispetto a 0,40 euro
nel 2022. Il DPS nel 2024 e nel 2025 è da
considerarsi come un minimo sostenibile.
Modello di business
Enel conferma il proprio modello di business
basato sui collaudati modelli di Ownership, che
ricomprende i cosiddetti Paesi “Tier 1” in cui
il Gruppo sviluppa un business integrato o ha
una posizione importante (Italia, Spagna, Cile,
Colombia, Brasile, Stati Uniti), e di Stewardship,
nei Paesi in cui joint venture, PPA, acquisizioni
di quote di minoranza offrano prospettive
particolarmente remunerative.
Crescita delle fonti
di finanziamento sostenibili
In linea con il “Sustainability-Linked Financing
Framework” e in vista del raggiungimento
dell’obiettivo di Sostenibilità di Enel circa la
riduzione di emissioni dirette di gas serra
(Scope 1), è sempre più ampio il ricorso a
strumenti di finanza sostenibile.
RELAZIONE
SULLA GESTIONE
2.
GOVERNANCE
Corporate governance system
oriented towards the goal
of sustainable success.
Governance model in line
with international best practice.
Transparency and fairness
as founding values.
REPORT
ON OPERATIONS
Enel shareholders
34
INTEGRATED ANNUAL REPORT 2024
Enel shareholders
At December 31, 2024, the fully subscribed and paid-
up share capital of Enel SpA totaled €10,166,679,946,
represented by the same number of ordinary shares
with a par value of €1.00 each. Share capital is un-
changed compared with that registered at December
31, 2023.
In implementation of the authorization of the Share-
holders’ Meeting of May 23, 2024 and the subsequent
resolution of the Board of Directors adopted on July 25,
2024, Enel has completed a program for the purchase
of treasury shares to serve the 2024 LTI Plan for the
management of Enel and/or its subsidiaries pursuant
to Article 2359 of the Italian Civil Code. More specifi-
cally, as a result of transactions carried out between
September 16, 2024 and November 8, 2024 in exe-
cution of the aforementioned program, the Company
has acquired a total of 2,900,000 treasury shares. Ac-
cordingly, considering the 10,085,106 treasury shares
already held at the date of the Shareholders’ Meeting
of May 23, 2024 and taking account of the disburse-
ment on September 5, 2024 of 905,436 Enel ordinary
shares to the beneficiaries of the 2020 LTI Plan and the
2021 LTI Plan, at December 31, 2024, the Company
holds a total of 12,079,670 treasury shares.
Significant shareholders
At December 31, 2024, based on the shareholders
register and the notices submitted to CONSOB and
received by the Company pursuant to Article 120 of
Legislative Decree 58 of February 24, 1998, as well
as other available information, shareholders with an
interest of greater than 3% in the Company’s share
capital included the Ministry for the Economy and
Finance (with a 23.585% stake) and BlackRock Inc.
(with a 5.023% stake held for asset management
purposes).
Enel shareholders
35
INTEGRATED ANNUAL REPORT 2024
2. Governance
Composition of shareholder base
Since 1999, Enel has been listed on the Euronext Milan
market organized and operated by Borsa Italiana SpA.
Enel’s shareholders include leading international invest-
ment funds, insurance companies, pension funds and
ethical funds.
At December 31, 2024, institutional investors held
around 58.6% of the share capital, while retail inves-
tors held around 17.8% (unchanged from December 31,
2023); the stake held by Ministry for the Economy and
Finance was also unchanged, at 23.6% of share capital.
SHAREHOLDER COMPOSITION
AS AT DECEMBER 2024
Ministry for the Economy and Finance
Retail investors
Institutional investors
23.6%
17.8%
58.6%
%
The stake of socially responsible investors sig-
nificantly increased, to around 23.0% of the share
capital at December 31, 2024 (from around 17.5% at
December 31, 2023) and to around 39.2% of insti-
tutional investors (from around 29.8% at December
31, 2023).
Investors who have signed the Principles for Respon-
sible Investment represent around 43.2% of the share
capital (compared with around 42.8% at December
31, 2023).
INSTITUTIONAL INVESTORS
BY GEOGRAPHICAL AREA
Rest of Europe
Rest of the world
Norh America
United Kingdom
Italy
46.2%
10.7%
25.0%
7.1%
11.0%
%
GROWTH IN SOCIALLY RESPONSIBLE INVESTING (SRI)
8.6
5.9
7.7
8.0
10.3
10.5
11.3
13.7
8.6
10.5
10.8
14.1 14.6
14.6
14.9
17.5
22.9 23.0
30.1
19.1
19.1
19.4
273
245
224
244
160
182
169
150
132
134
252
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
% share capital
% float
# investors
1. Enel Group
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Corporate boards
36
INTEGRATED ANNUAL REPORT 2024
Corporate boards
ESRS GOV-1 – The role of the administrative, management and supervisory bodies
CHAIRMAN
Paolo Scaroni(1)
CHIEF EXECUTIVE OFFICER
AND GENERAL MANAGER
Flavio Cattaneo(2)
CHAIRMAN
Barbara Tadolini
AUDITORS
Luigi Borré
Maura Campra
DIRECTORS
Johanna Arbib(1)
Mario Corsi(1)
Olga Cuccurullo(3)
Dario Frigerio(1)
Fiammetta Salmoni(1)
Alessandra Stabilini(1)
Alessandro Zehentner(1)
SECRETARY
Leonardo Bellodi
ALTERNATE AUDITORS
Carolyn A. Dittmeier
Tiziano Onesti
Piera Vitali
BOARD
OF DIRECTORS
BOARD OF
STATUTORY AUDITORS
AUDIT FIRM
KPMG SpA
(1)
Non-executive independent director.
(2) Executive director.
(3) Non-executive non-independent director.
Corporate boards
37
INTEGRATED ANNUAL REPORT 2024
2. Governance
The members of the Board of Statutory Auditors
possess the professional requirements set forth
for auditors of listed companies by Article 1 of the
Decree of the Ministry of Justice 162 of March 30,
2000 as integrated by Article 25.1 of Enel bylaws.
For further information on the professional profiles
of the members of the Board of Directors and the
Board of Statutory Auditors, refer to the Report on
Corporate Governance and Ownership Structures
of Enel for the 2024 financial year, published on the
Company’s website (www.enel.com, “Governance”
section).
1 Executive director
1 in 2023
8 Non-executive directors
8 in 2023
of which 7 independent(1)
7 in 2023
77.7%
77.7% in 2023
COMPOSITION OF THE BOARD OF DIRECTORS
2024
5 Men
5 in 2023
55.6% Men
55.6 in 2023
0% <30
0% 30-50
44.4% Women
44.4 in 2023
100% >50
100% 1-3 years
4 Women
4 in 2023
GENDER
AGE
DIRECTORS BY SENIORITY (in years)
(1)
The figures for 2024 and 2023 refer to directors qualifying as independent pursuant to the Consolidated Law on Financial Intermediation and
the Italian Corporate Governance Code (2020 edition).
(2) In accordance with the Diversity Policy adopted by the Enel Board of Directors. “international experience” is assessed on the basis of the man-
agerial. professional. academic or institutional activities performed by each director in international environments.
COMPOSITION OF THE BOARD
OF STATUTORY AUDITORS
1 Man
1 in 2023
(33.3%)
2 Women
2 in 2023
(66.7%)
GENDER
0% <30
0% 30-50
EXPERTISE
1 2 3 4 5 6 7 8 9
Energy industry
1 2 3 4 5 6 7 8 9
Strategic vision
1 2 3 4 5 6 7 8 9
Business judgement
1 2 3 4 5 6 7 8 9
Accounting, finance and risk management
1 2 3 4 5 6 7 8 9
Environmental, Social and Corporate Governance
1 2 3 4 5 6 7 8 9
Legal and compliance
1 2 3 4 5 6 7 8 9
Communication and marketing
1 2 3 4 5 6 7 8 9
100% >50
AGE
International experience(2)
1. Enel Group
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
The Enel corporate governance system
38
INTEGRATED ANNUAL REPORT 2024
The Enel corporate
governance system
1.
Available from the website of Borsa Italiana (at https://www.borsaitaliana.it/comitato-corporate-governance/codice/2020-eng.en.pdf).
2.
The Corporate Governance Code defines a “large company” as any company whose capitalization was greater than €1 billion on the last Ex-
change business day of each of the previous three calendar years, while a “company with concentrated ownership” is any company in which a
single shareholder (or a plurality of shareholders which participates in a shareholders’ voting agreement) holds, directly or indirectly (through
subsidiaries, trustees or third parties), the majority of the votes that can be exercised in the ordinary shareholders’ meeting.
The corporate governance system of Enel SpA (“Enel”
or the “Company”) is compliant with the principles
set forth in the Italian Corporate Governance Code,1
adopted by the Company as a “large company” without
“concentrated ownership”,2 and with international best
practice. The corporate governance system adopted
by Enel is aimed at achieving sustainable success, as
it is aimed at creating value for the shareholders over
the long term, taking into account the environmental
and social importance of the Enel Group’s business
operations and the consequent need, in conducting
such operations, to adequately consider the interests
of all relevant stakeholders.
In compliance with Italian legislation governing listed
companies, the Group’s organization comprises the
following bodies.
Paolo Scaroni
Chairman
Flavio Cattaneo
Chief Executive
Officer and
General Manager
Johanna Arbib
Mario Corsi
Olga Cuccurullo
Dario Frigerio
Fiammetta Salmoni
Alessandra Stabilini
Alessandro Zehentner
Barbara Tadolini (C)
Luigi Borré
Maura Campra
SHAREHOLDERS’
MEETING
AUDIT FIRM
BOARD
OF DIRECTORS
CONTROL
AND RISK
RELATED
PARTIES
BOARD
OF STATUTORY
AUDITORS
KPMG SpA
Committee
Committee
Committee
Committee
NOMINATION
COMPENSATION
and
CORPORATE
GOVERNANCE
SUSTAINABILITY
and
The Enel corporate governance system
39
INTEGRATED ANNUAL REPORT 2024
2. Governance
Shareholders’
Meeting
It is charged with deciding, among other things, in either ordinary or extraordinary
session:
• the appointment and removal of the members of the Board of Directors and the
Board of Statutory Auditors and their compensation and undertaking any stock-
holder actions;
• the approval of the financial statements and the allocation of profit;
• the purchase and sale of treasury shares;
• remuneration policy and its implementation;
• share ownership plans;
• amendments to the bylaws;
• mergers and demergers;
• the issue of convertible bonds.
Board of Directors
12
meetings held by the
Board in 2024, 10
of which addressed
sustainability-related
issues;
among these, 3
meetings addressed
issues connected with
climate and their impact
on strategies and the
associated approaches
to implementation
ESRS GOV-1 – The role of the administrative, management and supervisory bodies
• It is vested by the bylaws with the broadest powers for the ordinary and extraor-
dinary management of the Company and has the power to carry out all the ac-
tions it deems advisable to implement and achieve the corporate purpose.
• It plays a central role in corporate governance, holds powers for strategic and
organizational guidance and control of the Company and the Group, whose sus-
tainable success it pursues. In this context, it examines and approves corporate
strategy, including the annual budget and Business Plan, taking account of the
analysis of key issues for the generation of long-term value and therefore pro-
moting a sustainable business model.
• It performs a policy-setting role and assesses the adequacy of the internal con-
trol and risk management system (ICRMS). More specifically, it determines the
nature and level of risk compatible with the strategic objectives of the Company
and the Group, incorporating in its assessments all factors that could be relevant
to achieving the sustainable success of the Company. The ICRMS consists of the
set of rules, procedures and organizational structures designed to enable the
effective identification, measurement, management and monitoring of the main
business risks to which the Group is exposed. These include the risks associated
with climate change and, more generally, the risks that the Group’s activities may
engender in the areas of the environment, society, personnel and respect for
human rights.
• It determines the remuneration policy for directors, statutory auditors and key
management personnel with a view to pursuing the Company’s sustainable suc-
cess, taking due account of the need to have, retain and motivate people with
the skills and expertise required by the positions they hold, submitting this policy
for approval by the Shareholders’ Meeting.
• After consulting the Control and Risk Committee, appoints the members of the
Enel Supervisory Board, pursuant to the Organizational and Management Model
pursuant to Legislative Decree 231/2001.
1. Enel Group
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
The Enel corporate governance system
40
INTEGRATED ANNUAL REPORT 2024
ESRS G1 GOV-1 – The role of the administrative, management and supervisory
bodies
• Acting upon proposal of the Corporate Governance and Sustainability Com-
mittee and the Control and Risk Committee, it approves and updates the Or-
ganizational and Management Model prepared pursuant to Legislative Decree
231/2001, the Code of Ethics, the “Zero-Tolerance-of-Corruption” Plan and the
Human Rights Policy.
ESRS GOV-2 – Information provided to and sustainability matters addressed by
the undertaking’s administrative, management and supervisory bodies
• Periodically, and in any case upon approval of the Annual Financial Report (which
as from the 2024 financial year also includes the Consolidated Sustainability
Statement), it receives an update on the Group’s operational, financial and sus-
tainability performance (including climate-related performance), also in respect
of impacts, risks and opportunities relevant for the Group.
• It periodically receives, also from the Control and Risk Committee, an update on
reports of violations of the Code of Ethics, including any cases of illicit conduct
and their management.
• It periodically receives an update from the Control and Risk Committee, on de-
velopments of the main risks connected to the strategic objectives of the Busi-
ness Plan, also with reference to sustainability and climate-related issues.
• Activities performed in 2024 included addressing sustainability-related issues
on the occasion of: (i) the examination and approval of the Business Plan of the
Company and the Group; (ii) the determination of Enel’s remuneration policy for
2024; (iii) the examination of the 2023 Sustainability Statement, which incorpo-
rates the Consolidated Non-Financial Statement pursuant to Legislative Decree
254/2016 for the same year; (iv) the approval of sustainable finance transactions;
(v) the monitoring of the Organization and Management Model pursuant to Leg-
islative Decree 231/2001 and the updating of the General Part and some Special
Parts of the aforementioned Model; (vi) extreme weather events; (vii) anti-cor-
ruption activities. Issues concerning cyber security, safety, customer satisfaction
and tax transparency were also addressed.
• On the occasion of the approval of the Business Plan, it confirmed the path to-
wards “Net Zero”, which includes (i) the exit from coal generation by 2027, (ii) zero
emissions (GHG) for generation and retail businesses by 2040 and (iii) a Just Tran-
sition plan that takes into account the evolution of the social-economic frame-
work.
• With regard to enhancing gender diversity, it agreed on the introduction of a
performance objective in the 2024 Long-Term Incentive Plan, represented by the
percentage of women in management and middle management positions over
the total management and middle management at the end of 2026.
• Finally, the Board of Directors received timely information on developments in
and the substance of the various forms of investor engagement.
In compliance with the provisions of the Italian Civil
Code, the Board of Directors has delegated part of
its management duties to the Chief Executive Officer
and, in accordance with the recommendations of the
Corporate Governance Code and the provisions of
the applicable CONSOB regulations, has appointed
the following committees from among its members
to provide recommendations and advice.
The Enel corporate governance system
41
INTEGRATED ANNUAL REPORT 2024
2. Governance
Corporate
Governance and
Sustainability
Committee
7
meetings held by the
Committee in 2024,
4 of which addressed
sustainability-related
issues;
among these,
3 meetings addressed
issues connected with
climate and their impact
on strategies and the
associated approaches
to implementation
ESRS GOV-1 – The role of the administrative, management and supervisory bodies
ESRS G1 GOV-1 – The role of the administrative, management and supervisory
bodies
• A majority of its members are independent directors.
• In 2024 it was composed by the following directors, all of whom met independ-
ence requirements: Paolo Scaroni (Chairman), Johanna Arbib and Alessandra
Stabilini.
• It assists the Board of Directors in assessment and decision-making activities
concerning the corporate governance of the Company and the Group and sus-
tainability, including climate change issues. In this respect, it examines among
others the main corporate rules and procedures relevant to stakeholders – in-
cluding, in particular, the Organizational and Management Model pursuant to
Legislative Decree 231/2001, the Code of Ethics, the “Zero-Tolerance-of-Cor-
ruption” Plan and the Human Rights Policy – and submits these documents to
the Board of Directors for approval, evaluating any subsequent amendments or
additions.
• It monitors sustainability issues related to the Company’s business and the inter-
action between the latter and all stakeholders.
• It examines the guidelines of the Sustainability Plan, including the climate objec-
tives set out in the plan, and the outcome of the double materiality process which
specifies the impacts, risks and opportunities relevant for the Group, and periodi-
cally evaluates the achievement of the objectives defined by the plan itself.
• It examines the methods of implementing the sustainability policy, including
those relating to climate.
• It monitors the Company’s inclusion in the main sustainability indices, as well as
its participation in the most significant international events on the subject.
• It annually examines the general approach and the organization of contents
presented in the Sustainability Statement referred to in Legislative Decree
125/2024, as well as the conformity of information provided with relevant rules
and sustainability reporting standards, issuing a preliminary opinion in this re-
gard to the Board of Directors.
In this respect, this reporting illustrates, among other things, the process and
the results of the double materiality analysis, with particular reference to sus-
tainability- (and climate-) related impacts, risks and opportunities relevant to the
Enel Group. This responsibility was attributed to the Corporate Governance and
Sustainability Committee following the amendments to the relevant Organiza-
tional regulation approved by the Board of Directors in December 2024 in order
to implement the legislation on corporate sustainability reporting, introduced
by Legislative Decree 125/2024. Before the approval of these amendments, the
Committee was called upon to examine the general approach and the organiza-
tion of contents presented in the Consolidated Non-Financial Statement pursu-
ant to Legislative Decree 254/2016 and the Sustainability Statement – possibly
summarized in a single document – as well as the completeness and transparen-
cy of the information provided and their consistency with the principles set out
in the relevant reporting standard, issuing a preliminary opinion in this regard to
the Board of Directors called upon to approve such documents.
1. Enel Group
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
The Enel corporate governance system
42
INTEGRATED ANNUAL REPORT 2024
ESRS GOV-2 – Information provided to and sustainability matters addressed by
the undertaking’s administrative, management and supervisory bodies
• Activities performed in 2024 included: addressing sustainability-related issues
(including climate-related) on the occasion of the examination of: (i) the 2023
Sustainability Statement, which incorporates the Consolidated Non-Financial
Statement pursuant to Legislative Decree 254/2016 for the same year; (ii) the
EU and national regulatory framework on sustainability, with particular refer-
ence to Directive 2022/2464/EU (the Corporate Sustainability Reporting Direc-
tive - CSRD) and Legislative Decree 125/2024 implementing it, as well as Direc-
tive 2024/1760 (the Corporate Sustainability Due Diligence Directive - CSDDD);
(iii) the process and outcomes of double materiality, also for the purposes of
preparing the Consolidated Sustainability Statement, within which the im-
pacts, risks and opportunities (IRO) relevant to the Enel Group were presented
to the Committee; (iv) the 2025-2027 Sustainability Plan; (v) human rights due
diligence within the Enel Group; (vi) voluntary disclosure on sustainability; (vii)
the main sustainability activities performed by the Enel Group in 2024.
Control and Risk
Committee
15
meetings held by the
Committee in 2024,
11 of which addressed
sustainability-related
issues;
among these, 8
meetings addressed
issues connected with
climate and their impact
on strategies and the
associated approaches
to implementation
ESRS GOV-1 – The role of the administrative, management and supervisory bodies
• It is composed of non-executive directors, the majority of whom (including its
Chairman) are independent.
• In 2024, it was made up of the following directors, the majority of whom (includ-
ing its Chairman) met independence requirements: Dario Frigerio (Chairman),
Mario Corsi, Olga Cuccurullo and Alessandro Zehentner.
• It has the task of supporting the assessments and decisions of the Board of
Directors relating to the internal control and risk management system (ICRMS),
as well as those relating to the approval of periodic financial and non-financial
reports. In particular, it issues its prior opinion to the Board of Directors, inter
alia: (i) on the guidelines of the ICRMS, so that the main risks concerning Enel
and its subsidiaries – including the various risks that may be relevant from the
perspective of sustainability (including climate-related risks), and cyber security
and AI-related risks – are correctly identified and adequately measured, man-
aged and monitored; (ii) on the degree of compatibility of the risks referred to in
point (i) above with company operations consistent with the strategic objectives
identified; (iii) on the adequacy of the ICRMS with respect to the characteristics
of the Company and the risk profile assumed, as well as the effectiveness of the
system itself; (iv) on the composition of the Supervisory Board established in Enel
SpA pursuant to Legislative Decree 231/2001.
The Enel corporate governance system
43
INTEGRATED ANNUAL REPORT 2024
2. Governance
• It examines the issues relevant to the ICRMS addressed in the Sustainabili-
ty Statement pursuant to Legislative Decree 125/2024, issuing a prior opinion
on these aspects to the Board of Directors. In this respect, this reporting illus-
trates, among other things, the process and the results of the double materi-
ality analysis, with particular reference to sustainability- (and climate-) related
impacts, risks and opportunities relevant to the Enel Group. This responsibility
was attributed to the Control and Risk Committee following the amendments
to the relevant Organizational regulation approved by the Board of Directors in
December 2024 in order to implement the legislation on corporate sustainabil-
ity reporting, introduced by Legislative Decree 125/2024. Before the approval of
these amendments, the Committee examined the issues relevant to the ICRMS
addressed in the Consolidated Non-Financial Statement pursuant to Legislative
Decree 254/2016 and the Sustainability Statement, which could be presented
in a single document, issuing a prior opinion on these aspects to the Board of
Directors, which was called upon to approve these documents.
• It evaluates whether periodic financial and non-financial reporting correctly rep-
resents the business model, the strategies of the Company and the Group it
heads and the impact of company activities and the performance achieved, co-
ordinating with the Corporate Governance and Sustainability Committee with
regard to periodic non-financial reporting.
ESRS G1 GOV-1 – The role of the administrative, management and supervisory
bodies
ESRS G1-3 – Prevention and detection of corruption and bribery
• It examines the main corporate rules and procedures of the ICRMS that are
relevant to stakeholders – including, in particular, the Organizational and
Management Model prepared pursuant to Legislative Decree 231/2001, the
Code of Ethics (including the half-yearly reporting made in accordance with
the Code of Ethics), the “Zero-Tolerance-of-Corruption” Plan and the Human
Rights Policy – and submits these documents to the Board of Directors for
approval, assessing any subsequent amendments or additions.
ESRS GOV-2 – Information provided to and sustainability matters addressed by
the undertaking’s administrative, management and supervisory bodies
ESRS GOV-5 – Risk management and internal controls over sustainability reporting
• Activities performed in 2024 included addressing sustainability-related issues (in-
cluding climate-related) on the occasion of: (i) the quarterly update on developments
of Group risks; (ii) the outcome of line monitoring and independent testing, as well
as of the assessment of the internal control system on corporate reporting of the
Enel Group in view of its certification by the Chief Executive Officer and the officer in
charge of financial reporting (a) on the draft financial statements of Enel SpA and on
the consolidated financial statements of the Enel Group for the 2023 financial year
as well as (b) on the half-year financial report of the Enel Group as of June 30, 2024;
1. Enel Group
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
The Enel corporate governance system
44
INTEGRATED ANNUAL REPORT 2024
(iii) the examination of issues concerning the ICRMS dealt with in the 2023 Sus-
tainability Statement, which incorporates the Consolidated Non-Financial State-
ment pursuant to Legislative Decree 254/2016 for the same year; (iv) meetings
on the ICRMS of the Enel Grids and Innovability and Enel X Global Retail Global
Business Lines, of Country Italy, as well as the “Legal, Corporate, Regulatory and
Antitrust Affairs”, “People and Organization” and “Security” of the Holding Com-
pany functions, concerning the activities carried out and the risks existing in its
area of responsibility, as well as the tools used to mitigate their effects; (v) the
update on methodological and process developments for monitoring the pro-
gress of the main risks connected to the strategic objectives of the 2024-2026
Business Plan; (vi) the analysis of the compatibility of the main risks associated
with the strategic objectives of the 2025-2027 Business Plan.
Nomination and
Compensation
Committee
11
meetings held by the
Committee in 2024
ESRS GOV-1 – The role of the administrative, management and supervisory bodies
• It is composed of non-executive directors, the majority of whom (including its
Chairman) are independent.
• In 2024 it was made up of the following directors, the majority of whom (includ-
ing its Chairman) met independence requirements: Alessandra Stabilini (Chair-
man), Johanna Arbib, Olga Cuccurullo, Dario Frigerio and Fiammetta Salmoni.
• It supports the Board of Directors in, inter alia, evaluations and decisions relating
to the size and optimal composition of the Board and its committees, as well as
the remuneration of directors and key management personnel.
• In this regard, the remuneration policy for 2024 provides that a significant por-
tion of the short- and long-term variable remuneration of the Chief Executive
Officer/General Manager shall be linked to sustainability-related performance
objectives. For more information on the 2024 remuneration policy, please see
the section “Incentive system”.
The Enel corporate governance system
45
INTEGRATED ANNUAL REPORT 2024
2. Governance
Related Parties
Committee
4
meetings held by the
Committee in 2024
• It is composed of independent non-executive directors.
• In 2024 it was made up of the following directors, all of whom met independ-
ence requirements: Fiammetta Salmoni (Chairman), Mario Corsi and Alessandro
Zehentner.
• It performs the functions provided for in the relevant CONSOB regulations and
in the specific Enel procedure for transactions with related parties, essentially
issuing particular reasoned opinions on the interest of Enel – and any direct or
indirect subsidiary that may be involved – in carrying out transactions with relat-
ed parties, expressing its assessment of the benefits and substantive appropri-
ateness of the associated conditions, subject to receiving timely and compre-
hensive information on the transaction.
Board of Statutory
Auditors
23
meetings held by the
Board in 2024
ESRS GOV-1 – The role of the administrative, management and supervisory bodies
ESRS GOV-5 – Risk management and internal controls over sustainability reporting
It is charged with overseeing:
• compliance with the law and the bylaws, as well as compliance with the principles
of sound administration in carrying out corporate activities;
• the financial and non-financial reporting process and the appropriateness of the
organizational structure, the internal control system and the administrative-ac-
counting system of the Company;
• the statutory audit of the annual accounts and the consolidated accounts, the
certification of conformity of consolidated Sustainability Statement, as well as
the independence of the Audit Firm and the sustainability auditor;
• the approach adopted in implementing the corporate governance rules envis-
aged by the Corporate Governance Code.
The Board of Statutory Auditors, in its capacity as Audit Committee, is also charged
with:
• informing the Board of Directors on the outcomes of the legal audit and the
activity of certification of the consolidated Sustainability Statement, providing
the Board with the additional report referred to in Article 11 of Regulation (EU)
537/2014, together with any remarks;
• monitoring the financial and consolidated sustainability reporting processes, in-
cluding the use of the electronic format required by applicable legislation and
the procedures implemented by the Company in compliance with the reporting
standards adopted by the European Commission, as well as presenting recom-
mendations or proposals aimed at ensuring their integrity;
• monitoring the effectiveness of the Company’s internal quality control and risk
management systems and internal audit, with regard to financial reporting and
consolidated sustainability reporting, including the use of electronic format,
without interfering with their independence;
1. Enel Group
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
The Enel corporate governance system
46
INTEGRATED ANNUAL REPORT 2024
• monitoring the legal auditing of the financial statements and consolidated finan-
cial statements, as well as the activity of certifying the conformity of the consol-
idated Sustainability Statement.
Furthermore, the Board of Statutory Auditors normally meets in joint session with
the Control and Risk Committee regarding matters of common interest.
The Chairman of the Board of Statutory Auditors attends the meetings of Enel’s
board committees, pursuant to the provisions of their regulations, and may desig-
nate another auditor to attend in his/her place; however, other auditors may also
attend these meetings.
ESRS GOV-2 – Information provided to and sustainability matters addressed by
the undertaking’s administrative, management and supervisory bodies
ESRS G1 GOV-1 – The role of the administrative, management and supervisory
bodies
Activities performed in 2024 included the exam of sustainability-related issues ad-
dressed jointly with the Control and Risk Committee and reported above in the
section dedicated to said Committee. These most importantly include the exam,
in a joint session with the Control and Risk Committee, of the main corporate
rules and procedures connected to the ICRMS – which are relevant for stakehold-
ers – including, among others, the Organizational and Management Model pre-
pared pursuant to Legislative Decree 231/2001, the Code of Ethics (including the
half-yearly reporting of the reports made in accordance with the Code of Ethics),
the “Zero-Tolerance-of-Corruption” Plan and the Human Rights Policy.
Chairman of the Board
of Directors
• The Chairman is vested by the bylaws with the powers to represent the Company
and to sign on its behalf.
• The Chairman presides over Shareholders’ Meetings.
• The Chairman convenes the meetings of the Board of Directors, establishes the
agenda and presides over its proceedings.
• The Chairman acts as a liaison between the executive directors and the non-ex-
ecutive directors and, with the support of the Secretary of the Board of Direc-
tors, is responsible for the effective operation of the Board. More specifically, the
Chairman, with the support of the Board Secretary, is responsible, among other
things, for ensuring:
• that information provided before Board meetings and supplementary infor-
mation provided during meetings enables the directors to act in an informed
manner in the performance of their duties; and
• that the activity of the Board committees is coordinated with that of the Board
of Directors.
• The Chairman ensures that the Board of Directors is informed in a timely manner
on developments in and the substance of engagement activities with all share-
holders.
• The Chairman ascertains that the Board’s resolutions are carried out.
The Enel corporate governance system
47
INTEGRATED ANNUAL REPORT 2024
2. Governance
• Pursuant to a Board resolution of May 12, 2023, the Chairman has been vested
with a number of additional non-executive powers.
• In the exercise of the function of stimulating and coordinating the activities of
the Board of Directors, the Chairman plays a proactive role in the process of
approving and monitoring of corporate and sustainability strategies, which are
focused on decarbonization, development and resilience of networks as a tran-
sition-enabling element, and the electrification of energy consumption, in line
with the climate objectives set by the Group.
• During 2024, the Chairman chaired the Corporate Governance and Sustainability
Committee.
Chief Executive
Officer
• Like the Chairman of the Board of Directors, the CEO is vested by the bylaws with
the powers to represent the Company and to sign on its behalf, and in addition
is vested by a Board resolution of May 12, 2023 with all powers for managing
the Company, with the exception of those that are otherwise assigned by law,
regulation or the bylaws or that the aforesaid resolution reserves for the Board
of Directors (making the Chief Executive Officer the officer with primary respon-
sibility for managing the Company).
• The CEO has also been designated as the director responsible for establishing
and maintaining the ICRMS.
ESRS GOV-1 – The role of the administrative, management and supervisory bodies
• In exercising these powers, the CEO has defined a sustainable business model,
identifying a strategy aimed at guiding the energy transition towards a low-car-
bon model; the CEO also manages business operations linked to Enel’s commit-
ment to the fight against climate change.
• The CEO reports to the Board of Directors on the activities carried out in the ex-
ercise of such powers, including business activities aimed at maintaining Enel’s
commitment to addressing climate change.
ESRS SBM-2 – Interests and views of stakeholders
• The CEO represents Enel in various initiatives that deal with sustainability at the
international level, such as the Global Investors for Sustainable Development
(GISD) Alliance launched by the United Nations in 2019.
• As the officer with primary responsibility for managing the Company, the CEO
has primary authority for engaging with institutional investors, providing them
with any appropriate clarification concerning matters that fall within the scope
of the Chairman’s management powers, in line with the policy for engaging with
institutional investors and with Enel’s shareholders and bondholders as a whole.
1. Enel Group
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
The Enel corporate governance system
48
INTEGRATED ANNUAL REPORT 2024
ESRS GOV-5 – Risk management and internal controls over sustainability reporting
• From 2024, together with the officer in charge of financial reporting, the CEO
certifies with a specific report that Sustainability Statement complies with the
reporting standards applicable to it and with the provisions of Regulation (EU)
2020/852 on the taxonomy of environmentally sustainable activities (see decla-
ration in respect of Sustainability Statement).
Officer in charge
of financial reporting
ESRS GOV-5 – Risk management and internal controls over sustainability reporting
• During 2024 the functions of officer in charge of financial reporting of Enel were
performed by the head of the Company’s Administration, Finance and Control
function.
• In line with the provisions of the Company’s bylaws, the officer was appointed by
the Board of Directors, with the favorable opinion of the Board of Statutory Audi-
tors, and is in possession of the professional requirements set out in the bylaws.
• The officer is vested by law with the task of defining and establishing an ap-
propriate internal control system on financial reporting within the Company and
the Group and, to this end, establishes adequate administrative and accounting
procedures for the preparation of the financial statements and the consolidated
financial statements, as well as any other financial communication of Enel.
• The officer issues a statement that accompanies the Company’s documents and
communications disclosed to the market and relating to financial information,
including interim financial information, certifying their correspondence with
documentary evidence, books and accounting records.
• It also issues, together with the Chief Executive Officer, a certification regarding
the financial statements, the consolidated financial statements and the condensed
interim consolidated financial statements of Enel concerning the appropriateness
and the effective adoption of the administrative and accounting procedures in the
reporting period, as well as the reliability of the data contained therein and their
compliance with the relevant international accounting standards.
• As from 2024, together with the Chief Executive Officer, the officer issued a certi-
fication on Sustainability Statement.
Statutory audit
of the accounts
and verification
of compliance
of consolidated
Sustainability
Statement
• In 2024, the statutory audit and the verification of compliance of consolidated
Sustainability Statement are performed by a specialized firm entered in the ap-
propriate register.
The Enel corporate governance system
49
INTEGRATED ANNUAL REPORT 2024
2. Governance
Good corporate
governance practices
• At the end of 2024 and during the first months of 2025, the Board of Directors
carried out, with the assistance of a specialized independent advisor, an assess-
ment of the size, composition and functioning of the Board and its committees
(the “board review”), also extended to include the Board of Statutory Auditors, in
line with the most advanced corporate governance practices accepted at the
international level and incorporated within the Corporate Governance Code. The
board review was also carried out using a “peer review” approach, i.e. evaluating
not only the operation of the body as a whole, but also the style and substance
of the contribution made by each of its members.
ESRS GOV-1 – The role of the administrative, management and supervisory bodies
Among other issues, the board review also specifically sought to verify the direc-
tors’ perception of (i) the effectiveness of induction activities and (ii) the Board’s
involvement with sustainability and climate change issues.
The findings of the board review are reported in Enel’s Report on Corporate Gov-
ernance and Ownership Structure.
• Following the appointment of the Board of Directors by the ordinary Sharehold-
ers’ Meeting of May 10, 2023 and taking account of the election of an entirely
new Board, Enel organized a specific induction program to provide the directors
with an understanding of the sectors in which the Group operates, as well as
insight into company dynamics and their evolution, market developments and
the applicable regulatory framework. Various induction initiatives were therefore
held during 2023, focusing on the corporate governance system of the Compa-
ny and the Group, the electrical system and power generation, as well as closer
analyses of certain business lines and one Group staff function. During 2024, the
induction program continued, with further initiatives concerning climate change,
cyber security, innovation and digital innovation; in particular, it was deemed ap-
propriate to carry out induction on climate change, as the 2023 board review
(carried out with the assistance of a specialized independent advisor) showed
the need for the Board of Directors to receive specific training on sustainability
issues. The induction program was extended to include the Board of Statutory
Auditors. In February 2024, the Corporate Governance and Sustainability Com-
mittee identified Johanna Arbib as the non-executive director responsible for
monitoring, within the Committee itself, climate-related issues and those relat-
ing to the transition to “Net Zero”. The director received timely and adequate
training on: (i) how climate and energy transition affect the Enel Group’s strategy;
(ii) how the Group has an impact on climate; (iii) the risks and opportunities for
climate mitigation and adaptation for the Group.
• In exercising their functions, the Board of Directors (including the Board commit-
tees) and the Board of Statutory Auditors make use of the expertise of various
corporate structures as well as, where required in relation to specific issues, of
external consultants.
1. Enel Group
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
The Enel corporate governance system
50
INTEGRATED ANNUAL REPORT 2024
• The Board of Directors and the Board of Statutory Auditors have approved, each
within their own sphere of competence, specific diversity policies that set out
the characteristics considered optimal for the members of these bodies, so
that each can exercise their duties most effectively, taking decisions that can
effectively draw on the contribution of a plurality of qualified points of view, able
to examine the issues under discussion from different perspectives. The policy
approved by the Board of Directors establishes that with regard to the types of
diversity and the associated objectives:
• the optimal composition of Board members should provide for a majority of
independent directors;
• even when the regulatory provisions on gender balance expire, it is important
to continue to ensure that at least one-third of the Board of Directors, both
at the time of appointment and during its term of office, shall be made up of
directors of the least represented gender;
• the international scope of the Group’s activities should be taken into consider-
ation, ensuring that at least one-third of directors should have adequate expe-
rience in the international arena, which is also considered useful for preventing
the standardization of opinions and the emergence of “group thought”;
• in order to achieve a balance between the need for continuity and renewal
in management, it would be necessary to ensure a balanced combination of
people of differing seniority – and age – within the Board of Directors;
• non-executive directors should have a management and/or professional and/
or academic and/or institutional background such as to create a diverse and
complementary set of skills and experience;
• in view of the differences in their roles, the Chairman and the CEO should have
the appropriate skills (specifically indicated in the policy) for the effective per-
formance of their respective duties.
• In July 2015 the Board of Directors also approved (and subsequently amended in
February 2019) a number of recommendations aimed at strengthening the cor-
porate governance of Enel subsidiaries with shares listed on regulated markets
and at the same time ensuring the implementation of local best practices in this
area by those companies.
ESRS G1 GOV-1 – The role of the administrative, management and supervisory
bodies
• Each director has read the Code of Ethics, the “Zero-Tolerance-of-Corruption”
Plan, the Corruption Prevention Policy adopted pursuant to the international
standard ISO 37001:2016 and the Organizational and Management Model pur-
suant to Legislative Decree 231/2001; furthermore, they have undertaken to con-
form their conduct to the principles established in these documents during the
performance of their role as members of the Board of Directors of the Company.
The Enel corporate governance system
51
INTEGRATED ANNUAL REPORT 2024
2. Governance
ESRS SBM-2 – Interests and views of stakeholders
• In order to regulate the procedures for the Company’s engagement with institu-
tional investors and with its shareholders and bondholders as a whole, in March
2021 the Board of Directors adopted, acting on a proposal from the Chairman
formulated in agreement with the Chief Executive Officer, a specific policy in this
area (the “Engagement Policy”). It largely incorporates the practices already fol-
lowed by Enel to ensure that this dialogue is based on principles of fairness and
transparency and takes place in compliance with EU and national regulations
concerning market abuse, as well as in line with international best practices. In
drawing up the Engagement Policy, which was consistently applied during 2024,
the best practices adopted in this field by institutional investors and reflected in
“Stewardship” codes were taken into account.
For further information on the corporate governance system, please see the Report on Corporate Governance and
Ownership Structure of Enel, which has been published on the Company’s website (http://www.enel.com, in the “Gov-
ernance” section).
1. Enel Group
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Internal control and risk management system on corporate reporting
52
INTEGRATED ANNUAL REPORT 2024
Internal control and risk
management system on
corporate reporting
ESRS GOV-5 - Risk management and internal controls over sustainability reporting
Since 2020 Enel has included the management of risks
related to sustainability/non-financial reporting under
its internal control system on corporate reporting. The
system guarantees that the identification of risks (risk
assessment) and the implementation of related con-
trols to mitigate them are carried out with the same
methodology, both in financial and sustainability/
non-financial reporting.
The process of defining, implementing and manag-
ing the internal control system breaks down as fol-
lows:
• identification of relevant companies and/or pro-
cesses, accompanied by the communication of the
methodologies, instructions and calendar of activi-
ties to the managers involved, on the basis of a so-
called “Top-Down Risk-Based Approach;
• mapping and updating of processes, risk assess-
ment, definition of controls and identification of
“Primary Key Controls”. The definition of the internal
control system on corporate reporting begins with
the “risk assessment” activity, aimed at identifying
and evaluating actions or events whose occurrence
or absence could compromise the achievement of
the very objectives of the system. Risks – includ-
ing fraud risks – are identified in terms of potential
impact and probability of occurrence, both at the
company or group of companies level (“entity level”)
and at the process level, and subsequently assessed
independently of the related controls (“inherent level
assessment”), on the basis of qualitative and quan-
titative elements.
With reference to non-financial/sustainability report-
ing, the main risks are the following.
• Risks associated with the use of current and/or es-
timated imprecise/incomplete qualitative and quan-
titative information, used in the calculation of the
indicators.
• Risks associated with data transmission and ap-
proval (qualitative and quantitative).
• Risks associated with the incomplete/incorrect
preparation of sustainability/non-financial informa-
tion with respect to the applicable regulatory frame-
work.
• Risks associated with the lack of transparency and/
or neutrality of the qualitative and quantitative infor-
mation used and of the estimates.
• Double materiality - Risks related to errors or the
lack of procedures/guidelines that define the per-
formance of double materiality analysis.
• Double materiality - Risks related to incorrect/
non-identification of impacts, risks and opportuni-
ties (IRO) or to their incorrect assessment.
• Double materiality - Risks related to incorrect defini-
tion of material topics.
The “risk assessment” phase is followed by identifica-
tion of controls aimed at reducing the possibility of
risks occurrence. More specifically, the control struc-
ture includes “Entity/Company Level Controls”, defined
centrally and commonly applied within the Group, a
specific sector or business line.
The Process Level Controls structure instead provides
for specific or monitoring controls, understood as the
set of activities (manual, partially automated or auto-
mated) aimed at preventing, identifying and correct-
ing errors that occur during the performance of oper-
ational activities.
Consistent with the “Top-Down Risk-Based” ap-
proach, “Primary Key Controls” are identified through
the use of a scoring model that correlates the different
attributes of the control with respect to the relevance
of the risk:
• evaluation of the design and operation of the con-
trols (so-called “line monitoring”), carried out by the
management concerned and performed through
corporate reporting
53
INTEGRATED ANNUAL REPORT 2024
2. Governance
self-assessment. In order to assess the adequacy of
processes, risks and controls on reporting, a specific
monitoring activity is planned every six months by
the process “owners”, aimed at verifying the design3
and the actual operation4 of controls;
• implementation of independent testing activity on
controls by the Audit function. In addition to line
monitoring, an independent testing activity is car-
ried out annually by the Audit function on a signifi-
cant subset of “Primary Key Controls”, with the aim
of verifying their design and operation;
• assessment of deficiencies, approval and monitor-
ing of remedial actions. Line monitoring and test-
ing activities allow the identification of any short-
comings in the operation and/or design of controls
and any corrective actions undertaken or to be un-
dertaken;
• consolidation of results and overall assessment of
the internal control system on corporate reporting,
in order to proceed with the definition of the final
attestation letters of the Chief Executive Officer and
the officer in charge of financial reporting, support-
3.
Suitability of the control to mitigate the identified risk in an acceptable manner.
4.
Checking that the control is carried out in the period in compliance with the design provisions.
ed by a flow of internal certifications. In this regard,
the results of the line monitoring and testing activ-
ities, any shortcomings and the related remediation
plans are communicated to the officer in charge
through periodic summary information flows (“re-
porting”). These flows are also used for periodic in-
formation on the adequacy of the internal control
system on corporate reporting, provided by the of-
ficer in charge of financial reporting to the Board of
Statutory Auditors, the Control and Risk Committee
and the Audit Firm;
• certifications by the Chief Executive Officer and
officer in charge of financial reporting of the ade-
quacy and effective application of the administra-
tive and accounting procedures established for the
preparation of the financial statements, the con-
solidated financial statements or the condensed
interim consolidated financial statements of the
Group, as well as starting from 2024, a further cer-
tification regarding the compliance of consolidat-
ed Sustainability Statement with relevant reporting
standards.
1. Enel Group
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Enel organizational model
54
INTEGRATED ANNUAL REPORT 2024
Enel organizational model
ENEL GROUP CHAIRMAN
P. Scaroni
ENEL GROUP CEO
F. Cattaneo
STAFF
FUNCTIONS
GLOBAL
BUSINESS LINES
COUNTRIES
AND REGION
GLOBAL
SERVICE FUNCTION
ITALY
N. Lanzetta
IBERIA
J. Bogas Gálvez
REST OF THE WORLD
R.A.E. Deambrogio
ADMINISTRATION, FINANCE
AND CONTROL
S. De Angelis
EXTERNAL RELATIONS
N. Mardegan
AUDIT
A. Spina
CEO OFFICE AND STRATEGY
M. Mossini
PEOPLE AND ORGANIZATION
E. Colacchia
LEGAL, CORPORATE, REGULATORY
AND ANTITRUST AFFAIRS
F. Puntillo
SECURITY
V. Giardina
ENEL GRIDS AND
INNOVABILITY
G.V. Armani
GLOBAL ENERGY
AND COMMODITY
MANAGEMENT
AND CHIEF
PRICING OFFICER
C. Machetti
ENEL GREEN
POWER AND
THERMAL
GENERATION
S. Bernabei
ENEL X
GLOBAL RETAIL
F. Gostinelli
GLOBAL SERVICES
S. Ciurli
Enel organizational model
55
INTEGRATED ANNUAL REPORT 2024
2. Governance
The Enel Group structure is organized into a matrix that comprises:
5.
The Group Investment Committee is made up of the heads of Administration, Finance and Control, Innovability, Legal, Corporate, Regulatory
and Antitrust Affairs, Global Procurement, and the heads of the Geographical Areas and the Business Lines.
Global Business Lines
Global Business Lines, which are responsible for managing and developing as-
sets, optimizing their performance and the return on capital employed in the var-
ious geographical areas in which the Group operates (Italy, Iberia and ROW - Rest
of the World). In compliance with safety, protection and environmental policies
and regulations, they are tasked with maximizing the efficiency of the processes
they manage and applying best international practices, sharing responsibility for
EBITDA, cash flows and revenue with the countries.
The Group, which also draws on the work of an Investment Committee,5 benefits
from a centralized industrial vision of projects in the various business lines. Each
project is assessed not only on the basis of its financial return but also in relation
to the best technologies available at the Group level. Furthermore, each business
line contributes to guiding Enel’s leadership in the energy transition and in the
fight against climate change, managing the associated risks and opportunities in
its area of competence.
The following provides a brief summary of the primary objectives of each Global
Business Line:
• Enel Grids and Innovability: ensures the optimal allocation of resources to achieve
a high level of reliability and quality for electricity supply services, maximizing
performance with respect to the most advanced safety standards and develop-
ing technologically advanced grids that can fully exploit any synergies; promotes,
harmonizes and coordinates innovation and sustainability processes, supporting
the activities of the Global Business Lines and Countries.
• Global Energy and Commodity Management and Chief Pricing Officer: optimiz-
es the Group’s margin through the active management of its hedging strategy
and the exposure to commodity risk, taking account of all commercial/market
factors in order to maximize the integrated margin in the markets in which we
operate through the optimization of gas and fuel supplies, and local dispatching
of thermal and renewable generation, while supporting Enel X Global Retail in
defining the commercial strategy.
• Enel Green Power and Thermal Generation: provides guidance for a rapid and ef-
fective energy transition, growing the portfolio of renewable generation facilities,
and manages the corresponding evolution of thermal generation and storage
assets with a view to decarbonizing our energy mix in order to meet the needs of
customers in all the countries in which we operate; manages the operation and
maintenance of Group generation plants in compliance with applicable policies
and regulations governing safety, protection and the environment.
• Enel X Global Retail: defines the commercial strategy and manages the customer
product range for energy, products and services, including electric mobility, en-
suring compliance with safety, protection and environmental regulations, maxi-
mizing value for the customer and operational efficiency, and supporting margin
optimization with Global Energy and Commodity Management.
1. Enel Group
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Enel organizational model
56
INTEGRATED ANNUAL REPORT 2024
Region
and Countries
The Region and Countries are responsible for managing relationships with institu-
tional bodies and regulatory authorities, as well as handling distribution and elec-
tricity and gas sales, in their areas, while also providing staff and other service sup-
port to the business lines. They are also charged with promoting decarbonization
and guiding the energy transition towards a low-carbon business model within
their areas of responsibility.
The following functions provide support to Enel’s business operations:
Global Service
Function
The Global Service Function is responsible for managing information and commu-
nication technology activities, procurement at the Group level, managing global
customer relationship activities, facility management and the associated general
services. The Global Service Function is also focused on the responsible adoption
of measures that enable the achievement of sustainable development goals, spe-
cifically in managing the supply chain and developing digital solutions to support
the development of enabling technologies for the energy transition and the fight
against climate change.
Holding Company Staff
Functions
The Holding Company Staff Functions are responsible for managing governance
processes at the Group level (e.g. Administration, Finance and Control; Person-
nel and Organization; External Relations; Audit, Legal, Corporate, Regulatory and
Antitrust Affairs; Security; CEO Office and Strategy). More specifically, the CEO
Office and Strategy function is also responsible for defining strategy, long-term
planning and the Group’s strategic objectives, guiding the associated deci-
sion-making, and ensures the alignment of internal stakeholders with our strate-
gic positioning, aimed among other things at promoting the decarbonization of
the energy mix and the electrification of energy demand, key actions in the fight
against climate change.
Incentive system
57
INTEGRATED ANNUAL REPORT 2024
2. Governance
Incentive system
ESRS 2 GOV-3 – Integration of sustainability-related performance in incentive schemes
Enel’s remuneration policy for 2024 was adopted by
the Board of Directors acting on a proposal of the
Nomination and Compensation Committee and ap-
proved by the Shareholders’ Meeting of May 23, 2024.
More specifically, the policy was formulated on the
basis of (i) the recommendations of the Italian Cor-
porate Governance Code published on January 31,
2020; (ii) national and international best practice;
(iii) the guidance provided by the favorable vote of
the Shareholders’ Meeting of May 10, 2023 on the
remuneration policy for 2023; (iv) the results of the
engagement activity on corporate governance, envi-
ronmental and social issues pursued by the Compa-
ny between the end of January and the beginning of
March 2024 with the leading proxy advisors and some
Enel’s relevant institutional investors; (v) the findings
of the benchmark analysis of the remuneration of the
Chairman of the Board of Directors, the Chief Execu-
tive Officer/General Manager and the non-executive
directors of Enel for 2023, which was performed by
the independent consultant Willis Towers Watson.
ESRS 2 GOV-3 – Integration of sustainability-related performance in incentive schemes
This policy is intended to (i) foster Enel’s sustainable
success, which takes the form of creating long-term
value for the benefit of shareholders, taking due con-
sideration of the interests of other key stakeholders,
so as to incentivize the achievement of strategic ob-
jectives; (ii) attract, retain and motivate personnel with
the professional skills and experience required by the
sensitive managerial duties entrusted to them, taking
into account the remuneration and working conditions
of the employees of the Company and the Enel Group;
and (iii) promote the corporate mission and values.
The 2024 remuneration policy adopted for the Chief
Executive Officer/General Manager and key manage-
ment personnel envisages:
• a fixed component;
• a short-term variable component (MBO) that will be
paid out on the basis of achievement of specific
performance objectives. Namely:
• for the CEO/General Manager, annual objectives
have been set for the following components of
the 2024 MBO mechanism:
– consolidated net ordinary profit (with a weight
equal to 30% of the total);
– consolidated cash cost (with a weight equal to
20% of the total);
– funds from operations/consolidated net finan-
cial debt (with a weight equal to 20% of the
total);
– commercial complaints received at the Group
level (with a weight equal to 10% of the total);
– workplace injury frequency rate, accompanied
by a gate objective represented by fatal injuries
(with a weight equal to 20% of the total).
Therefore, the overall weight of the sustainabili-
ty-related objectives (i.e. commercial complaints
received at the Group level and the safety-related
objective) within the short-term variable remuner-
ation of the CEO/General Manager is confirmed at
30%.
For each objective, an incentive equal to 50% of the
base bonus is paid upon achievement of the access
threshold, while 100% and 150% of the base bonus
are paid upon reaching the performance and over-
performance targets, respectively (with linear inter-
polation, except for the objective relating to Safety).
For performances below the access threshold, no
incentive is expected.
1. Enel Group
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Incentive system
58
INTEGRATED ANNUAL REPORT 2024
• for key management personnel, the respective
MBOs identify objective and specific annual goals
connected with the Strategic Plan. They are deter-
mined jointly by the Administration, Finance and
Control function and the People and Organization
function; as regards the short-term variable re-
muneration, it can vary, based on the achievement
of the various performance targets, from a mini-
mum (equal to 80% of the target level under which
no incentive is due) to a maximum (predefined and
connected with overperformance results in re-
spect of the assigned objectives, equal to 150%
of the target level) which varies according to the
different business environment of the Group.
ESRS 2 GOV-3 – Integration of sustainability-related performance in incentive schemes
E1 ESRS2 GOV-3 – Integration of sustainability-related performance in incentive schemes
• a long-term variable component linked to participation
in specific long-term incentive plans. In particular, for
2024 this component is linked to participation in the
Long-Term Incentive Plan for the management of Enel
SpA and/or its subsidiaries pursuant to Article 2359 of
the Italian Civil Code (2024 LTI Plan), which establishes
three-year performance targets for the following:
• Enel’s average TSR (Total Shareholder Return)
compared with the average TSR for the EURO
STOXX Utilities - EMU index for the 2024-2026
period (with a weight equal to 45% of the total);
• ROIC (Return on Invested Capital) - WACC (Weight-
ed Average Cost of Capital), cumulative for 2024-
2026 (with a weight equal to 30% of the total);
• intensity of Scope 1 and Scope 3 GHG emissions
connected with the Group’s Integrated Power
operations (gCO2eq/kWh) in 2026, accompanied
by a gate objective represented by the intensity
of Scope 1 GHG emissions connected with the
Group’s Power Generation (gCO2eq/kWh) in 2026
(with a weight equal to 15% of the total);
• percentage of women in top and middle manage-
ment at the end of 2026 (with a weight equal to
10% of the total).
The component of these two ESG-related perfor-
mance objectives has a total weight of 25% and takes
into account the now consolidated attention of the
financial community for ESG issues, here with a par-
ticular emphasis on the fight against climate change
and gender diversity.
For each objective, the system provides for an in-
centive of 130% (for the CEO/General Manager of
Enel) or of 100% (for other beneficiaries) of the base
value upon achievement of the target, while upon
achievement of the overperformance target the in-
centive rises to (i) 150% (Over I level) or (ii) 280% (for
CEO/General Manager of Enel) or 180% (for other
beneficiaries) of the base value (Over II level), with
the possibility of linear interpolation between the
thresholds.
Incentive system
59
INTEGRATED ANNUAL REPORT 2024
2. Governance
The 2024 LTI Plan establishes that any bonus accrued
is represented by an equity component, which can be
supplemented – depending on the level of achieve-
ment of the various targets – by a cash component.
More specifically, of the total incentive vested, the
2024 LTI Plan establishes that: (i) for the CEO/General
Manager of Enel, the incentive shall be paid entirely in
Enel shares up to 150% of the base value; (ii) for man-
agers reporting directly to the CEO/General Manager
of Enel, including key management personnel, the
incentive shall be paid entirely in Enel shares up to
100% of the base value; and (iii) for beneficiaries oth-
er than those specified under (i) and (ii), the incentive
shall be paid entirely in Enel shares up to 65% of the
base value. The 2024 LTI Plan provides that the shares
to be disbursed pursuant to the latter provisions shall
be purchased previously by Enel and/or its subsidi-
aries. In addition, the disbursement of a significant
portion of long-term variable remuneration (70% of
the total) is deferred to the second year following the
three-year performance period covered by the 2024
LTI Plan.
For more information on the remuneration policy for
2024, please see Enel’s “Report on the remuneration
policy for 2024 and compensation paid in 2023”,
which is available on the Company’s website (www.
enel.com).
The following table shows the pay ratio for 2024 and
2023, i.e. the difference between the total annual re-
muneration of the CEO/General Manager of Enel and
the median annual pay of the Group’s employees. For
completeness of information’s sake, the same ratio is
provided also with reference to the fixed component
of the remuneration.
%
2024
2023
Pay Ratio – Ratio between the total remuneration of the CEO/GM of Enel in office
from May 12, 2023 and the average gross annual remuneration of the Group’s
employees(1)
65x
(31x fixed
remuneration)
45x
(21x fixed
remuneration)
(1)
Figures for 2023 have been restated for comparative purposes, by applying the 2024 exchange rate to 2023 remunerations.
1. Enel Group
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Values and pillars of corporate ethics
60
INTEGRATED ANNUAL REPORT 2024
Values and pillars
of corporate ethics
6.
Most recently updated in February 2021.
ESRS G1-1 – Business conduct policies and corporate culture
ESRS G1-3 – Prevention and detection of corruption and bribery
A robust system of ethics, which is dynamic and
constantly oriented towards incorporating national
and international best practices, underlies all activ-
ities of the Enel Group, both operational activities
and its relations with all stakeholders.
The system is based on specific compliance pro-
grams, including: the Code of Ethics, the Compli-
ance Model under Legislative Decree 231/2001,
Enel Global Compliance Program, the “Zero-Tol-
erance-of-Corruption” Plan (ZTC Plan), the Human
Rights Policy, and any other national compliance
models adopted by Group companies in accord-
ance with local laws and regulations.
A summary of the Group’s compliance policies and
models is provided below. For further details on the
topics of business conduct see the dedicated sec-
tions (see sections on “Whistleblowing and stake-
holder reporting channel” and “Active and passive
fight against corruption”).
Code of Ethics
In 2002, Enel adopted a Code of Ethics,6 which ex-
presses the Company’s ethical responsibilities and
commitments in conducting its affairs and opera-
tions, governing and standardizing corporate con-
duct on the basis of standards aimed at ensuring the
maximum transparency and fairness with all stake-
holders. The Code of Ethics is valid for the whole
Group, taking due account of the cultural, social and
economic diversity of the various countries in which
Enel operates. Enel also requires that all main suppli-
ers and partners adopt conduct that is in line with the
general principles set out in the Code. For more infor-
mation see the Company website https://www.enel.
com/investors/sustainability/strategy-sustainable
-progress/sound-governance/basic-principles/
code-of-ethics.
Compliance Model under Legislative Decree 231/2001
Legislative Decree 231 of June 8, 2001 introduced
into Italian law a system of administrative liability
for companies for certain types of offenses com-
mitted by their directors, managers or employees
on behalf of or to the benefit of the company. Enel
was the first organization in Italy to adopt, back in
2002, this sort of compliance model that met the
requirements of Legislative Decree 231/2001 (also
known as “Model 231”). It has been constantly up-
dated to reflect developments in the applicable
regulatory framework and current organizational
arrangements.
Values and pillars of corporate ethics
61
INTEGRATED ANNUAL REPORT 2024
2. Governance
Enel Global Compliance Program (EGCP)
The Enel Global Compliance Program for the
Group’s foreign companies was approved by Enel
in September 2016. It is a governance mechanism
aimed at strengthening the Group’s ethical and pro-
fessional commitment to preventing the commis-
sion of crimes abroad that could result in criminal
liability for the Company and do harm to our repu-
tation. Identification of the types of crime covered
by the Enel Global Compliance Program – which en-
compasses standards of conduct and areas to be
monitored for preventive purposes – is based on
illicit conduct that is generally considered such in
most countries, such as corruption, crimes against
the government, false accounting, money launder-
ing, violations of regulations governing safety in the
workplace, environmental crimes, etc.
“Zero-Tolerance-of-Corruption” Plan
In compliance with the tenth principle of the Global
Compact, according to which “businesses should work
against corruption in all its forms, including extortion
and bribery”, Enel is committed to combating corrup-
tion. For this reason, in 2006 we adopted the “Zero-Tol-
erance-of-Corruption” Plan (ZTC Plan), confirming the
Group’s commitment, as described in both the Code
of Ethics and the Model 231, to ensure propriety and
transparency in conducting company business and op-
erations and to safeguard our image and positioning,
the work of our employees, the expectations of share-
holders and all of the Group’s stakeholders.
For more information see the related section of the
Company website – https://www.enel.com/investors
/sustainability/strategy-sustainable-progress/
sound-governance/basic-principles/zero-tolerance
-for-corruption-plan.
1. Enel Group
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
1.
GRUPPO
ENEL
La politica dei dividendi
La politica dei dividendi di Enel rimane
semplice e prevedibile, con un dividendo per
azione (DPS) pari a 0,43 euro nel periodo 2
023-2025, in aumento rispetto a 0,40 euro
nel 2022. Il DPS nel 2024 e nel 2025 è da
considerarsi come un minimo sostenibile.
Modello di business
Enel conferma il proprio modello di business
basato sui collaudati modelli di Ownership, che
ricomprende i cosiddetti Paesi “Tier 1” in cui
il Gruppo sviluppa un business integrato o ha
una posizione importante (Italia, Spagna, Cile,
Colombia, Brasile, Stati Uniti), e di Stewardship,
nei Paesi in cui joint venture, PPA, acquisizioni
di quote di minoranza offrano prospettive
particolarmente remunerative.
Crescita delle fonti
di finanziamento sostenibili
In linea con il “Sustainability-Linked Financing
Framework” e in vista del raggiungimento
dell’obiettivo di Sostenibilità di Enel circa la
riduzione di emissioni dirette di gas serra
(Scope 1), è sempre più ampio il ricorso a
strumenti di finanza sostenibile.
RELAZIONE
SULLA GESTIONE
3.
GROUP
STRATEGY
AND RISK
MANAGEMENT
The Group 2025-2027 Strategic Plan confirms
the focus on three pillars: “profitability, flexibility
and resilience”, “effectiveness and efficiency”,
“financial and environmental sustainability”.
In a context characterized by uncertainty and
volatility, the Group offers visible future returns
and reduced risks, thanks to its focus on
regulated and contracted activities, paving
the way to an improved dividend policy
for shareholders.
In parallel with financial sustainability, the Group
places environmental sustainability at the heart
of its strategy, confirming the objective
of achieving zero emissions by 2040.
REPORT
ON OPERATIONS
Reference scenario
64
INTEGRATED ANNUAL REPORT 2024
Reference scenario
The geopolitical environment
The current geopolitical and macroeconomic envi-
ronment is defined by a combination of structural
and contingent factors, which entail significant risks
for the Group’s operations and directly impact GDP
growth rates, inflation rates and exchange rates in
the countries in which it operates.
At a global level, uncertainty and the possibility of ad-
verse political developments, particularly with regard
to trade policies, continue to put pressure on global
markets. In fact, growing commercial fragmenta-
tion could further compromise economic activity,
especially in export-oriented countries, thereby ag-
gravating supply chain challenges and favoring the
adoption of protectionist measures. Furthermore,
the escalation of geopolitical conflicts, such as the
situation in the Middle East and the persistent un-
certainty in Ukraine, represents a significant risk for
energy supply, with potentially destabilizing implica-
tions for prices and economic activity.
In the United States, the economy is vulnerable to
the possibility of a faster cooling of the labor mar-
ket and less predictable trade policies. In particular,
the introduction of further restrictions on exports,
especially to large trading partners, could lead to
an increase in production costs and a weakening of
domestic and external demand. The resilience of in-
flation in services and the persistence of wage pres-
sures represent additional challenges for monetary
authorities, which may be forced to maintain high in-
terest rates for an extended period, with a negative
impact on consumption and investment.
In the euro area, economic growth remains frag-
ile due to weak private consumption, business in-
vestment and industrial activity, hampered by high
energy costs and uncertainty over domestic policy.
Although a gradual improvement in the econom-
ic environment is expected in the short term, this
recovery is closely tied to the stability of fiscal and
trade policies, as well as to the strengthening of do-
mestic demand. However, the still moderate confi-
dence of consumers and businesses is an obstacle
to full economic recovery.
In Latam, high levels of political volatility and persis-
tent challenges related to public debt sustainability
continue to pose risks to economic stability, affect-
ing investor confidence and medium-term growth
prospects.
The main risks for energy commodities lie in the fra-
gility of the natural gas market in Europe. Although
commodity prices have fallen well below the highs
of 2022, market stability is very fragile, and disrup-
tions along the value chain, such as the failure of a
supply route through the Suez Canal, could lead to
upward trends, with clear effects also on coal and
electricity prices, strongly correlated with gas pric-
es. These considerations also apply to oil, which also
travel through countries close to conflict areas and
strongly influenced by relations between the United
States and the Middle East.
The tense geopolitical and macroeconomic envi-
ronment continues to influence the metal markets,
which have been affected this year by lower growth
expectations in China and Europe as well as the
strengthening of the dollar and the growing fear of
trade tariffs that could impact global trade. In Chi-
na, the world’s largest consumer of metals, demand
growth in 2024 was lower than expected, and the
outlook remains strongly conditioned by the ef-
fectiveness of government stimulus, which thus far
has not achieved the desired objectives, particularly
in the construction sector, which has been in crisis
for two years now. For metals more closely linked to
renewable technologies, such as lithium and poly-
silicon, prices continued to decline this year, exac-
erbated by weaker than expected “green” demand
and by significant production growth. For both met-
als, the increase in supply has pushed prices to new
lows, with many producers enduring negative mar-
gins for months in order to maintain market share.
Reference scenario
65
INTEGRATED ANNUAL REPORT 2024
3. Group strategy
and risk management
Macroeconomic environment
In 2024, the global economy showed robust resilience,
avoiding a generalized contraction despite past eco-
nomic shocks and the delayed process of normalizing
the accommodative monetary policies of major central
banks. Global economic growth is expected to be 2.7%
for the year, consolidating the recovery that began in
2023, but still below pre-pandemic levels. Structural
factors that continue to weigh on the global econo-
my include low levels of investment, weak productivity,
high levels of debt and persistent inflationary dynamics.
Despite the emergence of encouraging signs of disin-
flation and relatively more accommodative monetary
policies than in 2023, significant geopolitical and mac-
roeconomic uncertainties remain at the global level.
With expected GDP growth of 2.7%, the US economy
outperformed expectations in 2024, driven by robust
consumer spending and a recovery in public and private
investment. However, signs of a slowdown emerged in
the latter part of the year, mainly due to a weakening
labor market and a lessening of consumer confidence.
Wage growth slowed compared to previous years, while
household spending declined, influenced by the con-
traction of disposable income and the depletion of sav-
ings accumulated during the pandemic.
In the euro area, GDP is expected to grow by 0.7% in
2024, an improvement on 0.4% in 2023. However, the
area’s economy has continued to show structural weak-
ness, characterized by anemic consumption, limited pri-
vate investment and a decline in industrial activity, the
latter being particularly penalized by the impact of high
energy prices and weak domestic demand. Although
private consumption has increased since the second
half of 2023, the recovery has been slowed by still-frag-
ile consumer confidence. Euro-area inflation, which
temporarily fell below the European Central Bank’s 2%
target in September, rose again in the last quarter of the
year, averaging 2.4% for the year.
In 2024, the Italian economy recorded sustained growth
in the first half of the year, followed by a slowdown in
the following two quarters, with an estimated GDP in-
crease of 0.5% on an annual basis. Although private con-
sumption has shown positive dynamics, the slowdown
in private investment and the weakness of the manu-
facturing sector have weighed on the overall trend. In
contrast, the labor market remained particularly strong,
while inflation slowed significantly, reaching 1.1% on an
annual basis. This development has helped support real
disposable household income, while partially improving
the economic environment.
The Spanish economy has shown greater resilience than
the euro-area average, with expected GDP growth es-
timated at 3.0% in 2024. This performance was mainly
supported by solid private consumption and an improv-
ing labor market, which favored domestic spending.
However, the manufacturing sector was affected by the
slowdown in external demand, while tourism, although
growing, showed signs of saturation compared to previ-
ous years. The general level of prices continued to show
persistent inflationary pressures, with a growth of 2.9%
on an annual basis.
In 2024, Latin America showed moderate economic
growth and a slowdown in inflation, with variations by
country.
In Brazil, the expected GDP growth rate is 3.3% on an
annual basis, exceeding expectations compared to 2.9%
in 2023. Despite the April floods in various areas of the
country, growth was supported by robust domestic de-
mand (in both consumption and investment) and by ac-
commodative fiscal policy. In 2024, inflation decreased
slightly, recording an average annual rate of 4.4%, com-
pared to 4.6% in 2023. However, the second half of the
year saw a recovery in prices, prompting the central
bank to raise interest rates.
In Chile, economic growth is expected to be 2.3% on an
annual basis, compared to 0.3% in 2023, thanks to a re-
covery of investments and an increase in mining exports.
The average annual inflation rate fell to 4.3% in 2024, ap-
proaching the 3.0% target set by the central bank and
allowing for a gradual reduction in interest rates.
In Colombia, inflation fell to 6.6% on an annual basis in
2024, down from 11.8% in 2023. GDP is expected to grow
by 1.8%, compared to 0.6% in 2023, thanks to a recovery
in investment and an improvement in consumption.
In Argentina in 2024, the government launched an eco-
nomic stabilization plan with both cuts to public spend-
ing and deregulation, with the primary objective of con-
taining inflation. After a peak in prices in the first quarter,
inflation began to decline, reaching an average annual
increase of 236.8%. However, austerity policies have led
to an estimated 3.0% annual contraction of GDP.
1. Enel Group
2. Governance
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Reference scenario
66
INTEGRATED ANNUAL REPORT 2024
Inflation
%
2024
2023
Change
Italy
1.1
6.0
-4.9
Spain
2.9
3.4
-0.5
Argentina
236.8
127.9
108.9
Brazil
4.4
4.6
-0.2
Chile
4.3
7.7
-3.4
Colombia
6.6
11.8
-5.2
United States
3.0
4.1
-1.1
Canada
2.4
3.9
-1.5
GDP
%
2024
2023
Italy
0.5
0.8
Spain
3.0
2.7
Argentina
-3.0
-1.6
Brazil
3.3
2.9
Chile
2.3
0.3
Colombia
1.8
0.6
United States
2.7
2.9
Canada
1.3
1.2
2024
2023
Change
Euro/US dollar
1.08
1.08
-
US dollar/Argentine peso
915.44
295.62
67.71%
US dollar/Brazilian real
5.39
4.99
7.42%
US dollar/Chilean peso
944.10
840.40
10.98%
US dollar/Colombian peso
4,074.16
4,320.20
-6.04%
Energy and commodity markets
Market indicators
In 2024, the European TTF natural gas market under-
went significant price changes, influenced by several
key events.
The natural gas market was strongly influenced by ge-
opolitical tensions, climatic conditions and dynamics
in global demand. In the first quarter, disruptions at
US LNG terminals and Russian attacks on Ukrainian
storage supported prices, despite weak demand due
to mild temperatures and improvements in energy
efficiency.
In the second quarter, the recovery in Asian demand
reduced LNG supplies to Europe, pushing prices
above €35/MWh in June. European supply fell by 9.1%
compared to 2023, but the increase in supplies from
Norway partially offset the deficit.
In the third quarter, prices reached €39/MWh in Au-
gust, with strong volatility caused by geopolitical
events and potential supply-side disruptions. However,
overall weak demand (-3.0% compared to 2023) and
high storage filling levels (95.2% in October) helped to
contain further increases, keeping prices between €25
and €35/MWh for much of the quarter.
In the fourth quarter, the market experienced a reversal
in trend with a significant increase in prices through
Reference scenario
67
INTEGRATED ANNUAL REPORT 2024
3. Group strategy
and risk management
November and December. Higher seasonal demand,
combined with a decrease in Algerian flows and a de-
cline in LNG imports, pushed the TTF above €40/MWh
at the end of the year. Despite continuing high storage
levels, the combination of seasonal and geopolitical
factors brought pressure back to the market, which
closed the year in an environment of high volatility.
Compared to 2023, the price of coal decreased by
11.8%, with an average of $112/ton. The reduction in
gas prices has contributed to making coal generation
less convenient, thereby discouraging its consump-
tion. In addition, the growth of renewable energy has
continued to reduce the demand for coal for electricity
generation. The decrease in demand for coal was fur-
ther accentuated by the more stringent environmental
policies adopted by various European countries, which
imposed stricter limits on CO2 emissions. The closure
of several coal-fired power plants in Germany and the
United Kingdom has further reduced the demand for
this commodity.
The price of Brent crude oil saw a slight decrease of
2.4% compared to the previous year, with an average
of $80/barrel. After a recovery in the second half of
the year, prices fell again in the last quarter. Global oil
demand increased by nearly 1 million barrels per day
compared to 2023, supported by non-OECD countries
such as India, while supply remained stable. However,
increased production of shale oil in the United States
has helped keep prices in check. In addition, OPEC+
production cuts were not sufficient to offset the in-
crease in supply from non-OPEC producers, thereby
contributing to price stability.
2024
2023
Change
Average Brent ICE price ($/barrel)
80
82
-2.4%
Average price of coal ($/ton CIF ARA)(1)
112
127
-11.8%
Average gas price (€/MWh)(2)
35
41
-14.6%
Average CO2 price (€/ton)
65
84
-22.6%
Average copper price ($/ton)
9,148
8,484
7.8%
Average aluminum price ($/ton)
2,421
2,252
7.5%
Lithium carbonate ($/ton)
12,530
36,628
-65.8%
Polysilicon ($/ton)
6,681
15,592
-57.2%
(1)
API#2.
(2) TTF.
The price of CO2 has fallen significantly (-22.6%) com-
pared to 2023, with an average of €65/ton. This de-
cline was influenced by geopolitical tensions linked to
the Ukrainian crisis, which led to a reduction in demand
for emissions allowances. In addition, the increased
use of renewable energy has reduced the need for al-
lowances, further contributing to lower prices. The re-
duction of industrial emissions in Europe, due to lower
economic activity, has further reduced demand.
As for metals, the price of copper rose by 7.8% to an
average of $9,148/ton. This increase was supported by
growing demand for technologies related to the ener-
gy transition, such as electric vehicles and renewable
energy infrastructure, and by concerns about supply
disruptions due to strikes and logistical issues in ma-
jor producing countries such as Chile and Peru. The
price of aluminum saw an increase of 7.5%, with an av-
erage of $2,421/ton. The demand for aluminum was
supported by the recovery of industrial activity and the
growing demand for renewable energy applications,
such as solar panels and wind turbines. In addition,
supply restrictions in China, due to stricter environ-
mental policies, have helped keep prices high.
Lithium price declined drastically, by 65.8%, to an av-
erage $12,530/ton. This decline was caused by low-
er-than-expected demand for batteries and a strong
expansion of supply, both within China and from Aus-
tralia and South America. Lithium overproduction has
led to an oversupply in the market, causing a significant
reduction in prices. The price of polysilicon decreased
by 57.2%, to an average of $6,681/ton, reflecting the
continued expansion of production capacity, with low-
er-than-expected demand for photovoltaic panels re-
sulting in strong overcapacity and decreasing prices.
1. Enel Group
2. Governance
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Reference scenario
68
INTEGRATED ANNUAL REPORT 2024
Electricity demand(1)
TWh
2024
2023
Change
Italy
312.3
305.6
2.2%
Spain(2)
246.6
245.0
0.7%
Argentina
146.8
147.6
-0.5%
Brazil
762.5
716.3
6.5%
Chile
85.5
83.7
2.1%
Colombia
82.1
80.0
2.6%
(1)
Gross of grid losses.
(2) National data.
Source: Enel based on TSO figures. The figures are the best estimate available at the publication date and could be revised by TSOs in the coming
months.
In 2024, electricity demand in Italy increased by 2.2%
compared to 2023, to 312.3 TWh, mainly reflecting
above-average temperatures in the summer and the
resumption of economic activity, with an increase
in consumption in the service sector. The growth of
electricity demand in Spain was less marked, with an
increase of 0.7% in 2024, thanks in particular to the
growth of economic activity.
In 2024, electricity demand in Latin America saw diver-
sified dynamics. In Brazil, the 6.5% increase was driven
by high temperatures caused by the El Niño climate
phenomenon, which increased residential and com-
mercial consumption, as well as economic growth and
the start of the free market. In Colombia, demand grew
by 2.6%, supported by stable economic growth and in-
creased consumption in the residential and commercial
segments. In Chile, it increased by 2.1%, reflecting the
economic recovery and expansion of renewable gener-
ation, in particular solar and wind. In contrast, Argentina
decreased by 0.5%, due to the economic crisis that re-
duced industrial and residential consumption.
Electricity prices
Average baseload price
2024 (€/MWh)
Change in average
baseload price 2024-
2023
Average peakload price
2024 (€/MWh)
Change in average
peakload price 2024-
2023
Italy
108.4
-15%
116.5
-15%
Spain
62.9
-28%
56.5
-32%
Compared to 2023, electricity prices in Italy and
Spain decreased in 2024, due to the decline in aver-
age prices of energy commodities.
In Italy, the sharp decrease in the price of gas in the
first half of the year, together with increasing renew-
able generation, led to a 15% decrease in the price of
energy compared to the previous year. The decrease
recorded in Spain was even more marked (-28%),
thanks in particular to strong renewable generation
in the first months of 2024.
Reference scenario
69
INTEGRATED ANNUAL REPORT 2024
3. Group strategy
and risk management
Price developments in the main markets
Euro cents/kWh
2024
2023
Change
Final market (residential)(1)
Italy
0.2451
0.2898
-15.4%
Spain
0.1841
0.2117
-13.0%
Final market (industrial)(2)
Italy
0.1515
0.1901
-20.3%
Spain
0.1217
0.1496
-18.6%
(1)
Annual price net of taxes – annual consumption of between 2,500 kWh and 5,000 kWh.
(2) Annual price net of taxes – annual consumption of between 70,000 MWh and 150,000 MWh.
Source: Eurostat; 2023 figures are to be finalized and could be revised.
Natural gas markets
Natural gas demand
Billions of m3
2024
2023
Change
Italy
60.9
60.7
0.2
0.3%
Spain
26.2
28.5
(2.3)
-8.1%
7.
IEA, 2024, World Energy Outlook. Under the Announced Pledges scenario, global renewable capacity reaches 10.9 TW.
Gas consumption in Italy in 2024 remained virtually
unchanged compared to 2023, halting the downward
trend of previous years, whereas there was a marked
contraction in Spain (-8.1%). Higher electricity gen-
eration from renewable sources and industrial pro-
duction still below pre-crisis levels are the basis of
developments in the two countries, with Italy slightly
ahead of Spain in terms of consumption recovery.
Billions of m3
2024
2023
Change
Distribution networks
27.2
26.7
0.5
1.9%
Industry
11.6
11.5
0.1
0.9%
Thermoelectric
20.8
21.2
(0.4)
-1.9%
Other(1)
1.3
1.3
-
-
Total
60.9
60.7
0.2
0.3%
(1)
Includes other consumption and losses.
Source: Enel based on data from the Ministry for Economic Development and Snam Rete Gas.
The analysis of consumption by sector shows diversi-
fied developments in Italy. More specifically, the ther-
mal generation declined (-1.9%), mainly due to the
replacement of gas generation with renewable gener-
ation, while industry (+0.9%) and distribution networks
(+1.9%) are recovering.
Competitive and transition environment
The current environment and developments of the
energy transition process show elements of strong
volatility and uncertainty, amplified by growing geo-
political tensions. Energy transition has made signif-
icant progress, and further growth is expected in the
coming years. Recent IEA data7 show that announced
policies, if implemented, will enable us to achieve the
goal of tripling renewable capacity by 2030 as agreed
1. Enel Group
2. Governance
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Reference scenario
70
INTEGRATED ANNUAL REPORT 2024
at COP28 on climate change in Dubai in 2023.8 At the
same time, developments in the global scenario, in
light of geopolitical tensions, bring the issues of ener-
gy security and industrial competitiveness at the core
of the energy strategies of the countries.
The year 2024 saw some of the highest tempera-
tures ever, exceeding the threshold of 1.5 °C above
pre-industrial levels. This peak clearly shows not
only the emergence of new challenges in terms of
adaptation, but also the growing urgency to ac-
celerate the energy transition. To avoid irreversible
impacts and stay on track for the Paris Agreement
goals, it is crucial to step up efforts to decarbonize
the energy system.
Electricity will play a central role in the energy transi-
tion, with a growing electrification rate up to 30% by
2030,9 driven by the electrification of industrial and
residential uses, increased electric mobility, and high-
er energy consumption linked to the development of
data centers.
However, local differences still remain in the progress
towards the achievement of climate goals set at coun-
try level. These disparities are mainly attributable to a
lack of adequate implementation measures, which call
for a rapid increase in the development of renewables
and the rate of electrification of consumption.
Moreover, in spite of converging demands for energy
security, accessibility and sustainability, all leading in
the same direction, i.e. towards the acceleration of
the clean electrification process, energy transition is
proceeding along a non-homogeneous and disorderly
path.10 In some regions, the pace of transition is not in
line with expectations, as shown, for example, by sales
of electric vehicles and heat pumps in Europe, which
have not yet had a significant impact on electrici-
ty demand. In addition, recent government changes,
regional conflicts, and international trade disputes in
a number of countries are fueling risks of slowdowns
and deviations from energy transition goals, with
8.
Target: 11 TW by 2030 vs 3.6 TW by 2022.
9.
IEA, 2024 World Energy Outlook, Net Zero Emissions Scenario.
10. As defined by the Network for Greening the Financial System, 2022, “Scenarios for central banks and supervisors”.
short-term political and economic agendas that are
not in line with climate goals.
Integrated utilities have shown remarkable resilience
with respect to the economic, geopolitical and market
landscape, benefiting from the progressive normaliza-
tion of commodity prices and the strategic balancing
of activities along the supply chain. They were there-
fore able to adapt more effectively to market fluctu-
ations and regulatory changes, while consolidating
investor confidence. In addition, utilities have placed
greater focus on networks in development plans with
the aim of increasing regulated assets, which are con-
sidered a steady source of profit.
This approach has been rewarded by the capital mar-
kets, which recognize regulated assets as having a
greater cash flow predictability compared with renew-
able generation, often subject to changes in climate
conditions and market developments. Power grids are
a key element in the energy transition, representing
both a pillar of energy security and an enabler of elec-
trification and increasing renewable generation.
The entry of new operators and energy markets devel-
opments are increasing competition in the generation
and distribution segments. While being challenging,
this competitive environment also offers new oppor-
tunities to develop innovative businesses, identify
emerging areas of value, and create synergies. The
digitization of networks and artificial intelligence are
accelerating innovation and opening up new areas of
growth, such as the development of data centers.
These technological developments not only strength-
en the ability of utilities to proactively respond to
consumer needs, but place them at the center of
an increasingly integrated, sustainable, and for-
ward-looking energy system. They also represent an
opportunity to consolidate the role of utilities as lead-
ers and facilitators of the energy transition, thanks to
their ability to combine strategic investments, innova-
tion and sustainability.
Group strategy
71
INTEGRATED ANNUAL REPORT 2024
3. Group strategy
and risk management
Group strategy
ESRS SBM-1 – Strategy, business model and value chain
ESRS SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS E1-3 – Actions and resources in relation to climate change policies
The Strategic Plan
Electricity will continue to play a major role in the
energy transition in the coming years, with an in-
crease in consumption driven by electrification. In
this context, renewables are expected to grow fur-
ther and electrical systems will continue to need
baseload technologies and flexibility to meet demand
at all hours of the day and to reduce price volatility.
Distribution networks will continue to be the enablers
of energy transition requiring greater investment to
accommodate the growing renewable capacity, while
ensuring greater resilience to extreme weather events,
which are increasingly frequent and intense.
In this scenario, new electricity market structures and
adequate regulatory frameworks will be needed to re-
munerate investment and support the growth of re-
newables and grids.
1. Enel Group
2. Governance
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Group strategy
72
INTEGRATED ANNUAL REPORT 2024
The 2025-2027 Strategic Plan
The Group 2025-2027 Strategic Plan confirms the fo-
cus on three pillars:
• profitability, flexibility and resilience, pursuing value
creation through selective capital allocation to opti-
mize the Enel Group’s risk/return profile, while keep-
ing a flexible approach;
• effectiveness and efficiency, pursuing the continuous
optimization of processes, activities and the product
and services portfolio, strengthening cash generation
and developing innovative solutions to increase the
value of existing assets;
• financial and environmental sustainability, to maintain a
solid structure, ensure the flexibility needed for growth
and address the challenges of climate change.
Profitability, flexibility and resilience
In the 2025-2027 period, the Group plans a cumulated
gross capex of about €43 billion, an increase of about
€7 billion compared with the previous Plan, allocated
among the geographical areas in proportion to their
contribution to EBITDA.
The main areas of investment will be:
• Europe, about 75% of total gross capex;
• Latin and North America, about 25% of total gross
capex.
CUMULATED GROSS CAPEX (€BN)
2025-2027
~€43(1) bn
(1)
Split does not include “Other”.
€26.0 bn
€16.2 bn
+40% vs old plan
Europe
Latin America
Norh America
75%
19%
6%
2025-2027
~€43(1) bn
+1 p.p. vs old plan
More than 80% of the Group’s capex over the pe-
riod 2025-2027 is expected to be in line with the
EU taxonomy, given its substantial contribution to
mitigating climate change. Moreover, 90% of gross
capex envisaged in the 2025-2027 Strategic Plan
is in line with the Sustainable Development Goals
(SDGs). In particular, investments in renewables and
retail power fall under SDG 7 (“Affordable and clean
energy”), investments in the distribution grids fall
under SDG 9 (“Industry, innovation and infrastruc-
ture”) and investments in the Enel X Global Retail
business concern SDG 11 (“Sustainable cities and
communities”), while all are functional to SDG 13
(“Climate action”). Investments in conventional
generation (including maintenance) and retail gas
are excluded.
Grids
In the 2025-2027 Plan, gross capex in Grids is expect-
ed to be approximately €26 billion, up 40% compared
with the previous Plan. About 78% of total capex in
Grids is expected to be in Italy and Spain, since they
have a favorable regulatory framework encouraging
investment, and about 22% will be in Latin America. In
particular, the Group plans to invest:
• in Italy, over €16 billion;
• in Iberia, about €4 billion;
• in Latin America, almost €6 billion.
The increase in investment in Grids is expected to
bring the Group’s Regulated Asset Base (RAB) to ap-
proximately €52 billion in 2027.
Group strategy
73
INTEGRATED ANNUAL REPORT 2024
3. Group strategy
and risk management
These investments are expected to improve the resil-
ience, digitalization and efficiency of the Group’s elec-
tricity grids. Moreover, the Group will continue its advo-
cacy efforts to foster regulatory frameworks that support
the central role of networks in the energy transition.
Gross capex in Grids is expected to contribute ap-
proximately 40% to the Group ordinary EBITDA in 2027.
GROSS CAPEX
(1)
Split does not include “Other”.
Italy
Latin America
Iberia
62%
16%
22%
2025-2027
~€26.0(1) bn
Integrated Businesses11
In the 2025-2027 Plan, gross capex in Integrated
Businesses is expected to exceed €16 billion.
Capex in Renewables is planned to stand at about €12
billion, with a flexible capital allocation and a selective
approach aimed at maximizing returns and minimiz-
ing risks, while seizing brownfield opportunities and
further improving profitability.
Capacity is planned to increase by about 12 GW,
with an improved technology mix that includes more
11. The Integrated Businesses comprise the results of electricity generation (Enel Green Power, Thermal Generation and Trading) and electricity
sale and services (End-user Markets). Operating figures of Generation include operated generation.
than 70% onshore wind and programmable technol-
ogies (e.g. hydroelectric and batteries) to reach a
total installed renewable capacity of about 76 GW
in 2027.
Total renewable generation will increase by more than
15% over the Plan period across all geographical ar-
eas, but primarily in Europe and the United States,
which will contribute approximately 55% to the
Group’s total renewable generation in 2027.
Gross investment in Renewables will be allocated by
geographical area as follows:
• about 65% in Europe (34% of which in Italy and about
31% in Iberia), where new regulatory frameworks are
expected to support decarbonization plans;
• about 35% in Latin and North America.
With regard to the ongoing decarbonization process,
the 2025-2027 Strategic Plan envisages gradually
eliminating investments in new carbon-intensive as-
sets – already close to zero – until they are complete-
ly eliminated by 2027. More specifically, the Group
plans to direct about 4% of gross capex over the pe-
riod 2025-2027 to conventional generation and trad-
ing, mainly for the maintenance of existing plants,
while investment in the development of new plants
will essentially be limited to the conversion from coal
to CCGT at the Fusina plant, completion of which is
expected in 2025.
In the 2025-2027 Plan, gross capex in the Customer
segment will amount to approximately €2.7 billion, of
which roughly 85% in countries where the Group has
an integrated presence, offering a portfolio of bun-
dled solutions that include energy and other prod-
ucts and services. The Group plans to increase its
customer base in the free market in Italy and Spain to
over 19 million in 2027.
1. Enel Group
2. Governance
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Group strategy
74
INTEGRATED ANNUAL REPORT 2024
GROSS CAPEX
IN RENEWABLES
ADDITIONAL
CAPACITY
GROSS CAPEX IN THE
CUSTOMER SEGMENT
Latin America
(1)
It does non include “Other” and €0.4 billion in equity injection.
(2) It includes managed capacity and BESS.
(3) It includes renewable managed production and nuclear.
(4) Split does not include “Other”.
Italy
Iberia
Norh America
-4 GW
+2 GW
76 Total renewable
capacity(2) (GW)
86% Emission
free production(3)
Delta vs
old plan
2027
2025-2027
€12.0(1) bn
31%
34%
16%
19%
5.7
2.3
3.2
0.7
~85%
2025-2027
€2.7(4) bn
Countries with
integrated presence
~12 GW
Group ordinary EBITDA
The Group ordinary EBITDA over the Plan period is
expected to exceed €70 billion, about 90% of which
(roughly €64 billion) from regulated or contracted
activities, thereby reducing risks and improving fu-
ture performance. Specifically, expected contribu-
tions are:
• about €27 billion from the networks business;
• about €4 billion from electricity generation covered
by long-term regulatory schemes;
• about €23 billion from generation contracted or cov-
ered by Power Purchase Agreements (PPA), mainly in
Latin and North America;
• about €10 billion from end-user markets with vol-
umes sold at fixed prices.
Effectiveness and efficiency
In 2027, the Group expects to achieve efficiencies
of approximately €1.5 billion compared to the 2022
baseline, an increase of about €500 million com-
pared to the previous Plan while progressing with
process optimization and insourcing.
In addition, efficiencies and value creation can be
achieved through innovation and new business mod-
els to enhance both existing and new assets, while
generating value in the fast-growing data center
sector, with optimized network connection solutions
and integrated renewable energy offerings. The re-
lated potential economic benefits are not included in
the 2025-2027 Plan.
CASH-COST REDUCTION SPLIT(1)
Opex
Capex
#Delta vs 2022
(1)
In real terms 2022.
~€1.5 bn
40%
-25%
60%
-20%
Group strategy
75
INTEGRATED ANNUAL REPORT 2024
3. Group strategy
and risk management
Financial and environmental sustainability
The Group’s strategic actions will continue to be
guided by financial balance. Thanks to operating
cash generation and the completion of the disposal
plan as modified last year, the Group has achieved the
goal of strengthening its financial structure, with the
net debt to EBITDA ratio expected to be around 2.4x
at the end of 2024, compared to 3.1x in 2022, much
lower than the average peer value (3.1x). This financial
solidity gives the Group the flexibility to seize market
opportunities, finance its growth ambitions (e.g. the
acquisition of hydroelectric assets in Spain in 2024)
and maximize shareholders remuneration. By the end
of the Plan period, the net debt to EBITDA ratio is
expected to be around 2.5x, still below the industry
average.
Moreover, thanks to lower exposure to non-core re-
gions and the structural use of sustainable finance, the
overall cost of gross debt is expected to decrease to
3.9% by 2027.
Sustainable finance is expected to account for around
75% of total gross debt by 2027, an increase of 5 per-
centage points compared to the target of the previous
Plan. For more information, see the section “Sustaina-
bility-linked finance”.
ESRS 2 SBM-1 – Strategy, business model and value chain
In terms of environmental sustainability, the Group
intends to continue to reduce its direct and indirect
greenhouse gas emissions, in line with the Paris Agree-
ment and the 1.5 °C scenario, as certified by the Sci-
ence Based Targets initiative (SBTi). Specifically, the
Group confirms its objective of closing all remaining
coal plants by 2027, subject to authorization from the
competent authorities. As regards the conversion of
coal plants, the Group will evaluate the best technolo-
gies available based on the requirements indicated by
transmission system operators. The Group confirms
its ambition to achieve zero emissions in all Scopes
by 2040. The business model aims to address climate
change in a synergic way by promoting the protection
and conservation of nature through the definition of
specific targets and by confirming the commitment to
the protection of biodiversity.
Furthermore, the Group will continue to safeguard the
social and economic structure through its Just Transi-
tion plan, working in an integrated manner on both the
environmental and social dimensions. The categories
most impacted by the energy transition are people,
communities, suppliers and customers. The Group
pays constant attention to the needs of individuals,
partly through its commitment to respecting human
rights. On this point, see the section “Enel’s public
commitment: the Human Rights Policy”.
Attention is also paid to ensuring the health and safe-
ty of Group personnel and suppliers, a responsibility
shared at every level and a constant commitment with
the aim of avoiding accidents and raising the attention
level in all situations.
All Group’s activities are based on a solid governance
structure that can ensure the enforcement of a set of
principles of transparency, fairness, and integrity for
the benefit of all stakeholders in support of Enel’s busi-
ness model and its application on a daily basis.
Enel therefore pursues a Sustainability Plan to respond
to ESG issues by defining short-, medium-, and long-
term objectives to make the Group’s commitment
transparent and verifiable, while contributing to the
achievement of the 17 United Nations Sustainable De-
velopment Goals (SDGs).
Financial targets
Group ordinary EBITDA is expected to increase to be-
tween €24.1 and €24.5 billion by 2027, with a com-
pound average growth rate (CAGR) of approximately
7%, compared to €17.3 billion in 2022.
The Group’s ordinary net profit is expected to increase
to between €7.1 and €7.5 billion by 2027, with a CAGR
of approximately 11%, compared to €4.3 billion in 2022.
1. Enel Group
2. Governance
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Group strategy
76
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Remuneration of shareholders
The Group 2024 financial results allow us to propose to the
next Shareholders’ Meeting the distribution of a total div-
idend of €0.47 per share, higher than the minimum fixed
dividend per share (DPS) of €0.43 in the previous Plan.
In the 2025-2027 period, the implementation of stra-
tegic actions is expected to translate into visible and
highly predictable returns. Thus, the dividend policy
has been revised upwards with a new minimum fixed
annual DPS of €0.46 and a potential increase up to
a payout of 70% on the Group net ordinary income.
Compared with the previous dividend policy, the
constraint of achieving cash flow neutrality has also
been removed.
Financial targets
Profit growth
2025
2027
Ordinary EBITDA (€ billions)
22.9-23.1
24.1-24.5
Ordinary profit (€ billions)
6.7-6.9
7.1-7.5
Value creation
DPS (€/share)
0.46(1)
0.46(1)
Increase in DPS up to a payout of 70% ordinary profit
(1)
Minimum DPS.
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3. Group strategy
and risk management
The Enel Group risk
governance model
In performing its industrial and commercial activi-
ties, the Enel Group is exposed to risks that could
impact its performance and financial position if
not effectively monitored, managed and mitigated.
In this regard, in line with the architecture of Enel’s in-
ternal control and risk management system (ICRMS), the
Group has also adopted a risk governance model based
on a number of “pillars” described below, as well as a uni-
form taxonomy of risks (the “risk catalogue”) that facili-
tates their management and organic representation.
The “pillars” of risk governance
Enel has adopted a reference framework for risk gov-
ernance that is implemented in the real world through
the establishment of specific management, moni-
toring, control and reporting controls for each of the
risk categories identified. The Group’s risk governance
model is in line with the best national and international
risk management practices and is based on the follow-
ing pillars:
LINES
OF DEFENSE
1
GROUP RISK
COMMITTEE
2
LOCAL
RISK
COMMITTEES
3
RISK
APPETITE
FRAMEWORK
4
POLICY
5
REPORTING
6
1. Lines of defense. The Group’s arrangements are
structured along three lines of defense for risk man-
agement, monitoring and control activities, while
respecting the principle of segregating roles in the
main area in respect of significant risks.
2. Group Risk Committee. This body, set up at the
managerial level and chaired by the Chief Executive
Officer, is responsible for strategic direction and su-
pervision of risk management through:
• analysis of the main exposures and the main risk
issues faced by the Group;
• adoption of specific risk policies applicable
to Group companies, in order to identify roles
and responsibilities in risk management, mon-
itoring and control processes, in compliance
with the principle of organizational separation
between the units responsible for operations
and those responsible for monitoring and con-
trolling risks;
• approval of specific operating limits, authoriz-
ing, where necessary and appropriate, excep-
tions to these limits for specific circumstances
or needs;
• definition of risk response strategies.
The Group Risk Committee generally meets four
times a year and can also be convened, where
deemed necessary, by the Chief Executive Officer
and the head of the “Risk Control” unit, which forms
part of the “Administration, Finance and Control”
function.
3. Local risk committees. Specific local risk commit-
tees, structured according to the Group’s main global
business lines and geographical areas and chaired by
the respective senior managers, ensures adequate
oversight of the most significant risks at a local lev-
el. Coordination of these committees with the Group
Risk Committee facilitates sharing of information and
strategies for mitigating the most significant expo-
sures with the Group’s senior management, as well as
implementation of the guidelines and strategies de-
fined by the Group at local level.
1. Enel Group
2. Governance
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
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4. Risk Appetite Framework (RAF). The Risk Appetite
Framework constitutes the reference framework for
determining risk appetite and is an integrated, for-
malized system that allows for the definition and ap-
plication of a unique approach to the management,
measurement, and control of each risk. The RAF is
summarized in the Risk Appetite Statement, a doc-
ument that summarily describes the risk strategies
identified and the indicators and/or limits applicable
to each risk.
5. Policies. The allocation of responsibilities, coordina-
tion mechanisms and the main control activities are
represented in specific policies and organization-
al documents defined in accordance with specific
approval procedures involving the corporate struc-
tures directly involved.
6. Reporting. Specific and regular information flows on
risk exposures and metrics, broken down at Group
level and by individual global business line or geo-
graphical area, allow Enel’s top management and
corporate bodies to have an integrated view of the
Group’s main risk exposures, both current and pro-
spective.
Based on risk governance and in compliance with
the international standards of Risk Management ISO
31000:2018, the Group constantly monitors risks by
way of a process supported by a data visualization
tool (the e-Risk Landscape©). This system collects
and organizes contributions from the various geo-
graphical areas and business lines and categorizes
them based on the Group risk catalogue. The mon-
itoring and control process involves assigning met-
rics based on the likelihood of occurrence of risk
events and the size of the potential financial impact,
thereby providing the Group’s senior management
with a dynamically updated view of the Group’s risk
profile and related management and mitigation ac-
tions. These dimensions, structured into appropri-
ate frameworks, give an indication of the level of
individual risks.
In 2024, the Enel Group monitored a set of about 400
risks, 14 of which were identified as Top Risks (with an
above average likelihood and significant potential fi-
nancial impacts), mainly identified as regulatory and
legal/tax risks and/or uncertainties.
Macro-category
Compliance
Digital technology
Strategic
Financial
Operational
Likelihood
Impact
5
4
3
2
1
0
0
1
2
3
4
5
Governance and culture
Area Top Risks
The Enel Group Risk Landscape© enables the selection
and visualization of medium-to-high risks (i.e. exclud-
ing highly unlikely and/or low impact events).
It is also possible to make a multidirectional selection:
• by category;
• by country/legal entity;
• by business line.
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3. Group strategy
and risk management
With regard to the Top Risks identified and examined
in the Plan period, the diagram shows the greater con-
centration of strategic risks (5), particularly legislative/
regulatory risks, and compliance risks (9), especially
tax litigation or compliance with other laws and reg-
ulations.
Compliance
Macro-category
Strategic
Likelihood
Impact
2.5
3.0
3.5
4.0
4.5
5.0
3
4
5
The Group risk catalogue
Enel has adopted a risk catalogue that represents a
point of reference at the Group level and for all corpo-
rate units involved in risk management and monitoring
processes. The adoption of a common language facili-
tates the mapping and comprehensive representation
of risks within the Group, thus facilitating the identi-
fication of the main types of risk that impact Group
processes and the roles of the organizational units
involved in their management.
The risk catalogue groups the types of risk into mac-
ro-categories, which include, as shown below, strate-
gic, financial and operational risks, (non-)compliance
risks, risks related to governance and culture, and
digital technology risks. Below is the classification of
risks currently identified and classified within the var-
ious categories.
RISKS
• Corporate culture and ethics
• Corporate governance
• Stakeholders’ engagement
Governance
and culture
• Cyber security
• Digitalization
• IT effectiveness
• Service continuity
Digital
technology
• Capital structure adequacy
and funding access
• Commodity
• Credit and counterparty
• Exchange rate
• Interest rate
• Liquidity
Financial
• Asset protection
• Business interruption
• Customers’ needs and satisfaction
• Environment
• Health and safety
• Intellectual property
• People and organization
• Process efficiency
• Procurement, logistic and supply chain
• Service quality management
Operational
• Accounting compliance
• Antitrust compliance and consumers’ rights
• Corruption
• Data protection
• External disclosure
• Financial Regulation Compliance
• Sustainability Compliance
• Tax compliance
• Compliance with other
laws and regulations
Compliance
• Climate change
• Competitive landscape
• Innovation
• Legislative and regulatory
developments
• Macroeconomic and
geopolitical trends
• Strategic planning and
capital allocation
Strategic
1. Enel Group
2. Governance
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
The Enel Group risk governance model
80
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Strategic risks
This section is dedicated to disclosure of the following strategic risks:
• Climate change
• Competitive landscape
• Legislative and regulatory developments
• Macroeconomic and geopolitical trends
Climate
change
Climate change and the energy transition impact Group activities and have an
effect on strategic and industrial planning and investments. The Group develops
short-, medium-, and long-term scenarios related to the energy transition and cli-
mate change.
The risks and opportunities related to the evolution of these scenarios are identi-
fied, for example, in relation to technological and market developments, changes
in regulations, and even physical phenomena, such as the effects of acute and
chronic climate events on assets and on the rest of the value chain.
For an analysis of the risks associated with climate change, see “Impacts, risks and
opportunities related to climate change” in the chapter “Climate change”.
Competitive
landscape
Analysis of the competitive landscape is one of the material elements of the anal-
ysis of the context in which the Group operates and sets its business ambitions.
The risks associated with market trends are also mitigated by the periodic
monitoring of comparative performance of competitors at both the industrial
and the financial level.
This assessment is carried out by way of a framework aimed at: (i) identifying
the most relevant competitors and peers; (ii) analyzing their performance, their
main business drivers, and their strategic and industrial objectives; and (iii) un-
derstanding their current and future positioning.
The process of identifying benchmark companies is periodically updated to
ensure timeliness in the collection of KPIs and other information useful for the
Group’s positioning efforts and strategic planning.
In particular, a comparative analysis of competitors’ strategic and industrial
plans is particularly relevant in order to assess potential risks deriving from any
changes in the competitive landscape and, above all, to provide financial and
industrial benchmarks to help improve Group performance.
Legislative
and regulatory
developments
The Group operates in regulated markets, and changes in the operating rules
of the various systems, as well as in the obligations underlying them, can im-
pact both operations and the performance of the Group.
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3. Group strategy
and risk management
In this sense, legislative and regulatory developments are constantly monitored,
such as:
• periodic reviews of regulations in the distribution sector;
• the liberalization of electricity markets, with particular attention to expected de-
velopments in South America;
• developments in capacity payment mechanisms in the area of production;
• regulatory measures aimed at mitigating the impact of prices.
In view of the risks that may arise from these developments, work has been done to
intensify relations with local government and other regulatory bodies by adopting an
approach of transparency, collaboration, and proactivity in addressing and removing
the sources of instability in the legislative and regulatory framework.
Macroeconomic
and geopolitical
trends
The great internationalization of the Group requires that Enel consider and as-
sess country risk, consisting of macroeconomic, financial, institutional, and so-
cial risks, and other risks specific to the energy industry, the occurrence of which
could have a significant negative impact both on profitability and on the value of
the Group’s assets. In this regard, Enel has adopted a quantitative Open Country
Risk assessment model capable of promptly monitoring the riskiness of coun-
tries within the scope of its operations.
This Open Country Risk model aims to overcome the more conventional defini-
tion of country risk, which focuses on a government’s ability to repay its debt, to
offer a broader view of the risk factors that can impact a country. Specifically, the
model is divided into four risk factors: economic, institutional and political, social,
and energy related.
ECONOMIC FACTORS
INSTITUTIONAL AND
POLITICAL FACTORS
SOCIAL FACTORS
ENERGY FACTORS
Open Country Risk is a quantitative model that extends the more conventional definition of country risk used in
the existing literature by providing a more complete analysis of the risks involved, incorporating economic, finan-
cial, political, climate and energy factors.
1. Enel Group
2. Governance
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
The Enel Group risk governance model
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The Open Country Risk model aims to measure the economic resilience of a country
by assessing stability towards the outside world, the efficacy of its domestic policies,
the vulnerability of its banking and corporate infrastructure, its economic growth,
and the impact of extreme weather events (all of which are considered economic
factors). It also includes the robustness of its institutions and its political landscape
(institutional and political factors), human rights and other social phenomena (social
factors), and the efficacy of the energy system within the context of the energy tran-
sition (energy factors).
Specifically, analysis of the energy transition process includes forward-looking as-
sessments of the country’s actions, considering the weight of renewables, electrifi-
cation, and the sustainability of its energy system, which are key elements in estimat-
ing growth and attractiveness in the medium to long term.
Financial risks
In carrying out its business, Enel is exposed to var-
ious financial risks which, if not appropriately miti-
gated, can directly affect performance.
In line with the Group’s risk catalogue, the risks in-
cluded in this category are the following:
• Commodity
• Credit and counterparty
• Exchange rate
• Interest rate
• Liquidity
The internal control and risk management system
(ICRMS) provides for the specification of policies that
establish the roles and responsibilities for risk man-
agement, monitoring and control processes, ensuring
compliance with the principle of organizational sepa-
ration of units responsible for operations and those in
charge of monitoring and managing risk.
The financial risk governance system also defines a
system of operating limits at the Group and individ-
ual region and country levels for each risk, which are
monitored periodically by risk management units. For
the Group, the system of limits constitutes a deci-
sion-making tool to achieve its objectives.
Commodity
Enel operates in energy markets and for this reason is exposed to the risk of incur-
ring losses as a result of an increase in the volatility of the prices of energy commod-
ities (price risk), or due to changes in volume, such as fluctuations in demand or the
unavailability of raw materials (volume risk).
To mitigate the exposure to price risk, the Group has developed a strategy of stabi-
lizing margins, with early physical or financial contracting of both revenue and costs,
such as by way of derivative financial instruments, sales to end customers, or fuel
procurement. To mitigate the risk of interruption in the supply of fuels and raw ma-
terials, the Group has diversified fuel sources, using suppliers from different geo-
graphical areas.
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3. Group strategy
and risk management
Enel’s risk governance calls for the formalization of risk limits, based on meas-
urement and control processes, and allows to mitigate the impact on margins of
unexpected changes in market prices and, at the same time, ensures an adequate
level of flexibility to seize market opportunities.
Credit and
counterparty
Commercial transactions on commodities and other transactions of a financial
nature expose the Group to credit and counterparty risk, i.e. to the possibility that
a deterioration in the creditworthiness of counterparties or the non-fulfillment of
contractual payment obligations may lead the Group to suffer financial losses or
reputational harm.
Exchange rate
Given the level of geographical diversification, access to international markets for
the issuance of debt instruments and transactions in commodities, Group companies
are exposed to the risk that changes in exchange rates between the functional curren-
cy and other currencies could generate unexpected changes in financial performance
and standing.
The potential impacts of exchange rate risk may be seen in:
• costs and revenue denominated in a foreign currency with respect to the time when
the prices were set or the investment decision was made (economic risk);
• adjustments to the fair value of financial assets or liabilities sensitive to exchange
rates (transaction risk);
• the consolidation of subsidiaries with different functional currencies (conversion
risk).
Interest
rate
The Group is exposed to the risk that changes in the level of interest rates could pro-
duce unexpected changes in net financial expense or in financial assets and liabilities
measured at fair value.
The exposure to interest rate risk derives mainly from the variability of the terms of
financing, in the case of new debt, and from the variability of cash flows in respect of
interest on floating-rate debt.
Risk control through specific processes, risk indicators and operating limits makes
it possible to contain potential adverse financial impacts and, at the same time, to
optimize the debt structure with an adequate degree of flexibility.
Liquidity
Liquidity risk is the risk that the Group, while solvent, will not be able to meet its
commitments in a timely manner, that it will only be able to do so under unfavora-
ble conditions, or that it will be subject to constraints on the divestment of assets
with consequent capital losses, due to situations of tension or systemic crisis (e.g.
credit crunch, sovereign debt crisis, etc.) or to the market’s changed perception of
its riskiness.
For further information on financial risk management, see note 47 “Risk manage-
ment” of the consolidated financial statements at December 31, 2024.
1. Enel Group
2. Governance
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
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Digital technology risks
The risks in this section are the following:
• Cyber security
• Digitalization
• IT effectiveness
• Service continuity
Cyber security
To manage cyber risk, the Group has developed a Cyber Security operating
model and related framework of processes. More specifically, the operating
model defines roles and responsibilities for the implementation of the frame-
work processes, providing for a special unit under the Chief Information Secu-
rity Officer (CISO), which is also integrated into the matrix of the Group’s various
business areas. In addition, the Group has designed and adopted a framework
of holistic processes aimed at managing cyber-security issues, which is appli-
cable across the Information Technology (IT), Operational Technology (OT), and
Internet of Things (IoT) sectors. The framework establishes a governance model
based on the actions of senior management, on global strategic direction, and
on the involvement of all business areas and of the units involved in the design
and implementation of IT, OT and IoT systems, thereby establishing a solid ba-
sis for the full fusion of technologies, processes, and people. The framework is
based on two essential principles, i.e. a risk-based approach and cyber security
by design. The first establishes that risk assessment is the prerequisite for stra-
tegic decisions and for the development and safe maintenance of all the assets
of the company organization. The second ensures the adoption of cyber securi-
ty principles right from the start and throughout the entire life cycle of the solu-
tions, services and infrastructures across all three areas (i.e. IT, OT and IoT). As
part of the application of the framework, a cyber risk management methodology
has been defined, which is also applicable across all IT, OT and IoT environments.
It comprises all the phases necessary to perform risk analysis and define the
related mitigation plan, in line with the established cyber security objectives. To
balance the advantages of using IT/OT/IoT systems against the risk that they may
engender, well-informed, risk-based decisions are fundamental.
Enel has also created its own Cyber Emergency Readiness Team (CERT) to pro-
actively respond to and manage any IT security incidents.
In order to measure the possible financial impact of cyber risks, Enel has devel-
oped a Cyber Value-at-Risk (Cyber V@R Enel Group©) methodology in order to
calculate Value-at-Risk in various attack scenarios.
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3. Group strategy
and risk management
Digitalization, IT
effectiveness and
service continuity
The Group is carrying out a complete digital transformation of how it manages
the entire energy value chain, developing new business models and digitizing its
business processes, integrating systems and adopting new technologies. A con-
sequence of this digital transformation is that the Group is increasingly exposed to
risks related to the functioning of the IT systems, which are integrated across the
Company with impacts on processes and operations, which could expose IT and
OT systems to service interruptions or data losses.
These risks are managed using a series of internal measures developed by the
Group to guide the digital transformation. It has set up an internal control system
that introduces control points along the entire IT value chain, enabling us to pre-
vent the emergence of risks engendered by such issues as the creation of services
that do not meet business needs, the failure to adopt adequate security measures
and service interruptions. The internal control system oversees both the activities
performed in-house and those outsourced to external associates and service pro-
viders. Furthermore, Enel is promoting the dissemination of a digital culture and
digital skills within the Group in order to successfully guide the digital transforma-
tion and minimize the associated risks.
With regard to artificial intelligence, the Group has developed and is refining govern-
ance tools that strengthen processes and activities related to the control and mon-
itoring of risks engendered by AI systems in use within the Company. To this end, a
specific taxonomy has been developed that clusters the potential areas of impact
and the elements of risk that compose them (the “Enel Group AI Taxonomy©”).
1. Enel Group
2. Governance
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
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86
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Operational risks
The risks discussed in this section are the following:
• Environment
• Health and safety
• People and organization
• Procurement, logistics and supply chain
Environment
Over the past few years, society has acquired a growing awareness of the risks deriv-
ing from development models that generate impacts on the environment and eco-
systems, with a particular emphasis on global warming and ever-increasing exploita-
tion and degradation of water resources. These impacts have triggered increased
concern for environmental quality and ecosystem health, with greater awareness of
the associated risks.
An analysis of the environmental risks associated with Enel’s activities was conduct-
ed using an integrated, multifunctional approach based on the results of a material-
ity analysis by impact and dependency. This assessment made it possible to identify
the main operational, economic, financial, social, and environmental risks associated
with the various activities and technologies, including the risk linked to the transfor-
mation of ecosystems and the loss of biodiversity, the depletion of natural resources,
including the risk linked to water scarcity, and the pollution of environmental matri-
ces both for polluting emissions and for sustainable waste management.
In addition to operational risks, reputational and transitional risks were also assessed,
as they can arise from changes in the regulatory, technological, or market framework
and in the associated opportunities.
Enel is committed to preventing and minimizing environmental impacts and risks
with the adoption of ISO 14001 certified Environmental Management Systems
throughout the Group that ensure the existence of structured policies and proce-
dures for the identification and management of environmental risks and opportuni-
ties. A structured control plan, combined with improvement actions and objectives
inspired by the best environmental practices, mitigates the risk of impacts on the
environmental matrix and, consequently, of legal disputes and other reputational
damage. For an analysis of the risks related to the environment and of the mitigation
actions identified, see “Environmental information – Biodiversity and ecosystems” in
the chapter “Sustainability Statement”.
Health and safety
Generating a strong and sustainable safety culture shared by all members of the or-
ganization is a strategic objective. For this reason, Enel is committed to defining and
implementing processes, conditions, and work environments that are increasingly
healthy and safe for its employees, for the companies that collaborate with it, for its
customers, and for the communities with which it interacts on a daily basis, while
promoting the continuous strengthening of a culture of safety in part by way of ded-
icated training courses.
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3. Group strategy
and risk management
The main health and safety risks to which the employees of Enel and its con-
tractors are exposed are attributable to performing operational activities at the
Group’s sites and assets. These risks may shift, or change completely, depending
on economic and social trends, as well as on the introduction of digitization in
processes and operational activities. Another type of health and safety risk is
connected with non-compliance with applicable laws and regulations. This can
impact on health and safety and lead to administrative or judicial penalties, and
thus produce financial and reputational impacts on the Enel Group.
For this reason, each Group business line has its own Health and Safety Man-
agement System compliant with the international UNI ISO 45001 standard. The
management system is based on the identification of threats, the qualitative and
quantitative assessment of risks, including financial and reputational risks, the
planning and implementation of prevention and protection measures, and the
verification of the effectiveness of such measures and any corrective actions, in-
cluding in the rigorous processes of selecting and managing contractors. These
systems make it possible to ensure regulatory compliance, to verify the effec-
tiveness of processes and related corrective actions with a view of continuous
improvement and, finally, to ensure the dissemination of a risk-based approach
as well as a robust organizational and individual culture in health and safety is-
sues. The key document of these systems is the Group’s Health and Safety Policy,
agreed with the Board of Directors and signed by the CEO, which describes the
guiding principles, strategic objectives, approach, and guidelines and priorities
for the continuous improvement of health and safety performance.
From an operational standpoint, health and safety risks are specifically assessed
at each site or asset based on the activities performed by workers and the con-
ditions of the workplaces and external environmental conditions. This assess-
ment enables us to identify prevention and protection measures for safety in the
workplace and to plan their implementation, improvement and control in order to
verify their effectiveness and efficiency.
In addition to preventive risk assessment, Enel has developed a structured field
inspection process aimed at continuously monitoring behavior, compliance with
procedures and working methods, and consequently the correct management
of health and safety risks for both internal personnel and external contractors.
This process, managed by both internal staff and certified companies, allows for
the identification of risk situations (non-compliance) and the related plans con-
taining corrective actions, including training courses, coaching and dissemina-
tion of the culture of safety.
As regards contractors specifically, Enel’s approach is to consider them as part-
ners in embracing the key principles of health and safety for its workers, who are
therefore considered on a par with internal employees in the application of these
principles and in their attention to workplace health and safety issues.
1. Enel Group
2. Governance
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
The Enel Group risk governance model
88
INTEGRATED ANNUAL REPORT 2024
Therefore, safety is integrated into the procurement process, and contractor
performance is monitored both in the preliminary phase, using the qualification
system, and in the contract execution phase, through numerous control pro-
cesses and tools such as the Contractor Assessment (analyses of contractors’
organization, processes and working methods in the qualification phase or in
cases where critical issues or low scores emerge in the evaluation of the indi-
cators) or the Evaluation Groups (periodic interfunctional meetings conducted
across all global business lines and geographical areas in order to evaluate the
safety performance of suppliers and decide consequence management actions).
In addition to these procedural and operational aspects, another important
driver in the proper management of health and safety risks are training and
awareness initiatives for people within the organization. To encourage the
growth of technical skills and a culture of safety, while supporting the process-
es of change and responding in a timely manner to the needs that emerge from
doing business, the Enel Group has adopted a structured training management
process that aims to transform knowledge into skills and then into behaviors.
Enel also fosters the systematic dissemination of information and awareness
among personnel through a variety of company channels, such as news on
the intranet, information emails, newsletters and magazines. We periodically
conduct surveys to collect feedback from our people on process improvement
and undertake communication initiatives to raise awareness among all workers
about the observance of safety procedures and to create moments of collec-
tive reflection on the dynamics and causes of serious or fatal accidents.
Finally, Enel is also constantly engaged in dialogue with international top play-
ers in the energy sector and beyond, through participation in inter-company
working groups to ensure continuous improvement by sharing best practices
in the health and safety field, examining both operational processes and inno-
vative initiatives.
People and
organization
The profound social, economic, demographic, and cultural transformations we
are experiencing today, from the energy transition to digitization and techno-
logical innovation, and the rapid rise of artificial intelligence, are all profoundly
affecting the world of work, overturning paradigms and imposing major cultur-
al and organizational changes, all calling for new professional roles and talents.
To face this change, it is essential to act in an inclusive manner, putting people
at the center of both the world of work and of society as a whole, equipping
them with the tools they need to face this epochal transformation.
Organizations are being increasingly called upon to orient themselves towards
new agile, sustainable business models throughout the entire value chain. It is
also essential to adopt policies that bring out the diversity and talents of each
individual, in an awareness that the contribution of the individual represents an
essential element in the creation of widespread, shared value.
The Enel Group risk governance model
89
INTEGRATED ANNUAL REPORT 2024
3. Group strategy
and risk management
The centrality of the person, constant listening, sharing, enhancement of the en-
trepreneurial capacities of individuals, involvement, are some of the keywords
that guide our way of working and experiencing the Company.
Thanks to an increasingly efficient, streamlined organization, the management
of human capital and the centrality of the individual play a fundamental role in
the implementation of the Group’s industrial strategy, as an enabling factor to
which specific objectives are linked. The main objectives are: the constant devel-
opment of skills and competencies through the promotion of reskilling and up-
skilling for our people; the implementation of models for assessing the working
environment and performance; the dissemination and rigorous evaluation of the
effects of diversity and inclusion policies in all countries where the Group has a
presence, as well as an inclusive organizational culture based on the principles
of non-discrimination and equal opportunity, which are fundamental drivers for
attracting and retaining talent.
The Group is involved in enhancing the resilience and flexibility of organization-
al models through organizational and procedural simplification, with a constant
focus on designing in clear accountability among the actors involved and a pro-
cedural system with global governance and control, digitalization of processes,
and a data driven approach.
All of this aims to enable the autonomy and accountability of individuals and
teams by strengthening empowerment processes and fostering an entrepre-
neurial approach that values people’s talents, aptitudes, and aspirations. The hy-
brid working method and the promotion of internal mobility, as well as the use of
innovative and flexible organizational models, are tools aimed precisely at sup-
porting this evolution of organizational culture on the basis of trust, innovation,
proactivity, respect, and flexibility.
Procurement, logistics
and supply chain
The purchasing processes of Global Procurement and the associated governance
documents form a structured system of rules and control points that make it pos-
sible to combine the achievement of economic business objectives with full com-
pliance with the fundamental principles set out in the Code of Ethics, the Enel
Global Compliance Program, the “Zero-Tolerance-of-Corruption” Plan and the Hu-
man Rights Policy, without renouncing the promotion of initiatives for sustainable
economic development.
From the point of view of the procurement process, the various units adopt com-
petitive processes that ensure equal access opportunities to all operators who
meet the technical, financial, environmental, safety, human rights, legal, and ethical
requirements.
With regard to the risk governance system, Global Procurement is focused on the
application of metrics that indicate the level of risk before and after the mitigation
action, in order to implement precautionary measures to reduce uncertainty to a
tolerable level or mitigate any impacts in all business, technological and geograph-
ical areas.
1. Enel Group
2. Governance
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
The Enel Group risk governance model
90
INTEGRATED ANNUAL REPORT 2024
The effectiveness of supply chain risk management is monitored by calculating
an aggregate risk index for each supplier through specific indicators – including
the probability of insolvency, the concentration of contracts with individual sup-
pliers or industrial groups, the supplier’s dependence on Enel, the performance
index on the correctness of conduct throughout the tender process, quality,
punctuality and sustainability in the execution of the contract, country risk, etc.
– for which thresholds are set that guide definition of the procurement strategy
and negotiation and awarding of a tender, while allowing for informed selection
of potential risks and benefits.
Furthermore, the geopolitical context of the various countries is also monitored
with respect to our supply chain of materials in order to manage market volatility
and to adopt the most suitable strategies, such as the differentiation of supply
sources, to avoid interruptions in the supply chain and mitigate risks deriving
from market shortages, logistical criticalities, and business interruptions.
Compliance risks
The risks discussed in this section are as follows.
• Risks related to personal data protection
• Compliance with tax legislation
Risks related
to personal data
protection
Being present in over 41 countries, the Group has the largest customer base in the
public services sector (with over 68 million end users), and currently employs about
60,000 people. Consequently, the Group’s business model calls for the manage-
ment of an increasingly significant and growing volume of personal data in order to
pursue the financial and business performance levels envisaged in the 2025-2027
Strategic Plan.
This exposes Enel to the risks connected with the protection of personal data that
can result in a loss of confidentiality, integrity, or availability of the personal data of
customers, employees, or third parties, which can result in penalties proportionate
to global turnover, prohibitions of processes, and consequent economic or financial
losses, as well as reputational damage.
In order to manage and mitigate this risk, Enel has adopted a global data protection
governance model that assigns privacy roles at all levels (including the appointment
of Data Protection Officers, or “DPOs”, at the global and country level), as well as digital
compliance tools to map applications and processes and manage relevant risks for
the purposes of personal data protection, in compliance with the specificities of local
regulations.
The Enel Group risk governance model
91
INTEGRATED ANNUAL REPORT 2024
3. Group strategy
and risk management
Compliance
with tax legislation
The Board of Directors of Enel SpA defines the fiscal strategy of the Enel Group
and guarantees its application throughout the Group, thereby assuming the
role and responsibility of driving the spread of a corporate culture based on the
values of honesty, integrity and lawfulness.
Group entities must comply with the principle of legality, including comply with
tax legislation of the countries in which the Group is present in a timely manner,
so as to ensure compliance with the spirit and purpose that the law or the legal
system envisage for the issue subject to interpretation, while not implement-
ing behavior or operations that could result in purely contrived or fabricated
constructs that do not reflect reality and from which it is reasonable to expect
undue tax advantages.
1. Enel Group
2. Governance
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
1.
GRUPPO
ENEL
La politica dei dividendi
La politica dei dividendi di Enel rimane
semplice e prevedibile, con un dividendo per
azione (DPS) pari a 0,43 euro nel periodo 2
023-2025, in aumento rispetto a 0,40 euro
nel 2022. Il DPS nel 2024 e nel 2025 è da
considerarsi come un minimo sostenibile.
Modello di business
Enel conferma il proprio modello di business
basato sui collaudati modelli di Ownership, che
ricomprende i cosiddetti Paesi “Tier 1” in cui
il Gruppo sviluppa un business integrato o ha
una posizione importante (Italia, Spagna, Cile,
Colombia, Brasile, Stati Uniti), e di Stewardship,
nei Paesi in cui joint venture, PPA, acquisizioni
di quote di minoranza offrano prospettive
particolarmente remunerative.
Crescita delle fonti
di finanziamento sostenibili
In linea con il “Sustainability-Linked Financing
Framework” e in vista del raggiungimento
dell’obiettivo di Sostenibilità di Enel circa la
riduzione di emissioni dirette di gas serra
(Scope 1), è sempre più ampio il ricorso a
strumenti di finanza sostenibile.
RELAZIONE
SULLA GESTIONE
4.
CLIMATE CHANGE
Climate change adaptation strategy
The analysis of climate and transition scenarios
within a structured process is a fundamental
tool for translating data into useful information
to maximize opportunities and mitigate risks.
Roadmap to decarbonization by 2040
Reduction of direct and indirect greenhouse gas
emissions across the value chain, reaching the
lowest level ever, in line with established
reduction targets, consistent with limiting the
average global temperature increase to below
1.5 °C and achieving net-zero emissions by 2040.
Promoting a just transition
A systemic approach for an environmentally
sustainable, fair and inclusive energy transition,
promoting access to sustainable energy
solutions that facilitate decarbonization,
together with the expansion and modernization
of distribution grids, while promoting a positive
impact on society engaging stakeholders and
ensuring respect for human rights.
REPORT
ON OPERATIONS
94
INTEGRATED ANNUAL REPORT 2024
69.6 MtCO2eq
TOTAL SCOPE 1, 2 AND 3
GHG EMISSIONS
94.4 in 2023
101 gCO2eq/kWh
SCOPE 1 GHG EMISSIONS
INTENSITY RELATING TO
POWER GENERATION
160 in 2023
121 gCO2eq/kWh
SCOPE 1 AND 3 GHG EMISSIONS
INTENSITY RELATING TO
INTEGRATED POWER
166 in 2023
14.3 MtCO2eq
ABSOLUTE SCOPE 3 GHG EMISSIONS
RELATING TO GAS RETAIL
16.8 in 2023
69.9%
NET EFFICIENT INSTALLED RENEWABLES
CAPACITY ON TOTAL CAPACITY
68.2% in 2023
95
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
SUBTOPIC DESCRIPTION OF IROs
TYPE
TARGET
ADAPTING TO CLIMATE CHANGE
Sub-subtopic
Adapting to extreme weather
Extreme weather events (e.g. cyclones, droughts,
floods, storms, heat waves and fires) due to climate
change, resulting in damage or reduced efficiency
of power generation and distribution facilities and
supporting infrastructure, causing capacity to be
downgraded, operations temporarily stopped or
shut down completely
See the section
“Action plan for
managing material
IROs”
SUBTOPIC
ADAPTING TO CLIMATE CHANGE
Sub-subtopic
-
Greater public investments in the resilience of
infrastructures to face the mitigation and reduction
of the physical climate risk and reduce service
interruptions
See the section
“Action plan for
managing material
IROs”
SUBTOPIC DESCRIPTION OF IROs
TYPE
TARGET
MITIGATION: REDUCING DIRECT GHG
EMISSIONS (SCOPE 1)
Sub-subtopic
-
New policies, regulations and timely and effective
measures for public institutions, including
simplified authorization procedures targeted
toward accelerating the energy transition and
development of related technologies
See the section
“Action plan for
managing material IROs”
SUBTOPIC
MITIGATION: REDUCING DIRECT GHG
EMISSIONS (SCOPE 1)
Sub-subtopic
-
Mitigating climate change by reducing absolute
greenhouse gas emissions from the thermoelectric
phase-out
Reduction in
Scope 1 GHG emissions
Intensity relating to
Power Generation
(gCO2eq/kWh)
SUBTOPIC
MITIGATION: REDUCING DIRECT GHG
EMISSIONS (SCOPE 1)
Sub-subtopic
Efficient energy consumption in business
operations (fossil energy sources)
Prevention and minimization of climatic impacts
through the efficient and sustainable use of fossil
energy sources in company processes
Reduction in
Scope 1 GHG emissions
Intensity relating to
Power Generation
(gCO2eq/kWh)
SUBTOPIC DESCRIPTION OF IROs
TYPE
TARGET
MITIGATION: REDUCING INDIRECT GHG
EMISSIONS (SCOPE 2 AND SCOPE 3)
Sub-subtopic
Decarbonization of the supply chain
Contribution to reducing Enel’s carbon footprint
through a sustainable supply chain
Value of supply
contracts covered
by Carbon Footprint
certification (EPD, ISO
CFP) - %
SUBTOPIC
MITIGATION: REDUCING INDIRECT GHG
EMISSIONS (SCOPE 2 AND SCOPE 3)
Sub-subtopic
Increase in the sales of energy from
renewable sources to the end customer
Contribution toward the reduction of Scope 3
emissions through the sale of renewable energy (via
Group production, PPA and REC)
Reduction in Scope
1 and 3 GHG emissions
Intensity relating to
Integrated Power
(gCO2eq/kWh)
SUBTOPIC DESCRIPTION OF IROs
TYPE
TARGET
REDUCING GHG EMISSIONS OF SERVICES
AND PRODUCTS TO CUSTOMERS
Sub-subtopic
-
Acceleration in the process of electrification of
consumption through the implementation of
solutions and technologies for the electrification of
cities (e.g. smart cities and public lighting), companies
(energy efficiency, demand response, etc.) and people
(e.g. energy efficiency of homes and condominiums)
Demand response
(GW)
Risk
Opportunities
+
Positive impact
-
Negative impact
Action plan
Target
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
The strategy for tackling climate change
96
INTEGRATED ANNUAL REPORT 2024
The strategy for tackling
climate change
12. Also including operated generation.
The Enel Group is committed to developing a business
model in line with the Paris Agreement (COP21) goals in
order to limit the average global temperature increase to
below 1.5 °C and with the ambition to achieve zero emis-
sions by 2040, promoting the key role of electricity as an
energy carrier to drive the transition to a “Net Zero” glob-
al economy by 2050. Through its business strategy, the
Group is committed to define the drivers and the invest-
ments necessary to develop climate change mitigation
and adaptation actions throughout its value chain.
ESRS E1-1 – Transition plan for climate change mitigation
Zero emissions ambition: the decarbonization plan
for mitigation of climate changes
The commitment to fighting climate change is an
integral part of the Group’s strategy, both in the
short term as well as in the long term, by means of a
decarbonization plan that covers both direct as well
as indirect emissions along the entire value chain.
This strategy, which is based on four objectives cer-
tified by the Science Based Targets initiative (SBTi),
in line with the limitation of global warming to 1.5
°C, is concentrated on the following business lines
of action.
Line of action
Description
Goals
Decarbonization of the
energy mix
Development of new renewable capacity (starting from
the current 69.9% installed renewable capacity of
the total in 2024) and simultaneous exit from thermal
generation by 2040. In this sense, the Group confirms
its goal to phase out coal-fired generation by 2027,
subject to approval from the relevant authorities,
converting the sites to other uses. These objectives
can be reached also due to the absence of blocked
emissions associated with the Group’s activities that
could therefore delay and/or block the business
commitments to close the plants.
• 100% zero-emissions generation by 2040, through
intermediate objectives: from the current 83% of
production reached in 2024 to approximately 86%
in 2027 and approximately 90% in 2030.12
Push toward
electrification
and phase-out of retail
gas
Development of electricity technologies that are
more efficient and convenient for consumers,
promoting the electrification of uses and the
progressive minimization of the gas portfolio of
customers over the medium and long term.
• Increase the unit consumption of electric energy
customers (B2C, Italy and Iberia free market) from
2.76 MWh/customer/year in 2024 to approximately
2.9 MWh/customer/year in 2027 and approximately
3.5 MWh/customer/year in 2030.
• Reduce the volumes of gas sold with the objective
of completing the phase-out of the sale of gas
to the end customer by 2040 and reach 100% of
the electricity sold to the customer from zero-
emission sources.
Grid development and
enhancement
Reinforcement of the role of grids with an
investment plan aimed at increasing resilience,
digitalization and flexibility to support the connection
of millions of customers and prosumers and balance
the intermittent energy supply generated directly by
renewable plants.
• 3.4 million distributed generation connections
in 2027 and approximately 6 million by 2030
(compared to 2.4 million in 2024);
• 70% of grid customers digitalized in 2027
(compared to 66% in 2024) with the ambition to
arrive at 100% in 2030.
The strategy for tackling climate change
97
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
The investments supporting the transition plan are an
integral part of the Group’s Strategic Plan described in
the “Group strategy” section, including the alignment
with the decarbonization objectives and the criteria of
EU Taxonomy. For more information on the role and re-
sponsibility in respect of climate change, see the sec-
tion “Climate change governance”.
The climate change mitigation strategy will help re-
duce direct and indirect greenhouse gas emissions
13. With particular reference to Italy, the decommissioning is definitive, i.e.:
• from the point of view of the electricity market and the national grid operator (Terna), the plant is no longer included among the electricity
generation plants and consequently no longer participates in the electricity market and cannot be commissioned directly by Terna;
• from a corporate point of view, there are no MW associated with that installed capacity and there will therefore be no revenue associated with
its operation;
• from a plant engineering point of view, there is no longer any coal in the power plant depots and the emplacement of permanent safety
measures on the mechanical and electrical machinery present has begun.
along the entire value chain by at least 99% by 2040,
compared to 2017, well above the overall threshold set
by the main international standards (90%). This reduc-
tion will be implemented through various targets cov-
ering both direct and indirect emissions throughout
the Group’s value chain, in line with the Paris Agree-
ment and the 1.5 °C scenario, as certified by the Sci-
ence Based Targets initiative (SBTi). These objectives
are detailed in the section “The roadmap to decarbon-
ization”.
Enel’s commitment to coal phase-out
Over the last decade, Enel has progressively reduced
its exposure to coal-fired generation, in line with the
strategy undertaken in terms of decarbonization of
generation.
With the exit and decommissioning13 of the Fusina
plant in Italy and As Pontes plant in Spain in 2023, five
plants are still on operation: three in Italy, one in Spain
and one in Colombia.
EVOLUTION OF CAPACITY OF COAL-FIRED POWER PLANTS
Coal-fired
power plants (no.)
Consolidated
capacity
(GW)
17
2016
2015
16.8
18.8%
16.1
19.5%
2017
16.0
18.8%
2018
15.8
18.5%
2019
11.7
13.9%
2020
8.9
10.6%
2021
6.9
7.9%
2022
6.6
7.8%
2023
4.6
5.7%
2024
4.6
5.7%
19
17
17
16
17
16
17
12
17
10
17
8
177
17
5
17
5
% of consolidated capacity
The Group’s phase-out of coal in Italy and Spain is in
line with the two countries’ objective of phasing out
coal-fired power generation. The process of closing
a coal-fired power plant is not solely the Group’s re-
sponsibility, but is in fact subject to an approval pro-
cedure by the competent authorities.
In Italy, in line with the legal provisions currently in
force on the decommissioning of generation plants
(i.e. Article 1-quinquies, Legislative Decree 239/2003),
the planned steps are:
i. Enel’s application to the Italian Ministry of the Environ-
ment and Energy Security (MASE) for the purpose of
authorizing the definitive decommissioning of the plant;
ii. MASE requests an opinion from Terna on the pos-
sibility of proceeding with the decommissioning of
the aforementioned plant;
iii. after assessing the adequacy of the electricity sys-
tem, Terna provides an opinion to MASE;
iv. following Terna’s opinion, MASE communicates its
acceptance or refusal of the final decommissioning.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
The strategy for tackling climate change
98
INTEGRATED ANNUAL REPORT 2024
(1) Production currently limited to 500 hours/year.
(2) Partially closed (50% at December 31, 2019).
TORREVALDALIGA NORD – 1.8 GW
ALCUDIA – 0.2 GW
> Essential plant: No,
emergency plant(1)
> Planned phase-out: 2027(2)
> Risk factors: plant closure
subject to the need of ensuring
security of supply
TERMOZIPA – 0.2 GW
> Essential plant: Yes
> Planned phase-out: 2027
> Essential plant: Yes
> Planned phase-out: 2027
> Risk factors: plant closure subject to the
realization of the transmission Tyrrhenian
link Sardinia-Italy mainland
> Essential plant: No
> Planned phase-out: within 2025
> Essential plant: No
> Planned phase-out: within 2025
SULCIS – 0.5 GW
FEDERICO II – 1.8 GW
14. Of which 3.1% regarding electricity generation from fossil gaseous fuels (CCGT), 0.3% electricity generation from fuel-oil and gas (OCGT) and
the remaining 0.2% electricity generation from coal.
In line with the commitment to promote a just transi-
tion, the exit plan includes the maintenance and de-
velopment of new skills and transfer of know-how for
Enel people, together with projects developed by third
parties that are in line with sustainability programs in
agreement with local communities, with a view to pro-
moting their economic and social development and
general well-being.
Enel’s alignment to the criteria necessary for including in the EU
benchmarks aligned with the Paris Agreement
Enel is eligible for inclusion in the European Union indi-
ces aligned with the Paris Agreement as:
a) it is not involved in any activity related to weapons;
b) it is not involved in any activity related to the culti-
vation or production of tobacco;
c) its commitment in terms of human rights is in line
with the 10 principles of the UN Global Compact,
which it has adopted since 2004 as an active mem-
ber, and with the guidelines of the Organization for
Economic Cooperation and Development (OECD) for
multinational enterprises (for more details, refer to
the section “Managing human rights”);
d) the percentage of revenues from the exploration,
mining, extraction, distribution or refining of hard
coal and lignite in 2024 equals 0% (therefore below
the threshold of 1%);
e) the percentage of revenues from the exploration,
extraction, distribution or refining of oil fuels in
2024 equals 0% (therefore below the threshold of
10%);
f) the percentage of revenues from the exploration,
extraction, manufacturing or distribution of gase-
ous fuels in 2024 equals 0% (therefore below the
threshold of 50%);
g) the percentage of revenue from electricity gener-
ation with an intensity of greenhouse gas great-
er than 100 gCO2eq/kWh in 2024 equals 3.6%14
(therefore below the threshold of 50%).
The percentages of revenue indicated above were
calculated based on the data prepared in compliance
with the criteria of European taxonomy.
The strategy for tackling climate change
99
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
Adaptation: Group resilience to climate change
The Group also implements solutions to adapt to weath-
er and climate events and effectively manage significant
chronic and acute events impacting the direct and in-
direct activities in the value chain. Adaptation solutions
may concern both actions implemented in short-term
and long-term decision-making, through the planning
of investments in response to climate phenomena.
The adaptation efforts developed by the Group also
include procedures, policies and best practices to en-
sure the resiliency of its assets, response to extreme
events and the pursue of innovation through the im-
plementation of the best technologies available.
For new investment, the Group takes action right from
the design and construction phases to reduce the impact
of climate risks by design (e.g. by assessing risks and vul-
nerabilities during the design stage) and to take account
of any chronic effects (e.g. by including climate scenarios
in long-term estimates for renewable resources).
Once the weather and climate events have been iden-
tified, actions to maximize our capacity for adaptation
may be categorized as follows:
• management of adverse events: procedures to pre-
pare for facing extreme events and to restore nor-
mal activities in the shortest possible period of time
(including the definition of operational and organ-
izational procedures to be implemented in case of
critical events);
• enhancement of asset resilience: activities and in-
terventions aimed at increasing the resilience of as-
sets, such as the assessment of potential acute and
chronic risks to better define both requirements in
the design phase and actions to be implemented on
existing assets;
• new business options: support strategic positioning,
creation of new businesses or products targeted to-
ward facilitating the adaptation of communities and
Group stakeholders.
In order to assess the impact of climate change
for the purpose of making business and strategy
decisions, and thereby implementing adaptation
measures in line with the above, the Group develops
and applies quantitative models that, among other
things, use climate scenario data in order to assess
the impact of climate change on specific assets or
areas.
ESRS 2 IRO-1 – Description of the processes to identify and assess material impacts, risks and opportunities
ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model
Analysis of the scenarios and resiliency of the strategy
The Enel Group develops short-, medium-, and long-
term scenarios for macroeconomic, financial, energy
and climate conditions in order to support planning,
capital allocation, strategic positioning, and risk and
strategy resilience assessment. This approach is based
on the development of alternative scenarios defined
on the basis of a number of key uncertainty variables,
such as achieving the goals of the Paris Agreement.
Enel performs this analysis through:
• identification and analysis of relevant short-, medi-
um- and long-term trends, also with a view to de-
fining significant macro-trends for the materiality
analysis;
• benchmarking of external energy scenarios, on a
global, regional and local level, with a specific focus
on the countries in which the Group is present.
These scenarios are used in the section “Identification
and management of risks and opportunities” in rela-
tion to energy transition and climate change.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
The strategy for tackling climate change
100
INTEGRATED ANNUAL REPORT 2024
The main transition drivers: electrification and renewables
The analysis of the global scenarios highlights a sig-
nificant consensus among energy analysts with re-
spect to the main drivers for reaching the climate ob-
jectives: the electrification process of final uses and
increasing electric generation from renewable sourc-
es in both the medium and long term. In the scenar-
ios compatible with the stabilization of the increase
in the average global temperature within 1.5 °C,
the rate of electrification exceeds 50% by 2050, com-
pared with 20% in 2023, while the share of renewable
generation will reach around 90% of the global elec-
tricity mix, compared with 30% in 2023.
RENEWABLE GENERATION AND ELECTRIFICATION
IN GLOBAL TRANSITION SCENARIOS AT 2050
25
30
35
40
45
50
55
60
65
70
75
80
85
90
95
15
20
25
30
35
40
45
50
55
2023
BloombergNEF
Economic Transition
BloombergNEF
Planned Energy
Stated Policies
Announced Pledges
Net Zero
Net Zero
1.5 °C
<2 °C
>2 °C
Share of renewable generation (%)
Source: based on data from IEA World Energy Outlook 2024, BNEF New Energy Outlook 2024, IRENA World Energy Transition Outlook 2023.
Electrification rate (%)
~1.5 °C
Enel’s energy transition and climate scenarios
Enel’s scenarios are based on a comprehensive
framework ensuring consistency between the energy
transition scenario and the physical climate scenario:
• energy transition scenario: it analyzes the evolution
of power generation and consumption, consider-
ing factors such as commodity prices, technolo-
gies, climate and energy policies, social dynamics;
• physical climate scenario: estimation of climate
future evolution, based on simulations of climate
models that make projections over the long term
of variables such as temperature, precipitation and
wind in relation to the various levels of greenhouse
gas emissions and other climatic drivers.
In order to assess the effects of transition and physi-
cal phenomena on the energy system, the Group re-
lies on internal models and algorithms that describe
the energy system for the main countries where the
Group is present, taking into consideration specific
technological, social-economic, policy and regulato-
ry aspects. The adoption of energy and physical sce-
narios and their integration into corporate processes
take account of the guidelines defined by the Task
force on Climate-related Financial Disclosures (TCFD)
and the requirements deriving from the Corporate
Sustainability Reporting Directive (CSRD) and enables
the assessment of the risks and opportunities con-
nected with climate change.
The strategy for tackling climate change
101
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
The energy transition scenarios
The energy transition scenario describes how ener-
gy production and generation can evolve in a spe-
cific geopolitical, macroeconomic, regulatory and
competitive context and in function of the available
technological options. Each scenario corresponds to
a certain trend in greenhouse gas emissions and a
potential increase in temperature by the end of the
century as compared with pre-industrial values.
The Reference scenario used for company planning is
the achievement in the long term of the minimum goal
of the Paris Agreement, which is to limit the increase
in the global average temperature to less than 2 °C
as compared with pre-industrial levels. This scenario
does not envisage reaching “Net Zero” on a global lev-
el by 2050, due to the sluggishness of the energy tran-
sition on a local level with respect to some variables.
The Enel Group’s business model and strategic guide-
lines are in line with the maximum ambition of the Paris
Agreement objectives, i.e. they are consistent with an
increase of 1.5 °C in the average global temperature
by 2100, as certified by the Science Based Targets ini-
tiative (SBTi). Enel has set to achieve zero direct emis-
sions (Scope 1), with the production of electricity and
retail sales (Scope 3) with zero emissions, by 2040.
In order to assess risks and opportunities related to
the energy transition, alternative scenarios were de-
fined, depending on the degree of climate ambition
assumed globally and locally:
• a Slower Transition scenario has been construct-
ed assuming a slower energy transition, with less
rapid development of some variables, such as the
renewables capacity and electric mobility, and that
is impacted more negatively by the slowdown ob-
servable in the short term in some countries and
regions;
• an Accelerated Transition scenario in which there is
an increase in ambition compared to the Reference
scenario, particularly with regard to certain varia-
bles: for example, electrification of consumption,
authorization processes or greater economic sup-
port mechanisms for renewable plants that speed
up the installations; a greater adoption of electrical
technologies would lead to faster electrification.
The assumptions for commodities prices underlying
the Reference scenario are consistent with the exter-
nal scenarios that achieve the objectives of the Paris
Agreement. We assume a steady growth in the price
of CO2 through 2030, caused by a gradual reduction
in the supply of allowances as demand increases, as
well as a significant decrease in the price of coal. As
for gas, we expect pricing pressures to gradually ease
in the coming years following a realignment between
global supply and demand. Finally, oil prices are ex-
pected to stabilize gradually, for which peak demand
is estimated around 2030.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
The strategy for tackling climate change
102
INTEGRATED ANNUAL REPORT 2024
(1)
Actual.
(2) Source: IEA, BNEF, S&P, Enerdata. N.B. the scenarios used as benchmarks were published at different times during the year and may
not be updated to include the latest market dynamics.
Minimum benchmark
Enel scenario
Maximum benchmark
Average benchmark(2)
2030
Brent ($/barrel)
2024(1)
CO2 EU - ETS (€/ton)
API#2 ($/ton)
TTF (€/MWh)
2024(1)
2030
~30
35
~35
2024(1)
2030
80
~82
~89
~74
~70
65
~117
~125
~150
~100
2024(1)
2030
~85
112
~110
~83
~75
~26
~20
The Accelerated Transition scenarios envisage a more
rapid decline in demand for fossil fuels, which translates
into lower prices for these commodities by 2030. In the
case of a Slower Transition, fuel demand will reach its peak
more gradually, supporting energy commodity prices.
The physical climate scenario for the
purpose of adaptation actions
Under the scenarios, climate change generates ef-
fects in terms of physical impacts, which may be:
• acute phenomena, namely short-lived but intense
phenomena, such as flooding, hurricanes, etc. with
potential impacts on assets (e.g. physical losses and
business interruptions);
• chronic phenomena related to structural changes
in the climate, such as the rising trend in tempera-
tures, rising sea levels, etc., which may cause persis-
tent changes in the output of generation plants and
in electricity consumption profiles in the residential
and commercial sectors.
The projected future behavior of these phenomena is
analyzed by selecting the best data available from the
output data of climate models at different resolution
levels and historical data, serving as input for evaluat-
ing the impacts on the Group, including analyses relat-
ed to biodiversity and the value chain.
Among the climate projections developed by the In-
tergovernmental Panel on Climate Change (IPCC) on
a global scale, the Group has chosen three that are in
line with those taken into account in the latest IPCC
report as part of the sixth assessment cycle (AR6).
These scenarios are associated with emission patterns
linked to a level of the Representative Concentration
Pathway, each of which is connected to one of the
five scenarios defined by the scientific community as
Shared Socioeconomic Pathways (SSPs). The SSP sce-
narios include general assumptions concerning pop-
ulation, urbanization, etc. The three physical scenarios
analyzed by the Group are as follows.
• SSP1-RCP 2.6: compatible with a global warming
range below 2 °C, compared with pre-industrial
levels (1850-1900), by 2100 (the IPCC projects ap-
proximately +1.8 °C on average over the 1850-1900
period); the Group associates the SSP1-RCP 2.6
scenario with the Reference and Accelerated Tran-
sition scenarios in analyses that take into account
both physical variables and transition variables.
The strategy for tackling climate change
103
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
• SSP2-RCP 4.5: compatible with an intermediate
scenario, in which an average temperature increase
of around 2.7 °C is expected by 2100 when com-
pared with the 1850-1900 period. The analyses that
consider both physical and transition variables are
associated with the Slower Transition scenario.
• SSP5-RCP 8.5: compatible with a scenario where
no particular measures are taken to fight climate
change. In this scenario, the global temperature
is estimated to increase by approximately +4.4 °C,
compared with pre-industrial levels, by 2100. The
Group sees the RCP 8.5 scenario as a worst-case
climate scenario, which is used for assessing the ef-
fects of physical phenomena in a context in which
climate change is particularly severe, but is not con-
sidered likely at present.
The Group analyzes the impact of the global climat-
ic scenarios on a local level, collaborating with spe-
cialized providers, both academic partners as well as
experts from public institutions or private companies.
The Group’s active partnerships include an ongoing
collaboration with the Department of Geosciences
of the International Centre for Theoretical Physics
(ICTP) in Trieste. As part of this collaboration, high res-
15. The climate forecasts mainly cover the RCP 2.6 and RCP 8.5 scenarios. Where available, the RCP 4.5 scenario is also provided. Otherwise it is
derived from the other scenarios using a pattern-scaling approach.
16. The number of models used varies depending on the RCP scenario.
17. Coupled Model Intercomparison Project Phase 6 - https://www.wcrp-climate.org/wgcm-cmip/wgcm-cmip6.
18. https://cordex.org/.
olution climatic projections (~12 km - ~100 km) are
supplied with a forecast horizon of 2020-2050 for all
the Group’s main areas of operation.15 The analyses
include variables such as temperature, precipitation,
wind gusts and solar radiation, using an ensemble of
regional climate models16 to guarantee robustness.
Given the complexity of some phenomena, which
strongly depend on local characteristics, the Group
also uses Natural Hazard maps in addition to the cli-
mate scenarios supplied by external providers. This
tool makes it possible to obtain recurrence intervals
for a series of events, such as storms, hurricanes and
floods, with a high spatial resolution. These maps,
based on historical data, are widely used within the
Group, which is already using this data to support in-
surance strategies.
Finally, the Group has acquired the tools and capa-
bilities needed to autonomously gather and analyze
the output published by the scientific community,
so as to have a global, high-level view of the long-
term trends in the climate variables of interest to us.
These sources are the output of climatic and region-
al models of CMIP617 and CORDEX,18 incorporated in
the World Climate Research Programme (WCRP) and
the Working Group of Coupled Modelling (WGCM).
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Impacts, risks and opportunities related to climate change
104
INTEGRATED ANNUAL REPORT 2024
Impacts, risks and
opportunities related to
climate change
ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and
opportunities
Enel identifies the positive and negative impacts that
its operating and business assets can cause in terms
of climate change and the associated potential risks
and opportunities (IROs) using the materiality analy-
sis process in line with the specifications of the ESRS
standards and the guidelines of TCFD, which were
then merged into the ISSB standards and in compli-
ance with the evolution of reporting standards.
Enel’s main impacts on climate change
The evaluation of climatic impacts was performed
by various internal stakeholders related to the busi-
ness activities potentially most relevant for the cli-
mate by means of an analysis workflow and based
on the parameters required by the regulations. For
further details about the process, refer to the sec-
tion “Double materiality”. The impacts identified as
material and their description in terms of potential
impact on the external environment are provided
below.
Impacts, risks and opportunities related to climate change
105
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
+
Positive impact
IMPACT
Mitigating climate change by
reducing absolute greenhouse gas
emissions from the thermoelectric
phase-out.
Subtopic
Reduction in direct greenhouse gas
emissions (Scope 1)
DESCRIPTION
The greenhouse gas emissions connected to the use of fossil fuels for power
generation amounted to approximately 88% of the Group’s Scope 1 emissions
and approximately 27% of total emissions in 2024. Thanks to the decarbonization
process, the Group is progressively reducing emissions deriving from this source,
with a positive contribution connected to a downward trend (more than 41% in
2024 compared to 2023). This positive trend is also being maintained in the coming
years: the Group has in fact confirmed the phase-out of electricity generation from
coal by 2027 and that for the remaining thermoelectric sources by 2040, thus ob-
taining a production mix without greenhouse gas emissions.
TYPE
+
Prevention and minimization of
climatic impacts through the efficient
and sustainable use of fossil energy
sources in company processes.
Subtopic
Reduction in direct greenhouse gas
emissions (Scope 1)
This impact is directly connected to the previous one, as the process of phasing
out thermoelectric capacity involves also a progressive reduction in fuel
consumption in the process of electricity generation, a prevalent activity with
respect to the Group’s other operating assets (for example the use of gensets
in the distribution sector or the consumption of gas for heating Group offices
and buildings), with a positive associated impact in terms of consumption of
non-renewable resources.
+
Contribution toward the reduction
of Scope 3 emissions through the
sale of renewable energy (via Group
production, PPA and REC).
Subtopic
Reduction in indirect greenhouse gas
emissions (Scope 3)
The indirect greenhouse gas emissions deriving from the third-party generation
of electricity purchased and sold by Enel to end customers to cover the entire
electric demand (because it is not sufficient with generation) in countries with an
integrated position (electricity generation and sales) represents approximately
39% of indirect emissions (Scope 3) and approximately 25% of total emissions in
2024. The Group is committed to reducing these emissions by 100% through the
sale to end customers of energy originating from carbon-free sources by 2040.
+
Contribution to reducing Enel’s
carbon footprint through a
sustainable supply chain.
Subtopic
Reduction in indirect greenhouse gas
emissions (Scope 2, Scope 3)
The greenhouse gas emissions deriving from supply chain management
represented 18% of Scope 3 emissions and approximately 11% of total emissions
in 2024. The sustainable management of the supply chain, through the selection
of suppliers and materials with lower emissions, together with a more efficient
purchasing process, are leading to a positive impact also on the absolute indirect
emissions generated from these sources, with a 7.3% reduction in 2024 compared
to 2023. More information on the description and management of this impact
is available in the corresponding section “Workers in the value chain” of the
Sustainability Statement.
+
Acceleration in the process of
electrification of consumption
through the implementation of
solutions and technologies for
the electrification of cities (e.g.
smart cities and public lighting), for
companies (energy efficiency, demand
response, etc.) and for people (e.g.
energy efficiency of homes and
condominiums).
Subtopic
Reducing greenhouse gas emissions of
services and products to customers
With reference to the reduction in greenhouse gas emissions of the end
customer, Enel offers technological solutions for reducing carbon emissions
related to energy consumption in a wide range of sectors, including
transport, property management as well as industrial processes and services,
including solutions that favor the deployment of public and Group charging
infrastructures for electric vehicles, promoting energy efficiency in industrial and
domestic processes, distributed generation, energy consultancy services, smart
street lighting and circular cities.
+
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Impacts, risks and opportunities related to climate change
106
INTEGRATED ANNUAL REPORT 2024
ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and
opportunities
Identification and management of risks and opportunities
Energy transition and climate changes impact on
the Group’s activities by means of two main cate-
gories of risks/opportunities, respectively deriving
from the evolution of: transition scenarios and phys-
ical climatic variables. With specific reference to the
energy transition process, there are risks and op-
portunities connected to the evolution of the legal
and regulatory framework, trends in technological
and competitive development, consumer behavior,
and the resulting market trends. With respect to cli-
mate change, the physical climatic risks are divided
into acute (extreme events) and chronic: the former
are linked to extremely intense weather-climatic
conditions, while the latter are linked to gradual and
enduring changes in climatic conditions.
The effects of the risks and opportunities of transi-
tion and climate change can also be assessed from
the perspective of three time horizons:
• short-medium term (1-3 years) in which the anal-
yses are based on sensitivity scenarios created
pursuant to the Strategic Plan presented to the
markets on the Capital Markets Day of 2024;
• medium term (4-10 years) during which the effects
of the energy transition become more tangible;
• long term (more than 10 years) during which, in
addition to the more evident effects of the tran-
sition, chronic changes on a climate level are ob-
served.
The following table summarizes the main sources of
risk and opportunities with the potential effects on
business.
Scenario
phenomena
Time
horizon
Description
Management mode
Transition
Starting from
short term
(1-3 years)
Opportunities: new timely and effective policies and
regulations (e.g. simplified authorization procedures,
policies on CO2 pricing and emission and market
design reviews) to accelerate energy transition and
technology development.
The Group maximizes opportunities thanks to the integrated business in
renewable development, increased resilience of distribution grids and retail
sales and geographic positioning, helping to seize the opportunities of
transition in the countries where it operates. The Group also uses transition
scenarios for strategic assessments, including an Accelerated Transition
scenario.
Transition
Starting from
medium term
(4-10 years)
Risk: public policies and regulations supporting energy
transition are inadequate or late, aggravating redtape
and delays in authorization processes, causing a
slowdown in technological development.
The Group integrated position in generation, grids and retail reduces
exposure to risks while geographic positioning minimizes local policy
risk. The Group also uses transition scenarios for strategic assessments,
including a Slower Transition scenario.
Acute
physical
Starting from
short term
(1-3 years)
Risk/opportunity: extreme intensity of weather
and climate events, damaging assets or disrupting
operations with effects on the value chain.
The Group adopts best practices for the fastest return to operation and
invests in resilience (e.g. Italy). We also draw on global insurance programs,
assisted by preventive maintenance activities and internal risk management
policies. Climate change scenarios are integrated in the assessment of
operating assets and new projects.
Chronic
physical
Medium (4-10
years) and
long term
(more than 10
years)
Risk/opportunity: increase or reduction in generation
from renewable sources and in power demand as
a result of structural changes in the availability of
resources and temperatures.
The Group adopts best practices for the fastest return to operation and
invests in resilience (e.g. Italy). We also draw on global insurance programs,
assisted by preventive maintenance activities and internal risk management
policies. Climate change scenarios are integrated in the assessment of
operating assets and new projects.
Impacts, risks and opportunities related to climate change
107
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
The disclosure of the risks and opportunities connect-
ed with climate change is a gradual and incremental
process, in line with the requirements of the Europe-
an Corporate Sustainability Reporting Directive (CSRD),
the TCFD recommendations, then merged into the ISSB
standards, and in compliance with the evolution of the
reporting standards. The approach for identifying and
assessing risks and opportunities connected with cli-
mate change and energy transition and for defining
resilient strategies is also coherent with the indications
of the TNFD (Taskforce on Nature-related Financial Dis-
closure), which are followed by the Group for the imple-
mentation of a structured process to identify, manage
and communicate the relevant information on environ-
ment-related impacts, dependencies, risks and oppor-
tunities, as described in the section “Conservation of
natural capital”.
In this respect, the impacts on climate change and the
dependencies related to the effects of these changes
on the Group’s activities are managed by means of mit-
igation and adaptation strategies oriented towards re-
ducing emissions and the use/consumption of resourc-
es (e.g. water stress areas) and increasing the resilience
and the capacity to respond to climate phenomena.
ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and
opportunities
Enel’s resilience and flexibility with respect to the energy
transition and climate change
Climate change, technological evolution, macroeco-
nomic and geopolitical policies and factors require re-
silient company strategies that are able to face exter-
nal crises and embrace new opportunities in a flexible
manner. Integrating energy transition and alternative
climate change scenarios into planning is of funda-
mental importance in order to contribute to guiding the
strategy.
Long-term climate scenarios allow the develop-
ment of adaptation plans for the Group’s portfolio
of assets and activities and are also part of the in-
put used for the analysis focused on biodiversity.
The climate scenarios provide both high level indi-
cations (such as comparable country risk indicators)
as well as high resolution data, for analyzing the
physical impacts on the individual sites. Combin-
ing the climate analyses with the asset vulnerability
assessment allows to identify priorities and define
adaptation plans. This approach is applied to both
the existing portfolio and to new investments. More
information on the new investments is described in
the dedicated section “Inclusion of climate change
effects in the evaluation of new projects”.
High level
(e.g. Open Country Risk,
evolution of energy
system)
Site specific
(e.g. high resolution
climate data)
Analysis of
vulnerabilities
to quantify risk
at the asset level
(existing and new
investment)
Specification of
adaptation priorities
at the local level and
main adaptation risks
and actions at the
country level
Development of
long-term adaptation
plans to increase
resilience
Scenario
integration
Vulnerability
assessment
Prioritization
Adaptation
plans
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Impacts, risks and opportunities related to climate change
108
INTEGRATED ANNUAL REPORT 2024
ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and
opportunities
ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model
Opportunities and risks of the energy transition
The energy transition can influence the Group in different ways, such as:
Variables impacted by
the energy transition
• Policies and regulations: legislation, market design and regulatory frameworks,
also regarding CO2 emissions, with consequences on the speed of decarbon-
ization, in particular with respect to renewables penetration, electrification of
consumption and grid investment needs.
• Market: market developments, as related to volatility of commodity prices and
consumption preferences of end users, can influence the switch toward more
efficient electrical technologies and the growth of renewables and PPA con-
tracts. Volatility in the price of materials and slowdowns/interruptions involve
risks concerning an increase in price and regarding the availability of some tran-
sition materials.
• Technologies: introduction and development of new technologies, such as
electric vehicles, storage, demand response and electrolyzers that can lead to
changes in consumption models. Development of data centers, with the related
increase in electric demand and connection needs.
• Products and services: the gradual electrification of final uses leads to the in-
creased penetration of electricity and greater opportunities for the supply of
bundled services and products, with an increase in electricity demand connect-
ed to mobility.
To quantify the risks and opportunities arising from the
energy transition, two transition scenarios, described in
the section “Enel’s energy transition and climate sce-
narios” have been considered. In the Enel (Reference)
scenario, the progressive electrification of final energy
consumption in transportation, residential and industri-
al sectors leads to a considerable increase in electricity
consumption, and thus in the share of renewables in
the electrical and energy mix.
The effects of the Slower Transition and Accelerat-
ed Transition scenarios on the variables most likely to
impact the business have therefore been identified:
electricity demand, influenced by electrification of con-
sumption, and the electricity generation mix. With re-
gard to the electrification of consumption, the Slower
Transition scenario predicts lower penetration rates of
the electric technologies, particularly electric cars and
heat pumps, causing a decrease in electric demand
compared to the Reference scenario, which is estimat-
ed to result in moderate impacts on the Retail business.
At the same time, lower electricity demand would result
in less space to develop renewable capacity, with po-
tential impacts on the generation business; this is par-
tially offset by higher electricity prices compared to a
scenario with more renewables.
The Accelerated Transition scenario envisages more
stringent transition objectives and more competitive
electricity technologies in comparison to the Reference
scenario. This results in higher electricity demand and
increased renewable capacity.
All the scenarios envisage an increasing important role
for grids, with an increase in distributed generation,
storage systems, electrical charging infrastructures and
the rate of electrification of consumption. This increase
is most evident in the Accelerated Transition scenar-
io and will involve a decentralization of the extraction/
feed-in points, greater electric demand and average
requested power, a variation in energy flows, which will
require dynamic and flexible grid management.
Impacts, risks and opportunities related to climate change
109
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
Scenario
phenomena
Description
Time
horizon
Description
of the impact
Concerned
GBL
Scope
Quantification -
Type of impact
Upside/
Downside
Quantification - range
<€100
million
€100-
300
million
>€300
million
Transition
Risk/
opportunities:
greater/less
penetration of
renewables
Medium
Assessment of the
impact of a different
degree of renewable
penetration on
additional capacity
compared with two
alternative transition
scenarios to the
Reference scenario
Global
Generation
Enel Group
EBITDA/year(1)
Upside
Downside
Transition
Risk/
opportunities:
increased/
decreased
degree of
electrification
of
consumption
Medium
Assessment of the
impact of a different
degree of electrification
of consumption
on average unit
consumption and
electricity demand,
considering two
alternative transition
scenarios to the
Reference scenario
Global Enel X
Retail
Global Grids
Enel Group
EBITDA/year(1)
Upside
Downside
(1)
2030 year benchmark.
Upside (Accelerated Transition vs Reference)
Downside (Slower Transition vs Reference)
Transition risk on the value chain
Energy transition is transforming the value chain of
integrated utilities impacting on the supply of raw ma-
terials and energy commodities.
The decarbonization process is progressively reduc-
ing dependence on fossil fuels and the impact of risks
related to the volatility of fossil fuel prices, which guar-
antees greater long-term stability. The growing adop-
tion of renewable technologies such as solar and wind
requires high volumes of metals and minerals, includ-
ing aluminum, polysilicon and lithium. The high geo-
graphical concentration of some of the resources ex-
poses utilities to geopolitical risks, with interruptions
in the supply chain and price fluctuations. To mitigate
transition risks associated with the supply chain, Enel
adopts source and supplier diversification strategies
as well as a strategy targeted toward circularity, pro-
moting the use of recycled materials, the extension of
the useful life and recovery of materials. This makes it
possible to improve resilience, reduce costs and ac-
celerate the energy transition.
The energy transition brings various types of ben-
efits to the final consumer and society as a whole.
The increase in electrification, supported by grow-
ing renewable generation (clean electrification), is
the most effective measure for the decarbonization
process. The electrification of the final uses makes
it possible to save energy and therefore reduce the
total energy costs for consumers, contributing to-
ward reducing costs for the end customer. In addi-
tion to economic advantages, consumption elec-
trification offers environmental and social benefits,
such as the improvement in air quality due to the
reduction in total emissions and self-generation op-
portunities.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Impacts, risks and opportunities related to climate change
110
INTEGRATED ANNUAL REPORT 2024
Acute and chronic physical phenomena: possible impacts
on business, risks and opportunities
As regards the risks and opportunities associated with
physical variables, using the Intergovernmental Panel
on Climate Change (IPCC) scenarios as a reference, the
trend of the following variables and the associated op-
erational and industrial phenomena are assessed as po-
tential risks and opportunities.
Risks and opportunities of chronic
physical changes
The chronic physical changes of the climatic vari-
ables can influence the Group in different ways. In
particular:
Variables impacted
by chronic physical
changes
• Electricity demand: change in the average temperature level with an increase or
reduction in electricity demand.
• Thermal production: change in the level and average temperatures of the
oceans and rivers, with effects on thermal generation.
• Hydroelectric production: change in the average level of rainfall and snowfall
and temperatures with a potential increase and/or reduction in hydroelectric
production.
• Solar production: impacts due to the variation in the average level of solar radi-
ation, temperature and rainfall.
• Wind production: effect due to the variation in the average level of wind.
• Value chain: variation in the average level of rainfall, with potential impacts on
the supply chain.
As regards electric demand, the medium/long-term
impact of the temperature increase due to climate
change is assessed to be low. The calculation was per-
formed using models describing the energy system on
a country level, accounting for the variations in tem-
peratures using indicators that represent the cooling
and heating energy needs (Cooling Degree Days and
Heating Degree Days, respectively), and for the spe-
cific technical, socioeconomic, policy and regulatory
aspects of every country (Energy System Model).
As regards the value chain, Enel started a risk anal-
ysis of climatic events, identifying the scope poten-
tially most impacted by climate change (see “Physi-
cal risk to the value chain due to acute and chronic
events”).
The following table shows the relevant chronic phe-
nomena based on the specific aspects of each busi-
ness, including Enel Grids and Enel X Global Retail, also
assigning a priority.
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RAIN/SNOW
WIND
SOLAR
RADIATION
SEA LEVEL
AIR
TEMPERATURE
RIVER/SEA
TEMPERATURE
PRIORITY
High
Low
Not relevant
PRIORITY
Thermal
Solar
Wind
Hydro
Storage
Geothermal
Grids
Enel X
Global Retail
Value chain
Chronic events - Impact matrix 2024
19. Historical data from ISPRA (Istituto Superiore per la Protezione e la Ricerca Ambientale) and ERA5 data from ECMWF (European Centre for
Medium-Range Weather Forecasts).
Analysis of the impact of chronic climate
change on renewable generation
To evaluate the impact of the chronic effects of cli-
mate change on the production of Group assets,
specific “link” functions were developed for each
renewable technology (wind, solar and hydroelec-
tric) and plant. These functions associate each vari-
ation in climate variables (such as temperature, ra-
diation, wind speed, precipitation) with the probable
changes in the electrical output of the plants in our
portfolio.
The first step in calibrating these functions was to use
the historical data of the weather-climate variables19
and the internal references of the observed energy
output of our plant fleet. This allowed us to obtain
link functions that meet the specific characteristics
of each renewable plant and technology, which were
used to calculate the effects of climate change on
production.
Depending on the characteristics of the country, a
reduction in generated energy could lead to sourcing
imbalances, which must be compensated for either
by purchasing the missing volumes on the market to
support the business strategy or by reducing volumes
sold. On the other hand, increased generation from
renewable sources may lead to reduced purchases of
volumes on the market or more sales. Chronic effects
on generation in the medium to long term appear sig-
nificant. The effects on business were calculated us-
ing the chronic climate impacts on production in the
worst-case scenario RCP 8.5 for the downside, where-
as for the upside the estimate was based on the value
of the uncertainty range around the average of RCP
2.6 corresponding to a lower level of climate change.
The following table shows the results of this analysis.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Impacts, risks and opportunities related to climate change
112
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Scenario
phenomena
Description
Time
horizon
Description
of the impact
Concerned
GBL
Scope
Quantification -
Type of impact
Upside/
Downside
Quantification - range
<€100
million
€100-
300
million
>€300
million
Chronic
physical
Risk/
opportunities:
increased
or reduced
renewable
generation.
Medium
Renewable production
is influenced by the
availability of resources
whose fluctuations
can cause impacts on
the business. Although
structural variations
should not occur
in the short term,
sensitivity analyses
were carried out to
assess the sensitivity
of the Group’s
results, considering
the variations in
producibility related to
the different climate
scenarios.
Global
Generation
Enel Group
EBITDA/year(1)
Upside
Downside
(1) 2030 year benchmark.
Upside scenario
Downside scenario
Impacts, risks and opportunities related to climate change
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4. Climate
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INTEGRATED ANNUAL REPORT 2024
Risks and opportunities of acute physical changes
Risks associated with acute physical changes (extreme
events) are evaluated both in the short and in the medium
to long term using scenarios (RCP 2.6, 4.5 and 8.5) to eval-
uate their potential variations in frequency and intensity.
With regard to the vulnerability of assets within the
Group’s portfolio and the supply chain, a table of the
main extreme events relevant for the various technolo-
gies was defined in collaboration with the Group’s relat-
ed global business lines, in order of priority, as with the
chronic phenomena.
HEATWAVES
FLOODING/
HEAVY
PRECIPITATION
HEAVY SNOW/
ICING
HAIL
WINDSTORM
WILDFIRES
PRIORITY
Hight
Low
Not relevant
Thermal
Solar
Wind
Hydro
Storage
Geothermal
Grids
Enel X
Global Retail
Value chain
Acute events - Impact matrix 2024
Under
assessment
PRIORITY
Enel also started evaluating the impact of lightning in
respect of different technologies. This matrix was used
to perform ad-hoc analysis, to understand possible
impacts on business in order of priority, as necessary
and where possible.
Management of risks from short-term
extreme events
Over the short term (1-3 years), in addition to assess-
ing the risk the Group implements actions targeted at
reducing the impacts of extreme catastrophic events
on the business. Such actions break down into two
main types: the definition of an effective insurance
coverage and the various adaptation activities related
to preventing damage from extreme events.
The main components of these actions are described
below, with specific refence to the global business
lines in the case of adaptation activities.
Impacts of acute physical events
on the Group
The Enel Group has a well-diversified portfolio in terms
of technologies, geographic distribution, asset size,
and consequently, exposure to natural risks.
Empirical evidence shows negligible repercussions of
such risks, as demonstrated by data for the last five
years. Considering the most relevant events, defined
as those with a gross impact >€10 million, the cumu-
lative value of the gross impact amounts to ~120 mil-
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Impacts, risks and opportunities related to climate change
114
INTEGRATED ANNUAL REPORT 2024
lion, which represents less than 0.06% of the Group’s
insured values as at 2024 or ~€220 billion.
Enel Group insurance
Every year, the Group defines global insurance
programs for its business in the various countries
where it operates. The two main programs, in terms
of scope of coverage and volumes, are:
• the Property Program (“Property Damage and Busi-
ness Interruption Insurance Program”) for material
damage to assets and the resulting interruption in
business. Therefore, in addition to the cost for the
new reconstruction of the asset (or its parts), also
the economic losses due to their shutdown in terms
of generation and/or distribution of electricity are
also remunerated according to the limits and con-
ditions defined in the policies;
• the Liability Program (“General & Environmental
Liability Insurance Program”), which covers third
party damage following the impacts that extreme
events can have on the assets and on the Group’s
business.
Starting from an effective assessment of the risk,
including the extreme natural events connected to
climate change, suitable limits and insurance con-
ditions can be defined in the insurance policies. De-
spite the impacts on business, the Group has shown
resilience thanks to wide insurance limits and a solid
reinsurance structure of the captive company.
In addition to insurance coverage, the Group plac-
es great emphasis on the preventive maintenance
of power generation and distribution assets. These
activities not only mitigate the impacts of extreme
events, including natural catastrophic risk, but also
optimize risk financing and reduce the costs of
global programs.
The Group’s strategy includes adaptive managerial
and insurance measures, such as the containment
of the increase in insurance premiums through risk
retention and internal transfer policies that incen-
tivize the best performing business lines. Finally, ex
post analyses of events make it possible to improve
processes and practices to mitigate similar future
events.
20. With AERI, it is assumed that the Group plants are resilient to the extreme phenomena that were observed in the past.
Assess the future evolution of risks
to prioritize adaptation measures
The assessment of the future evolution of risks is
based on the in-house developed index validat-
ed according to Group procedures for risk con-
trol. The Acute Events Risk Index (AERI) provides
a concise indicator of risk variation for renewable
plants due to acute climatic events. In particular, it
shows the share of installed capacity that is found
in zones with a more or less high climatic risk based
on the increase in the hazard expected due to glob-
al warming during 2030-2050 as compared to the
benchmark period.20
The index considers the Group’s hydroelectric, solar
and wind assets (Enel Green Power and Enel X) and
includes plants in operation as of 2023. It is creat-
ed using climate metrics and the approach followed
for the preliminary screening (see section “How Enel
ensures generation resilience”), providing a concise
representation of the screening performed for each
asset and relevant physical phenomenon, with the
purpose of identifying plants exposed to more in-
tense climatic changes and define the priorities of
the detailed analyses to identify necessary adapta-
tion measures.
The Group’s AERI value for each risk category is cal-
culated by aggregating the results by asset. These
are obtained considering the relevant phenome-
na for which the level of future climatic change is
calculated and then, applying suitable weighing to
assign a risk class (high, medium, low, very low). As
shown below, in RCP 2.6 a low and very low risk is
associated to 88% of total analyzed Enel Group ca-
pacity: the plants in these two categories are not ex-
pected to be subject to significant climate changes
in this scenario, with respect to the already known
hazard values. Criteria and the measures already im-
plemented are thus suitable for these assets, with
lower priority for detailed analyses. Analyses will in
any case be updated and improved continuously
to ensure the monitoring of the expected climate
change on all plants. Approximately 10% of the ca-
pacity is in areas with a medium risk. This means that
the asset situation must be analyzed on a rolling ba-
sis, to assess the priority of more in-depth analyses
and higher-resolution data to define the adaptation
Impacts, risks and opportunities related to climate change
115
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
needs with respect to specific phenomena. Finally,
2% of total capacity is in high-risk zones: a detailed
analysis for the definition of possible adaptation
measures for these plants is a priority.
BREAKDOWN OF GROUP CAPACITY (%) BY CLIMATE CHANGE RISK CATEGORY
(RCP 2.6 SCENARIO)
High
Medium
Very low
Low
11%
10%
77%
%
2%
Acute Events Risks Index (AERI) assessed on a Group level
for RCP 2.6 scenario.
Risk classes
The indicator was estimated also for RCP 8.5, which
is used as a stress test. In this worst-case scenario,
the percentage of high- and medium-risk assets in-
creases to 4% and 22% respectively of total analyzed
capacity. The remaining 74% is located in areas with a
low and very low climatic risk.
Climate change adaptation activities
in the Enel Group
The Group implements solutions to adapt to cli-
mate change by assessing the potential impacts and
adopting targeted measures to improve ability to
respond to adverse events (Response Management)
and increase business resilience (Resiliency Meas-
ures), consequently reducing the risk of future nega-
tive impacts from adverse events.
Adaptation solutions can include actions, policies and
best practices implemented in the short term, as well as
long-term decisions. For new investments, the gener-
al approach is to take action already during the design
and construction phase to reduce the impact on climatic
risks by design as described in the section “Inclusion of
climate change effects in the evaluation of new projects”.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Impacts, risks and opportunities related to climate change
116
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The following table provides a summary of the type of measures Enel implements. Selected activities are de-
scribed in greater detail below.
Business lines
A. Resiliency Measures - Enhancement of asset
resilience
B. Response Management - Management of adverse
events
Enel Green Power
and Thermal
Generation
Existing assets
1. Guidelines for risk assessment and design of
hydraulic technology
2. “Lessons learned feedback” processes from O&M
towards E&C and BD
3. Policy no. 1289 Enel Green Power and Thermal
Generation Climate Change Risk Assessment
New constructions
In addition to what has been done for existing assets:
1. Climate Change Risk Assessment in line with the
new Policy no. 1289 Enel Green Power and Thermal
Generation Climate Change Risk Assessment
Existing assets
1. Incident and critical event management
2. Site-specific emergency management plans and
procedures
3. Specific tools for predicting imminent extreme
events and severe weather alerts
Enel Grids
Existing assets and new constructions
1. Guidelines for defining network resilience
enhancement plans (e.g. the e-distribuzione
“Network Resilience Enhancement Plan”)
2. Strategies and guidelines on Risk Prevention
measures on the distribution network
3. The “Resilience Plan” in Italy and “Network Strength”
in Colombia
Existing assets
1. Strategies and guidelines on Readiness, Response,
and Recovery actions on the distribution network
2. General guidelines for emergency and critical event
management
3. Risk prevention and preparation measures in
the event of fire on electrical installations (lines,
transformers, etc.)
Enel X Global Retail
Existing assets
1. Preliminary analysis of the impact of medium to
long-term climate change
Existing assets
1. Enel X Critical Event Management
Enel also completed a project dedicated to compil-
ing a catalogue of practical measures to strengthen
assets resilience and capacity to respond to possible
climate change effects.
This catalogue includes targeted measures for each of
the relevant events indicated in the relevant phenom-
ena matrices for each of the countries and regions
of interest to the Group, differentiated based on the
technologies of the assets held in these areas. The list
of possible adaptation measures is updated cyclically
based on emerging needs and analysis improvement.
The catalogue is an important tool that allows to iden-
tify the best actions to take by collecting possible ad-
aptation options and enabling cost and benefit esti-
mates of their applications on specific sites.
Measures for preventive management
of vulnerabilities
With regard to adaptation measures, the Group is
implementing an innovative security model for the
analysis and management of vulnerabilities, oriented
towards preventing crises and contributing towards
reducing physical, operational and reputational risks,
minimizing Enel’s exposure to potential threats and
economic impacts. This model favors the preventive
approach in identifying and mitigating risks before
they turn into actual crises or emergencies.
A fundamental aspect of this approach is the promo-
tion of a shared management of the emergencies,
synergically involving all the competent institutional
and company actors, in particular by strengthening
relations between the public and the private sector
by stipulating memoranda of understanding with local
authorities, police forces and other agencies provid-
ing essential services.
This cooperation system allows a more fluid manage-
ment of emergencies, promoting a quick exchange
of information and more effective coordination dur-
ing critical phases. Furthermore, the Security func-
tion carries out continuous training and education to
promote awareness and competencies on crisis man-
agement, including climate change. Crisis simulations
carried out with police forces and Civil Protection are
essential for testing response capacity and fine-tune
procedures to guarantee timeliness and efficiency.
A further pillar of this model is the introduction of a
“maximum alert” level as an intermediate phase before
Impacts, risks and opportunities related to climate change
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4. Climate
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INTEGRATED ANNUAL REPORT 2024
activating extraordinary crisis management measures,
to monitor the evolution of situations at risk and time-
ly activate response procedures. In the case of maxi-
mum alert, a crisis operational center is activated with
the local government, to act as a coordination center
for all emergency management activities. Centralizing
communications and decisions ensures effectiveness
and fast response to events threatening the security
of critical infrastructures and essential services.
How Enel ensures generation resilience
With respect to generation, we use both targeted in-
terventions on specific sites and ad hoc management
activities and processes, in line with the Enel Green
Power and Thermal Generation Climate Change Risk
Assessment policy. Measures include the following:
• weather forecasting, for monitoring renewable re-
source and extreme events, also with warning ser-
vices for the protection of people and assets;
• improving cooling water management systems
for certain plants in order to counter the problems
caused by the decline in water levels in rivers, such
as the Po in Italy;
• installing fogging systems to improve the flow of inlet
air and offset the reduction in power output caused
by the increase in ambient temperature in CCGTs;
• installing drainage pumps, raising embankments,
periodic cleaning of canals and interventions to
consolidate land adjacent to plants to prevent land-
slides in order to mitigate flood risks;
• advanced monitoring of the state of the assets. Pe-
riodic site-specific reassessment for the hydroelec-
tric plants for flood scenarios using numeric simu-
lations. The processed scenarios are managed with
mitigation actions and through interventions on the
civil works, dams and intake systems;
• check of the potential climatic trends for the main
design parameters to be considered when sizing
the systems and specific civil works (for example:
rainfall assessments for the design of drainage sys-
tems in solar plants);
• estimate of extreme wind speed using updated da-
tabases containing the registers and historical tra-
jectories of hurricanes and tropical storms, with the
resulting selection of the wind turbine technology
that is best suited.
In order to promptly react to adverse events, the Group
also implements dedicated emergency management
procedures with real-time communication protocols,
planning and management of all activities to restore
operating assets in a short space of time, as well as
standard checklists for assessing damage, ensuring
that all plants can be put back into service as safe-
ly and quickly as possible. One way of minimizing the
impacts of climate phenomena is the lesson-learned
feedback process, which is implemented by the tech-
nical departments and governed by the existing oper-
ating model, influencing future projects.
Analysis of future climate impacts to identify the ad-
aptation needs: in the Generation Business Line, start-
ing from the mapping of the relevant phenomena on
a global level, analyses are carried out annually on the
acute and chronic climatic risks to estimate the me-
dium/long-term future impact on Group generation
plants. In particular, the analysis of acute events is per-
formed in two phases:
• preliminary screening of the hazard and exposure
for all hydro, wind and solar plants with a view to
classifying the existing fleet, considering specif-
ic vulnerabilities and identifying plants at a greater
risk, on which a detailed analysis is then carried out;
• detailed analysis of the plants at greater risk, ena-
bling the identification of any adaptation measures
for preventing impacts such as direct damage and
loss of production.
The detailed analysis was developed in order to take
into account climatic projections and all the informa-
tion about the site and the asset, in order to identify
assets exposed to the relevant phenomenon. Anal-
yses performed include the study of intense precip-
itation, to identify measures such as hydraulic mitiga-
tion measures or interventions on support structures
in the case of solar panels. The studies also concern
heat waves and cold spells, which are relevant for so-
lar and wind plants. Furthermore, the risk of fire and
wind storms are also analyzed, showing high resil-
ience by design, especially in wind plants. Overall, the
detailed analysis on the existing fleet has identified a
limited number of assets at high risk in the long term.
Our methodologies contribute toward improving the
resilience (for example with adaptive designs) and the
management of residual risk and emergencies.
Grid resilience is at the heart of Enel’s
strategy
The Enel Grids Business Line, following the Group
guidelines, has issued a specific policy (Climate Change
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Impacts, risks and opportunities related to climate change
118
INTEGRATED ANNUAL REPORT 2024
Risk Assessment) in order to provide general criteria,
methodology and requirements for the identification,
analysis and assessment of climate-related risks, with
regard to managed assets and activities carried out, in
order to monitor the risk and the measures to mitigate
the impacts.
In order to deal with extreme climatic events, the Enel
Grids Business Line has adopted a “4R” approach,
which defines measures for preparing for an emer-
gency and ensuring swift restoration of services in the
case of damage to the assets and/or disconnections.
The 4R strategy breaks down into four phases.
1. Risk Prevention: actions that make it possible to
reduce the probability of losing grid elements due
to an event and/or to minimize its effects, such as
maintenance interventions or by increasing resil-
ience.
2. Readiness: interventions for the timely identification
of a potentially critical event, to ensure coordination
with the Civil Protection Department and local offi-
cials and to prepare the necessary resources.
3. Response: phase for assessing the operating ca-
pacity for managing an emergency caused by an
extreme event, including the capacity to mobilize
operating resources and the possibility to perform
remote controlled operations to restore service via
resilient backup connections.
4. Recovery: phase in which the grid returns to ordi-
nary operating conditions, in the cases in which an
extreme weather event causes interruptions in ser-
vice in spite of the adopted measures.
By following this approach, the business line prepared
different policies on specific measures aimed at deal-
ing with the various climate-related aspects and risks,
in particular:
• Guidelines for Readiness Response and Recovery
actions during emergencies, policy related to the
last three phases of the previously described 4R ap-
proach;
• Guideline for Network Resilience Enhancement Plan,
focused on Prevention and Readiness, concerning
the identification of the priority interventions for
improving specific KPIs. In Italy, where there is dedi-
cated regulation, these interventions are part of the
Resilience Plan. These investments aim to reduce
the impact of extreme events (heat waves, ice loads
and wind storms). Since 2017, approximately €900
million have been invested in the improvement of
grid resilience in e-distribuzione. Also in Europe and
South America, the investment planning process
accounts for the need for adaptation and any pos-
sible synergy with the regulatory and institutional
framework;
• Measures for Risk Prevention and Preparation in
case of wildfires affecting electrical installations, a
policy dedicated to the fire risk that defines an in-
tegrated approach for managing emergencies ap-
plied to wildfire;
• implementation of weather forecasting, grid mon-
itoring and climate impact assessment systems,
preparation of operating plans, including preventive
agreements for the mobilization of extraordinary re-
sources, and the organization of exercises.
Enel Grids contributes to studies on resilience and
adaptation to climate change. During the CIRED 2023
event (International Conference & Exhibition on Elec-
tricity Distribution), for example, it presented two pa-
pers on the topic: “10383 - Climate Adaptation Plan
for Distribution Networks” and “10306 - Six-Sigma
Technique to Identify Resilience Events on Electrical
Networks”. In addition, with a view to continuous im-
provement, Enel Grids continuously scouts for tech-
nological solutions supporting adaptation and resil-
ience.
The analysis of future climatic impacts to identify the
adaptation needs: based on the mapping of relevant
phenomena on a global level, the Enel Grids Business
Line monitors the most critical trends in the various
countries of operation and analyzes medium/long-
term future impact of climate change on the grid. This
is done by identifying priority analyses and carrying
out detailed analyses on specific phenomena, coun-
tries and geographical areas, such as:
• intense precipitation/wind storms: analyses were
carried out on the climatic projections for the phe-
nomenon of the explosive cyclogenesis in Spain
and the extreme precipitations in Colombia, in the
areas of Bogotá and Cundinamarca, where inter-
ventions such as the sealing of the secondary sub-
stations in urban areas were planned. Also in Latin
America, an initial analysis was carried out in Chile
on the impact of wind storms in the concession
area in Santiago, which highlighted the persistence
of the phenomenon with a view to the future plan-
ning of work to reinforce the overhead grid. Ad-
ditional studies are being conducted on the phe-
nomena connected to rain and wind in Brazil and
Colombia;
• heat waves: this event, which is critical for under-
ground cable lines, is expected to become consid-
Impacts, risks and opportunities related to climate change
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4. Climate
change
INTEGRATED ANNUAL REPORT 2024
erably more intense in Italy over the next decades.
The Group’s commitment is reflected in the Resil-
ience Plan mentioned earlier, and in our participa-
tion in the National Recovery and Resilience Plan
(NRRP) to increase the resilience of infrastructures.
Preliminary studies were also conducted in Spain,
with a focus on most affected concession areas.
The initial analysis shows an expected increase in
heat waves, for which measures have been defined
that will be included in the country’s development
plans.
Adaptation activity – Enel X Global Retail
To deal with extreme climate events, the Enel X Global
Retail Business Line continued the work for estimat-
ing the potential impacts of the physical phenome-
na in order to define adaptation measures through a
more detailed mapping of climate risks and solutions
to improve the assets resilience.
For owned assets, which represent a minority share,
impact analyses continued and Group insurance pol-
icies are expected to cover damages caused by cata-
strophic events.
Furthermore, Enel X Global Retail is using marketing
intelligence initiatives to evaluate the short-, medi-
um- and long-term needs of customers to offer new
solutions and services. The current context allows for
the exploration of business opportunities relating to
climate change, enriching the value of proposals for
customers to support the awareness of the impact of
climate risks on their own assets and help them in-
crease their resilience. For this purpose, Enel X Global
Retail is providing the “Enel X NBS Biodiversity Hand-
book” and “Enel X Urban Biodiversity Scoring Model”,
two tools for the mitigation of global warming that
allow to integrate the Nature-Based Solutions (NBS)
most suited to each business solution and evaluate
their positive impact on the climate, natural resources
and the human experience through a wide set of sci-
entific indicators.
Enel X Global Retail uses adaptation measures also
for its own technologies included in the Group adap-
tation catalogue. As regards the PV assets owned by
the business line, climatic projections up to 2050 were
used to assess the impact of the relevant acute phe-
nomena (floods, wind storms, etc.) and the costs-ben-
efits of the adaptation measures.
Physical risk to the value chain due
to acute and chronic events
Climate change represents a challenge for the en-
tire value chain, impacting every phase from pro-
duction to distribution, up to final consumption.
As indicated above, Enel is carefully evaluating the
physical risk to its own activities due to climatic
events. However, potentially significant impacts
can also be seen on the supply chain, where more
intense and frequent extreme climatic events can
jeopardize transport, supplies and operations at
production facilities. Events such as the extreme
drought of the Panama Canal (2023-2024) and the
resulting reduction in daily transits showed how
climatic conditions can influence the logistics and
distribution of goods.
Enel has started an analysis of the climatic risk asso-
ciated with the main supply chains, such as those for
photovoltaic modules, wind turbines, stationary bat-
teries, cables, transformers and chargers for mobili-
ty, and those for commodities, such as gas and coal,
analyzing the production sites and key commercial
hubs, such as the Panama Canal. Information on the
logistical chains and production facilities of Group
suppliers and component producers was compared
with the climatic analysis for a preliminary risk assess-
ment, identifying the most exposed areas. These anal-
yses used climatic indicators calculated on data from
CMIP6 global modules for the three RCP scenarios of
reference. These evaluations will be progressively ex-
tended and improved.
For all future scenarios for 2030-2050 with respect
to the historical benchmark (1990-2020), the average
number of days with heat waves will tend to increase.
This increase will be more intense in continental China,
where various production sites are located in relation
to the photovoltaic and battery chain, and in other are-
as of South America, in particular in Brazil and Colom-
bia, the site of some production plants for the cable
and transformer chain.
Climate data for drought, flooding, freezing for the
RCP scenarios show heterogeneous variations in
the regions. In southern China, where a number of
production facilities are located, and for production
zones in South America, the RCP 2.6 scenario fore-
sees increases in intense rain. In contrast, a reduction
in chronic precipitation is foreseen for the factories
located in north China, India and Brazil.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Impacts, risks and opportunities related to climate change
120
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As regards the Panama Canal, the number of consec-
utive days of drought will increase in the RCP 2.6 sce-
nario and, in a more significant manner, also in the RCP
8.5 scenario, with respect to the historical benchmark.
Enel is adopting targeted strategies that contribute
toward mitigating risks, such as the diversification of
suppliers and the application of standard contract
clauses that include the stipulation of insurance con-
tracts, guarantees and the management of events of
force majeure. As of today, Enel has not had signifi-
cant direct damage to its supply chain due to climatic
events, even if these events may have generated de-
livery delays.
Inclusion of climate change effects
in the evaluation of new projects
Many activities related to the evaluation and implemen-
tation of new projects can benefit from climate analy-
ses, both general and site-specific, which the Group is
beginning to integrate with those already considered in
the evaluation of new projects. For example:
• preliminary studies: in this phase, climate data of-
fers preliminary screening through the analysis of
specific phenomena, and is summarized in indica-
tors such as the Acute Events Risk Index. These data
provide a preliminary measure of the most relevant
phenomena in the area, among those identified as
being of interest for each technology;
• estimation of expected potential output: climate
scenarios are integrated to allow for an assessment
of how climate change will modify the availability of
the renewable resource at the specific site;
• analysis of the environmental impact: integrat-
ing the documentation for new plants, the Climate
Change Risk Assessment contains a representation
of the main physical phenomena and their expected
change in the area;
• resilient design: as described, among the measures
for adaptation to climate change, those targeted to-
ward assets that are resilient by design are of great
importance. The Group is integrating existing analy-
ses based on historical data already in use, in order
to increase the resilience of future assets, including
any adaptation actions that may be required over
the useful life of the project.
Impacts, risks and opportunities related to climate change
121
4. Climate
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INTEGRATED ANNUAL REPORT 2024
Action plan for managing material IROs
The risks and opportunities identified among the material IROs connected to climate change and transition are
provided below, together with the relative action plan.
ACTION
DESCRIPTION
OF IROs
DESCRIPTION
OF ACTION
Preparation
of actions and
procedures
for addressing
adverse events
and investments
in increased
resilience
Preparation of
an investment
plan to reduce
the impact of
extreme events
Supervision
of regulatory
and policy
developments
to pursue
business
opportunities
Global
insurance
programs
Integration of
climate change
scenarios
in the
assessment
of operating
assets and new
projects
The Group implements
solutions to climate change
adaptation, improving
the ability to respond to
adverse events (Response
Management) and to
increase business resilience
(Resiliency Measures),
consequently reducing
the risk of adverse events
having a negative impact in
the future.
Enel identifies priority
activities to improve
performance through the
Guidelines for Network
Resilience Enhancement
Plan. In Italy, where there
is a dedicated regulation,
these interventions are part
of the Resilience Plan. Also
in other countries, both in
Europe and South America,
the investment planning
process takes into account
adaption needs and any
possible synergy with the
regulatory and institutional
frameworks.
• Advocacy activities in the
institutional debate
• Active contribution to
policies through technical
panels and public
consultations
• Integrated business in
renewables, distribution
grids and retail
• Strategic geographical
presence to take advantage
of the opportunities
created by the transition
Every year, the Group
defines global insurance
programs for its business in
the various countries where
it operates, also for the risk
of extreme climate-change-
related events.
Through the analysis of
specific phenomena using
climate projections, the
Group assesses the climate
risk for its assets integrating
this information into
processes, for example to
identify adaptation needs
of operational assets and
design and assess new
projects.
Extreme weather
events (e.g.
cyclones, droughts,
floods, storms,
heat waves and
fires) due to climate
change, damaging
or reducing the
efficiency of
energy generation
and distribution
facilities
and ancillary
infrastructure,
causing a
downgrade of
capacity, temporary
disruption of
operations or
complete shut
down
Increased public
investment in
infrastructure
resilience to
support climate
physical risk
mitigation and
reduction and
reduce service
disruptions
New timely and
effective public
policies, regulations
and measures,
including a
simplification
of permitting
procedures, aimed
at accelerating the
energy transition and
the development of
related technologies
Electricity
generation and
distribution
Electricity
distribution
Electricity
generation,
electricity
distribution,
electricity
marketing and
services
Electricity
generation and
distribution
Generation
Rolling, in
alignment
with company
processes.
Rolling, in
alignment
with company
processes.
Rolling, in
alignment
with company
processes.
Rolling, in
alignment
with company
processes.
Rolling, in
alignment
with company
processes.
Rolling
The investment
plan is updated
annually.
The Resilience
Plan in Italy
is updated
according to
the regulatory
provisions.
Rolling
Rolling
Rolling
Area
Targets Timing
Monitoring
NO
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Policies related to the mitigation of and adaptation to climate change
122
INTEGRATED ANNUAL REPORT 2024
Policies related to the
mitigation of and adaptation
to climate change
ESRS E1-2 – Policies related to climate change mitigation and adaptation
Combating climate change is a fundamental principle
of the Group’s Environmental Policy, in which it confirms
its commitment to mitigation and adaptation includ-
ed in the Group’s climate strategy and objectives. For
further details on the Environmental Policy, refer to the
section “Conservation of natural capital”.
In order to facilitate the proper identification and man-
agement of climate-related risks and opportunities,
a Group policy was published in 2021 with common
guidelines for assessing climate-related risks and op-
portunities. The “Climate change risks and opportuni-
ties” policy defines a shared approach for the integra-
tion of climate change and energy transition issues into
the Group’s processes and activities, thus informing
industrial and strategic choices to improve business
resilience and long-term sustainable value creation,
consistent with the adaptation and mitigation strat-
egy. In fact, mitigation and climate change objectives
are being pursued with a decarbonization strategy that
is focused on renewables, electrification and enabling
technologies in combination with an adaptation strat-
egy, integrating company processes for reducing and
managing risks and taking advantage of opportunities.
The main steps for integrating the climatic analysis in
the processes and activities described in the policy are
described below.
Prioritizing phenomena
and scenario analysis
These activities include the identification of physical and transition phenomena
relevant to the Group and the consequent development of scenarios to be con-
sidered and developed through analysis and processing of data from internal and
external sources. Functions can be developed for the phenomena identified that
link the scenarios (e.g. data on the change in renewables) to business operations
(e.g. the change in expected potential output).
Impact assessment
Includes all analyses and activities necessary to quantify the effects at the operational,
economic and financial levels, depending on the processes into which these are inte-
grated (e.g. design of new builds or operational performance appraisal, etc.).
Operational and
strategic actions
Information from previous activities is integrated into processes, informing Group
decisions and business activities. Examples of activities and processes that bene-
fit are capital allocation, e.g. for evaluating investments on existing assets or new
projects; defining resilience plans, risk management and financing activities and
engineering and business development activities.
to climate change
123
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
Climate change governance
ESRS GOV-1 – The role of the administrative, management and supervisory bodies
The implementation of the energy transition strategy
for mitigating risks and taking advantages of oppor-
tunities related to climate change require effective
corporate governance, with clear and well-defined
roles.
The governance system for climate issues estab-
lished by the Enel Group is outlined below; for an in-
depth examination of corporate governance, refer to
the “Governance” chapter of this document.
Functions
Acts as a coordinator of the Board of Directors’ activities
Chairs the Corporate Governance and Sustainability
Committee
CHAIRMAN
BOARD
OF DIRECTORS
CHIEF EXECUTIVE
OFFICER
Functions
Approves the
corporate
strategy,
promoting a
sustainable
business model
aimed at zero
greenhouse gas
emissions
by 2040
Functions
Assists the Board
of Directors and
provides guidelines
for the ICRMS, so
that the main risks
concerning Enel
and its subsidiaries
- including risks
related to climate
change - are correctly
identified, as well as
adequately measured,
managed and
monitored
Functions
Assists the Board
of Directors in the
assessment and
decision-making
on climate change-
related issues
Functions
Adoption of sustainability criteria,
also related to climate change, in
supply chain management and
development of digital solutions
to support the development of
technologies enabling the energy
transition and the fight against
climate change
Functions
Promotion of decarbonization leading the energy
transition with the adoption of a low carbon business
model in the different areas of responsibility
Functions
Development
of business
activities and
solutions
enabling
the energy
transition
and the fight
against climate
change
Control and Risk
Committee
Corporate
Governance and
Sustainability
Committee
Functions
Manages
business activities
related to Enel’s
commitment to
fighting climate
change
MANAGEMENT
LEVEL
Global Service
Function
Global Business
Lines
Countries and Region
Functions
Consolidation
of scenario
analysis and
management of
the strategic and
financial planning
process aimed
at promoting the
decarbonization of
the energy mix and
the electrification
of energy demand
Functions
Approval of
investments
aligned with
Enel’s climate
change
objectives
Staff
Functions
Group
Investment
Committee
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Enel’s advocacy system on climate policies and a just energy transition
124
INTEGRATED ANNUAL REPORT 2024
Enel’s advocacy system
on climate policies and a just
energy transition
ESRS G1-5 – Political influence and lobbying activities
Enel is committed to carrying out its direct and indirect
public advocacy actions in line with the Paris Agree-
ment and with the target of limiting global warming
to within 1.5 °C. Consistent with its original spirit, it
does so by involving institutional stakeholders, trade
associations, non-governmental organizations and
academia. The aim is to promote the Group’s vision on
climate, zero greenhouse gas emission policies and a
pathway to a just energy transition. Through its direct
advocacy, Enel interacts with policy makers, while in-
directly contributing to the positioning and debate in
trade associations. The goal is to build consensus and
support for the path to decarbonization of the global
economy, which is the goal of the Paris Agreement.
Advocacy structure and governance
The worldwide coordination of the Enel Group advocacy
on climate policies is provided by the Energy and Climate
Policies unit. This unit is responsible for ensuring the
consistency of global scenarios and positions on climate
policies with the support of the countries and global
business lines. Its objective is to guide Enel’s national and
local advocacy activities, thanks to a continuous dialogue
with institutions and the widest possible range of stake-
holders active in the climate debate.
At the local level, in countries where Enel operates, advo-
cacy efforts are led by the institutional relations units with
support from the business units. This is pursued through
specific activities and broader stakeholder engagement
on the issues of decarbonization and a just and inclusive
energy transition, adopting an approach similar to that
adopted at the global level. Enel’s advocacy in this area
is implemented through ad hoc engagement on specific
legislative proposals, but also through broader stake-
holder engagement at the national level through Enel’s
“Energy Transition Roadmap” platform.
Enel continuously assesses the alignment of its climate
policies and direct advocacy actions with the goals set
by the Paris Agreement. In fact, advocacy is defined on
the basis of the Group strategy, which is presented every
year to the financial community and is oriented toward
promoting an accessible, safe and sustainable energy
system through:
• the development of renewable sources and storage
systems;
• the decarbonization and electrification of final energy
uses;
• the digitalization of the distribution grids and improve-
ment of resilience to increasingly frequent and intense
climatic events.
These general principles guide the Group’s actions for
reaching its objectives of reducing greenhouse gas
emissions certified by the Science Based Targets ini-
tiative as aligned with the Paris Agreement, in line with
a scenario of limiting the increase in global tempera-
tures to within 1.5 °C as compared with pre-industrial
levels. The Group is constantly and proactively moni-
toring the technological evolution for accelerating the
decarbonization process and is investing in innovation
as a fundamental lever for the creation of value and
competitive advantage. Furthermore, it has defined a
climate change adaptation plan in order to increase
the resilience of the assets, limiting potential impacts
from climate events to guarantee a safe and sustain-
able service in the countries in which it operates. In
accordance with the Group’s “Climate change risks
and opportunities” policy, the Group’s climate advoca-
cy activities are guided by energy transition roadmaps,
through which Enel engages a wide range of stake-
holders in relation to the actions needed at the na-
tional level to pursue the goals of the Paris Agreement.
energy transition
125
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
Direct advocacy – Positioning on climate policies
In 2024, Enel participated in the main regulatory de-
bates on a global, European and national scale.
• On a global level, it contributed to negotiations on
climate of the UNFCCC and at the COP29 in Baku,
promoting greater involvement of the private sector
and supporting initiatives for accelerating the ener-
gy transition.
• On a European level, it presented its vision and pro-
moted its position on strategic policies, including
the “Clean Industrial Deal”, “Net Zero Industry Act”
and the “Electrification Action Plan”, participating in
discussions on competitiveness, decarbonization
and energy governance.
• On a national level, it activated advocacy actions and
supported climate and energy plans and regulations
for the development of renewables, regulatory sim-
plification and electrification with specific propos-
als for improving the regulatory and infrastructural
context.
Indirect advocacy – Collaborations with associations
and organizations
The Group plays an active role in various industry and
multi-stakeholder associations and organizations
with the aim of promoting issues concerning a just
energy transition and climate action at national and
global level. Enel is committed to ensuring that the
various industry associations, business networks and
think tanks of which it is a member operate in full
compliance with the objectives of the Paris Agree-
ment and the decarbonization roadmap established
by the Group. Enel therefore systematically checks
that the associations’ positions are consistent with
the Group’s climate policies and the Paris Agreement.
This verification process is carried out in two stages:
(i) before joining the association, through an in-
depth analysis of the association’s bylaws, in line
with the Climate Policy issued in September 2021;
(ii) after joining the association, actively contributing
to its work and/or taking positions of responsibili-
ty within it or promoting the Enel Group’s position
within working groups.
A review of the level of alignment of the associations
with Enel’s strategy is conducted annually.
Where an association is found not to be in line with
the objectives of the Paris Agreement and Enel’s
climate risk mitigation strategy, the Group assess-
es whether the misalignment could compromise
the effectiveness of Enel’s advocacy and participa-
tion and may decide to withdraw from the associ-
ation.
In 2024, the analysis for assessing alignment with the
Paris Agreement was extended to cover all associa-
tions involved in climate advocacy activities, of which
Enel is a global member. Moreover, as was done for
previous years, the list, positioning and Paris Agree-
ment alignment analysis of the associations collab-
orating with Enel deemed most relevant in terms of
climate policy advocacy have been published on the
Group’s website.
The alignment level was determined based on a spe-
cific methodology using targeted evaluations on the
science of climate change, climate policies at global
and national levels, disclosures on the topic, and the
technologies proposed.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Enel’s advocacy system on climate policies and a just energy transition
126
INTEGRATED ANNUAL REPORT 2024
Actions for managing the
127
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
Actions for managing the
impacts, risks and
opportunities connected
with climate change
ESRS E1-1 – Transition plan for climate change mitigation
ESRS E1-3 – Actions and resources in relation to climate change policies
ESRS E1-4 – Targets related to climate change mitigation and adaptation
The roadmap to decarbonization
21. This value takes the 2040 targets into account. In contrast, for the 2030 targets, the coverage level of all direct and indirect emissions is 89%.
Both values are calculated using the Scope 2 location-based model.
22. This value takes the 2040 targets into account. In contrast, for the 2030 targets, the coverage level for all indirect Scope 3 emissions is 85%.
Both values are in line with SBTi requirements and calculated using the location-based model.
Enel’s decarbonization roadmap is based on four targets
validated by the Science Based Targets initiative (SBTi) in
2022 according to the criteria and recommendations re-
lated to short-term goals and to the SBTi Corporate Net
Zero standard. All targets are aligned to a pathway that
aims to limit global warming to 1.5 °C, as defined by the
SBTi, according to IPCC scenarios and other internation-
al benchmarks. These targets also cover the Group’s var-
ious business activities – including the generation, distri-
bution and sale of electricity and services, and also the
sale of gas in the retail market – and the various sources
of direct and indirect emissions along the entire value
chain (upstream and downstream).
The 2025-2027 Business Plan also defines new short-term
targets for 2027, which play a crucial role in the implemen-
tation of company strategies toward decarbonization.
The Group’s targets are defined in terms of gross
emissions and do not use GHG removals, carbon
credits or avoided emissions to reach them.
The four targets validated by SBTi cover more than
91%21 of Enel’s total reported direct and indirect GHG
emissions in 2024, including approximately 96% of
Scope 1, 100% of Scope 2 (location based) and ap-
proximately 89%22 of Scope 3.
The defined targets, with an indication of the certified
curves and the relative trends recorded starting from
the base year are provided below. The action levers for
reaching each target, the concrete actions that have
been developed and the investments assigned to each
of them are also reported.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Actions for managing the impacts, risks and opportunities connected with climate change
128
INTEGRATED ANNUAL REPORT 2024
SCOPE 1 GHG EMISSIONS INTENSITY RELATING TO POWER GENERATION
(gCO2eq/kWh)
2017(¹)
2023
2024(2)
2025
2026
2030
2027
2040
ZERO
EMISSIONS
130
125
115
72
101
160
365
140
224
218
167
143
(1) Baseline 2017 in line with SBTi cerification issued in 2022.
(2) Actual figure.
1.5 °C pathway in accordance with SBTi, based on IPCC
scenarios, adjusted to Enel’s baseline.
Short -term target set in the 2022-2024 Strategic Plan.
Short-term targets set in the 2023-2025 /
2024-2026 / 2025-2027 Strategic Plans respectively.
Medium- and long-term targets validated by SBTi in 2022.
-
75
NEW
192
-80%
vs 2017
-100%
vs 2017
1.5 °C
1.5 °C
with climate change
129
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
GHG targets
Scope 1 GHG emissions Intensity relating to Power Generation
Description
This target considers all greenhouse gas emissions (including CO2, CH4 and N2O) deriving from the power
generation process compared to the total electricity generated by the Group (excluding electricity generation
from pumping to avoid possible double counting in the Scope 2 emissions target)
Business activity
Electricity generation
Type of activity
in the value chain
Group activities
Stakeholders impacted
or involved
• Customers and power consumers
• Society and Environment
% Scope covered
95% of the GHG Scope 1(1) emissions in 2024
Timing
Short term (2027)
Medium term (2030)
Long term (2040)
GHG targets
115 gCO2eq/kWh
72 gCO2eq/kWh
0 gCO2eq/kWh
% reduction compared
to 2017 (SBTi baseline)
-68%
-80%
-100%
% reduction compared
to 2024 (reporting
year)
The target does not entail a
reduction compared to 2024 as
the level of hydraulicity during the
year was extraordinarily high in
comparison to previous years and
there is not sufficient evidence to
confirm the same level in 2027
-29%
-100%
Climatic scenario and
method of reference
1.5 °C
Consistent with the SBTi model
“Sectoral Decarbonization
Approach” (SDA)
1.5 °C (SBTi certified) SBTi
model “Sectoral Decarbonization
Approach” (SDA)
1.5 °C (SBTi certified) SBTi
model “Sectoral Decarbonization
Approach” (SDA)
Main drivers and future
actions
• Gradual phase out of coal-fired
capacity in the 2025-2027
period.
• Invest €12 billion to accelerate
the development of renewable
energy by installing 12 GW of new
renewable capacity during 2025-
2027 (of which approximately 9
GW is consolidated), to reach
76 GW of renewable capacity by
2027 (including BESS).
• Continue the process of
decarbonizing electricity
generation, bringing the capacity
of the generation fleet to
79% renewable plants in 2027
(including BESS), reaching zero-
emissions generation amounting
to 86% of the total in that same
year, considering consolidated
and managed generation.
• No use of carbon removal
technologies to reach the target.
• Continue the process of
decarbonizing electricity
generation, thanks to
investments at Group level
that will bring the capacity
of the generation fleet to be
approximately 85% renewable
plants (including BESS) in 2030,
thus reaching a zero-emission
production level of approximately
90% of the total, considering
consolidated and managed
generation.
• Exit from coal-fired generation,
planned globally by 2027.
• No use of carbon removal
technologies to reach the target.
• Exit the thermal electricity
generation business, achieving a
100% zero-emissions renewable
energy mix.
• No use of carbon removal
technologies to reach the target.
Results and main
actions taken in 2024
KPI result in 2024: 101 gCO2eq/kWh
Achievement of the target specified in the 2022-2024 Strategic Plan for 2024, equal to 140 gCO2eq/kWh.
• Approximately €3.2 billion invested in renewables in 2024.
• Consolidated new installed renewable capacity of 3.9 GW in 2024, including 1.3 GW of BESS.
• Approximately 5% increase in consolidated renewable production as compared to 2023, representing 69%
of total consolidated generation in 2024.
• Reduction in thermoelectric capacity by approximately 1.5 GW compared to 2023.
• Reduction in thermal generation of 38% compared to 2023 (in particular with a 78% reduction in coal-fired
production), representing 18% of total production in 2024.
• Increase in the percentage of consolidated zero-emissions generation of the total from 73% in 2023 to 82%
in 2024.
(1)
Marginal Scope 1 GHG emissions not directly related to the combustion process of fossil fuels for electricity generation in thermal power
plants were excluded.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Actions for managing the impacts, risks and opportunities connected with climate change
130
INTEGRATED ANNUAL REPORT 2024
SCOPE 1 AND 3 GHG EMISSIONS INTENSITY RELATING TO INTEGRATED POWER
(gCO2eq/kWh)
2017(¹)
2023(2)
2024(3)
2025
2026
2027
2030
2040
135
135
125
73
121
166
332
233
207
160
137
(1) Baseline 2017 in line with SBTi cerification issued in 2022.
(2) Recalculated based on the methodological updates disclosed in the section
“Enel’s metrics in combating climate change”.
(3) Actual figure. For furher details, please see the section “Enel’s metrics
in combating climate change”.
Short-term targets set in the 2023-2025 / 2024-
2026 / 2025-2027 Strategic Plans respectively.
Medium- and long-term targets validated by
SBTi in 2022.
74
NEW
183
-78%
vs 2017
-100%
vs 2017
1.5 °C pathway in accordance with SBTi, based
on IPCC scenarios, adjusted to Enel’s baseline.
1.5 °C
1.5 °C
ZERO
EMISSIONS
with climate change
131
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
GHG targets
Scope 1 and 3 GHG emissions Intensity related to Integrated Power
Description
This target considers the combination of the Group’s direct GHG emissions (Scope 1, including CO2, CH4
and N2O) from power generation and the Group’s indirect GHG emissions (Scope 3) from the generation of
electricity purchased and sold to end customers (which is an element of subcategory 3 - Fuel- and Energy-
Related Activities of the GHG protocol - Scope 3 standard), divided by electricity generation and purchases
(excluding pumped storage generation)
Business activity
Electricity generation
Electricity sales to the end customer
Type of activity in the
value chain
• Group activities (electricity generation)
• Activities upstream of the value chain (purchase of electricity from other producers)
Stakeholders impacted
or involved
• Customers and power consumers
• Power producers (peers)
• Society and Environment
% Scope covered
• 95% of Scope 1 GHG emissions in 2024
• 39% of Scope 3 GHG emissions in 2024
• 79% of Scope 3 GHG emissions - subcategory 3 (Fuel- and Energy-Related Activities) in 2024
Timing
Short term (2027)
Medium term (2030)
Long term (2040)
GHG targets
125 gCO2eq/kWh
73 gCO2eq/kWh
0 gCO2eq/kWh
% reduction compared
to 2017 (SBTi baseline)
-62%
-78%
-100%
% reduction compared
to 2024 (reporting
year)
The target does not entail a
reduction compared to 2024 as
the level of hydraulicity during the
year was extraordinarily high in
comparison to previous years and
there is not sufficient evidence to
confirm the same level in 2027
-40%
-100%
Climatic scenario and
method of reference
1.5 °C
Consistent with the SBTi model
“Sectoral Decarbonization
Approach” (SDA)
1.5 °C (SBTi certified) SBTi
model “Sectoral Decarbonization
Approach” (SDA)
1.5 °C (SBTi certified) SBTi
model “Sectoral Decarbonization
Approach” (SDA)
Main drivers and future
actions
• Increase the share of renewable
energy sold to customers,
increasing the Group’s renewable
production and optimizing the
customer portfolio by continuing
the strategy of balancing supply
and demand.
• In Europe, increase the share of
sales to end customers at a fixed
price covered by zero-emission
production to approximately 85%
in 2027.
• In Latin America, maintain a
business model focused on
coverage from renewable
sources of sales to end
customers at a fixed price, also
via PPA.
• In North America, maintain 100%
zero-emissions sales to end
customers.
• Continue the process of
decarbonizing electricity
generation, increasing the level of
zero-emission production to 86%
of the total in 2027, considering
consolidated and managed
production.
• No use of carbon removal
technologies to reach the target.
• Continue the strategy of
balancing supply and demand
and increasing the share of
electricity sold at a fixed price
covered by carbon-free power
generation.
• Continue the process of
decarbonizing electricity
generation, increasing zero-
emissions generation to about
90% of the total in 2030.
• No use of carbon removal
technologies to reach the target.
• Achieve 100% sales of energy
from zero-emission sources by
2040.
• No use of carbon removal
technologies to reach the target.
Results and main
actions taken in 2024
KPI result in 2024: 121 gCO2eq/kWh
• 5% increase in the Group’s consolidated renewable production in 2024 with respect to 2023.
• 10% reduction in the gap between energy sales to end customers and Group production in countries in
which the Group had an integrated position in 2024, as compared to 2023.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Actions for managing the impacts, risks and opportunities connected with climate change
132
INTEGRATED ANNUAL REPORT 2024
ABSOLUTE SCOPE 3 GHG EMISSIONS RELATING TO GAS RETAIL (MtCO2eq)(1)
2017(2)
2023
2024(3)
2025
2026
2027
2030
2040
18.8
18.0
16.5
10.3
14.3
16.8
22.8
(1)
Recalculated after updating in 2024 the calculation method for aligning
the volumes of natural gas sold to end customer according to the
corresponding calorific value with the IPCC factor used.
(2) Baseline 2017 in line with SBTi cerification issued in 2022.
(3) Actual figure.
Shor-term targets set in the 2023-2025 /
2024-2026 / 2025-2027 Strategic Plans respectively.
Medium- and long-term targets validated
by SBTi in 2022.
-55%
vs 2017
-100%
vs 2017
1.5 °C
1.5 °C
NEW
ZERO
EMISSIONS
with climate change
133
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
GHG targets
Absolute Scope 3 GHG emissions relating to Gas Retail
Description
The target considers indirect greenhouse gas emissions from sold products (category 11), related to the use
of natural gas sold to end customers.
The 2025, 2026, 2030 and 2040 targets, and also the baseline of 2017, were recalculated after updating
the calculation method for aligning the volumes of natural gas sold to end customer according to the
corresponding calorific value with the IPCC factor used.
Business activity
Gas sales to the end customer
Type of activity
in the value chain
Activities downstream in the value chain
Stakeholders
impacted or involved
• Gas customers
• Society and Environment
% Scope covered
31% of Scope 3 GHG emissions in 2024
100% of Scope 3 GHG emissions - category 11 (Use of Sold Products) in 2024
Timing
Short term (2027)
Medium term (2030)
Long term (2040)
GHG targets
16.5 MtCO2eq
10.3 MtCO2eq
0 MtCO2eq
% reduction compared
to 2017 (SBTi baseline)
-28%
-55%
-100%
% reduction
compared to 2024
(reporting year)
The target does not entail a
reduction compared to 2024 as the
value was reduced considerably as
compared to the recent years, to
a value below the target expected
for 2027.
-28%
-100%
Climatic scenario and
method of reference
-
1.5 °C (SBTi certified)
SBTi model “Absolute Contraction
Approach” (ACA)
1.5 °C (SBTi certified)
SBTi model “Absolute Contraction
Approach” (ACA)
Main drivers and future
actions
• Promote the switch of customers
from gas to electricity (especially
residential customers) by
pushing more efficient electrical
technologies (e.g. heat pumps for
home heating or induction hobs
in kitchens), increasing the annual
electricity unit consumption
of B2C customers on the free
market (Italy and Iberia) from 2.76
MWh in 2024 to approximately
2.9 MWh in 2027, thus increasing
the customer electrification rate.
• Allocate 26% of network
investments in the period
2025-2027 to connections,
including to enable the growth of
distributed generation and thus
promote the electrification of
end customer consumption. The
number of distributed generation
connections is expected to
increase from 2.4 million in 2024
to approximately 3.4 million in
2027.
• No use of carbon removal
technologies to reach the target.
• Promote the switch of customers
from gas to electricity (especially
residential customers) by
pushing more efficient electrical
technologies (e.g. heat pumps for
home heating or induction hobs
in kitchens), increasing the annual
electricity unit consumption
of B2C customers on the free
market (Italy and Iberia) to
approximately 3.5 MWh in 2030,
thus increasing the customer
electrification rate.
• Continue to invest in distribution
networks by accompanying
the growth of distributed
generation and thus promoting
the electrification of end
customer consumption, up
to approximately 6 million
connections to distributed
generation in 2030.
• Optimize the customer gas
portfolio (industrial customers in
particular), reducing the volume
of gas sold to approximately 5.3
billion cubic meters in 2030.
• No use of carbon removal
technologies to reach the target.
• Exit the business of selling gas to
retail customers by 2040.
• No use of carbon removal
technologies to reach the target.
Results and main
actions taken in 2024
KPI result in 2024: 14.3 MtCO2eq
• Sales of gas in 2024 of 7.1 billion cubic meters, down 15% compared to 2023.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Actions for managing the impacts, risks and opportunities connected with climate change
134
INTEGRATED ANNUAL REPORT 2024
ADDITIONAL SCOPE 1, 2 AND 3 EMISSIONS (MtCO2eq)
2017(1)
2023(2)
2024(3)
2030
2017(1)
2023(2)
2024(3)
2040
10.4
24.5
14.3
12.1
10.6
2017-2030 Roadmap
2017-2040 Roadmap
23.1
(1) Baseline 2017 in line with SBTi cerification issued in 2022.
(2) Recalculated based on the methodological updates discussed
in the section “Enel’s metrics in combating climate change”.
(3) Actual figure.
Medium- and long-term targets validated by SBTi in 2022.
2.5
12.7
-55%
vs 2017
-90%
vs 2017
1.5 °C
1.5 °C
ZERO
EMISSIONS
with climate change
135
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
GHG targets
Additional Scope 1, 2 and 3 emissions
Description
The target considers (i) Scope 1 GHG emissions from fleet and buildings, and losses of SF6 in distribution assets; (ii) all
Scope 2 emissions; (iii) Scope 3 emissions arising from the supply chain and all other activities related to the purchase and
transportation of fuels.
Provision is made for various levels of coverage of supply chain GHG emissions for the 2030 and 2040 targets permitted by
the SBTi, resulting in two decarbonization curves:
• the 2017-2030 roadmap covers specific supply chain categories that accounted for 40% of supplier emissions in 2017;
• the 2017-2040 roadmap covers all supply categories included in the 2017-2030 roadmap plus some additional ones, which
account for 54% of supplier emissions in 2017.
Core business activity
• Distribution of electricity (Scope 1 and 2)
• Management of vehicle fleet, buildings and other assets (Scope 1 and 2)
• Supply chain management (Scope 3)
• Fuel purchases (Scope 3)
Type of activity
in the value chain
• Group activities (distribution of electricity and fleet management)
• Activities upstream in the value chain (supply chain of products and services and fuel supply chain)
Stakeholders impacted
or involved
• Customers and power consumers
• Power producers (peers)
• Suppliers of products and services
• Suppliers of oil&gas
• Society and Environment
% Scope covered
• 1% of Scope 1 GHG emissions in 2024
• 100% of Scope 2 GHG emissions in 2024
• 16% of Scope 3 GHG emissions in 2024 for the 2030 target and 19% for the 2040 target(1)
• 18% of Scope 3 GHG emissions - category 1 and 2 for the 2030 target and 37% for the 2040 target(1)
• 30% of Scope 3 GHG emissions - category 3 (Fuel- and Energy-Related Activities) for the 2030 target and 24% for the 2040
target(1)
Timing
Medium term (2030)
Long term (2040)
GHG targets
10.4 MtCO2eq
<2.5 MtCO2eq Net zero emissions
% reduction compared to
2017 (SBTi baseline)
-55%
-90%
% reduction compared to
2024 (reporting year)
-2%
-79%
Climatic scenario and
method of reference
1.5 °C (SBTi certified)
SBTi model “Absolute Contraction Approach” (ACA)
1.5 °C (SBTi certified)
SBTi model “Absolute Contraction Approach” (ACA)
Main drivers and future
actions
• Invest a total of approximately €26 billion in grids over
the period 2025-2027, of which 63% for maintenance,
development and improvement in terms of resilience,
quality and digitalization of the grids, therefore contributing
to reduce grid losses and the related greenhouse gas
emissions. Replace existing distribution grid infrastructure
components with SF6-free solutions.
• Implement a circular procurement approach, increase the
number of contracts that include the measurement of the
carbon footprint of products and services purchased by
Enel by incentivizing their reduction in a decarbonization
pathway shared with suppliers. Strengthen the dialogue
with manufacturers or raw materials and other utilities to
define effective and long-term common decarbonization
strategies.
• Phase out coal-fired generation by 2027, mitigating all GHG
emissions related to coal supply.
• No use of carbon-removal technologies to achieve the
target.
• Promote grid digitalization and replace existing distribution
grid infrastructure components with SF6-free solutions.
• Implement a circular procurement approach, increase the
number of contracts that include the measurement of the
carbon footprint of products and services purchased by
Enel by incentivizing their reduction in a decarbonization
pathway shared with suppliers. Strengthen the dialogue
with manufacturers of raw materials and other utilities to
define effective and long-term common decarbonization
strategies.
• Zero emissions from gas extraction activities, the Group
having completely exited from the business of both
electricity generation from gas and gas sales to end
customers.
• Neutralize the residual share through carbon removal
actions (purchase of certificates linked to nature-based or
technology-based projects in voluntary carbon markets,
according to international standards) if full mitigation
of emissions is not feasible due to exogenous factors
(technological, market or regulatory).
Results and main actions
taken in 2024
KPI result in 2024: 10.6 MtCO2eq (according to the 2017-2030 target scope) and 12.1 MtCO2eq (according to the 2017-2040
target scope)(1)
• €5.9 billion invested in the grid in 2024.
• 76% reduction in coal burned in thermal power plants.
• 33% reduction in volume of natural gas burned in thermal power plants compared with 2023, and 15% reduction in volume
of gas sold in the end-user market compared with 2023.
• 15% reduction in electricity consumption in the Group’s assets (generation plants, grids and buildings).
• 12% reduction in the economic amount of ordered expenditure in 2024 compared with 2023.
(1) Two different percentage limits to the supply chain Scope 3 GHG emissions target have been defined, as allowed by the SBTi methodology,
which requires at least 67% of Scope 3 emissions to be covered for the 2030 target, and at least 90% for the 2040 target.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Actions for managing the impacts, risks and opportunities connected with climate change
136
INTEGRATED ANNUAL REPORT 2024
Furthermore, within the scope of the Group’s Sustaina-
bility Plan, a global target was defined that includes all the
Scope 1, 2 and 3 emissions and that is the result of the
combination of the four targets indicated previously.
TOTAL ABSOLUTE GHG EMISSIONS (SCOPES 1, 2, 3) (MtCO2eq)
2017
2023
2024(1)
2030
2040
2040
~190
Enel’s ambition
Net Zero
(1)
Recalculated based on the methodological updates discussed in the section “Enel’s metrics in combating climate change”.
94
70
60
-68%
-99%
0
According to this roadmap, the climate change mitiga-
tion strategy will help reduce direct and indirect green-
house gas emissions along the entire value chain by at
least 99% by 2040, compared to 2017, well above the
overall threshold set by the main international stand-
ards (90%). In any case, the Group’s ambition is to aim
for zero emissions, both direct and indirect, although
several external developments are necessary in the
medium and long term, including the development of
new large-scale emission-free technology solutions in
the supply chain, as well as changes in certain mar-
ket conditions and policies to promote emission-free
business models.
It is estimated that any residual emissions remaining in
2040, in any case unrelated to direct emissions from
power generation and indirect emissions from the sale
of electricity and gas where all emissions are expect-
ed to be zero, will be less than 2.5 MtCO2eq annually. In
this case, to achieve the target of net zero emissions
certified by the SBTi, from 2040 onward the Group will
mitigate any impact by removing carbon equivalent
volumes from the atmosphere, primarily by building a
portfolio of credits related to high-quality natural and
technological solutions with proven long-term dura-
bility, managing potential risks through portfolio diver-
sification by technology and country.
with climate change
137
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
Additional targets for supporting the decarbonization
of the value chain
Not in line
In line
Achieved
KPI
POLICIES
SCOPE
Flexibility
- Demand
response
Use of the
energy capacity
of commercial
and industrial
customers for
improving grid
stability and
flexibility
Among the strategic
objective of the Enel
Group environmental
policy, number 4 has the
objective of promoting
a climate action in line
with the limitation of
the increase in global
temperature to 1.5
°C with respect to
the pre-industrial
era, accelerating the
energy transition
to zero emissions
and increasing
the adaptation of
companies to climate
change.
https://www.enel.com/
content/dam/enel-com/
documenti/investitori/
sostenibilita/enel-
group-enviromental-
policy.pdf
Enel globally.(1)
Certificates are
requested during
the tender stage
(upstream) and must
be demonstrated
and maintained
during the execution
phase.
Enel globally (B2B
customer scope).
Phase of the
value chain:
downstream.
Value of supply
contracts
covered by
carbon footprint
certifications
(EPD, ISO CFP)
-
Year: 2021
Value: 59%
Year: 2016
Value: 5.7 GW
66.2%
9.3 GW
75% in 2027
13.6 GW in
2027
BASELINE
STATEMENT
2024
TARGET
STATUS
(1)
Share of the main supplies covered by emission certification globally.
Within the scope of the 2025-2027 Sustainability Plan,
Enel has fixed two additional targets for supporting the
decarbonization process of the Group’s value chain, in
particular for what concerns suppliers and customers:
• as regards the suppliers, the target results from
the need to have objective data on greenhouse gas
emissions connected to the provision of the main
supplies. Suppliers are engaged in virtuous strate-
gies of reducing emissions through the introduction
of rewarding criteria in tendering processes that aim
to demonstrate a progressive improvement in the
environmental performance of the main supplies,
through relative certification. The indicator is calcu-
lated as the percentage ratio of the economic value
of contracts with ISO and EPD certification with re-
spect to the total value of contracts as regards main
supplies (including electronic counters, photovoltaic
panels, wind turbines, transformers, etc.) globally;
• as regards customers, Enel has fixed a target for in-
dustrial customers related to the flexibility and de-
mand response solutions, which is used to monitor
Enel’s aggregate capacity in the markets in which it
operates, aiming to promote a grid that is increas-
ingly integrated with generation technologies pow-
ered from renewable sources and therefore a less
impacting energy mix. The indicator is calculated as
a non-zero average of the MW effectively offered
and valorized in flexibility markets (e.g. in the case of
seasonal demand response programs, the average
that accounts only for the periods in which the spe-
cific flexibility program is active) and that therefore
can be dispatched by the TSO, generating revenue.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Actions for managing the impacts, risks and opportunities connected with climate change
138
INTEGRATED ANNUAL REPORT 2024
Enel’s roadmap for a just transition
ESRS 2 - General disclosures
ESRS S1-1 - Policies related to own workforce
ESRS S2-1 – Policies related to value chain workers
ESRS S3-1 – Policies related to affected communities
ESRS S4-1 – Policies related to consumers and end-users
Enel’s roadmap for a just transition hinges on three
pillars:
1. engagement of internal and external stakeholders
in order to increase their awareness and develop a
constructive dialogue that can provide a valuable
contribution to the transition itself;
2. transition out of high-carbon activities, support-
ing the vocational requalification, retraining, and
self-learning of direct and indirect workers, with
support for business diversification and the de-
velopment of greater resilience for the supply
chain, developing socio-economic plans for the
communities in the area of Enel’s activities and
helping customers to quit conventional technol-
ogies;
3. transition in green technologies, facilitating access
to new job opportunities for direct and indirect
workers, and developing inclusive and accessible
solutions for communities and customers through
user-friendly services and offerings that reduce
complexity and costs, while getting consumers to
increase control over their consumption.
ENEL PEOPLE
SUPPLIERS
COMMUNITIES
CUSTOMERS
Social dialogue, social protection
and wage guarantees, in line
with ILO standards
Upskilling/reskilling,
redeployment, sharing
of knowledge
Joint work on circular and
low carbon supply models +
upskilling/reskilling for workers
whose jobs may disappear
Development of individual and
multi-stakeholder activities to
manage challenges and create
shared value opportunities
Analysis of barriers and
intervention areas to facilitate
dropping out of conventional
technologies
Cross and tailored stakeholder engagement
Upskilling/reskilling to green
jobs and digital
Supplier development
program (managerial and
technical training to foster
business reconversion and
internationalization)
Inclusive business products,
actions aimed at supporting
access to energy, training
aimed at facilitating access
to employment and gender
gap reduction
Support in the energy
transition process by
promoting an affordable,
secure and green energy
Support for increasing
resilience in the transitioning
economy and the diversification
of Net Zero critical technologies
Contribution to socio-
economic development,
with a focus on those
transitioning away from fossil
fuels generation
Support in electrification
journey and to access
affordable, secure and
green energy
TRANSITION IN
TRANSITION OUT
with climate change
139
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
Stakeholder engagement
Enel promotes the active involvement of stakeholders
to increase awareness and promote a constructive di-
alogue to support a just transition, with particular at-
tention to the most vulnerable. The awareness-raising
initiatives involve employees, to reinforce inclusion and
motivation, suppliers, to support them in the adapta-
tion to sector changes, local communities, through
continuous dialogue for developing shared solutions,
and customers, encouraging their active participation
in the energy transition.
Transition out
Enel has traced a clear roadmap for the decarbonization of its energy mix, adopt-
ing inclusive practices to mitigate impacts on employees, suppliers, communities
and customers. To support a just transition, the plan to exit thermal generation
includes:
• employees: courses for relocation in renewables or in other company areas, by
reskilling and upskilling programs without impacts on contracts or wages, and
voluntary access to early retirement plans;
• decommissioned sites: reconversion into renewable or hybrid plants and reuse
of infrastructures according to the principles of the circular economy;
• local communities: active involvement in the requalification process, with mul-
ti-stakeholder projects and third-party initiatives in non-energy areas to gener-
ate shared value.
2024
66% of people leaving coal-fired plants in 2024 have been re-employed; the
remaining 34% have retired or have been involved in early retirement programs.
Coal employees redeployed: ~80% within the Enel Green Power and Thermal
Generation perimeter and ~20% in other Enel business areas.
Transition in
Similarly to transition out, however, the path to a ‘green’ and digital future must also
be pursued in an inclusive way to enable all stakeholders to seize the opportunities
and manage the risks involved. For example, actions to promote the requalification,
vocational training and self-learning of direct and indirect employees, the provi-
sion of support to supply chain companies to help business diversification and
strengthen resilience, as well as the generation of value for communities through
access to local job opportunities and facilitating access to products and services
for customers.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Actions for managing the impacts, risks and opportunities connected with climate change
140
INTEGRATED ANNUAL REPORT 2024
Enel people
Continuous training
The rapid and continuous evolution of the business and the support of a fair tran-
sition to low-carbon technologies and services entail the need for new technical
and professional profiles and the natural disappearance of others. In this context,
continuous training becomes essential. Initiatives include:
• retraining and professional updating, up/reskilling, self-learning and knowledge
transfer. The various schools & academies of Enel’s business lines have organ-
ized existing skills enhancement programs to allow participants to access more
advanced career paths (upskilling) and to learn new skills (reskilling) that enable
people to fill positions and roles different from their previous ones, while also
enhancing soft and transferable skills. These programs were implemented also
in collaboration with university and academic partners;
• supporting the dissemination of digital culture and the utilization of digital me-
dia, with particular attention toward artificial intelligence.
2024
98% of people involved in training activities.
~3.2 million hours of training provided (~53 hours per capita average), of which
approximately 47% is dedicated to upskilling and reskilling.
~325,000 hours dedicated to digital skills (10% of total training hours).
Suppliers
Supporting change
Suppliers are essential partners on the path to decarbonization. In this regard, current
actions aim on the one hand to support their increased resilience and on the other
hand to minimize pressure on critical materials and components through continuous
recycling and technological innovation. This is why Enel works jointly with suppliers to
develop new metrics and promote co-innovation projects to support decarbonization
and circular economy approaches, all of which will have a positive impact on their pro-
duction processes and purchasing methods. There are several initiatives to support
supplier business conversion and diversification (for additional details, please refer to
the section “Workers in the value chain”):
• 4,200 employees already trained, of which 2,700 were hired by the supply chain
in the grid infrastructures as part of the “Energy for Growth” program;
• 1,02523 young people trained for specialist energy transition professions hired
and in the process of being hired as part of the “Energy for School” project.
23. Cumulative data from 2022-2023-2024.
with climate change
141
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
Communities
Creating value for local
communities
Enel’s commitment to supporting communities is expressed through initiatives that
promote inclusion (with particular focus on people in conditions of physical, social
and economic vulnerability) both in terms of access to local job opportunities and
facilitating access to products and services. These initiatives are the result of strong
and lasting community relationships in which there is broad, inclusive and continu-
ous dialogue based on clearly defined phases of “stakeholder engagement” in line
with international reference standards. For more details concerning the initiatives,
please refer to the section “Affected communities”.
Customers
Enabling
the transition
The energy transition starts from the awareness of the customers in respect of
their own consumption habits and the identification of efficiency improvement in-
terventions and integration of renewables, accompanying them toward electrifi-
cation. In addition to supplying power, Enel provides its customers with innovative
services and products that lever energy and digital technologies from the point of
view of consumption awareness, optimization of utility bills and lower complexity
in managing your own energy consumption.
Enel is paying particular attention to people with vulnerabilities and the needs of its
own customers in terms of inclusiveness and accessibility. By developing rates and
services dedicated to the elderly, people in deprived economic conditions and/
or with disabilities (e.g. Bonus + Per te) and by redesigning Enel spaces and infra-
structures for improving physical accessibility (e.g. Enel spaces, stalls for electric
charging, etc.), the Group is committed to implementing an energy transition that
is inclusive and puts people at the center. For more details concerning the initia-
tives, please refer to the section “Consumers and end users”.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Enel’s metrics in combating climate change
142
INTEGRATED ANNUAL REPORT 2024
Enel’s metrics in combating
climate change
ESRS E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions
Methodology for calculating greenhouse gas emissions
The Group’s internal policy for the “Definition and meth-
od of calculating greenhouse gas (GHG) emissions”,
updated in 2024 to guarantee greater alignment with
Directive 2022/2464 (CSRD, Corporate Sustainability
Reporting Directive) and the GHG Protocol, defines the
common framework for processing the inventory of
GHG emissions and analysis for quantifying the impact
of the Enel Group in terms of GHG emissions.
For this purpose, the Group considers the principles,
requirements and guidelines contained in the Cor-
porate Accounting and Reporting Standard (version
2004) of the Greenhouse Gas Protocol. Furthermore,
it includes CO2, CH4, N2O, HFC, PFC, SF6 and NF3 emis-
sions and uses the most recent global warming po-
tential (GWP) values published by the IPCC in the sixth
assessment report (AR6), based on a time period of
100 years, to calculate the CO2eq emissions from gas-
es other than CO2. Furthermore, all the data consid-
ered in the inventory refers to gross greenhouse gas
emissions and therefore does not include the use of
carbon credits.
In 2024, some methodological updates were imple-
mented for processing the inventory of greenhouse
gas emissions, and therefore 2023 data was recalcu-
lated to guarantee the comparability of the presented
information, in spite of the marginal impact of 0.1% (in-
crease of 0.1 MtCO2eq compared to previous 2023 data).
In particular, the methodology updates are as follows:
Scope 2
• For the calculation of Scope 2 emissions regarding
electricity consumption, the following was introduced:
• emissions deriving from the distribution activity
(electricity consumption for own use), included
the previous year in Scope 2 emissions related to
technical grid losses;
• emissions deriving from battery activities (BESS).
• For the calculation of Scope 2 related to the consump-
tion of electricity and also for grid losses, the emission
factor of Argentina’s national electrical system was up-
dated. Enel therefore only uses data from national au-
thorities.
Scope 3
• Purchased goods and services (category 1): emissions
from the supply chain related to capital goods (or sup-
plies) were excluded.
• Capital goods (category 2): a new category that includes
supply chain emissions related to capital goods and
that were included in category 1 in previous years.
• Fuel and energy related activities not included in
Scope 1 and 2 (category 3): the calculation methodol-
ogy related to the extraction and transport of the fu-
el-oil consumed in the thermal power plants of oil&-
gas technology was updated. Furthermore, for the
calculation of Scope 3 – category 3.D (Generation of
purchased electricity that is sold to customers), the
emission factor of the national electricity system of
Argentina was updated to consider the data of the
national authorities.
• Upstream transportation and distribution (category
4): minor greenhouse gas emissions deriving from the
transportation of coal by-products were reclassified
from category 3 to category 4. This methodological
change did not have any impact, as no emission was
reported in 2024.
• Business travel (category 6): a new category included in
the greenhouse gas emissions inventory.
• Employee commuting (category 7): a new category in-
cluded in the emissions inventory.
• Use of sold products (category 11): the factors for con-
verting sales of gas expressed in high calorific value to
low calorific value for Italy, Chile and Columbia were up-
dated.
climate change
143
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
Therefore, the methodology and main hypothesis considered when calculating the GHG emissions in 2024 are as follows:
GHG source
Calculation method
Scope 1
Greenhouse gas (CO2, CH4 and N2O)
emissions from fuel combustion for:
• thermal generation activities;
• auxiliary motors for auxiliary services
(including gensets) in nuclear and
renewable plants and in distribution
activities;
• transport of fuels and by-products on
ships under the Group’s operational
control;
• heating systems and cafeterias in
buildings and offices;
• company vehicle fleet.
The direct greenhouse gas (GHG) emissions are calculated for each fuel unit and type of
fuel at the thermal power plant level, based on the fuel consumption (for CO2, CH4 and N2O)
and the corresponding GHG emission factor specific to the fuel according to the IPCC;
and/or through direct measurement at the stack (only for CO2 emissions at some thermal
power plants).
Fugitive NF3 emissions in the production
of photovoltaic panels
NF3 is used as a cleaning agent in the photovoltaic production processes at the 3SUN
factory. The emissions are calculated periodically based on the refueling performed and the
equivalent atmospheric emissions in CO2 are determined by applying the corresponding
GWP.
Fugitive CH4 emissions in gas plants
Methane leaks are evaluated by measuring the quantities of CO2 and calculated using the
LDAR (Leak Detection and Repair) methodology.
Fugitive HFC emissions in thermal and
hydroelectric power plants, photovoltaic
production offices and facilities
Losses of HFC used in air conditioning and refrigeration systems are calculated periodically
based on system refueling and/or malfunctions with resulting replacement. The emissions
are indicated with the commercial name of the gas and the corresponding CO2eq emission
value based on the GWP value.
Fugitive SF6 emissions in power
generation and distribution activities
The SF6 losses in the distribution network are calculated periodically using two components:
refueling the equipment with SF6 and equipment malfunctions with resulting replacement.
Fugitive biogenic CH4 emissions in
hydroelectric basins
The fugitive biogenic methane emissions from hydroelectric plant basins derive from the
decomposition processes of alluvial organic material and algal material. They are calculated
using the IPCC method, considering the area of the basin and the climate zone of its location.
Scope 2
Greenhouse gas emissions associated
with electricity consumption
Greenhouse gas emissions are calculated based on the total amount of energy consumed
by the Group’s different assets on a national level, applying the corresponding emission
factor of the electric system of the country, according to the following criteria:
• for the location-based model, the coefficient used represents the amount of GHG
emissions released by the electrical power plants connected to the energy system per
unit of energy produced by these plants, measured in grams of CO2eq per kWh. The
factors are collected by the National Authorities for the core countries (Italy, Spain, Brazil,
Colombia, Chile and USA), whereas for non-core countries, they are taken from reliable
third-party databases (Enerdata);
• for the market-based model, the volume of consumed energy associated with renewable
attributes (with certificates of origin in Europe) is considered at zero emissions, whereas
a residual emission factor is applied to the remaining energy amount. This residual
factor excludes the amount of energy fed into the electric system that is associated with
renewable attributes. In particular, for Spain, we use the residual mix factor published
by the National Commission for Markets and Competition (CNMC), while for Italy we use
the thermoelectric emission factor published by ISPRA, since at the time of publication
of this Report the residual mix factor was not available from them or other competent
authorities. Furthermore, in countries where there are no local government-run renewable
energy certification systems, location-based factors are used.
Greenhouse gas emissions associated
with technical grid losses
Greenhouse gas emissions are calculated based on the amount of energy fed into the grid
that exceeds the share produced by the Group in each country. This approach avoids any
potential double counting with the GHG emissions already included in Scope 1. Finally, the
corresponding grid loss rate and the country emission factor are applied (following the
same criteria described above for the location-based and market-based models).
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Enel’s metrics in combating climate change
144
INTEGRATED ANNUAL REPORT 2024
GHG source
Calculation method
Scope 3
Category 1. Purchased goods and
services
They include the greenhouse gas emissions from the supply chain related to works and
services. They are calculated based on the ordered amount (€) for each product group and
the relative specific emissions factor (tCO2eq/€).
For works, the specific emissions factors are calculated using the sustainable sites data for
wind and solar projects, as well as from grid operations and maintenance of activities.
For the services, average emissions factors taken from international databases are used,
based on the corresponding economic sectors.
Category 2. Capital goods
They include the greenhouse gas (GHG) emissions deriving from the supply chain related to
the production of supplies. They are calculated based on the ordered amount (€) for each
product group and the relative specific emissions factor (tCO2eq/€).
The calculation for the main supplies uses emission factors derived from data provided by
the suppliers by means of their Environmental Product Declaration (EPD) or ISO CFP 14067
certifications, or from international databases based on the LCA (Life Cycle Assessment)
methodology.
For the other supplies, the emission factors are estimated based on the average emissions
of the economic sector to which they belong.
Category 3. Fuel and energy related
activities not included in Scope 1 or 2
Indirect greenhouse gas (GHG) emissions related to:
• coal logistics: consider the fugitive CH4 emissions deriving from mining in relation to the
amount of coal consumed in the Group coal-fired power plants, based on standard factors
and hypotheses. Furthermore, also indirect emissions deriving from the sea transport of coal
are considered, which are calculated based on the estimated volume of fuel consumed by
third-party ships;
• fuel-oil and gas logistics: this covers the entire value chain, from extraction to delivery, using
secondary data for each specific phase and including CO2, CH4 (from combustion and from
loss) and N2O emissions. The calculation includes indirect emissions both of volumes of fuel-
oil and gas consumed in thermal power plants as well as of natural gas sold in the retail market
to final customers;
• biomass logistics: this is calculated based on the volume transported on the road, using
secondary data, standard factors and hypothesis;
• electricity purchased for sale: the energy purchased from other producers and resold to
final customers is calculated assuming the integrated position of the Group on a national
level, estimating the quantity of energy as the difference between the sales of energy and
own production, applying the same national emission factors used for calculating Scope 2
(location-based).
Category 4. Upstream transportation
and distribution
The indirect emissions of greenhouse gas (GHG) emissions deriving from the consumption
of fuel for road transport of other fuels (not included in category 3), raw materials and
waste, as well as sea transport by third parties of the ash and other coal by-products, are
calculated based on the volume transported on the road, using secondary data, standard
factors and hypothesis.
Category 6. Business travel
Emissions deriving from business travel are calculated according to the methodology
based on distance, considering the means of transport (airplane or train) and hotel stay,
applying the DEFRA emission factors for each type.
Category 7. Employee commuting
Emissions deriving from employee commuting are calculated considering the information
collected and available from employees and/or using surveys regarding the means of
transport used to go to work and return home every day. In countries in which applicable
data is not available, standard values are applied based on the results of other countries of
the Group.
The emission factors for every means of transport are applied using local sources, when
available, or international databases such as DEFRA.
Category 11. Use of sold products
The indirect greenhouse gas (GHG) emissions deriving from the use of natural gas sold to
end customers in the retail market are calculated based on the quantity of energy sold,
applying the corresponding emissions factors of the IPCC.
climate change
145
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
The following Scope 3 categories of the GHG Proto-
col are currently excluded from the Enel inventory of
greenhouse gas (GHG) emissions.
• Category 5 (waste generated in operations): Enel is
currently developing the calculation method and the
process for collecting the data, therefore it may be
reported in the future if relevant.
• Category 8 (upstream leased assets): the GHG emis-
sions related to buildings and offices are already
considered in the Scope 1 and Scope 2 calculations.
• Category 9 (downstream transportation and dis-
tribution): not applicable considering the type of
products and services sold by the Company.
• Category 10 (processing of sold products): not ap-
plicable considering the type of products and ser-
vices sold by the Company.
• Category 12 (end-of-life treatment of sold prod-
ucts): these emissions could be considered part of
category 5.
• Category 15 (investments): currently considered not
relevant.
GHG inventory report has been verified by DNV GL, one
of the world’s leading certification bodies, with a rea-
sonable level of assurance for Scope 1 and Scope 2
emissions, and a limited level of assurance for Scope 3
emissions included in the field of application of the in-
ventory. The audit was conducted according to Stand-
ard ISO 14064-3 for the compliance of greenhouse
gas (GHG) inventories with the WBCSD/WRI Corporate
Accounting and Reporting Standard (GHG Protocol).
ESRS E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions
Greenhouse gas emission trends in 2024
GREENHOUSE GAS EMISSION TRENDS IN 2024 (MtCO2eq)
20.21
34.51
56.53
3.28
94.32
69.60
-0.10
0.21
34.51
94.43
3.18
56.74
3.13
46.26
-0.47
-3.81
-2.18
0.16
-0.71
-0.10
-11.32
-2.17
-1.42
-0.40
-0.15
-0.85
-1.61
2023
2023
Restated
2024
Methodological
changes
Methodological changes described in the paragraph “Methodology for calculating greenhouse gas emissions”.
Disposal of thermoelectric plants in Argentina and Colombia, renewable plants in Greece and Romania and distribution assets in Romania in 2024.
Disposal of thermoelectric and renewable plants and distribution assets in Peru in 2024.
Reduction of thermoelectric production (coal and CCGT) in Italy, Iberia and Latin America.
Reduction of ordered expenses and higher weight of purchase of materials with a lower carbon footprint.
Reduction of the gap between electricity sales to end customers and own production in countries in which the Group has an integrated position
and improvement of the national emission factors in some of these countries.
Reduction of the gas volume sold to end customers.
Decrease of some minor direct emissions sources and adjustments of indirect emissions.
(Points 4-8 exclude reductions due to disposals already considered in points 2 and 3)
1
2
3
4
5
6
7
8
2024
progress
(vs 2023)
Scope 3
Scope 2 (location based)
Scope 1
1
Supply
chain
5
Energy purchased
for sale
6
Gas sales to
end customers
7
Other and
adjustments
8
Thermoelectric
production
4
Perimeter changes
2024
3
Perimeter changes
2023
2
In 2024, direct and indirect absolute emissions
(Scope 1, 2 and 3) totaled 69.60 MtCO2eq, continu-
ing the reduction trend and reaching the lowest vol-
ume ever. Specifically, total absolute emissions were
down by 26.3% compared with 2023.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Enel’s metrics in combating climate change
146
INTEGRATED ANNUAL REPORT 2024
UM
2024
2023
Change
Gross Scope 1, 2 and 3 GHG emissions
Total - location based(1)
Mln tCO2eq
69.60
94.43
(24.83)
-26.3%
Total - market based(1)
Mln tCO2eq
71.37
95.67
(24.30)
-25.4%
Gross Scope 1 GHG emissions
Gross Scope 1 GHG emissions from consolidated activities
Mln tCO2eq
19.68
33.50
(13.82)
-41.3%
Gross Scope 1 GHG emissions from non-consolidated activities
but with operational control
Mln tCO2eq
0.53
1.01
(0.48)
-47.5%
Total gross Scope 1 GHG emissions
Mln tCO2eq
20.21
34.51
(14.30)
-41.4%
Scope 1 GHG emissions covered by regulated emission allowance
exchange systems (EU-ETS)
%
73
74
(1)
-
Percentage of Scope 1 emissions covered by:
- “emissions-limiting” regulations
%
84
83
1
-
- “emissions-reporting” regulations
%
100
100
-
-
Greenhouse gas emissions associated with energy delivery
Mln tCO2eq
37.17
55.87
(18.70)
-33.5%
Gross Scope 2 GHG emissions - location based
Total gross Scope 2 GHG emissions from consolidated activities -
location based
Mln tCO2eq
3.13
3.18
(0.05)
-1.6%
Total gross Scope 2 GHG emissions from non-consolidated activities
but with operational control - location based
Mln tCO2eq
-
-
-
-
Total gross Scope 2 GHG emissions - location based (1)
Mln tCO2eq
3.13
3.18
(0.05)
-1.6%
Gross Scope 2 GHG emissions - market based
Total gross Scope 2 GHG emissions from consolidated activities -
market based(1)
Mln tCO2eq
4.90
4.42
0.48
10.9%
Total gross Scope 2 GHG emissions from non-consolidated activities
but with operational control - market based
Mln tCO2eq
-
-
-
-
Total gross Scope 2 GHG emissions - market based
Mln tCO2eq
4.90
4.42
0.48
10.9%
Gross Scope 3 GHG emissions
Category 1: Purchased goods and services(1)
Mln tCO2eq
4.34
4.45
(0.11)
-2.5%
Category 2: Capital goods(2)
Mln tCO2eq
3.83
4.37
(0.54)
-12.4%
Category 3: Fuel and energy related activities not included in Scope 1
or 2(2)
Mln tCO2eq
23.74
30.99
(7.25)
-23.4%
- Upstream coal (mining and transport by sea)
Mln tCO2eq
0.22
1.02
(0.80)
-78.4%
- Upstream gas (extraction and transport by sea)
Mln tCO2eq
4.58
5.89
(1.31)
-22.2%
- Upstream diesel (extraction and transport)
Mln tCO2eq
0.93
0.95
(0.02)
-2.1%
- Upstream biomass (transport)
Mln tCO2eq
-
-
-
-
- Purchase of electricity sold to end customer
Mln tCO2eq
18.01
23.13
(5.12)
-22.1%
Category 4: Upstream transportation and distribution
Mln tCO2eq
0.01
0.02
(0.01)
-50.0%
Category 6: Business travel(2)
Mln tCO2eq
0.02
0.05
(0.03)
-60.0%
Category 7: Employee commuting(2)
Mln tCO2eq
0.04
0.03
0.01
33.3%
Category 11: Use of sold product
Mln tCO2eq
14.28
16.83
(2.55)
-15.1%
Total gross Scope 3 GHG emissions(1)
Mln tCO2eq
46.26
56.74
(10.48)
-18.5%
Intensity metrics
Intensity of total GHG Scope 1 emissions
gCO2eq/kWh
105
166
(61)
-36.7%
Scope 1 GHG emissions Intensity relating to Power Generation (SBTi)
gCO2eq/kWh
101
160
(59)
-36.9%
Scope 1 and 3 GHG emissions Intensity relating to Integrated Power (SBTi)(1)
gCO2eq/kWh
121
166
(45)
-27.1%
Total GHG emissions (location based) with respect to net revenue(3)
tCO2eq/€bn
985
1,145
(160)
-14.0%
Total GHG emissions (market based) with respect to net revenue(3)
tCO2eq/€bn
1,010
1,160
(150)
-12.9%
(1)
The 2023 values were recalculated based on methodological changes set out in the section “Methodology for calculating greenhouse gas emissions”.
(2) New category, not reported in 2023.
(3) The indicators “Total GHG emissions (location based) with respect to net revenue” and “Total GHG emissions (market based) with respect to
net revenue” were calculated using the amount of IFRS 15 revenue equal to €70,626 million in 2024 (€82,483 million in 2023) as indicated in
note 9.a “Revenue from sales and services” of the consolidated financial statements at December 31, 2024.
climate change
147
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
Scope 1 emissions
In 2024, Scope 1 GHG emissions came to 20.21 MtCO2eq,
(29.0% of total emissions), down by 41.4% compared
to 2023.
The share of Scope 1 GHG emissions (including CO2,
CH4 and N2O) related to the combustion of fuels for pow-
er generation accounted for 94.8% of the total Scope
1 value. These emissions totaled 19.16 MtCO2eq, down
by 41.5% compared with 2023, thanks to a 38.0% de-
crease in thermal production from 2023, attributable
to a decrease in generation from all fossil technolo-
gies and in particular coal-fired generation, which de-
creased by 77.9%, as well as the positive impact of the
sale of the thermal power plants in Peru in 2024 and
Argentina in 2023.
Regarding biomass and biogas, the biogenic emissions
of CO2 for power generation, equal to 72.41 ktCO2eq,
are not included in the Scope 1 calculation and are
reported separately in line with the indications of the
GHG Protocol and ESRS.
Scope 2 emissions
In 2024, Scope 2 GHG emissions came to 3.13
MtCO2eq according to a location-based approach
(4.5% of total emissions), down 1.6% compared with
2023, attributable to a 28.4% reduction in emissions
deriving from the consumption of electricity (equal
to 0.51 MtCO2eq), and the improvement of the emis-
sion factors of the electrical systems in a number of
countries.
Scope 3 emissions
In 2024, Scope 3 greenhouse gas emissions came to
46.26 MtCO2eq, 66.5% of total greenhouse gas emis-
sions, a decrease of 18.5% compared with 2023, at-
tributable to the improvement in all the categories,
and in particular in the most relevant sources: supply
chain (categories 1 and 2), fuel logistics (category 3),
purchase of power for sales to the end customer (cat-
egory 3) and use of natural gas sold to final customers
in the retail market (category 11).
In 2024, 7% of Scope 3 emissions were calculated
with primary data on emission factors supplied by
suppliers, collected using EPD (Environmental Prod-
uct Declaration) systems or from the ISO CFP 14067
certification required of suppliers (80% of category 2
– capital goods). On the other hand, 93% of Scope 3
emissions were calculated using primary operational
data related to the upstream and downstream activi-
ties – including those corresponding to fuel purchas-
es, the ordered expense amount, sale of electricity
and gas in the retail market –, to which standard
emission factors were applied using different sourc-
es (local authorities, international databases and
IPCC) for the calculation of the corresponding abso-
lute emissions.
Non-biogenic methane emissions (CH4)
Enel monitors non-biogenic methane emissions through-
out its value chain, including both direct and indirect
emissions.
There are two sources of direct methane emissions
(Scope 1):
• methane emissions from the combustion of fuels,
mainly in power plants for electricity generation, and to
a lesser extent in auxiliary power plant services, grids,
and building and fleet management. These emissions
are calculated based on fuel consumption by applying
the corresponding fuel-specific IPCC emission factor.
This source amounted to 13.3 ktCO2eq, accounting for
0.07% of Scope 1 emissions in 2024;
• methane emissions from leaks in gas-fired pow-
er plants. They are monitored and calculated ac-
cording to internal procedures that follow the Leak
Detection and Repair (LDAR) method. This source
amounted to 8.34 ktCO2eq in 2024, accounting for
0.04% of Scope 1 emissions in 2024.
As for indirect methane emissions (Scope 3), they
relate mainly to fuel combustion and losses in the
coal mining process and in the extraction and trans-
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Enel’s metrics in combating climate change
148
INTEGRATED ANNUAL REPORT 2024
portation of fossil fuels from our suppliers. They are
calculated using reliable secondary data for each
specific phase (from the extraction phase to gas
distribution) in line with IPCC factors, and are part
of the previously disclosed data on Scope 3 emis-
sions from upstream fuels. All direct and indirect
emissions from methane leaks and fuel combustion
in our electrical power plants and all indirect emis-
sions related to the natural gas retail business will be
fully mitigated by 2040, when the Group completes
the divestment of its entire thermoelectric capacity
and gas retail business.
ESRS E1-5 – Energy consumption and mix
Energy consumption and mix
In 2024, energy consumption totaled 170.52 TWh,
down 24.9% on 2023, of which:
• consumption from primary sources came to 167.98
TWh, mainly due to the electricity generation activ-
ity and, to a lesser extent, consumption for auxiliary
services in the distribution activities and in building
heating systems. In 2024, these consumptions de-
creased by 25.0 % reflecting the 39.9% reduction in
fuel consumption from fossil sources due to lower
electricity generation from thermoelectric sources;
• electricity consumption (final sources) came to 2.54
TWh, down 15.0% compared with 2023, and consid-
ers the consumption of renewable and non-renew-
able electricity in the various generation and distri-
bution assets as well as in the buildings. In 2024, the
share of these consumptions covered by the Euro-
pean guarantees of origin system equaled 8% (same
in 2023).
Fuel consumption by primary source
UM
2024
2023
Change
from fossil sources
TWh
81.34
135.28
(53.94)
-39.9%
Coal
TWh
7.67
32.55
(24.88)
-76.4%
Natural gas
TWh
51.51
76.82
(25.31)
-32.9%
Diesel oil
TWh
13.71
16.89
(3.18)
-18.8%
Fuel oil
TWh
8.45
9.02
(0.57)
-6.3%
from nuclear sources (uranium)
TWh
71.95
73.83
(1.88)
-2.5%
from renewable sources
TWh
14.69
14.98
(0.29)
-1.9%
Biomass, biogas and waste
TWh
0.18
0.24
(0.06)
-25.0%
Geothermal fluid
TWh
14.51
14.74
(0.23)
-1.6%
Total fuel consumption by primary source
TWh
167.98
224.09
(56.11)
-25.0%
Consumption of electricity (final energy)
TWh
2.54
2.99
(0.45)
-15.0%
Total energy consumption (primary and final)
TWh
170.52
227.08
(56.56)
-24.9%
Total consumption of activities in sectors with a high climatic impact
with respect to the net revenue deriving from these activities(1)
MWh/€mln
2,414
2,753
(339)
-12.3%
(1)
The indicator “Total consumption of activities in sectors with a high climatic impact with respect to the net revenue deriving from these activ-
ities” was calculated using the total amount of IFRS 15 revenue equal to €70,626 million in 2024 (€82,483 million in 2023), as indicated in note
9.a “Revenue from sales and services” of the consolidated financial statements at December 31, 2024, as all the business sectors have been
considered as with a high climatic impact.
Share of total consumption of primary energy
UM
2024
2023
Change
from fossil sources
%
48.42
60.37
(11.95)
-
from nuclear sources
%
42.83
32.94
9.89
-
from renewable sources
%
8.74
6.68
2.06
-
Enel’s metrics in combating climate change
149
4. Climate
change
INTEGRATED ANNUAL REPORT 2024
Other information: buying carbon credits in voluntary markets
During 2024, carbon credits in the voluntary market
of 25,766 tCO2eq were purchased and canceled to
meet specific customer requests. The purchase in-
volved VER securities certified by Verra, with vintage
between 2007 and 2020, and CER securities with vin-
tage 2024. For more details, please refer to the fol-
lowing table:
Type of credit
Vintage
Technology
Certification
Total (tCO2eq)
VER
2017/2019
REDD+
Verra
4,240
VER
2007/2020
RES
Verra
2,509
CER
2024
RES
CDM
19,017
Total
25,766
These volumes have not been discounted in the cal-
culation of direct and indirect emissions reported here
and are not part of the Group’s “Net Zero” commitment
or of the various greenhouse gas emission reduction
targets, since this commitment does not envisage the
use of certificates linked to projects that avoid green-
house gas emissions.
In the future, however, the Group may directly and/
or indirectly purchase carbon removal credits purely
for the purpose of offsetting residual emissions with
a volume of less than 2.5 MtCO2eq while meeting the
1.5 °C target as defined by SBTi. No such credits were
purchased in 2024.
1. Enel Group
2. Governance
3. Group strategy
and risk management
5. Group
performance
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
1.
GRUPPO
ENEL
La politica dei dividendi
La politica dei dividendi di Enel rimane
semplice e prevedibile, con un dividendo per
azione (DPS) pari a 0,43 euro nel periodo 2
023-2025, in aumento rispetto a 0,40 euro
nel 2022. Il DPS nel 2024 e nel 2025 è da
considerarsi come un minimo sostenibile.
Modello di business
Enel conferma il proprio modello di business
basato sui collaudati modelli di Ownership, che
ricomprende i cosiddetti Paesi “Tier 1” in cui
il Gruppo sviluppa un business integrato o ha
una posizione importante (Italia, Spagna, Cile,
Colombia, Brasile, Stati Uniti), e di Stewardship,
nei Paesi in cui joint venture, PPA, acquisizioni
di quote di minoranza offrano prospettive
particolarmente remunerative.
Crescita delle fonti
di finanziamento sostenibili
In linea con il “Sustainability-Linked Financing
Framework” e in vista del raggiungimento
dell’obiettivo di Sostenibilità di Enel circa la
riduzione di emissioni dirette di gas serra
(Scope 1), è sempre più ampio il ricorso a
strumenti di finanza sostenibile.
RELAZIONE
SULLA GESTIONE
5.
GROUP
PERFORMANCE
Solid results in 2024, with ordinary
EBITDA of €22.8 billion (+3.8%)
and an ordinary net profit of
€7.1 billion (+9.6%)
The increase reflects the positive performance
of the Integrated Businesses, with an increase in
Spain, the United States and Latin America
which more than offset the slight decline in Italy
attributable to lower margins in end-user
markets and thermal generation despite the
greater hydraulicity in the period.
Net financial debt/ordinary EBITDA
at about 2.4x (compared with 2.7x
at end 2023)
Positive cash flows generated by operations,
as well as the completion of the deleverage
and rationalization program of the Group’s
geographical presence allowed an improvement
in the FFO to net financial debt ratio, at 25%.
A simple, predictable and attractive
dividend policy
The total dividend proposed for the 2024
financial year is equal to €0.47 per share
(of which €0.215 per share already paid as an
interim dividend in January 2025), an increase
of 9% on the total dividend of €0.43 per share
paid for the 2023 financial year.
REPORT
ON OPERATIONS
Definition of performance measures
152
INTEGRATED ANNUAL REPORT 2024
Definition of performance
measures
In order to present the performance of the Group and
analyze its financial structure, separate reclassified
schedules have been prepared that differ from the
schedules envisaged under the IFRS-EU adopted by
the Group and contained in the consolidated finan-
cial statements. These reclassified schedules contain
different performance measures from those obtained
directly from the consolidated financial statements,
in line with the ESMA Guidelines on Alternative Per-
formance Measures (ESMA/2015/1415) published on
October 5, 2015.
Management believes that these measures are useful
in monitoring the performance of the Group and rep-
resentative of the financial performance and position of
our business, ensuring greater comparability over time.
With regard to those indicators, on April 29, 2021,
CONSOB issued warning notice no. 5/2021, which
gives force to the Guidelines issued on March 4, 2021,
by the European Securities and Markets Authority
(ESMA) on disclosure requirements under Regulation
(EU) 2017/1129 (the Prospectus Regulation), which took
effect on May 5, 2021 and replace the references to
the CESR Recommendations and those contained in
Communication no. DEM/6064293 of July 28, 2006
regarding the net financial position. More specifical-
ly, the Guidelines update the previous CESR Recom-
mendations (ESMA/2013/319, in the revised version of
March 20, 2013).
The Guidelines are intended to promote the useful-
ness and transparency of alternative performance
measures included in regulated information or pro-
spectuses within the scope of application of Directive
2003/71/EC in order to improve their comparability,
reliability and comprehensibility.
In line with the regulations cited above, the criteria
used to construct these indicators for the Enel Group
are the following.
Gross operating profit (EBITDA): an operating perfor-
mance indicator, calculated as the sum of “Operating
profit”, “Net impairment/(reversals of impairment) on
trade receivables and other receivables” and “Depre-
ciation, amortization and other impairment”.
Ordinary gross operating profit (ordinary EBITDA): de-
fined as “Gross operating profit” from core business-
es connected with the Ownership, Partnership and
Stewardship business models with which the Group
operates plus the ordinary gross operating profit of
discontinued operations where present. It does not in-
clude costs connected with corporate restructurings
and “extraordinary solidarity levies” imposed by local
foreign governments on energy companies as well as
charges related to the change in functional currency
in Chile.
Ordinary operating profit: defined as “Operating prof-
it” plus the ordinary operating profit of discontinued
operations, excluding the effects of transactions not
connected with core operations referred to with re-
gard to ordinary gross operating profit. It also excludes
significant impairment losses (including reversals of
impairment losses) on assets and/or groups of assets
following an assessment of the recoverability of their
carrying amount under the provisions of “IAS 36 – Im-
pairment of assets” or “IFRS 5 – Non-current assets
held for sale and discontinued operations”.
Group ordinary profit: it is determined by adjusting
“Group profit” for the items discussed under “Ordinary
operating profit”, taking account of any tax effects and
non-controlling interests. Also excluded are a number
of financial components not strictly attributable to the
Group’s core business operations relating to equi-
ty-accounted investments.
Net non-current assets: calculated as the difference
between “Non-current assets” and “Non-current lia-
bilities” with the exception of:
• “Deferred tax assets”;
• “Other non-current financial assets included in net
financial debt” included in “Other non-current finan-
cial assets”;
Definition of performance measures
153
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
• “Long-term borrowings”;
• “Employee benefits”;
• “Provisions for risks and charges non-current portion”;
• “Deferred tax liabilities”;
• “Other non-current financial liabilities included in
net financial debt” included in “Other non-current
financial liabilities”.
Net working capital: calculated as the difference be-
tween “Current assets” and “Current liabilities” with
the exception of:
• “Current financial assets included in net financial
debt” included in “Other current financial assets”;
• “Cash and cash equivalents”;
• “Short-term borrowings” and the “Current portion of
long-term borrowings”;
• “Provisions for risks and charges current portion”;
• “Other current financial liabilities included in net
financial debt” included in “Other current financial
liabilities”.
Net assets held for sale: calculated as the algebraic sum
of “Assets classified as held for sale” and “Liabilities in-
cluded in disposal groups classified as held for sale”.
Net capital employed: calculated as the sum of “Net
non-current assets” and “Net working capital”, “Provi-
sions for risks and charges”, “Employee benefits”, “De-
ferred tax liabilities” and “Deferred tax assets”, as well
as “Net assets held for sale”.
Net financial debt: a financial structure indicator, de-
termined by:
• “Long-term
borrowings”,
“Short-term
borrow-
ings”, “Current portion of long-term borrowings”,
as well as the items: “Other non-current financial
liabilities included in net financial debt” and “Other
current financial liabilities included in net financial
debt” respectively included in: “Other non-cur-
rent financial liabilities” and “Other current financial
liabilities”;
• net of “Cash and cash equivalents”;
• net of “Current financial assets included in net fi-
nancial debt” included in “Other current financial
assets”, which includes: (i) the current portion of
long-term loan assets, (ii) securities and (iii) finan-
cial assets;
• net of “Non-current financial assets included in net
financial debt” included in “Other non-current fi-
nancial assets”, which includes (i) securities and (ii)
financial assets.
More generally, the net financial debt of the Enel
Group is reported in accordance with Guideline 39,
issued on March 4, 2021 by ESMA, applicable as from
May 5, 2021, and with the above warning notice no.
5/2021 issued by CONSOB on April 29, 2021.
A reconciliation of the Group’s financial debt as de-
termined with the criteria indicated above and the fi-
nancial debt determined in accordance with the cri-
teria of CONSOB Communication no. DEM/6064293
of July 28, 2006 is reported in note 45 “Net financial
position and long-term financial assets and securi-
ties” to the consolidated financial statements at De-
cember 31, 2024.
Main changes in the consolidation scope
In the two periods under review, the consolidation scope
changed. For more information, please see note 7 “Main
acquisitions and disposals during the year” of the con-
solidated financial statements at December 31, 2024.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Definition of performance measures
154
INTEGRATED ANNUAL REPORT 2024
Group performance
155
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Group performance
191.9 TWh
NET ELECTRICITY
GENERATION(1)
of which 133.3 TWh
of renewable generation
69.9%
NET EFFICIENT INSTALLED
RENEWABLES CAPACITY
for a total of 56.6 GW
1.9 million km
ELECTRICITY
DISTRIBUTION AND
TRANSMISSION GRID
45 million
END USERS WITH ACTIVE
SMART METERS
digitalized end users equal to 66%
55.5 million
RETAIL
CUSTOMERS(2)
of which 23.7 million
in the free market
27,494 no.
PUBLIC CHARGING
POINTS(3)
+13.2% on 2023
(1)
If net generation operated through joint ventures were also included, total generation at December 31, 2024 would amount to 206.9 TWh
(220.6 TWh at December 31, 2023); similarly, generation from renewable sources would be equal to 148.3 TWh at December 31, 2024 (140.3
at December 31, 2023).
(2) Includes fiber optic customers.
(3) If the figures also included charging points operated through joint ventures, the totals would amount to 28,809 at December 31, 2024 and
25,337 at December 31, 2023.
Operations
Electricity generation
2024
2023
Change
Net electricity generation (TWh)(1)
191.87
207.33
(15.46)
-7.5%
Of which:
- renewable (TWh)(1)
133.33
126.98
6.35
5.0%
Total net efficient installed capacity (GW)
81.0
81.4
(0.4)
-0.5%
Net efficient installed renewables capacity (GW)
56.6
55.5
1.1
2.0%
Net efficient installed renewables capacity (%)
69.9%
68.2%
1.7%
2.5%
Additional efficient installed renewables capacity (GW)
2.64
4.03
(1.39)
-34.5%
(1)
206.9 TWh including the output of managed renewables capacity (220.6 TWh at December 31, 2023); similarly, generation from renewable
sources would be equal to 148.3 TWh (140.3 at December 31, 2023).
Net electricity generated by Enel in 2024 decreased
by 15.46 TWh compared with 2023, the result of lower
thermal generation (-21.09 TWh) essentially due to a
reduction in quantities generated by combined-cycle
plants (-10.29 TWh), coal (-8.38 TWh) and fuel oil and
turbo-gas plants (-2.42 TWh), mainly in Italy, Spain,
Chile, Argentina, Colombia and Peru, the latter follow-
ing the sale of a number of generation plants.
The increase in generation from renewable sources
(6.35 TWh) is essentially attributable to greater hydro-
electric generation (3.37 TWh) mainly in Italy, Spain,
Brazil and Chile, solar generation (2.74 TWh) mainly
in Spain, North America and Colombia and wind gen-
eration (0.74 TWh) in Brazil, Chile and North America,
partly offset by a decrease in generation from other
renewable sources (-0.50 TWh).
Nuclear generation also declined by 0.72 TWh.
Excluding changes due to divestments of operations,
generation in 2024 decreased by 3.1% over 2023.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Group performance
156
INTEGRATED ANNUAL REPORT 2024
NET ELECTRICITY GENERATION BY SOURCE (2024)
33.6%
Hydroelectric
29.4% in 2023
24.0%
Wind
21.9% in 2023
9.0%
Solar
7.0% in 2023
2.9%
Geothermal and other
2.9% in 2023
13.8%
Combined-cycle
17.7% in 2023
12.6%
Nuclear
12.0% in 2023
2.9%
Fuel oil and turbo-gas
3.9% in 2023
1.2%
Coal
5.2% in 2023
TOTAL RENEWABLE SOURCES:
69.5%
61.2% in 2023
TOTAL TRADITIONAL SOURCES:
30.5%
38.8% in 2023
2024
Total 191.87 TWh
207.33 TWh in 2023
At the end of December 2024, the Group’s net effi-
cient installed capacity totaled 81.0 GW, a decrease
of 0.4 GW from 2023 due to a decrease in thermal
(-1.5 GW), hydroelectric (-0.6 GW), wind (-0.1 GW)
and geothermal capacity (-0.1 GW). This decrease
was only partly offset by an increase in net solar
capacity (+1.9 GW) mainly in Brazil, North America,
Colombia, Spain and Italy. The decrease reflects
changes in scope following the sale of assets in Peru
(-2.3 GW).
NET EFFICIENT INSTALLED CAPACITY BY SOURCE (2024)
34.2%
Hydroelectric
34.8% in 2023
19.4%
Wind
19.5% in 2023
15.2%
Solar
12.8% in 2023
1.1%
Geothermal and other
1.1% in 2023
14.4%
Combined-cycle
14.7% in 2023
5.9%
Fuel oil and turbo-gas
7.3% in 2023
5.7%
Coal
5.7% in 2023
4.1%
Nuclear
4.1% in 2023
TOTAL RENEWABLE SOURCES:
69.9%
68.2% in 2023
TOTAL TRADITIONAL SOURCES:
30.1%
31.8% in 2023
2024
Total 81.0 GW
81.4 GW in 2023
At the end of December 2024, the Group’s net efficient
installed renewables capacity reached 56.6 GW, an in-
crease of 1.1 GW from 2023, and represents 69.9% of
total net efficient installed capacity.
Group performance
157
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Electricity distribution
2024
2023
Change
Electricity transported on Enel’s distribution grid (TWh)
481.2
489.4(2)
(8.2)
-1.7%
End users with active smart meters (no.)(1)
45,181,536
45,172,959
8,577
-
Electricity distribution and transmission grid (km)
1,870,283
1,899,419
(29,136)
-1.5%
End users (no.)
68,523,156
70,291,727
(1,768,571)
-2.5%
SAIDI (average minutes)
205.2
208.3(2)
(3.1)
-1.5%
SAIFI (average no.)
2.5
2.5
-
-
(1)
Of which 30.5 million second-generation meters in 2024 and 28.7 million in 2023.
(2) The figure for 2023 reflects a more accurate calculation of the aggregate.
24. Excluding “vulnerable” customers.
Electricity transported on Enel’s distribution grid
amounted to 481.2 TWh in 2024, decrease of 8.2
TWh (-1.7 %) compared with 2023, mainly attributable
to the sale of distribution assets held in Romania and
Peru (-17.4 TWh) and the decrease in electricity distri-
bution in Argentina (-0.5 TWh), only partly offset by an
increase in electricity transported in Italy (+3.3 TWh),
Spain (+2.0 TWh), Brazil (+3.8 TWh), Chile (+0.4 TWh)
and Colombia (+0.2 TWh).
Excluding the changes in scope mentioned earlier,
electricity distribution increased by 9.2 TWh (+2.0%).
The number of Enel end users with active smart
meters increased by 8,577 in 2024, mainly due to
increases in Brazil (+644,711), Spain (+98,018), Chile
(+3,056) and Colombia (+895), partly offset by de-
creases in Italy (-717,505), Peru (-20,449) and Argen-
tina (-149).
End-user Markets
2024
2023
Change
Electricity sold by Enel (TWh)
273.5
300.9
(27.4)
-9.1%
Gas sold to end users (billions of m3)
7.1
8.3
(1.2)
-14.5%
Retail customers (no.)(1)
55,485,799
61,125,743(2)
(5,639,944)
-9.2%
- of which free market
23,665,515
24,234,813(2)
(569,298)
-2.3%
Demand response capacity (MW)
9,250
9,588
(338)
-3.5%
Public charging points (no.)(3)
27,494
24,281
3,213
13.2%
Storage (MW)
2,858
1,730
1,128
65.2%
(1)
Includes fiber optic customers.
(2) The figure for 2023 reflects a more accurate calculation of the aggregate.
(3) If the figures also included charging points operated through joint ventures, the totals would amount to 28,809 at December 31, 2024 and
25,337 at December 31, 2023.
Electricity sold by Enel in 2024 came to 273.5 TWh, a
decrease of 27.4 TWh (-9.1%) on 2023.
The decrease in the volumes of electricity sold in 2024
was concentrated on both the regulated and free
markets. With regard to the free market, volume de-
creases were seen in both the business-to-business
(B2B) and business-to-consumer (B2C) customer seg-
ments in Italy, Spain, Peru and Romania (due to the sale
of assets in the latter two countries), partly offset by
increases in Brazil, Chile and Colombia.
Decreases in the regulated markets affected the
B2B customer segment mainly in Brazil, while in Italy
they were attributable to the elimination of the en-
hanced-protection market as from July 1, 2024.24
Excluding the changes in scope mentioned earlier,
electricity sales decreased by 13.3 TWh (-4.7%).
In addition, natural gas sales in 2024 amounted to
7.1 billion cubic meters, down 1.2 billion cubic meters
compared with 2023 in Italy (down 0.7 billion cubic
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Group performance
158
INTEGRATED ANNUAL REPORT 2024
meters), Spain (down 0.4 billion cubic meters) and Rest
of the World (down 0.1 billion cubic meters).
Demand response capacity in 2024 amounted to 9,250
MW, a decrease of 338 MW from 2023, in Italy (-189
MW), Spain (-104 MW) and Rest of the World (-45 MW).
Active public charging points for electric cars at De-
cember 31, 2024 amounted to 27,494, an increase
of 3,213 compared with 2023, in Italy (+2,358), Spain
(+581) and Latin America (+274).
Finally, storage at December 31, 2024 amounted to
2,858 MW, an increase of 1,128 MW, due mainly to
the installation of new BESS technology batteries at
renewable power plants (+1,231 MW), mainly in Italy
(+983 MW), Chile (+168 MW) and North America
(+115 MW), partly offset by meter-related storage.
People at the Enel Group
The following table analyzes the number of employees by business line.
No.
at Dec. 31, 2024
at Dec. 31, 2023
Percentage
of total
at Dec. 31, 2024
Percentage
of total
at Dec. 31, 2023
Thermal Generation and Trading
5,105
5,725
8.4%
9.3%
Enel Green Power
8,269
8,891
13.7%
14.6%
Enel Grids
32,214
30,946
53.4%
50.7%
End-user Markets
7,944
8,926
13.2%
14.6%
Holding and Services
6,827
6,567
11.3%
10.8%
Total
60,359
61,055
The Enel Group workforce at December 31, 2024 numbered 60,359 (61,055 at December 31, 2023).
Headcount at December 31, 2023
61,055
Hires
4,855
Terminations
(4,289)
Changes in scope
(1,262)
Headcount at December 31, 2024
60,359
The Group’s workforce decreased by 696 employees,
reflecting the positive balance (566 employees) due to
hires in Networks in Italy and Brazil, offset by negative
changes in the consolidation scope (-1,262 employ-
ees), essentially attributable to:
• the sale of Enel Generación Perú;
• the sale of Enel Distribución Perú;
• the sale of Enel X Perú;
• the sale of Enel X Storage US LLC;
• the transfer of a number of employees from e-dis-
tribuzione SpA to A2A due to the sale of distribution
assets in a number of municipalities in the provinces
of Milan and Brescia.
Group performance
159
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Group performance
€24,066 million
GROSS OPERATING
PROFIT
€20,255 million in 2023
€15,494 million
OPERATING
PROFIT
+43% on 2023
€7,016 million
PROFIT ATTRIBUTABLE TO
OWNERS OF THE PARENT
€3,438 million in 2023
€22,801 million
ORDINARY GROSS
OPERATING PROFIT(1)
of which 34.5% from Enel Grids
€14,761 million
ORDINARY OPERATING
PROFIT(1)
of which 37.5% from Enel Green Power
€7,135 million
ORDINARY PROFIT
ATTRIBUTABLE TO OWNERS
OF THE PARENT(1)
+9.6% on 2023
(1)
The ordinary income statement does not include non-recurring items, as defined in the section “Definition of performance measures”. The
summary of results presents a reconciliation of reported figures with ordinary figures for the following aggregates: gross operating profit,
operating profit, and profit for the year (attributable to owners of the Parent).
Millions of euro
Ordinary income statement(1)
Income statement
2024
2023
Change
2024
2023
Change
Revenue
77,173
98,163
(20,990)
-21.4%
78,947
95,565
(16,618)
-17.4%
Costs
54,849
73,232
(18,383)
-25.1%
55,358
72,344
(16,986)
-23.5%
Net results from commodity contracts
477
(2,962)
3,439
-
477
(2,966)
3,443
-
Gross operating profit/(loss)
22,801
21,969
832
3.8%
24,066
20,255
3,811
18.8%
Depreciation, amortization and impairment
8,040
7,927
113
1.4%
8,572
9,423
(851)
-9.0%
Operating profit/(loss)
14,761
14,042
719
5.1%
15,494
10,832
4,662
43.0%
Financial income
7,080
6,062
1,018
16.8%
7,082
6,049
1,033
17.1%
Financial expense
10,411
9,440
971
10.3%
10,483
9,424
1,059
11.2%
Net financial expense
(3,331)
(3,378)
47
1.4%
(3,401)
(3,375)
(26)
-0.8%
Share of profit/(loss) of equity-accounted
investments
277
226
51
22.6%
(210)
(41)
(169)
-
Pre-tax profit/(loss)
11,707
10,890
817
7.5%
11,883
7,416
4,467
60.2%
Income taxes
3,253
3,211
42
1.3%
3,654
2,778
876
31.5%
Profit/(Loss) from continuing operations
8,454
7,679
775
10.1%
8,229
4,638
3,591
77.4%
Profit/(Loss) from discontinued operations
-
-
-
-
-
(371)
371
-
Profit for the year (owners of the Parent and
non-controlling interests)
8,454
7,679
775
10.1%
8,229
4,267
3,962
92.9%
Attributable to owners of the Parent
7,135
6,508
627
9.6%
7,016
3,438
3,578
-
Attributable to non-controlling interests
1,319
1,171
148
12.6%
1,213
829
384
46.3%
(1)
The ordinary income statement does not include non-recurring items, as defined in the section “Definition of performance measures”. The
summary of results presents a reconciliation of reported figures with ordinary figures for the following aggregates: gross operating profit,
operating profit, and profit for the year (attributable to owners of the Parent).
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Group performance
160
INTEGRATED ANNUAL REPORT 2024
Revenue
Millions of euro
2024
2023
Change
Sale of electricity
43,478
52,465
(8,987)
-17.1%
Transport of electricity
12,072
11,123
949
8.5%
Fees from network operators
961
1,142
(181)
-15.8%
Transfers from institutional market operators
1,747
1,570
177
11.3%
Sale of gas
5,875
7,983
(2,108)
-26.4%
Transport of gas
564
68
496
-
Sale of fuels
1,578
3,458
(1,880)
-54.4%
Fees for connection to electricity and gas networks
1,002
877
125
14.3%
Revenue from construction contracts
1,054
995
59
5.9%
Sale of commodities with physical settlement and fair value gain/
(loss) on contracts settled in the period
3,265
10,383
(7,118)
-68.6%
Sale of value-added services
1,263
1,653
(390)
-23.6%
Sale of environmental certificates
132
283
(151)
-53.4%
Sale of assets
2,351
584
1,767
-
Gain from sale of property, plant and equipment and intangible
assets
90
44
46
-
Grants for environmental certificates
293
346
(53)
-15.3%
Sundry reimbursements
401
314
87
27.7%
Tax partnerships
1,239
799
440
55.1%
Other income
1,582
1,478
104
7.0%
Total
78,947
95,565
(16,618)
-17.4%
In 2024, revenue decreased by €16,618 million
(-17.4%), from €95,565 million in 2023.
The decrease mainly reflects lower quantities of elec-
tricity and gas sold, mainly in Italy and Spain, as well
as a decrease of average selling prices compared
with 2023, consistent with the gradual stabilization of
European energy markets. It also reflects the chang-
es in scope mainly attributable to the sale of assets in
Romania, in the last Quarter of 2023, and in Peru, in
the 2nd Quarter of 2024.
Revenue from the sale of commodity contracts with
physical settlement decreased by €7,118 million
(-68.6%) compared with the previous year, reflecting
the decrease in both quantities and average prices,
specifically of gas, in Italy and Spain.
The reduction in revenue was only partly offset by the
greater revenue deriving from the sale of assets, in
the amount of €1,767 million. More specifically rev-
enue in 2024 came to €2,351 million, mainly attrib-
utable to:
• the sale to A2A of 90% of the capital of Duereti,
owner of distribution operations in a number of
municipalities of the provinces of Milan and Brescia,
generating €989 million;
• the sale of generation and distribution assets in
Peru, generating a revenue of €1,347 million.
In 2023, revenue from the sale of assets came to €584
million and included the partial sale, with loss of control,
of assets in Australia (€103 million) and in Greece (€160
million), the sale of certain renewable energy companies
operating in Chile (€195 million), and the end-of-con-
cession gain of Enel CIEN for €99 million in Brazil.
Group performance
161
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Costs
Millions of euro
2024
2023
Change
Electricity purchases
19,903
24,668
(4,765)
-19.3%
Consumption of fuel for electricity generation
3,652
6,385
(2,733)
-42.8%
Fuel for trading and gas for sale to end users
6,834
15,324
(8,490)
-55.4%
Materials
2,446
2,747
(301)
-11.0%
Personnel expenses
4,938
5,030
(92)
-1.8%
Services, leases and rentals
16,687
15,450
1,237
8.0%
Environmental certificates
1,449
2,603
(1,154)
-44.3%
Other charges related to the electricity and gas system
175
568
(393)
-69.2%
Other charges for taxes and fees
1,341
1,529
(188)
-12.3%
Capital losses and other costs on the disposal of equity
investments
4
404
(400)
-99.0%
Extraordinary solidarity levies
138
208
(70)
-33.7%
Other expenses
833
813
20
2.5%
Capitalized costs
(3,042)
(3,385)
343
10.1%
Total
55,358
72,344
(16,986)
-23.5%
Costs decreased by €16,986 million (-23.5%), mainly due
to the general reduction in the average prices of energy
commodities, also connected to a reduction in volumes.
More specifically, the decrease affected costs for elec-
tricity purchases (€4,765 million, -19.3%) and charges for
fuel for electricity generation and trading (€11,223 mil-
lion), including contracts with physical settlement.
Charges for environmental certificates decreased by
€1,154 million, mainly due to the decline in conven-
tional generation and the decrease in the prices of
environmental certificates.
These decreases were only partly offset by the increase
in the cost of services, leases and rentals (€1,237 mil-
lion compared with 2023) mainly due to higher charg-
es for wheeling, mainly in Italy and Spain, connected
to the application of specific provisions issued by the
rate-regulation authorities.
Net results from commodity contracts
Net expense from commodity contracts, obtained
primarily for hedging purposes in the period end-
ed at December 31, 2024, show an improvement of
€3,443 million, mainly reflecting developments in
commodity prices.
Ordinary gross operating profit/(loss)
The table below presents gross operating profit/(loss) by business line.
Millions of euro
2024
2023
Change
Thermal Generation and Trading
3,245
3,594
(349)
-9.7%
Enel Green Power
7,268
5,568
1,700
30.5%
Enel Grids
7,872
7,851
21
0.3%
End-user Markets
4,672
5,275
(603)
-11.4%
Holding and Services
(256)
(319)
63
19.7%
Total
22,801
21,969
832
3.8%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Group performance
162
INTEGRATED ANNUAL REPORT 2024
Ordinary gross operating profit increased by €832
million (+3.8%) compared with 2023, despite the differ-
ent effects of the change in the consolidation scope
associated with the sale of assets in 2023 and 2024
(mainly the sale of distribution assets in Romania, re-
newable generation assets in Greece and generation
and distribution assets in Peru).
Net of the consolidation scope changes, the ordinary
gross operating profit came to €2,517 million.
The increase in ordinary gross operating profit in 2024
mainly reflects the performance of Integrated Busi-
nesses, up by €748 million compared with 2023.
Integrated Businesses
Enel has chosen to pursue an integrated strategy in
our core countries (i.e. Italy, Spain, the United States,
Brazil, Chile and Colombia), where the Group has a
widespread presence and a customer base to which
to distribute the electricity generated.
This integrated strategy aims to maximize the margin
on electricity sold, particularly by relying on gradual
reductions in sourcing costs (i.e. the cost of generat-
ing and/or procuring the commodity), connected to
the increase in renewable energy in our generation
mix, in addition to the expansion of volumes linked to
the electrification of consumption, with consequent
benefits for the Group, for our customers, and for all
stakeholders generally.
The ordinary gross operating profit relating to the
Integrated Businesses encompassed by this strategy
(the “Integrated Businesses margin”) therefore stems
from the integration of the electricity value chain
and includes the results from electricity generation
(i.e. Enel Green Power, Thermal Generation and Trad-
ing) and the sale of electricity and services (End-user
Markets).
In greater detail, the main businesses included in this
Integrated Businesses margin are the following:
1. Electricity – free market, which consists of:
• Integrated energy business: including electricity
business on the free market and generation from
renewable and thermal sources;
• Enel X: including all services provided to customers;
• Mobility: encompassing the activities of innova-
tion, development and commercialization of elec-
tric mobility solutions.
2. Electricity – regulated market, which refers to regu-
lated generation activities (capacity market, essen-
tial plants, incentives received for renewable energy,
etc.) and to the commercialization of energy on reg-
ulated markets.
3. Gas, which includes the retail and wholesale com-
mercialization of natural gas.
4. Trading and services, which includes portfolio opti-
mization and generation balancing services.
These are the businesses included in the Integrated
Businesses margin, which, as mentioned, are as follows:
• Thermal Generation and Trading;
• Enel Green Power;
• End-user Markets, which includes Retail, Enel X and
Enel X Way.
The following table presents the Integrated Business-
es margin by business line and by geographical area.
Millions of euro
Thermal Generation and
Trading
Enel Green Power
End-user Markets
Total
2024
2023
Change
2024
2023
Change
2024
2023
Change
2024
2023
Change
Italy
1,732
2,718
(986)
2,266
555
1,711
3,159
4,039
(880)
7,157
7,312
(155)
Iberia
1,491
739
752
999
826
173
1,034
780
254
3,524
2,345
1,179
Rest of the World
19
113
(94)
4,018
4,213
(195)
474
460
14
4,511
4,786
(275)
Other
3
24
(21)
(15)
(26)
11
5
(4)
9
(7)
(6)
(1)
Integrated Businesses
margin
3,245
3,594
(349)
7,268
5,568
1,700
4,672
5,275
(603)
15,185
14,437
748
Group performance
163
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
The Integrated Businesses margin in 2024 came to
€15,185 million, an increase of €748 million from
€14,437 million in 2023.
The increase was mainly driven by the performance
of renewable generation, which benefited from the
increased availability of resources, especially hydro-
electric and solar, as well as the contribution of new
capacity installed in the United States, Italy and Spain.
These positive results were only partially offset by the
lower margins of conventional generation due to the
lower quantities generated and lower results of the
End-user Markets, reflecting the expected normaliza-
tion of prices.
Excluding the effects of changes in consolidation
scope, the Integrated Businesses margin increased by
€1,877 million.
Enel Grids
The ordinary gross operating margin of Enel Grids is in
line with the previous year (+€21 million, +0.3%). Net of
the different effects of the change in the consolidation
scope in the two periods, Enel Grids’ ordinary gross
operating margin increased by €575 million, mainly
reflecting rate adjustments and incentives for service
quality in Spain.
Gross operating profit/(loss)
Millions of euro
2024
Thermal
Generation
and Trading
Enel
Green
Power
Enel
Grids
End-
user
Markets
Holding
and
Services
Total
Ordinary gross operating profit/(loss)
3,245
7,268
7,872
4,672
(256)
22,801
Non-ordinary gain/(loss) of mergers and acquisitions
44
65
2,160
103
(14)
2,358
Energy transition and digitalization
(121)
(41)
58
(51)
(103)
(258)
Extraordinary solidarity levies
-
-
-
-
(138)
(138)
Change in functional currency (Chile)
-
(607)
-
-
-
(607)
Impairment losses
-
(58)
(10)
(22)
-
(90)
Gross operating profit/(loss)
3,168
6,627
10,080
4,702
(511)
24,066
Millions of euro
2023
Thermal
Generation
and Trading
Enel
Green
Power
Enel
Grids
End-
user
Markets
Holding
and
Services
Total
Ordinary gross operating profit/(loss)
3,594
5,568
7,851
5,275
(319)
21,969
Non-ordinary gain/(loss) of mergers and acquisitions
(349)
181
(23)
-
-
(191)
Extraordinary solidarity levies
-
-
-
-
(208)
(208)
Energy transition and digitalization
(178)
(6)
(43)
(58)
(81)
(366)
Impairment losses
-
(60)
-
-
-
(60)
Ordinary profit/(loss) from discontinued operations
-
(505)
(324)
(59)
(1)
(889)
Gross operating profit/(loss)
3,067
5,178
7,461
5,158
(609)
20,255
The gross operating profit for 2024 came to €24,066
million, an increase of €3,811 million compared with
the previous year. In particular, this change essentially
reflects the effects mentioned in relation to ordinary
gross operating profit, as well as the different con-
tribution from non-recurring items in the two years.
More specifically, the most significant changes in
non-recurring results include those deriving from
the sales of assets as well as the release of equi-
ty reserves for hedging transactions following the
change in functional currency from Chilean peso to
US dollar carried out by Enel Generación Chile and
Enel Chile from January 1, 2025. In 2024, results from
sales include the proceeds from the sale of genera-
tion and distribution assets in Peru (€1,347 million)
and electricity distribution activities in a number of
municipalities in the provinces of Milan and Brescia
(€989 million). In 2023, non-recurring results came
to a negative €191 million and mainly reflect the dis-
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Group performance
164
INTEGRATED ANNUAL REPORT 2024
posal of thermal generation operations in Argentina
(a charge of €363 million), partially offset by the sale
of a number of renewable plants in Chile (a gain of
€195 million).
Ordinary operating profit/(loss)
Millions of euro
2024
2023
Change
Thermal Generation and Trading
2,397
2,812
(415)
-14.8%
Enel Green Power
5,534
3,815
1,719
45.1%
Enel Grids
4,787
4,743
44
0.9%
End-user Markets
2,555
3,241
(686)
-21.2%
Holding and Services
(512)
(569)
57
10.0%
Total
14,761
14,042
719
5.1%
Ordinary operating profit for 2024 increased by €719
million as a result of the factors commented above in
relation to ordinary gross operating profit, taking into
account the increase in depreciation and amortization
recognized during the year in the area of distribution,
particularly in Italy and Spain, and the increase in impair-
ment losses recognized on trade receivables compared
with the previous year in the same geographical areas.
Operating profit/(loss)
Millions of euro
2024
Thermal
Generation
and Trading
Enel
Green
Power
Enel
Grids
End-
user
Markets
Holding
and
Services
Total
Ordinary operating profit/(loss)
2,397
5,534
4,787
2,555
(512)
14,761
Non-ordinary gain/(loss) of mergers and acquisitions
44
65
2,160
103
(14)
2,358
Energy transition and digitalization
(121)
(41)
58
(51)
(103)
(258)
Extraordinary solidarity levies
-
-
-
-
(138)
(138)
Change in functional currency
-
(607)
-
-
-
(607)
Impairment losses
-
(437)
(10)
(175)
-
(622)
Operating profit/(loss)
2,320
4,514
6,995
2,432
(767)
15,494
Millions of euro
2023
Thermal
Generation
and Trading
Enel
Green
Power
Enel
Grids
End-
user
Markets
Holding
and
Services
Total
Ordinary operating profit/(loss)
2,812
3,815
4,743
3,241
(569)
14,042
Non-ordinary gain/(loss) of mergers and acquisitions
(349)
147
(23)
-
-
(225)
Extraordinary solidarity levies
-
-
-
-
(208)
(208)
Energy transition and digitalization
(192)
(6)
(43)
(58)
(81)
(380)
Impairment losses
(91)
(1,465)
-
(126)
-
(1,682)
Ordinary profit/(loss) from discontinued operations
-
(449)
(251)
(15)
-
(715)
Operating profit/(loss)
2,180
2,042
4,426
3,042
(858)
10,832
Operating profit increased by €4,662 million com-
pared with the previous year. This change reflects the
factors commented above in relation to gross operat-
ing profit, plus a decrease in depreciation, amortiza-
tion and impairment compared with 2023.
During 2024, impairment losses came to €622 mil-
lion, of which €288 million in respect of renewable
projects (pipeline), €81 million in respect of wind
and photovoltaic generation plants, and €131 mil-
lion in respect of storage and e-mobility activities,
Group performance
165
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
the value of which was deemed by management not
to be fully recoverable due to the evolution of the
macroeconomic and market scenarios, as well as the
investment allocation and rationalization strategy.
In 2023, impairment losses came to €1,682 million and
mainly regarded a number of wind and photovoltaic
generation plants in the United States, following im-
pairment testing, the Colombian Windpeshi wind pro-
ject (reclassified among net assets held for sale) and a
number of Enel X and Enel X Way activities.
Group ordinary profit/(loss)
Group ordinary profit for 2024 amounted to €7,135 mil-
lion, an increase of €627 million (+9.6%) compared with
€6,508 million in 2023. The increase is mainly attributa-
ble to the positive developments of the ordinary oper-
ations, as commented above, together with a decrease
in net financial expense, reflecting a decrease in debt
and interest rates, only partly offset by an increase in
taxes resulting from the improvement of pre-tax profit.
Group profit/(loss)
Group profit in 2024 came to €7,016 million (€3,438
million in 2023), an increase of €3,578 million com-
pared with 2023, reflecting the positive developments
of ordinary business activities, higher gains from dis-
posals and lower impairments losses compared with
the previous period. The table below provides a rec-
onciliation of Group profit with Group ordinary profit,
indicating non-recurring items and their respective
impact on performance, net of the associated tax ef-
fects and non-controlling interests.
Millions of euro
2024
2023
Group ordinary profit
7,135
6,508
Non-ordinary profit/(loss) of mergers and acquisitions
1,425
(278)
Extraordinary solidarity levies
(96)
(149)
Energy transition and digitalization
(184)
(259)
Change in functional currency (Chile)
(281)
-
Impairment losses
(457)
(1,216)
Write-down of certain assets related to the sale of the investment in Slovenské elektrárne
(526)
(209)
Non-ordinary profit/(loss) on discontinued operations
-
(959)
Group profit
7,016
3,438
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Analysis of the Group’s financial position and structure
166
INTEGRATED ANNUAL REPORT 2024
Analysis of the Group’s
financial position
and structure
€104,938 million
NET CAPITAL EMPLOYED
€105,272 million in 2023
€55,767 million
NET FINANCIAL DEBT
-7.3% on 2023
68.0%
SUSTAINABLE FINANCING
on total gross debt €71,162 million
€10,821 million
TOTAL CAPITAL EXPENDITURE(1)
of which 83.2% in Enel Green Power and Enel Grids
(1)
Does not include €189 million regarding units classified as held for sale or discontinued operations.
Net capital employed and funding
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Net non-current assets:
- property, plant and equipment and intangible assets
110,451
106,953
3,498
3.3%
- goodwill
12,850
13,042
(192)
-1.5%
- equity-accounted investments
1,456
1,650
(194)
-11.8%
- net other non-current assets/(liabilities)
(2,631)
(3,363)
732
21.8%
Total net non-current assets
122,126
118,282
3,844
3.2%
Net working capital:
- trade receivables
15,941
17,773
(1,832)
-10.3%
- inventories
3,643
4,290
(647)
-15.1%
- net receivables due from institutional market operators
(4,378)
(4,317)
(61)
-1.4%
- net other current assets/(liabilities)
(10,592)
(9,907)
(685)
-6.9%
- trade payables
(13,693)
(15,821)
2,128
13.5%
Total net working capital
(9,079)
(7,982)
(1,097)
-13.7%
Gross capital employed
113,047
110,300
2,747
2.5%
Provisions:
- employee benefits
(1,614)
(2,320)
706
30.4%
- provisions for risks and charges and net deferred taxes
(6,760)
(6,311)
(449)
-7.1%
Total provisions
(8,374)
(8,631)
257
3.0%
Net assets held for sale
265
3,603
(3,338)
-92.6%
Net capital employed
104,938
105,272
(334)
-0.3%
Total equity
49,171
45,109
4,062
9.0%
Net financial debt
55,767
60,163
(4,396)
-7.3%
Analysis of the Group’s financial position and structure
167
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Net capital employed at December 31, 2024 came to
€104,938 million (€105,272 million at December 31,
2023) and was funded by €49,171 million in equity
attributable to owners of the Parent and non-con-
trolling interests and €55,767 million in net financial
debt. The debt-to-equity ratio at December 31, 2024
was 1.13 (1.33 at December 31, 2023).
The minor reduction in net capital employed is mainly
attributable to:
• a decrease in net assets held for sale essentially at-
tributable to the sale of generation and distribution
activities in Peru in the 2nd Quarter of 2024;
• a decrease in net working capital, down by €1,097
million compared with December 31, 2023, mainly
reflecting the decrease in trade receivables con-
nected with lower sale revenue, the decrease in
inventories and net other assets and liabilities, the
latter essentially reflecting the net change in tax
assets and liabilities, and the increase in liabilities
for tax partnerships in the United States, the in-
crease in liabilities from customer contracts and in
payments on account in respect of grants received
from public entities. Those negative impacts were
partly offset by lower trade payables;
• an increase in net non-current assets mainly due
to the increase in property, plant and equipment
and intangible assets in the amount of €3,498
million. More specifically, the latter increased re-
flecting: capital expenditure in the period (€9,977
million) including grants received on those assets
(€602 million), capitalized interest (€245 million),
new right-of-use assets (€438 million) and the
effect of impairment losses related to the hyper-
inflation of assets held in Argentina (€1,357 mil-
lion). These effects were partly offset by depreci-
ation and amortization recognized for the period
(€6,637 million), adverse exchange rate develop-
ments (€1,189 million) as well as the impacts of
impairment losses totaling €461 million mainly
referred to a number of renewable projects (€223
million), some software and development plat-
forms to support Enel X businesses (€62 million)
and impairment losses on assets in the e-mobility
business (€56 million) mainly in the United States
and Italy.
The increase of €732 million in net other non-cur-
rent assets/(liabilities) is mainly attributable to the
decrease in long-term liabilities for tax partnerships.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Analysis of the Group’s financial position and structure
168
INTEGRATED ANNUAL REPORT 2024
Net financial debt
The Enel Group’s net financial debt and changes in the period are detailed in the table below.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Long-term debt:
- bank borrowings
14,755
14,500
255
1.8%
- bonds
42,282
43,579
(1,297)
-3.0%
- other borrowings(1)
3,027
3,014
13
0.4%
Long-term debt
60,064
61,093
(1,029)
-1.7%
Long-term financial assets and securities
(2,676)
(3,837)
1,161
30.3%
Net long-term debt
57,388
57,256
132
0.2%
Short-term debt
Bank borrowings:
- current portion of long-term bank borrowings
1,742
1,992
(250)
-12.6%
- other short-term bank borrowings
344
393
(49)
-12.5%
Short-term bank borrowings
2,086
2,385
(299)
-12.5%
Bonds (current portion)
5,318
6,763
(1,445)
-21.4%
Other borrowings (current portion)
379
331
48
14.5%
Commercial paper
2,406
2,499
(93)
-3.7%
Cash collateral and other financing for derivative transactions
732
1,383
(651)
-47.1%
Other short-term financial borrowings(2)
177
495
(318)
-64.2%
Other short-term debt
9,012
11,471
(2,459)
-21.4%
Long-term loan assets (short-term portion)
(2,174)
(1,007)
(1,167)
-
Loan assets – cash collateral
(1,982)
(2,899)
917
31.6%
Other short-term financial assets
(374)
(161)
(213)
-
Cash and cash equivalents and short-term securities
(8,189)
(6,882)
(1,307)
-19.0%
Cash and cash equivalents and short-term financial assets
(12,719)
(10,949)
(1,770)
-16.2%
Net short-term debt
(1,621)
2,907
(4,528)
-
NET FINANCIAL DEBT
55,767
60,163
(4,396)
-7.3%
Net financial debt of assets held for sale
61
888
(827)
-93.1%
(1)
Includes the item “Other non-current financial borrowings included in net financial debt” included under “Other non-current financial liabili-
ties” in the statement of financial position.
(2) Includes the item “Other current financial borrowings included in net financial debt” included under “Other current financial liabilities” in the
statement of financial position.
Net financial debt, at December 31, 2024, came to
€55,767 million (not including net financial debt in re-
spect of assets classified as held for sale in the total
amount of €61 million) and decreased by €4,396 mil-
lion from €60,163 million at December 31, 2023 (not
including net financial debt in respect of assets held
for sale in the amount of €888 million). More specif-
ically, cash flows generated by operating activities
(€13,223 million), the effects of the issuance of per-
petual hybrid bonds (€592 million net of repurchas-
es) and of sales transactions finalized during 2024
(€7,664 million) were partly offset by cash flows used
in investing activities (€9,875 million net of grants re-
ceived in the amount of €1,135 million), the payment
of dividends (€5,372 million including coupons paid to
holders of perpetual hybrid bonds in the amount of
€246 million) and the negative effect of exchange rate
developments on debt.
Gross financial debt at December 31, 2024 came to
€71,162 million, a decrease of €3,787 million com-
pared with 2023.
Analysis of the Group’s financial position and structure
169
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Gross financial debt
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Gross
long-term
debt
Gross
short-term
debt
Gross debt
Gross
long-term
debt
Gross
short-term
debt
Gross debt
Gross financial debt
67,503
3,659
71,162
70,179
4,770
74,949
of which:
- sustainable financing
45,650
2,549
48,199
45,147
2,663
47,810
Sustainable financing/Total
gross debt (%)
68%
64%
More specifically, gross long-term financial debt (in-
cluding the short-term portion), in the amount of
€67,503 million, includes €45,650 million in sustaina-
ble financing (68%), and is structured as follows:
• bonds in the amount of €47,600 million, of which
€30,760 million in sustainable bonds, down €2,742
million from December 31, 2023 as a result of re-
demptions during the year which more than offset
currency losses and the following new issues:
• a multi-tranche sustainability-linked bond issued
by Enel Finance International in the total amount of
€1,750 million in January 2024;
• a multi-tranche sustainability-linked bond issued
by Enel Finance International in the total amount
of $2,000 million (equal to €1,931 million at De-
cember 31, 2024) in June 2024;
• bank borrowings in the amount of €16,497 million,
of which €14,890 million in respect of sustainabili-
ty-linked financing, an increase of €5 million com-
pared with 2023;
• other borrowings in the amount of €3,406 million,
an increase of €61 million compared with 2023.
Gross short-term financial debt, which decreased
by €1,111 million compared with December 31, 2023,
came to €3,659 million and consists of commercial
paper, all linked to sustainability objectives, in the
amount of €2,406 million, cash collateral in the amount
of €732 million, other short-term financial payables in
the amount of €177 million and other short-term bank
borrowings in the amount of €344 million.
Cash and cash equivalents and short- and long-term
financial assets, totaling €15,395 million, increased by
€609 million compared with the end of 2023, mainly
due to the increase in cash and cash equivalents and
short-term securities and short-term financial receiv-
ables, in the amount of €1,307 million and €213 million,
respectively, offset by the decrease in financial receiv-
ables for cash collateral in the amount of €917 million.
Sustainability-linked finance at Enel
At Enel, sustainable finance is a key lever in creating
economic and financial value, enabling us to raise
public and private capital and channel those resourc-
es into sustainable investments, thereby sustaining
achievement of our development goals.
The new sustainability-linked bond issues, together
with all the sustainable financing arranged, made it
possible to reach a 68% ratio of sustainable sources
of financing to the Group’s total gross debt at the end
of 2024, with a goal of reaching around 75% in 2027.
Thanks to the contribution of sustainable finance, Enel
has accelerated the decarbonization of its energy mix,
reducing its direct emissions intensity by 72.3%, from
365 g/kWh in 2017 – the year of the first Green Bond
issue and reference for the SBTi certification – to 101
g/kWh in 2024, confirming Enel’s commitment to the
energy transition, in line with the environmental and
financial sustainability pillar of the Group’s strategy.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Analysis of the Group’s financial position and structure
170
INTEGRATED ANNUAL REPORT 2024
Sustainability-linked finance
25. Enel - Sustainability-Linked Financing Framework - 2025 Edition.
In line with the Sustainability-Linked Financing Frame-
work, published by Enel on its website,25 Enel issues and
structures financial instruments linked to the achieve-
ment of predetermined Sustainability Performance
Targets (SPT). Enel issued a total of about €32,000 mil-
lion-equivalent sustainability-linked bonds, of which
€28,511 million outstanding at December 31, 2024. For
further details on the Sustainability-Linked Financing
Report, refer to the section “Attachments - Sustaina-
bility-Linked Financing Report”.
KPI and Sustainability Performance Targets (SPT)
KPI
Actual value
Sustainability Performance Targets (SPT)
2024
2024
2025
2026
2027
2030
2040
KPI #1(1)
Scope 1 GHG emissions
Intensity relating to Power
Generation (gCO2eq/kWh)
101
140
130
125
115
72
-
KPI #2
Scope 1 and 3 GHG
emissions Intensity relating
to Integrated Power
(gCO2eq/kWh)
121
135
135
125
73
-
KPI #3
Absolute Scope 3 GHG
emissions related to Retail
Gas (MtCO2eq)(2)
14.3
18.8
18
16.5
10.3
-
KPI #4
Percentage of installed
renewables capacity (%)
69.90%
69.00%
73.00%
74.00%
75.00%
80.00%
100.00%
KPI #5
Percentage of capex
aligned with the EU
taxonomy (%)
83.80%
>80%
(2023-2025)(3)
>80%
(2024-2026)(4)
>80%
(2025-2027)(5)
(1)
This KPI #1 was previously denominated: “Direct Greenhouse Gas Emissions Amount (Scope 1)”.
(2) Values recalculated in 2024 to align the volumes of natural gas sold to end customers according to its calorific value with the IPCC factor.
(3) SPT with cumulative observation period of 2023-2025.
(4) SPT with cumulative observation period of 2024-2026.
(5) SPT with cumulative observation period of 2025-2027.
Financing from development banks and export credit agencies
(ECAs)
Sustainable finance is characterized by the synergy
between public and private capital. The integration of
these two sources of financing allows the development
of scalable solutions capable of generating significant
economic value, especially in developing countries and
emerging markets.
Enel has secured new forms of financing with develop-
ment banks and export credit agencies (ECAs) through
transactions that aim to channel private capital into sus-
tainable development, for a total value of about €10,000
million, of which about 50% is sustainability-linked.
More specifically, in 2024 the Group entered into loans
of this nature for a total of about €1,000 million. The
main transactions include the General Corporate Pur-
pose and Sustainability-Linked financing for a total of
$286 million, by an export credit agency to Enel Chile.
Analysis of the Group’s financial position and structure
171
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Green finance
In the 2017-2019 period, the Enel Group issued Green
Bonds for a total notional value of €3,500 million, of
which €2,249 million outstanding as of December 31,
2024. For further details on the Green Bonds Report,
refer to the section “Attachments - Green Bond Re-
port 2024”.
Cash flows
For more information, please see note 44 to the consolidated financial statements.
Capital expenditure
Millions of euro
2024
2023
Change
Thermal Generation and Trading
673
761
(88)
-11.6%
Enel Green Power
3,133
5,345
(2,212)
-41.4%
Enel Grids
5,868
5,280
588
11.1%
End-user Markets
971
1,138
(167)
-14.7%
Holding and Services
176
190
(14)
-7.4%
Total(1)
10,821
12,714
(1,893)
-14.9%
(1)
The figure does not include €189 million regarding units classified as held for sale (€849 million in 2023).
In line with the Paris agreements for the reduction
of CO2 emissions, the Group’s investments focused
mainly on grids (€5,868 million, 54% of total capex)
and renewable energy (€3,133 million, 29%), in line with
the assumptions of the Strategic Plan of the Group.
Capital expenditure on grids, aimed at ensuring reli-
ability and quality of service through efficient, resil-
ient and digital networks, increased by €588 million,
mainly in Italy (€446 million), Argentina (€76 million),
Brazil (€54 million), Colombia (€32 million) and Spain
(€16 million).
With regard to renewable energy, the decrease is
mainly attributable to a reallocation and rationalization
of investments, and especially concerns Italy (€709
million) following the completion of a number of BESS
projects, Brazil (€536 million), Spain (€359 million),
Chile (€253 million), North America (€185 million) and
Colombia (€134 million).
Capital expenditure in the End-user Markets Business
Line fell by €167 million and concerned the Enel X
business mainly in Italy, Brazil and North America, part-
ly offset by increased capital expenditure in the Retail
business in Italy and Spain with the digitalization of
customer management operational processes.
Capital expenditure in Thermal Generation and Trad-
ing decreased by €88 million, particularly in Italy.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
172
INTEGRATED ANNUAL REPORT 2024
Performance by primary
segment (Business Line)
and secondary segment
(Geographical Area)
The representation of performance by business line
presented here is based on the approach used by man-
agement in monitoring Group performance for the two
periods under review, taking account of the operational
model adopted as described above.
With regard to disclosures for operating segments, as
management reports on performance by business line,
the Group has therefore adopted the following report-
ing sectors:
• primary segment: business line;
• secondary segment: geographical area.
The business line is therefore the main discriminant
in the analyses performed and decisions taken by the
management of the Enel Group, and is fully consistent
with the internal reporting prepared for these purposes
since the results are measured and evaluated first and
foremost for each business line and only thereafter are
they broken down by geographical area.
In this regard, note that in line with the organizational
simplification process, the figures by secondary seg-
ment (Geographical Area) have been restated to take
into account the scope of responsibility and the con-
sequent performance monitoring system associated
with the “Rest of the World” area consisting of Argenti-
na, Brazil, Chile, Colombia and Central America, United
States and Canada, Mexico, Rest of the World - Other
countries.
Following these changes, the figures for 2023 were ad-
justed for comparative purposes only.
The organization continues to be based on matrix of
business lines (Thermal Generation and Trading, Enel
Green Power, Enel Grids, End-user Markets, Holding
and Services) and geographical areas (Italy, Iberia, Rest
of the World, Central/Holding).
The following chart outlines these organizational ar-
rangements.
REGIONS/
COUNTRIES
THERMAL
GENERATION
TRADING
ENEL GREEN
POWER
ENEL
GRIDS
END-USER
MARKETS
HOLDING
AND
SERVICES
Italy
Iberia
Rest of the World
Argentina
Brazil
Chile
Colombia and
Central America
United States
and Canada
Mexico
Other countries
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
173
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Performance by primary segment (Business Line)
in 2024 and 2023
Results for 2024
Millions of euro
Thermal
Generation
and Trading
Enel
Green
Power
Enel Grids
End-user
Markets
Holding
and
Services
Total
reporting
segment(1)
Eliminations
and
adjustments
Total
Revenue and other income
from third parties
10,355
8,940
20,449
39,215
(12)
78,947
-
78,947
Revenue and other income
from transactions with
other segments
13,921
3,277
2,787
2,646
1,958
24,589
(24,589)
-
Total revenue
24,276
12,217
23,236
41,861
1,946
103,536
(24,589)
78,947
Net results from
commodity contracts
1,673
(22)
-
(1,171)
(3)
477
-
477
Gross operating profit/
(loss)
3,168
6,627
10,080
4,702
(511)
24,066
-
24,066
Depreciation, amortization
and impairment losses
848
2,113
3,085
2,270
256
8,572
-
8,572
Operating profit/(loss)
2,320
4,514
6,995
2,432
(767)
15,494
-
15,494
Capital expenditure
673(2)
3,133(3)
5,868(4)
971(5)
176
10,821
-
10,821
(1)
Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
(2) Does not include €13 million classified as held for sale or discontinued operations.
(3) Does not include €100 million classified as held for sale or discontinued operations, of which €91 million refer to investments in the first five
months of 2024 made by the company 3SUN, which since June 2024 has however been reclassified among “held-for-use” assets and liabilities,
as the conditions that had determined the previous classification pursuant to IFRS 5 no longer apply.
(4) Does not include €62 million classified as held for sale or discontinued operations.
(5) Does not include €14 million classified as held for sale or discontinued operations.
Results for 2023
Millions of euro
Thermal
Generation
and Trading
Enel
Green
Power
Enel Grids
End-user
Markets
Holding
and
Services
Total
reporting
segment(1)
Eliminations
and
adjustments
Total
Revenue and other income
from third parties
20,152
8,459
17,206
49,748
-
95,565
-
95,565
Revenue and other income
from transactions with
other segments
20,038
3,161
3,053
2,371
2,045
30,668
(30,668)
-
Total revenue
40,190
11,620
20,259
52,119
2,045
126,233
(30,668)
95,565
Net results from
commodity contracts
(1,983)
(65)
-
(923)
5
(2,966)
-
(2,966)
Gross operating profit/
(loss)
3,067
5,178
7,461
5,158
(609)
20,255
-
20,255
Depreciation, amortization
and impairment losses
887
3,136
3,035
2,116
249
9,423
-
9,423
Operating profit/(loss)
2,180
2,042
4,426
3,042
(858)
10,832
-
10,832
Capital expenditure
761(2)
5,345(3)
5,280(4)
1,138(5)
190(6)
12,714
-
12,714
(1)
Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
(2) Does not include €14 million classified as held for sale or discontinued operations.
(3) Does not include €565 million classified as held for sale or discontinued operations.
(4) Does not include €233 million classified as held for sale or discontinued operations.
(5) Does not include €34 million classified as held for sale or discontinued operations.
(6) Does not include €3 million classified as held for sale or discontinued operations.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
174
INTEGRATED ANNUAL REPORT 2024
In the table below, ordinary gross operating profit is
shown for the two periods under review, business line
and geographical area.
It should be noted that ordinary gross operating profit
excludes non-recurring items. For a reconciliation with
gross operating profit, please see the section “Group
performance”.
Ordinary gross operating profit
Millions of euro
Thermal Generation and Trading
Enel Green Power
Enel Grids
2024
2023
Change
2024
2023
Change
2024
2023
Change
Italy
1,732
2,718
(986)
2,266
555
1,711
4,023
3,589
434
Iberia
1,491
739
752
999
826
173
1,820
1,668
152
Rest of the
World
19
113
(94)
4,018
4,213
(195)
2,030
2,598
(568)
Argentina
-
5
(5)
18
19
(1)
(1)
(54)
53
Brazil
1
(16)
17
579
549
30
1,308
1,496
(188)
Chile
(41)
50
(91)
1,269
983
286
63
102
(39)
Colombia and
Central America
(16)
(26)
10
685
848
(163)
565
517
48
Colombia
(14)
(23)
9
522
743
(221)
565
517
48
Costa Rica
-
-
-
14
-
14
-
-
-
Guatemala
(1)
(2)
1
36
35
1
-
-
-
Panama
(1)
(1)
-
113
70
43
-
-
-
United States
and Canada
(9)
(60)
51
1,205
749
456
-
-
-
Mexico
5
3
2
92
40
52
-
-
-
Rest of the World
– Other countries
79
157
(78)
170
1,025
(855)
95
537
(442)
Peru
79
153
(74)
96
224
(128)
95
223
(128)
Europe and Africa
-
4
(4)
72
691
(619)
-
314
(314)
Asia and Oceania
-
-
-
2
110
(108)
-
-
-
Other countries
-
-
-
-
-
-
-
-
-
Other
3
24
(21)
(15)
(26)
11
(1)
(4)
3
Total
3,245
3,594
(349)
7,268
5,568
1,700
7,872
7,851
21
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
175
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
End-user Markets
Holding and Services
Total
2024
2023
Change
2024
2023
Change
2024
2023
Change
3,159
4,039
(880)
61
56
5
11,241
10,957
284
1,034
780
254
(5)
39
(44)
5,339
4,052
1,287
474
460
14
(115)
(132)
17
6,426
7,252
(826)
30
5
25
(1)
(5)
4
46
(30)
76
207
220
(13)
(34)
(37)
3
2,061
2,212
(151)
81
75
6
(78)
(89)
11
1,294
1,121
173
152
79
73
-
-
-
1,386
1,418
(32)
152
79
73
-
-
-
1,225
1,316
(91)
-
-
-
-
-
-
14
-
14
-
-
-
-
-
-
35
33
2
-
-
-
-
-
-
112
69
43
(31)
(15)
(16)
(1)
(2)
1
1,164
672
492
7
4
3
-
-
-
104
47
57
28
92
(64)
(1)
1
(2)
371
1,812
(1,441)
22
45
(23)
(1)
(1)
-
291
644
(353)
1
50
(49)
-
2
(2)
73
1,061
(988)
5
(3)
8
-
-
-
7
107
(100)
-
-
-
-
-
-
-
-
-
5
(4)
9
(197)
(282)
85
(205)
(292)
87
4,672
5,275
(603)
(256)
(319)
63
22,801
21,969
832
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
176
INTEGRATED ANNUAL REPORT 2024
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
177
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Thermal Generation and Trading
24.3 GW
NET EFFICIENT
INSTALLED CAPACITY
-5.9% on 2023
58.5 TWh
NET ELECTRICITY
GENERATION
-77.9% from coal-fired plants
on 2023
€3,245 million
ORDINARY GROSS
OPERATING PROFIT
€3,594 million in 2023
Operations
Net electricity generation
Millions of kWh
2024
2023
Change
Coal-fired plants
2,377
10,755
(8,378)
-77.9%
Fuel-oil and turbo-gas plants
5,606
8,021
(2,415)
-30.1%
Combined-cycle plants
26,410
36,705
(10,295)
-28.0%
Nuclear plants
24,152
24,865
(713)
-2.9%
Total net generation
58,545
80,346
(21,801)
-27.1%
- of which Italy
9,441
20,503
(11,062)
-54.0%
- of which Iberia
41,988
46,052
(4,064)
-8.8%
- of which Rest of the World
7,116
13,791
(6,675)
-48.4%
- of which Argentina
-
1,710
(1,710)
-
- of which Chile
4,900
6,198
(1,298)
-20.9%
- of which Colombia and Central America
962
709
253
35.7%
- of which other countries
1,254
5,174
(3,920)
-75.8%
In 2024, thermal generation decreased by 21,801 mil-
lion kWh compared with 2023.
The decrease in generation by coal-fired plants, down
8,378 million kWh, is mainly attributable to Italy, which had
resorted to this technology in the first months of 2023 for
application of the preventive measures put in place by the
Italian government to reduce gas consumption.
The decrease in generation by combined-cycle plants
and by fuel-oil and turbo-gas plants, of 10,295 million
kWh and 2,415 million kWh, respectively, is attributable
to the sale in the 1st Half of 2023 of Enel Generación
Costanera (1,069 million kWh) and Central Dock Sud
(640 million kWh) in Argentina, as well as the different
consolidation period of Enel Generación Perú, sold in
the 2nd Quarter of 2024, with a decrease in genera-
tion of 3,614 million kWh.
The use of these technologies also decreased in Italy
(-3,055 million kWh), Iberia (-2,662 million kWh) and
Chile (-1,298 million kWh).
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
178
INTEGRATED ANNUAL REPORT 2024
Net efficient installed capacity
MW
at Dec. 31, 2024
at Dec. 31, 2023
Change
Coal-fired plants
4,627
4,627
-
-
Fuel-oil and turbo-gas plants
4,766
5,942
(1,176)
-19.8%
Combined-cycle plants
11,622
11,983
(361)
-3.0%
Nuclear plants
3,328
3,328
-
-
Total
24,343
25,880
(1,537)
-5.9%
- of which Italy
10,501
11,145
(644)
-5.8%
- of which Iberia
11,318
11,347
(29)
-0.3%
- of which Rest of the World
2,524
3,388
(864)
-25.5%
- of which Chile
1,979
1,978
1
0.1%
- of which Colombia and Central America
226
226
-
-
- of which other countries
319
1,184
(865)
-73.1%
Net efficient installed capacity for thermal power
plants at December 31, 2024 stood at 24,343 MW, a
decrease of 1,537 MW mainly due to the decommis-
sioning by Enel Produzione of units of Fusina, Termini
Imerese, Porto Empedocle, Porto Ferraio and Montalto
di Castro plants, as well as the sale of Enel Generación
Perú in Latin America.
Performance
Millions of euro
2024
2023
Change
Revenue
24,276
40,190
(15,914)
-39.6%
Gross operating profit/(loss)
3,168
3,067
101
3.3%
Ordinary gross operating profit/(loss)
3,245
3,594
(349)
-9.7%
Operating profit/(loss)
2,320
2,180
140
6.4%
Ordinary operating profit/(loss)
2,397
2,812
(415)
-14.8%
Capital expenditure
673(1)
761(2)
(88)
-11.6%
(1)
Does not include €13 million classified as held for sale or discontinued operations.
(2) Does not include €14 million classified as held for sale or discontinued operations.
The following tables show a breakdown of performance by geographical area in 2024.
Revenue
Millions of euro
2024
2023
Change
Italy
13,775
26,178
(12,403)
-47.4%
Iberia
7,977
11,348
(3,371)
-29.7%
Rest of the World
2,497
2,809
(312)
-11.1%
Argentina
1
7
(6)
-85.7%
Brazil
796
656
140
21.3%
Chile
990
1,335
(345)
-25.8%
Colombia and Central America
353
317
36
11.4%
- of which Colombia
353
317
36
11.4%
United States and Canada
65
158
(93)
-58.9%
Mexico
128
103
25
24.3%
Rest of the World – Other countries
164
233
(69)
-29.6%
- of which Peru
164
233
(69)
-29.6%
Other
76
82
(6)
-7.3%
Eliminations and adjustments
(49)
(227)
178
78.4%
Total
24,276
40,190
(15,914)
-39.6%
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
179
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Revenue for 2024 amount to €24,276 million, a de-
crease of €15,914 million from 2023. This decrease
is mainly attributable to the decrease in energy com-
modity prices and the decline in thermal generation
and in quantities of gas handled.
Ordinary gross operating profit/(loss)
Millions of euro
2024
2023
Change
Italy
1,732
2,718
(986)
-36.3%
Iberia
1,491
739
752
-
Rest of the World
19
113
(94)
-83.2%
Argentina
-
5
(5)
-
Brazil
1
(16)
17
-
Chile
(41)
50
(91)
-
Colombia and Central America
(16)
(26)
10
38.5%
- of which Colombia
(14)
(23)
9
39.1%
- of which Guatemala
(1)
(2)
1
50.0%
- of which Panama
(1)
(1)
-
-
United States and Canada
(9)
(60)
51
85.0%
Mexico
5
3
2
66.7%
Rest of the World – Other countries
79
157
(78)
-49.7%
- of which Peru
79
153
(74)
-48.4%
- of which Europe and Africa
-
4
(4)
-
Other
3
24
(21)
-87.5%
Total
3,245
3,594
(349)
-9.7%
The decrease in the ordinary gross operating profit,
in the amount of €349 million, is mainly attributable to
a general decrease in thermal generation in all geo-
graphical areas against decreasing average prices and
the recognition of a charge of €515 million in the 4th
Quarter in Spain, following the issue of the arbitration
award on the price revision on an Endesa gas supply
contract.
The decrease also reflects an overall effect of about
€68 million from changes in the consolidation scope
mainly linked to the sales of Enel Generación Costan-
era and Central Dock Sud in Argentina and Enel Gen-
eración Perú.
Gross operating profit came to €3,168 million (€3,067
million in 2023), an increase of €101 million compared
with 2023. In particular, the increase reflects both
business trends as commented earlier and changes
in the scope of consolidation, and different contri-
butions from non-recurring items. The latter totaled
a negative €77 million in 2024, from a negative €527
million in 2023.
More specifically, non-recurring items in 2024 include
gains from the sale of generation assets in Peru (€44
million) and charges for the energy transition (€121
million) relating to provisions in Italy pursuant to Arti-
cle 4 of Law 92/2012 and the adjustment to the pro-
vision for the Acuerdo Voluntario de Salida (AVS) plan
in Spain. In 2023, non-recurring items mainly included
the charges for the sale of Enel Generación Costanera
and Central Dock Sud in Argentina (€349 million) and
the charges for the energy transition (€178 million).
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
180
INTEGRATED ANNUAL REPORT 2024
Ordinary operating profit/(loss)
Millions of euro
2024
2023
Change
Italy
1,497
2,562
(1,065)
-41.6%
Iberia
942
217
725
-
Rest of the World
(45)
10
(55)
-
Argentina
-
3
(3)
-
Brazil
-
(16)
16
-
Chile
(62)
16
(78)
-
Colombia and Central America
(37)
(49)
12
24.5%
- of which Colombia
(28)
(40)
12
30.0%
- of which Guatemala
(1)
(1)
-
-
- of which Panama
(8)
(8)
-
-
United States and Canada
(14)
(71)
57
80.3%
Mexico
5
1
4
-
Rest of the World – Other countries
63
126
(63)
-50.0%
- of which Peru
63
122
(59)
-48.4%
- of which Europe and Africa
-
4
(4)
-
Other
3
23
(20)
-87.0%
Total
2,397
2,812
(415)
-14.8%
The decrease in the ordinary operating profit reflects
the factors described in relation to ordinary gross
operating profit taking into account the increase in
depreciation, amortization and impairment losses
of €66 million compared with the previous year.
Operating profit for 2024 came to €2,320 million
(€2,180 million in 2023), an increase of €140 million
taking into account the factors described above in
relation to gross operating profit and the increase
in depreciation, amortization and impairment loss-
es compared with previous financial year.
More specifically, 2023 included impairment losses
concerning certain projects in Spain in the amount
of €91 million.
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
181
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Capital expenditure
Millions of euro
2024
2023
Change
Italy
269
394
(125)
-31.7%
Iberia
314
306
8
2.6%
Rest of the World
90
61
29
47.5%
Brazil
-
1
(1)
-
Chile
76
39
37
94.9%
Colombia and Central America
12
9
3
33.3%
Mexico
1
3
(2)
-66.7%
United States and Canada
1
1
-
-
Rest of the World – Other countries
-
8
(8)
-
Total
673(1)
761(2)
(88)
-11.6%
(1)
Does not include €13 million classified as held for sale or discontinued operations.
(2) Does not include €14 million classified as held for sale or discontinued operations.
Capital expenditure in 2024 decreased by €88 mil-
lion and mainly include the conversion of plants as
part of energy transition projects.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
182
INTEGRATED ANNUAL REPORT 2024
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
183
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Enel Green Power
56.6 GW
NET EFFICIENT INSTALLED CAPACITY
70% of total Group capacity
133.3 TWh
NET ELECTRICITY GENERATION
69.5% of total Group net electricity generation
€7,268 million
ORDINARY GROSS OPERATING PROFIT
€5,568 million in 2023
€3,133 million
CAPITAL EXPENDITURE(1)
29% of total Group capital expenditure
(1)
Does not include €100 million classified as held for sale or discontinued operations, of which €91 million refer to investments in the first five
months of 2024 made by the company 3SUN, which since June 2024 has however been reclassified among “held-for-use” assets and liabilities,
as the conditions that had determined the previous classification pursuant to IFRS 5 no longer apply.
Operations
Net electricity generation
Millions of kWh
2024
2023
Change
Hydroelectric
64,358
60,991
3,367
5.5%
Geothermal
5,500
6,001
(501)
-8.3%
Wind
46,078
45,339
739
1.6%
Solar
17,356
14,613
2,743
18.8%
Other sources
36
42
(6)
-14.3%
Total net generation
133,328
126,986
6,342
5.0%
- of which Italy
25,341
22,098
3,243
14.7%
- of which Iberia
17,792
14,212
3,580
25.2%
- of which Rest of the World
90,195
90,676
(481)
-0.5%
- of which Argentina
2,990
2,750
240
8.7%
- of which Brazil
20,740
17,625
3,115
17.7%
- of which Chile
19,738
17,924
1,814
10.1%
- of which Colombia and Central America
15,672
17,442
(1,770)
-10.1%
- of which United States and Canada
25,252
23,553
1,699
7.2%
- of which Mexico
2,084
2,058
26
1.3%
- of which other countries
3,719
9,324
(5,605)
-60.1%
Net electricity generation in 2024 increased from 2023
due to greater hydroelectric, solar and wind generation.
Hydroelectric generation posted a sharp increase as
a result of greater water availability in Italy (+3,205
million kWh), Spain (+2,577 million kWh), Chile (+1,481
million kWh), Brazil (+766 million kWh) and Argenti-
na (+240 million kWh), partly offset by a decrease in
generation in Colombia and Central America (-2,594
million kWh) and Peru (-2,326 million kWh), the latter
due to the sale of generation assets during the 1st
Half of 2024.
Solar generation increased mainly in the United States
(+1,333 million kWh), Spain (+1,021 million kWh), Co-
lombia (+779 million kWh), Italy (+230 million kWh) and
Brazil (+190 million kWh), partly offset by a decrease in
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
184
INTEGRATED ANNUAL REPORT 2024
generation due to the change in scope in Europe, Peru
and Australia (-912 million kWh).
The most significant changes in wind generation
were seen in Brazil (+2,159 million kWh), the United
States (+560 million kWh), Chile (+366 million MWh)
and Canada (+121 million kWh), partly offset by lower
generation in Italy (-116 million kWh) and the decon-
solidation of certain companies in India (-201 million
kWh), Europe (-1,905 million kWh) and Peru (-244
million kWh).
Net efficient installed capacity
MW
at Dec. 31, 2024
at Dec. 31, 2023
Change
Hydroelectric
27,697
28,340
(643)
-2.3%
Geothermal
860
931
(71)
-7.6%
Wind
15,739
15,853
(114)
-0.7%
Solar
12,306
10,407
1,899
18.2%
Other sources
6
6
-
-
Total net efficient installed capacity
56,608
55,537
1,071
1.9%
- of which Italy
15,081
14,885
196
1.3%
- of which Iberia
10,131
9,899
232
2.3%
- of which Rest of the World
31,396
30,753
643
2.1%
- of which Argentina
1,328
1,329
(1)
-0.1%
- of which Brazil
6,622
5,968
654
11.0%
- of which Chile
6,701
6,466
235
3.6%
- of which Colombia and Central America
4,684
4,518
166
3.7%
- of which United States and Canada
10,164
9,171
993
10.8%
- of which Mexico
1,164
1,164
-
-
- of which other countries
733
2,137
(1,404)
-65.7%
The increase in net efficient installed capacity is main-
ly due to the construction of new solar plants in the
United States, Brazil, Iberia and Italy, mainly offset by a
decrease in hydroelectric capacity, above all reflecting
the sale of assets in Peru, and wind and geothermal
plants, the latter sold in North America.
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
185
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Performance
Millions of euro
2024
2023
Change
Revenue
12,217
11,620
597
5.1%
Gross operating profit/(loss)
6,627
5,178
1,449
28.0%
Ordinary gross operating profit/(loss)
7,268
5,568
1,700
30.5%
Operating profit/(loss)
4,514
2,042
2,472
-
Ordinary operating profit/(loss)
5,534
3,815
1,719
45.1%
Capital expenditure
3,133(1)
5,345(2)
(2,212)
-41.4%
(1)
Does not include €100 million classified as held for sale or discontinued operations, of which €91 million refer to investments in the first five
months of 2024 made by the company 3SUN, which since June 2024 has however been reclassified among “held-for-use” assets and liabilities,
as the conditions that had determined the previous classification pursuant to IFRS 5 no longer apply.
(2) Does not include €565 million classified as held for sale or discontinued operations.
The following tables show a breakdown of performance by geographical area in 2024.
Revenue
Millions of euro
2024
2023
Change
Italy
4,104
3,248
856
26.4%
Iberia
1,420
1,217
203
16.7%
Rest of the World
6,682
7,127
(445)
-6.2%
Argentina
45
28
17
60.7%
Brazil
946
846
100
11.8%
Chile
1,852
2,570
(718)
-27.9%
Colombia and Central America
1,496
1,407
89
6.3%
- of which Colombia
1,179
1,108
71
6.4%
- of which Costa Rica
20
17
3
17.6%
- of which Guatemala
84
81
3
3.7%
- of which Panama
213
201
12
6.0%
United States and Canada
1,803
1,378
425
30.8%
Mexico
242
234
8
3.4%
Rest of the World – Other countries
298
674
(376)
-55.8%
- of which Peru
160
258
(98)
-38.0%
- of which Europe and Africa
124
268
(144)
-53.7%
- of which Asia and Oceania
14
148
(134)
-90.5%
Rest of the World eliminations
-
(10)
10
-
Other
261
299
(38)
-12.7%
Eliminations and adjustments
(250)
(271)
21
7.7%
Total
12,217
11,620
597
5.1%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
186
INTEGRATED ANNUAL REPORT 2024
The increase in revenue is mainly attributable to the
greater volumes of electricity generated and sold in
Italy, Spain and Brazil, as well as higher revenue from
tax partnership agreements (+€451 million) in the Unit-
ed States, attributable to the new Estonian and Stam-
pede solar plants, only partly offset by a decrease in
revenue (€393 million) from asset sales in 2024 com-
pared with the previous year. In particular, revenue in
2024 includes €65 million from the sale of renewable
generation assets in Peru. In 2023, revenue included
gains (totaling €458 million) relating to the sale of cer-
tain plants in Chile (Arcadia project for €195 million)
and, in the context of transactions conducted under
the Stewardship business model, the disposals of net
assets in Australia (€103 million, of which €24 million in
capital gain and €79 million for the remeasurement at
fair value) and in Greece (solely for the remeasurement
at fair value in the amount of €160 million).
Ordinary gross operating profit/(loss)
Millions of euro
2024
2023
Change
Italy
2,266
555
1,711
-
Iberia
999
826
173
20.9%
Rest of the World
4,018
4,213
(195)
-4.6%
Argentina
18
19
(1)
-5.3%
Brazil
579
549
30
5.5%
Chile
1,269
983
286
29.1%
Colombia and Central America
685
848
(163)
-19.2%
- of which Colombia
522
743
(221)
-29.7%
- of which Costa Rica
14
-
14
-
- of which Guatemala
36
35
1
2.9%
- of which Panama
113
70
43
61.4%
United States and Canada
1,205
749
456
60.9%
Mexico
92
40
52
-
Rest of the World – Other countries
170
1,025
(855)
-83.4%
- of which Peru
96
224
(128)
-57.1%
- of which Europe and Africa
72
691
(619)
-89.6%
- of which Asia and Oceania
2
110
(108)
-98.2%
Other
(15)
(26)
11
42.3%
Total
7,268
5,568
1,700
30.5%
The increase in ordinary gross operating profit in 2024
is mainly attributable to the increase in renewable en-
ergy, in Italy (+€1,711 million), particularly hydroelectric
and solar generation (+3,4 TW), the recognition of the
clawback in Italy in 2023 (€357 million), as well gains
from tax partnership agreements in the United States
(+€451 million). These positive impacts were only partly
offset by the recognition of higher fixed water deriva-
tion fees in Italy, and the recognition in 2023 of the
gains from the partial sales with loss of control of the
assets under the Stewardship business model in Aus-
tralia (€103 million) and in Greece (€422 million, includ-
ing a capital gain of €262 million and the remeasure-
ment at fair value of €160 million).
The change in ordinary gross operating profit also re-
flects changes in the consolidation scope due to the
sale of assets in Australia, Romania, Greece and Chile
(Arcadia solar plant) in 2023 and of a number of geo-
thermal plants in the United States and assets held in
Peru in the 1st Half of 2024. The impact of these chang-
es in the consolidation scope is equal to €961 million.
Gross operating profit of €6,627 million (€5,178 in
2023) increased by €1,449 million and includes the
factors described in relation to ordinary gross oper-
ating profit as well as the recognition in the 1st Half of
2024 of gains from the sale of renewable generation
assets in Peru, in the amount of €65 million. These im-
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
187
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
pacts were partly offset by the negative effect relating
to the release of the reserve for exchange rate hedg-
ing operations in Chile (€607 million) following the
change in functional currency from Chilean peso to
US dollar, charges for the implementation by manage-
ment of specific energy transition restructuring plans
in Italy (€41 million) and costs associated with value
adjustments of some projects under development
for €58 million. In 2023, the gross operating profit in-
cluded the recognition of gains on the sale of certain
plants in Chile (€195 million), a loss on the sale of the El
Chocón generator sets in Argentina (€14 million), and
the charges related to the disposal of certain assets in
the United States in the amount of €60 million, as well
as a capital gain of €262 million on the sale in Greece
of assets classified under discontinued operations.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
188
INTEGRATED ANNUAL REPORT 2024
Ordinary operating profit/(loss)
Millions of euro
2024
2023
Change
Italy
1,896
200
1,696
-
Iberia
686
519
167
32.2%
Rest of the World
2,985
3,171
(186)
-5.9%
Argentina
12
16
(4)
-25.0%
Brazil
398
394
4
1.0%
Chile
1,054
783
271
34.6%
Colombia and Central America
572
762
(190)
-24.9%
- of which Colombia
458
693
(235)
-33.9%
- of which Costa Rica
7
(7)
14
-
- of which Guatemala
14
24
(10)
-41.7%
- of which Panama
93
52
41
78.8%
United States and Canada
771
308
463
-
Mexico
54
14
40
-
Rest of the World – Other countries
124
894
(770)
-86.1%
- of which Peru
85
190
(105)
-55.3%
- of which Europe and Africa
42
605
(563)
-93.1%
- of which Asia and Oceania
(3)
99
(102)
-
Other
(33)
(75)
42
56.0%
Total
5,534
3,815
1,719
45.1%
Ordinary operating profit for 2024, up by €1,719 mil-
lion from 2023, is basically consistent with the im-
provement in operating performance.
Operating profit for 2024 came to €4,514 million
(€2,042 million in 2023), an increase of €2,472 million
mainly due to the same factors commented for the
gross operating profit as well as higher impairment
losses recognized in 2023 (€1,465 million in 2023,
compared with €437 million in 2024). In particular, im-
pairment losses recognized in 2024 relate to certain
renewable energy projects in Spain, Chile, Colombia,
the United States, Brazil and Italy for a total €276 mil-
lion, and impairment losses of wind and photovoltaic
plants in Italy and the United States, for €81 million.
The operating profit for 2024 also reflects the impair-
ment losses on net assets in India (€22 million) at their
presumed realizable value taking into account their
reclassification as assets held for sale.
In 2023 the operating profit included impairment loss-
es on certain US assets (€1,268 million) recognized
to take account of a deterioration in the outlook of
certain reference markets that gradually emerged
throughout 2023, accompanied by a deterioration in
the general macroeconomic environment, as well as
the launch and implementation by management of
specific restructuring plans in the region. An impair-
ment loss was also recognized for the Windpeshi pro-
ject in Colombia (€171 million) at its presumed realiza-
ble value, as it was classified as held for sale. This last
project underwent further impairment in the amount
of €46 million in 2024, to take into account ongoing
negotiations within the same sale process.
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
189
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Capital expenditure
Millions of euro
2024
2023
Change
Italy
936
1,645
(709)
-43.1%
Iberia
423
782
(359)
-45.9%
Rest of the World
1,761
2,899
(1,138)
-39.3%
Brazil
409
945
(536)
-56.7%
Chile
328
581
(253)
-43.5%
Colombia and Central America
178
335
(157)
-46.9%
Mexico
26
21
5
23.8%
United States and Canada
817
1,002
(185)
-18.5%
Rest of the World – Other countries
3
15
(12)
-80.0%
- of which Peru
-
5
(5)
-
- of which Europe and Africa
1
3
(2)
-66.7%
- of which Asia and Oceania
2
7
(5)
-71.4%
Other
13
19
(6)
-31.6%
Total
3,133(1)
5,345(2)
(2,212)
-41.4%
(1)
Does not include €100 million classified as held for sale or discontinued operations, of which €91 million refer to investments in the first five
months of 2024 made by the company 3SUN, which since June 2024 has however been reclassified among “held-for-use” assets and liabilities,
as the conditions that had determined the previous classification pursuant to IFRS 5 no longer apply.
(2) Does not include €565 million classified as held for sale or discontinued operations.
Capital expenditure in 2024 decreased by €2,212 mil-
lion compared with the previous year. More specifical-
ly, the change was attributable to:
• lower capital expenditure in the Rest of the World, and
specifically in wind and solar plants in Brazil and solar
plants in Chile, Colombia and the United States, reflect-
ing a rationalization strategy in investment allocation;
• the effective completion of certain projects in Bat-
tery Energy Storage Systems (BESS) in Italy;
• lower capital expenditure in solar farms in Spain.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
190
INTEGRATED ANNUAL REPORT 2024
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
191
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Enel Grids
481.2 TWh
ELECTRICITY TRANSPORTED
ON ENEL´S DISTRIBUTION
GRID
489.4 TWh in 2023
€7,872 million
ORDINARY GROSS
OPERATING PROFIT
€7,851 million in 2023
€5,868 million
CAPITAL EXPENDITURE(1)
54.2% of total Group capital
expenditure
(1)
Does not include €62 million classified as held for sale or discontinued operations and relating to assets in Peru until completion of the sale.
Operations
Electricity distribution and transmission grid
Millions of kWh
2024
2023
Change
Electricity transported on Enel’s distribution grid
481,212
489,384
(8,172)
-1.7%
- of which Italy
217,363
214,059
3,304
1.5%
- of which Iberia(1)
138,580
136,533
2,047
1.5%
- of which Rest of the World
125,269
138,792
(13,523)
-9.7%
- of which Argentina
17,551
18,060
(509)
-2.8%
- of which Brazil
73,942
70,094
3,848
5.5%
- of which Chile
14,648
14,249
399
2.8%
- of which Colombia and Central America
15,420
15,257
163
1.1%
- of which other countries
3,708
21,132
(17,424)
-82.5%
End users with active smart meters (no.)
45,181,536
45,172,959
8,577
-
(1)
The figure for 2023 has been restated.
In 2024, electricity transported on the grid decreased
(-1.7%), mainly due to the sale in October 2023 of all
the investments held by the Enel Group in Romania as
well as the sale of distribution assets held in Peru in
the 1st Half of 2024.
These impacts were offset by an increase in power
transported in Italy, Spain and Latin America, primarily
Brazil, partly as a result of weather conditions in the
early months of 2024.
Average frequency of interruptions per customer
at Dec. 31, 2024
at Dec. 31, 2023
Change
SAIFI (average no.)
Italy
1.8
1.7
0.1
5.9%
Iberia
1.0
1.2
(0.2)
-16.7%
Argentina
8.1
7.9
0.2
2.5%
Brazil
3.7
3.7
-
-
Chile
1.4
1.2
0.2
16.7%
Colombia
4.8
4.6
0.2
4.3%
Peru
1.6
2.7
(1.1)
-40.7%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
192
INTEGRATED ANNUAL REPORT 2024
Average duration of interruptions by customer
at Dec. 31, 2024
at Dec. 31, 2023(1)
Change
SAIDI (average minutes)
Italy
48.0
45.7
2.3
5.0%
Iberia
55.6
62.9
(7.3)
-11.6%
Argentina
982.0
1,165.3
(183.3)
-15.7%
Brazil
461.7
465.0
(3.3)
-0.7%
Chile
178.3
120.7
57.6
47.7%
Colombia
394.9
351.9
43.0
12.2%
Peru
403.9
635.0
(231.1)
-36.4%
(1)
The figure at December 31, 2023 has been restated.
As shown in the tables above, service quality level did
not change significantly, with the exception of the im-
provement in the SAIDI indicator in Argentina which
remains high due to multiple particularly adverse
weather events.
Grid losses
at Dec. 31, 2024
at Dec. 31, 2023
Change
Grid losses (average %)
Italy
4.7
4.7
-
-
Iberia
6.4
6.8
(0.4)
-5.9%
Argentina
17.2
16.8
0.4
2.4%
Brazil
13.3
13.1
0.2
1.5%
Chile
-
5.3
(5.3)
-
Colombia
7.5
7.5
-
-
Peru
8.7
8.7
-
-
Performance
Millions of euro
2024
2023
Change
Revenue
23,236
20,259
2,977
14.7%
Gross operating profit/(loss)
10,080
7,461
2,619
35.1%
Ordinary gross operating profit/(loss)
7,872
7,851
21
0.3%
Operating profit/(loss)
6,995
4,426
2,569
58.0%
Ordinary operating profit/(loss)
4,787
4,743
44
0.9%
Capital expenditure
5,868(1)
5,280(2)
588
11.1%
(1)
Does not include €62 million classified as held for sale or discontinued operations and relating to assets in Peru until completion of the sale.
(2) Does not include €233 million classified as held for sale or discontinued operations and relating to assets in Romania and Peru.
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
193
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
The following tables show a breakdown of performance by geographical area in 2024.
Revenue
Millions of euro
2024
2023
Change
Italy
9,281
7,610
1,671
22.0%
Iberia
2,561
2,379
182
7.7%
Rest of the World
11,363
10,228
1,135
11.1%
Argentina
1,301
560
741
-
Brazil
6,102
6,321
(219)
-3.5%
Chile
1,542
1,590
(48)
-3.0%
Colombia and Central America
892
823
69
8.4%
- of which Colombia
892
823
69
8.4%
Rest of the World – Other countries
1,526
934
592
63.4%
- of which Peru
1,526
933
593
63.6%
- of which Europe and Africa
-
1
(1)
-
Other
365
402
(37)
-9.2%
Eliminations and adjustments
(334)
(360)
26
7.2%
Total
23,236
20,259
2,977
14.7%
The increase in revenue reflects the increase in vol-
umes of distributed electricity and rate adjustments for
2024 in Italy, as provided for by the Resolution of the
Regulatory Authority for Energy, Networks and the En-
vironment (ARERA) no. 630/2023 published in Decem-
ber 2023, and the recognition of the incentives on the
quality of service relating to previous years as well as
to greater quantities of electricity distributed in Spain.
These positive effects were partly offset by a decrease
in revenue in Brazil due to the recognition, in 2023, of
€99 million for the end-of-concession indemnity by
Enel CIEN and the downward rate adjustments, as well
as differences in consolidation periods of the assets
sold in Peru.
Revenue in 2024 include gains on the sale of distribu-
tion assets in Peru (€1,135 million) and in a number of
municipalities in the provinces of Milan and Brescia in
Italy (€989 million).
Ordinary gross operating profit/(loss)
Millions of euro
2024
2023
Change
Italy
4,023
3,589
434
12.1%
Iberia
1,820
1,668
152
9.1%
Rest of the World
2,030
2,598
(568)
-21.9%
Argentina
(1)
(54)
53
98.1%
Brazil
1,308
1,496
(188)
-12.6%
Chile
63
102
(39)
-38.2%
Colombia and Central America
565
517
48
9.3%
- of which Colombia
565
517
48
9.3%
Rest of the World – Other countries
95
537
(442)
-82.3%
- of which Peru
95
223
(128)
-57.4%
- of which Europe and Africa
-
314
(314)
-
Other
(1)
(4)
3
75.0%
Total
7,872
7,851
21
0.3%
Ordinary gross operating profit increased by €21
million, reflecting changes in the contribution of
assets in Romania and Peru, being sold in the 4th
Quarter of 2023 and the 2nd Quarter of 2024, re-
spectively, and the recognition in 2023 of the
end-of-concession indemnity received by Enel CIEN
in Brazil. Net of these effects, the ordinary gross
operating profit of distribution assets increased by
€575 million, reflecting both the rate adjustments
commented earlier, and the recognition of incen-
tives on the quality of service relating to previous
years in Spain.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
194
INTEGRATED ANNUAL REPORT 2024
Gross operating profit came to €10,080 million
(€7,461 million in 2023), an increase of €2,619 mil-
lion mainly reflecting, in addition to the factors com-
mented earlier, the recognition of gains on the sale
of distribution assets in Peru, in the amount of €1,135
million, and in a number of municipalities in the prov-
inces of Milan and Brescia in Italy, in the amount of
€989 million.
Ordinary operating profit/(loss)
Millions of euro
2024
2023
Change
Italy
2,570
2,139
431
20.1%
Iberia
1,043
872
171
19.6%
Rest of the World
1,177
1,738
(561)
-32.3%
Argentina
(144)
(109)
(35)
-32.1%
Brazil
791
980
(189)
-19.3%
Chile
12
51
(39)
-76.5%
Colombia and Central America
457
424
33
7.8%
- of which Colombia
457
424
33
7.8%
Rest of the World – Other countries
61
392
(331)
-84.4%
- of which Peru
61
150
(89)
-59.3%
- of which Europe and Africa
-
242
(242)
-
Other
(3)
(6)
3
50.0%
Total
4,787
4,743
44
0.9%
The increase in ordinary operating profit for 2024
essentially reflects the factors described in relation
to ordinary gross operating profit, as well as the low-
er amortization, depreciation and impairment recog-
nized in 2024 mainly in Spain.
Operating profit came to €6,995 million in 2024
(€4,426 million in 2023), an increase of €2,569 million
essentially reflecting the improved performance of or-
dinary operations and the gains on sales commented
earlier.
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
195
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Capital expenditure
Millions of euro
2024
2023
Change
Italy
3,530
3,084
446
14.5%
Iberia
901
885
16
1.8%
Rest of the World
1,437
1,287
150
11.7%
Argentina
179
103
76
73.8%
Brazil
868
814
54
6.6%
Chile
120
111
9
8.1%
Colombia and Central America
270
238
32
13.4%
Rest of the World – Other countries
-
21
(21)
-
- of which Peru
-
21
(21)
-
Other
-
24
(24)
-
Total
5,868(1)
5,280(2)
588
11.1%
(1)
Does not include €62 million classified as held for sale or discontinued operations and relating to assets in Peru until completion of the sale.
(2) Does not include €233 million classified as held for sale or discontinued operations and relating to assets in Peru and Romania.
The Group made significant investments in net-
works in 2024, showing ongoing commitment to
increasing operational efficiency and infrastruc-
ture resilience.
These investments are a key component of the long-
term strategy aimed at ensuring service continu-
ity and reliability, as well as addressing challenges
from the evolution of the energy market and climate
change.
More specifically, capital expenditure in distribution
assets increased by €588 million, of which €446 mil-
lion in Italy in line with the assumptions of the plan. In
absolute terms, in addition to Italy, capital expenditure
in Spain and Brazil amounted to €1,769 million.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
196
INTEGRATED ANNUAL REPORT 2024
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
197
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
End-user Markets
273.5 TWh
ELECTRICITY
SALES
300.9 TWh in 2023
€4,672 million
ORDINARY GROSS
OPERATING PROFIT
€5,275 million in 2023
55.5 million
RETAIL CUSTOMERS
of which 23.7 million in the free
market
Operations
Electricity sales
Millions of kWh
2024
2023
Change
Free market
174,715
194,541
(19,826)
-10.2%
Regulated market
98,834
106,313
(7,479)
-7.0%
Total
273,549
300,854
(27,305)
-9.1%
- of which Italy
73,746
87,239
(13,493)
-15.5%
- of which Iberia
74,375
77,689
(3,314)
-4.3%
- of which Rest of the World
125,428
135,926
(10,498)
-7.7%
- of which Argentina
14,350
14,872
(522)
-3.5%
- of which Brazil
66,679
63,404
3,275
5.2%
- of which Chile
25,105
24,754
351
1.4%
- of which Colombia and Central America
14,459
14,059
400
2.8%
- of which other countries
4,835
18,837
(14,002)
-74.3%
26. Excluding “vulnerable” customers.
The lower volumes of electricity sold in 2024 com-
pared with the previous year are concentrated on
both the regulated and free markets. In particular, with
regard to the free market, the decrease was in both
the business-to-business (B2B) and business-to-con-
sumer (B2C) customer segments, mainly in Italy and
Spain. Sales in the free market increased in the coun-
tries in Latin America. The decrease in the regulated
market of quantities sold affected the B2B segment
mainly in Brazil, while in Italy the decrease reflected the
elimination of the enhanced protection market from
July 1, 2024.26 The decrease in other countries reflects
the sale of assets in Romania and Peru.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
198
INTEGRATED ANNUAL REPORT 2024
Natural gas sales
Millions of m3
2024
2023
Change
Business to consumer
3,116
3,502
(386)
-11.0%
Business to business
3,938
4,822
(884)
-18.3%
Total
7,054
8,324
(1,270)
-15.3%
- of which Italy
3,427
4,149
(722)
-17.4%
- of which Iberia
3,372
3,802
(430)
-11.3%
- of which Rest of the World
255
373
(118)
-31.6%
- of which Chile
191
106
85
80.2%
- of which Colombia and Central America
64
79
(15)
-19.0%
- of which other countries
-
188
(188)
-
The decrease in the volume of gas sold in 2024 mainly
came in Italy and Spain. Both the B2B and B2C cus-
tomer segments showed lower sales volumes com-
pared with 2023.
Demand response, storage and lighting points
2024
2023
Change
Demand response (MW)
9,250
9,588
(338)
-3.5%
Lighting points (thousands)
2,908
3,259
(351)
-10.8%
Public charging points (no.)(1)
27,494
24,281
3,213
13.2%
Storage (MW)
2,858
1,730
1,128
65.2%
(1)
If the figures included charging points operated through joint ventures, the totals would amount to 28,809 at December 31, 2024 and 25,337
at December 31, 2023.
Demand response capacity in 2024 amounted to 9,250
MW, decreasing by 338 MW compared with 2023,
mainly in Italy (-189 MW), Spain (-104 MW) and Rest of
the World (-45 MW).
Storage capacity came to 2,858 MW, an increase of
1,128 MW, mainly reflecting the installation of new bat-
teries at energy plants with BESS technology (+1,231
MW). The increase mainly regarded Italy (+983 MW),
Chile (+168 MW) and North America (+115 MW), partly
offset by a decrease in meter-related storage.
Lighting points, which concern the implementation of
intelligent and energy-saving public lighting, decreased,
mainly in Peru, following the sale of assets. The decrease
was only partly offset by the increase in Brazil and Italy.
Performance
Millions of euro
2024
2023
Change
Revenue
41,861
52,119
(10,258)
-19.7%
Gross operating profit/(loss)
4,702
5,158
(456)
-8.8%
Ordinary gross operating profit/(loss)
4,672
5,275
(603)
-11.4%
Operating profit/(loss)
2,432
3,042
(610)
-20.1%
Ordinary operating profit/(loss)
2,555
3,241
(686)
-21.2%
Capital expenditure
971(1)
1,138(2)
(167)
-14.7%
(1)
Does not include €14 million classified as held for sale or discontinued operations.
(2) Does not include €34 million classified as held for sale or discontinued operations.
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
199
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
The following tables show a breakdown of performance by geographical area in 2024.
Revenue
Millions of euro
2024
2023
Change
Italy
22,869
28,717
(5,848)
-20.4%
Iberia
16,467
20,747
(4,280)
-20.6%
Rest of the World
2,458
2,644
(186)
-7.0%
Argentina
7
5
2
40.0%
Brazil
505
545
(40)
-7.3%
Chile
199
197
2
1.0%
Colombia and Central America
1,145
1,040
105
10.1%
- of which Colombia
1,145
1,040
105
10.1%
United States and Canada
149
321
(172)
-53.6%
Mexico
21
10
11
-
Rest of the World – Other countries
438
530
(92)
-17.4%
- of which Peru
242
370
(128)
-34.6%
- of which Europe and Africa
77
76
1
1.3%
- of which Asia and Oceania
121
84
37
44.0%
- of which eliminations
(2)
-
(2)
-
Rest of the World eliminations
(6)
(4)
(2)
-50.0%
Other
239
212
27
12.7%
Eliminations and adjustments
(172)
(201)
29
14.4%
Total
41,861
52,119
(10,258)
-19.7%
Revenue for 2024 decreased by 19.7%, mainly due
to both a decline in revenue from electricity and gas
sales, and decreasing average sales prices, mainly in
Italy and Spain, in line with European market develop-
ments. Revenue also decreased in Enel X, in Italy and
North America, and in Mobility, mainly in Italy, North
America, Spain and Brazil.
Ordinary gross operating profit/(loss)
Millions of euro
2024
2023
Change
Italy
3,159
4,039
(880)
-21.8%
Iberia
1,034
780
254
32.6%
Rest of the World
474
460
14
3.0%
Argentina
30
5
25
-
Brazil
207
220
(13)
-5.9%
Chile
81
75
6
8.0%
Colombia and Central America
152
79
73
92.4%
- of which Colombia
152
79
73
92.4%
United States and Canada
(31)
(15)
(16)
-
Mexico
7
4
3
75.0%
Rest of the World – Other countries
28
92
(64)
-69.6%
- of which Peru
22
45
(23)
-51.1%
- of which Europe and Africa
1
50
(49)
-98.0%
- of which Asia and Oceania
5
(3)
8
-
Other
5
(4)
9
-
Total
4,672
5,275
(603)
-11.4%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
200
INTEGRATED ANNUAL REPORT 2024
Ordinary gross operating profit for 2024 came to
€4,672 million, a decrease of €603 million (-11.4%)
compared with 2023. The decrease is mainly attribut-
able to Italy, reflecting a decline in electricity and gas
sales volumes and re-pricing to end users activities.
This is consistent with a market characterized by lower
electricity prices and modification of contract terms
for gas, taking due account of adjustments concerning
2023. The decrease was only partly offset by a recovery
of margins on the free market in Spain, mainly due to
the reduction in provisioning costs, and the improved
performance in Latin America, mainly in Colombia and
Chile connected to higher volumes of electricity sales.
Ordinary gross operating profit in 2024 also reflects
changes in the scope of consolidation following sales
of assets in Romania in 2023 and assets held in Peru
and of a number of companies in the United States in
2024. Net of the effects of changes in the consolidation
scope, the ordinary gross operating profit decreased by
€503 million.
Gross operating profit came to €4,702 million
(€5,158 million in 2023), a decrease of €456 million,
essentially attributable to the decrease in ordinary
profit partly offset by the recognition in 2024 of
gains resulting from the sale of assets in Peru (€103
million), net of charges connected with energy tran-
sition and the elimination of the enhanced protec-
tion market (€51 million), relating to the provision
provided for by Article 4 of Law 92/2012 in Italy and
the adjustment to the provision for the Acuerdo
Voluntario de Salida (AVS) plan in Spain, and the
recognition of charges connected with the assets
of Enel X Way in the United States (€20 million). In
2023, the gross operating profit did not take into
account the performance of discontinued opera-
tions, essentially related to Romanian companies
(€59 million), and the charges related to the energy
transition and digitalization relating to the adjust-
ment to the provision for the AVS plan in Spain (€58
million).
Ordinary operating profit/(loss)
Millions of euro
2024
2023
Change
Italy
1,953
2,987
(1,034)
-34.6%
Iberia
536
268
268
-
Rest of the World
122
74
48
64.9%
Argentina
(12)
(5)
(7)
-
Brazil
14
10
4
40.0%
Chile
59
57
2
3.5%
Colombia and Central America
104
44
60
-
- of which Colombia
104
44
60
-
United States and Canada
(61)
(57)
(4)
-7.0%
Mexico
7
4
3
75.0%
Rest of the World – Other countries
11
21
(10)
-47.6%
- of which Peru
14
26
(12)
-46.2%
- of which Europe and Africa
(2)
4
(6)
-
- of which Asia and Oceania
(1)
(9)
8
88.9%
Other
(56)
(88)
32
36.4%
Total
2,555
3,241
(686)
-21.2%
The change in the ordinary operating profit reflects
the factors noted above in relation to ordinary gross
operating profit, taking into account greater depre-
ciation and amortization (€2,117 million in 2024 from
€2,034 million in 2023), essentially attributable to the
amortization of customer acquisition costs mainly in
Spain.
Operating profit for 2024, in the amount of €2,432
million (€3,042 million in 2023), reflects the factors
noted above in relation to gross operating profit, as
well as the greater depreciation, amortization and im-
pairment losses of €154 million, including the impair-
ment losses on software platforms in Italy, in 2024, and
in the United States, in 2023.
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
201
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Capital expenditure
Millions of euro
2024
2023
Change
Italy
549
566
(17)
-3.0%
Iberia
324
311
13
4.2%
Rest of the World
48
164
(116)
-70.7%
Brazil
7
50
(43)
-86.0%
Chile
4
6
(2)
-33.3%
Colombia and Central America
18
23
(5)
-21.7%
Mexico
-
1
(1)
-
United States and Canada
16
68
(52)
-76.5%
Rest of the World – Other countries
3
16
(13)
-81.3%
- of which Peru
-
5
(5)
-
- of which Europe and Africa
-
2
(2)
-
- of which Asia and Oceania
3
9
(6)
-66.7%
Other
50
97
(47)
-48.5%
Total
971(1)
1,138(2)
(167)
-14.7%
(1)
Does not include €14 million classified as held for sale or discontinued operations.
(2) Does not include €34 million classified as held for sale or discontinued operations.
Capital expenditure decreased by €167 million, par-
ticularly in the Enel X segment in Italy, Brazil and the
United States, partly offset by the increase in the Re-
tail segment in Italy and Spain, with the digitalization
of customer management processes.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
202
INTEGRATED ANNUAL REPORT 2024
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
203
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Holding and Services
Performance
Millions of euro
2024
2023
Change
Revenue
1,946
2,045
(99)
-4.8%
Gross operating profit/(loss)
(511)
(609)
98
16.1%
Ordinary gross operating profit/(loss)
(256)
(319)
63
19.7%
Operating profit/(loss)
(767)
(858)
91
10.6%
Ordinary operating profit/(loss)
(512)
(569)
57
10.0%
Capital expenditure
176
190(1)
(14)
-7.4%
(1)
Does not include €3 million classified as held for sale or discontinued operations.
The following tables show a breakdown of perfor-
mance by geographical area in 2024. “Other” reports
the performance of the Parent of the Group and other
companies providing global services.
Revenue
Millions of euro
2024
2023
Change
Italy
769
734
35
4.8%
Iberia
405
501
(96)
-19.2%
Rest of the World
(11)
-
(11)
-
Brazil
1
2
(1)
-50.0%
Chile
(6)
8
(14)
-
United States and Canada
1
1
-
-
Rest of the World eliminations
(7)
(11)
4
36.4%
Other
988
1,028
(40)
-3.9%
Eliminations and adjustments
(205)
(218)
13
6.0%
Total
1,946
2,045
(99)
-4.8%
Revenue for 2024 decreased by €99 million compared with 2023, mainly due to the decrease in support services
provided to the other companies of the Group.
Ordinary gross operating profit/(loss)
Millions of euro
2024
2023
Change
Italy
61
56
5
8.9%
Iberia
(5)
39
(44)
-
Rest of the World
(115)
(132)
17
12.9%
Argentina
(1)
(5)
4
80.0%
Brazil
(34)
(37)
3
8.1%
Chile
(78)
(89)
11
12.4%
United States and Canada
(1)
(2)
1
50.0%
Rest of the World – Other countries
(1)
1
(2)
-
- of which Peru
(1)
(1)
-
-
- of which Europe and Africa
-
2
(2)
-
Other
(197)
(282)
85
30.1%
Total
(256)
(319)
63
19.7%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Performance by primary segment (Business Line) and secondary segment (Geographical Area)
204
INTEGRATED ANNUAL REPORT 2024
The decrease in the ordinary gross operating loss in
2024 is mainly attributable to the decrease in costs
for IT services, only partially offset by the decrease
in revenue commented above. In 2023 the perfor-
mance reflected an increase in provisions for risks
and charges set aside by Enel Insurance (now Enel
Reinsurance) following requests related to adverse
weather conditions.
Gross operating loss for 2024 decreases by €98 mil-
lion compared with 2023 due to the improvement of
the ordinary performance and reflects the extraordi-
nary solidarity levy in Spain, in the amount of €138
million (€208 million in 2023), and charges for the en-
ergy transition in Italy and Spain, totaling €103 million
(€81 million in 2023).
Ordinary operating profit/(loss)
Millions of euro
2024
2023
Change
Italy
(6)
(12)
6
50.0%
Iberia
(45)
(5)
(40)
-
Rest of the World
(127)
(143)
16
11.2%
Argentina
(1)
(5)
4
80.0%
Brazil
(40)
(42)
2
4.8%
Chile
(84)
(93)
9
9.7%
United States and Canada
(1)
(2)
1
50.0%
Rest of the World – Other countries
(1)
(1)
-
-
- of which Peru
(1)
(2)
1
50.0%
- of which Europe and Africa
-
1
(1)
-
Other
(334)
(409)
75
18.3%
Total
(512)
(569)
57
10.0%
Ordinary operating loss for 2024 is essentially in line
with the decrease in the ordinary gross operating loss.
The operating loss for 2024 reflects the factors de-
scribed in relation to the gross operating loss, as well
as higher depreciation, amortization and impairment
in the amount of €7 million.
Capital expenditure
Millions of euro
2024
2023
Change
Italy
47
74
(27)
-36.5%
Iberia
17
21
(4)
-19.0%
Rest of the World
14
8
6
75.0%
Brazil
2
1
1
-
Chile
12
7
5
71.4%
Other
98
87
11
12.6%
Total
176
190(1)
(14)
-7.4%
(1)
Does not include €3 million classified as held for sale or discontinued operations.
The decrease in capital expenditure in 2024 is mainly attributable to higher costs incurred in 2023 for the redevel-
opment of the Group headquarters in Italy.
Intangibles
205
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Intangibles
Innovation
67
Proofs of Concept launched
to test innovative solutions
21
solutions in scale-up
phase in the business
€46.8 million
technological innovation investment
The Group’s innovation model leverages several tools
to find new solutions to business needs, that allow to
involve an extended ecosystem of industrial partners,
large companies, small and medium-sized enterpris-
es, research centers, universities, entrepreneurs and
startups in the innovation process.
The main channels include the www.openinnovability.
enel.com crowdsourcing platform for innovative solu-
tions, and the global network of Innovation Hubs, lo-
cated in the innovation ecosystems most relevant for
the Group, such as Europe and the United States, and
which provide the main source of scouting for innova-
tive solutions.
Enel provides participating companies with skills,
structures for the technical and economic valida-
tion of new solutions in an industrial environment as
well as a global network of partners to support their
development and possible scale-up. Furthermore,
through co-development with suppliers, the Group
aims to quickly and effectively implement innovative
solutions at the pre-commercial development level
and leverages existing skills and the customization
and transfer of solutions already used in other pro-
duction sectors.
The Enel Group adopted the ISO 56002 standard for
innovation management; the standard covers all as-
pects of innovation management, from the birth of an
idea to its implementation on a global scale. In 2024,
the UNI/PdR 155 practice “Management of sustainable
innovation – Guidelines for the management of sus-
tainable innovation processes in companies through
open innovation” was issued in collaboration with UNI.
The document, of a pre-regulatory nature, aims to of-
fer a practical support to entities wanting to address
the organizational and production changes required
to implement an effective internal process of sustain-
able innovation management.
Initiatives launched to promote the culture of innova-
tion within the Group in 2024 include internal webi-
nar cycles with the involvement of external research
centers and universities and the launch of new in-
novation communities on relevant technological
topics; these are informal working groups in which
colleagues participate spontaneously with the aim of
sharing experiences and knowledge, proposing solu-
tions, overseeing developments in the internal and
external ecosystem.
In 2024, the innovation project portfolio was simpli-
fied and constantly aligned with both the strategic di-
rections and business priorities in the various areas,
through a careful process of selection and allocation
of resources to the best initiatives in terms of value
generation, sustainability and scalability, focusing on
the development, digitalization and resilience of net-
works, flexibility, new technologies for renewable gen-
eration and models to enable new services, innovative
systems for energy storage, solutions to support safe-
ty, development of digital solutions based on artifi-
cial intelligence to improve operational efficiency and
profitability, solutions for customer electrification, new
processes and tools to engage customers and innova-
tive offer models.
During 2024, 67 Proofs of Concept were launched to
test new solutions, while 21 innovative solutions were
identified by the business to be implemented on a
large scale.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Intangibles
206
INTEGRATED ANNUAL REPORT 2024
Intellectual property
Enel’s intellectual property portfolio (also referred to
below as “IP”) includes a body of information function-
al to sustainable growth, generated within an open
innovation ecosystem that finds protection and valor-
ization in IP regulation.
In 2024, Enel consolidated and further streamlined
the processes for managing the generation and ex-
ploitation of intellectual property rights within the In-
tellectual Property Management organizational pro-
cedure, which looks at human capital as an essential
element in the creation of IP and aims to encourage
employee participation in the creative process, mak-
ing them responsible for the strategic importance of
all inventions.
In parallel, Enel progressed in the design of digital pro-
cesses for the management of intellectual property
rights provided for by the aforementioned organiza-
tional procedures. The use of proprietary digital tools,
in line with Enel’s specific needs, allows for the ration-
alization of IP titles based on business strategies, re-
porting and constant monitoring of both the status of
the Group’s entire IP portfolio and the codification of
intellectual property rights which originate from inven-
tions developed within Enel’s innovative ecosystem,
thus increasing the transparency of procedures and
the reliability of internal processes.
At December 31, 2024, the Group owned 503 patents
for industrial inventions, 265 of which are granted ti-
tles, belonging to 183 patent families, 17 utility models
and 184 design registrations.
In addition to patents, utility models and designs, IP
rights also include copyright, sui generis rights on da-
tabases and know-how.
As regards trademarks, the Group holds 1,831 regis-
trations, 1,709 of which have already been granted.
Digitalization
Digital transformation is one of the strategic pillars for
achieving environmental, social and governance sus-
tainability objectives. Digital technology plays a central
role in reducing environmental impacts and creating
shared value for all stakeholders.
Digitalization allows us to optimize the use of natural
resources, monitor greenhouse gas emissions in real
time and implement solutions for the smart manage-
ment of electricity distribution and consumption. At
the same time, it provides a fundamental tool for pro-
moting social inclusion, improving accessibility to ser-
vices and supporting the development of digital skills
in the territories in which Enel operates.
Enel continues to adopt advanced digital technologies,
such as artificial intelligence, integrating them into op-
erational and management processes to increase ef-
ficiency, effectiveness and resilience, with impacts on
the entire value chain and on working methods.
Enel is committed to ensuring that the digital trans-
formation process is sustainable to guarantee a fair
and responsible future. This means adopting ethical
approaches in the design of technologies, investing
in sustainable digital infrastructures and promoting
a circular economy also in the digital sphere. To this
end, Enel is committed to integrating sustainability
into every phase of the digital process, from design
to implementation, so that each innovation actively
contributes to the fight against climate change and to
improvement of the living conditions of global com-
munities.
Cyber security
In the era of digital transformation, cyber security
takes on a key role in ensuring the normal operations
of businesses, in a context characterized by increas-
ingly sophisticated cyber threats and by laws and
regulations requiring the adoption of rigorous meas-
ures to guarantee the security of data and IT infra-
structures (especially critical ones), with heavy fines
and criminal penalties in cases of non-compliance.
In such a scenario, collaboration between the public
and private sectors becomes essential to counter cy-
ber threats and to strengthen the protection and re-
silience of national critical infrastructures. To address
Intangibles
207
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
these challenges, it is necessary to adopt a systemic
and proactive approach, providing for the definition
of a clear and shared strategy, the identification and
continuous assessment of risks, the implementation
of adequate preventive measures and response to
cyber incidents, together with the creation of a cul-
ture of cyber security.
To monitor and manage cyber risk, Enel has defined
a Cyber Security operating model, entrusted to the
Group’s Chief Information Security Officer (CISO). The
model provides for synergy with the business units and
is designed to ensure the definition of the cyber strat-
egy, the monitoring and coordination of regulatory
compliance in the matter, the design of security solu-
tions for the protection of the Group’s environments,
the monitoring of the “risk posture” through technical
and process controls, the prevention, management
and response to cyber incidents. The Cyber Security
Committee, chaired by the Group CEO and composed
27. The numerical value referred to in the KPI “Total number of information security breaches” is related to cyber incidents with a potentially critical
level (considering breaches resulting from “digital” incidents).
28. The numerical value referred to in the KPI “Total number of customers, consumers and employees impacted by the breaches affecting the
Group” refers to the number of customers, consumers and employees impacted by cyber incidents with a potentially critical level.
by the CEO first reports, approves the global cyber
security strategy and monitors its implementation. In
addition, initiatives implemented for the mitigation of
cyber risk are subject to constant in-depth analysis by
the main executive and control bodies of all legal enti-
ties and countries where the Group is present.
The Cyber Security Framework, adopted in 2017, es-
tablishes the principles and operational processes
for managing cyber security, transversally applicable
to IT (Information Technology), OT (Operational Tech-
nology) and IoT (Internet of Things) environments.
A key element is the Cyber Emergency Readiness
Team (CERT), active 24/7, to proactively manage and
respond to cyber incidents, through sophisticated
data monitoring and correlation systems. In 2024,
CERT responded to 31 cyber incidents classified as
potentially medium-high impact, none as potentially
critical. The table below reports the number of cyber
security events recorded in 2024.
2024
Total number of information security breaches27
-
Total number of customers, consumers and employees impacted by breaches affecting the Group28
-
In the cases identified, in order to allow an efficient and
rapid response aimed at minimizing the impacts on
people, services and assets, all operating procedures
defined at company level for incident management
have been activated.
In line with the integrated and holistic approach
adopted by the Group for the management of cyber
risk, various initiatives are implemented that act in
three fundamental areas, namely people, processes
and technologies, since each of them plays a crucial
role in the protection of company resources.
Firstly, awareness-raising and continuous training ac-
tivities are promoted, with mandatory content, for all
Group employees, in order to develop a culture of cyber
security and increase awareness of threats and attacks
that target the human vector. At the process level, de-
tailed policies, procedures and guidelines are adopted
that define the rules and principles of cyber security,
together with the security controls (aligned with inter-
national standards and industry best practices) to be
designed and applied (e.g. management and control of
access to company systems, analysis and management
of cyber incidents). Finally, advanced technological
tools and solutions are implemented to ensure ade-
quate protection of company resources against cyber
threats, and technical security controls are constantly
carried out, also with the support of appropriately se-
lected independent external suppliers, in all the Group’s
environments (IT, OT and IoT) in order to identify any vul-
nerabilities and mitigate the associated risks.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Enel shares
208
INTEGRATED ANNUAL REPORT 2024
Enel shares
Enel and the financial markets
2024
2023
Gross operating profit per share (euro)
2.37
1.99
Operating profit per share (euro)
1.52
1.07
Group profit per share (euro)
0.69
0.34
Group ordinary profit per share (euro)
0.70
0.64
Dividend per share (euro)
0.47
0.43
Group equity per share (euro)
3.32
3.12
Share price – 12-month high (euro)
7.34
6.73
Share price – 12-month low (euro)
5.70
5.17
Average share price in December (euro)
6.91
6.63
Market capitalization (millions of euro)(1)
70,230
67,369
No. of shares outstanding at December 31 (millions)(2)
10,167
10,167
(1)
Calculated on average share price in December.
(2) The number of shares includes 12,079,670 treasury shares in 2024 and 9,262,330 treasury shares in 2023.
Rating
at Dec. 31, 2024
at Dec. 31, 2023
Standard & Poor’s
Outlook
STABLE
STABLE
Medium/long-term
BBB
BBB
Short-term
A-2
A-2
Moody’s
Outlook
STABLE
NEGATIVE
Medium/long-term
Baa1
Baa1
Short-term
-
-
Fitch
Outlook
STABLE
STABLE
Medium/long-term
BBB+
BBB+
Short-term
F2
F2
The main European stock indices – after a 2023
characterized by a general rising development –
closed 2024 on the rise: FTSE-MIB +12.6%, Ibex35
+14.8%, DAX +18.8%, with the exception of CAC40
(-2.2%). The euro area utilities index (EURO STOXX
Utilities) closed the year with a decline of 3.1%.
Finally, as regards the Enel stock, 2024 ended with a
price of €6.89 per share, a slight rise (+2.3%) on the
previous year, in contrast to the European sectoral
index.
Enel shares
209
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
PERFORMANCE OF ENEL SHARE PRICE AND THE EURO STOXX UTILITIES
AND FTSE-MIB INDICES FROM JANUARY 1, 2024 TO DECEMBER 31, 2024
Enel
FTSE-MIB
EURO STOXX Utilities
80
85
90
95
100
105
110
115
120
1-Jan-24
1-Feb-24
1-Mar-24
1-Apr-24
1-May-24
1-Jun-24
1-Jul-24
1-Aug-24
1-Sep-24
1-Oct-24
1-Nov-24
1-Dec-24
Source: Bloomberg.
On January 24, 2024 Enel paid an interim dividend of
€0.215 per share from 2023 profits and on July 24, 2024
it paid the balance of the dividend for that year in the
amount of €0.215. Total dividends distributed in 2024
amounted to €0.43 per share, 7.5% higher than the
€0.40 distributed in 2023.
On January 22, 2025 an interim dividend of €0.215 per
share was paid in respect of ordinary profit for 2024,
while the balance of the dividend is scheduled for pay-
ment on July 23, 2025.
ESG analysts and rating agencies use different method-
ologies to continuously monitor Enel’s performance in
terms of sustainability, in relation to environmental, so-
cial and governance aspects. ESG ratings are also stra-
tegic tools for investors (active and passive), supporting
them in the evaluation of sustainable business models,
the identification of risks and opportunities related to
sustainability and consequently the development of
sustainable investment strategies.
Enel is committed to managing and constantly reporting
all ESG aspects and considers the assessments of ESG
rating agencies as an important opportunity to improve
its sustainability performance and identify specific ac-
tion plans, involving the various units and business lines
of the Group.
Main ESG ratings
RATING
RANKING SECTOR AVERAGE
SCALE (LOW | HIGH)
MSCI
AA (Leadership
band)
Top 35%
utilities
BBB
CCC | AAA
Sustainalytics ESG Risk Rating
21.6
(Medium risk)
26/237
electric utilities
31.8
100 | 0
S&P ESG Scores
78
16/267
electric utilities
37
0 | 100
CDP
A (climate)
A- (water)
-
-
D- | A
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Enel shares
210
INTEGRATED ANNUAL REPORT 2024
For further information we invite you to visit the Inves-
tor Relations section of our corporate website (https://
www.enel.com/investors/overview),
which
contains
both economic and financial information (annual re-
ports, semi-annual and quarterly reports, presenta-
tions to the financial community, analyst estimates
and stock market trading trends involving the shares
issued by Enel and its main listed subsidiaries, rat-
ings and outlooks assigned by rating agencies) and
up-to-date data and documentation of interest to
shareholders and bondholders in general (price sen-
sitive press releases, outstanding bonds, bond issue
programs, composition of Enel’s corporate bodies,
bylaws and regulations of Shareholders’ Meetings, in-
formation and documentation relating to Sharehold-
ers’ Meetings, procedures and other documentation
concerning corporate governance, the Code of Ethics
and organizational and management arrangements).
We have also created contact centers for private
investors (which can be reached by phone at +39-
0683054000 or by e-mail at azionisti.retail@enel.
com) and for institutional investors (phone: +39-
0683057975; e-mail: investor.relations@enel.com).
Significant events in 2024
211
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Significant events in 2024
Finalized the agreement to sell a
geothermal and solar portfolio in the
United States to Ormat
On January 4, 2024, Enel SpA, acting through its
wholly-owned subsidiary Enel Green Power North
America (EGPNA), closed an agreement with ORMAT
Technologies Inc. on the sale of a renewable asset
portfolio in the United States for a total of $277 mil-
lion, equivalent to €253 million. The assets sold in-
clude EGPNA’s entire geothermal portfolio as well as
a number of small solar plants, with a total capacity
of about 150 MW of operating plants.
The overall transaction had a positive effect on the
Enel Group´s results of about €8 million.
At December 31, 2023, the assets involved had al-
ready been reclassified under ‘‘Non-current assets
held for sale and discontinued operations’’ pursu-
ant to IFRS 5 and following the reclassification at the
lower of their fair value and book carrying amount,
an impairment loss of €34 million was recognized
through operating profit.
Enel issues a dual-tranche €1.75
billion sustainability-linked bond in the
Eurobond market
On January 16, 2024, Enel Finance International NV, a
finance company controlled by Enel SpA, issued a du-
al-tranche sustainability-linked bond for institutional
investors in the Eurobond market in the total amount
of €1.75 billion.
The new issue envisages the use of two sustainability
Key Performance Indicators for each tranche, illus-
trated in the Sustainability-Linked Financing Frame-
work, last updated in January 2024.
The issue is structured in the following two tranches:
• €750 million at a fixed rate of 3.375%, with settle-
ment date set on January 23, 2024, maturing July 23,
2028;
• €1,000 million at a fixed rate of 3.875%, with settle-
ment date set on January 23, 2024, maturing January
23, 2035.
Enel issues a new €900 million
perpetual hybrid bond with coupon at
4.75%
On February 20, 2024, Enel SpA issued a non-con-
vertible, subordinated perpetual hybrid bond for
institutional investors on the European market, de-
nominated in euros, with an aggregate principal
amount of €900 million.
The transaction refinanced the €900 million equi-
ty-accounted perpetual hybrid bond with first call
date in February 2025 and a 3.5% coupon.
The bond has no fixed maturity, and is due and paya-
ble only in the event of the winding up or liquidation
of the Company. An annual fixed coupon of 4.75% will
be paid until (but excluding) the first reset date of May
27, 2029, which is the last day for the first optional
redemption.
Agreement with A2A on electricity
distribution operations in a number of
municipalities in Lombardy
On March 9, 2024, the Enel subsidiary e-distribuzione
SpA signed an agreement with A2A SpA for the sale
to the latter of 90% of Duereti Srl, an incorporated
vehicle to which electricity distribution operations in
a number of municipalities of the provinces of Milan
and Brescia will be transferred.
The sale became effective from December 31, 2024,
following fulfillment of the conditions precedent set
forth in the agreement signed on March 9, including
the clearance from the competent Antitrust authority.
The consideration, based on an enterprise value (for
100% of the company) of about €1.35 billion, came to
about €1.2 billion.
e-distribuzione retains a 10% stake of Duereti’s capital
to support the start-up phase of the company, which
will be subject to a put and call option mechanism that
can be exercised one year after the closing date.
In 2024, the closing generated a positive effect on
the Enel Group’s consolidated net debt in 2024 of
€1,229 million and a positive impact on the Group’s
net income of €978 million.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Significant events in 2024
212
INTEGRATED ANNUAL REPORT 2024
Bargi hydroelectric plant
On April 9, 2024, an accident occurred at the hydro-
electric power plant in Bargi (province of Bologna) in-
volving 14 people, 7 of whom died. Enel Green Power
Italia is working with the authorities to reconstruct the
event, the causes of which are being investigated by
the Public Prosecutor’s Office of Bologna, which initi-
ated proceedings against unknown persons.
Enel finalizes the sale of generation
assets in Peru
On May 10, 2024, Enel Perú SAC, controlled by Enel SpA
through the Chilean company Enel Américas SA, final-
ized the sale of all the equity stakes held in the power
generation companies Enel Generación Perú SAA and
Compañía Energética Veracruz SAC to Niagara Energy
SAC.
The transaction has been closed following the fulfillment
of the conditions precedent set forth in the agreement,
signed on November 22, 2023, including the clearance
from the competent Antitrust authority in Peru.
The sale was carried out for a total €1,198 million and
generated a positive impact of €9 million on Group
profit.
Enel finalizes the sale of distribution
assets in Peru
On June 12, 2024, Enel Perú SAC controlled by Enel
Américas SA, finalized the sale of all the equity stakes
held in power distribution and supply company Enel
Distribución Perú SAA and in advanced energy servic-
es company Enel X Perú SAC to North Lima Power Grid
Holding SAC, controlled by China Southern Power Grid
International (HK) Co. Ltd.
The transaction was carried out for a total €2,880 mil-
lion and generated a positive impact on Group profit
of €509 million.
Enel successfully places a multi-
tranche $2 billion sustainability-linked
bond with an average cost of about
4%, in line with the funding cost on the
European market
On June 19, 2024 Enel Finance International NV, the
finance company controlled by Enel SpA, launched a
multi-tranche sustainability-linked bond for institu-
tional investors in the US and international markets for
a total aggregate amount of $2 billion, equivalent to
about €1.9 billion.
The issue is linked to the achievement of Enel’s sustain-
able objective relating to the reduction of Scope 1 GHG
emissions Intensity relating to Power Generation, which
contributes to the United Nations Sustainable Develop-
ment Goal 13 (Climate Action) and is in compliance with
the Group’s Sustainability-Linked Financing Framework.
Enel finalizes the partnership with
Sosteneo to develop battery energy
storage systems and open-cycle plant
projects, aimed at regulated capacity
services
On June 26, 2024 Enel Italia SpA finalized the sale to
Sosteneo Energy Transition 1, for a consideration of
€1,095 million, of the minority stake equal to 49% of
the share capital held in Enel Libra Flexsys Srl, a com-
pany established for the implementation and opera-
tion of a portfolio of projects aimed at regulated ca-
pacity services, specifically:
• 23 Battery Energy Storage Systems (BESS) with a to-
tal capacity of 1.7 GW;
• 3 renovation projects for Open Cycle Gas Turbine
(OCGT) plants with a total capacity of 0.9 GW.
The transaction generated an overall reduction of about
€1,095 million of the Enel Group’s consolidated net
debt in 2024, while bearing no impact on the Group’s
economic results as Enel continues to maintain control
and, therefore, fully consolidate Enel Libra Flexsys Srl.
Enel signs a partnership agreement
with Masdar to manage its
photovoltaic plants already operating in
Spain
On July 25, 2024, Enel signed an agreement with Mas-
dar for the sale to the latter of a minority stake, equal
to 49.99% of the share capital in Enel Green Power Es-
paña Solar 1 SLU (EGPE Solar) for the management of
photovoltaic plants in Spain.
The sale was closed during the 4th Quarter of 2024
following the fulfilment of the conditions precedent
set forth in the agreement signed on July 25, including
clearance from the Spanish government on foreign
investments.
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In line with the agreement, Masdar paid a consideration
of €849 million for the acquisition of 49.99% of the share
capital of EGPE Solar. The enterprise value on a 100% ba-
sis of EGPE Solar is equal to around €1.7 billion. The trans-
action led to a reduction of the Enel Group’s consolidated
net debt of €849 million in 2024, while bearing no impact
on the Group’s economic results as Enel continues to
maintain control and fully consolidate EGPE Solar.
Enel signs an agreement with Acciona
for the acquisition of a 626 MW
portfolio of hydro plants in Spain
On November 15, 2024 Endesa Generación (controlled
through the Spanish listed company Endesa) signed
an agreement with Corporación Acciona Energías
Renovables, a company of the Acciona Group, for the
acquisition of the entire share capital of Corporación
Acciona Hidráulica SL (CAH). The agreement provides
for a consideration of €1 billion subject to customary
adjustments for these types of transactions. The enter-
prise value on a 100% basis of CAH recognized in the
agreement is equal to €1 billion. The portfolio of plants
held by CAH is composed of 34 hydro plants, located in
northeastern Spain, for a total installed capacity of 626
MW, most of which can be modulated, which generated
around 1.3 TWh in 2023. The transaction was closed on
February 26, 2025; for more information, please see the
section “Events after the reporting period”.
Exercise by Energetický a průmyslový
holding (through the subsidiary EP
Slovakia BV) of the early call option
already foreseen by the 2020 contract
to acquire the residual interest in
the stake held by Enel Produzione in
Slovenské elektrárne
On December 18, 2024 the subsidiary Enel Produzione
and Energetický a průmyslový holding (EPH) signed
an agreement through which EPH, as foreseen by the
early call option, will purchase 50% of the share capi-
tal, currently held by Enel Produzione, in Slovak Power
Holding BV, a company which owns 66% of the share
capital of Slovenské elektrárne.
The agreement governs the acquisition of the above
stake on the basis of the early call option introduced
in 2020 within the framework of the amendments to
the contract originally signed by Enel Produzione and
EPH on December 18, 2015 and subject to subsequent
amendments.
The transfer to EPH is divided in two phases, the first
of which was completed on July 28, 2016 with the sale
to EPH of 50% of the Slovak Power Holding’s share
capital held by Enel Produzione. The transfer of the
remaining 50% of Slovak Power Holding’s share capi-
tal is expected to occur at phase 2 closing, in the first
half of 2025.
Based on the agreement, the total consideration for
the sale of 100% of Slovak Power Holding is equal to
€150 million, already paid by EPH to Enel Produzione
at the time of completion of the first phase of the
sale.
Within the agreement, the parties also envisaged that
EPH guarantees the repayment of the credit facilities
provided by the Enel Group in favor of Slovenské ele-
ktrárne at the latest at transaction closing, for a total
amount of €970 million, plus the unpaid accrued inter-
ests at the actual repayment date.
The repayment was completed on January 30, 2025.
The agreement also foresees the expiry of any fur-
ther financial commitment still in place upon the Enel
Group towards Slovak Power Holding and Sloven-
ské elektrárne, including the compensation by virtue
of which Enel Produzione would have borne a share
in any liabilities arising from disputes relating to the
Gabčíkovo power plant.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Significant events in 2024
214
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215
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Regulatory and rate issues
The European regulatory framework
Electricity Market Design
The Electricity Market Design was published in
June 2024. Specifically, the reform amends Regula-
tion 2019/943 (Electricity Regulation) and Directive
2019/944 (Electricity Directive), establishing incen-
tives for the adoption of long-term contracts to
lock in electricity prices, such as power purchase
agreements (PPAs) and two-way contracts for dif-
ferences (two-way CfD), as well as for the promotion
of non-fossil flexibility solutions, the increase of the
share of generation from renewable energy sources
(decarbonization), the security of energy supply and
the flexibility of the system. Furthermore, it also es-
tablishes a remuneration system for distribution sys-
tem operators (DSO) that considers both investments
and operating expenses and anticipatory invest-
ments. Furthermore, it ensures that customers can
enter into fixed-term and fixed-price contracts and
share energy (Energy Sharing Communities), while
suppliers would be required to implement adequate
hedging strategies. It also provides for a supplier of
last resort system in each Member State and for the
protection of vulnerable customers from electricity
disconnections, as well as authorizing further public
intervention in electricity pricing during an emergen-
cy price crisis.
Gas package and hydrogen
In July 2024 a reform package was published providing
for a series of measures and initiatives to promote the
use of decarbonized gases, such as hydrogen, in the
European Union.
Building energy efficiency
In May 2024 the recast version of the directive on
the energy performance of buildings (Directive
UE/2024/1275, EPBD) was published. The Directive
seeks to green the EU building stock in this and com-
ing decades, with a view to achieving a decarbonized
stock by 2050. The Directive also introduces new
measures to help decarbonize transport and expand
distributed renewable generation. The new measures
include strengthened obligations for the develop-
ment of private charging infrastructure in buildings, a
progressive obligation to introduce solar roofs in new
and existing buildings, requirements to increase the
efficiency and energy renovation of buildings, a ban
on subsidies based on fossil fuels, and the promotion
of intelligent and digitalized buildings. Electrification
will play a key role in the implementation of these and
other provisions of the directive. Member States will
now have two years to transpose the directive into
national law and develop their national building ren-
ovation plans.
Net-Zero Industry Act (NZIA)
In June 2024, the NZIA was published, the EU’s re-
sponse to the Inflation Reduction Act (IRA) in the Unit-
ed States, to increase competitiveness while support-
ing the dual transition. It establishes a clear European
framework to reduce the EU’s dependence on high-
ly concentrated imports and seeks to increase the
production of technologies that are key to achieving
climate neutrality, such as solar panels, batteries and
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Regulatory and rate issues
216
INTEGRATED ANNUAL REPORT 2024
electrolyzers, among others, or key components of
such technologies, such as photovoltaic cells or wind
turbine blades, simplifying the regulatory framework
for the production of these technologies.
REMIT
On May 7, 2024, the reform of the regulation for the
surveillance of wholesale energy markets and the pro-
hibition of abuses such as insider trading and market
manipulation came into force. Due to the increasingly
close interrelation between financial and energy mar-
kets, the new legislation creates a regulatory frame-
work aligned with financial market legislation. The di-
rective establishes that all inside information (with an
impact on prices) must be made public and broadens
the definition of “inside information”.
EMIR
On April 29, 2024, the new EMIR came into force, in-
troducing specific obligations for counterparties to
a derivative contract in order to reduce the systemic
risk of OTC (over the counter) derivatives markets and
improving their transparency. These obligations differ
depending on the nature of the counterparties, i.e.
whether they are non-financial counterparties (NFC,
such as companies belonging to the Enel Group), or
financial counterparties (FC).
Mobility
Published in the Official Journal in May 2024, the Energy
Performance of Buildings Directive (EPBD), that estab-
lishes installation objectives for private recharging in-
frastructure, and the Euro 7 regulation for the reduction
of exhaust gas emissions for new registered vehicles.
Also in June 2024 the new regulation was published
for the development of the Trans-European Transport
Network (so-called TEN-T). The regulation provides the
mapping of motorways and main roads, ports, airports
and urban nodes affected by the obligation to install
public charging infrastructure for light and heavy elec-
tric vehicles, to which the Alternative Fuels Infrastruc-
ture Regulation (so-called AFIR) published last year
applies.
New State aid regulations
On April 4, 2024, the European Commission published
updated State aid guiding templates to assist Member
States in designing measures that will be included in
their National Recovery and Resilience Plans (NRRPs),
in line with EU state aid rules.
On April 9, 2024, the European Commission published
the State Aid Scoreboard which provides an overview
of State aid granted by the various Member States
mainly under the GBER (General Block Exemption Reg-
ulation) and the TCTF (Temporary Framework for Crisis
and Transition).
On May 31, 2024, the Commission amended the Re-
gional State Aid Guidelines (RAG) to allow Member
States to grant higher amounts of regional aid for in-
vestment projects covered by the Strategic Technolo-
gies for European Platform (STEP). In particular, the aid
intensity increased by up to 10 percentage points in
“a” areas (regions referred to in Article 107, paragraph
3, letter a) of the Treaty on the Functioning of the Eu-
ropean Union (TFEU) and up to 5 percentage points in
“c” areas (regions referred to in Article 107, paragraph
3, letter c) of the TFEU. STEP aims to support the de-
velopment and production of critical technologies rel-
evant to the EU’s green and digital transitions, as well
as to European strategic sovereignty.
The Commission launched a public consultation un-
til September 6, 2024 to gather input on the latest
review on the application of the Aarhus Convention,
aimed at ensuring public access to judicial procedures
to challenge specific decisions on State aid measures
that allegedly infringe European environmental law.
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INTEGRATED ANNUAL REPORT 2024
The new European Commission (2024-2029) has
committed to proposing a revision of the framework
of State aid rules in line with the objectives of the en-
ergy transition and European competitiveness (Clean
Industrial Deal).
Cases of State aid
In 2024, we continued to monitor the funds author-
ized by the European Commission for the countries of
importance to the Group.
On January 31, 2024, the Commission approved a
€550 million Italian scheme for investments to replace
methane and other fossil fuels with renewable hydro-
gen, which can be combined with electrification or en-
ergy efficiency improvements in industrial processes.
On March 8, 2024, the Commission approved a €1.1
billion Italian scheme to support investments in the
production of equipment, key components and es-
sential raw materials needed to enable the transition
to a net-zero emissions economy.
On May 14, 2024, the Commission approved a €120
million Spanish scheme to support investments in As-
turias for companies producing batteries, solar panels,
wind turbines, heat pumps, electrolyzers, carbon cap-
ture and storage equipment.
On June 4, 2024, the Commission approved an Ital-
ian FER2 scheme to support 4,590 MW of electricity
generation from innovative renewable sources. The
measure will last until December 31, 2028 and will be
financed through a levy on end-consumer electricity
bills. The cost is estimated at €1.85 billion per year for
the entire 20-year scheme. The scheme will support
the construction of new geothermal, offshore wind,
solar thermal, floating solar, tidal, wave and other ma-
rine energy plants, as well as biogas and biomass. The
expected increase in supply from renewable sources is
estimated at 15 TWh.
On June 17, 2024, the Commission approved the Ital-
ian “cold ironing” scheme to incentivize ship operators
to connect to land-based electricity infrastructure in
ports. The budget is €570 million with a duration un-
til December 31, 2033. The aid will be provided in the
form of a reduction of general system charges includ-
ed in the cost of electricity, including renewables.
On July 12, 2024, the Commission approved a €400
million Italian scheme to support the decarboniza-
tion of industrial processes with the aim of reducing
greenhouse gas emissions from production process-
es by at least 40% and/or reducing energy consump-
tion by at least 20% compared to today.
On July 26, 2024, the Commission approved a €1.2
billion Spanish scheme for investments in renewable
hydrogen production with an installed capacity of 100
MW. This includes the production of renewable fuels
derived from hydrogen, storage of renewable hydro-
gen and production of renewable electricity. The aid
will be granted by December 31, 2025.
On August 8, 2024, the Commission approved a
budget increase of €785 million to the Italian scheme
to support investments in photovoltaic panels in the
agricultural sector. The scheme supports agricultural,
livestock and agro-industrial businesses to invest in
the use of renewables.
On December 17, 2024, the Commission approved a
€9.7 billion Italian scheme to promote electricity pro-
duction from renewable sources. The measure will
support the construction of new onshore wind, solar
PV, hydroelectric and sewage gas generation plants.
The aid will be granted by December 31, 2025 and the
announced renewable electricity capacity is 17.65 GW.
On December 17, 2024, the Commission approved the
transitional FER-X decree to support Italian renewables
(onshore wind, PV, hydroelectric and sewage gas). The
aid is granted until December 31, 2025. The measure
aims to support 17.65 GW of new capacity, of which 14.65
GW assigned through competitive procedures based on
technology, for plants with nominal power >1 MW. The
remaining 3 GW will be directly accessible (Register) with
installed capacity ≤1 MW. The total budget is €9.7 billion,
with an annual forecast investment of €490 million for 20
years. The financing is covered by the Asos component
of electricity rates paid by end consumers, managed by
the Energy and Environmental Service Fund (CSEA) and
regulated by the Regulatory Authority for Energy, Net-
works and the Environment (ARERA). For 2026-2028, the
new definitive DM FER-X regime will have to be negotiat-
ed with the Commission.
We continued to provide support in 2024 to the as-
sessment of the State aid aspects of priority projects
for the Group under the NRRP.
The Spanish government is negotiating the Spanish
Capacity Remuneration Mechanism (CRM) with the
European Commission.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Regulatory and rate issues
218
INTEGRATED ANNUAL REPORT 2024
Regulatory framework by business line
Thermal Generation and Trading
Italy
Generation and the wholesale market
Within the rules governing ancillary services, certain
plants are classified as essential due to their territo-
rial location, their technical characteristics and their
relevance for Terna SpA in resolving specific critical
issues with the grid. In return for meeting availability
and market supply requirements, these plants receive
specific remuneration determined by the Regulatory
Authority for Energy, Networks and the Environment
(hereinafter “ARERA” or the “Authority”). The reg-
ulation provides for three main regimes, governed
by ARERA Resolution no. 111/2006 and subsequent
amendments:
• alternative contracts pursuant to Article 65-bis,
which provide for the payment of a fixed premium
based on the power identified as essential against
the obligation to offer that power on the ASM (An-
cillary Services Market) within maximum/minimum
price limits, with specific obligations on the quan-
tities to be offered and maximum/minimum prices;
• ordinary regime pursuant to Article 64, which estab-
lishes requirements to supply the DAM (Day-Ahead
Market) and the IM (Intraday Market) solely for quan-
tities of power requested by Terna, against payment
of the higher specific variable costs of the units in-
volved. Outside the hours and quantities specified
by Terna, supply on the DAM and IM is free of con-
straints;
• the cost reimbursement regime pursuant to Arti-
cle 65, which provides for payment of fixed costs,
including a return on invested capital, and variable
costs, net of revenue generated. Participation in this
regime is subject to an ARERA decision, which de-
termines the value of the reimbursement through
specific measures.
For 2024, the remuneration rate for plants admitted
to the cost reimbursement regime was set at 9.7%,
as established by ARERA Resolution no. 481/2023/R/
eel. The Sulcis, Portoferraio and Assemini plants
were declared eligible for the cost reimbursement
scheme, while the Porto Empedocle plant is eligi-
ble for long-term cost reimbursement until 2025.
Plants located on the smaller islands are automat-
ically eligible for cost reimbursement for all years in
which they are declared essential. The remainder of
essential capacity was contracted under alternative
contracts pursuant to Article 65-bis of Resolution
no. 111/2006.
Moreover, the capacity market regulation established
by the Decree of the Minister for the Ecological Transi-
tion of October 28, 2021, regulates the allocation and
remuneration of production capacity. Enel was award-
ed annual contracts, through the 2022 auction, for ap-
proximately 10.4 GW of existing capacity with delivery
in 2024 and 1.5 GW of new capacity, with contracts
lasting 15 years (2024-2038).
The methodology for calculating the strike price for
the capacity market, initially modified by ARERA with
Resolution no. 83/2022/R/eel to address the volatili-
ty of the natural gas spot markets, was confirmed for
2024 by Resolution no. 583/2023/R/eel.
Iberia
On July 4, 2024, the Resolution of the Secretary of
State for Energy was published in Spain’s Official
Journal launching a competitive bidding procedure
for the issue of the resolution of compatibility for the
purpose of recognizing the additional remuneration
regime for the Electricity Systems of the Non-Penin-
sular Territories (NPT). This procedure, provided for in
Royal Decree 738/2015 of July 31, aims to cover the
power needs of these territories. The power subject
to the call, based on the coverage ratios prepared
by the system operator, amounts to a total of 1,361
MW in 2028. The deadline for applications expired
on October 5, 2024, and the Directorate General for
Energy Policy and Mines has six months to issue the
Resolution, i.e. by April 5, 2025. As part of this proce-
dure, on December 23, 2024 the Ministry for Ecolog-
ical Transition and Demographic Challenge (MITECO)
approved and published on its website the Resolu-
tion approving the final list of admitted and excluded
applications.
Previously, on May 10, 2024, Order TED/430/2024 of
May 8 was published, which establishes the meth-
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INTEGRATED ANNUAL REPORT 2024
od of calculating the price of liquefied petroleum
gases as fuel and defines new standard installations
for the purposes of the additional remuneration re-
gime of electricity generation plants in the NPT. The
Order includes the calculation method for liquefied
petroleum gases (LPG), to be used in the NPT of the
Canary Islands. In addition, in view of the competi-
tive procedure regulated in Royal Decree 738/2015
of August 31, it introduces new standard installa-
tions for gas engines.
Method for updating the regulated
remuneration of cogeneration, biomass
and waste treatment plants
On June 4, 2024, Order 526/2024 was published
in Spain’s Official Journal, establishing a new meth-
odology for updating the regulated remunera-
tion received by cogeneration, biomass and waste
treatment plants. As from the 2nd Half of 2024, re-
muneration will be updated quarterly with incentives
being established based on the projections of fuel
costs and emission rights, as well as the forecast of
the electricity market price for the quarter.
Thus, adjustments for deviations in the market price
will no longer be necessary, as the forecasts will be
made more frequently and in advance. Incentives re-
ceived by the technologies affected by this method-
ology represent approximately 30% of the total reg-
ulated remuneration of the regime for renewables,
cogeneration and waste (RECORE).
Aid to storage and pumping systems
On December 27, 2023, the Secretary of State for En-
ergy published a resolution approving the grant of aid
corresponding to the first call for innovative projects
in which energy storage is combined with renewable
electricity generation. Aid was granted to projects to-
taling 900 MW of 2-hour storage capacity, to go on-
line before 2030.
On July 23, 2024, the Secretary of State for Ener-
gy published a resolution approving the grant of aid
corresponding to the first call for innovative projects
of storage by reversible pumping. Aid was granted to
mixed pumping projects totaling 402 MW and to pure
pumping projects totaling 1,594 MW, to go online be-
fore 2030.
On December 5, 2024, the Directorate-General for
Energy Policy and Mines published a resolution ap-
proving the grant of aid corresponding to the first call
for innovative projects of independent (stand-alone)
electrical storage. Aid was granted in the amount
of €150 million to 35 projects totaling 690.2 MW of
4-hour batteries of storage capacity, to go online be-
fore 2030.
Capacity market in Spain
In 2024, the development and implementation of a ca-
pacity market in Spain progressed as follows:
• the European Commission issued an opinion in
March in response to the implementation plan pre-
sented by Spain in November 2023, with a series
of recommendations such as limiting the regulat-
ed tariff to vulnerable consumers and regulating
the right to close plants, urging the government to
modify the plan;
• the National Commission for Markets and Compe-
tition (CNMC) issued a report in November on the
value of the reliability indicator;
• the European Resources Adequacy Assessment
(ERAA 2023) has identified potential security of sup-
ply issues in Spain in 2026 and 2028.
On these bases, the government launched a public
consultation in December with a detailed proposal for
the implementation of a capacity market in Spain that
complies with the guidelines of European regulation
(State Aid Framework and Regulation on the Internal
Electricity Market 2019/943).
The proposal is open to generation, storage and de-
mand installations that can provide idle power in hours
previously defined by the system operator, in which
reduced coverage margins (difference between the
available power and the demand in the system) are ex-
pected.
The proposal is based on auctions carried out in ad-
vance of the delivery period, in which the demand for
idle power will be defined by the system operator and
participants will offer blocks of power and price until
they reach the level of idle power requested.
Participants undertake to maintain an annual average
idle power in the hours of system stress equal to that
awarded in the auctions and to respond to activation
requests sent by the system operator.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Regulatory and rate issues
220
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Rest of the World
Chile
Law 21.667 – Modification of certain rules
governing the stabilization of rates
On April 30, 2024, Law 21.667 was published, with four
relevant articles regarding the Chilean rates stabiliza-
tion system with the following effects:
• supplier companies will not accumulate additional
debts, as rates for customers subject to price reg-
ulation will gradually return to the real costs of the
energy price;
• supplier companies will recover the balances gen-
erated under Laws 21.185 and 21.472 or under the
PEC and MPC stabilization mechanisms;
• the MPC fund will be increased by $5.5 billion, of
which an additional $3.7 billion will have a 30% guar-
antee. These balances must be restored by Decem-
ber 31, 2035;
• the most vulnerable users will be protected through
the creation of an electricity subsidy.
Enel Green Power
Italy
The Ministerial Decree of July 4, 2019 provided for
competitive procedures based on Dutch auctions and
registers, depending on the installed capacity and by
technology groups, including photovoltaic systems. In
particular, expected procedures are:
• Dutch auctions for plants with a capacity of more
than 1 MW;
• registers for plants with a capacity of less than 1 MW.
Unlike previous decrees, the Ministerial Decree of July
4, 2019 provides for a new method for supporting re-
newable sources through two-way contracts for dif-
ferences under which the successful tenderer returns
any positive differences between the zonal price and
the auction price. The successful tenderer for renew-
ables capacity will benefit from the incentive mecha-
nism for the entire useful life of the plant (20, 25 or 30
years, according to the technology).
On November 30, 2021, Legislative Decree 199 of No-
vember 8, 2021 transposing Directive (EU) 2018/2001
on the promotion of the use of energy from renewa-
ble sources (the RED II Decree) was published in the
Gazzetta Ufficiale.
The decree provides that capacity not assigned in the
auction procedures referred to in the Ministerial De-
cree of July 4, 2019 shall be put up for auction in sub-
sequent procedures in 2022, until the publication of
the new auction schedule for the next five years. Pend-
ing the new planning, an additional three auctions
were called in 2024, for a total of 16 auctions since the
launch of this mechanism.
In December 2024, the European Commission ap-
proved the draft Decree implementing Legislative De-
cree 199/2021 (so-called the transitional FER-X decree)
which introduces the transitional support mechanism for
renewable energy plants with generation costs close to
market competitiveness. The incentive quota through
this mechanism, valid until December 31, 2025, is equal to
17.65 GW of new renewable capacity. The remuneration
method involves a two-way contract for difference with
the Energy Services Operator (GSE), with the exception of
plants with a power lower than 200 kW which can opt for
the all-inclusive fixed rate.
On June 19, 2024, the Ministry of the Environment and
Energy Security (MASE) adopted a Ministerial Decree
aimed at incentivizing innovative technologies for the
generation of electricity from renewable sources. The
decree establishes an incentivized quota of 4.6 GW for
the period 2024-2028 divided between the following
sources: biogas and biomass sources, thermodynamic
solar, geothermal, offshore wind, floating photovoltaic
both offshore and on inland waters and plants pow-
ered by tidal energy, wave motion and other forms of
marine energy. The mechanism provides for the allo-
cation of the incentive through participation in com-
petitive procedures. The remuneration is based on a
two-way contract for difference mechanism with the
GSE for plants with a power greater than 300 kW and
through an all-inclusive tariff for smaller plants. The
first auction procedure was launched in 2024, exclu-
sively for biogas or biomass plants.
Iberia
Renewable energy
In 2024, Spain recorded a significant volume of pro-
jects that required an Administrative Construction
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221
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INTEGRATED ANNUAL REPORT 2024
Authorization, to be obtained before July 25, 2024
to maintain the validity of building permits. Although
the published data only concern projects under the
jurisdiction of the Ministry for the Ecological Transi-
tion and the Demographic Challenge (MITECO) and
not those of the Autonomous Communities, it is es-
timated that the authorized wind and photovoltaic
plants have a total capacity of between 40 and 45
GW. These projects will have to obtain authorization
to start operations by 2028.
Another important development in 2024 was the
launch, on December 21, of the electricity transmis-
sion network planning process for the 2025-2030
period. Order TED/1375/2023 kicked off this process,
which will last almost two years. However, producers
only had until March 31, 2024 to submit proposals for
the infrastructure needed to develop renewable gen-
eration, battery storage, pumping, and other projects.
During the rest of the year, the system operator, the
National Commission for Markets and Competition,
and the MITECO carried out a number of analyses. A
first draft of the planning is expected to be published
in early 2025, with a public hearing process to follow.
On October 11, 2024, the Circular on access and
connection to the grid was published, which updates
and collects in a single document the rules previous-
ly dispersed in various provisions. The document in-
troduces the concept of “flexible capacity”, which is
essential for optimizing the use of networks in the
energy transition.
As for Galicia, in the second half of 2024 two signifi-
cant laws were approved for the promotion of renew-
able energy:
• Law 2/2024 (November 7), promoting the social and
economic benefits arising from the use of the re-
gion’s natural resources;
• Law 5/2024, introducing fiscal and administrative
measures, including the obligation to repower wind
projects after a certain number of years from com-
missioning, as well as the obligation to allocate part
of the renewable energy produced for PPA contracts
with local consumers.
During the first half of 2024, the MITECO carried out
a public consultation on the future of the renewable
energy remuneration regime. The issues discussed in-
cluded criteria to avoid fixing the price in auctions and
ways to further incentivize renewable energy, especial-
ly during periods of excess production. Following this
consultation, the MITECO is working on a regulatory
proposal, the first version of which is expected to be
presented at a public hearing in the first half of 2025.
Finally, significant progress was made in 2024 in reg-
ulating new generation in Non-Peninsular Territories.
A resolution issued at the end of December approved
the final list of projects admitted and excluded from
the competitive procedure for these territories, fol-
lowing a review process. Most of the projects present-
ed by Endesa were admitted at this stage.
Rest of the World
United States
Update on US duties on imported solar
equipment
In February 2022, the US administration extended for
another four years duties of Section 201 applicable to
imported solar panels, confirming the exclusion for bi-
facial modules. In May 2024, the removal of the exclu-
sion for bifacial panels and a bonus for domestically
produced iron and steel content were also announced.
The US Department of Commerce has initiated an in-
vestigation to determine whether crystalline silicon
photovoltaic (CSPV) cells and modules from Vietnam,
Malaysia, Thailand and Cambodia are evading the 2012
antidumping and countervailing duties against CSPV
cells and modules imported from China. Enel is not ex-
posed to these decisions.
Impact of the Inflation Reduction Act (IRA) of
2022
The Inflation Reduction Act (IRA) provides about $415
billion over 10 years to support clean technology pro-
jects, renewable energy generation and the electrifi-
cation of transport systems. The goal is to reduce US
greenhouse gas emissions by nearly 40% by 2030. The
IRA extends and expands federal clean energy tax cred-
its, expanding the Investment Tax Credit (ITC) and Pro-
duction Tax Credit (PTC), and introducing new credits
for energy storage and microgrids. Projects must meet
wage and apprenticeship requirements to receive the
full value of the credits. There are also bonus tax credits
for projects that meet domestic content requirements
or are located in “energy communities” or “low-income
communities”. The Department of the Treasury is devel-
oping a technology-neutral ITC/PTC, which is sched-
uled to take effect on January 1, 2025.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Regulatory and rate issues
222
INTEGRATED ANNUAL REPORT 2024
Enel Grids
Italy
The Regulatory Authority for Energy, Networks and
the Environment (“ARERA” or the “Authority”) has ap-
proved the TIROSS 2024-2031, the integrated text
of the criteria and general principles of regulation by
spending and service objectives (ROSS) for the 2024-
2031 period; with Resolution no. 497/2023/R/com it
then specified the application criteria of the ROSS
regulation. The ROSS methodology provides for an
integrated approach based on “total expenditure”
(TOTEX), divided between the “slow money” and “fast
money” components on the basis of a capitalization
rate established ex-ante by ARERA.
The rate regulation of electricity distribution and me-
tering services relating to the sixth regulatory period
(2024-2027) is governed by ARERA with Resolution no.
616/2023/R/eel, with which the new integrated texts
of TIT, TIME and TIC were published.
The methodology for determining the WACC for the
period 2022-2027 was updated with Resolution no.
614/2021/R/com, establishing a value of 5.2% for elec-
tricity distribution and metering for the 2022-2024
period. The regulation provides for an annual update
(in 2023 and 2024), if some financial indicators were
to lead to a variation in the WACC of at least 50 bps.
With Resolution no. 556/2023/R/com, the Authority
confirmed the activation of the mechanism for 2024,
updating the value of the WACC to 6%. Resolution no.
513/2024/R/com updated the remuneration rate for
the 2025-2027 period, determining a value of 5.6%,
and confirmed the trigger mechanism for the years
2026 and 2027, reducing the triggering threshold to
30 bps.
As for distribution and metering rates, the Authority
approved the definitive reference rates for 2023 on
the basis of the update of the final balance sheet data
for 2022 (Resolution no. 77/2024/R/eel) and the pro-
visional reference rates for 2024 on the basis of the
pre-final balance sheet data for 2023 and the expend-
iture forecasts for 2024, pursuant to the new ROSS
regulation (Resolution no. 206/2024/R/eel). The defin-
itive reference rate for the year 2024 will be published
during 2026.
With
Resolutions
no.
232/2022/R/eel
and
no.
712/2022/R/eel, ARERA updated the rate regulation of
reactive energy by providing rates for reactive power
injected as from April 1, 2023.
With Resolution no. 616/2023/R/eel, the Authority
provided, with effect from 2024, a single fee for exces-
sive withdrawals and for reactive injections for MT and
BT customers and, with Resolution no. 617/2023/R/eel,
introduced a mechanism that incentivizes distributors
to install compensation systems for injections into the
National Transmission Network.
As regards service quality, with Resolutions no.
617/2023/R/eel (including the associated TIQC and
TIQD attachments) and no. 614/2023/R/eel, the Au-
thority updated the output-based incentive regula-
tion of technical and commercial service quality and
network resilience with effect as from January 1, 2024.
With these provisions, ARERA has adopted some
measures, in particular on the subject of continuity of
the distribution service, and introducing an incentive
mechanism for development works. With Resolution
no. 425/2024/R/eel, ARERA admitted 14 measures
for the development of the e-distribuzione network
to the new incentive mechanism, based on the ben-
efits pursuant to Title 10 of the TIQD. With Resolution
no. 588/2024/R/eel, ARERA identified the economic
items relating to the regulatory measures on continu-
ity of the electricity distribution service, for the 2020-
2023 period. Resolution no. 584/2024/R/eel identified
the economic items relating to bonuses and penal-
ties for the continuity of the electricity distribution
service for 2023.
Pursuant to Article 1, paragraphs 50-53, of the 2025
Budget Law (Law 207 of December 30, 2024), elec-
tricity distribution concession holders (which includes
e-distribuzione SpA) can present an extraordinary
multi-year investment plan, the approval of which will
entail the remodulation of the current concession (ex-
piring on December 31, 2030), in line with investments
envisaged in the plan and in any case for a period not
exceeding 20 years. The measure is intended to im-
prove safety, reliability and efficiency of the electricity
distribution grids.
A specific decree of the Ministry of the Environment
and Energy Security, to be issued within 180 days
of the entry into force of the Budget Law (January 1,
2025), in agreement with the Ministry for the Econ-
omy and Finance, on the proposal of the Regulatory
Regulatory and rate issues
223
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Authority for Energy, Networks and the Environment
(ARERA), after consultation, for the aspects of compe-
tence, with the Unified Conference referred to in Arti-
cle 8 of Legislative Decree 281 of August 28, 1997, and
with the competent Parliamentary Committees, will
establish the terms and procedures for the presenta-
tion of the aforementioned plan and for its evaluation
and approval, as well as the criteria for determining
the charges that the concession holders – including
e-distribuzione SpA – are required to pay due to the
remodulation of existing concessions.
Iberia
2024 electricity rates
On December 25, 2023, the CNMC Resolution of De-
cember 21, 2023 was published in Spain’s Official
Journal, establishing the access charges for electricity
transmission and distribution networks to be applied
starting from January 1, 2024, providing for an average
reduction of 1.1% compared with January 1, 2023.
In relation to charges for 2024, the Royal Decree Law
8/2023 of December 27, which adopts measures to
address the economic and social consequences of
the conflicts in Ukraine and the Middle East, as well as
to alleviate the effects of drought, has extended the
2023 charges until the approval of the Ministerial Or-
der that will approve those applicable for 2024. In this
regard, on February 14, 2024, Order TED/113/2024 of
February 9 was published in Spain’s Official Journal,
establishing the electricity system charges and vari-
ous regulated costs of the electricity system for 2024,
maintaining the level of 2023, with entry into force on
February 15, 2024.
2025 electricity rates
On December 16, 2024, the CNMC Resolution of De-
cember 4, 2024 was published in Spain’s Official Jour-
nal, establishing the access charges for electricity
transmission and distribution networks for 2025, with
an average reduction of 4.0% compared with January
1, 2024.
Moreover, on December 28, 2024 Order TED/1487/2024
of December 26, 2024 was published in Spain’s Official
Journal, establishing the electricity system charges
and various regulated costs of the electricity system
for 2025 and approving the distribution of amounts to
be financed relating to the Bono Social for 2025. The
Order provides for a reduction of 33% of charges from
January 1, 2025.
Natural gas rates for 2024
On June 2, 2023 the CNMC Resolution of May 30, 2023
was published in Spain’s Official Journal, establishing
the charges for access to transport networks, local
networks and regasification for the gas year 2024,
which runs from October 1, 2023 to September 30,
2024. Tariffs for the regulated activities of regasifica-
tion, transport and local network had an average in-
crease/decrease of -42.7%, +15.5% and -1.9%, respec-
tively, compared with January 1, 2023.
On September 28, 2023 the Order TED/1072/2023 of
September 26 was published in Spain’s Official Jour-
nal, establishing the costs of the Gas System and the
remuneration and fees for basic underground stor-
age for the gas year 2024, which runs from October
1, 2023 to September 30, 2024. Costs had an average
increase of 21.8% and underground storage fees de-
creased by 12.9%.
On September 29, 2023, the Resolution of Septem-
ber 28, 2023 of the Directorate General for Energy
Policy and Mines was published in Spain’s Official
Journal. It establishes the rate of last resort (TUR)
for natural gas to be applied in the 4th Quarter
of 2023, with a reduction of about 3.4%, 0.3% and
1.1%, respectively (excluding taxes), compared with
the previous quarter, for TUR1, TUR2, and TUR3. The
TURs applicable to homeowners’ associations (from
TUR1 to TUR11) changed by around -3.4% to +20.2%
(excluding taxes). VAT applied to natural gas bills is
still at 5%.
On March 29, 2024, the Resolution of March 26,
2024 of the Directorate General for Energy Policy
and Mines was published in Spain’s Official Journal.
It establishes the rate of last resort (TUR) for natural
gas to be applied in the 2nd Quarter of 2024, with
a reduction of about 10.1%, 12.1% and 13%, respec-
tively (excluding taxes), compared with the previous
quarter, for TUR1, TUR2, and TUR3. The TURs appli-
cable to homeowners’ associations (from TUR1 to
TUR11) decreased by 5.3% and 11% (excluding tax-
es). VAT applied to natural gas bills increased from
10% to 21%.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Regulatory and rate issues
224
INTEGRATED ANNUAL REPORT 2024
On June 29, 2024 the Resolution of June 27, 2024 of the
Directorate General for Energy Policy and Mines was
published in Spain’s Official Journal. It establishes the
rate of last resort (TUR) for natural gas to be applied in
the 3rd Quarter of 2024, with no change compared with
the rates of the previous quarter for the TUR1, TUR2
and TUR3 and an average increase of 0.8% (excluding
taxes) of the variable component of the TURs applicable
to homeowners’ associations (from TUR1 to TUR11).
Natural gas rates for 2025
On May 30, 2024 the CNMC Resolution of May 23,
2024 was published in Spain’s Official Journal, estab-
lishing the charges for access to transport networks,
local networks and regasification for the gas year
2025, which runs from October 1, 2024 to September
30, 2025. Tariffs for the regulated activities of regas-
ification, transport and local network had an average
increase/decrease of +21.7%, -16% and +11%, respec-
tively, compared with January 1, 2024.
On September 25, 2024 the Order TED/1013/2024
of September 20 was published in Spain’s Official
Journal, establishing the costs of the Gas System and
the remuneration and fees for basic underground
storage for the gas year 2025. Costs have an aver-
age increase of 0.5% and underground storage fees
decrease by 2%.
On September 28, 2024 the Resolution of September
26, 2024 of the Directorate General for Energy Poli-
cy and Mines was published in Spain’s Official Journal.
It establishes the rate of last resort (TUR) for natural
gas to be applied in the 4th Quarter of 2024, with an
increase of about 5.3%, 11.9% and 14.7%, respective-
ly (excluding taxes), compared with the rates of the
previous quarter, for the TUR1, TUR2 and TUR3. The
TURs applicable to homeowners’ associations (from
TUR1 to TUR11) increased between 5.3% and 18.4%
(excluding taxes). VAT applied to natural gas bills is
21% from July 2024.
On December 30, 2024, the Resolution of December
26, 2024 of the Directorate General for Energy Policy
and Mines was published in Spain’s Official Journal. It es-
tablishes the rate of last resort (TUR) for natural gas to
be applied in the 1st Quarter of 2025, with an increase
of 8.9%, 10.5% and 11.6% respectively (excluding taxes),
compared with the rates of the previous quarter, for the
TUR1, TUR2 and TUR3. The TURs applicable to home-
owners’ associations (from TUR1 to TUR11) increased
between 8.9% and 17.8% (excluding taxes).
Remuneration for distribution activities
On July 31, 2024 the CNMC Resolution was published
establishing the remuneration of distribution compa-
nies for 2020, updating remuneration established for
the year 2024.
Rest of the World
Argentina
The sector is regulated by Law 24.065, which separates
generation, transmission and distribution activities.
DNU 70/2023 eliminated restrictions on the export of
electricity and the related taxation regime.
From June 1, 2024, the regulator ENRE updated elec-
tricity rates with increases of 20% for level 1 customers
and up to 130% for level 3 customers.
Finally, the debt regulation mechanisms between
the distribution companies and CAMMESA have
been extended.
Brazil
Regulation is managed by the regulator ANEEL under
the supervision of the Ministry of Mines and Energy
(MME).
The results of rate revision for 2024 are as follows:
• Enel Distribuição Rio de Janeiro (+4.97% HV, +3.00% LV);
• Enel Ceará (-2.10% HV, -3.03% LV);
• Enel São Paulo (-3.52% HV, -2.11% LV).
Chile
The sector is regulated by the Comisión Nacional de
Energía (CNE), which establishes energy policies, and
the Superintendencia de Electricidad y Combustibles
(SEC), which is responsible for technical supervision
and safety. Electricity rates are subject to periodic re-
view and are influenced by various factors, including
generation and transmission costs.
In 2024, the Chilean government announced a signif-
icant increase in electricity rates, estimated at around
57% for residential users, following the unfreezing of
rates that had been frozen since 2020.
Regulatory and rate issues
225
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
Colombia
Regulated by Laws 142 and 143 of 1994, separating
generation, transmission and distribution.
The regulatory body has also started a review of the
regulatory framework to ensure the sustainability of
electricity rates, with developments expected during
2025.
End-user Markets
Italy
Elimination of price protection
The current regulatory framework governing the pro-
cess of eliminating regulated prices in the electrici-
ty sector (Law 124/2017 – the Competition Act – as
most recently amended by Decree Law 152/2021
implementing the NRRP, ratified with Law 233/2021)
provides for the removal of the enhanced protection
service as from:
• January 1, 2021 for small businesses;
• April 1, 2023 for micro-enterprises and non-resi-
dential customers under 15 kW;
• July 2024 for non-vulnerable residential customers.
Customers who have not chosen or are left without
a free-market supplier will have access to specific
last resort services (“graduated safeguard servic-
es”) provided by operators awarded the conces-
sion in a tender. The graduated safeguard service
for small businesses was awarded in a first auction
for the period to June 30, 2024 and in a second
auction for the period from July 1, 2024 to March
31, 2027 (ARERA Resolution no. 119/2024/R/eel).
The graduated safeguard service for micro-enter-
prises (ARERA Resolution no. 208/2022/R/eel) and
non-vulnerable residential customers (ARERA Res-
olution no. 362/2023/R/eel) will also be available
until March 31, 2027.
At the end of that period, supplies still served un-
der graduated protection will switch to the most
economically advantageous free-market offer of the
same operator.
In the auction for small businesses, Enel Energia was
awarded four regions in northern Italy, including the
province and city of Milan. With regard to non-vulner-
able residential customers, Enel Energia was awarded
seven geographical areas in central and northern Italy,
which also include supplies to the province and city of
Milan and the city of Rome.
Vulnerable residential customers will continue to be
served by the current operator of the enhanced pro-
tection service until ARERA defines the methods for
the exit of customers from that service through the
assignment of a “vulnerability service” by tender.
Competition Law 193/2024 has provided the possi-
bility for vulnerable residential customers to request
access to the graduated safeguard service by June 30,
2025, deferring the definition of the operating meth-
ods to ARERA.
Legislative Decree 181 of December 9, 2023 (“Energy
Decree”), ratified by Law 11 of February 2, 2024, has
introduced the provision in favor of operators provid-
ing enhanced protection service for the recovery of
not-recoverable costs directly incurred from April 1,
2023 and attributable to the service.
As regards the gas sector, the elimination of price
protections took effect as from January 1, 2024 for
non-vulnerable residential customers and condo-
miniums who, having not selected a free market of-
fer, moved to that market in accordance with rules
defined by ARERA. Customers identified as vulnerable
will continue to be served under the economic and
contractual conditions specified by ARERA for the vul-
nerability protection service.
Electricity
In the electricity sector, the levels of the rate compo-
nent covering the marketing costs of the operators
of the enhanced protection service (RCV) and that of
the price applied to vulnerable customers in enhanced
protection and reference price for sellers on the free
market (PVC) defined with Resolution no. 136/2023/R/
eel were applied in the first half of 2024. The RCV
and PCV levels were updated with Resolution no.
262/2024/R/eel establishing the rates to be applied to
customers under enhanced protection as from July 1,
2024. With Resolution no. 538/2024/R/eel ARERA also
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Regulatory and rate issues
226
INTEGRATED ANNUAL REPORT 2024
introduced an additional remuneration mechanism,
designed to cover, in the presence of specific require-
ments, any fixed costs not covered by the rates arising
from customers leaving the enhanced protection ser-
vice for the graduated safeguard service.
The TIV envisages specific equalization mechanisms
for operators of the enhanced protection service,
such as a mechanism that makes it possible to reg-
ulate any imbalances in the costs incurred by the op-
erator for the supply of electricity. In this regard, in
order to sterilize any further distortions emerging in
the quantification of electricity allocated in advance to
the operators of the enhanced protection service in
relation to the points not treated on hourly basis, with
Resolution no. 535/2024/R/eel, ARERA provided for
an extraordinary advance of the 2024 purchase equal-
ization adjustment, compared to the ordinary deadline
set by the regulation for August 2025.
Gas
With reference to the gas sector, from January 1, 2024
the levels of the QVD component defined by Resolu-
tion no. 137/2023/R/gas will apply to vulnerable cus-
tomers. These levels have been updated as from April
1, 2024 with Resolution no. 112/2024/R/gas.
With regard to reimbursement mechanisms for end
users in arrears in the gas sector, in Articles 33 and
41.1 letter b) of the TIVG (Integrated Retail Gas Sales
Code), ARERA regulates specific mechanisms for the
reimbursement of arrears for providers of the last
resort service and the default service on distribution
grids.
Iberia
Energy efficiency
On March 23, 2024, Order TED/268/2024 of March
20 was published in Spain’s Official Journal, establish-
ing the contribution to the National Energy Efficiency
Fund for 2024 (established by Law 18/2014), amount-
ing to €98.63 million for Endesa.
Endesa is expected to provide a contribution to the
National Energy Efficiency Fund in the amount of
€131.8 million in 2025, of which it must contribute at
least €13.18 million (10%). It can satisfy at least 15% of
its obligation by submitting energy efficiency certifi-
cates (EEC).
Consumer protection measures:
Bono Social
Following the publication of Royal Decree Law 4/2024
of June 26, adopting urgent measures in fiscal, energy
and social matters, the incremental discounts of the
Bono Social for vulnerable customers are extended
until June 30, 2025, albeit with a gradual reduction.
The final discounts from July 1, 2025 will be 35% for
vulnerable consumers and 50% for severely vulnera-
ble consumers. Royal Decree Law 1/2025 of January
28, adopting urgent measures in economic, transport,
social security and to address situations of vulnerabil-
ity, brings these discounts to 42.5% and 57.5% in the
2nd Half of 2025 and to 35% and 50% from January
1, 2026.
The new 2025-2030 National Strategy against Energy
Poverty adapts existing mechanisms to the new eco-
nomic and social context, and to an energy system
that is moving towards decarbonization. The objective
is to permanently and progressively reduce energy
poverty in the medium and long term. On January 24,
2025, the Ministry for Ecological Transition and the
Demographic Challenge (MITECO) launched a public
consultation for the update of this Strategy for the
2025-2030 horizon.
Consumer protection measures: guarantee
of electricity services
The Royal Decree Law 4/2024 of June 26 also ex-
tended until December 31, 2024 the prohibition to
cut off essential electricity, water and gas services to
vulnerable customers in the event of non-payment.
Subsequently, Royal Decree Law 1/2025 of January
28, approving urgent measures in economic, trans-
portation, social security and to address situations of
vulnerability, extended this extension until December
31, 2025.
Consumer protection measures: tax
measures
Royal Decree Law 8/2023, of December 27, adopting
measures to address the economic and social con-
Regulatory and rate issues
227
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performance
INTEGRATED ANNUAL REPORT 2024
sequences of the conflicts in Ukraine and the Middle
East, and to alleviate the effects of drought, and Roy-
al Decree Law 4/2024, of June 26, adopting urgent
measures in fiscal, energy and social matters, have ex-
tended previously approved energy taxation measures
and adopted new ones.
On the one hand, the reduced Value Added Tax (VAT)
of 5%, in force until December 31, 2023, has been in-
creased to 10% for all of 2024 for electricity and until
March 31, 2024 for natural gas.
On the other hand, the reduced rate of the Special
Electricity Tax of 0.5% until December 31, 2023 was
increased to 2.5% during the 1st Quarter of 2024 and
to 3.8% during the 2nd Quarter. As for the Electrici-
ty Production Value Tax, it was set at 3.5% for the 1st
Quarter of 2024, 5.25% in the 2nd Quarter of 2024 and
7% from then on.
Consumer protection measures:
electricity-intensive customers
Royal Decree Law 8/2023, of December 27, adopting
measures to address the economic and social con-
sequences of the conflicts in Ukraine and the Middle
East, and to alleviate the effects of drought, and Roy-
al Decree Law 4/2024, of June 26, adopting urgent
measures in fiscal, energy and social matters, have ex-
tended the 80% discount on access charges to elec-
tricity transport and distribution networks for con-
sumers provided with electricity-intensive customers
certificate during 2024. The discount was extended
to December 31, 2025 by Royal Decree Law 9/2024,
of December 23, adopting urgent measures in eco-
nomic, fiscal, transport and social security matters.
However, this measure is not included in the new Royal
Decree Law 1/2025, of January 28, approving urgent
measures in economic, transport, social security and
to address situations of vulnerability, so it is no longer
in force.
Consumer protection measures: natural
gas consumers
Starting from July 1, 2024, the measure established by
Royal Decree Law 17/2021, setting at 35% the maxi-
mum increase in the cost of the raw material in the
last resort rate for natural gas, as from October 1,
2021, then revised to 15% from January 1, 2022 and
extended until June 30, 2024, will no longer be ap-
plicable.
Extension for 2024 of certain measures
adopted in the context of the crisis arising
from the Russia-Ukraine conflict
In addition to the measures commented earlier on en-
ergy taxation and social protection, Royal Decree Law
8/2023 of December 27, and Royal Decree Law 4/2024
of June 26, extended previously approved measures
and adopted new ones, including:
• in respect of access charges and costs, an amount
equivalent to 62.5% of the provisional surplus corre-
sponding to the costs of the Electric System of 2023
will be allocated to the 2024 financial year. The remain-
ing surplus may be allocated to offset the costs of the
Electric System for the 2025 financial year. In addition,
up to 70% of any positive provisional balance for 2020
and 2021 of the differentiated account of the Body in
charge of the liquidations for the extra costs of elec-
tricity generation of the Non-Peninsular Territories
(NPT) charged to the General Budgets of the State, may
be transferred to the system of liquidation of the extra
costs of electricity generation of the Non-Peninsular
Territories (NPT) for 2019, and for the remaining part,
5% to 2023 and 95% to 2024;
• in respect of the deployment of renewable energy
projects, the terms provided in the legislation for
the completion of certain administrative objectives
are extended. Thus, among others, the deadline for
accrediting the administrative construction author-
ization for projects with access and connection per-
mits after December 31, 2017 and prior to this regu-
lation, is extended by six months, until July 25, 2024.
These projects may apply, by the later of a period of
three months from the entry into force of the Royal
Decree Law or the date of administrative construc-
tion authorization, for an extension of the deadline
for obtaining the definitive exploitation authoriza-
tion, up to a maximum of eight years from July 25,
2020 or from obtaining the access permits, if later.
Similarly, Law 24/2013, of December 26, of the Elec-
tricity Sector, was amended to allow the inclusion of
non-economic award criteria, with a weight of up to
30% of the score, in renewable energy auctions.
Urgent measures for immediate response,
reconstruction and recovery plan in
response to damage caused by Isolated
High-level Depression (DANA)
Following the natural disaster on Tuesday, October 29,
2024, which caused the worst DANA of the century in
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
Regulatory and rate issues
228
INTEGRATED ANNUAL REPORT 2024
several Autonomous Communities, and in particular
in the Valencian Community, given the serious con-
sequences affecting certain municipalities and areas
of the province of Valencia, the government of Spain
approved measures aimed at helping the affected
population and restoring the state of damaged infra-
structure, goods and services, with Royal Decree Law
6/2024, of November 5, adopting urgent measures
to respond to the damage caused by the Isolated
High-level Depression (DANA) in several municipali-
ties between October 28 and November 4, 2024, and
Royal Decree Law 7/2024, of November 11, adopting
urgent measures for the immediate response, recon-
struction and recovery plan in response to the dam-
age caused by the Isolated High-level Depression
(DANA) in several municipalities between October 28
and November 4, 2024.
Rest of the World
Latin America
In all countries, distribution companies can supply
electricity to their customers on a regulated basis, but
may also do so under free market conditions if cus-
tomers exceed particular limits. The limits of the free
market by country are as follows:
Country
kW
Argentina
>30 kW
Brazil
Group A customers
Colombia
>100 kW or 55 MWh-month
Costa Rica
Not applicable
Guatemala
>100 kW
Panama
>100 kW
Chile
>300 kW
Regulatory and rate issues
229
5. Group
performance
INTEGRATED ANNUAL REPORT 2024
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
6. Outlook
7. Sustainability
Statement
Consolidated
financial statements
1.
GRUPPO
ENEL
La politica dei dividendi
La politica dei dividendi di Enel rimane
semplice e prevedibile, con un dividendo per
azione (DPS) pari a 0,43 euro nel periodo 2
023-2025, in aumento rispetto a 0,40 euro
nel 2022. Il DPS nel 2024 e nel 2025 è da
considerarsi come un minimo sostenibile.
Modello di business
Enel conferma il proprio modello di business
basato sui collaudati modelli di Ownership, che
ricomprende i cosiddetti Paesi “Tier 1” in cui
il Gruppo sviluppa un business integrato o ha
una posizione importante (Italia, Spagna, Cile,
Colombia, Brasile, Stati Uniti), e di Stewardship,
nei Paesi in cui joint venture, PPA, acquisizioni
di quote di minoranza offrano prospettive
particolarmente remunerative.
Crescita delle fonti
di finanziamento sostenibili
In linea con il “Sustainability-Linked Financing
Framework” e in vista del raggiungimento
dell’obiettivo di Sostenibilità di Enel circa la
riduzione di emissioni dirette di gas serra
(Scope 1), è sempre più ampio il ricorso a
strumenti di finanza sostenibile.
RELAZIONE
SULLA GESTIONE
REPORT
ON OPERATIONS
6.
OUTLOOK
Focus on distribution grids
Acceleration of investments in grids to improve
their resilience, digitalization and efficiency,
as essential enablers of the energy transition.
Selective investments in renewables
Flexible capital allocation aimed at maximizing
returns and minimizing risks, also taking
advantage of brownfield opportunities
(assets in operation), with the aim of further
improving profitability.
Enhancing the central role
of customers in the Retail segment
Bundled multi-play offers integrating energy,
products and services.
A simple and sustainable
dividend policy
Enel’s dividend policy is based on a fixed
minimum dividend over the Plan period, with
a potential increase up to a 70% payout
on the Group’s ordinary profit.
Outlook
232
INTEGRATED ANNUAL REPORT 2024
Outlook
In November 2024, the Group presented its new
Strategic Plan for 2025-2027 with a strategy main-
ly focused on core countries and on flexible capital
allocation, with the aim of increasing investments in
regulated assets with solid and predictable returns.
For the three-year period 2025-2027, the Enel Group
confirmed the strategic pillars presented with the pre-
vious 2024-2026 Plan:
• profitability, flexibility and resilience, pursuing value
creation through selective capital allocation to opti-
mize the Enel Group’s risk/return profile, while keep-
ing a flexible approach;
• effectiveness and efficiency, pursuing the contin-
uous optimization of processes, activities and the
product and services portfolio, strengthening cash
generation and developing innovative solutions to
increase the value of existing assets;
• financial and environmental sustainability to main-
tain a solid structure, ensure the flexibility needed
for growth and address the challenges of climate
change.
The new Strategic Plan for 2025-2027 provides for a
total gross capex of about €43 billion, an increase of
about €7 billion compared with the previous Plan, al-
located as follows:
• €26 billion in Grids, to improve the resilience, digi-
talization and efficiency of the distribution network.
The Group will also continue its advocacy efforts to
promote regulatory frameworks that support the
central role of grids in the energy transition;
• €12 billion in Renewable Generation, with a flexible
capital allocation and a selective approach aimed
at maximizing returns and minimizing risks, also
taking advantage of brownfield opportunities, with
the aim of further improving profitability. Over the
plan period, we expect to add approximately 12 GW
of capacity, with an improved technology mix that
includes over 70% onshore wind and programma-
ble technologies (hydro and batteries), reaching a
total installed renewable capacity of about 76 GW
in 2027;
• €2.7 billion in the Retail segment to enhance inte-
grated bundled offers and improve customer and
service management.
As a result of these strategic actions, in 2027 Group
ordinary EBITDA is expected to grow to between €24.1
and €24.5 billion, and Group net ordinary income is
expected to increase to between €7.1 and €7.5 billion.
The Group 2024 financial results allow us to propose
to the next Shareholders’ Meeting the distribution of a
total dividend of €0.47 per share, exceeding the min-
imum fixed dividend per share (DPS) of €0.43 in the
previous Plan.
In the period 2025-2027, the implementation of stra-
tegic actions is expected to translate into visible and
highly predictable returns; thus, the dividend policy
provides for a minimum annual fixed DPS of €0.46
and a potential increase up to a payout of 70% on the
Group net ordinary income. Compared to the previous
dividend policy, the constraint of achieving cash flow
neutrality has also been removed.
Outlook
233
6. Outlook
INTEGRATED ANNUAL REPORT 2024
In 2025 Enel plans:
• investments in distribution grids focusing on geo-
graphical areas with a more balanced and clearer
regulatory framework;
• selective investments in renewables, aimed at maximiz-
ing the return on invested capital and minimizing risks;
• active management of the customer portfolio
through bundled multi-play offers.
In view of the foregoing, the financial targets on
which the Group’s 2025-2027 Plan is based are re-
ported below.
Financial targets
Profit growth
2024
2025
2027
Ordinary EBITDA (€ billions)
22.8
22.9-23.1
24.1-24.5
Ordinary profit (€ billions)
7.1
6.7-6.9
7.1-7.5
Value creation
DPS (€/share)
0.47
0.46(1)
0.46(1)
Increase in DPS up to a payout of 70% of
ordinary profit
(1)
Minimum DPS.
Disclosures on financial instruments
The disclosures on financial instruments required by
Article 2428, paragraph 2, no. 6-bis of the Italian Civil
Code are reported in the following notes to the consol-
idated financial statements: 46 “Financial instruments
by category”, 47 “Risk management”, 49 “Derivatives
and hedge accounting” and 50 “Assets and liabilities
measured at fair value”.
Atypical or unusual operations
Pursuant to the CONSOB Notice of July 28, 2006, the
Group did not carry out any atypical or unusual oper-
ations in 2024.
Such operations include transactions whose signifi-
cance, size, nature of the counterparties, subject mat-
ter, method for calculating the transfer price or timing
could give rise to doubts concerning the propriety
and/or completeness of disclosure, conflicts of inter-
est, preservation of company assets or protection of
non-controlling shareholders.
Subsequent events
Significant events following the close of the year are discussed in note 58 “Events after the reporting period” to
the consolidated financial statements.
Transactions with related parties
For more information on transactions with related parties, please see note 52 “Related parties” to the consolidated
financial statements.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
7. Sustainability
Statement
Consolidated
financial statements
Outlook
234
INTEGRATED ANNUAL REPORT 2024
Reconciliation of equity and profit of Enel SpA and the
corresponding consolidated figures
Pursuant to CONSOB Notice no. DEM/6064293 of July
28, 2006, the following table provides a reconciliation
of Group profit for the year and equity with the corre-
sponding figures for the Parent.
Millions of euro
Income
statement
Equity
Income
statement
Equity
at Dec. 31, 2024
at Dec. 31, 2023
Separate financial statements - Enel SpA
2,598
36,386
3,032
37,883
Carrying amount of and impairment losses on consolidated
equity investments
6,287
(99,315)
608
(104,457)
Equity and profit (calculated using the same accounting policies)
of the consolidated companies and groups and those accounted
for using the equity method, net of non-controlling interests
9,180
90,368
6,299
90,392
Translation reserve
-
(6,352)
-
(5,289)
Goodwill
(3)
12,850
(126)
13,042
Intercompany dividends
(10,647)
-
(5,968)
-
Elimination of unrealized intercompany profits, net of tax effects
and other minor adjustments
(399)
(206)
(407)
184
OWNERS OF THE PARENT
7,016
33,731
3,438
31,755
NON-CONTROLLING INTERESTS
1,213
15,440
829
13,354
CONSOLIDATED FINANCIAL STATEMENTS
8,229
49,171
4,267
45,109
Outlook
235
6. Outlook
INTEGRATED ANNUAL REPORT 2024
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
7. Sustainability
Statement
Consolidated
financial statements
1.
GRUPPO
ENEL
La politica dei dividendi
La politica dei dividendi di Enel rimane
semplice e prevedibile, con un dividendo per
azione (DPS) pari a 0,43 euro nel periodo 2
023-2025, in aumento rispetto a 0,40 euro
nel 2022. Il DPS nel 2024 e nel 2025 è da
considerarsi come un minimo sostenibile.
Modello di business
Enel conferma il proprio modello di business
basato sui collaudati modelli di Ownership, che
ricomprende i cosiddetti Paesi “Tier 1” in cui
il Gruppo sviluppa un business integrato o ha
una posizione importante (Italia, Spagna, Cile,
Colombia, Brasile, Stati Uniti), e di Stewardship,
nei Paesi in cui joint venture, PPA, acquisizioni
di quote di minoranza offrano prospettive
particolarmente remunerative.
Crescita delle fonti
di finanziamento sostenibili
In linea con il “Sustainability-Linked Financing
Framework” e in vista del raggiungimento
dell’obiettivo di Sostenibilità di Enel circa la
riduzione di emissioni dirette di gas serra
(Scope 1), è sempre più ampio il ricorso a
strumenti di finanza sostenibile.
RELAZIONE
SULLA GESTIONE
7.
CONSOLIDATED
SUSTAINABILITY
STATEMENT
General information
Enel actively engages with internal and external
stakeholders to understand their point of view and
expectations on sustainability and evaluate any actions to
implement also with a view to strengthening corporate
processes and procedures.
The “double materiality” analysis allows us to identify
the environmental, social and governance issues that are
relevant for the Group, in order to effectively manage the
associated material impacts, risks and opportunities.
Environmental information
The Group is committed to protecting natural capital
through the prevention and reduction of impacts on
air and water, the conservation of biodiversity and the
sustainable management of waste.
In line with the European Taxonomy, Enel has identified
and classified its economic activities based on their
contribution to environmental objectives, to encourage
increasingly environmentally sustainable investments.
Social information
Enel promotes people’s centrality, workers’ safety,
responsibility along the value chain, active engagement
with communities and listening to and satisfying
customers, with a focus on inclusion, protection of
rights, sustainability and prevention and reduction of
social impacts and risks.
Governance information
A solid model of business conduct and respect for
human rights in business practices are the basis of the
Group’s operations.
Tax contribution and transparency support value
creation for communities.
REPORT
ON OPERATIONS
General information
238
INTEGRATED ANNUAL REPORT 2024
General information
Basis for preparation of the consolidated Sustainability
Statement
ESRS 2 BP-1; BP-2
The Enel Group’s 2024 consolidated Sustainability
Statement (hereinafter also Sustainability Statement)
is structured in four main sections, in accordance with
current legislation, specifically:
• General information;
• Environmental information (including disclosure re-
quired under Regulation (EU) 2020/852 - “Taxonomy
Regulation”);
• Social information;
• Governance information.
In particular, this section of the Report on Oper-
ations covers the environmental, social and gov-
ernance issues that are relevant to the Enel Group,
taking into account the double materiality analy-
sis process described below in the section “Dou-
ble materiality – The process” as well as the spe-
cific activities and characteristics of the Group.
Furthermore, in order to standardize the reporting
of the required data and information and to facili-
tate stakeholder understanding of the Sustainabil-
ity Statement, the following has been reported for
each material topic:
• the related impacts, risks and opportunities (IROs);
• the Group’s strategy and commitment to man-
aging material topics and mitigating risks, in
terms of policies adopted and action plans im-
plemented;
• the main results obtained in relation to the objec-
tives established;
• the relevant performance indicators to understand
the results obtained.
Information managed through “Incorporation by reference”
As permitted under the relevant legislation, Sustainability Statement incorporates by way of reference the
information required by the ESRS relating to the Group’s strategy and business model, risk management and
corporate governance, as well as that related to climate change, presented in the respective chapters within
the Report on Operations.
For further details regarding the Group’s approach to the Report on Operations as a whole, reference should
be made to the “Basis of Presentation” section of the Integrated Annual Report, while for details of the infor-
mation “incorporated by reference”, see the tables included in the section “Disclosure requirements of the
ESRS covered by Sustainability Statement”.
The scope of the information contained in Sustainability Statement coincides with the scope of the consolidated
financial statements.
General information
239
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
In 2024, Endesa was the only company in the con-
solidation scope subject to the Sustainability State-
ment obligation, which has prepared and published
its reporting in accordance with regulations cur-
rently in force in Spain. There are no other com-
panies subject to mandatory reporting within the
scope of consolidation.
As expressly requested by the ESRS, the information
provided was extended to include the material IRO
associated with the value chain, both upstream and
downstream, of the Enel Group. In order to identify the
main players in the value chain, as part of the double
materiality analysis, a process was initiated to assess
the relevance of the stakeholders, aimed at determin-
ing the key affected stakeholders. For more informa-
tion, see the sections “Stakeholder engagement” and
“Double materiality – The process”.
In addition, the Group implemented an analysis pro-
cess to identify situations of so-called “operational
control” by the Group over an entity, site, operation
or asset, in order to meet specific disclosure require-
ments of the environmental ESRS.
The analysis involved all associates and joint ventures
over which Enel exercised significant influence or joint
control at the reporting date (for more information on
this, see the section “Determination of the existence
of joint control and of the type of joint arrangement” in
the notes to these consolidated financial statements).
The analysis conducted did not reveal any significant
impacts as of the reporting date.
The Enel Group has not made use of the option pro-
vided by the legislation to omit specific information
corresponding to intellectual property, know-how or
innovation results, nor of the exemption from the dis-
closure of information concerning upcoming devel-
opments or matters under negotiation.
This Statement was approved by the Board of Direc-
tors on March 13, 2025 and has been subjected to a
limited assurance review.
Reporting policy
The quality of sustainability information provided is
guaranteed by the observance of the materiality prin-
ciples, faithful representation, comparability, verifia-
bility and clarity.
The reporting period of the Enel Group’s Sustainability
Statement is consistent with that of financial disclo-
sures, in particular:
Time horizon
Description
Short-term
12 months, in line with that adopted by
the Group in the consolidated financial
statements
Medium-term
From the end of the short-term time horizon
up to 3 years, in line with the Group’s
Strategic Plan
Long-term
Over 3 years
In line with the models and assessments generally ac-
cepted as market best practice, the Group adopts a
short-term time horizon of 1 to 3 years, a medium-term
time horizon of 4 to 10 years, and a long-term time ho-
rizon of over 10 years solely for information relating to
climate change.
The main assumptions used in the estimation process,
as well as the judgmental component, where applied,
are adequately described in the specific sections of
reference of the Sustainability Statement.
The processing of comparative data published in previ-
ous years, following refinements in estimates or modifi-
cations in the definition methodologies, are clearly indi-
cated as such, in the specific sections of reference of the
Sustainability Statement.
In line with regulatory requirements, the Group has lim-
ited upstream and downstream value chain disclosures
to information available internally or publicly available,
where applicable.
In the absence of sector ESRS, the Group has reported
“sector-specific” disclosures following the provisions of
international best practices (i.e. ISSB/SASB and GRI).
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
240
INTEGRATED ANNUAL REPORT 2024
The main phased-in rates provided by the ESRS that the Enel Group has chosen to use for the 2024 financial year are
listed below.
Standard
Disclosure requirement
ESRS 2
• SBM-1 Breakdown of total revenue by significant sector, 40 b) and 40 c)
• SBM-3 Anticipated financial effects, 48 e)
Environmental
Anticipated financial effects from:
• E1-9 Material physical and transition risks and potential climate-related opportunities
• E2-6 Pollution-related risks and opportunities
• E3-5 Water and marine resources-related risks and opportunities
• E4-6 Biodiversity and ecosystem-related risks and opportunities
• E5-6 Resource use and circular economy-related risks and opportunities
Social
• S1-7 Characteristics of non-employee workers in the company’s own workforce
• S1-8 Collective bargaining coverage and social dialogue
• S1-11 Social Protection
• S1-14 Work-related ill health number of days lost to injuries, accidents, fatalities and work-related ill
health, 88 e) 88 d)
• S1-14 Health and safety of non-employees
• S1-15 Work-life balance
General information
241
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Stakeholder engagement
ESRS 2 SBM-2
Enel promotes a continuous, active and open dialogue
with its stakeholders, through numerous listening and
engagement initiatives, both direct and indirect, in or-
der to understand their point of view on sustainability
issues, their expectations and any feedback, to eval-
uate actions to be implemented, including the defi-
nition of any projects and initiatives or the possible
strengthening of company processes and procedures.
The categories of stakeholders relevant to the Group
have been mapped and defined as part of the double
materiality analysis process. For details on the meth-
odology followed and the results, see the section
“Double materiality”.
The main engagement initiatives include, among oth-
ers, relations with the main representative and trade
associations, including those of Enel’s own workforce,
consumers and the communities in which Enel oper-
ates; customer satisfaction surveys and channels for
handling commercial complaints; questionnaires from
sustainability rating agencies and relations with ana-
lysts and investors, institutional relations at a national
and local level, as well as media monitoring and opinion
polls. These initiatives are carried out within the scope
of company processes to ensure that the expectations
and requests of the various stakeholders with whom
the Group interacts are adequately taken into consid-
eration in business processes, thus supporting growth
and value creation throughout the value chain. Further-
more, the Group takes into account the point of view
of stakeholders in the materiality process, for the iden-
tification and evaluation of material IRO and in the due
diligence process to identify any negative impacts and
define the related action plans. As regards the specif-
ic methods of engagement and its results within these
processes, see the “Double materiality” and “Managing
human rights” sections of the Sustainability Statement.
In addition, a channel has been set up for all internal
and external stakeholders to report anonymously any
suspected breaches of the Code of Ethics, through
a single Group-wide platform accessible both online
and on the company intranet; for more information,
see the section “Whistleblowing and stakeholder re-
porting channel”.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
242
INTEGRATED ANNUAL REPORT 2024
The table below summarizes the main initiatives and methods of engagement for each stakeholder category, in-
cluding the purpose of the engagement and how any findings were taken into account.
(1)
Includes suppliers of raw materials, products and components, suppliers of energy commodities, wholesalers, renewable energy producers,
system operators, suppliers of works (contractors) and services, third-party disposal companies.
(2)
Includes B2B, B2C and B2G customers as well as end users.
Own
workforce
Affected
communities
Suppliers(1)
Customers(2)
• Meetings with workers’
representatives on ESG, health
and safety.
• Joint committees on sustainability
and health and safety.
• Specific focus groups on
workforce issues (e.g. well-
being, inclusion, diversity and
development).
• Targeted awareness and
information initiatives through
internal communication channels
(newsletters, internet, etc.).
• Targeted surveys on satisfaction,
well-being and inclusion.
• Interviews and relations with the
relevant Business Partner and
those responsible for personnel
development.
• Consultations and public
workshops during the start-
up phase of new projects.
• Meetings and interviews
during the ESIA and SECA
evaluation phase for the
start-up of new projects and/
or the closure of coal-fired
power plants.
• National, regional and
local round tables with
associations for the closure
of coal-fired power plants.
• Grievance mechanisms
for collecting reports and
complaints (local teams,
toll-free numbers, online
platforms or community
leaders in isolated rural
areas).
• Workshops with the various
supply chains on ESG and
health and safety issues.
• Awareness and information
initiatives on ESG and health
and safety issues.
• National, regional and local
round tables with associations
for the closure of coal-fired
power plants.
• Relations with purchasing
representatives during the
qualification or tendering
phase.
• Relations with contract
managers during the contract
execution phase.
• Channels for collecting and
handling customer complaints
(e.g. toll-free number, email,
and dedicated “Voice of
Customer” platform).
• Customer satisfaction surveys
(Net Promoter Score-NPS
index).
• Meetings and workshops with
consumer associations.
• Energy efficiency awareness
initiatives.
• Dedicated channels to
companies through key-
account managers.
Engagement methods and initiatives
• Collect and understand
expectations, requests and
suggestions for improving
working conditions.
• Increase awareness and
information on company
procedures.
• Improve the satisfaction and
retention rate.
• Ensure compliance with
supplier management policies
and practices, including
the Code of Ethics and the
Human Rights Policy.
• Guarantee respect for
working conditions and
workers’ rights.
• Support the conversion of
supply chains impacted by the
closure of coal-fired power
plants.
• Collect and understand
expectations, requests,
suggestions and complaints
in order to improve
community relations.
• Ensure respect for human
rights, particularly for
vulnerable groups, such as
local, indigenous and tribal
populations.
• Collect and understand
expectations, requests,
suggestions and complaints for
the improvement of customer
service quality.
• Management of any
inefficiencies and emergency
situations.
• Increase awareness on energy
efficiency and responsible
consumption.
• Ensure respect for human rights
for accessibility and service
quality to vulnerable customers.
Purpose
• Strengthening of
communication channels and
collective bargaining.
• Review and improvement
of business processes and
procedures.
• Organizational action plans and
targeted development paths.
• Improvement plans in
ESG and health and safety
matters.
• Supply chain
decarbonization plans.
• Action plans for the
development of
commercial and/or
industrial initiatives at a
local level to support the
supply chains of local
suppliers not impacted by
the closure of coal-fired
power plants.
• Development of dedicated
projects to support
communities (e.g. energy
poverty, access to energy).
• Dedicated initiatives for the
protection of vulnerable
groups, particularly in critical
contexts and/or conflict-
affected areas.
• Action plans for the
development of local business
and/or industry initiatives
to support communities
impacted by the closure of
coal-fired power plants.
• Action plans for improving
customer satisfaction and
retention rate.
• Development of projects and
business offerings dedicated
to vulnerable customers.
Management of results
General information
243
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
(3)
Includes local governments and regulatory authorities.
Financial
community
Businesses
and trade
associations
Institutions(3)
Media
• Questionnaires for ESG
indices and ratings.
• Relations with analysts
and investors (road shows,
dedicated meetings,
dedicated questionnaires,
specific requests).
• Capital Markets Day, quarterly
and annual calls.
• Consultations and public
workshops.
• Participation in consultations,
working groups and indirect
advocacy initiatives.
• Participation in local
socioeconomic development,
research, and environmental
protection projects.
• Consultations and public
workshops during the start-
up phase of new projects.
• National, regional and
local round tables with
institutions for the closure
of coal-fired power plants.
• Participation in
consultations, working
groups and direct advocacy
initiatives.
• Press releases.
• Interactions on social
channels (e.g. LinkedIn, etc.).
• Media monitoring.
• Collect expectations and
specific requests to improve
transparency of ESG
information to the market.
• Contribute to local
development of initiatives
and projects to support
communities and protect the
environment.
• Support business operations
and development.
• Ensure compliance with
national, European and
international sustainability
regulations.
• Promote the development
of tools and policies for
the decarbonization and
adaptation plan.
• Improve the Group’s
positioning and brand
perception.
• Monitor public information
and intercept any critical
issues (e.g. disputes).
• Action plans to improve ESG
information and disclosure for
rating agencies and investors.
• Action plans to improve ESG
performance.
• Dedicated local action
plans for environmental
protection.
• Developing indirect
advocacy actions to support
the Group’s strategy and
Strategic Plan.
• Shared action plans for the
development of commercial
and/or industrial initiatives
at a local level to support
the communities and supply
chains of local suppliers not
impacted by the closure of
coal-fired power plants.
• Alignment of strategy and
development plan with new
regulatory and normative
frameworks.
• Dedicated communications
plan.
• Social and press channels
monitoring plan.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
244
INTEGRATED ANNUAL REPORT 2024
Double materiality
The process
ESRS 2 IRO-1
In order to identify relevant environmental, social and
governance issues (so-called “sustainability issues”) to
be disclosed within the Sustainability Statement, the
Enel Group conducted a double materiality analysis, in
accordance with regulatory requirements.
In addition, the Group continues to integrate sustain-
ability into its strategy and business model in order to
effectively manage IROs deemed relevant, based on
the double materiality process.
Specifically, during 2024, the Enel Group designed and
implemented a process aimed at:
• improving and further strengthening the double
materiality analysis process already adopted in pre-
vious years, in order to fully reflect the requirements
introduced at the European level by the Corporate
Sustainability Reporting Directive (CSRD), the Euro-
pean Sustainability Reporting Standards (ESRS) and
related guidelines;
• defining the appropriate controls on the basis of
specific Administrative Procedures to guarantee the
system of internal control over corporate reporting;
for more information, see the section “Internal con-
trol and risk management system on corporate re-
porting” under Governance information.
As per the ESRS 1 General requirements, the double
materiality analysis process implemented by Enel,
which includes the upstream and downstream value
chain, is aimed at identifying sustainability issues that
meet the criteria defined for impact materiality, finan-
cial materiality, or both. To this end:
• impact materiality: refers to sustainability issues re-
lated to the Group’s significant negative or positive,
actual or potential impacts on people or the envi-
ronment in the short, medium or long term;
• financial materiality: addresses how sustainability
issues affect the Group’s financial performance and,
in particular, focuses on how the resulting risks and
opportunities may affect economic performance in
the short, medium, and long term.
In line with current regulations, the double materiality
process carried out by the Enel Group breaks down in
four stages, summarized below:
1. understanding the context;
2. identification of IROs and related sustainability is-
sues;
3. assessment and determination of material IROs;
and
4. reporting.
Understanding the context
In order to identify all sustainability issues and re-
lated IROs for the double materiality process, the
Group carried out an analysis of the internal con-
text, mainly based on the Strategic Plan and other
information provided to investors, as well as the ex-
ternal context, also through the analysis of leading
publications in the electricity sector. In particular,
the Group conducted a macro-analysis of the con-
text in which it operates, identifying and analyzing
the main external trends and uncertainties related
to the energy transition, the competitive landscape,
and the context in which the Group operates, iden-
tifying the ESG megatrends.
The Group also mapped key business relationships
based on specific combinations of qualitative and
quantitative characteristics.
In order to understand which stakeholders are or
could be affected by the Group’s operations and val-
ue chain, key affected stakeholders were identified
through stakeholder engagement and their subse-
quent mapping and prioritization. In this regard, the
Group has established a structured process for as-
sessing the relevance of stakeholder activity, in line
with the provisions of the Accountability AA1000
Stakeholder Engagement Standard (AA1000SES) for
the results of which please see the section “Stake-
holder engagement”.
General information
245
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Identification of IROs and related
sustainability issues
In aiming to identify potentially material sustainability
issues, the Group followed the following process:
• preparation of a list of IROs considering both that
proposed in ESRS 1 and additional Group-specific
issues identified through context analysis, stake-
holder engagement, and internal processes, includ-
ing risk management;
• identification of impacts directly caused by the
Group, those to which the Group has contributed,
and impacts directly related to operations, products
and services caused by business relations;
• definition of risks and the associated opportunities,
based on the identified impacts, e.g. risks or oppor-
tunities arising from environmental and social de-
pendencies;
• correlation of identified IROs with the risks mapped
in the Group’s Risk Catalogue, with a view to adopt-
ing an unambiguous and uniform language for rep-
resenting risks within the Group.
Assessment and determination of
material IROs
The list of identified IRO underwent the assessment
of internal and external stakeholders relevant to the
Group with the aim of determining the material im-
pacts – through the impact materiality, and material
risks and opportunities – through financial materiality.
For impact materiality, the specific methodology ap-
plied by the Group provides an assessment of the se-
verity of impacts, which in turn is determined on the
basis of scale, scope and, for negative impacts only,
irremediable character.
For potential impacts, severity is weighted by the prob-
ability of occurrence over the relevant time horizon.
These assessments, the subjectivity of which is limited
by the utilization of scientific and statistical evidence
and/or documentation, where available, allow the defi-
nition of a final score for each impact, on which ap-
propriate qualitative and quantitative thresholds are
applied, aimed at defining material impacts.
The consolidation of results of materiality analysis at
Group level takes into account any differences with
IROs identified at the subsidiary level, where appropri-
ate (a mixed top down and bottom up approach).
The methodology applied by the Group for the analy-
sis of financial materiality is designed to identify and
assess sustainability-related risks and opportunities,
which are particularly relevant to primary users.
Risks and opportunities are assessed according to
the potential magnitude of their financial effects and
the likelihood of occurrence through the application
of objective thresholds, established by considering
the risk management process and assumptions in the
Group’s accounting policies.
Where a sustainability issue was found to be relevant
from a financial materiality perspective but, neverthe-
less, its financial impacts could not be reliably meas-
ured at the reporting date, thresholds were based on
qualitative factors and ranges of possible impacts
(high/medium/low).
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
246
INTEGRATED ANNUAL REPORT 2024
Results
ESRS SBM-3
The results of the double materiality process at Group
level are shown below. The activity was implemented
in the main countries where the Group is present, in-
volving the main companies in those countries. Where
significant variations emerged in terms of material
IROs in the various countries, these were reported in
the disclosure relating to the Group’s material topics.
The results take into account the engagement of
stakeholders in the various stages of the process, both
for the analysis of the reference context and for IRO
evaluation.
In particular, the results of the context analysis con-
firm that the most significant ESG megatrends for the
Group’s relevant stakeholders concern:
• climate change, since the continuous occurrence
and worsening of extreme events emphasizes the
urgency of taking action to counter the environ-
mental emergency;
• the digital revolution, accelerated by the adoption of
digital innovations such as artificial intelligence and
the Internet of Things (IoT), with new opportunities,
but also risks or challenges such as cyber security,
increasing income disparity and consequent in-
crease in social inequalities or greater energy con-
sumption due to the spread of data centers;
• geopolitical instability, with the potential risks this
entails for economic and energy stability, as well as
for the supply of critical raw materials in the global
context.
The Group’s relevant stakeholders (companies and
trade associations, customers, the financial com-
munity, institutions, interested communities, the
media, its own workforce and suppliers) were there-
fore involved in the process of analyzing ESG issues
in terms of their priority in order to identify the
main issues of interest. The activity included over
370 initiatives (surveys, focus groups, interviews,
document analysis, etc.), covering the main coun-
tries and regions where the Group is present. The
main initiatives conducted include customer and
employee satisfaction surveys, questionnaires from
sustainability rating agencies, customer complaints,
relations with analysts and investors, with repre-
sentative and trade associations, national and local
institutional relations, media monitoring and opin-
ion polls.
This analysis defined the following Level I priorities for
2024, as assigned by the Group’s stakeholders:
• Climate change;
• Workers in the supply chain;
• Water and marine resources;
• Electrification of uses;
• Resilient grids.
Furthermore, in line with the provisions of the
AA1000SES Standard, an analysis was conducted to
identify key affected stakeholders, which for 2024
are customers, the financial community, institutions,
Enel’s own workforce, and suppliers.
General information
247
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
13 IROs
Climate change
Water and marine
resources
Pollution
Biodiversity and
ecosystems
Circular economy and
waste management
9 IROs
6 IROs
28 MATERIAL IROs
11 MATERIAL TOPICS
ENTITY SPECIFIC
1 material topic
Entity specific
Risk
Opportunities
Positive impact
Negative impact
Own workforce
Business conduct
Resilient grids
Affected communities
Workers in the supply
chain
Consumers and
end users
ENVIRONMENT
5 environmental
material topics
SOCIAL
4 social material
topics
GOVERNANCE
1 business
conduct material
topic
29. The topic “Transparency of corporate governance disclosures” refers to the material subtopic “Other compliance programs”.
Key external stakeholders, together with internal
stakeholders, were also involved in the IRO assess-
ment in order to determine the list of environmental,
social and governance issues, as well as entity-spe-
cific (i.e. industry-specific and representative of the
facts and circumstances in which the Group oper-
ates) issues.
Specifically, more than 70,000 key external stakehold-
ers were involved who were asked to evaluate IROs in
terms of probability of occurrence and significance,
with results in line with the internal analysis.
From the identification of 28 material IROs for the
Group, 11 material topics, 23 material subtopics, 21
material sub-subtopics were identified.29
The material topics emerging from the analysis con-
ducted regard all regulatory ESRS issues, plus a num-
ber of specific topics related to distribution grids
management, tax transparency, and transparency of
corporate governance information.
Considering the sector in which the Group operates, the
most significant issues concern climate change man-
agement in terms of both mitigation and adaptation and
the impact on biodiversity and surrounding ecosystems.
Regarding social aspects, the Group pays special atten-
tion to the worker health and safety management (em-
ployees and contractors) and customer relations.
The stakeholder engagement process and the double
materiality analysis, which are updated annually, are dis-
cussed in depth and shared with the Corporate Govern-
ance and Sustainability Committee, established within
the Board, at the preparatory meeting on the Sustainabil-
ity Plan guidelines, as well as when the opinion is present-
ed to the Control and Risk Committee. In addition, both
processes are included in the overall opinion provided by
the auditing firm regarding the CSRD requirements.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
248
INTEGRATED ANNUAL REPORT 2024
The following are the material topics in detail.
Material ESG topics
ESRS
Material topic
E1 – Climate change
Climate change
E2 - Pollution
Pollution
E3 – Water and marine resources
Water and marine resources
E4 – Biodiversity and ecosystems
Biodiversity and ecosystems
E5 – Resource use and circular economy
Circular economy and waste management
S1 – Own workforce
Own workforce
S2 - Workers in the value chain
Workers in the supply chain
S3 – Affected communities
Affected communities
S4 – Consumers and end users
Consumers and end users
G1 – Business conduct
Business conduct
Additional information - Entity specific
Resilient grids
Additional information - Entity specific
Business conduct
General information
249
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Material subtopic
Material sub-subtopic
Mitigation: reduction of direct GHG emissions (Scope 1)
-
Mitigation: reduction of direct GHG emissions (Scope 1)
Efficient energy consumption in business operations (fossil
energy sources)
Mitigation: reduction of indirect GHG emissions (Scope 2 and
Scope 3)
Decarbonization of the supply chain
Increase in sales of energy from renewable sources to the end
customer
Climate change adaptation
-
Climate change adaptation
Adapting to extreme weather
Reducing GHG emissions of services and products to
customers
-
Air pollution
Reducing emissions into the air (excluding CO2)
Water
Water withdrawals
Direct impact drivers on biodiversity loss
Changes in land, fresh water and sea use
Impacts on the state of species
Population size of species
Waste
Non-hazardous waste from Operations and Maintenance (O&M)
Worker health and safety
Managing and monitoring worker’s safety
Promoting a safety culture among workers
Equal treatment and opportunities for all
Disability
Gender diversity
People development
Skills and performance
Supplier working conditions
-
Supporting the social and economic development of
communities
-
Access to electricity
Breaking down the economic barriers to access to electricity
Social inclusion of consumers and/or end users
Optimizing products and services for the most vulnerable
customers
Quality of customer relations
Effective and fair relationship with customers
Managing relationships with suppliers
Managing the procurement of supplies containing critical materials
Governance and advocacy for the environment
-
Active and passive bribery
Systems to safeguard against corruption
Operational management of grids
Grid maintenance
Tax transparency
-
Other compliance programs
Compliance with laws and regulations
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
250
INTEGRATED ANNUAL REPORT 2024
Material IROs are shown in the table below, together with information on the stage of the value chain involved and
the impact on the planet and people.
Material IROs
ESRS
Material
subtopic
Material
sub-subtopic
Material IRO
Type(1)
Actual/
potential(2)
Time
horizon
Value chain
E1 – Climate change
Climate
change
adaptation
Adapting to
extreme weather
Extreme weather events (e.g.
cyclones, droughts, floods, storms,
heat waves and fires) due to climate
change, resulting in damage
or reduced efficiency of power
generation and distribution facilities
and supporting infrastructure,
causing capacities to be
downgraded, operations temporarily
stopped or shut down completely.
Medium
term
OWN OPERATIONS
Power generation
Power distribution
Power marketing
and services
-
Increased public investment in
infrastructure resilience to address
mitigation and reduction of physical
climate risk and reduce service
disruptions.
Medium
term
OWN OPERATIONS
Power generation
Power distribution
Mitigation:
reduction of
direct GHG
emissions
(Scope 1)
-
New policies, regulations and timely
and effective measures by public
institutions, including simplified
permit procedures, aimed at
accelerating the energy transition
and the development of related
technologies.
Medium
term
OWN OPERATIONS
Power generation
Power distribution
Power marketing
and services
-
Mitigating climate change by
reducing absolute greenhouse gas
emissions from the thermoelectric
phase-out.
Long term
OWN OPERATIONS
Power generation
(1) Type:
Risk
Opportunities
Positive impact
Negative impact
(2) Actual/potential:
Actual
Potential
General information
251
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Impact on the planet
and people
Risk/opportunity
arising from
social and natural
dependencies
and/or impacts
IRO management
TARGET/ACTION PLAN
_
Risk deriving from
dependencies on
natural resources
The Group adopts best practices for the fastest
return to operation and invests for resilience,
prepares maintenance prevention and internal risk
management policies.
Preparation of actions and
procedures for responding to
adverse events and investments to
increase resilience
_
Opportunity
arising from a
positive impact
of reducing
greenhouse gas
emissions
Enel identifies priority interventions to improve
KPIs through the Guideline for Network Resilience
Enhancement Plan policy. In Italy, this policy is
translated into the Resilience Plan, an addendum
to the Development Plan with a 3-year horizon,
which e-distribuzione has been preparing annually
since 2017. Similar issues are also being explored
in other countries, both in Europe and South
America, in order to prepare ad-hoc investment
planning considering different territorial
peculiarities.
Preparation of the Investment Plan
(e.g. Italy Resilience Plan)
_
Opportunities
deriving from
dependencies on
social resources
The Group maximizes opportunities through
an integrated business focused on renewables
development, distribution network expansion and
retail sales. In addition, the Group uses transition
scenarios for strategic assessments.
Active oversight and enhancement
of regulatory and policy
opportunities
Reducing greenhouse gas
emissions by phasing out
thermal power plants contributes
significantly to mitigating climate
change by fostering greater
ecosystem balance and reducing
the risks associated with the
effects of global warming.
_
Enel is committed to the process of
decarbonization through the replacement of fossil
power generation sources with renewable energy
and a plan to phase-out electricity generation
from thermal sources.
Reduction on Scope 1 GHG
emissions Intensity relating to
power generation (gCO2eq/kWh)
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
252
INTEGRATED ANNUAL REPORT 2024
ESRS
Material
subtopic
Material
sub-subtopic
Material IRO
Type(1)
Actual/
potential(2)
Time
horizon
Value chain
E1 – Climate change
Mitigation:
reduction of
direct GHG
emissions
(Scope 1)
Efficient energy
consumption
in business
operations (fossil
energy sources)
Prevention and minimization of
climate impacts through efficient
and sustainable use of fossil energy
sources in business processes.
Short term
OWN OPERATIONS
Power generation
Mitigation:
reduction of
indirect GHG
emissions
(Scope 2 and
Scope 3)
Decarbonization
of the supply
chain
Contributing to the reduction of
Enel’s carbon footprint through a
sustainable supply chain.
Medium
term
UPSTREAM
Procurement of
supplies, works and
services
Procurement
of energy
commodities
Increase in sales
of energy from
renewable sources
to the end
customer
Contribution toward the reduction
of Scope 3 emissions through the
sale of renewable energy.
Short term
UPSTREAM
Procurement
of energy
commodities
DOWNSTREAM
Retail customer
relations (B2B, B2C,
B2G)
Reducing GHG
emissions of
services and
products to
customers
-
Accelerating the process of
electrification of consumption
by implementing solutions and
technologies for electrification of
cities (e.g. smart cities and street
lighting), for businesses (energy
efficiency, demand response,
etc.) and for people (e.g. energy
efficiency of homes and apartment
buildings).
Short term
DOWNSTREAM
Retail customer
relations (B2B, B2C,
B2G)
E2 – Pollution
Air pollution
Reducing
emissions into the
air (excluding CO2)
Improvement of industrial site
conditions resulting from the
reduction of air pollutant emissions
(other than GHG) pursued through
continuous monitoring and
improvement programs.
Short term
OWN OPERATIONS
Power generation
(1) Type:
Risk
Opportunities
Positive impact
Negative impact
(2) Actual/potential:
Actual
Potential
General information
253
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Impact on the planet
and people
Risk/opportunity
arising from
social and natural
dependencies
and/or impacts
IRO management
TARGET/ACTION PLAN
The efficient and responsible use of
non-renewable energy resources
in business processes not only
facilitates a gradual shift toward
more sustainable sources but also
encourages the adoption of industrial
practices that are more respectful
of environmental balances, while
promoting a model of economic
growth that is compatible with the
protection of the planet.
_
The commitment to the reduction of fuel
consumption in the electricity generation process
is closely related to the process of phase-out of
thermal capacity that the Group is carrying out, thus
contributing to the reduction of direct emissions from
the power generation process.
Reduction of Scope 1 GHG
emissions Intensity relating to
power generation (gCO2eq/kWh)
Supplier performance must
align with best practices and
sustainability standards while
ensuring necessary quality
requirements. This approach
promotes prudent resource
management, encouraging
low-impact practices and a more
sustainable operating model
throughout the value chain.
_
Introduction of rewarding criteria in key supply bidding
processes that aim to demonstrate progressive
improvement in environmental performance through
relevant certifications (for example, EPD, ISO CFP).
Value of supply contracts covered
by Carbon Footprint certification
(EPD, ISO CFP) – %
By providing customers with
energy generated from renewable
sources, they can reduce their
dependence on fossil fuels and,
consequently, indirect emissions
along the value chain.
_
Enel is committed to reducing Scope 3 emissions
through the sale of renewable energy to the end
customer along with reducing the existing gap
between own production and sale to the end
customer.
Reduction of Scope 1 and 3 GHG
emissions Intensity relating to
integrated power (gCO2eq/kWh)
Electrification of consumption
to facilitate a more sustainable
energy transition through
integrated solutions that improve
the efficiency of urban, business
and household services, providing
environmental and social benefits.
_
In addition to providing emission-free electricity to
end customers (with positive impact on customers’
Scope 2 emissions), Enel offers technology solutions
to reduce carbon emissions related to their energy
consumption in a wide range of sectors including
industrial services, electric transportation and street
lighting.
Demand response - GW
The reduction of non-GHG
pollutant emissions, achieved
through continuous monitoring
and improvement programs,
contributes to improved air quality
in and around industrial areas. This
approach promotes a healthier
environment, with tangible
benefits to the local ecosystem
and the well-being of nearby
communities.
_
Operations include the implementation of action
plans aimed at:
• reducing total and specific emissions of the main
atmospheric macropollutants (SO2, NOx, dust and
mercury) through the implementation of the energy
transition plan and, in particular, the phase out of coal-
fired thermal power plants, to which they are mainly
attributable;
• adopting abatement and control technologies for air
pollutants in line with the best available technologies
and the most stringent emission limits in different
countries.
• Reduction in specific emissions
of SO2 – %
• Reduction of NOx specific
emissions – %
• Reduction of dust specific
emissions – %
• Reduction of mercury emissions
– %
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
254
INTEGRATED ANNUAL REPORT 2024
ESRS
Material
subtopic
Material
sub-subtopic
Material IRO
Type(1)
Actual/
potential(2)
Time
horizon
Value chain
E3 – Water and marine resources
Water
Water withdrawals
Depletion of fresh or marine
water quantities or quality
due to unsustainable use of
water resources in direct or
indirect activities (e.g. excessive
withdrawals relative to the
resource’s regenerative capacity
or ecosystem and socioeconomic
needs, particularly in water-stressed
areas, wastewater discharges with
excessive thermal or pollutant
loading).
Short term
OWN OPERATIONS
Power generation
E4 – Biodiversity and ecosystems
Direct impact
drivers on
biodiversity
loss
Changes in land,
fresh water and
sea use
Damage to the environment and
local communities caused by
inadequate prevention, mitigation,
restoration or compensation for
impacts on environmental matrices,
biodiversity and ecosystems
produced by activities under the
operational control of the Group (for
example, transformation of habitats
and impact on protected species
and/or protected areas as a result of
construction activities or operation
of assets).
Medium
term
OWN OPERATIONS
Power generation
Power distribution
Impacts on
the state of
species
Population size of
species
Reputational damage, fines
and increased construction,
management and restoration
costs due to loss of biodiversity
and degradation of ecosystem
services, reduced acceptability
by local communities following
the construction or operation
of generation and network
facilities (causing occupation and
transformation of the territory,
fragmentation and degradation of
natural habitats, impact on local
communities, protected areas or
species).
Medium
term
OWN OPERATIONS
Power generation
Power distribution
(1) Type:
Risk
Opportunities
Positive impact
Negative impact
(2) Actual/potential:
Actual
Potential
General information
255
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Impact on the planet
and people
Risk/opportunity
arising from
social and natural
dependencies
and/or impacts
IRO management
TARGET/ACTION PLAN
Unsustainable use of water
resources can compromise the
quantity and quality of fresh
and marine waters, causing
negative impacts on the balance
of ecosystems, jeopardizing
socioeconomic and environmental
sustainability.
_
Operations include the implementation of action
plans aimed at:
• reducing the Group’s total and specific water
withdrawals and consumption, and particularly fresh
water consumption, through the implementation of
the energy transition plan and phase out of coal-
fired thermal power plants, which are characterized
by a significant water footprint;
• maximize water withdrawals from non-draining
sources and wastewater recoveries, both domestic
and third-party supplied, in order to reduce fresh
water withdrawals and consumption, with a special
focus on facilities located in water-stressed areas;
• ensure the environmentally and socially sustainable
management of the water resource at all of the
Group’s reservoirs through water management
plans shared with the basin authorities and local
communities, aimed at protecting the good
ecological and chemical status of water and the
protection of local habitats by ensuring minimum
viable flows.
Reduction of specific fresh water
withdrawal – %
Inadequate management of
environmental impacts can
seriously damage the planet,
compromising biodiversity,
altering ecosystems and putting
natural habitats and protected
species at risk, to say nothing
of communities that depend
on natural resources for their
livelihood.
_
To reduce the impact on biodiversity, Enel applies the
Mitigation Hierarchy in all phases of the design and
management of its plants. Starting from the choice
of the site of interest, the type of habitat is evaluated,
prioritizing those that do not present potential
environmental criticalities and defining appropriate
action plans for biodiversity, and, where necessary,
also including compensatory measures. To ensure the
achievement of No Net Loss (NNL), the Group has also
defined a roadmap with progress steps to measure its
implementation, as well as Group application criteria.
• Achievement of NNL for new
infrastructure by 2030
• Achievement of No Net
Deforestation for new
infrastructure by 2030
• No Go in UNESCO World Heritage
Natural Site Areas
_
Risk deriving from
dependencies on
natural resources
To reduce the impact on biodiversity, Enel applies
the Mitigation Hierarchy in all phases of the design
and management of its plants. Starting from the
choice of the site of interest, the type of habitat
is evaluated, prioritizing those that do not present
potential environmental criticalities and defining
appropriate action plans for biodiversity. To ensure the
achievement of No Net Loss (NNL), the Group has also
defined a roadmap with milestones.
• Achievement of NNL for new
infrastructure by 2030
• Achievement of No Net
Deforestation for new
infrastructure by 2030
• No Go in UNESCO World Heritage
Natural Site Areas
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
256
INTEGRATED ANNUAL REPORT 2024
ESRS
Material
subtopic
Material
sub-subtopic
Material IRO
Type(1)
Actual/
potential(2)
Time
horizon
Value chain
E5 – Resource use and circular economy
Waste
Non-hazardous
waste from
Operations and
Maintenance
(O&M)
Reputational and economic
advantage linked to the reduction
of the production and disposal of
non-hazardous waste from direct
and indirect operating assets
by means of the optimization
of transformation and recovery
processes and the promotion of
sustainable supply chains for final
disposal.
Short term
OWN OPERATIONS
Power generation
Power distribution
Marketing of
energy and
services
S1 – Own workforce
Worker health
and safety
Managing and
monitoring
worker’s safety
Decrease in the number of work-
related injuries suffered by workers
(including internal Enel workers and
contractors), thanks to appropriate
tools for managing and monitoring
health and safety issues.
Medium
term
UPSTREAM
Procurement of
supplies, works and
services
OWN OPERATIONS
Power generation
Power distribution
Marketing of
energy and
services
Promoting a
safety culture
among workers
Increase in the number of injuries to
workers (including Enel employees
and contractors) within the Group,
due to inadequate safety culture
and procedures.
Short term
UPSTREAM
Procurement of
supplies, works and
services
OWN OPERATIONS
Power generation
Power distribution
Marketing of
energy and
services
People
development
Skills and
performance
Enhancement of the talent of Enel
people with the aim of recognizing
individual skills and supporting
performance appraisal.
Short term
OWN OPERATIONS
Power generation
Power distribution
Marketing of
energy and
services
(1) Type:
Risk
Opportunities
Positive impact
Negative impact
(2) Actual/potential:
Actual
Potential
General information
257
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Impact on the planet
and people
Risk/opportunity
arising from
social and natural
dependencies
and/or impacts
IRO management
TARGET/ACTION PLAN
_
Opportunities
arising from
the positive
impact related
to the Group’s
commitment to
reducing waste
production
Operations include the implementation of action
plans aimed at:
• reducing the amount of waste produced by
Operation and Maintenance activities through the
implementation of the energy transition plan and,
in particular, the phase out of coal-fired plants
from which ash, gypsum and sludge and flue gas
treatment originate;
• avoiding waste production through optimization
of processes to enhance the value of end-of-life
equipment from decommissioning/refurbishment
assets;
• minimizing the amount of waste going to landfills by
promoting its recovery, in line with the principles of
the environmental and waste management policy
and the ISO 14001 environmental management
system improvement objectives;
• adopting the principle of extended producer
responsibility to the value chain stages, upstream
and downstream, related to waste produced by
contractors operating at Enel’s assets and the post-
consumer stages of electrical equipment installed at
our customers’ premises.
Reduction in the total amount of
waste – %
Reducing workplace injuries,
achieved through effective health
and safety management and
monitoring instruments, improves
worker well-being and promotes a
more protected and reliable work
environment.
_
Enel has processes/tools for the supervision/control,
recording and monitoring of all accidents and events, as
well as the related KPIs. Using these tools it is possible
to carry out checks on the various trends connected to
safety phenomena (accidents, non-compliance, etc.) and
the most significant safety KPIs, both at the business line
and country level, with the aim of accurately directing
corrective actions aimed at reducing the risk of accidents.
Average frequency rate of injuries
weighted for their severity
An increase in workplace
accidents caused by insufficient
safety practices and procedures
compromises the good health
and well-being of workers, and
worsens the corporate climate
within the organization.
_
Enel defines safety training plans with a “data driven”
approach with the aim of increasing the culture of
safety and therefore compliance with procedures.
Enel promotes initiatives to engage both internal
personnel and those of contractor companies, with
the aim of increasing the culture and awareness of
safety issues, with a view to continuous improvement
as envisaged in the various management systems.
• % of own workforce covered by
certified management system
• Initiatives to engage contractor
companies in Health and Safety
issues
Enhancing employee skills,
recognizing personal qualities
and supporting performance
measurement, promotes
professional development
and fosters a stimulating work
environment.
_
Performance Management is a global process of
evaluating performance and a key tool to support
the rewarding mechanisms that promote the
enhancement of talents, through the evaluation of
the objectives achieved and adherence to company
values and conduct.
The process is monitored through the company
platform for data collection and analysis.
At the end of each year, feedback is collected with a
view to improving the process.
• Performance Management -
People involved – %
• Performance Management -
People assessed – %
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
258
INTEGRATED ANNUAL REPORT 2024
ESRS
Material
subtopic
Material
sub-subtopic
Material IRO
Type(1)
Actual/
potential(2)
Time
horizon
Value chain
S1 – Own workforce
Equal
treatment and
opportunities
for all
Disability and
gender diversity
Enhancement of diversity (for
example, inclusion of people with
disabilities, gender diversity) thanks
to the inclusive policies adopted by
the Group.
Short term
OWN OPERATIONS
Power generation
Power distribution
Marketing of
energy and
services
DOWNSTREAM
Retail customer
relations (B2B, B2C,
B2G)
Relations with
distribution end
users
S2 – Workers in the value chain
Supplier
working
conditions
-
Procurement of goods and services
deriving from activities linked to
potential violations of human rights
(for example, unpaid work or work
not in line with the conditions
defined by a contract).
Medium
term
UPSTREAM
Procurement of
supplies, works and
services
Procurement
of energy
commodities
S3 – Affected
communities
Access to
electricity
Breaking down the
economic barriers
to access
to electricity
Implementation of sustainability
projects to foster energy poverty
reduction toward vulnerable groups.
Short term
DOWNSTREAM
Relations with retail
customers (B2B,
B2C, B2G)
Relations with
network end users
(1) Type:
Risk
Opportunities
Positive impact
Negative impact
(2) Actual/potential:
Actual
Potential
General information
259
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Impact on the planet
and people
Risk/opportunity
arising from
social and natural
dependencies
and/or impacts
IRO management
TARGET/ACTION PLAN
Enhancing diversity and inclusion
fosters the potential of each
employee within a stimulating
work environment.
_
Enel’s commitment to reducing the gender gap
involves initiatives and measures that influence
all the phases of women’s progress within the
organization, including representation on entering the
Company, empowerment, development in positions
of responsibility, and care for the various important
moments in life.
Targets for women managers and middle managers
in management succession plans meet the goal of
ensuring equal opportunity and greater representation
of women in the organization, as outlined in the DEIB
Policy for the Gender and Pay Equity dimension.
Inclusion of people with disabilities has been
nurtured over time by implementing action plans
at global and local levels and an ongoing process
of listening to colleagues. The DEIB Policy issued in
2024 consolidated the commitment to ensure full
participation and contribution by everyone, dedicating
a specific component for people with different abilities,
neurodivergent or vulnerable, providing for accessible
processes and environments, tools and assistive
technologies, constant listening and support at local
level.
• Women managers (including Top
Managers) and middle managers
– %
• Women managers (including Top
Managers) – %
• Women middle managers – %
• Women in Top Manager
succession plans – %
• Women in management
succession plans – %
Possible compromise of
fundamental human rights with
significant social and ethical
implications.
_
Enel asks suppliers not only to operate in compliance
with applicable laws and permits, but also to commit
to adopting best practices in terms of governance,
ethics, human rights, health, safety and the
environment, in line with the Group’s strategy, main
codes of conduct (Human Rights Policy, Code of
Ethics, Zero Tolerance of Corruption Plan).
In addition, as part of the Group’s human rights due
diligence process, a perceived risk assessment is
conducted through which so-called salient human
rights issues are identified.
Standard review of Group
contractual clauses in order to
increase supply chain visibility (Tier
N number) to reduce the risk of
potential violations of human rights
Improved access to energy for
the most vulnerable, resulting in
improved quality of life.
_
In the process of electrification, Enel actively
contributes to improving energy access by working
with local governments and institutions to combat
energy poverty and support customers in vulnerable
conditions in communities in the countries where it
operates, along the entire value chain.
Community projects – millions of
beneficiaries
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
260
INTEGRATED ANNUAL REPORT 2024
ESRS
Material
subtopic
Material
sub-subtopic
Material IRO
Type(1)
Actual/
potential(2)
Time
horizon
Value chain
S3 – Affected communities
Supporting
the social and
economic
development
of
communities
-
Decreased social and economic
development of local communities
due to the closure of conventional
generating facilities.
Short term
OWN OPERATIONS
Power generation
S4 – Consumers and end users
Quality of
customer
relations
Effective and fair
relationship with
customers
Lower economic losses due to good
customer loyalty and satisfaction.
Medium
term
DOWNSTREAM
Retail customer
relations (B2B, B2C,
B2G)
Social
inclusion of
consumers
and/or end
users
Optimizing
products and
services for the
most vulnerable
customers
Lack of solutions for vulnerable
customers (e.g. promotion of
accessible products and services,
promotion of “slow shopping”
and inclusive offers, technical and
commercial assistance, etc.).
Medium
term
DOWNSTREAM
Relations with retail
customers (B2B,
B2C, B2G)
Relations with
network end users
G1 – Business conduct
Managing
relationships
with suppliers
Managing the
procurement
of supplies
containing critical
materials
The limited global resources of
equipment containing materials that
are critical in the energy industry
(lithium, cobalt, nickel, platinum,
germanium and selenium) and fuels,
concentrated in countries with
limited regulatory and governance
structures or subject to geopolitical
tensions, can lead to supply
chain disruptions and increases
or volatility in the prices of these
materials.
Medium
term
UPSTREAM
Procurement of
supplies, works and
services
Procurement
of energy
commodities
Active and
passive bribery
Systems to
safeguard against
corruption
Contribution to the raising of
awareness and the spreading of the
principles of integrity and ethics in
business conduct.
Short term
The entire value
chain
(1) Type:
Risk
Opportunities
Positive impact
Negative impact
(2) Actual/potential:
Actual
Potential
General information
261
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Impact on the planet
and people
Risk/opportunity
arising from
social and natural
dependencies
and/or impacts
IRO management
TARGET/ACTION PLAN
Plant closures can cause a
reduction in the social and
economic development of local
communities with damage to the
social fabric and potential impacts
on households.
_
In the path of energy transition, the Group is
committed to maintaining the energy potential
of shutdown thermoelectric plants through the
development of new renewable plants and energy
storage systems that are instrumental in the
decarbonization process. Within this framework,
those directly involved in Enel’s activities, such as, for
example, suppliers and contractors, communities (e.g.
youth and unemployed) in the areas of influence, and
the local business community were identified as the
main stakeholders affected by the coal-fired power
plant phase-out process. The dialogue with local
areas has therefore been intensified through regular
national, regional and local round table discussions,
with the aim of identifying shared and systemic
approaches to support local industrial development
and guarantee employment levels.
In line with corporate and territorial
policies and in collaboration
with local stakeholders, the Enel
Group will focus on a series of
initiatives in continuity with the
actions already undertaken, aimed
at strengthening support for the
socio-economic development
of the affected territories and
minimizing negative impacts:
• Training programs to improve
employability, site repurposing
programs through the
development of integrated and
innovative energy centers, and
also through the promotion
of projects developed by third
parties.
• Initiatives to enhance the local
heritage, improve the tourist offer
and promote the development
of professional skills in the
community.
_
Opportunities
arising from the
positive impact in
which the Group
responds to
customer needs
with dedicated,
convenient and
sustainable
solutions.
With the goal of building loyalty and satisfying its
retail customers, Enel is committed to the creation
of increasingly broad and personalized products and
services, strengthening direct customer relations,
including through greater territorial spread of Enel
points, and the continuous revision of written and
verbal communications with customers with a view to
simplification.
Commercial complaints – no./10k
customers
The scarcity of dedicated
solutions for the vulnerable could
contribute to increasing social
inequality.
_
Enel works to promote accessibility to physical,
digital and telephone channels, to promote the
dissemination of information aimed at vulnerable
customers, and to develop new products and services
that meet the needs of these customers.
New inclusive products and
services – no.
_
Risk deriving from
dependencies on
natural resources.
Enel is committed to monitoring the risk associated
with exposure to specific countries in its materials
supply chain to prevent potential price spikes, delivery
delays, or disruption in the availability of goods due
to geopolitical instability, both during the contracting
process and in the course of managing active
contracts.
Introduction of specific contractual
clauses and tracking and
monitoring tools to ensure supply
chain mapping in order to monitor
its geo-political risk and reduce
potentially negative impacts arising
from supply chain disruptions
and to increases or volatility in the
prices of these materials.
Greater dissemination of ethical
principles fosters a respectful
work environment.
_
Online training on ethical issues extended to
all employees of the Group’s Italian and foreign
companies. Courses are mandatory in nature and are
updated periodically according to special events. In
order to track the effectiveness of training programs
in this area, Enel monitors the levels of dissemination
and frequency of the related courses on a six-monthly
basis with periodic reports to the control bodies.
Training on ethical issues (e.g.
Organiza-tion, Management and
Control Model 231, Anti-corruption
Management System, Enel Global
Compliance Program).
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
262
INTEGRATED ANNUAL REPORT 2024
ESRS
Material
subtopic
Material
sub-subtopic
Material IRO
Type(1)
Actual/
potential(2)
Time
horizon
Value chain
G1 – Business conduct
Governance
and advocacy
for the
environment
-
Improvement of environmental
and climate performance in all
the Group’s sites through the
adoption of robust environmental
governance, guaranteed by a
widespread network of HSEQ
professionals and certified
environmental management
systems, aimed at promptly
adopting regulatory developments,
participating in their preparation,
meeting the expectations of
stakeholders and promoting an
environmental consciousness
among employees, suppliers and
customers.
Short term
NA
Additional information -
Entity specific
Operational
management
of grids
Grid maintenance
Potential decrease in the reliability
of the distribution network (QoS -
Quality of Service) due to potential
delays in investments and extreme
weather events.
Short term
OWN OPERATIONS
Power distribution
DOWNSTREAM
Network end user
relations
Additional information - Entity specific
Tax
transparency
-
Adopting a tax strategy (set of
principles and guidelines based on
values of transparency and legality)
by Group companies to ensure fair,
responsible and transparent tax
contributions.
Medium
term
NA
Other
compliance
programs
Compliance
with laws and
regulations
Reputational benefits deriving from
the market’s positive evaluation of
the transparency that the Company
ensures in the dissemination
of information on corporate
governance, in compliance with
current legislation and with national
and international best practices.
Medium
term
NA
(1) Type:
Risk
Opportunities
Positive impact
Negative impact
(2) Actual/potential:
Actual
Potential
General information
263
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Impact on the planet
and people
Risk/opportunity
arising from
social and natural
dependencies
and/or impacts
IRO management
TARGET/ACTION PLAN
The prevention and minimization
of environmental risks, through
the Group’s environmental
governance, represents an
advantage for the surrounding
ecosystem.
_
Enel has adopted an organizational and governance
model that ensures that sustainability issues, including
aspects related to nature, are given adequate
consideration in all relevant company decision-making
processes, through the definition of specific tasks and
responsibilities for the main corporate bodies.
The Group ensures constant
oversight and monitoring of
environmentally relevant activities
through a granular and harmonized
organization at the level of central
structures, for the coordination and
direction of activities, and at the
country level, for the management
of specific and operational aspects
at the Group’s various sites.
The application of ISO 14001
certified Environmental
Management Systems (EMS) is one
of the main tools for implementing
the Group’s Environmental Policy.
Inconvenience to customers
caused by interruptions in the
service provided.
_
In all Group distribution companies, Enel has
implemented appropriate procedures and strategies
to increase the resilience of the distribution
infrastructure in terms of:
• preventing the effect and impact of adverse weather
services on electrical grids and plants;
• increasing the resilience of electric service through
the availability of technical resources from an
international task force:
• maintenance of grid component reliability over
time through a policy of maintaining networks and
telecontrol systems.
System Average Interruption
Duration Index (SAIDI) (min)
Adoption of a fair and transparent
tax strategy promotes a more
socially just distribution of
economic resources, improving
the confidence of local
communities and stakeholders.
_
The tax strategy was approved by the Enel SpA
Board of Directors in 2017 and its implementation
is mandatory for all Group companies. Its
implementation is further ensured by a dedicated
organizational policy. The tax strategy, its principles
and the results of their application are published in
a dedicated section of Enel’s website, as well as in
several corporate reports (e.g. the Tax Transparency
Report).
Cooperative Compliance Index – %
_
Opportunities
deriving from the
positive impact in
which the Group
is committed to
guaranteeing in a
transparent way
the best practices
of corporate
governance.
Enel’s corporate governance system complies with
the principles contained in the Italian Corporate
Governance Code and is inspired by international
best practices, in light also of the recommendations
of leading proxy advisors and leading institutional
investors.
Recommendations and best
practices: constant alignment
with national recommendations
and best practices in corporate
governance.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
264
INTEGRATED ANNUAL REPORT 2024
Disclosure requirements of ESRSs covered by the
sustainability statement
ESRS 2 IRO-2
Incorporation by Reference
The following table lists the disclosure requirements
covered by reference to other parts of the Report on
Operations, outside the Sustainability Statement (the
“Incorporation by Reference” approach).
Disclosure Requirement - Incorporation by Reference
ESRS 2 – General disclosures
Section
GOV-1
The role of the administrative, management
and supervisory bodies
• Corporate boards
• The Enel corporate governance system and
power structure
• Climate governance
GOV-2
Information provided to and sustainability
matters addressed by the undertaking’s
administrative, management and supervisory
bodies
• The Enel corporate governance system and
power structure
GOV-3
Integration of sustainability-related
performance in incentive schemes
• Incentive system
GOV-5
Risk management and internal controls over
sustainability reporting
• The Enel corporate governance system
• Internal control and risk management system
on corporate reporting
SBM-1
Strategy, business model and value chain
• Business model
• The Strategic Plan
SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model
• The Strategic Plan
ESRS E1 – Climate change
Section
ESRS 2, GOV-3
Integration of sustainability-related
performance in incentive schemes
• Incentive system
E1-1
Transition plan for climate change mitigation
• Zero emissions ambition: the
decarbonization plan for mitigation of
climate changes
• Actions for managing the IROs connected
with climate change
ESRS 2 SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model
• Analysis of the scenarios and resiliency of the
strategy
• Opportunities and risks of the energy
transition
ESRS 2 IRO-1
Description of the processes to identify
and assess material impacts, risks and
opportunities
• Impacts, risks and opportunities related to
climate change
• Analysis of the scenarios and resiliency of
the strategy
• Identification and management of risks and
opportunities
E1-2
Policies related to climate change mitigation
and adaptation
• Policies related to climate change mitigation
and adaptation
General information
265
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
ESRS E1 – Climate change
Section
E1-3
Actions and resources in relation to climate
change policies
• The Strategic Plan
• Actions for managing the IROs connected to
climate change
E1-4
Targets related to climate change mitigation
and adaptation
• Actions for managing the IROs connected to
climate change
E1-5
Energy consumption and mix
• Energy consumption and mix
E1-6
Gross Scopes 1, 2, 3 and Total GHG emissions
• Methodology for calculating greenhouse gas
emissions
• Greenhouse gas emission trends in 2024
ESRS G1 - Business conduct
Section
ESRS 2 GOV-1
The role of the administrative, management
and supervisory bodies
• Corporate boards
• The Enel corporate governance system and
power structure
ESRS 2 IRO-1
Description of the processes to identify
and assess material impacts, risks and
opportunities
• Impacts, risks and opportunities related to
climate change
• Analysis of the scenarios and resiliency of
the strategy
• Identification and management of risks and
opportunities
G1-1
Business conduct policies and corporate
culture
• Values and pillars of corporate ethics
G1-3
Prevention and detection of corruption and
bribery
• The Enel corporate governance system and
power structure
• Values and pillars of corporate ethics
G1-5
Political influence and lobbying activities
• Enel’s advocacy system on climate policies
and a just energy transition
All ESRS regulatory requirements that were found to
be material for the Group and thus guided the prepa-
ration of the Sustainability Statement are shown be-
low, again in tabular format, complementing those al-
ready presented in the previous table.
ESRS 2 – General disclosures
Section
BP-1
General basis for preparation of sustainability
statements
• Basis for preparation of the Sustainability
Statement
BP-2
Disclosure in relation to specific
circumstances
• Basis for preparation of the Sustainability
Statement
GOV-4
Statement on due diligence
• Statement on due diligence
SBM-2
Interests and views of stakeholders
• Stakeholder engagement
SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model
• Double materiality
IRO-1
Description of processes to identify
and assess material impacts, risks, and
opportunities
• Double materiality
IRO-2
Disclosure requirements in ESRS covered by
the undertaking’s sustainability statement
• Disclosure requirements of ESRSs covered
by the sustainability statement
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
266
INTEGRATED ANNUAL REPORT 2024
ESRS E2 – Pollution
Section
ESRS 2 IRO-1
Description of the processes to identify and
assess material pollution-related impacts,
risks and opportunities
• Process to identify and assess material IROs
for the environment
E2-1
Policies related to pollution
• Environmental Policy
• Policies related to pollution
E2-2
Actions and resources related to pollution
• Pollution - Action plan for the management
of material IROs
E2-3
Targets related to pollution
• Targets related to air pollution
E2-4
Pollution of air, water and soil
• Air pollution metrics
E2-6
Anticipated financial effects from pollution-
related impacts, risks and opportunities
• Anticipated financial effects from material
pollution-related impacts, risks and
opportunities
ESRS E3 – Water and marine resources
Section
ESRS 2 IRO-1
Description of the processes to identify and
assess material water and marine resources-
related impacts, risks and opportunities
• Process to identify and assess material IROs
for the environment
E3-1
Policies related to water and marine resources
• Environmental Policy
• Policies related to water management
E3-2
Actions and resources related to water and
marine resources
• Water and marine resources - Action plan for
the management of material IROs
E3-3
Targets related to water and marine resources
• Water and marine resources - Targets
E3-4
Water consumption
• Metrics: water withdrawal, water discharge
and consumption
ESRS E4 – Biodiversity and ecosystems
Section
E4-1
Transition plan and consideration of
biodiversity and ecosystems in strategy and
business model
• Environmental Policy
• Transition plan and consideration of
biodiversity and ecosystems in strategy and
business model
ESRS 2 SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model
• Biodiversity and ecosystems - Material
IROs and their interaction with strategy and
business model
ESRS 2 IRO-1
Description of processes to identify and
assess material biodiversity and ecosystem-
related impacts, risks and opportunities
• Process to identify and assess material IROs
for the environment
• Biodiversity and ecosystems - Material
IROs and their interaction with strategy and
business model
E4-2
Policies related to biodiversity and ecosystems • Policies related to biodiversity
E4-3
Actions and resources related to biodiversity
and ecosystems
• Actions and resources related to biodiversity
and ecosystems
E4-4
Targets related to biodiversity and ecosystems • Targets related to biodiversity and
ecosystems
E4-5
Impact metrics related to biodiversity and
ecosystems change
• Impact metrics related to biodiversity and
ecosystems change
ESRS E5 – Resource use and circular economy
Section
ESRS 2 IRO-1
Description of the processes to identify
and assess material resource use and
circular economy-related impacts, risks and
opportunities
• Environmental Policy
• Process to identify and assess material IROs
for the environment
E5-1
Policies related to resource use and circular
economy
• Policies related to resource use and circular
economy
E5-2
Actions and resources related to resource use
and circular economy
• Resource use and circular economy - Action
plan for the management of material IROs
E5-3
Targets related to resource use and circular
economy
• Resource use and circular economy - Targets
E5-5
Resource outflows
• Resource flows
General information
267
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
ESRS S1 – Own workforce
Section
ESRS 2 SBM-2
Interests and views of stakeholders
• Interests and views of stakeholders
ESRS 2 SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model
• Own workforce - Strategy and management
of material IROs
• Health and safety - Strategy and
management of material IROs
S1-1
Policies related to own workforce
• Policies related to own workforce
• Health and safety policies
S1-2
Processes for engaging with own workers and
workers’ representatives about impacts
• Engaging with workers and channels of
communication
• Engaging with workers about health
and safety issues and channels of
communication
S1-3
Processes to remediate negative impacts and
channels for own workers to raise concerns
• Engaging with workers and channels of
communication
• Engaging with workers about health and
safety issues and channels of communication
• Whistleblowing and stakeholder reporting
channel
S1-4
Taking action on material impacts on own
workforce, and approaches to mitigating
material risks and pursuing material
opportunities related to own workforce, and
effectiveness of those actions
• Own workforce - Action plan and targets for
the management of material IROs
• Health and safety - Action plan for the
management of material IROs
S1-5
Targets related to managing material negative
impacts, advancing positive impacts, and
managing material risks and opportunities
• Own workforce – Targets
• Health and safety – Targets
S1-6
Characteristics of the undertaking’s
employees
• Characteristics of the employees
S1-9
Diversity metrics
• Diversity metrics
S1-12
Persons with disabilities
• Metrics on persons with disabilities
S1-13
Training and skills development metrics
• Training and skills development metrics
S1-14
Health and safety metrics
• Health and safety metrics
S1-17
Incidents, complaints and severe human rights
impacts
• Whistleblowing and stakeholder reporting
channel
ESRS S2 – Workers in the value chain
Section
ESRS 2 SBM-2
Interests and views of stakeholders
• Strategy and management of material IROs
ESRS 2 SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model
• Strategy and management of material IROs
S2-1
Policies related to value chain workers
• Policies related to value chain workers
• Human Rights Policy
S2-2
Processes for engaging with value chain
workers about impacts
• Processes for engaging with value chain
workers about impacts and channels of
communication
S2-3
Processes to remediate negative impacts
and channels for value chain workers to raise
concerns
• Processes for engaging with value chain
workers about impacts and channels of
communication
• Whistleblowing and stakeholder reporting
channel
S2-4
Taking action on material impacts on value
chain workers, and approaches to managing
material risks and pursuing material
opportunities related to value chain workers,
and effectiveness of those action
• Taking action for managing material IROs
ESRS S3 – Affected communities
Section
ESRS 2 SBM-2
Interests and views of stakeholders
• Strategy and management of material IROs
ESRS 2 SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model
• Strategy and management of material IROs
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
268
INTEGRATED ANNUAL REPORT 2024
S3-1
Policies related to affected communities
• Policies related to affected communities
• Managing human rights
S3-2
Processes for engaging with affected
communities about impacts
• Processes for engaging with affected
communities and channels for dialogue
S3-3
Processes to remediate negative impacts and
channels for affected communities to raise
concerns
• Processes for engaging with affected
communities and channels for dialogue
• Whistleblowing and stakeholder reporting
channel
S3-4
Taking action on material impacts on
affected communities, and approaches to
managing material risks and pursuing material
opportunities related to affected communities,
and effectiveness of those actions
• Affected communities - Taking action on
material IROs
S3-5
Targets related to managing material negative
impacts, advancing positive impacts, and
managing material risks and opportunities
• Affected communities - Metrics and targets
ESRS S4 – Consumers and end users
Section
ESRS 2 SBM-2
Interests and views of stakeholders
• Strategy and management of material IROs
ESRS 2 SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model
• Strategy and management of material IROs
S4-1
Policies related to consumers and end-users
• Policies related to consumers and end users
• Managing human rights
S4-2
Processes for engaging with consumers and
end-users about impacts
• Processes for engaging with consumers and
end users and channels for dialogue
S4-3
Processes to remediate negative impacts and
channels for consumers and end-users to
raise concerns
• Processes for engaging with consumers and
end users and channels for dialogue
• Whistleblowing and stakeholder reporting
channel
S4-4
Taking action on material impacts on
consumers and end-users, and approaches to
managing material risks and pursuing material
opportunities related to consumers and end-
users, and effectiveness of those actions
• Consumers and end users - Taking action for
managing material IROs
S4-5
Targets related to managing material negative
impacts, advancing positive impacts, and
managing material risks and opportunities
• Consumers and end users - Targets
ESRS G1 – Business conduct
Section
G1-1
Business conduct policies and corporate
culture
• Managing human rights
• Whistleblowing and stakeholder reporting
channel
• Fight against corruption and bribery
G1-2
Management of relationships with suppliers
• Management of relationships with suppliers
G1-3
Prevention and detection of corruption and
bribery
• Fight against corruption and bribery
G1-4
Confirmed incidents of corruption and bribery
• Fight against corruption and bribery
G1-5
Political influence and lobbying activities
• Enel’s advocacy system on climate policies
and a just energy transition
• Political influence and lobbying activities
General information
269
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
270
INTEGRATED ANNUAL REPORT 2024
List of datapoints in cross-cutting and topical
standards that derive from other EU Legislation
ESRS 2 – Annex B
Disclosure
requirement and
related datapoint
SFDR reference
Pillar 3 reference
Benchmark Regulation
reference
EU Climate
Law
reference
Reference
ESRS 2 GOV-1 Board’s
gender diversity
paragraph 21 (d)
Indicator
number 13
of Table #1
of Annex 1
Delegated Regulation
(EU) 2020/1816 (27),
Annex II
Own workforce - The
value of diversity and
disability
ESRS 2 GOV-1
Percentage of
Board members who
are independent
paragraph 21 (e)
Delegated Regulation
(EU) 2020/1816,
Annex II
Governance -
Corporate boards
ESRS 2 GOV-4
Statement on due
diligence paragraph 30
Indicator
number 10
Table #3
of Annex 1
General information
- Statement on due
diligence
ESRS 2 SBM-1
Involvement in
activities related to
fossil fuel activities
paragraph 40 (d) i
Indicator
number 4
Table #1
of Annex 1
Article 449a
Regulation (EU) No
575/2013; Commission
Implementing
Regulation (EU)
2022/2453 (28 ) Table 1:
Qualitative information
on Environmental risk
and Table 2: Qualitative
information on Social
risk
Delegated Regulation
(EU) 2020/1816,
Annex II
Indicator not applicable
to Enel.
ESRS 2 SBM-1
Involvement in
activities related to
chemical production
paragraph 40 (d) ii
Indicator
number 9
Table #2
of Annex 1
Delegated Regulation
(EU) 2020/1816,
Annex II
Indicator not applicable
to Enel.
ESRS 2 SBM-1
Involvement in
activities related to
controversial weapons
paragraph 40 (d) iii
Indicator
number 14
Table #1
of Annex 1
Delegated Regulation
(EU) 2020/1818 (29),
Article 12(1) Delegated
Regulation (EU)
2020/1816, Annex II
Indicator not applicable
to Enel.
ESRS 2 SBM-1
Involvement in
activities related
to cultivation and
production of tobacco
paragraph 40 (d) iv
Delegated Regulation
(EU) 2020/1818,
Article 12(1) Delegated
Regulation (EU)
2020/1816, Annex II
Indicator not applicable
to Enel.
ESRS E1-1 Transition
plan to reach climate
neutrality by 2050
paragraph 14
Regulation
(EU)
2021/1119,
Article 2(1)
Climate change - The
strategy for tackling
climate change
ESRS E1-1
Undertakings ex-
cluded from Paris-
aligned Benchmarks
paragraph 16 (g)
Article 449a
Regulation (EU)
575/2013; Commission
Implementing Regulation
(EU) 2022/2453
Template 1: Banking
book-Climate Change
transition risk: Credit
quality of exposures by
sector, emissions and
residual maturity
Delegated
Regulation (EU)
2020/1818, Article12.1
(d) to (g), and Article
12.2
Climate change - The
strategy for tackling
climate change
General information
271
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Disclosure
requirement and
related datapoint
SFDR reference
Pillar 3 reference
Benchmark Regulation
reference
EU Climate
Law
reference
Reference
ESRS E1-4 GHG
emission reduction
targets paragraph 34
Indicator
number 4
Table #2
of Annex 1
Article 449a Regulation
(EU) 575/2013;
Commission
Implementing
Regulation (EU)
2022/2453 Template 3:
Banking book – Climate
change transition risk:
alignment metrics
Delegated
Regulation (EU)
2020/1818, Article 6
Climate change -
Actions for managing
climate change-related
impacts, risks and
opportunities
ESRS E1-5 Energy
consumption from
fossil sources
disaggregated by
sources (only high
climate impact
sectors) paragraph 38
Indicator
number 5
Table #1 and
Indicator
number 5
Table #2
of Annex 1
Climate change -
Energy consumption
and energy mix
ESRS E1-5 Energy
consumption and mix
paragraph 37
Indicator
number 5
Table #1
of Annex 1
Climate change -
Energy consumption
and energy mix
ESRS E1-5 Energy
intensity associated
with activities in high
climate impact sectors
paragraphs 40 to 43
Indicator
number 6
Table #1 of
Annex 1
Climate change -
Energy consumption
and energy mix
ESRS E1-6 Gross
Scope 1, 2, 3 and
Total GHG emissions
paragraph 44
Indicators
number 1 and 2
Table #1
of Annex 1
Article 449a;
Regulation (EU) No
575/2013; Commission
Implementing
Regulation (EU)
2022/2453 Template 1:
Banking book – Climate
change transition
risk: Credit quality of
exposures by sector,
emissions and residual
maturity
Delegated Regulation
(EU) 2020/1818,
Article 5(1), 6 and 8(1)
Climate change -
Greenhouse gas
emission trends in
2024
ESRS E1-6 Gross GHG
emissions intensity
paragraphs 53 to 55
Indicator
number 3
Table #1
of Annex 1
Article 449a Regulation
(EU) 575/2013;
Commission
Implementing
Regulation (EU)
2022/2453 Template 3:
Banking book – Climate
change transition risk:
alignment metrics
Delegated Regulation
(EU) 2020/1818, Article
8(1)
Climate change -
Enel’s performance
in combating climate
change
ESRS E2-4 Amount of
each pollutant listed in
Annex II of the E-PRTR
Regulation (European
Pollutant Release and
Transfer Register)
emitted to air, water
and soil, paragraph 28
Indicator
number 8
Table #1
of Annex 1
Indicator
number 2
Table #2 of
Annex 1
Indicator
number 1
Table #2
of Annex 1
Indicator
number 3
Table #2 of
Annex 1
Environmental
information - Air
pollution metrics
ESRS E3-1 Water and
marine resources
paragraph 9
Indicator
number 7
Table #2
of Annex 1
Environmental
information - Water
and marine resources
ESRS E3-1 Dedicated
policy paragraph 13
Indicator
number 8
Table #2
of Annex 1
Environmental
information - Water
and marine resources
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
272
INTEGRATED ANNUAL REPORT 2024
Disclosure
requirement and
related datapoint
SFDR reference
Pillar 3 reference
Benchmark Regulation
reference
EU Climate
Law
reference
Reference
ESRS E3-1 Sustainable
oceans and seas
paragraph 14
Indicator
number 12
Table #2 of
Annex 1
Environmental
information - Water
and marine resources
ESRS E3-4 Total water
recycled and reused
paragraph 28 (c)
Indicator
number 6.2
Table #2
of Annex 1
Environmental
information - Metrics
on water withdrawal,
discharge and
consumption
ESRS E3-4 Total water
consumption in m3 per
net revenue on own
operations paragraph
29
Indicator
number 6.1
Table #2
of Annex 1
Environmental
information - Metrics
on water withdrawal,
discharge and
consumption
ESRS 2 - SBM-3 - E4
paragraph 16 (a) i
Indicator
number 7
Table #1
of Annex 1
Environmental
information -
Biodiversity and
ecosystems
ESRS 2 - SBM-3 - E4
paragraph 16 (b)
Indicator
number 10
Table #2
of Annex 1
Environmental
information -
Biodiversity and
ecosystems - Material
impacts, risks and
opportunities and
their interaction with
strategy and business
model
ESRS 2 - SBM-3 - E4
paragraph 16 (c)
Indicator
number 14
Table #2
of Annex 1
Environmental
information -
Biodiversity and
ecosystems
ESRS E4-2 Sustainable
land/agriculture
practices or policies
paragraph 24 (b)
Indicator
number 11
Table #2
of Annex 1
Indicator not applicable
to Enel.
ESRS E4-2 Sustainable
oceans/seas practices
or policies paragraph
24 (c)
Indicator
number 12
Table #2
of Annex 1
Indicator not applicable
to Enel.
ESRS E4-2 Policies to
address deforestation
paragraph 24 (d)
Indicator
number 15
Table #2
of Annex 1
Environmental
information
- Biodiversity
management policies
ESRS E5-5 Non-
recycled waste
paragraph 37 (d)
Indicator
number 13
Table #2
of Annex 1
Environmental
information - Outgoing
resource flows
ESRS E5-5 Hazardous
waste and radioactive
waste paragraph 39
Indicator
number 9
Table #1
of Annex 1
Environmental
information - Outgoing
resource flows
ESRS 2 - SBM-3 - S1
Risk of incidents of
forced labor paragraph
14 (f)
Indicator
number 13
Table #3
of Annex I
Governance
information - Managing
human rights
ESRS 2 - SBM-3 - S1
Risk of incidents of
child labor paragraph
14 (g)
Indicator
number 12
Table #3
of Annex I
Governance
information - Managing
human rights
General information
273
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Disclosure
requirement and
related datapoint
SFDR reference
Pillar 3 reference
Benchmark Regulation
reference
EU Climate
Law
reference
Reference
ESRS S1-1 Human
rights policy
commitments
paragraph 20
Indicator
number 9
Table #3
and Indicator
number 11
Table #1
of Annex I
Governance
information - Managing
human rights
ESRS S1-1 Due
diligence policies
on issues addressed
by the fundamental
International Labor
Organization
Conventions 1 to 8,
paragraph 21
Delegated
Regulation (EU)
2020/1816, Annex II
Social information -
Policies related to the
Group’s workforce
ESRS S1-1 Processes
and measures for
preventing trafficking
in human beings
paragraph 22
Indicator
number 11
Table #3
of Annex I
Governance - Values
and pillars of corporate
ethics - Human Rights
Policy
ESRS S1-1 Workplace
accident prevention
policy or management
system paragraph 23
Indicator
number 1
Table #3
of Annex I
Social information
- Health and safety
policies
ESRS S1-3 Grievance/
complaints handling
mechanisms
paragraph 32 (c)
Indicator
number 5
Table #3
of Annex I
Governance
information -
Whistleblowing and
stakeholder reporting
channel
ESRS S1-14 Number of
fatalities and number
and rate of work-
related accidents
paragraph 88 (b) and
(c)
Indicator
number 2
Table #3
of Annex I
Delegated Regulation
(EU) 2020/1816,
Annex II
Social information
- Analysis of safety
indexes
ESRS S1-14 Number
of days lost to injuries,
accidents, fatalities or
illness paragraph 88 (e)
Indicator
number 3
Table #3
of Annex I
Social information
- Analysis of safety
indexes
ESRS S1-16
Unadjusted gender pay
gap paragraph 97 (a)
Indicator
number 12
Table #1
of Annex I
Delegated Regulation
(EU) 2020/1816,
Annex II
Social information -
The remuneration
metrics
ESRS S1-16 Excessive
CEO pay ratio
paragraph 97 (b)
Indicator
number 8
Table #3
of Annex I
Governance
information -
Incentive system
ESRS S1-17 Incidents
of discrimination
paragraph 103 (a)
Indicator
number 7
Table #3
of Annex I
Governance
information -
Whistleblowing and
stakeholder reporting
channel
ESRS S1-17 Non-
respect of UNGPs on
Business and Human
Rights and OECD
Guidelines paragraph
104 (a)
Indicator
number 10
Table #1 and
Indicator
number 14
Table #3
of Annex I
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818 Art.
12 (1)
Governance
information -
Whistleblowing and
stakeholder reporting
channel
ESRS 2 - SBM-3 – S2
Significant risk of
child labor or forced
labor in the value chain
paragraph 11 (b)
Indicators
number 12 and
number 13
Table #3
of Annex I
Social information -
Workers in the value
chain
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
274
INTEGRATED ANNUAL REPORT 2024
Disclosure
requirement and
related datapoint
SFDR reference
Pillar 3 reference
Benchmark Regulation
reference
EU Climate
Law
reference
Reference
ESRS S2-1 Human
rights policy
commitments
paragraph 17
Indicator
number 9
Table #3 and
Indicator
number 11
Table #1
of Annex 1
Social information -
Workers in the value
chain
ESRS S2-1 Policies
related to value chain
workers paragraph 18
Indicator
number 11 and
number 4
Table #3
of Annex 1
Social information -
Workers in the value
chain
ESRS S2-1 Non-
respect of UNGPs on
Business and Human
Rights principles
and OECD guidelines
paragraph 19
Indicator
number 10
Table #1
of Annex 1
Delegated Regulation
(EU) 2020/1816,
Annex II Delegated
Regulation (EU)
2020/1818,
Article 12 (1)
Governance
information -
Whistleblowing and
stakeholder reporting
channel
ESRS S2-1 Due
diligence policies
on issues addressed
by the fundamental
International Labor
Organization
Conventions 1 to 8,
paragraph 19
Delegated Regulation
(EU) 2020/1816,
Annex II
Governance
information -
Whistleblowing and
stakeholder reporting
channel
Social information -
Workers in the value
chain
ESRS S2-4 Human
rights issues and
incidents connected
to its upstream and
downstream value
chain paragraph 36
Indicator
number 14
Table #3
of Annex 1
Governance
information -
Whistleblowing and
stakeholder reporting
channel
ESRS S3-1 Human
rights policy
commitments
paragraph 16
Indicator
number 9
Table #3 of
Annex 1
and Indicator
number 11
Table #1
of Annex 1
Governance
information - Enel’s
due diligence process
ESRS S3-1 Non-respect
of UNGPs on Business
and Human Rights,
ILO principles or OECD
guidelines paragraph 17
Indicator
number 10
Table #1
Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818, Article
12 (1)
Governance
information -
Whistleblowing and
stakeholder reporting
channel
ESRS S3-4 Human
rights issues and
incidents paragraph
36
Indicator
number 14
Table #3
of Annex 1
Governance
information -
Whistleblowing and
stakeholder reporting
channel
ESRS S4-1 Policies
related to consumers
and end-users
paragraph 16
Indicator
number 9
Table #3 and
Indicator
number 11
Table #1
of Annex 1
Governance
information - Enel’s
due diligence process
ESRS S4-1 Non-respect
of UNGPs on Business
and Human Rights
and OECD guidelines
paragraph 17
Indicator
number 10
Table #1
of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818, Art
12 (1)
Governance
information -
Whistleblowing and
stakeholder reporting
channel
ESRS S4-4 Human
rights issues and
incidents paragraph 35
Indicator
number 14
Table #3
of Annex 1
Governance
information -
Whistleblowing and
stakeholder reporting
channel
General information
275
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Disclosure
requirement and
related datapoint
SFDR reference
Pillar 3 reference
Benchmark Regulation
reference
EU Climate
Law
reference
Reference
ESRS G1-1 United
Nations Convention
against Corruption
paragraph 10 (b)
Indicator
number 15
Table #3
of Annex 1
Governance
information - Fight
against corruption and
bribery
ESRS G1-1 Protection
of whistleblowers
paragraph 10 (d)
Indicator
number 6
Table #3
of Annex 1
Governance
information -
Whistleblowing and
stakeholder reporting
channel
ESRS G1-4 Fines for
violation of
anti-corruption and
anti-bribery laws
paragraph 24 (a)
Indicator
number 17
Table #3
of Annex 1
Delegated Regulation
(EU) 2020/1816,
Annex II
Governance
information - Fight
against corruption and
bribery
ESRS G1-4 Standards
of anti-corruption and
anti-bribery paragraph
24 (b)
Indicator
number 16
Table #3
of Annex 1
Governance
information -
Whistleblowing and
stakeholder reporting
channel
Statement on due diligence
ESRS 2 GOV-4
The table below provides a mapping of the information provided in the Group’s Sustainability Statements on Enel’s
due diligence process.
CORE ELEMENTS OF DUE DILIGENCE
PARAGRAPHS IN THE SUSTAINABILITY STATEMENT
a) Embedding due diligence in governance, strategy and business
model
Governance - Values and pillars of corporate ethics
Sustainability Statement – Due diligence process (includes the
process and the results)
b) Engaging with affected stakeholders in all key steps of the due
diligence
Sustainability Statement – Due diligence process (includes the
process and the results)
c) Identifying and assessing adverse impacts
Sustainability Statement - The double materiality analysis
process; The results of the double materiality analysis; Due
diligence process
d) Taking actions to address those adverse impacts
Sustainability Statement - Due diligence process; Affected
communities
e) Tracking the effectiveness of these efforts and communicating
Sustainability Statement - Due diligence process; Affected
communities
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
General information
276
INTEGRATED ANNUAL REPORT 2024
Environmental information
277
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Environmental information
The European Taxonomy
The following section provides the information
required under Article 8 of the Regulation (EU)
2020/852 (EU Taxonomy), in compliance with the
criteria established in the other delegated acts is-
sued by the European Commission and available at
the date of publication of the Sustainability State-
ment, in particular:
• Delegated Regulation (EU) 2021/2139 of June 4,
2021 (Climate Delegated Act);
• Delegated Regulation (EU) 2021/2178 of July 6, 2021
(Delegated Act on Information to be Disclosed);
• Delegated Regulation (EU) 2022/1214 of March 9,
2022 (Complementary Climate Delegated Act);
• Delegated Regulation (EU) 2023/2485 of June 27,
2023, which amends the Climate Delegated Act;
• Delegated Regulation (EU) 2023/2486 of June 27,
2023 (Environmental Delegated Act).
Going beyond the disclosure requirements of the Taxon-
omy, Enel is also including for the second year in a row
the capex alignment percentage as one of the key per-
formance indicators of the Sustainability-Linked Financ-
ing Framework used to define the Company’s sustaina-
ble financial instruments. With this important decision,
Enel reinforces the role of the Taxonomy as a driver to
promote sustainable capital expenditure decisions and
show how sustainability can be fully integrated into the
financial landscape. Enel has therefore confirmed the
alignment goal of the capex with EU Taxonomy of over
80% for the 2025-2027 period, according to the new
Strategic Plan presented during the Capital Markets Day
in November 2024 (for more information, please see
“The 2025-2027 Strategic Plan” in “Group strategy and
risk management” chapter and “The strategy for tackling
climate change” in “Climate change” chapter).
The implementation process
Enel has adopted a five-phase process to analyze the applicability of the EU Taxonomy along its entire value chain
and in all the countries in which it operates.
ANALYSIS
ASSESSMENT
VERIFICATION
CALCULATION
1
2
3
4
5
IDENTIFICATION
of eligible economic
activities
of substantial
contribution
of the principle of
Do No Significant
Harm (DNSH) to
other environmental
objectives
of minimum social
safeguards
of financial
metrics
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
278
INTEGRATED ANNUAL REPORT 2024
1. Identification of eligible economic
activities
Through this process, Enel classified all econom-
ic activities along its value chain according to the
following three categories provided for by the reg-
ulation: eligible-aligned, eligible-not aligned, not
eligible.
ELIGIBLE
ALIGNED
ELIGIBLE
NON-ALIGNED
NON-ELIGIBLE
Eligible aligned: refers to an economic activity that simultaneously satisfies the following three
conditions:
•
it is explicitly included in the EU taxonomy regulation for its substantial contribution to climate
change mitigation; and
•
it meets the specific criteria developed by the EU taxonomy regulation for that specific
environmental objective; and
•
it meets all DNSH criteria and minimum social safeguards.
Eligible non-aligned: refers to an economic activity that:
•
is explicitly included in the EU taxonomy regulation for its substantial contribution to climate
change mitigation or adaptation; but
•
does not meet the specific criteria developed by the EU taxonomy regulation for those specific
environmental objectives; or
•
does not meet all the DNSH criteria and/or the minimum social safeguards.
Non-eligible: refers to an economic activity that has not been identified by the EU taxonomy
regulation as a substantial contributor to climate change mitigation and for which no criteria have
therefore been developed. The logic of the European Commission is that these activities might:
•
not have a significant impact on climate change mitigation or could be integrated into the EU
taxonomy regulation at a later stage;
•
cause a very significant impact on climate change mitigation, so they cannot be eligible in any
case.
With regard to the mapping carried out by Enel, all
activities within the Group’s portfolio that are includ-
ed in the Climate Delegated Act, the Complementa-
ry Delegated Act, and the Environmental Delegated
Act (related to the remaining four objectives) have
been identified. The process was therefore conduct-
ed considering all six objectives, although the Group
is mainly exposed to the climate change mitigation
and adaptation objectives. In this regard, it is im-
portant to point out that the activities classified as
eligible and aligned from the point of view of the mit-
igation of climate change also include several adap-
tation solutions (mainly during the asset design and
construction phase) and therefore are also eligible
and aligned for this other objective.
In contrast, the Group has marginal exposure to the
remaining four targets. Specifically, only the follow-
ing activities related to biodiversity and ecosystem
protection and restoration and the circular economy
were in fact identified as eligible, although both have
marginal impact in terms of financial metrics: “Sale
of spare parts (5.2)” in relation to the environmental
objective “Circular economy” and “Conservation, in-
cluding restoration of habitats, ecosystems and spe-
cies (1.1)” with respect to the environmental objective
“Biodiversity and ecosystems”.
Environmental information
279
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
The following is a map of Enel’s business activities by contribution to the environmental goal “Climate change
mitigation”.
• Solar and wind
• Hydro (99.3%)
• Geothermal
• RES storage
• Manufacture of solar
panels
Distribution in Europe,
Brazil, Argentina, Chile
and Colombia without
new connections
between a substation
or grid and a generation
plant with greenhouse
gas intensity over
threshold of
100 gCO2eq/kWh
Mapping in
accordance
with Climate
Delegated
Act and
Complementary
Delegated Act
Maintenance &
Repair Service, Green
Products, Advisory
Services, Battery Energy
Storage, Smart Lighting,
c-Transport, Smart
& Efficient Building,
e-Mobility, Condominium
and Vivimeglio
• Hydro (0.7%)
• Gaseous fossil fuels
(CCGT)
• New connections
between a substation
or grid and a generation
plant with greenhouse
gas intensity over
threshold of
100 gCO2eq/kWh
• Distribution in Peru
• Coal
• Nuclear(1)
• Fuel-oil and OCGT(2)
• Financial services,
general services and
other unmeasured
product clusters
• Trading
• Retail sale of
power or gas to
end users
ALIGNED
EUROPEAN
TAXONOMY
ELIGIBLE
NON-ELIGIBLE
NON-ALIGNED
(1) The operation of the nuclear generation portfolio is not included among the eligible activities considered by the Complementary Delegated Act
in the generation of electricity from nuclear power plants.
(2) Includes both fuel-oil and gas (OCGT) as it is not possible to divide the two types of fuel. Fuel-oil was considered to be the prevalent fossil fuel
and is therefore non-eligible under the EU taxonomy regulation.
During 2024, the eligibility analysis of Enel’s produc-
tive economic activities was updated in line with the
Group’s business model.
2. Analysis of substantial contribution
2.1 Climate change mitigation:
eligible activities identified in the previous stage were
analyzed in detail for their compliance with the spe-
cific technical criteria established with regard to their
substantial contribution to climate change mitigation.
The analysis was carried out following the criteria in
the Climate Delegated Act and the Complementary
Delegated Act, namely:
a. Technological analysis for power generation activi-
ties. The threshold of 100 gCO2eq/kWh measured on
a life cycle basis was met according to the following
technological approach:
• coal and liquid fossil fuels: technology excluded
from the EU Taxonomy Regulation;
• gas: in all gas-fired power plants, compliance with
the threshold of 100 gCO2/kWh established in the
Supplementary Delegated Act was analyzed, while
potential compliance with the alternative crite-
ria established in the Delegated Act for gas-fired
electricity generation was also checked;
• nuclear: the eligibility of the three different activi-
ties related to nuclear electricity generation iden-
tified in the Complementary Delegated Act was
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
280
INTEGRATED ANNUAL REPORT 2024
analyzed based on our portfolio of nuclear assets
in Spain;
• wind, solar and energy storage systems: these are
exempt from the carbon intensity threshold test
because of their substantial contribution to cli-
mate change mitigation;
• hydropower: the carbon intensity threshold was
verified only in power plants whose power density
is less than 5 W/m2. All power plants with power
density greater than 5 W/m2, as well as flowing
water plants and pumping plants, are exempt
from threshold verification;
• geothermal: the threshold was verified by carrying
out life cycle assessments certified by independ-
ent third parties.
b. Analysis at country, region and system level for the
distribution of electricity. Compliance with the fol-
lowing technical screening criteria was analyzed in
all countries where Enel distributes electricity:
• the Distribution System Operator (DSO) is part of
the European interconnected system; or
• non-European DSOs belong to countries with
more than 67% newly connected generation
capacity in the system below the established
threshold value for generation of 100 gCO2eq/kWh
measured on a life cycle basis, in the period 2019-
2023 (data made available by national authorities
over a rolling five-year period); or
• the average emission factor of the non-Europe-
an DSO grid is below the threshold value of 100
gCO2eq/kWh measured on a life cycle basis in ac-
cordance with electricity generation criteria, in
the period 2019-2023.
The infrastructures dedicated to the construction
of a direct connection or the expansion of an exist-
ing direct connection between a substation or grid
and an electricity generation plant that exceeds
the emission intensity threshold of 100 gCO2eq/kWh
measured on a life cycle basis were identified and
excluded from the Taxonomy aligned activities of
the DSOs.
c. Product cluster level analysis for Enel X Business
Line. A comprehensive analysis of the Enel X port-
folio was performed, classifying eligible activities
into the sectors identified in the Climate Delegated
Act, such as construction and real estate, trans-
portation, or professional, scientific and technical
activities.
2.2 Climate change adaptation:
none of the activities carried out by the Group can be
considered an enabling activity for climate adaptation,
as Enel does not provide adaptation solutions within
the meaning of Article 11(1)(b) of the EU Taxonomy.
Therefore, no revenue can be considered eligible for
this objective.
However, some production activities carried out by
the Group are considered effectively adapted because
they include adaptation solutions in accordance with
Article 11(1)(a) of the EU Taxonomy. In this case, capital
and operational expenditure dedicated to adaptation
solutions can be considered as meeting the climate
adaptation goal. In Enel’s case, most adaptation solu-
tions are part of the design or renovation of facilities
that are themselves aligned with the climate change
mitigation objective, making it difficult to distinguish
capital/operating expenditures from each of the two
climate objectives (mitigation and adaptation). There-
fore, following the guidelines set out in European
Commission Notice 2023/305, data on capital and op-
erating expenditures have been reported only under
the climate change mitigation objective, as this is the
prevailing objective for the Group, thus avoiding any
potential double counting.
More information on Enel’s approach to climate ad-
aptation can be found in the “Climate change” and
“Group strategy and risk management” chapters of
this document.
2.3 Other environmental objectives:
concerning the activities related to the “Sale of
spare parts (5.2)” with respect to the environmen-
tal objective “Circular economy” and “Conservation,
including restoration of habitats, ecosystems and
species (1.1)” with respect to the environmental ob-
jective “Biodiversity and ecosystems”, considering
the marginality both in economic terms and impact
on the Company’s business, it was decided to con-
sider both activities as EU Taxonomy-eligible but
non-aligned.
Environmental information
281
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
3. Assessment of the principle of Do
No Significant Harm (DNSH) to other
objectives
An analysis of existing environmental procedures was
carried out to verify compliance with the DNSH qual-
ity criteria for each type of technology (for electric-
ity generation), region (for distribution) and product
cluster level (for activities of the Enel X Business Line),
adapted to the specific requirements set out for each
of the following environmental objectives:
• climate change mitigation: applicable only for Tax-
onomy-eligible activities for climate adaptation or
any of the other four objectives. In this case, the cri-
teria are considered to be fulfilled, since the same
activities carried out by Enel, which could contribute
to climate adaptation, definitely contribute to cli-
mate mitigation, i.e. they fulfil the technical screen-
ing criteria of climate mitigation, which are equiv-
alent or more demanding than the corresponding
DNSH criteria on climate mitigation;
• adaptation to climate change: analysis of global pro-
cedures (including emerging and restoration pro-
cedures), assessment of physical climate risks and
solutions and adaptation plans in place covering all
applicable activities related to electricity generation
and networks and Enel X;
• sustainable use and protection of waters and marine
resources: analysis of water-related procedures,
permits, environmental impact assessments, na-
tional regulations and water management plans
which in particular involve the business line related
to energy generation;
• transition to a circular economy: analysis of waste
management plans, procurement requirements and
circular economy projects and plans covering all ac-
tivities applicable to the generation and distribution
of electricity and to the products of Enel X;
• pollution prevention and control: analysis of glob-
al procedures and national regulations concerning
all applicable activities from electricity generation,
distribution and the manufacture of solar panels.
In addition, substances for the production of solar
panels, electromagnetic radiation for distribution,
and emissions from power generation activities
were further analyzed for air quality;
• protection and restoration of biodiversity and eco-
systems: analysis of global procedures and national
regulations covering all applicable activities from
electricity generation and networks.
4. Verification of minimum social
safeguards
The Group’s human rights due diligence process cov-
ers the entire scope of Enel and is inspired by the
main international reference standards such as the
UN Guiding Principles on Business and Human Rights
and the OECD Guidelines for Multinational Enterprises.
In 2013, Enel adopted a specific Human Rights Policy
that reflects its commitment in this area. In 2021, the
policy was updated to take into account the evolution
of international reference frameworks and operation-
al, organizational and management processes. The
content of the policy refers to internationally recog-
nized human rights – understood, at a minimum, as
those expressed in the International Charter of Human
Rights and in the fundamental rights principles set
forth in the International Labor Organization conven-
tions underlying the Tripartite Declaration of Principles
on Multinational Enterprises and Social Policy.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
282
INTEGRATED ANNUAL REPORT 2024
The table below shows the approach to minimum safeguard criteria.
30. In the context of the Guiding Principles on Business and Human Rights (Principles 17-21), this term refers to a continuous management system
that a company implements, taking into account the sector in which it operates, the contexts of its operations, its size, to ensure that it re-
spects human rights or is not complicit in human rights abuses. This involves “identifying, preventing, mitigating and reporting” adverse effects
potentially caused by the company.
Minimum safeguard criteria
Human rights
• The main international standards of reference that inspire the Group’s commitment are the United Nations “Pro-
tect, Respect and Remedy” framework set forth in the Guiding Principles on Business and Human Rights and the
OECD Guidelines for Multinational Enterprises. This commitment is also clearly reflected in the Group’s Human
Rights Policy, drawn up and adopted back in 2013 and updated in 2021.
• The Group is committed to monitoring the implementation of the policy through a specific due diligence process30
defined based on the United Nations Guidelines and the OECD Due Diligence Guidelines for Responsible Business
Conduct. For more details, see the section “Enel’s due diligence process”.
Corruption
• As reflected in the Human Rights Policy, Enel rejects corruption in all its forms, direct and indirect, as it believes it
is one of the factors that undermine institutions and democracy, ethical values and justice, and the well-being and
development of society.
• To this end, Enel reaffirms its commitment to fighting corruption through a plan called the “Zero Tolerance of
Corruption Plan”, which is one of the pillars on which the Group’s Anti-Corruption Management System and Code
of Ethics are based.
Tax strategy
• The Enel Group has adopted a tax strategy to ensure fair, responsible and transparent taxation, with the aim of
ensuring consistent and uniform tax management across all entities belonging to the Group. Tax management is
based on the concomitant objectives of:
1) correct and timely determination and settlement of taxes due under the law and implementation of the respec-
tive obligations;
2) correct management of the tax risk, which is the risk of violating tax regulations or abusing the principles and
purposes of the tax law. For additional details, please refer to the section “Tax transparency”.
Fair competition
• Enel promotes the principle of fair competition and refrains from collusive or predatory behavior and abuse of
dominant position, as reflected in the Group’s Code of Ethics.
5. Calculation of financial metrics
Financial metrics were associated with each econom-
ic activity according to the classification made in steps
1-4, collecting the relevant financial information from the
Group’s accounting system. The following are the criteria
and considerations made during the calculation process.
• The three financial metrics required by the EU Tax-
onomy Regulation (turnover (revenue), capital ex-
penditure (capex) and operating expenditure (opex))
were calculated according to the eligibility analysis
described in the previous section.
• The financial information was gathered from the ac-
counting system used by the Enel Group, i.e. from the
management systems in use by the Company’s busi-
ness lines. However, some powers were delegated to
provide a more detailed representation of the values
or to exclude specific activities from the overall cal-
culation of eligible alignment (such as not aligned hy-
droelectric power generation or infrastructure con-
sidered eligible but not aligned among eligible and
aligned distribution network systems). For illustrative
purposes, the proxies used are shown below:
• hydroelectric: eligible not aligned hydroelectric
power plants were excluded by considering their
output multiplied by the average turnover per unit
in the years 2023 and 2024. This approach was
also extended to capex and opex;
• networks: as regards capex, new connections
between a substation or grid and an electricity
generation plant with a greenhouse gas intensity
above the threshold of 100 gCO2eq/kWh have been
excluded considering their power (in MW) multi-
plied by the average unit capex (k€/MW) for 2023
and 2024. This approach has also been extended to
turnover based on the lifespan of assets.
• The aggregated financial data in the reports are pre-
sented according to the activities required by the EU
Taxonomy Regulation and include only items related
to third parties.
• Financial metrics were represented by considering all
electricity and gas sales as “Taxonomy-non-eligible”.
• Absolute revenue/capex/opex correspond to the
revenue/capex/opex (measured in euros) of each
specific activity. The share of individual KPIs cor-
responds to each individual economic activity on
Environmental information
283
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
the total revenue/capex of the Group (with the
exception of opex, the total of which refers only
to the type of costs required by the EU Taxonomy,
i.e. it includes non-capitalized direct costs related
to research and development, building renovation
measures, short-term leases, maintenance and re-
pair as well as any other direct expense related to
the daily maintenance of buildings, plant and ma-
chinery, by the company or third parties to whom
these tasks are outsourced, necessary to ensure
the continuous and effective functioning of these
assets).
• In accordance with Article 11(1)(a) of the Taxonomy,
capex and opex data that may correspond to ad-
aptation solutions in business activities that already
contribute to climate mitigation have not been al-
located to the climate adaptation objective, thus
avoiding any potential double counting with data
provided on the climate mitigation objective. In ad-
dition, no revenue was considered Taxonomy-eli-
gible for the climate adaptation objective because
Enel does not provide adaptation solutions under
Article 11(1)(b) of the Taxonomy.
• For minor activities that contribute to the biodiver-
sity and ecosystem protection and restoration goal
and the circular economy goal, a figure rounded
to “0” has been reported because of its marginal
weight in the overall financial figures.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
284
INTEGRATED ANNUAL REPORT 2024
Statement on the alignment of Enel’s business with the
EU Taxonomy Regulation
Overall results
31. Figures for 2023 reflect a more accurate calculation.
The level of alignment of the Group’s economic activi-
ties with the EU Taxonomy during 2024 is shown below,
based on their substantial contribution to the climate
change mitigation and compliance with the principle
of doing no significant harm (DNSH) to other environ-
mental objectives and minimum social safeguards.
TURNOVER “REVENUES” 2024
61.0%
3.1%
35.9%
78.9
billions of euro
eligible-aligned
not eligible
eligible-not aligned
In 2024, 35.9% of revenue (equal to €28,317 million)
relates to business activities aligned with the EU Tax-
onomy (compared with 27.1% or €25,909 million in
202331). The change is attributable to an increase in
eligible activities in renewable energy distribution
and generation and a decrease in non-eligible activi-
ties in retail and trading. As regards eligible activities,
revenue mainly reflects the performance of electricity
distribution (in the amount of €18,264 million, up by
€2,012 million from 2023) mainly in Italy due to the
greater quantity of energy distributed and tariff ad-
justments, and in Spain due to the recognition of in-
centives on the quality of service relating to previous
years as well as to the greater quantities of electricity
distributed in the country; electricity generation from
renewable sources in the amount of €9,017 million
(up by €902 million from 2023) mainly due to great-
er hydraulicity solar and wind generation; the offer of
products and services for customers in the amount
of €1,036 million (down by €507 million from 2023)
mainly due to a slowdown on the market of activi-
ties related to energy efficiency and the installation
of green products.
Taking into account revenue including intercompany
relations, the percentage deriving from taxonomy-eli-
gible-aligned activities would be 43.5% compared with
33.7% in 2023, an increase of 9.8%, For more information
on revenue developments, see note 8 “Performance and
financial position by primary segment (Business Line) and
secondary segment (Geographical Area)”, note 9a “Rev-
enues from sales and services” and 9b “Other income”.
Environmental information
285
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
CAPEX 2024
13.5%
2.7%
83.8%
11.4
billions of euro(1)
(1)
Includes increases in leased assets related to leasing
operations (€0.4 billion).
eligible-aligned
not eligible
eligible-not aligned
32. Opex figures for 2023 reflect a more accurate calculation.
In 2024, 83.8% of capex (equal to €9,588 million) relates
to business activities aligned with the EU Taxonomy.
More specifically, this reflects investments in grids in the
amount of €6,113 million (up €611 million from 2023) in
order to guarantee the reliability and quality of service
through efficient, resilient and digital networks; invest-
ments in renewables in the amount of €3,211 million
(down €2,927 million on 2023) due to the substantial
completion of some projects in Battery Energy Storage
Systems - BESS, and investments relating to products
and services for customers for the remaining amount of
€264 million (down €194 million from 2023) mainly due
to the completion of activities related to energy efficien-
cy measures.
The percentage of capex aligned with the European Tax-
onomy in 2024 is slightly lower than in 2023 (84.8% equal
to €12,097 million) mainly reflecting: lower capital ex-
penditure in absolute terms (particularly in the renewable
sector for the reasons commented earlier) and a slight
increase in the share of non-eligible activities over total
investments (in particular the digitalization of customer
management operational processes in the Retail seg-
ment). For more information on capital expenditure, see
the section “Group performance” in the Report on Oper-
ations, in particular the paragraph “Cash flows - Capital
expenditure”.
OPEX 2024
1.3
billions of euro(1)
72.4%
11.7%
15.9%
(1)
It only includes expense types required by the taxonomy.
eligible-aligned
not eligible
eligible-not aligned
In 2024, 72.4% of opex, equal to €973 million, relates
to business activities aligned with the EU Taxonomy
(compared with 68.2% or €837 million in 202332). More
specifically, this includes €664 million in costs on dis-
tribution grids, mainly for maintenance (up by €133
million from 2023), €305 million in maintenance costs
on renewable generation (up by €4 million from 2023
due to increased costs on solar technology partly off-
set by lower costs on hydroelectric) and the remaining
€4 million mainly including operational costs for the
offer of products and services for end users (essential-
ly in line with 2023).
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
286
INTEGRATED ANNUAL REPORT 2024
Results in detail
The tables below are presented according to Regulation (EU) 852/2020.
Turnover “Revenue”(1) according to the criteria of the EU Taxonomy
2024
Substantial contribution criteria
DNSH (“Do No Significant Harm”)
Category
Economic
activities
Code
2024 Turnover
“Revenue”
Proportion of 2024
Turnover “Revenue”
Climate Change
Mitigation (CCM)
Climate Change Adaptation
(CCA)
Water (WTR)
Circular
economy (CE)
Pollution (PPC)
Biodiversity (BIO)
Climate Change
Mitigation (CCM)
Climate Change Adaptation
(CCA)
Water (WTR)
Circular
economy (CE)
Pollution (PPC)
Biodiversity (BIO)
Minimum
safeguards
Proportion of Turnover Taxonomy-
aligned (A.1) or -eligible (A.2) in
2023(2)
Enabling activities
Transitional activities
Millions
of euro
%
Yes; No;
N/EL
Yes; No;
N/EL
Yes; No;
N/EL
Yes; No;
N/EL
Yes; No;
N/EL
Yes; No;
N/EL
Yes/No
Yes/No
Yes/
No
Yes/
No
Yes/
No
Yes/
No
Yes/
No
%
E
T
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Electricity generation
using solar photovoltaic
technology
CCM
4.1
1,380
1.7
YES
N/EL
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
0.9
Electricity generation
from wind power
CCM
4.3
1,835
2.3
YES
N/EL
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
1.8
Electricity generation
from hydropower
CCM
4.5
5,058
6.4
YES
N/EL
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
5.3
Electricity generation
from geothermal energy
CCM
4.6
556
0.7
YES
N/EL
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
0.4
Storage of electricity
CCM
4.10
188
0.3
YES
N/EL
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
0.1
E
Transmission and
distribution of electricity
CCM
4.9
18,264
23.1
YES
N/EL
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
17.0
E
Installation,
maintenance and repair
of energy efficiency
equipment
CCM
7.3
659
0.8
YES
N/EL
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
1.0
E
Installation,
maintenance and repair
of renewable energy
technology
CCM
7.6
164
0.2
YES
N/EL
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
0.3
Professional services
related to energy
performance of
buildings
CCM
9.3
31
0.0
YES
N/EL
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
0.0
E
Urban and suburban
transport, road
passenger transport
CCM
6.3
55
0.1
YES
N/EL
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
0.1
E
Infrastructure for
personal mobility
CCM
6.13
127
0.2
YES
N/EL
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
0.2
E
Turnover of
environmentally
sustainable activities
(Taxonomy-aligned)
(A.1)
28,317
35.9
35.9
0.0
0.0
0.0
0.0
0.0
YES
YES
YES
YES
YES YES
YES
27.1
Of which enabling
24.5
24.5
0.0
0.0
0.0
0.0
0.0
YES
YES
YES
YES
YES
YES
YES
18.4
E
Of which transitional
0.0
0.0
0.0
T
Environmental information
287
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
2024
Substantial contribution criteria
DNSH (“Do No Significant Harm”)
Category
Economic
activities
Code
2024 Turnover
“Revenue”
Proportion of 2024
Turnover “Revenue”
Climate Change
Mitigation (CCM)
Climate Change Adaptation
(CCA)
Water (WTR)
Circular
economy (CE)
Pollution (PPC)
Biodiversity (BIO)
Climate Change
Mitigation (CCM)
Climate Change Adaptation
(CCA)
Water (WTR)
Circular
economy (CE)
Pollution (PPC)
Biodiversity (BIO)
Minimum
safeguards
Proportion of Turnover Taxonomy-
aligned (A.1) or -eligible (A.2) in
2023(2)
Enabling activities
Transitional activities
Millions
of euro
%
Yes; No;
N/EL
Yes; No;
N/EL
Yes; No;
N/EL
Yes; No;
N/EL
Yes; No;
N/EL
Yes; No;
N/EL
Yes/No
Yes/No
Yes/
No
Yes/
No
Yes/
No
Yes/
No
Yes/
No
%
E
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Electricity generation
from hydropower
CCM
4.5
24
0.0
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.1
Transmission and
distribution of electricity
(new connections to
plants with threshold
>100 gCO2eq/kWh)
CCM
4.9
1
0.0
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.9
Electricity generation
from fossil gaseous
fuels (CCGT)
CCM
4.29
2,419
3.1
EL
N/EL
N/EL
N/EL
N/EL
N/EL
2.9
Sale of spare parts
CE
5.2
0
0.0
N/EL
N/EL
N/EL
EL
N/EL
N/EL
0.0
Conservation including
restoration of habitats,
ecosystems and species
BIO
1.1
0
0.0
N/EL
N/EL
N/EL
N/EL
N/EL
EL
0.0
Turnover of Taxonomy-eligible
but not environmentally
sustainable activities (not
Taxonomy-aligned activities)
(A.2)
2,444
3.1
310%
0.0
0.0
0.0
0.0
0.0
3.9
A. Turnover of Taxonomy-
eligible activities (A.1+A.2)
30,761
39.0
39.0
0.0
0.0
0.0
0.0
0.0
31.0
B. Turnover of Taxonomy-non-
eligible activities
48,186
61.0
69.0
Total (A + B)
78,947
100.0
100.0
N/EL – non eligible
(1)
No revenue data were considered eligible for the climate adaptation target because Enel does not provide adaptation solutions under Article
11(b) of the EU Taxonomy.
(2) The figure for 2023 reflects a more accurate calculation.
Proportion of turnover/Total turnover
Taxonomy aligned
per objective (%)
Taxonomy eligible
per objective (%)
CCM
35.9
39.0
CCA
0.0
0.0
WTR
0.0
0.0
CE
0.0
0.0
PPC
0.0
0.0
BIO
0.0
0.0
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
288
INTEGRATED ANNUAL REPORT 2024
Capex(1) according to the criteria of the European Taxonomy
2024
Substantial contribution criteria
DNSH (“Do No Significant Harm”)
Category
Economic
activities
Code
Capex 2024
Proportion of Capex 2024
Climate Change
Mitigation (CCM)
Climate Change Adaptation
(CCA)
Water (WTR)
Circular
economy (CE)
Pollution (PPC)
Biodiversity (BIO)
Climate Change
Mitigation (CCM)
Climate Change Adaptation
(CCA)
Water (WTR)
Circular
economy (CE)
Pollution (PPC)
Biodiversity (BIO)
Minimum
safeguards
Proportion of Taxonomy-aligned
(A.1.) or -eligible (A.2.) Capex
Enabling activities
Transitional activities
Millions
of euro
%
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes/No
Yes/No
Yes/
No
Yes/
No
Yes/
No
Yes/
No
Yes/
No
%
E
T
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Electricity generation
using solar photovoltaic
technology
CCM
4.1/
CCA
4.1
1,479
12.9
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
17.9
Electricity generation
from wind power
CCM
4.3/
CCA
4.3
418
3.7
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
8.4
Electricity generation
from hydropower
CCM
4.5/
CCA
4.5
413
3.6
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
3.5
Electricity generation
from geothermal energy
CCM
4.6/
CCA
4.6
123
1.1
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
1.0
Storage of electricity
CCM
4.10/
CCA
4.10
602
5.3
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
9.7
E
Manufacture of
renewable energy
technology
CCM
3.1/
CCA
3.1
176
1.5
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
2.5
E
Transmission and
distribution of electricity
CCM
4.9/
CCA
4.9
6,113
53.5
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
38.6
E
Installation,
maintenance and repair
of energy efficiency
equipment
CCM
7.3/
CCA
7.3
140
1.2
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
1.5
E
Installation,
maintenance and repair
of renewable energy
technology
CCM
7.6
23
0.2
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
0.8
E
Professional services
related to energy
performance of
buildings
CCM
9.3
3
0.0
YES
N/EL
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
0.0
E
Urban and suburban
transport, road
passenger transport
CCM
6.3/
CCA
6.3
3
0.0
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
0.1
Infrastructure for
personal mobility
CCM
6.13/
CCA
6.13
95
0.8
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
0.8
E
Capex of
environmentally
sustainable activities
(Taxonomy-aligned)
(A.1)
9,588
83.8
83.8
0.0
0.0
0.0
0.0
0.0
YES
YES
YES
YES
YES YES
YES
84.8
Of which enabling
62.5
62.5
0.0
0.0
0.0
0.0
0.0
YES
YES
YES
YES
YES
YES
YES
53.9
E
Of which transitional
0.0
0.0
0.0
T
Environmental information
289
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
2024
Substantial contribution criteria
DNSH (“Do No Significant Harm”)
Category
Economic
activities
Code
Capex 2024
Proportion of Capex 2024
Climate Change
Mitigation (CCM)
Climate Change Adaptation
(CCA)
Water (WTR)
Circular
economy (CE)
Pollution (PPC)
Biodiversity (BIO)
Climate Change
Mitigation (CCM)
Climate Change Adaptation
(CCA)
Water (WTR)
Circular
economy (CE)
Pollution (PPC)
Biodiversity (BIO)
Minimum
safeguards
Proportion of Taxonomy-aligned
(A.1.) or -eligible (A.2.) Capex
Enabling activities
Transitional activities
Millions
of euro
%
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes/No
Yes/No
Yes/
No
Yes/
No
Yes/
No
Yes/
No
Yes/
No
%
E
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Electricity generation
from hydropower
CCM
4.5/
CCA
4.5
2
0.0
EL
EL
N/EL
N/EL
N/EL
N/EL
0.0
Transmission and
distribution of electricity
(new connections to
plants with threshold
>100 gCO2eq/kWh)
CCM
4.9/
CCA
4.9
5
0.0
EL
EL
N/EL
N/EL
N/EL
N/EL
0.9
Electricity generation
from fossil gaseous
fuels (CCGT)
CCM
4.29/
CCA
4.29
307
2.7
EL
EL
N/EL
N/EL
N/EL
N/EL
2.0
Sale of spare parts
CE
5.2
0
0.0
N/EL
N/EL
N/EL
EL
N/EL
N/EL
0.0
Conservation including
restoration of habitats,
ecosystems and species
BIO
1.1
0
0.0
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.0
Cogeneration of heat/
cool and power from
bioenergy
CCM
4.20/
CCA
4.20
0
0.0
EL
EL
N/EL
N/EL
N/EL
N/EL
0.0
Capex of Taxonomy-
eligible but not
environmentally
sustainable activities
(not Taxonomy-aligned
activities) (A.2)
314
2.7
2.7
0.0
0.0
0.0
0.0
0.0
2.9
A. Capex of Taxonomy-eligible
activities (A.1+A.2)
9,902
86.5
86.5
0.0
0.0
0.0
0.0
0.0
87.7
B. Capex of Taxonomy-non
eligible activities
1,546
13.5
12.3
Total (A+B)
11,448
100.0
100.0
N/EL – non eligible
(1)
The climate adaptation objective has not been attributed any capital expenditure that could correspond to adaptation solutions pursuant
to Article 11(1)(a) of the EU Taxonomy in business activities that already contribute to climate mitigation, thus avoiding any potential double
counting with the data provided on the climate mitigation objective.
Proportion of Capex/Total Capex
Taxonomy aligned
per objective (%)
Taxonomy eligible
per objective (%)
CCM
83.8
86.5
CCA
0.0
86.3
WTR
0.0
0.0
CE
0.0
0.0
PPC
0.0
0.0
BIO
0.0
0.0
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
290
INTEGRATED ANNUAL REPORT 2024
Opex(1) according to the criteria of the European Taxonomy
2024
Substantial contribution criteria
DNSH (“Do No Significant Harm”)
Category
Economic
activities
Code
Opex 2024
Proportion of opex 2024
Climate Change
Mitigation (CCM)
Climate Change Adaptation
(CCA)
Water (WTR)
Circular
economy (CE)
Pollution (PPC)
Biodiversity (BIO)
Climate Change
Mitigation (CCM)
Climate Change Adaptation
(CCA)
Water (WTR)
Circular
economy (CE)
Pollution (PPC)
Biodiversity (BIO)
Minimum
safeguards
Proportion of Taxonomy-aligned
(A.1.) or -eligible (A.2.) Opex,
2023(2)
Enabling activities
Transitional activities
Millions
of euro
%
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes/No
Yes/No
Yes/
No
Yes/
No
Yes/
No
Yes/
No
Yes/
No
%
E
T
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Electricity generation
using solar photovoltaic
technology
CCM
4.1/
CCA
4.1
66
4.9
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
4.6
Electricity generation
from wind power
CCM
4.3/
CCA
4.3
85
6.3
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
7.0
Electricity generation
from hydropower
CCM
4.5/
CCA
4.5
149
11.1
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
12.5
Electricity generation
from geothermal energy
CCM
4.6/
CCA
4.6
5
0.4
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
0.4
Transmission and
distribution of electricity
CCM
4.9/
CCA
4.9
664
49.4
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
43.3
E
Installation,
maintenance and repair
of energy efficiency
equipment
CCM
7.3/
CCA
7.3
1
0.1
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
0.1
E
Installation,
maintenance and repair
of renewable energy
technology
CCM
7.6
1
0.1
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
0.1
E
Professional services
related to energy
performance of
buildings
CCM
9.3
0
0.0
YES
N/EL
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
0.0
E
Urban and suburban
transport, road
passenger transport
CCM
6.3/
CCA
6.3
0
0.0
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
0.0
Infrastructure for
personal mobility
CCM
6.13/
CCA
6.13
2
0.1
YES
NO
N/EL
N/EL
N/EL
N/EL
YES
YES
YES
YES
YES
YES
YES
0.2
E
Opex of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
973
72.4
72.4
0.0
0.0
0.0
0.0
0.0
YES
YES
YES
YES
YES YES
YES
68.2
Of which enabling
49.7
49.7
0.0
0.0
0.0
0.0
0.0
YES
YES
YES
YES
YES
YES
YES
43.7
E
Of which transitional
0.0
0.0
0.0
T
Environmental information
291
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
2024
Substantial contribution criteria
DNSH (“Do No Significant Harm”)
Category
Economic
activities
Code
Opex 2024
Proportion of opex 2024
Climate Change
Mitigation (CCM)
Climate Change Adaptation
(CCA)
Water (WTR)
Circular
economy (CE)
Pollution (PPC)
Biodiversity (BIO)
Climate Change
Mitigation (CCM)
Climate Change Adaptation
(CCA)
Water (WTR)
Circular
economy (CE)
Pollution (PPC)
Biodiversity (BIO)
Minimum
safeguards
Proportion of Taxonomy-aligned
(A.1.) or -eligible (A.2.) Opex,
2023(2)
Enabling activities
Transitional activities
Millions
of euro
%
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes;
No; N/
EL
Yes/No
Yes/No
Yes/
No
Yes/
No
Yes/
No
Yes/
No
Yes/
No
%
E
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Electricity generation
from hydropower
CCM
4.5/
CCA
4.5
1
0.1
EL
EL
N/EL
N/EL
N/EL
N/EL
0.1
Transmission and
distribution of electricity
(new connections to
plants with threshold
>100 gCO2eq/kWh)
CCM
4.9/
CCA
4.9
0
0.0
EL
EL
N/EL
N/EL
N/EL
N/EL
0.8
Electricity generation
from fossil gaseous
fuels (CCGT)
CCM
4.29/
CCA
4.29
156
11.6
EL
EL
N/EL
N/EL
N/EL
N/EL
10.9
Sale of spare parts
CE
5.2
0
0.0
N/EL
N/EL
N/EL
EL
N/EL
N/EL
0.0
Conservation including
restoration of habitats,
ecosystems and species
BIO
1.1
0
0.0
N/EL
N/EL
N/EL
N/EL
N/EL
EL
0.0
Opex of Taxonomy-eligible but
not environmentally sustainable
activities (not Taxonomy-
aligned activities) (A.2)
157
11.7
11.7
0.0
0.0
0.0
0.0
0.0
11.8
A. Opex of Taxonomy eligible
activities (A.1+A.2)
1,130
84.1
84.1
0.0
0.0
0.0
0.0
0.0
80.0
B. Opex of Taxonomy-non
eligible activities
213
15.9
20.0
Total (A + B)
1,343
100.0
100.0
N/EL – non eligible
(1)
In accordance with Article 11(1)(a) of the EU Taxonomy, no opex that could correspond to adaptation solutions in business activities that already
contribute to climate mitigation were attributed to the climate adaptation goal, thus avoiding any potential double counting with the data
provided on the climate mitigation goal.
(2) The figure for 2023 reflects a more accurate calculation.
Proportion of Opex/Total Opex
Taxonomy aligned
per objective (%)
Taxonomy eligible
per objective (%)
CCM
72.4
84.1
CCA
0.0
84.0
WTR
0.0
0.0
CE
0.0
0.0
PPC
0.0
0.0
BIO
0.0
0.0
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
292
INTEGRATED ANNUAL REPORT 2024
Additional information on electricity generation from
nuclear and gas activities
The following data are reported in accordance with Commission Delegated Regulation (EU) 2022/1214 of March 9,
2022 amending Delegated Regulation (EU) 2021/2139 regarding economic activities in certain energy sectors and
Delegated Regulation (EU) 2021/2178 regarding public information specific to those economic activities.
Template 1 – Nuclear and fossil gas related activities
Nuclear energy related activities
1
The undertaking carries out, funds or has exposures to research, development, demonstration and
deployment of innovative electricity generation facilities that produce energy from nuclear processes with
minimal waste from the fuel cycle.
No
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear
installations to produce electricity or process heat, including for the purposes of district heating or
industrial processes such as hydrogen production, as well as their safety upgrades, using best available
technologies.
No
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that
produce electricity or process heat, including for the purposes of district heating or industrial processes
such as hydrogen production from nuclear energy, as well as their safety upgrades.
Yes
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation
facilities that produce electricity using fossil gaseous fuels.
Yes
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of
combined heat/cool and power generation facilities using fossil gaseous fuels.
No
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat
generation facilities that produce heat/cool using fossil gaseous fuels.
No
As shown in the table above, the only applicable activities for Enel are the safe operation of existing nuclear power
plants and the operation of electricity generation plants using gaseous fossil fuels. The first activity is 100% Taxono-
my-non-eligible, while the second is 100% Taxonomy-eligible-non-aligned. Consequently, the following tables refer to
models number 4 and 5 included in the Annexes section of the Complementary Delegated Act. The remaining mod-
els included in said Delegated Act (models number 2 and 3) are not applicable to Enel’s business model, since these
activities are not considered eligible-aligned. In addition, the information refers only to the climate change mitigation
objective, since this appears to be the prevailing one for the Group.
Environmental information
293
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Template 4 – Taxonomy-eligible but not taxonomy-aligned
economic activities
TURNOVER “REVENUE”
Economic activities
Climate change mitigation
Amount in
millions of
euros
%
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred
to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
2,419
3.1
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
25
0.0
Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities
in the denominator of the applicable KPI
2,444
3.1
CAPEX
Economic activities
Climate change mitigation
Amount in
millions of
euros
%
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred
to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
307
2.7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
7
0.0
Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities
in the denominator of the applicable KPI
314
2.7
OPEX
Economic activities
Climate change mitigation
Amount in
millions of
euros
%
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred
to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
156
11.6
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
1
0.1
Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities
in the denominator of the applicable KPI
157
11.7
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
294
INTEGRATED ANNUAL REPORT 2024
Template 5 - Taxonomy non-eligible economic activities
TURNOVER “REVENUE”
Economic activities
Climate change mitigation
Amount in
millions of
euros
%
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-
non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139
in the denominator of the applicable KPI
1,316
1.7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows
1 to 6 above in the denominator of the applicable KPI
46,870
59.3
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of
the applicable KPI
48,186
61.0
CAPEX
Economic activities
Climate change mitigation
Amount in
millions of
euros
%
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-
non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139
in the denominator of the applicable KPI
174
1.5
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows
1 to 6 above in the denominator of the applicable KPI
1,372
12.0
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of
the applicable KPI
1,546
13.5
OPEX
Economic activities
Climate change mitigation
Amount in
millions of
euros
%
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-
non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139
in the denominator of the applicable KPI
89
6.6
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows
1 to 6 above in the denominator of the applicable KPI
124
9.3
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of
the applicable KPI
213
15.9
Environmental information
295
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Climate change
ESRS E1
The disclosure requirements of ESRS E1 “Climate change” standard have been covered by reference to other parts
of the Report on Operations that are external to the Sustainability Statement (the “Incorporation by Reference”
approach).
ESRS E1 – Climate change
Section
ESRS 2, GOV-3
Integration of sustainability-related
performance in incentive schemes
• Incentives system
E1-1
Transition plan for climate change mitigation
• Zero emissions ambition: the
decarbonization plan for mitigation of
climate changes
• Actions for managing the IROs connected
with climate change
ESRS 2 SBM-3
Material impacts, risks and opportunities, and
their interaction with strategy and business
model
• Analysis of the scenarios and resiliency of the
strategy
• Opportunities and risks of the energy
transition
ESRS 2 IRO-1
Description of the processes to identify and
assess material climate-related impacts, risks
and opportunities
• Impacts, risks and opportunities related to
climate change
• Analysis of the scenarios and resiliency of the
strategy
• Identification and management of risks and
opportunities
E1-2
Policies related to climate change mitigation
and adaptation
• Policies related to climate change mitigation
and adaptation
E1-3
Actions and resources in relation to climate
change policies
• The Strategic Plan
• Actions for managing the IROs connected to
climate change
E1-4
Targets related to climate change mitigation
and adaptation
• Actions for managing the IROs connected to
climate change
E1-5
Energy consumption and mix
• Energy consumption and mix
E1-6
Gross Scopes 1, 2, 3 and total GHG emissions
• Methodology for calculating greenhouse gas
emissions
• Greenhouse gas emission trends in 2024
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
296
INTEGRATED ANNUAL REPORT 2024
Conservation of natural capital
Environmental Policy
ESRS E2-1; E3-1; E4-1; E5-1
Enel’s Environmental Policy defines the Group’s com-
mitment to protecting natural capital and fighting cli-
mate change. It also provides guidelines to support the
development of action plans and specific targets for
the management of environmental issues found to be
material and their associated IROs (climate change, at-
mospheric pollution, water resource management, bi-
odiversity and waste). The Policy was approved by the
Board of Directors and signed by the Chief Executive
Officer and consequently disseminated and applied at
Group level as a guiding tool for defining specific pro-
cesses and instructions. The Policy further stipulates
that management roles and responsibilities for imple-
menting environmental management processes are
identified at the organization level.
In addition, as a complement to the Group’s Policy,
specific policies have been defined for the manage-
ment of material topics and IROs reported in the spe-
cific sections of the document.
ENVIRONMENTAL POLICY
DESCRIPTION
MAIN CONTENTS
• Reduce environmental impacts through the application of the best available
technologies and best practices at all stages of the value chain.
• Promote the fight against climate change in line with limiting global temperature
to 1.5 °C compared to the pre-industrial era, accelerating the energy transition
to zero emissions and increasing the resilience of business activities.
• Preserve water, air and soil and optimize resource management.
• Build plants and infrastructure while protecting the land and biodiversity.
• Optimize waste management.
• Promote the circular economy approach and initiatives.
• Develop innovative technologies for the environment.
SCOPE
• Assets under Enel’s operational control and entire value chain.
IROs COVERED AND
REFERENCES
• Mitigation, adaptation and energy consumption, paragraph “Climate
change”.
• Reducing emissions into the air, paragraph “Pollution”.
• Withdrawal of water resources, paragraph “Water and marine resources”.
• Changes in land, fresh water and sea usage, paragraph “Biodiversity and
ecosystems”.
• Population size of species, paragraph “Biodiversity and ecosystems”.
• Non-hazardous waste from Operation and Maintenance activities,
paragraph “Resource use and circular economy”.
STAKEHOLDERS INVOLVED
IN THE DEFINITION
• Promote corporate sustainability practices among suppliers, contractors,
customers and partners.
• Communicate Enel’s environmental performance to the public, institutions,
Group employees and other relevant stakeholders.
DIFFUSION
• Public policy available at the link https://www.enel.com/content/dam/enel-
com/documenti/investitori/sostenibilita/enel-group-enviromental-policy.
pdf.
• https://globalprocurement.enel.com/content/dam/enel-gp/documents/
other-useful-documents/health-and-safety/New_Enel_Group_
Environmental_Policy_2024_EN.pdf.
Environmental information
297
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Actions and resources related to governance and advocacy for the
environment
SUBTOPIC
DESCRIPTION OF IRO
TYPE
ACTION PLAN
GOVERNANCE AND
ADVOCACY FOR THE
ENVIRONMENT
Improvement of environmental and climate
performance in all the Group’s sites through the
adoption of robust environmental governance,
guaranteed by a widespread network of HSEQ
professionals and certified environmental
management systems, aimed at promptly
adopting regulatory developments, participating
in their preparation, meeting the expectations of
stakeholders and promoting an environmental
consciousness among employees, suppliers and
customers.
The Group guarantees constant
control and monitoring of activities
of environmental importance
through its organization.
The application of ISO 14001
certified Environmental
Management Systems (EMS) is one
of the main tools for implementing
the Group’s Environmental Policy.
Positive impact
Enel has adopted an organizational and governance
model that ensures that sustainability issues, including
aspects related to nature, are given adequate considera-
tion in all relevant company decision-making processes,
through the definition of specific tasks and responsibili-
ties for the main corporate bodies (for more information,
see the chapter “Governance” in this document). The
Group ensures constant oversight and monitoring of en-
vironmentally relevant activities through a granular and
harmonized organization at the level of central struc-
tures, for the coordination and direction of activities, and
at the country level, for the management of specific and
operational aspects at the Group’s various sites. Roles
and responsibilities on Health, Safety, Environment and
Quality issues are defined and reported in the company
organization charts; delegations of function with power
of attorney are also issued in both environmental and
workplace safety matters, with assignment of necessary
related decision-making and spending powers.
The application of ISO 14001 certified Environmental
Management Systems (EMS) is one of the main tools for
implementing the Group’s Environmental Policy. At the
end of 2024, almost all Enel people (95%) were covered
by certification. In support of the EMS, Enel engages in
a structured environmental training program, which in
2024 resulted in the delivery of approximately 28,600
hours of training on the environment and nature, ad-
dressing various topics such as waste management,
water and biodiversity impacts. An awareness cam-
paign was also launched for these issues, involving the
entire Enel population.
As regards environmental advocacy more specifically, see
the section on “Political influence and lobbying activities”.
In order to identify and minimize environmental impacts
and risks related to its activities, Enel has equipped it-
self at Group level with a number of important tools for
guidance, investigation and intervention. Specifically:
• Group Policy for the Classification and Analysis of
Environmental Incidents: this classifies events by
type and significance of impact on the environment
and the organization, defining procedures for analyz-
ing causes and monitoring corrective actions.
• Policy for Assessment of Risks and Opportunities
Related to Environmental Impacts: this Policy is com-
pliant with ISO 14001:2015 and applies a single model
for assessing environmental risks and opportunities
at all operational sites utilizing the Environmental Risk
Analysis (ERA) tool.
• Policy for Extra Checking on Site (ECoS): this regu-
lates the planning and conduct of visits to operation-
al sites to identify improvement plans and share best
practices.
• Emergency Management Policy: this Policy defines
criteria for preventing and managing emergencies
at Enel sites, ensuring safety, environmental protec-
tion and business continuity, in coordination with
local authorities.
• Environmental and Social Impact Assessment
(ESIA) Policy: provides guidelines for integrated
management of impacts in new projects, in line with
international standards, promoting risk mitigation,
transparency and stakeholder engagement, starting
with local communities.
Special policies and contract clauses have been de-
fined for the Qualification and Contractor Manage-
ment processes in order to assess suppliers and
manage environmental risks arising from contracted
activities (for more details see the section “Workers in
the value chain”).
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
298
INTEGRATED ANNUAL REPORT 2024
Process to identify and assess material IROs for the environment
ESRS 2 IRO-1
33. The assessments were updated in 2024, also based on evidence from some site-specific analyses.
Enel has adopted a structured process for identifying,
assessing and managing IROs related to environmen-
tal aspects material to the organization. This is based
on recommendations developed for the utility sector
by major international frameworks, such as the Task-
force on Nature-related Financial Disclosure (TNFD), in
which Enel is an active participant and of which it will
be an early adopter by 2025, the WBCSD World Busi-
ness Council for Sustainable Development, of which
Enel was a pilot case for the utility sector, and, where
applicable, the Science Based Targets Network (SBTN).
The relevant impacts and dependencies are in fact
essential for understanding the organization’s interac-
tions with the environment and their future evolution,
in order to define the Group’s strategies and its action
plans, in line with the commitment to pursue the ob-
jectives of the Kunming-Montreal Global Biodiversity
Framework.
Identification of impacts and
dependencies relevant to Enel
technologies
The identification of the potential IROs, adopted by
Enel in the double materiality analysis, was conducted
starting from the definition of significant impact factors
and dependencies for the various technologies relevant
to the Group, which have been collected in the priority
maps (hotmaps) developed starting from the indications
of the tool ENCORE (Exploring Natural Capital Opportu-
nities, Risks and Exposure) applied to the utility sector
and revised according to the specific construction and
operational solutions adopted by Enel in compliance with
industry guidelines. Where appropriate, impact factors
relevant to Operation & Maintenance activities have been
distinguished from Construction & Demolition activities,
the latter referring only to the main construction or re-
powering sites of generation plants.33
Both
Operation & Maintenance
Construction & Demolition
Technology hotmaps
Impact factors
Use of freshwater ecosystems
Water pollutants
Disturbance factors
Air pollutants (non-GHG)
Soil pollutants
Solid waste
Use of terrestrial ecosystems
Greenhouse gas emissions (GHG)
Water withdrawal
Dependencies
Climate regulation
Soil stabilization and erosion control
Flood and storm protection
Use of groundwater
Use of surface water
Conservation of the water cycle
The potential impacts on nature and biodiversity are
mainly related to water consumption and climate-chang-
ing and polluting emissions from fossil fuel technologies,
which Enel is committed to drastically reducing with the
ongoing phase-out of coal-fired plants, the Net Zero
pathway, and the energy transition to renewable sources,
mainly wind and solar. The spread of the latter technolo-
gies has, on the other hand, introduced new possible im-
Environmental information
299
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
pacts especially related to the transformation of natural
habitats, also indicated by the map.
Dependencies on ecosystem services appear to be
primarily attributable to climate regulation and thus, pro-
spectively, to the effects of climate change, both chronic
and acute. Indeed, the preservation of the water cycle,
with the risk of unavailability or heating of the resource in
some countries and regions, is a potentially critical factor
for the proper operation of hydroelectric, thermal and
nuclear power plants. In addition to this, the increased
frequency of extreme weather and climate events, in
conjunction with local conditions of hydrogeological
disruption due to soil instability or natural degradation,
constitute additional factors of dependence on essential
ecosystem services, which are also capable of jeopard-
izing the integrity and operation of facilities, especially
wind and solar.
34. Italy, Spain, Chile, Colombia, Brazil and United States.
Evaluation of IROs with reference to
the entire value chain
The assessment of environmental IROs was per-
formed on the entire value chain adopting a combined
and diversified approach, considering separately the
Operation & Maintenance activities of operating as-
sets from the design and on-site construction of new
assets and the decommissioning of end-of-life assets.
Also included within these activities are those con-
tracted by Enel to third-party companies to operate at
its sites and operating assets (works and services). Fi-
nally, an additional phase of investigation involved IRO
analysis related to upstream activities of equipment,
component and commodity procurement, which are
considered to be a priority for the utilities sector in
terms of potential impacts compared to downstream
activities (customer management).
IRO valuation for operating assets
As regards Enel’s consolidated operating assets, the
analysis included the identification of hotspots at which
to perform the IRO assessment according to the TN-
FD-LEAP (Taskforce on Nature-related Financial Dis-
closures - Locate, Evaluate, Assess, Prepare) method-
ology. For this purpose, the geographical localization
of assets in the different countries where the Group is
present34 and their prioritization on the basis of local
natural conditions and the intensity of the impacts pe-
culiar to the applied technology was carried out.
Land
occupation
Transformation
of natural areas
Habitat
significance
(biodiversity value
or water stress)
Intensity
of impact
factors
(significance
thresholds)
Relevance
to the
organization
(environmental
events, improvement
plans, EMS risks)
IDENTIFICATION
OF PRIORITY
SITES
(HOTSPOTS)
IMPACT ON NATURE
BY THE ORGANIZATION
LOCAL CONDITIONS
(STATE OF NATURE)
INTENSITY OF IMPACT
FACTORS
&
=
Local natural conditions were assessed by con-
sidering indicators of natural area transformation,
the presence of biodiversity-significant habitats
(protected areas, endangered species and critical
habitats, for which see the “Biodiversity and eco-
systems” section of this chapter for details) and
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
300
INTEGRATED ANNUAL REPORT 2024
areas subject to water stress conditions (assessed
through the Aqueduct tool Water Ratio Index (WRI)).
Conversely, the significance of impact factors was
estimated by introducing threshold values for the
main technology indicators, chosen from the rele-
vant hotmaps (see figure above). Technology indi-
cators range from land occupation and transforma-
tion, water withdrawals, pollutant emissions, waste
generation and disturbance effects on animal spe-
cies. To the assets thus selected were added ad-
ditional ones considered relevant to the organiza-
tion as a result of the occurrence of environmental
events, improvement actions that emerged from in-
spections/audits (e.g. ECoS), and the results of en-
vironmental risk analysis provided by management
systems.
The LEAP (Locate, Evaluate, Assess, Prepare) analysis
conducted on the priority sites, which started in 2024
and will be completed in 2025, analyzed potential and
residual IROs in the specific local contexts, introducing
qualitative metrics for estimating their scope, magni-
tude/gravity, likelihood, and level of control, and also
included assessment of relationships with local stake-
holders and communities. Their engagement takes
place both in the initial stages of authorization and
in the subsequent stages of asset operation, through
the definition and constant updating of action plans,
controls, projects and improvement objectives, both
mandatory and voluntary, the outcomes of which are
periodically communicated externally through public
and press initiatives (for more details see the section
“Stakeholder engagement”).
The main types of impact, economic risk and oppor-
tunity found to be relevant to the LEAP analysis are
summarized in the table below. Any financial risks will
also be valued in 2025, in line with the international
TNFD framework.
MAIN IMPACTS, RISKS AND OPPORTUNITIES
Impacts (change in environmental conditions)
Risks (increased expenses)
Opportunities (increased revenue)
• transformation/land degradation
• habitat loss/fragmentation
• decrease in the richness/abundance of
endangered species (flora, fauna)
• reduction in water resource availability
• reduction of ecosystem services (e.g.
protection from natural hazards)
• depletion of soil quality/soil sealing
• delays in obtaining permits
• greater operational obligations
• reduction/shutdown of power
generation capacity
• restoration/repair of assets
• adaptation/technological innovation
• additional insurance fees
• loss of competitiveness
• reputational damage
• reputational and competitive
advantage resulting from improved
environmental and sustainability
performance (e.g. more efficient use
of resources, habitat protection and
restoration initiatives)
• development of new businesses
(offer of “nature-positive” energy
products and services; new sustainable
innovation partnerships; access to
green funding)
From a quantitative point of view, the surveys con-
ducted yielded the following results:
• by applying the asset-level prioritization criteria, 54
hotspots were identified (see figure below). These
represent a very small fraction of the overall geo-
graphic footprint of Group activities (less than 5%);
• residual risk values in the 18 hotspots analyzed in
2024 (wave 1) using the LEAP methodology are all
LOW, indicating that potential impacts and risks
are at all times managed/mitigated by appropri-
ate procedures and action plans in place. Only
for two assets were higher levels of risk (medium
and medium-high) temporarily assessed, pending
completion of action plans already underway, with
no need for further management or mitigation
actions.
Environmental information
301
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
no.
assets
(baseline)(1)
238
12,817
(2)
54
144
36
577
Priority on local impacts and
dependencies(3)
Technological
impact
indicators
• Impacts on
birds
• Silting and
quality of water
bodies
• Atmospheric
emissions
(Hg/H2S)
• Land
occupation
• Freshwater
withdrawals in
water stressed
areas
• Percentage of
conductors in
cable
Biodiversity
indicators
(all technologies)
• Land
occupation
• Transformation
of natural
habitat
• Significance
for biodiversity
(protected
areas,
protected
species, IUCN
I-IV or critical
habitats)
Stakeholder
indicators
• Significant
or severe
environmental
events:
• Accidents
• Adverse media
events
• Administrative
proceedings
• Environmental
Analysis EMS ISO
14001
• CSR (Corporate
Social
Responsibility)
and Biodiversity
Projects
Indicators of
dependence
• Climate
regulation
• Flood and storm
protection
• Soil stabilization
and erosion
control
8
2
17
54
8
4
2
5
2
4
2
16
2
Hotspot
Wave 1
18
Risks
Action plan
L
M
H
Not
necessary
Adopted/
in progress
Not
necessary
Not
necessary
Not
necessary
Adopted/
in progress
22
24
27
18
15
48
1
1
1
Total
L: low
M: medium
H: high
(1)
Core countries.
(2) Common technical fraction.
(3) TNFD-LEAP methodology.
IRO assessment for new plant design
and implementation
The identification and management of the IROs relat-
ed to the siting, authorization and construction of new
plants are the specific objective of the ESIA Policy for
the evaluation of Environmental and Social Impacts
and of the Biodiversity Management Policy, which pro-
vide the guidelines to be followed for the management
of the authorization process and the definition of the
Group’s objectives, with reference to international
standards and directives.
IRO assessment for decommissioning
power generation plants
For the management of the end-of-life power plants,
after making them safe and before proceeding with
their dismantling and the redevelopment of the area
for new projects, Enel proceeds, in accordance with
the permit requirements and legal provisions in force
in the various countries, to an additional verification
of the environmental quality status of the soil, subsoil
and groundwater in the plant areas. In the event of po-
tential contamination phenomena, characterization
of the environmental matrices in the areas potentially
affected and, if necessary, implementation of safety
measures and subsequent remediation, are execut-
ed according to intervention plans shared with the
competent authorities and by resorting to specialist,
qualified companies that are able to promptly restore
the level of quality suitable for the intended use of the
area. Adopted procedures ensure that impacts and
risks relevant to the organization are identified and
managed optimally.
IRO assessment for the supply chain
The IRO analysis of the supply chain was conducted
according to the approach taken for estimating GHG
emissions in Scope 3. Starting from the annual pro-
curement plans, commodity categories were iden-
tified and purchase volumes assessed. By analyzing
data from Environmental Product Declaration (EPD)
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
302
INTEGRATED ANNUAL REPORT 2024
certifications provided by accredited suppliers, proxy
environmental indicators were selected for different
impact categories (pollutant emissions, water re-
sources, biodiversity, waste generation) and average
values per unit of product were calculated. Based on
the quantities procured, cumulative values were de-
termined and then normalized into an impact index
35. The relevance threshold for sanctions is $10,000, therefore only sanctions that individually exceed this amount are reported.
36. The relevance threshold of significant sanctions is €100,000, as defined in Enel’s internal policies.
for each product category. In addition, through inter-
nal and external databases (such as Yale University’s
Environmental Performance Index) an ESG indicator
of countries of origin was identified. By combining the
impact index with the ESG indicator, an indicator of
potential environmental risk was estimated, making it
possible to define a priority ranking for the analysis.
PRIORITY
RANKING/LCA IMPACT
INDICATORS
DISTRIBUTION OF
PURCHASES/ENVIRONMENTAL
PERFORMANCE OF COUNTRY
POTENTIAL
RISK
=
&
This process has therefore made it possible to identi-
fy, based on the relevance of the quantities procured,
the specific environmental footprints of the prod-
ucts, the performance of the countries of origin, the
priority supply categories, including transformers,
electric cables and storage batteries, with respect
to which direct discussions will be initiated with the
main suppliers over the next year, aimed at sharing
joint improvement actions.
For commodities (coal and gas), the IRO analysis
was also initiated starting with the potential impacts
identified by Encore for the oil & gas supply chain, on
different environmental issues (pollutant emissions,
water resources, biodiversity, waste generation) and
mapping the mitigation actions declared by the main
direct suppliers.
Environmental legal disputes
The number of legal proceedings at December 31,
2024 was 131 across the whole Group. The main en-
vironmental disputes related to Latin America and
Spain. The amount of fines imposed in 202435 was
approximately €1.4 million. In 202436 the most signif-
icant fines were recorded in Brazil and Chile and were
related to impacts on habitat and archaeological sites,
respectively.
Environmental information
303
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Pollution
ESRS E2
0.10 g/kWh
SO2 SPECIFIC EMISSIONS
0.09 in 2023
0.25 g/kWh
NOX SPECIFIC EMISSIONS
0.26 in 2023
0.006 g/kWh
DUST SPECIFIC EMISSIONS
0.006 in 2023
The results of the 2024 double materiality process for aspects related to “Pollution” are reported below, with details
of the material IROs used in the preparation of this section.
SUBTOPIC
DESCRIPTION OF IRO
TYPE
TARGET/ACTION
PLAN
AIR POLLUTION
Sub-subtopic
Reducing emissions into the air
(excluding CO2)
Improvement of industrial site
conditions resulting from the
reduction of air pollutant emissions
(other than GHG) pursued through
continuous monitoring and
improvement programs.
Target:
• Reduction in specific emissions of SO2
• Reduction of NOx specific emissions
• Reduction of dust specific emissions
• Reduction of mercury emissions
Positive impact
Policies related to pollution
ESRS E2-1
The prevention of air, water and soil pollution and the
minimization of the impact on the environment and
ecosystems associated with the Group’s operating
assets are strategic objectives of Enel’s Environmen-
tal Policy, reported in the section “Conservation of
natural capital” to which reference should be made
for further details. These goals are implemented
through an ongoing effort to prevent and control the
pollutant load in environmental matrices through the
application of the most advanced available technol-
ogies and best practices, including minimizing and,
where possible, replacing the utilization of substanc-
es of concern. The Group has also defined suitable
and adequate measures for the prevention and man-
agement of emergencies and any remedial actions
where necessary.
Action plan for the management of material IROs
ESRS E2-2
Based on the materiality analysis conducted, emis-
sions related to the macro air pollutants SO2, NOx and
dust were found to be relevant. The Enel Group has
adopted an action plan to reduce these emissions at
all its power generation sites in line with its energy
transition strategy.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
304
INTEGRATED ANNUAL REPORT 2024
YES
NO
ACTION
DESCRIPTION
Application of best
practices (BAT-
AEL, Best Available
Technique-
Associated
Emission Level) for
the emission of air
pollutants
Adoption of air pollutant
abatement and control
technologies in line
with the permitting and
operating requirements
valid in different
countries.
Reduced
emissions of
SO2, NOx, dust
and mercury*
The decarbonization
and energy transition
plan enables drastic
reductions in mass
and specific emissions
of air pollutants.
Thermal
power plants
* in Italy, Chile
and Spain
Implementation of the
decarbonization and
energy transition plan.
Decarbonization
plan (2030)
Scope
Target
Timing
Monitoring
Thermal
power plants
• Internal procedures
and environmental
management
systems ISO 14001.
• Quarterly Group KPI
monitoring.
According to the
specific permit
requirements for
the construction
and operation of
plants
37. Zero discharge involves the adoption of Zero Liquid Discharge (ZLD) solutions through Softening, Evaporation & Crystallization (SEC) plants.
38. In a very limited number of cases, the quantities of some pollutants in water foreseen in the E-PRTR list were found to be above the threshold
for the year 2023 and therefore subject to communication by the plants. However, these are (over)estimated quantities, as they are calculated
by assuming a concentration equal to the analytical detection limits of the control laboratory, multiplied by the water flow rates (cooling water).
These are mainly thermoelectric plants in the closure phase, with end of activity planned for 2025.
Aligned with the Paris Agreement and SBTi-certified,
the decarbonization plan sets targets and action plans
for emission reductions with potential positive impacts
on the natural state and local communities by setting
the transition path from thermal to renewable technol-
ogies (see the chapter “Climate change” for information
on the action plan).
In addition, Enel is committed in all its operating assets
to the continuous application of the most advanced
available technologies and best practices in all its oper-
ating assets to minimize all possible forms of pollution
of environmental matrices (air, water and soil). These
protection principles are rendered operational through
the establishment of quantitative, mandatory and vol-
untary action plans and targets applied to those pro-
duction and service sites and infrastructures for which
these impacts may be significant, from the design and
construction phases to end-of-life operation and rede-
velopment.
For the additional pollutants in air indicated by the Pol-
lutant Release and Transfer Registers (E-PRTR) for the
energy sector, assessment of annual emissions from
individual plants for 2024 and reporting of any amounts
above threshold values will be carried out by April 30,
2025, as required by Regulation (EC) no. 166/2006. The
resulting values will then be published on the European
Industrial Emissions Portal. With reference to the data
reported for 2023, the main point worth noting is the
emission by coal-fired thermal power plants of some
metallic micropollutants (Cu, Zn, Ni, Hg) present in the
dust, and of some trace acid gases (HCl, HF) abated by
SO2 removal systems. These quantities, linked as men-
tioned to those of dust and SO2 already targeted, are
also expected to decrease rapidly, in line with the ex-
pected gradual phase-out of coal-fired plants.
As regards the management of discharges from the
Group’s operating assets, in thermal power plants not
equipped with “zero discharge”37 systems, these al-
ways take place downstream of a treatment process
for the removal of any pollutants present. This is done
up to concentration levels such as not to cause neg-
ative impacts on the receiving water bodies and not
significant with respect to disclosure obligations,38 as
verified by sampling and analysis plans and in compli-
ance with the limits and requirements set forth by the
relevant national regulations and operating permits.
The pollutants potentially present in the discharges,
among those listed as relevant for the energy sector
by the E-PRTR Registry, consist mainly of metals (Fe,
Al, Si, Ca, Mg) present in solution or, to a lesser ex-
tent, as suspended solids; nitrates and phosphates,
related to combustion processes and not to the uti-
lization of chemicals, are also present in insignificant
amounts.
Environmental information
305
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Finally, with respect to the potential subsoil and
groundwater pollution, Enel adopts protection and
safety measures at all stages of plant life in order to limit
and reduce to insignificant levels the risk of contami-
nation by pollutants. Operations are subject to com-
pliance checks and monitoring plans according to ISO
14001-certified Environmental Management Systems.
In the event of accidental spills, the immediate applica-
tion of Stop Work and Emergency Management Policies
minimizes impacts and ensures compliance with regu-
lations. In the decommissioning and repurposing phase
of the plants, Enel verifies the environmental quality of
the areas and, if necessary, implements characteriza-
tion, safety and remediation measures in cooperation
with the competent authorities to ensure environmen-
tal restoration in accordance with the intended use of
the area.
Enel’s commitment also extends to activities upstream
and downstream in its value chain. Indeed, the qualifi-
cation criteria for contractors and the contractual con-
ditions assigned ensure that the principles and good
practices adopted by Enel apply to the works and ser-
vices performed by outside firms operating at opera-
tional assets (for further details see the section “Work-
ers in the value chain”). On the other hand, as regards
the analysis of IROs associated with the value chain, see
the section “IRO assessment for the supply chain” for
further discussion.
Metrics and targets
Targets related to air pollution
ESRS E2-3
Not in line
In line
Achieved
KPI
POLICIES
SCOPE
Reduction
in specific
emissions of SO2
Reduction of
specific NOx
emissions
Reduction of
specific dust
emissions
Reduction
of mercury
emissions
Environmental
Policy
Environmental
Policy
Environmental
Policy
Environmental
Policy
Thermal power
generation plants
in all countries
and regions where
Enel is present
Thermal power
generation plants
in all countries
and regions where
Enel is present
Thermal power
generation plants
in all countries
and regions where
Enel is present
Coal-fired
plants in Italy,
Chile and Spain
Year: 2017
Value: 0.36
[g/kWh]
Year: 2017
Value: 0.55
[g/kWh]
Year: 2017
Value: 0.013
[g/kWh]
Year: 2017
Value: 378 [kg]
0.10 [g/kWh]
(-72% vs 2017)
0.25 [g/kWh]
(-55% vs 2017)
0.006 [g/kWh]
(-54% vs 2017)
8 [kg]
(-98% vs 2017)
0.09 [g/kWh]
(-75% vs 2017)
in 2027
0.05 [g/kWh]
(-85% vs 2017)
in 2030
0.25 [g/kWh]
(-55% vs 2017)
in 2027
0.16 [g/kWh]
(-70% vs 2017)
in 2030
0.006 [g/kWh]
(-54% vs 2017)
in 2027
0.005 [g/kWh]
(-60% vs 2017)
in 2030
0 [kg]
(-100% vs 2017)
in 2030
BASELINE
ACTUAL
2024
TARGET
STATUS
In line with the decarbonization plan included in the
Group’s Strategic Plan and its commitment to mini-
mizing atmospheric pollution, Enel has set voluntary
targets to reduce specific emissions of the main pol-
lutants emitted by its thermal power generation plants
(SO2, NOx, dust and mercury). These targets call for a
reduction in specific emissions of 85% for sulfur oxides
(SO2), 70% for nitrogen oxides (NOx) and 60% for dust
by the year 2030 compared to the base year (2017). A
further target provides for a 100% reduction in mercury
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
306
INTEGRATED ANNUAL REPORT 2024
emitted by coal-fired plants in Italy, Chile and Spain by
2030, with an expected value of 3 kg in 2027, in line with
planned plant closures. The 2024 results, with specific
emission values of 0.10 g/kWh for SO2, 0.25 g/kWh for
NOx, 0.006 g/kWh for dust, and 8 kg for Hg, are in line
with expectations and confirm the reduction trend.
The definition of these objectives stems primarily from
Enel’s commitment to decarbonization adopted in ac-
cordance with the Kyoto Protocol and the Paris Agree-
ment, and its precise declination follows the techno-
logical specificities of the electricity industry and the
comparison with the main peers, applying the indica-
tions in international best practices (BAT-AEL) and EU
frameworks (Directive 2010/75/EU on Industrial Emis-
sions, WHO Guidelines on Air Quality, ISO 14001:2015
Standard - Environmental Management Systems). At
the local plant level, during plant permit and technolo-
gy renewal reduction targets are shared with the gov-
ernments and stakeholders affected.
Air pollution metrics
ESRS E2-4
Absolute emissions of the main pollutants into the at-
mosphere for the year 2024 were in line with or slight-
ly lower than those recorded in 2023; in particular, SO2
emissions were 18,777 tons, in line with the 2023 figure
(18,701 tons) and on a par with dust emissions, which
were 1,191 tons compared to the 2023 figure of 1,259
tons, despite a significant reduction in the Group’s to-
tal coal-fired power generation. These results are the
consequence of increased coal-fired operation in Co-
lombia, of normally inactive units, which occurred due to
point production needs resulting from intense drought
phenomena due to the effects of El Niño, which caused
a significant alteration of the balance in rainfall. As for
NOx emissions, the amount emitted in 2024 was 47,871
tons, slightly down compared to 2023 (-11.1%, 53,850
tons), due not only to coal-fired but also gas-fired op-
eration. Mercury emissions (8 kg in 2024), on the other
hand, were down sharply from the previous year (44 kg)
as a result of the gradual closure of several coal-fired
plants in Italy and Spain.
The measurement of macro-pollutants (SO2, NOx
and particulate matter) is carried out in compliance
with the regulatory framework of each country and,
in most plants, involves a “continuous” measure-
ment system of concentrations capable of verifying
compliance with the limits in real time, the reliabil-
ity of which is guaranteed by accredited certifica-
tion bodies and joint verifications with the bodies
in charge of the inspections. The quantities emitted
are subsequently calculated from the flow rates of
the relevant gaseous effluents. The collected data
are recorded semi-annually in the Group data col-
lection tool, and validated and aggregated at the
different levels of the organization. The processes
of data collection and processing and evaluation of
deviations from expected performances are subject
to specific internal control procedures. By contrast,
the concentration of micropollutants (trace metals
and acidic gases) is measured periodically (quarter-
ly or semi-annually), subject to reporting according
to licensing and operating regulations. Total annual
quantities are estimated based on the volumes of
flue gas emitted and subject to E-PRTR registration,
if relevant.
Environmental information
307
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Air emissions by pollutant
UM
2024
2023
Change
SO2 emissions
t
18,777
18,701
76
0.4%
NOx emissions
t
47,871
53,850
(5,979)
-11.1%
Dust emissions
t
1,191
1,259
(68)
-5.4%
H2S emissions
t
5,272
5,114
158
3.1%
Hg emissions (coal-fired thermoelectric)(1)
t
0.01
0.04
(0.03)
-75.0%
Emissions of Ozone Depleting Substances
kgCFC-11eq
1
14
(13)
-92.9%
Specific emissions
SO2 emissions
g/kWh
0.10
0.09
0.01
11.1%
NOx emissions
g/kWh
0.25
0.26
(0.01)
-3.8%
Dust emissions
g/kWh
0.006
0.006
-
-
(1)
Mercury emissions in 2024 were 8 kg, due to thermal electricity generation in Italy and Spain. This is in addition to the mercury emissions from
the geothermal sector, amounting to 435 kg. In Europe, mercury emissions are declared to the competent authorities for registration in the
European Pollutant Release and Transfer Register (E-PRTR) in accordance with EU Regulation no. 166/2006 and are subject to the relevant
checks in terms of completeness, consistency and credibility (Article 2 of Regulation no. 166/2006).
Anticipated financial effects from material pollution-related
impacts, risks and opportunities
ESRS E2-6
In the past year, there were no serious accidents, clas-
sified as “severe” according to the internal policy on
accident management (see the general section on en-
vironmental policies), that led to pollution of the envi-
ronmental matrix.
With regard to deposits, the Enel Group has evaluated
and recognized the related expected financial effects
within the “provision for disposal, removal and site re-
mediation”, which accommodates the present value of
the estimated cost of decommissioning, removal of
non-nuclear plants, and site remediation in the pres-
ence of legal or implied obligations (for more informa-
tion, see note 38 “Provisions for risks and charges” in
these consolidated financial statements at December
31, 2024).
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
308
INTEGRATED ANNUAL REPORT 2024
Water and marine resources
ESRS E3
30,881 thousand m3
TOTAL WATER CONSUMPTION
35,449 in 2023
0.16 l/kWheq
SPECIFIC WITHDRAWAL OF FRESH WATER
0.20 in 2023
The results of the 2024 double materiality process for aspects related to “Water and marine resources” are reported
below, with details of the material IROs used in the preparation of this section.
SUBTOPIC
DESCRIPTION OF IRO
TYPE
TARGET/ACTION
PLAN
WATER
Sub-subtopic
Water withdrawals
Depletion of fresh or marine water
quantities or quality due to unsustainable
use of water resources in direct or indirect
activities (e.g. excessive withdrawals
relative to the resource’s regenerative
capacity or ecosystem and socioeconomic
needs, particularly in water-stressed areas,
wastewater discharges with excessive
thermal or pollutant loading).
Target:
• Reduction of specific fresh water
withdrawal
Negative impact
Policies related to water management
ESRS E3-1
To complement the Group Environmental Policy (see
the section “Environmental Policy”), Enel has adopted an
internal Water Management Policy, which defines guide-
lines for the utilization and supply of water and marine re-
sources, considering the entire life cycle of the assets, with
particular attention to water-stressed areas and engaging
communities, in line with international directives (Water
Framework Directive).
Environmental information
309
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
WATER MANAGEMENT
POLICY
DESCRIPTION
MAIN CONTENTS
• Defines criteria for wastewater treatment and reuse, with regular
monitoring and systems to remove contamination while avoiding impacts
on other environmental matrices.
• Identifies risks, mitigation measures, and emergency management, with
periodic checks on water quality.
• Promotes the adoption of sustainable technology solutions, products
and services to minimize water impacts and conserve marine resources
throughout the entire value chain.
• Reaffirms commitment for operating assets to reduce water consumption
in water-prone areas by establishing tools to assess water stress (Aqueduct
WRI) and commitment to apply sustainable practices and specific targets.
• Recommends the adoption of Group targets and action plans aimed at
limiting freshwater withdrawals and protecting natural habitats and local
communities, giving priority attention to areas of high water stress and
marine ecosystems.
SCOPE
• Assets under Enel’s operational control and entire value chain.
IROs COVERED
AND REFERENCES
• Water withdrawals.
STAKEHOLDERS INVOLVED
IN THE DEFINITION
• Promotes interaction with local communities, governments, and key
stakeholders during resource use authorization and during withdrawal.
DIFFUSION
• Internal policies.
Action plan for the management of material IROs
ESRS E3-2
Regarding water management and protection, the
main negative impact revealed by the IRO analysis is
related, for direct operations, to water withdrawals
for thermal and nuclear power generation, mainly for
cooling thermal cycles and for the operation of air
emission abatement systems. In order to reduce its
water withdrawals and consumption, with a priori-
ty focus on fresh water and water-prone areas, Enel
is committed in all its operating assets for which the
resource becomes material to adopt specific action
plans directed at minimizing its water consumption,
reducing withdrawals and maximizing recoveries. At
the Group level, this commitment is reinforced by
setting a target related to the conservation of fresh-
water, the most valuable and vulnerable water re-
source for natural well-being and community needs.
The overall reduction of consumption is also being
pursued at the Group level through the gradual re-
duction of generation from fossil fuels and the evolu-
tion of the energy mix towards renewable sources, in
line with the Decarbonization Plan and the “Net Zero”
commitment (see the “Climate change” chapter for
more information on the action plan).
Moreover, Enel adopts technical and management
solutions aimed at reducing, where possible, its overall
water needs through withdrawals from “non-drain-
ing” sources, including wastewater treated internally
or supplied by third parties and reused as industrial
water, or seawater used in open-cycle cooling pro-
cesses or subjected to desalination for the production
of demineralized water. Only when necessary is water
supplied from “scarce” sources, such as fresh surface
water, groundwater, or civilian use.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
310
INTEGRATED ANNUAL REPORT 2024
YES
NO
ACTION
DESCRIPTION
Maximize water
withdrawals
from non-
scarce sources
and wastewater
recoveries in
order to reduce
freshwater
withdrawals and
consumption
Definition of technical
and management
solutions aimed at:
• covering total water
needs through
withdrawals from
non-scarce sources;
• recovering wastewater
and runoff treated
internally or supplied by
third parties and reused
as industrial water.
Reduction of
specific fresh
water withdrawal
The decarbonization
and energy transition
plan enables a drastic
reduction in the total and
specific amounts of water
withdrawn and consumed
in generation processes.
Electricity
generation
Implementation of the
decarbonization and
energy transition plan.
2030
Scope
Target
Timing
Monitoring
Thermal
power plants,
even in water-
stressed areas
• Internal procedures
and environmental
management
systems ISO 14001.
• Quarterly Group KPI
monitoring.
Plans for plant
improvement
Water
management
plans for
hydroelectric
reservoirs
Establishment of shared
programs and action
plans with watershed
authorities and local
communities in order to:
• protect the good
ecological and chemical
status of water;
• ensure minimum viable
runoff and protection of
local habitats.
Hydroelectric
plants
Application
requirements reservoir
water management
plans.
The frequency of
updating water
management
plans for
hydroelectric
reservoirs
depends
on national
legislation and
specific local
concessions and
regulations
Improvements focus on maximum process wastewa-
ter recovery and cooling plant efficiency, for example,
with upgrades to purge control and recovery systems
in evaporative towers. In thermal power plants, the uti-
lization of crystallizers allows for the complete reuse
of wastewater, eliminating ZLD (Zero Liquid Discharge).
In addition, the recovery of rainwater collected from
potentially contaminated industrial areas is enhanced
through storage and reuse in power generation pro-
cesses, according to specific plans for each plant.
Water resource management is also essential for
hydroelectric plants, for which the conditions of the
relevant watersheds and the ecological and chemi-
cal status of the water were considered, according to
the requirements of the Water Framework Directive
and the Water Framework Directive (2000/60/EC), as
part of the asset prioritization process and subse-
quent LEAP analysis. For the purpose of conserving
the resource and protecting surrounding habitats,
these facilities adopt water management plans and
continuous improvement programs shared with local
stakeholders (reservoir authorities, local governments,
regulators, citizen committees and NGOs) to mitigate
impacts, ensure minimum viable flows and protect lo-
cal habitats.
Hydroelectric reservoirs, which do not contribute to
the Group’s water consumption by fully returning the
water withdrawn, also provide an important environ-
mental as well as recreational opportunity for the sur-
rounding area. In fact, there are nature areas and pro-
tected habitats around many of the basins. In addition,
the basins provide important services to local com-
munities, from flood control to drinking and irriga-
tion uses, from fire prevention to the management of
riverine waste retained by the retention works. Finally,
reservoirs play a key role in responding to the effects
Environmental information
311
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
of climate change by increasing the level of protection
for communities subject to extreme flood events and
prolonged periods of drought.
Priority is given by the Environmental Policy and the Wa-
ter management policy to areas at risk of water scarcity
(water-stressed areas). Mapping of generation, thermal,
nuclear and renewable sites falling within water-stressed
areas is carried out in line with the criteria of GRI 303
(2018) with reference to the conditions of “(baseline)
water stress” indicated by the World Resources Institute
Aqueduct Water Risk Atlas (version 4.0 2024). Among
the sites mapped, those defined as “critical sites” are
the ones positioned in water-stressed areas and which
procure significant volumes of fresh water. These condi-
tions, in particular, were assumed as asset prioritization
criteria within the TNFD-LEAP analysis.
At critical sites, mainly thermoelectric and nuclear
power plants that use water for process and closed-
loop cooling needs, water management methods and
process performance are constantly monitored in
order to minimize water consumption and prioritize
withdrawals from less valuable or non-draining sourc-
es, according to locally defined action plans based on
plant-specific needs and opportunities. Solar plants
located in water-stressed areas, although the volumes
are insignificant, Enel adopts innovative solutions
aimed at drastically reducing local water consumption
used for the periodic cleaning of photovoltaic panels.
Metrics and targets
Water-related targets
ESRS E3-3
Not in line
In line
Achieved
KPI
POLICIES
SCOPE
Reduction
of specific
fresh water
withdrawal
• Environmental
Policy
• Water
management
policy
Enel’s activities
in all countries
and regions,
water-stressed
areas included
Year: 2017
Value: 0.43
[l/kWheq]
0.16 [l/kWheq]
(-63%)
0.18 [l/kWheq]
(-58%)
in 2027
0.15 [l/kWheq]
(-65%)
in 2030
BASELINE
ACTUAL
2024
TARGET
STATUS
Enel has adopted the voluntary target of a 65% reduc-
tion in specific freshwater withdrawal in 2030 com-
pared to the 2017 base year. The metrics adopted in
formulating the target, referring to withdrawals, fol-
lows the guidance of the scientific community (SBTN
Technical Guidance 2023 Step 3 Freshwater) while
aiming to reduce the Group’s water consumption.
The specific freshwater withdrawal for the year 2024
was 0.16 l/kWheq, with a 63% reduction from the base
year (2017) and in line with the target forecast to 2030
(-65%).
The target definition stems primarily from the imple-
mentation of the Energy Transition and Net Zero pro-
gram adopted by Enel, and its declination according to
the technological specificities of the electricity sector,
applying the indications of international best practic-
es (IFC Performance Standard, TNFD, SBTN) and EU
frameworks (European Green Deal, Water Framework
Directive). The target also takes into account possi-
ble scenarios of evolution of the relevant regulatory
framework (in order to ensure continued compli-
ance of the activities carried out and reduce possible
transition risks) and of future availability of the water
resource in the Group’s reservoirs of interest, as a
consequence of the medium- and long-term effects
of climate change outlined in the different Intergov-
ernmental Panel on Climate Change (IPCC) and Rep-
resentative Concentration Pathways (RCP) scenarios
(for further details see the chapter “Climate change”).
At the local plant level, during plant permit and tech-
nology renewal reduction targets are shared with the
governments and stakeholders affected.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
312
INTEGRATED ANNUAL REPORT 2024
Water withdrawal, water discharge
and consumption metrics
ESRS E3-4
During 2024, there was an overall decrease in water
withdrawal due to lower thermal power generation. In
particular, withdrawal related to the power genera-
tion process and open-cycle cooling water decreased
by 21.1% (43,386 thousand m3 in 2024 compared to
54,956 thousand m3 in 2023) and 25.4% (8,102,028
thousand m3 in 2024 compared to 10,866,253 thou-
sand m3 in 2023), respectively. With regard to scarce
sources, there was also a consistent decrease in fresh-
water withdrawals for process uses (-23.5%) compared
to the previous year (31,019 thousand m3 in 2024
compared to 40,552 thousand m3 in 2023), a trend
also confirmed by the target value referring to the
specific freshwater withdrawal of 0.16 l/kWh (-20.0%,
0.20 l/kWh in 2023).
This downward trend was also recorded for total wa-
ter withdrawal in water-stressed areas for generation
process uses, which was found to be 12,308 thousand
m3, although with a less substantial decrease (-3.7%)
compared to 2023 (12,783 thousand m3), a conse-
quence of the gradual closure of coal-fired power
plants, which are not located in water-stressed are-
as, compared to those in water-stressed areas where
gas-fired and nuclear power plants remain in opera-
tion.
Water consumption was 30,881 thousand m3, down
12.9% (35,449 thousand m3 in 2023), again as a re-
sult of lower thermal power operations. On the other
hand, with regard to consumption in water-stressed
areas, these were 6,724 thousand m3, down 14.3%
from 2023 (7,850 thousand m3), as a result of lower
conventional thermal power generation. This con-
sumption accounts for 21.8% of total consumption,
in line with the previous year.
The volume of water stored in the Group’s hydroelec-
tric reservoirs amounted to 33,074,048 thousand m3.
Water withdrawal values are determined through
specific ways for different sources and uses. Process
withdrawals and discharges are generally determined
through direct volumetric measurements, while large
volumes associated with open-cycle cooling process-
es are generally calculated based on plant operating
parameters such as circulating pump operating hours.
On the other hand, rainfall data on the site, and the
associated volumes of rainwater collected and dis-
charged, are generally estimated. Consumption is
then calculated as the difference between the quanti-
ties withdrawn and those released.
Data type
%
Main category
Measured
60%
Process flows
Calculated
25%
Open-cycle cooling flows
Estimated
15%
Volumes of rainwater
The processes of data collection and processing and
evaluation of deviations from expected performances
are subject to specific internal control procedures. The
data collected is recorded quarterly or semi-annual-
ly in the Group’s environmental data collection tool,
where it is validated and aggregated at different levels
of the organization and target values and its period
changes are calculated.
Environmental information
313
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
UM
2024
2023
Change
Water withdrawals
Total withdrawals(1)
,000 m3
8,145,414 10,921,209 (2,775,795)
-25.4%
Withdrawals by type of use
For production process
,000 m3
43,386
54,956
(11,570)
-21.1%
For open-cycle cooling
,000 m3
8,102,028
10,866,253 (2,764,225)
-25.4%
Withdrawals by source:
Withdrawals from scarce sources
,000 m3 2,855,450
3,022,322
(166,872)
-5.5%
- of which freshwater for the production process
,000 m3
31,019
40,552
(9,533)
-23.5%
Withdrawals from non-scarce sources
,000 m3 5,289,964
7,898,844 (2,608,880)
-33.0%
Specific freshwater withdrawal from the production process
l/kWheq
0.16
0.20
(0.04)
-20.0%
Process water withdrawals by source in water-stressed areas(2)
Total withdrawals
,000 m3
12,308
12,783
(475)
-3.7%
Withdrawals from scarce sources
,000 m3
10,761
10,705
56
0.5%
- of which freshwater
,000 m3
10,423
10,335
88
0.9%
Withdrawals from non-scarce sources
,000 m3
1,547
2,078
(531)
-25.6%
Percentage of water withdrawn in water-stressed areas
%
28.4
23.3
5.1
-
Volume of water recycled and reused
,000 m3
2,230
4,711
(2,481)
-52.7%
Percentage of recycled and reused water
%
5.1
8.6
(3.5)
-
Water discharge
Total discharge
,000 m3
8,114,534
10,885,759 (2,771,225)
-25.5%
Water consumption
Total consumption
,000 m3
30,881
35,449
(4,568)
-12.9%
- of which consumption in water-stressed and water risk areas
,000 m3
6,724
7,850
(1,126)
-14.3%
Percentage of consumption in water-stressed areas
%
21.8
22.1
(0.3)
-1.4%
Total volume of water stored
,000 m3 33,074,048
n.a.
-
-
Water intensity(3)
,000 m3/€mil
0.44
0.43
0.01
2.3%
(1)
The value of “Total withdrawals” is equal to the sum of “Withdrawals of water for production process” and “Withdrawals of water used for
open-cycle cooling”. It excludes civil uses and the contribution of through stormwater.
(2) GRI 303 has defined as “water-stressed” areas those in which, on the basis of the classification provided by the WRI Aqueduct Water Risk Atlas,
the ratio between the total annual withdrawal of surface water or groundwater for different uses (civil, industrial, agricultural and livestock) and
the total annual renewable water supply available (“base water stress”, understood, therefore, as the level of competition between all users)
is high (40-80%) or extremely high (>80%). By way of greater environmental protection, Enel has also considered as located in water-stressed
areas those plants falling in zones classified by the WRI as “arid”. This category also includes the thermal plants that use “freshwater”. All 2024
values refer to the WRI Aqueduct 4.0 mapping, which involved the inclusion in water-stressed areas of additional facilities not present in 2023.
Values for 2023 are based on the WRI Aqueduct 3.0 mapping and do not include quantities for these additional power plants, making the
2024 withdrawal and consumption reduction performance values conservative compared to 2023. Volumes of water withdrawn for open-cycle
cooling in water-stressed areas were not included because these do not involve consumption of the water resource.
(3) The “Water Intensity indicator: Total consumption compared to net revenue” was calculated utilizing the IFRS 15 revenue amount of €70,626
million in 2024 (€82,483 million in 2023) as shown in note 9.a “Revenue from sales and services” to the consolidated financial statements as of
December 31, 2024.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
314
INTEGRATED ANNUAL REPORT 2024
Biodiversity and ecosystems
ESRS E4
2.3%
SURFACE OCCUPIED BY
OPERATING GENERATION
PLANTS THAT FALL WITHIN
PROTECTED AREAS,
COMPARED TO TOTAL
2.9%
SURFACE OCCUPIED BY
OPERATING DISTRIBUTION
MV/HV PLANTS THAT FALL
WITHIN PROTECTED AREAS,
COMPARED TO TOTAL
>240
PROJECTS FOR THE
PROTECTION OF SPECIES
AND NATURAL HABITATS IN
OPERATING PLANTS AND
CONSTRUCTION SITES
The results of the 2024 double materiality process for aspects related to “Biodiversity and ecosystems” are reported
below, with details of the material IROs used in the preparation of this section.
SUBTOPIC
DESCRIPTION OF IRO
TYPE
TARGET/
ACTION PLAN
DIRECT IMPACT DRIVERS ON
BIODIVERSITY LOSS
Sub-subtopic
Changes in land, fresh water
and sea use
Damage to the environment and local
communities caused by inadequate
prevention, mitigation, restoration,
or compensation of impacts on
environmental matrices, biodiversity, and
ecosystems produced by activities under
the operational control of the Company
(e.g. habitat transformation and impacts on
protected species and/or protected areas
as a result of construction, operation, or
decommissioning of assets).
Target:
• Achievement of No Net Loss for
new infrastructure by 2030
• Achievement of No Net
Deforestation for new
infrastructure by 2030
• No Go in UNESCO World
Heritage Natural Site Areas(1)
SUBTOPIC
IMPACTS ON THE STATE
OF SPECIES
Sub-subtopic
Population size
of species
Reputational damage, fines, and increased
costs of implementation, management,
and restoration due to loss of biodiversity
and degradation of ecosystem
services, reduced acceptability by local
communities as a result of construction,
operation, or decommissioning of
power generation and distribution
activities (causing occupation and land
transformation, fragmentation and
degradation of natural habitats, impact
on local communities, protected areas, or
species).
Target:
• Achievement of No Net Loss for
new infrastructure by 2030
• Achievement of No Net
Deforestation for new
infrastructure by 2030
• No Go in UNESCO World
Heritage Natural Site Areas(1)
(1)
Target related to new generation infrastructures.
Risk
Negative impact
Transition plan and consideration of biodiversity and ecosystems
in strategy and business model
ESRS E4-1
The protection of biodiversity is one of the strategic ob-
jectives of Enel’s environmental policy, in order to pursue
environmental sustainability and sustainable development
of renewables and distribution networks, envisaged in
the decarbonization strategy of the Enel Group (for more
information see the “Climate change” chapter, “Transi-
tion plan for climate change mitigation”). The Group has
adopted an integrated holistic approach to designing
Environmental information
315
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
climate and nature transition plans to achieve concrete
and sustainable results, in line with the guidance of TNFD,
the Glasgow Financial Alliance for Net Zero (GFANZ) and
the World Wildlife Fund (WWF). This approach is support-
ed by the fact that nature scenarios appear to be closely
related to climate scenarios, and that no scientifically ac-
cepted models for defining nature scenarios are available
due, in particular, to the local specificities, complexity and
non-linearity of natural systems. For more specific details
on the transition plan, see the “Climate change” chapter.
Material IROs and their interaction with strategy
and business model
ESRS 2 IRO-1; SBM-3
The massive analysis on impacts, risks and opportuni-
ties carried out on operational assets led to the identifi-
cation of 54 priority sites (hotspots), at which site-spe-
cific IRO assessment was initiated using TNFD-LEAP
methodology (for more information see the section
“Process to identify and evaluate material IROs for the
environment”). Prioritization criteria included local nat-
ural conditions through the utilization of indicators of
natural area transformation and the presence of assets
in biodiversity-sensitive areas (protected areas, threat-
ened species and critical habitats). The site-specific
LEAP analysis also assessed additional impacts, such
as land degradation, habitat loss and/or fragmentation,
and a decrease in threatened species richness/abun-
dance (flora, fauna). Only 2 sites were found to be rele-
vant from the analysis conducted, a hydroelectric plant
in Colombia and a solar farm in Brazil, for which the
action plans already defined and being implemented
ensure that the associated risks are properly managed,
with no provision for the need for further action.
Policies related to biodiversity
ESRS E4-2
To complement the Group Environmental Policy, in 2015
Enel adopted a public Group Biodiversity Policy, updated
in 2023 and approved by the Board of Directors, in line
with the Global Biodiversity Framework Kunming-Mon-
treal (COP 15) and the EU Biodiversity Strategy. The Pol-
icy defines the guidelines and principles under which to
operate, for all biodiversity protection initiatives to be
applied in all countries and regions in the value chain.
BIODIVERSITY POLICY
DESCRIPTION
MAIN CONTENTS
• Commitment to applying the principle of the mitigation hierarchy by reducing
impacts on areas of high biodiversity value and ecosystem services.
• Commitment to the implementation of “No Net Loss” of biodiversity and “No
Net Deforestation”.
• Assess and transparently communicate the impacts, dependencies, risks and
opportunities on biodiversity for operating assets, the value chain and supplies.
SCOPE
• Assets under Enel’s operational control, including those owned, leased or
managed assets and entire value chain.
IROs COVERED
AND REFERENCES
• Changes in land, fresh water and sea usage.
• Population size of species.
STAKEHOLDERS INVOLVED
IN THE DEFINITION
• Promote the integration of biodiversity into business services and products for
customers.
• Collaborate with governments, research centers, environmental and social
associations, and international stakeholders as partners in conservation,
restoration, and sustainable use of resources.
DIFFUSION
• Public policy available at the link https://www.enel.com/investors/sustainability/
strategy-sustainable-progress/biodiversity/policy.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
316
INTEGRATED ANNUAL REPORT 2024
In addition to public policy, Enel has a Group Biodiver-
sity Management Policy, which sets down guidelines
for managing impacts on biodiversity and ecosys-
tems, with a focus on biodiversity-sensitive areas and
engaging local communities, in line with international
regulations and standards.
BIODIVERSITY
MANAGEMENT POLICY
DESCRIPTION
MAIN CONTENTS
• Defines the analyses to be carried out to identify impacts, dependencies,
and risks on biodiversity, for each asset life cycle stage and in relation
to ecosystem type (e.g. natural areas, biodiversity sensitive areas, etc.)
taking into consideration potential impacts on ecosystem services and
communities.
• Guides the mitigation actions to be taken, applying the Mitigation Hierarchy.
• Defines the goal of No Net Loss, No Net Deforestation and No Go in
UNESCO areas, aligned with the EU Biodiversity Strategy, and the criteria for
implementation. It also includes guidelines for the quantitative assessment of
habitat and priority species losses and for the establishment of Biodiversity
Action Plans (BAPs).
SCOPE
• Assets under Enel’s operational control, including those owned, leased or
managed, entire value chain.
IROs COVERED
AND REFERENCES
• Changes in land, fresh water and sea usage.
• Population size of species.
STAKEHOLDERS INVOLVED
IN THE DEFINITION
• Confirms the importance of consultation with local communities and
stakeholders at all stages of the asset lifecycle, starting with the design
phase, and defines reporting metrics for biodiversity-related targets,
impacts and actions.
DIFFUSION
• Internal Group policy.
Actions and resources related to biodiversity and ecosystems
ESRS E4-3
Enel has a proven track record in managing and pro-
tecting biodiversity within its entire value chain: from
the design and construction phase of new assets, in
their operational management to decommissioning,
as well as in selling sustainable products and services
to customers. More specifically, in recent years action
has focused on managing the potential impacts asso-
ciated with the development and operation of renew-
able plants and distribution networks, in line with the
Group’s decarbonization strategy, and proposing na-
ture-based solutions to customers, in the marketing
of products and services.
YES
NO
ACTION
DESCRIPTION
Minimization
of biodi-
versity impacts
related to new
infrastructure
development
and man-
agement of
existing assets
Application of the
Mitigation Hierarchy
in all phases of plant
design and operation,
defining appropriate
biodiversity action plans
where necessary.
• Renewable
power plants
• Distribution
networks
• Annual monitoring and
reporting of habitat and
species impacts through
KPIs, based on international
maps and georeferenced
sites.
• Quarterly collection and
update of biodiversity
projects.
Roadmap
implementation
target of
2030, with
intermediate
steps beginning
2025
Scope
Target
Timing
Monitoring
Environmental information
317
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
YES
NO
ACTION
DESCRIPTION
Scope
Target
Timing
Monitoring
Integration of
nature-based
solutions into
products and
services sold
to customers
• Defining design
techniques and
approaches for
industrial and
government
customers.
• Development of a
model for evaluating
the positive
impacts generated
by solutions and
products.
Products for
customers
Defining KPIs
for monitoring
and reporting on
environmental
performance achieved
on individual projects.
Timing depends
on the product
and type of
biodiversity
project
implemented.
Biodiversity risk is taken into account as early as the fea-
sibility and design phase of a new asset/infrastructure,
through the selection of the site of interest. At this stage,
the type of habitat is evaluated, prioritizing those that do
not have potential environmental impacts, such as geo-
graphic proximity to protected areas or critical habitat, or
any aspects that may adversely affect natural areas (de-
terioration of natural habitats and species, resource use,
etc.). Where impacts cannot be avoided, actions are de-
fined on the ground to mitigate or compensate for them,
through the engagement of local stakeholders, such as
communities, relevant authorities, universities, etc. In the
construction phase of new plants, specific action plans
are also adopted and their effectiveness monitored. In
the operational phase, biodiversity protection becomes
an integral part of environmental management plans,
through periodic monitoring to control the impacts
highlighted in the permitting phase and the ongoing
assessment of potential impacts that might occur later,
as well as the effectiveness of ongoing actions. At this
stage, the plant consolidates its relationship with the lo-
cal area and also develops initiatives on a voluntary basis,
such as projects to safeguard local species and improve
habitat conditions, based on knowledge of the envi-
ronment around the site itself. The results of local-lev-
el monitoring actions are communicated and analyzed
globally through internal tools, enabling the identifica-
tion of Group-wide improvement plans as well as best
practices to be implemented in different countries and
regions or technologies.
The projects, developed on a voluntary basis or in com-
pliance with ongoing authorization processes, cover all
different technologies:
• wind plants: initiatives are mainly concerned with
reducing interference with birds and bats, including
the installation of detection & deterrent systems,
the subject of ongoing research by the Group’s In-
novation area;
• hydroelectric plants: the initiatives of operating
plants focus mainly on restocking the fish population
for ecosystem and species recovery are highlight-
ed, such as the restoration or improvement of juve-
nile fish reproduction or growth areas. Furthermore,
to control soil stability and improve habitat condi-
tions, native species have been planted directly in
the reservoir or near to its banks, in addition to the
implementation of programs to monitor erosion and
degradation of the banks. Some projects still have
significant compensatory actions underway, such as
the Restoration and Natural Protected Area Program
at the “El Quimbo” hydroelectric power plant (400
MW), which involves the restoration of an area of
more than 11,000 hectares, agreed with local author-
ities and developed in several phases. To date, more
than 7,000 hectares have been recovered through
the planting of numerous native species. A Tropical
Dry Forest Research Center called “Attalea” was also
established, which works in collaboration with local
universities on numerous ecological restoration ini-
tiatives and projects to support biodiversity research.
Within the restoration zone, an area of about 3,600
hectares has been established as a Civil Society Na-
ture Reserve called “Cerro Matambo”, recognized as
the largest regional protected area in the tropical dry
forest ecosystem and an integral part of the National
System of Protected Areas (SINAP) in Colombia;
• solar plants: improvement interventions mainly af-
fect habitat conditions, including for the benefit of
the species present at the affected site, e.g. in Bra-
zil, at the São Gonçalo plant (256 MW), which is the
subject of numerous soil restoration measures and
projects to protect habitats and biodiversity, both
mandatory and voluntary, there are ongoing pro-
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
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318
INTEGRATED ANNUAL REPORT 2024
grams to monitor and restore local fauna through
rescue and care, carried out in collaboration with
local veterinary clinics. Also in Italy, in the Trino pho-
tovoltaic plant (86 MW), reforestation and creation
of ecological corridors are being carried out. These
aim to promote the preservation and enhancement
of the biodiversity of the naturalistic and forested
area in the vicinity of the site, as agreed with the
local authorities during the authorization process.
Among these, it is worth mentioning the reforesta-
tion of a total area of about 9 hectares, through the
planting of native species. In addition to the forestry
work, additional environmental compensation works
were carried out such as the creation of a double
tree row with the planting of 80 trees and addi-
tional perimeter hedges. The areas to be restored
were identified both for the purpose of offsetting
the visual impact of the plant and restoring the eco-
logical connectivity of the area. It is also important
to note the increasing development of agrivoltaic
plants, which provide spaces between the rows of
photovoltaic modules for planting aromatic and me-
dicinal herbs, food plants and nectar flowers that
promote the establishment of pollinator species;
• distribution networks: starting from the design phase
and throughout the Operation and Maintenance
phase of existing networks, measures are taken to
protect birds, including through the installation of
anti-collision devices on conductors at regular in-
tervals along overhead power lines and insulating
live parts. In addition, when necessary, replanting
is provided, often requested by local authorities, to
compensate for impacts on natural habitats result-
ing from the construction of new lines or cabins, as
well as from maintenance activities, such as cutting
vegetation along lines. In Colombia, for example,
Enel is involved in reforestation and habitat restora-
tion projects, in accordance with the impact com-
pensation scheme set forth in the Manual de Com-
pensaciones del Componente Biótico issued by the
Colombian government. In particular, in the Cundi-
namarca region, a major environmental compensa-
tion project has been initiated to mitigate the impact
of work related to the Zipaquirá-Ubaté transmission
line, which has seen the implementation during
2024 of several activities, including the explantation,
collection, storage, and replanting of vascular flora,
in order to preserve the native species of the area
impacted by the construction site. Added to these
actions is the planting of about 2,400 trees belong-
ing to native species. In the Alto del Cabra area, on
the other hand, Enel implemented an environmental
compensation project to mitigate impacts from the
Nueva Esperanza-Indumil transmission line related
to forest cutting and ecological effects, particular-
ly on non-vascular epiphytes, with the planting of
more than 700 trees, of native species. Also in Brazil,
in the São Paulo area, a number of compensation
projects are underway, such as the implementation
of reforestation and habitat restoration, as part of
the Plantio Compensatório Rurais initiative, in com-
pliance with legal requirements, to compensate for
the impacts associated with the construction and
maintenance phases of the grids, which involves ru-
ral plantings, carried out mainly along the banks of
the hydroelectric reservoirs or, to a lesser extent, in
conservation units or parks in the city. From 2017 to
date, Enel has managed the reforestation of 71 hec-
tares of which about 8 hectares have been replant-
ed against the construction of lines and substations.
Also launched in São Paulo is Programa Nascentes,
an initiative aimed at reforestation and habitat res-
toration, with mainly mandatory interventions aimed
at preserving springs, protecting waterways and re-
storing ecological corridors. Part of these projects
are developed in protected areas, such as Anhembi
I, at the Barreiro Rico state ecological station, which
is home to numerous wildlife mammals and birds, in-
cluding 7 species classified as endangered. In addi-
tion, 5 primate species have been identified making
the station one of the richest areas in primates with-
in the Mata Atlântica biome. Enel currently manages
85 hectares reforested under the program, with in-
terventions initiated since 2017. Of these, about 11
hectares were replanted against the construction of
new lines, particularly for the construction of 11 km
of line HV (RAC Sabesp).
Impact mitigation measures, which include compen-
satory measures, when necessary, are defined locally
through active consultation with relevant stakehold-
ers, such as local communities, permitting authori-
ties, research institutions collaborating in the pro-
ject design, and others. With a view to achieving No
Net Loss (NNL) status, Enel has equipped itself with
a methodology to quantitatively define, during the
construction phase of new plants, the impacts on
habitats and species and give unambiguous guid-
ance on how to compensate for them, in order to be
able to consider the plant NNL.
Environmental information
319
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Integrating nature-based solutions into
the products and services sold to Enel’s
customers
Enel is also committed to enhancing biodiversity
through the integration of Nature-Based Solutions
(NBS) into commercial service and product offerings,
i.e. techniques and design approaches for industri-
al and public administration customers that employ
nature and nature-inspired processes to increase
city resilience and enhance biodiversity. To this end,
Enel has developed specific models, respectively, to
identify NBS solutions that can be associated with
different business solutions and assess their poten-
tial positive impacts generated on climate, natural
resources and communities. During 2024, the mod-
el has already been applied to a number of projects
such as, for example, the Imperia city park redevel-
opment project in Italy, the project carried out at the
Mandarin Oriental hotel in Santiago, Chile, and the
agri-voltaic project carried out in the state of Per-
nambuco in Brazil.
Metrics and targets
Targets related to biodiversity and ecosystems
ESRS E4-4
Enel’s commitment
Enel undertakes to achieve No Net Loss of biodiversity for new infrastructures by 2030, commencing its adoption
on selected projects in areas of high biodiversity importance beginning 2025. To achieve this goal, Enel will work
in accordance with the principles of the Mitigation Hierarchy to avoid, minimize and reverse impacts on natural
habitats or species that are threatened, endemic or restricted in range.
In addition, Enel is committed to conserving forests and, if deforestation cannot be avoided, will reforest areas of
equivalent value in line with the principle of “No Net Deforestation”.
Enel will not build new-generation infrastructures in areas designated as UNESCO World Heritage Natural Sites.
Not in line
In line
Achieved
KPI
POLICIES
SCOPE
Achievement
of No Net Loss
(NNL) for new
infrastructure by
2030(1)
Achievement
of No Net
Deforestation
for new
infrastructure by
2030(1)
• Biodiversity
Policy
• Biodiversity
Management
Policy
• Biodiversity
Policy
• Biodiversity
Management
Policy
Enel at the
global level
Enel at the
global level
Year: 2024(2)
40% expected
% number of
assets meeting
the NNL out of
total number of
assets that went
into operation in
the reporting year
100%
in 2030
100%
in 2030
BASELINE
MILESTONE
2027
TARGET
STATUS
(1)
The commitment was made in 2021.
(2) In 2024, the 2027 milestone was defined, calculated based on the additional capacity built in 2027 (referring to power generation plants) in line
with the assumptions of the 2025-2027 Business Plan.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
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320
INTEGRATED ANNUAL REPORT 2024
Enel’s commitment to protecting biodiversity and
ecosystems finds substance in the adoption of a vol-
untary No Net Loss and No Net Deforestation target, in
line with the global post-2020 biodiversity framework
and relevant aspects of the EU Biodiversity Strategy
2030.39
The metrics adopted in formulating the target fol-
low the guidance of the scientific community (IFC
Standard 640 and SBTN Technical Guidance 2024 for
Land41). Implementation of NNL on new assets com-
ing on line ensures protection of potentially impact-
ed habitats and species, mitigating biodiversity im-
pacts and risks.
To implement its commitment, Enel developed a
quantitative methodology for site-specific adoption
of the NNL principle on biodiversity in 2022 and in-
cluded it as a guideline in the Group’s internal Pol-
icy on Biodiversity Management. The methodology
involves the application of the Mitigation Hierarchy
principle, avoiding where possible the construction
of new generation plants and grid-relevant assets
in Natural Habitats,42 defined at the Global level as
the first ecological threshold to be considered. In
the case of falling into such habitats or in the pres-
ence of priority species,43 calculation criteria are
defined for quantifying impacts and given indica-
39. Excluded are assets and/or grid connections on which location regulations insisted on by authorities, at the tender stage.
40. Biodiversity Conservation and Sustainable Management of Living Natural Resources (2012); ref. https://www.ifc.org/en/insights-reports/2012/
ifc-performance-standard-6.
41. Ref. https://sciencebasedtargetsnetwork.org/wp-content/uploads/2023/05/Technical-Guidance-2023-Step3-Land-v0.3.pdf.
42. Defined by IUCN - International Union for Conservation of Nature (https://www.iucnredlist.org/resources/habitat-classificationscheme).
43. Priority species are those classified as threatened according to the IUCN Red List classification or other literature studies; in addition, stake-
holders or authorities may also identify priority species during the authorization phase.
44. The following categories are considered included:
• areas defined by the Repower EU Directive as acceleration areas, or for which a simplified permitting procedure has been defined by Europe-
an national laws, to accelerate the development of renewables;
• MT lines and primary substations where environmental impact assessments are not required;
• “Repowering” projects on existing assets;
• refurbishment and repurposing projects.
tions for compensation, prioritizing on-site habitat
recovery actions, respecting the criticality of local
ecosystems. If, on the other hand, Modified Habitats
or areas of low biodiversity risk are selected,44 the
project is considered aligned with the NNL goal, as-
sessing only where impacts on priority species are
present. Application of the NNL also ensures com-
pliance with the No Net Deforestation commitment.
Since 2023, the methodology has been tested on
plants in the planning and operating stages of both
renewable generation and networks, allowing for the
refinement of impact assessment and remuneration
metrics.
In line with its commitment defined in 2021 to achieve
No Net Loss and No Net Deforestation for new infra-
structure by 2030, Enel has committed to the applica-
tion of NNL on selected projects in areas of high biodi-
versity value, starting in 2025. In addition, in 2024, Enel
set a milestone at 2027, in line with the 2025-2027
Strategic Plan, providing that 40% of the new power
generation plants that will contribute to the additional
capacity built in the year will meet the NNL principle.
These goals are in addition to the commitment made
in 2021 and implemented from 2022 not to build new
generation infrastructure in areas designated as UNE-
SCO World Heritage Natural Sites.
Impact metrics related to biodiversity
and ecosystems change
ESRS E4-5
Enel has defined calculation metrics for biodiversi-
ty impact indicators based on business technology
and their distribution throughout the area. To define
the indicators, Enel uses geo-referenced applica-
tion tools such as the GIS (Geographic Information
System) Portal for generation assets, represented
mainly by plant layout, and the PUC (Portale Unico
Cartografico) Portal for distribution assets, the extent
of which is represented in linear mode for MV and HV
networks and point mode for primary and second-
Environmental information
321
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
ary substations.45 The goal is to correlate georefer-
enced information related to global maps of species
and habitats against the location of the infrastruc-
ture itself to assess its impacts, taking into account
technology-related specificities. These indicators are
used in the design phase of new infrastructure for
site selection and preliminary analysis of potential
environmental impacts, in the prioritization analy-
45. Land occupation for primary and secondary substations it is reported as the surface area occupation (variable depending on the technology),
whereas for MV and HV lines it is calculated as the geometric projection on the ground of their length for the width of the corresponding
buffer zone, which varies depending on the technology and on the country.
46. Ref. United Nations Environment Programme - World Conservation Monitoring Centre (UNEP-WCMC) Resources where the types of sensitive
areas are mentioned, including Key Biodiversity Areas.
47. International Union for the Conservation of Nature (https://www.iucnredlist.org/resources/habitat-classificationscheme).
48. The number of plants in areas of high biodiversity importance has been modified following the updating of thematic maps and the refinement
of calculation methodologies (e.g. for hydroelectric plants, plant auxiliaries have been merged with the generation island and related basins).
sis of operating assets as well as for Group report-
ing purposes. For more information, see the section
“Process to identify and assess material IROs for the
environment”.
The following table shows the main indicators of
biodiversity impacts relating to the Group’s main
technologies.
Indicator
Generation
Distribution
Assets in sensitive
areas
Generation sites that fall in at least one of the areas
of High Significance for Biodiversity classified as
follows:
• Protected Areas: UNESCO World Heritage Natural
Sites and IUCN I-IV.
• Critical habitats: defined by IFC Performance
Standard 6, mapped “likely” by UNEP-WCMC,
Conservation International and Fauna & Flora
International.46
• Presence of threatened species as per IUCN Red
List classification, weighted against extinction risk.
Distribution assets (substations and HV/MV lines) that
fall into one of the following classifications:
• Protected Areas: UNESCO World Heritage Natural
Sites and IUCN I-IV.
• Critical habitat: defined by International Finance
Corporation (IFC) Performance Standard 6, mapped
“likely” by UNEP-WCMC, Conservation International
and Fauna & Flora International.
Soil transformation
Areas of land classified as “Natural Habitat”
according to IUCN47 habitat categories on which new
assets that came into operation in the reporting
year are built.
Area of land classified as “Natural Habitat” according
to IUCN habitat categories on which distribution
assets are present.
Number and types of
threatened species
Number and types of threatened species mapped in biodiversity projects related to operating facilities. The
typology of species follows the IUCN Red List classification.
Assets in sensitive areas
Generation
Facilities in sensitive areas are mainly hydroelectric
plants, mostly built in the 1970s or earlier (in many
cases before the creation of protected areas, the
classification of critical habitat or the identifica-
tion of threatened animal species), both in Europe
and Chile, and managed according to reservoir
management plans shared with local authorities. In
2024, no new plants came into operation in sensi-
tive areas.
Generation sites in sensitive areas48
60/162
110/251
514/590
34/56
35/36
Power generation facilities in protected areas total
106, accounting for 2.3% of the total area occupied by
all assets (245,786 hectares). No new plants have been
built in protected areas since 2013.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
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322
INTEGRATED ANNUAL REPORT 2024
POWER GENERATION FACILITIES IN PROTECTED AREAS (HECTARES)
5,611
119
1
5,731
Total
Thermal
Hydroelectric
Wind
Geothermal
Solar
Distribution
49. Land occupation related to assets is being updated. It includes MV and HV grids in Italy, Spain, Chile, Colombia and Brazil
MV/HV assets that fall in protected areas account for
2.9% of the total area occupied (484,19149 hectares),
equal to 14,186.8 hectares (15,358 km). When facili-
ties are within a protected area, Enel applies the best
solutions to mitigate impact on the surrounding en-
vironment, also considering the need to comply with
its service obligation.
In contrast, MV/HV assets falling under Critical Hab-
itat are 7.8% of the total area, equivalent to 37,804.0
hectares (58,659 km).
Biodiversity and ecosystems
UM
2024
2023
Change
Operating power generation plants that fall within biodiversity-sensitive areas
no.
753
n.a.
-
-
- of which operating power generation plants that fall within protected areas
no.
106
n.a.
-
-
- of which hectares occupied by operating power generation plants that fall within
protected are-as
hectares
5,731.3
n.a.
-
-
Hectares occupied by distribution assets(1) that fall under Critical Habitat
hectares
37,804.0
n.a.
-
-
Hectares occupied by distribution assets that fall in protected areas
hectares
14,186.8
n.a.
-
-
(1)
The scope includes MV and HV grids in Italy, Spain, Chile, Colombia and Brazil.
Soil transformation
Generation
Power generation plants that entered operation in 2024
occupy 5,005 hectares of land, of which 2,497 hectares
(50%) have been built on habitats that have already been
modified and the remaining 2,508.1 hectares (50%) on
natural habitats of which about 50% in Brazil. Of the im-
pacted natural habitats, only 223 hectares are listed in
the global databases as forest habitat, normally asso-
ciated with a portion of the project area, which during
the construction phase Enel attempted to preserve or
compensate through local initiatives.
Transformation of natural habitats
UM
2024
2023
Change
Hectares occupied by power generation assets that became operational in the
current year falling within natural habitats
hectares
2,508.1
n.a.
-
-
Distribution
Almost all HV and MV distribution lines were built in the
1970s, mainly in urbanized habitats. Specifically, about
70% of distribution MV/HV assets are located in modi-
fied habitats, 30% in natural habitats.
Environmental information
323
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Number and types of endangered species
50. These are recovered hectares, relative only to ongoing habitat recovery projects in 2024.
51. https://www.enel.com/investors/sustainability/strategy-sustainable-progress/biodiversity.
Enel identifies and assesses the presence of endan-
gered species, with a focus on those on the Interna-
tional Union for Conservation of Nature (IUCN) Red List
and national conservation lists. Below is a breakdown
of the total number of species identified in biodiversi-
ty project areas related to operating power plants by
level of extinction risk.
Country
no. of
projects
of which
voluntary
Project type
Species
no. of species on the IUCN Red List(1)
Conservation
(species)
Monitoring
Restoration
(habitats)
Research
and other
purposes
Class
CR
END
VUL
NT
LC
Total
Iberia
62
50%
36
3
12
11
Birds; Bats; Terrestrial
fauna (Mammals);
Terrestrial flora
-
2
12
9
29
52
Italy
38
61%
25
8
5
0
Birds; Bats; Terrestrial
fauna (Mammals);
Terrestrial flora; Fish fauna
4
14
16
-
12
46
Rest of the
world(2)
101
15%
14
52
28
7
Birds; Bats; Terrestrial
fauna (Mammals);
Terrestrial flora; Aquatic
fauna (Amphibians and
Reptiles); Fish fauna
4
10
57
40
760
871
Total
201
34%
75
63
45
18
8
26
85
49
801
969
(1)
Critically Endangered (CR) - Endangered (EN) - Vulnerable (VUL) - Near Threatened (NT) - Least Concern (LC).
(2) Argentina, Brazil, Chile, Colombia, Guatemala, Mexico, North America and South Africa.
Action plan for monitoring metrics
In 2024, 200 projects were brought to completion to
protect species and natural habitats at operating power
plants, of which about 40 were developed in partnership
with government agencies and non-governmental or-
ganizations and universities, for a total capital expendi-
ture of around €16 million. The projects are implemented
in all countries and regions and mainly involve operating
renewable power generation plants and distribution net-
works and have included habitat restoration activities of
10,455 hectares,50 most of which are related to ecologi-
cal restoration and reforestation activities, mainly in Brazil
and Spain. In addition, an additional 40 projects related
to construction sites of power generation plants were
implemented in 2024, 27 of which related to plants that
came into operation during the year, mainly in Colom-
bia and Spain, aimed at habitat restoration, conservation
and monitoring of impacted native species, for a total
capital expenditure of over €5.8 million. There are two
active projects for power plant decommissioning in Italy
and Chile.
Examples of the measures to mitigate impacts on bi-
odiversity carried out in compliance with the related
policy are available on the sustainability section of the
www.enel.com website.51
2024 assessment of biodiversity project impacts
Number of sites
Hectares
Number of sites and total area used for operating assets(1)
512
60,537
Assessment
Sites where biodiversity impact assessments have been carried out in the last five years
512
60,537
Exposure
Sites with biodiversity impact assessment in the vicinity of critical areas and total area of these sites(2)
240
9,887
Management plans
Sites with biodiversity impact assessment located in the vicinity of critical areas that have a
biodiversity management plan in place, and total area of these sites(3)
24
2,493
(1)
Power generation assets in operation, excluding nuclear, and considering only hydroelectric reservoirs in operation in the last 10 years.
(2) Generation assets in critical habitat include all sensitive areas (ref. ESRS E4-5).
(3) Biodiversity projects underway in 2024.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
324
INTEGRATED ANNUAL REPORT 2024
Resource use and circular economy
ESRS E5
3,775,638 t
TOTAL WASTE PRODUCED
3,777,325 in 2023
2,634,863 t
OF WHICH WASTE PRODUCED BY OPERATIONAL
AND MAINTENANCE ACTIVITIES
3,207,895 in 2023
The results of the 2024 double materiality process for aspects related to “Resource use and circular economy” are
reported below, with details of the material IROs used in the preparation of this section.
SUBTOPIC
DESCRIPTION OF IRO
TYPE
TARGET/
ACTION PLAN
WASTE
Sub-subtopic
Non-hazardous waste from
Operations and Maintenance
(O&M)
Reputational and economic advantage
linked to the reduction of the production
and disposal of non-hazardous waste
from direct and indirect operating
assets by means of the optimization of
transformation and recovery processes
and the promotion of sustainable supply
chains for final disposal.
Target:
• Reduction of the total quantity of
waste
Opportunities
Policies related to resource use and circular economy
ESRS E5-1
The reduction of waste produced and its optimal man-
agement are strategic objectives of Enel’s Environ-
mental Policy, to which reference is made for further
details. These goals are pursued with constant efforts
to prevent their production and to maximize their re-
use, recycling and recovery from a circular resource
economy perspective in line with the waste manage-
ment hierarchy, as well as in internal Waste Manage-
ment and Circular Goods and Materials Management
policies.
Environmental information
325
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
WASTE MANAGEMENT
POLICY
DESCRIPTION
MAIN CONTENTS
• Collect and share the best practices and management rules developed
within the Group.
• Introduce the hierarchy of priorities adopted in waste management:
prevention, reuse, recycling, recovery and disposal, emphasizing the focus
from the procurement stage on the selection of products with reduced
environmental impact.
• Identify roles, responsibilities, classification criteria and control procedures
to prevent and reduce risks to the environment and the organization and to
ensure corporate compliance with local laws and regulations.
SCOPE
• Assets under Enel’s operational control and entire value chain.
IROs COVERED AND
REFERENCES
• Non-hazardous waste from Operations and Maintenance (O&M).
STAKEHOLDERS INVOLVED
IN THE DEFINITION
• Qualified suppliers of services and goods.
DIFFUSION
• Internal policies.
CIRCULAR GOODS
AND MATERIALS
MANAGEMENT POLICY
DESCRIPTION
MAIN CONTENTS
• Defines how secondary raw materials and used goods are managed, aiming
to maximize their economic and socio-environmental leveraging, in line
with a circular approach.
SCOPE
• Assets under Enel’s operational control and value chain.
IROs COVERED
AND REFERENCES
STAKEHOLDERS INVOLVED
IN THE DEFINITION
• Qualified suppliers of services and goods.
DIFFUSION
• Internal policies.
Action plan for the management of material IROs
ESRS E5-2
The decarbonization process undertaken by Enel
has resulted in a gradual and drastic reduction in the
amount of waste produced by the Operation and Main-
tenance (O&M) activities of coal-fired thermal plants,
which used to predominate in waste generation. In the
coming years, the production and subsequent dispos-
al of coal ash and desulfurization gypsum is expected
to be eliminated, in line with the “Net Zero” Plan, which
contemplates the closure of power plants by 2030. For
more details see the “Climate change” chapter.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
326
INTEGRATED ANNUAL REPORT 2024
(1)
For distribution grids, this includes asset construction and refurbishment activities, based on the size and distribution of construction sites.
YES
NO
ACTION
DESCRIPTION
Increased
recovery rate
Extended
producer
responsibility
Extended
producer
responsibility
Technical and
economic
valuation of
end-of-life and
waste goods
Establishment of
specific programs and
procedures to maximize
waste recovery and
recycling.
• Inclusion in the Group’s
target of the amount
of waste produced by
contracting companies.
• In the post-consumer
phase, take-back and
recovery of equipment
installed at customer
premises.
• Periodic customer
awareness campaigns.
• Adoption of procedures
and recommendations
for the collection,
classification and final
destination of goods
and wastes.
Reduction
of waste
generation from
O&M activities(1)
The ongoing phase-out
of coal-fired plants allows
for a drastic reduction in
related process wastes
(ash, gypsum, and sludge).
Direct and
indirect O&M
activities
involving
operational
assets
Implementation of the
decarbonization and
Net Zero plan.
2030
Scope
Target
Timing
Monitoring
Direct and
indirect O&M,
construction
sites and
decommissioning
activities
Direct and
indirect O&M
activities involving
operational
assets
Products
and services
offered to end
customers
Activities
under the
operational
control of the
Group
Monitoring and
reporting KPIs.
Monitoring and
reporting KPIs.
Based on the country’s
implementation
programs.
Based on specific
plans for the
operation,
refurbishment or
decommissioning of
assets.
Based on local
country/business
initiatives
2030
Based on the
country’s
implementation
programs
Based on specific
plans for the
operation,
refurbishment or
decommissioning
of assets
52. For distribution grids, this includes asset construction and refurbishment activities, based on the size and distribution of construction sites.
53. https://www.photorama-project.eu/.
Enel is committed to reducing waste produced from
O&M52 activities, at its operating sites, by setting a vol-
untary target to reduce in absolute terms the waste
produced directly by Enel and by contractors operat-
ing at its sites. As for the share of waste produced by
the latter, it derives predominantly from the electricity
distribution activities, consisting mostly of excavated
earth and rocks and inert materials from civil and road
construction and demolition, which in some major
countries, including Italy, are classified and managed
as waste and mainly destined for recovery. The defi-
nition of the target adopts the principles of extended
producer responsibility for waste recommended by EU
standards and, in the context of the ongoing energy
transition, highlights the growing role within Enel of
the management of electricity distribution networks,
services (for example, public lighting and electric mo-
bility networks) and renewable energy plants.
Enel is engaged in several programs to maximize ma-
terial recovery and waste recycling, including through
innovative initiatives such as the Photorama project,53
which focuses on recycling solar panels.
Finally, regarding the products and services offered to
end customers, Enel is committed to minimizing their
impact in production cycles by selecting its providers
also on the basis of information (verified, transparent and
Environmental information
327
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
comparable) on the environmental impact of individual
products and on the basis of the utilization of recycla-
ble raw materials in products and packaging. In addition,
periodic campaigns are conducted to raise awareness
among customers on sustainability issues, end-of-life
management, ensuring in the post-consumer phase the
take-back and recovery of installed equipment accord-
ing to an extended producer responsibility model.
Metrics and targets
Targets
ESRS E5-3
Not in line
In line
Achieved
KPI
POLICIES
SCOPE
Reduction of the
total quantity of
waste
• Environmental
Policy
• Waste
Management
Policy
Direct and indirect
O&M activities in
all countries and
regions
Year: 2017
Value: 6.7 Mt
2.6 [Mt]
(-61% vs 2017)
3.1 [Mt]
(-54% vs 2017)
in 2027
3.0 [Mt]
(-55% vs 2017)
in 2030
BASELINE
ACTUAL
2024
TARGET
STATUS
Enel has adopted a 2030 target of reducing waste
produced by O&M activities at its operating sites by
55% from the base year (2017). This objective stems
primarily from the implementation of the decarbon-
ization and energy transition plan adopted by Enel,
which involves, in particular, the elimination of process
waste from coal-fired plants, such as ash, gypsum and
desulfurization sludge, by 2030.
In 2024, total waste produced from O&M activities was
2.6 Mt, corresponding to -61% from the 2017 baseline,
and a significant decrease (-17.9%) from 2023 (3.2 Mt).
This result is mainly due to the drastic reduction in the
past year in the amount of waste produced by coal-
fired thermal power plants that have reached phase-
out. Total O&M waste produced has reached values
in line with the final target, although fluctuations will
be possible in the coming years due to the significant
capital expenditure being made in the maintenance
and modernization of electricity grids, especially in
Italy, from which most of the Group’s waste is gener-
ated. Efforts for the coming years will be prioritized on
confirming and further improving recovery accruals
where possible.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
328
INTEGRATED ANNUAL REPORT 2024
Resource outflows
ESRS E5-5
Total waste produced by Enel in 2024 amounted to
3,775,638 tons, of which 2,634,863 came from O&M
activities (70%) and 1,140,775 from the construction
and demolition of power generation assets.
Waste from O&M activities is clearly predomi-
nantly (98%) represented by non-hazardous waste
(2,591,234 tons), consisting mainly of stone aggre-
gates and excavated earth and rocks, including ash
and gypsum, the production of which was found to
have decreased sharply (-81.3%) in 2024 compared
to the previous year, due to the gradual closure of
coal-fired power plants. The overall percentage of
O&M waste sent for recovery was 88.4%, an improve-
ment from the previous year (85.2% in 2023). Exca-
vated earth and rocks and stone aggregates, which
are the main fractions, resulting mainly from activities
on power grids, are recovered to an almost complete
extent. The recovery rates of the other major cate-
gories, such as industrial waste from maintenance of
generating plants and power grids, WEEE and metal
scrap, including iron, copper and aluminum, are also
very high. On the other hand, a decrease in ash and
gypsum recovery rates of 15.9% and 67.9%, respec-
tively, compared to the previous year (with values of
75% and 88% in 2023) is reported, due to both the
lower quality of residual waste and a contraction of
local reuse markets.
The total amount of O&M hazardous waste sent for
disposal was 12,637 tons in 2024 (or 29.0% of total
hazardous waste), as a result of the lower quantities
generated but also better management performance
(36,293 tons in 2023, or 53% of hazardous waste pro-
duced).
Waste from generation construction and demolition
activities is mainly associated with renewable plant
construction and end-of-life thermal power plant
demolition activities, in line with the implementation
of the decarbonization and energy transition pro-
cess. In particular, for waste resulting from the de-
commissioning of end-of-life facilities, consisting
mainly of reusable assets and valuable metal waste,
selective demolition techniques of the facilities and
dedicated management procedures are adopted for
their best economic utilization. On the other hand,
from the construction of new renewable facilities,
mainly inert materials, such as excavated soil and
rocks, are generated and prioritized for reuse on
site as secondary raw materials. A total of 1,140,775
tons of waste was generated, a significant increase
from the previous year (569,430 tons in 2023) main-
ly due to the increased contribution from construc-
tion sites of new renewable plants. These are mainly
non-hazardous wastes (98.0%), mainly for recovery
(79.5%), consisting mainly of excavated soil and rocks,
stone aggregates, and, for demolition, also industri-
al wastes, mainly including metals. In contrast, the
overall percentage of waste, hazardous and non-haz-
ardous, going to disposal was 22.1%, down from the
previous year (42.5%).
Values for hazardous and non-hazardous waste gen-
eration, as well as quantities sent to different final
destinations, are determined in most cases through
direct measurements. Waste is weighed at the final
delivery recipients and, in some cases, already within
the Enel asset where it is generated, if that asset is
equipped with a certified weighing instrument. With
regard to waste produced by contracted work, data
and transport documents are recorded by contrac-
tors, including through the utilization of computer-
ized tools for work accounting, which are periodi-
cally verified by Enel. The data collected are entered
semi-annually into the Group environmental data
collection tool, where they are validated and aggre-
gated at different levels of the organization.
Environmental information
329
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
UM
2024
2023
Change
Total amount of waste generated
t
3,775,638
3,777,325
(1,687)
-
- of which from O&M activities(1)
t
2,634,863
3,207,895
(573,032)
-17.9%
- of which from construction and demolition activities from
construction sites
t
1,140,775
569,430
571,345
-
Radioactive waste
m3
235.0
172.4
62.6
36.3%
Operation & Maintenance
Non-hazardous waste
t
2,591,234
3,139,191
(547,957)
-17.5%
Hazardous waste
t
43,629
68,704
(25,075)
-36.5%
- of which ash gypsum
t
138,158
739,883
(601,725)
-81.3%
Waste diverted from disposal
t
2,328,331
2,732,658
(404,327)
-14.8%
Recycling and reuse
t
2,328,331
2,732,658
(404,327)
-14.8%
- of which hazardous waste
t
30,991
32,411
(1,420)
-4.4%
- of which non-hazardous waste
t
2,297,340
2,700,247
(402,907)
-14.9%
Waste directed to disposal
t
306,532
475,365
(168,833)
-35.5%
Landfill disposal
t
263,250
360,182
(96,932)
-26.9%
- of which hazardous
t
6,185
7,155
(970)
-13.6%
- of which non-hazardous
t
257,065
353,027
(95,962)
-27.2%
Incineration
t
9,579
2,829
6,750
-
- of which hazardous
t
1,670
2,396
(726)
-30.3%
- of which non-hazardous
t
7,909
433
7,476
-
Other disposal operations
t
33,703
112,354
(78,651)
-70.0%
- of which hazardous
t
4,782
26,742
(21,960)
-82.1%
- of which non-hazardous
t
28,921
85,612
(56,691)
-66.2%
Percentage of waste recycled and reused
%
88.4
85.2
3.2
-
Percentage of waste directed to disposal
%
11.6
14.8
-3.2
-21.6%
Coal Combustion Products (CCPs)
Mt
0.18
0.81
(1)
-77.8%
- of which recycled
%
36
79
(43)
-
(1)
The O&M figure for 2023 has been updated from last year due to improvements in the waste management process.
Waste from construction and demolition activities from construction sites
UM
2024
2023
Change
Non-hazardous waste
t
1,117,505
546,388
571,116
-
Hazardous waste
t
23,270
23,042
229
1.0%
- of which ash gypsum
t
25,387
4,361
21,026
-
Waste diverted from disposal
t
888,643
327,258
561,385
-
Recycling and reuse
t
888,643
327,258
561,385
-
- of which hazardous waste
t
9,810
13,320
(3,510)
-26.4%
- of which non-hazardous waste
t
878,833
313,938
564,895
-
Waste directed to disposal
t
252,131
242,172
9,959
4.1%
Landfill disposal
t
242,821
241,606
1,215
0.5%
- of which hazardous
t
8,931
9,645
(714)
-7.4%
- of which non-hazardous
t
233,890
231,961
1,929
0.8%
Incineration
t
-
34
(34)
-100.0%
- of which hazardous
t
-
12
(12)
-100.0%
- of which non-hazardous
t
-
22
(22)
-100.0%
Other disposal operations
t
9,310
531
8,779
-
- of which hazardous
t
4,529
64
4,465
-
- of which non-hazardous
t
4,781
467
4,314
-
Percentage of waste recycled and reused
%
77.9
57.5
20
-
Percentage of waste for disposal
%
22.1
42.5
(20)
-
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Environmental information
330
INTEGRATED ANNUAL REPORT 2024
Social information
331
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Social information
Own workforce
ESRS S1
60,359
ENEL PEOPLE
61,055 in 2023
27.2%
WOMEN MANAGERS
(INCLUDING TOP MANAGERS)
26.2% in 2023
99.65%
ASSESSED EMPLOYEES(1)
(PERFORMANCE MANAGEMENT)
(1)
The percentage of assessed employees is calculated over the total number of eligible employees.
The results of the 2024 double materiality process for aspects related to “Own workforce” are reported below, with
details of the material IROs used in the preparation of this section.
SUBTOPIC
DESCRIPTION OF IRO
TYPE
TARGET/
ACTION PLAN
PEOPLE DEVELOPMENT
Sub-subtopic
Skills and performance
Enhancement of the talent of Enel people
with the aim of recognizing individual skills
and supporting performance appraisal.
Demand management – %
SUBTOPIC
EQUAL TREATMENT AND
OPPORTUNITIES FOR ALL
Sub-subtopic
Disability and gender diversity
Enhancement of diversity (for example,
inclusion of people with disabilities, gender
diversity) thanks to the inclusive policies
adopted by the Group.
Women managers and middle
managers – % and women in
top manager and managerial
succession plans – %
Positive impact
Strategy and management of material IROs
ESRS 2 SBM-3
Enel bases its strategy on the centrality of all people in
Enel, who are considered the key players in the Group’s
changes, challenges and results. To support this strate-
gy, several lines of action have been defined:
• increase people’s involvement through listening in-
itiatives;
• sustain a high level of satisfaction among Group
employees;
• promote gender equality, in particular the rep-
resentation of women in management and middle
management roles;
• recognize the value of people through the promotion
of merit, the adaptation of skills and a sense of re-
sponsibility as the basis of the evaluation model;
• ensure full inclusion through the recognition and
potential of each person by implementing policies,
projects and initiatives aimed at people with different
abilities.
During 2024, the development strategy and people de-
velopment tools were revised in line with the Group’s
objectives. Corporate values have been redefined, in-
tegrating flexibility and respect and confirming trust,
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
332
INTEGRATED ANNUAL REPORT 2024
proactivity and innovation. In this context, entrepre-
neurship and attention to merit are key elements in
sustaining change.
Enel promotes initiatives aimed at listening to its employ-
ees, with the goal of ensuring inclusion, engagement,
well-being and satisfaction. In 2024, the Inside Enel glob-
al survey combined three key listening moments on cli-
mate, well-being, and inclusion into one initiative.
Enel continues to pursue its commitment to gender
equity and equal pay through the adoption of policies
54. The EWC is an essential tool for the gradual extension and strengthening of a “fully fiduciary” and “high-quality” corporate social dialogue
involving workers and their representatives on the economic, social and strategic objectives of the enterprise. The EWC routinely meets twice
a year, normally to coincide with the publication of the yearly results and the half-year report. The select committee meets four times a year.
and action plans that enhance merit, promoting equal
opportunity and inclusion.
With a view to enhancing people’s talents, the growth of
technical and soft skills is central, through experiences
and training and development programs based on indi-
vidual awareness, accompanying people at every stage
of their career path and designing customized learning
paths, also in accordance with mobility programs that
encourage upskilling.
Interests and views of stakeholders
ESRS 2 SBM-2
Enel confirms the distinctive features of its system of
industrial relations, continuing to extend the process-
es of information and consultation with workers and
their representatives to all Group companies operating
in the EU. This system allows workers’ representatives
to express their evaluations and proposals regard-
ing company strategies, with a view to seeking every
possible convergence between the parties, within the
framework of their distinctive roles and responsibilities.
This system is explicitly spelled out in the text of the
2016 Enel European Works Council (EWC) Agreement,
extended in 2022 and currently under renegotiation,54
which is one of the most advanced agreements in the
EU electricity sector for its focus on bilateral issues such
as occupational health and safety, training and diversity.
Enel also signed an agreement with trade unions (the
Charter of the Person) to protect individuals in their
work, personal and social spheres first in Italy and
then in other countries where the Group is present.
The document not only outlines new guidelines in
industrial relations, but more generally reaffirms the
centrality of people, starting with their well-being and
motivation, guaranteeing quality training in terms of
self-learning and high safety standards, rooted in the
responsible approach of all.
Enel intends to continue its commitment to social di-
alogue with labor organizations to address issues that
affect the interests of the Group and the people who
work for it.
Social information
333
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Material IROs and their interaction with strategy and business model
ESRS 2 SMB-3
55. https://corporate.enel.it/content/dam/enel-corporate/chi-siamo/Policy-Diritti-Umani/politica-diritti-umani-human-rights-policy_2021.pdf.
56. https://www.enel.com/content/dam/enel-com/documenti/investitori/governance/sistema-di-controllo-interno/codice-etico-enel_2021.pdf.
The enhancement of the uniqueness of individuals and
their well-being is supported by a broad procedural
framework and initiatives to prevent potential negative im-
pacts and strengthen material positive impacts that have
emerged, especially in the areas of gender equality, inclu-
sion of people with different abilities, and performance
management. These issues have long been a focus of at-
tention and were addressed through the development of
global and local programs and action plans based on an
ongoing process of listening to colleagues.
As for talent development, performance management
was revamped in 2024 in line with the new corporate
values and a focus on merit.
The policies relevant to gender equality and inclusion of
people with different abilities address all workers in Enel,
including external collaborators and, indirectly, those
involved in the supply chain. In particular, with regard
to gender diversity, some specific initiatives produce
positive impacts on female staff with educational back-
grounds in Science, Technology, Engineering and Math-
ematics (STEM), and externally through outreach initi-
atives aimed at students and educational institutions,
with the goal of promoting interest in STEM careers.
Policies related to own workforce
ESRS S1-1
The path that led to Enel’s present day results on
its people policies began in 2013 with the publica-
tion of the Human Rights Policy,55 updated in 2021 in
parallel with the Enel Code of Ethics,56 and with the
adherence in 2015 to the seven Women’s Empow-
erment Principles (WEP), promoted by UN Global
Compact and UN Women contextually with the pub-
lication of the first version of the Diversity and Inclu-
sion Policy. In particular, the Code of Ethics explicitly
states the principles of impartiality, non-discrimina-
tion, dignity and physical and moral integrity, as well
as the criteria of conduct inspired by fairness and
equal opportunities, and defines the ethical respon-
sibilities of all those who carry out activities and
business with regard to all the Group’s stakeholders.
The Human Rights Policy reaffirms the rejection of
all forms of discrimination, committing to ensur-
ing that Enel’s current and potential employees are
treated with respect for diversity and equal oppor-
tunity, both upon joining the Group and throughout
their work, and ensuring fair and favorable working
conditions that reject any form of harassment or in-
timidation at work.
Below is the detail on policies directly related to ma-
terial topics.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
334
INTEGRATED ANNUAL REPORT 2024
DEIB - DIVERSITY EQUITY
INCLUSION BELONGING
(2024)(1)
DESCRIPTION
MAIN CONTENTS
• Provides clear direction on gender equity and diverse abilities, including
attention to parenting and caregiving, generations, gender equality
and pay equity, cultural integration, inclusion of people with disabilities,
neuro diversity and vulnerability, dissemination of respectful and inclusive
language that accommodates the uniqueness of each person in all their
characteristics, affective orientation and gender identity. Responsibility for
implementation belongs to the Holding Units of Personnel & Organization
affected by the DEIB strategy. The Policy complies with ISO 30415:2021 –
Human Resources Management – Diversity, Equity and Inclusion.
SCOPE
• It applies to people working in the Enel Group and represents a standard to
be respected by stakeholders in the Enel value chain. Those who believe that a
violation of the DEIB Policy has occurred may use the whistleblower channel,
adopted in accordance with the legal framework on whistleblower protection.
IROs COVERED
AND REFERENCES
• Diversity (includes Gender and Disability).
STAKEHOLDERS INVOLVED
IN THE DEFINITION
• All relevant Enel Functions were involved.
• The policy is open-ended, based on the principle of continuous
improvement, so as new global Employee Resource Groups (ERGs)(2) are
soon established, it may be updated to incorporate any new needs.
DIFFUSION
• Available in English on the Company’s internal channels and for all Enel
stakeholders on the Enel Group website.
ENEL SPA GENDER EQUALITY
POLICY AND ENEL ITALIA SPA
GENDER EQUALITY POLICY
(2024)(3)
DESCRIPTION
MAIN CONTENTS
• Gender Equality Policies for the promotion and maintenance of a Management
System aligned with the practice pursuant to Italian national standard UNI/
PdR 125:2022 (in force in Italy) working on the areas of culture and strategy,
governance, P&O processes, equitable growth opportunities, pay equity
and parenting. The Policies ensure fairness on selection, development and
remuneration processes, attention to parenting, work-life balance, harassment
prevention, dissemination of awareness-raising actions on inclusive behavior
and language. The highest level of responsibility lies respectively with the CEO
of the Enel Group, the senior management of Enel SpA, the Gender Equality
Steering Committee, the CEO of Enel Italia SpA, the senior management of Enel
Italia SpA and the respective Gender Equality Steering Committee. The Policies
are based on the aforementioned UNI/PdR 125:2022.
SCOPE
• The Policies apply to Enel SpA employees in the Italy scope and Enel Italia
SpA employees in the Italy scope, respectively.
IROs COVERED AND
REFERENCES
• Diversity – Gender.
STAKEHOLDERS INVOLVED IN
THE DEFINITION
• All relevant Functions were involved.
• The Policy is open-ended, based on the principle of continuous
improvement, so following the upcoming establishment of the new Global
ERGs it may be updated to incorporate any new needs.
DIFFUSION
• The Policies were shared on internal communication channels to all
employees of Enel SpA and Enel Italia SpA in Italy. The Policy relating to Enel
SpA is available on the Enel Group website (Global Procurement).
(1)
https://openinnovability.enel.com/content/dam/enel-com/documenti/media/diversity-equity-inclusion-and-belonging-policy-2024.pdf.
(2) Formal and informal networks of colleagues who share similar interests and needs, generally promoted, managed and sponsored by the or-
ganization as they facilitate the creation of community spirit, are supportive in personal and professional development, and foster advocacy
on issues important to the strategy.
(3) https://globalprocurement.enel.com/content/dam/enel-gp/documents/other-useful-documents/health-and-safety/Enel_SPA_Politica_per_
la_parita_di_genere.pdf.
Social information
335
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
DIGITAL ACCESSIBILITY
POLICY (2021)
DESCRIPTION
MAIN CONTENTS
• Ensures equal access opportunities to digital information and systems and
applies to all those conducting business in Enel and promotes adherence
to the same standards for contractors, suppliers, partners, with a focus on
contexts and civil society.
SCOPE
• It applies to the conduct of business and corporate activities carried out
by the Enel Group, or by the collaborators of Enel SpA and the companies
directly or indirectly controlled by it, whether they are directors or
employees of such companies.
IROs COVERED AND
REFERENCES
• Diversity - Disability (Digital Accessibility).
STAKEHOLDERS INVOLVED IN
THE DEFINITION
• Global Digital Solutions Function.
DIFFUSION
• Dedicated section on the corporate intranet and accessibility(1) statement
on the Enel Group website.
DIVERSITY POLICY REGARDING
THE COMPOSITION OF THE
BOARD (2018)(2)
DESCRIPTION
MAIN CONTENTS
• Describes the optimal characteristics of the composition of the Board so
that it can most effectively carry out its tasks, making decisions that can
concretely draw on the contribution of a plurality of qualified viewpoints and
that take into account the importance of balanced gender representation as
well as the benefits that can be derived from the presence of different age
groups and seniority in office.
SCOPE
• The Policy refers exclusively to the composition of Enel’s Board of
Directors. A separate Policy is provided for the composition of the
Company’s Board of Statutory Auditors.
IROs COVERED AND
REFERENCES
• Diversity (includes Gender and Disability).
STAKEHOLDERS INVOLVED IN
THE DEFINITION
• The Policy has been shared with Enel’s directors in both the relevant
board committees and the Board of Directors, which has given its
approval.
DIFFUSION
• Available for all Enel stakeholders on the Enel Group website.
(1)
https://www.enel.com/content/dam/enel-com/documenti/accessibilita/accessibility-statement-enel-com.pdf.
(2) https://www.enel.com/content/dam/enel-com/documenti/investitori/governance/statuto-regolamenti-politiche/en/diversity-poli-
cy-of-the-board-of-directors.pdf.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
336
INTEGRATED ANNUAL REPORT 2024
POLICY ON HARASSMENT
IN WORKPLACE (2019)
AND STATEMENT AGAINST
HARASSMENT IN THE
WORKPLACE (2020)(1)
DESCRIPTION
MAIN CONTENTS
• Promotes the principles of diversity, inclusion and equal opportunity by
fostering a work environment in which people are treated with dignity,
decorum and respect, rejecting all forms of harassment and offensive
behavior with the goal of improving access to and participation in work
activities and achieving higher levels of well-being and quality of life at
work. Identifies types of harassment, reporting and management methods
and channels, and preventive measures.
SCOPE
• It is targeted at all employees and third parties who work with Enel in any
operational context.
IROs COVERED AND
REFERENCES
• Diversity (includes Gender and Disability).
STAKEHOLDERS INVOLVED IN
THE DEFINITION
• Corporate Functions of People Care & Diversity Management, Legal, and
Industrial Relations.
DIFFUSION
• Policy available on the Company’s intranet and public commitment available
to all Enel stakeholders on the Enel Group website.
Engaging with workers and channels of communication
ESRS S1-2; S1-3
57. In 2024, the rule for calculating the positive of all indices (responses 3+4+5) was standardized and a uniform scale was chosen (1 to 5 without
a “don’t know” option).
58. In 2022, the Open Listening Survey measured the level of employee engagement, with a participation of 75.6% with an overall job satisfaction
(engagement) rate of those involved of 89.6% (scale from 1 to 5 plus the option “don’t know”, positive answers 3, 4 and 5 out of the total an-
swers, including the “don’t know”).
59. In 2022, the Well-being & Motivation Survey measured the level of well-being and motivation of employees, recording an overall level of
well-being of 60% (scale from 1 to 5 plus the option “don’t know”, Global Well-being Index equivalent to answers 4 and 5 on the total answers,
excluding the “don’t know”).
60. In 2023, the Global Inclusive Survey measured perceptions of inclusion with a participation rate of 48% (scale from 1 to 6, without the option
“don’t know”, average of the respondents’ ratings on this aspect is 4.5 out of 6).
Enel has always placed great emphasis on promoting
initiatives aimed at listening to all Enel people, with the
goal of ensuring inclusion, involvement, well-being
and satisfaction. This commitment allows for the de-
velopment of sustainable and inclusive organizational
action plans and development paths that enhance the
diversity and expertise in the organization.
In 2024, with the Inside Enel Global Survey,57 three key
listening moments on climate,58 well-being,59 and in-
clusion60 were brought together in one initiative. This
integrated approach has reduced redundancies and in-
creased employee engagement by enabling a clearer and
more comprehensive collection of employees’ needs,
motivations and opinions. A decisive step to strengthen
the connection with people and build an increasingly in-
clusive and wellness-oriented corporate culture.
82.6% of the Group’s employees responded to the In-
side Enel 2024 survey, recording an overall job satisfac-
tion (engagement) rate of the people involved of 85.4%,
a well-being level of 82%, and an inclusion level of 89.3%.
Based on the evidence collected, action plans will be de-
fined during 2025 to target and address the identified ar-
eas. Globally, some priorities have already been identified:
• deliver training sessions dedicated to improving
well-being, team functioning and awareness of
available company services;
(1)
https://www.enel.com/content/dam/enel-com/documenti/investitori/sostenibilita/enel-statement-against-harassment.pdf.
Social information
337
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
• enhance the role of Employee Resource Group (ERG)
communities,61 on issues related to diversity, equity,
inclusion and belonging (DEIB);
• promote initiatives to spread inclusive language and
behavior.
Another essential element for Enel people are the
People Business Partners, P&O resources dedicated
to listening and dialoguing with people, capable of
grasping individual aspirations and integrate them
with the needs of the organization, interpreting the
role in a holistic way.
Moreover, Enel considers internal communication a
mainstay in the creation of corporate culture, people
growth and the growth of the organization, stimu-
lating and promoting the exchange of information,
know-how and experience. Internal communications
are the main vector to disseminate the Enel strategy
and the objectives identified for the near future.
Through its high-profile industrial relations, and in
compliance with the provisions of national legislation,
Enel recognizes as negotiating partners the trade
unions representing workers in the Company and
seeks every possible convergence between the par-
ties, each within the framework of their distinct roles
responsibilities. Furthermore, Enel provides adequate
information to its employees and to the trade union
organizations that represent them, in order to facili-
tate collective bargaining, and provides its people with
a full range of information, concerning collective la-
bor agreements and trade union agreements, in ac-
cordance with current legislation. In many countries,
bilateral committees have been set up with represent-
atives of the trade unions to deal jointly with impor-
tant issues. One example is the Bilateral Committee on
Health and Safety in Italy and Spain. More information
can be found in the section “Health and safety”.
As regards social dialogue, Enel complies with the
labor law in force in the various countries in which it
operates, with the fundamental principles of the Unit-
ed Nations Universal Declaration of Human Rights and
with the conventions of the International Labour Or-
ganization (ILO) concerning workers’ rights (freedom
of association and collective bargaining, consultation,
right to strike, etc.), systematically promoting discus-
sion between employer and worker organizations and
seeking a broad level of agreement and sharing of
corporate strategies by employees.
The global dialogue strategy conforms to the model
provided by the Global Framework Agreement (GFA)
61. Formal and informal networks of colleagues sharing similar interests and needs, usually promoted, managed and sponsored by the organiza-
tion, as they facilitate the creation of community spirit, support personal and professional development and foster support for issues impor-
tant to the strategy.
first signed in Rome in 2013, renewed in virtual mode in
2023 and ratified in presence in July 2024 between Enel
and the Italian industry federations and the global fed-
erations IndustriALL and Public Services International.
The Agreement is based on international human rights
and business principles and is inspired by the best and
most advanced transnational industrial relations sys-
tems of key institutions and multinational groups at
the global level, including the ILO. One of the particu-
larly material principles of the GFA is that of remuner-
ation, whereby the minimum payment made to Group
employees cannot be lower than the level established
by the collective bargaining agreements and applica-
ble laws and regulations in force in the various coun-
tries in question, in accordance with the provisions of
the relevant ILO conventions. The GFA establishes the
Global Works Council, a body for analysis and discus-
sion of the UN and OECD international conventions on
fundamental workers’ rights, which, as a rule, meets in
plenary session once a year and regularly thereafter as
a select committee in order to maintain a constant flow
of communication with the Group. The agreement also
provides for the possibility of establishing ad-hoc com-
mittees of a bilateral nature to address specific topics.
Enel and the domestic and European federations (In-
dustriALL Europe and the European Public Services
Union) have transferred their consolidated experi-
ence of social dialogue to the Sectoral Social Dialogue
Committee of the electricity sector, established at the
European Commission – DG Employment – regarding
the employment impacts of the energy transition and
digitalization in the coming years in all European and
global electricity companies.
The Group maintains a strict policy of neutrality re-
garding workers’ decisions to join trade unions and
which trade unions they choose. Enel also recognizes
trade unions as representatives of its workers in ac-
cordance with national legislation. Where local and
international standards differ, Enel applies those that
best protect workers’ rights. Finally, Enel is committed
to ensuring that workers’ representatives are not dis-
criminated against as a result of their representational
activities. The Company rejects any form of discrimi-
nation based on trade union affiliation or activity with
regard to recruitment, remuneration and career ad-
vancement, which must be based solely on ability and
merit. The percentage of employees covered by col-
lective agreements at the Group level stood at 91.7%
in 2024, up from 90.8% in 2023, an increase of 0.9%.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
338
INTEGRATED ANNUAL REPORT 2024
Taking action on material IROs and targets related to managing them
ESRS S1-4
62. Eligible and reachable: those who have a permanent contract and were employed and active in the evaluation period of 2024.
Action plan for development
ACTION
DESCRIPTION
Performance
Management
A global process of evaluating
performances and a key tool to
support the rewarding mechanisms
for pay policies that promote the
enhancement of talents, through
the evaluation of the objectives
achieved and adherence to
corporate values and conduct.
The process is
monitored through
the Company’s data
collection and analysis
platform.
At the end of each year,
feedback is collected
with a view to improving
the process.
Yearly
Scope
Timing
Monitoring
Succession
plans
Comprehensive annual process
in which each position holder
proposes up to 3 ready-for-the-role
successors and up to 3 “pipeline”
successors (i.e. who will be ready in
the medium term), subject to shared
criteria.
The process is monitored
through the Company’s
data collection and
analysis platform.
Yearly
Global
Global
The new performance management system, an eval-
uation process and a key tool to support compen-
sation policy management mechanisms, promotes
the enhancement of talent through the evaluation of
achieved goals, adherence to corporate values and
behaviors. The program, which involved 100% of the
Group’s eligible people,62 provides an annual time for
direct and exclusive discussion between managers
and employees to evaluate the results and the behav-
iors enacted in achieving them.
It is also possible within the same platform to ex-
change feedback involving not only employees but
also interns.
Another important development goal is to identify
and value colleagues with technical and specialized
skills and recognize the value they can bring to the
Company.
Strongly linked to talent development is the training
plan defined by the collection of training needs in line
with Enel’s strategy and business challenges, which
are implemented throughout the year.
The succession plan initiative for management po-
sitions was also relaunched, confirming the crite-
ria aimed at inclusion and enhancement of diversity,
which take into account the Group’s commitments,
with special attention to gender equality, thus ena-
bling the percentage of women in succession plans to
be increased.
Social information
339
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
The value of diversity and disability
63. Women working in managerial roles (managers and middle managers) in revenue-generating business areas account for 25.8% of the total
number of people present therein.
Actions to reduce the gender gap
ACTION
DESCRIPTION
Program
dedicated to
women
Fostering the development of female
colleagues by working on leadership
enhancement and facilitating new
connections within the organization with
network expansion.
Periodic survey
(women’s advancement
between categories
and their presence in
succession plans).
December 31,
2025
Global,
Enel
people
Scope
Timing
Monitoring
Parenting
support
Inclusive
language
To protect the significant moments
of life, such as parenting and family
care, by promoting a balance between
personal and work dimensions and
focusing on shared parenting.
The planned actions are:
• encouraging the utilization of
paternity leave;
• strengthening the parental program.
Disseminate common guidelines
on the use of respectful language
among all people in the Group to
break down prejudice and develop
an inclusive corporate culture.
Periodic survey on:
• number of fathers’ on
leave (number of leave
days taken vs. leave
entitlement);
• number of colleagues
placed in parental
program vs. number of
new parents.
Launch of the initiative:
ON/OFF.
December 31,
2025
December 31,
2025
Global,
Enel
people
Global,
Enel
people
Enel continues to pursue its commitment to gender
equity and equal pay through the adoption of policies
and action plans that enhance merit, promote equal
opportunity and inclusion, and ensure transparency.
These interventions span all stages of women’s career
paths within the organization.
Enel’s gender strategy is not limited to women already
in the organization but also looks to the next STEM
generation in order to nurture a pipeline of future
candidates for emerging and higher-growth profes-
sions in which women are still under-represented. For
years, in all countries where it is present, Enel has been
helping to create shared value and promote interest in
STEM disciplines with dedicated initiatives.
The gender gap action plan also consists of meas-
ures that directly and indirectly affect equal pay.
Given the fact that the gradual increase in female
representation at different organizational levels is
a prerequisite for natural generational exchange
and thus for achieving parity in remuneration over
time, Enel guarantees equal pay for equal tasks
and seniority for all new managers through internal
development.
• The Board of Enel SpA consists of 44.4% women.
• In 2024, 27.2%63 of managers were women (26.2% in
2023) and held 27% of executive positions (CEO-1)
(4 out of 15), while 34% of middle managers were
female (33.1% in 2023).
• The percentage of women within top management
(CEO-1 and CEO-2) was 20% in 2024 (19% in 2023).
• Over the last year, the percentage of women in the
Group working in STEM roles has stood at around
20%, in line with 2023.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
340
INTEGRATED ANNUAL REPORT 2024
Selection processes are closely monitored to ensure a
fair balance of the two genders in the applicant pools
(51.8% in 2024).64
The 2024 long-term incentive plan supports this
trend through a results-oriented objective, with a
weighting of 10% of the total, represented by the
“Percentage of women managers and middle man-
agers out of the total population of managers and
middle managers at the end of 2026” with the aim
of strengthening and giving continuity to a policy of
preparing a suitable pool for managerial appoint-
ments in the near future. The curve of this target in-
cludes an entry level of 33.5% of women managers
and middle managers at the end of 2026 and an over
performance of 34%.
The processes for managing succession plans and
salary reviews are governed by specific policies, and
constant monitoring of remuneration for all positions
is carried out.
For the purpose of equal pay monitoring, the Equal Re-
muneration Ratio (ERR) Adjusted indicator (calculated on
the theoretical Total Remuneration data as the average
of the ERRs of each category weighted by the impor-
tance of each category in the population excluding blue
collar workers) for 2024 was 93.8%65 (92.3% in 2023). As
a result of the gender equity compensation policies pro-
moted by Enel, the managerial ERR stands at 82.5%, reg-
istering an improvement over past years (81.4% in 2023).
Enel’s parenting strategy has a significant impact on
promoting gender equality, as shared parenting is a
key tool for fostering an inclusive, equitable and sus-
tainable work environment. Through welfare policies
and dedicated initiatives, Enel supports parents at dif-
ferent stages of raising children, helping to improve
work-life balance.
Key initiatives dedicated to parents include the Paren-
tal Program, launched in Italy in 2013 and subsequently
expanded globally. This program aims to promote gen-
der equality and support parents in the work context,
with listening and support measures that accompany
them from the time of parenting disclosure until they
return to the Company. Globally, Enel also promotes the
64. Selection processes involving blue-collar workers and similar technical roles are not included (as of 2021), nor is the US and Canadian perim-
eter, due to local anti-discrimination legislation that does not allow gender monitoring at the recruiting stage.
65. The indicator in 2023 was 92.3%. Blue-collar workers are excluded from the calculation of this index because the presence of women is ex-
tremely limited, and minimal changes in the female population result in high volatility of the result.
We Are Energy project, a contest associated with an
international campus aimed at school-age children of
employees.
Enel offers parenting initiatives and services in vari-
ous countries, such as lactation rooms and training
programs for new parents and birth gifts. In addition,
almost all countries provide welfare services and
support, including financial support, for family and
childcare.
Distinctive local initiatives in Italy include New Parents
New Energy training for new parents, and Parenting
Lab support on parenting issues. In addition, in Rome,
the corporate daycare center Crescere con Energia
was opened with a contribution from Enel to tuition
fees. In other countries, Spain’s shared parenting in-
itiatives stand out, which offer equal leave for moth-
ers and fathers, and supports employees with children
with disabilities with a monthly contribution through
the Fondo Ayuda a la Discapacidad. Brazil provides the
Healthy Pregnancy Program, consultations and online
workshops with health specialists for pregnant wom-
en, employees or their partners.
Attention to and care for people with
disability and neurodiversity
Enel is committed to ensuring the full inclusion of every
person by recognizing the potential arising from the
diverse perspectives and needs of individuals through
policies, projects and initiatives related to people with
different abilities, neurodiversity or vulnerabilities that
enable the full participation and contribution of all to
corporate life in pursuit of the Group’s mission. This
is ensured by providing accessible workplaces and
processes, digital tools and aids based on universal
design principles, as well as channels for listening and
support in each country.
A relevant role is played by the focal point, who col-
lects and provides support for the specific needs of
people with disabilities. He or she is a competent
point of reference for disability issues and acts as a
glue between people, the organization and special-
ized individuals, to offer tools, services and initiatives
Social information
341
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
that create an inclusive work and relational context,
encouraging the independent performance of work
activities. Globally, Inclusive Travel services are in
place to ensure travel and living experience for col-
leagues with disabilities covering 90% of employees
in the Group, and the global Accessibility and Design
for All awareness initiative to coach and develop an
inclusive mindset in process and project design in all
business contexts.
In several countries, workshops and webinars are or-
ganized to raise awareness and build an inclusive and
diversity-conscious corporate culture and dialogue
on issues of neurodiversity and invisible disabilities.
On the topic of reasonable arrangements, a dedicat-
ed sign language service has been activated in Brazil.
Furthermore, a project has been launched in Chile to
improve physical accessibility in workplaces.
In addition, several Employee Resource Groups (ERGs)
are active on these issues in Italy, Spain and Mexico.
The action plan dedicated to the issue of disability in-
cludes the following topics as a priority: encouraging
the spread of a positive disability culture, supporting
the professional development of colleagues with disa-
bilities, and improving digital and physical accessibility
at all stages of an employee’s career path.
Targets
ESRS S1-5
KPI
POLICIES
SCOPE
Performance
Management
% of people
involved
Women
managers
(including Top
Managers) and
middle managers
– %
Performance
Management
Vademecum
100% refers to the total number
of eligible people, all of whom
are involved in the process.
Scope: Enel at the global level.
Includes all those who have
received a direct assessment
from their manager.
Scope: Enel at the global level.
Number of women managers
(including Top Managers) + number
of women middle managers/total
women + men managers (including
Top Managers) and middle managers.
Scope: Enel at the global level.
Number of women managers (including
Top Managers) /total women + men
managers (including Top Managers).
Scope: Enel at the global level.
Number of women middle managers/
total women + men middle managers.
Scope: Enel at the global level.
Scope: Enel at the global
level.
Total women (net value)
appointed in top level succession
plans/total successors of top level
plans (women + men) net value.(2)
Scope: Enel at the global level.
DEIB - Diversity
Equity Inclusion
Belonging
(2024)(1)
DEIB - Diversity Equity
Inclusion Belonging
(2024)(1)
Organizational
Procedure no. 1814
Succession Plan
Process
Succession Plan
Vademecum
Year: 2016
Value: 100%
Year: 2016
Value: 99%
Year: 2020
Value: 29.4%
managers
and middle
managers
Year: 2020
Value: 21.6%
managers
Year: 2020
Value: 30.4%
middle
manager
Year: 2021
Value: 42.7%
Year: 2022
Value: 50%
100%
99.65%
33.3%
27.2%
34%
48.1%
50.3%
100%
in 2027
99%
in 2027
33.6%
in 2027
>27%
in 2027
>34%
in 2027
>46%
in 2027
>45%
in 2027
BASELINE
ACTUAL
2024
TARGET STATUS
Women in
Top Manager
succession plans
– %
Women in
management
succession plans
– %
Performance
Management
% of people
evaluated
Women
managers
(including Top
Managers) – %
Women middle
managers – %
(1)
https://openinnovability.enel.com/content/dam/enel-com/documenti/media/diversity-equity-inclusion-and-belonging-policy-2024.pdf.
(2) Net Value = net of multiple nominations, i.e. a name is counted only once even if nominated in more than one succession plan.
Not in line
In line
Achieved
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
342
INTEGRATED ANNUAL REPORT 2024
Calculation methods
Performance management
The performance management system is a compre-
hensive process of evaluating the performance of Enel’s
people with a focus on results and value-related behav-
iors and reflected in a meritocratic system of remuner-
ation policies. On the platform related to the process
is the “Vademecum” document available to everyone in
all languages with guidelines and explanations related
to methods, objectives, values, behaviors and skills. All
“eligible” Group employees are included in the process,
i.e. all employees net of colleagues with fixed-term con-
tracts, long-term absences (including illness, maternity
leave), administration contracts, internships, and CEO
and CEO-1.
Gender equality
Enel’s commitment to reducing the gender gap involves
initiatives and measures that influence all the phases of
women’s progress within the organization, including
representation on entering the Company, empower-
ment, development in positions of responsibility, and
care for the various important moments in life. Different
KPIs, including the above, aimed at ensuring this princi-
ple are then monitored.
Succession plans
A global rolling process in which each position holder
proposes up to 3 ready successors (ready for the role)
and up to 3 pipeline successors (ready in the medium
term), subject to shared criteria. Each position holder in
a managerial position identifies their ready and pipeline
successors subject to specific selection criteria (e.g. %
women, performance evaluation, transversality).
66. Net Value = net of multiple nominations, i.e. a name is counted only once even if nominated in more than one succession plan.
Total women (net value) appointed in managerial suc-
cession plans/total successors of managerial plans
(women + men) net value.66
The targets are: position level top and manager, posi-
tion level CEO-3 also non-managerial.
Targets for women managers and middle managers in
management succession plans meet the goal of en-
suring equal opportunity and greater representation
of women in the organization, as outlined in the DEIB
Policy for Gender and Pay Equity. Trends are constantly
monitored, and targets are reviewed periodically to en-
sure effective impact on this dimension.
In the Succession Plans management system there is a
vademecum available to position holders and P&O in all
languages with explanations of objectives, targets and
criteria. The goals are to ensure business continuity, im-
prove the gender gap, and identify resources with the
highest potential.
Disability
Inclusion of people with disabilities has been nur-
tured over time by implementing action plans ded-
icated to this topic global and local levels and an
ongoing process of listening to colleagues. The DEIB
Policy issued in 2024 consolidated the commit-
ment to ensure full participation and contribution
by everyone, dedicating a specific dimension to the
approach to be adopted for people with disabilities,
neurodivergent or vulnerable, providing for accessi-
ble processes and environments, tools and assistive
technologies, constant listening and support at local
level. Action lines for 2025 will focus on initiatives
for the professional development of colleagues with
disabilities and actions to encourage a positive dis-
ability culture.
Social information
343
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
The metrics for Enel workforce
Characteristics of the employees
ESRS S1-6
Enel employs 60,359 people, belonging to 82 na-
tionalities and speaking 20 languages. In 2024 there
was a reduction in the workforce of 696 people
mainly due to refocusing on core businesses, as
contemplated in the Group Strategic Plan. For more
information regarding the size of the workforce, see
“People at the Enel Group” in the “Group Perfor-
mance” chapter.
Headcount and composition
UM
2024
2023
Change
Total employees
no.
60,359
61,055
(696)
-1.1%
Average number of employees
no.
60,276
64,396
(4,120)
-6.4%
Employees by gender
- of which men
no.
47,311
47,202
109
0.2%
- of which men (%)
%
78.4
77.3
1.1
-
- of which women
no.
13,048
13,853
(805)
-5.8%
- of which women (%)
%
21.6
22.7
(1.1)
-
Employees by geographical area and gender
UM
2024
2023
Change
Italy(1)
no.
31,384
31,470
(86)
-0.3%
- of which men
no.
24,901
24,802
99
0.4%
- of which women
no.
6,483
6,668
(185)
-2.8%
Iberia(2)
no.
9,365
9,504
(139)
-1.5%
- of which men
no.
6,834
6,951
(117)
-1.7%
- of which women
no.
2,531
2,553
(22)
-
Rest of the world
no.
19,610
20,081
(471)
-2.3%
- of which men
no.
15,576
15,449
127
0.8%
- of which women
no.
4,034
4,632
(598)
-12.9%
(1)
Includes Enel Produzione Slovakia and Dutch financial companies.
(2) Includes Branches of Endesa.
Employees by type of contract and gender
UM
2024
2023
Change
Permanent contracts
no.
60,143
60,540
(397)
-0.7%
- of which men
no.
47,148
46,840
308
0.7%
- of which women
no.
12,995
13,700
(705)
-5.1%
Temporary contracts
no.
216
515
(299)
-58.1%
- of which men
no.
163
362
(199)
-55.0%
- of which women
no.
53
153
(100)
-65.4%
Use of temporary contracts and inclusion/Centre for Labor Training
(CFL) on the total
%
0.4
0.8
(0.4)
-
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
344
INTEGRATED ANNUAL REPORT 2024
Employees by type of contract and geographical area
UM
2024
2023
Change
Italy
no.
31,384
31,470
(86)
-0.3%
Permanent contracts
no.
31,379
31,467
(88)
-0.3%
Temporary contracts
no.
5
3
2
66.7%
Iberia
no.
9,365
9,504
(139)
-1.5%
Permanent contracts
no.
9,271
9,384
(113)
-1.2%
Temporary contracts
no.
94
120
(26)
-21.7%
Rest of the world
no.
19,610
20,081
(471)
-2.3%
Permanent contracts
no.
19,493
19,689
(196)
-1.0%
Temporary contracts
no.
117
392
(275)
-70.2%
Workforce by type of contract and gender
UM
2024
2023
Change
Full-time contracts
no.
59,915
60,590
(675)
-1.1%
- of which men
no.
47,228
47,114
114
0.2%
- of which women
no.
12,687
13,476
(789)
-5.9%
Part-time contracts
no.
444
465
(21)
-4.5%
- of which men
no.
83
88
(5)
-5.7%
- of which women
no.
361
377
(16)
-4.2%
Percentage of part-time
%
0.7
0.8
(0.1)
-
Changes in headcount
UM
2024
2023
Change
Hires
no.
4,855
3,837
1,018
26.5%
Changes in scope
no.
(1,262)
(3,868)
2,607
67.4%
Terminations
no.
4,289
4,038
251
6.2%
Balance
no.
(696)
(4,069)
3,374
82.9%
Hiring rate(1)
%
8.0
6.3
1.7
-
Open positions filled by internal candidates
%
50.9
37.0
13.9
-
Turnover rate(2)
%
7.1
6.6
0.5
-
Turnover rate by gender
- men
%
7.1
6.6
0.5
-
- women
%
7.1
6.8
0.3
-
Turnover rate by age range
up to 30
%
5.5
6.5
(1.0)
-
30-50 years old
%
5.2
5.1
-
-
over 50
%
11.7
9.5
2.2
-
Voluntary turnover rate
%
2.4
2.3
0.1
-
Voluntary turnover rate by gender
- men
%
1.7
1.6
0.1
-
- women
%
0.7
0.6
0.1
-
Voluntary turnover rate by age range
up to 30
%
0.5
0.5
0.3
-
30-50 years old
%
1.8
1.7
0.7
-
over 50
%
0.1
0.1
(0.1)
-
(1)
Hiring rate = Total new hires/Total workforce.
(2) Turnover rate = Total terminations/Total workforce.
Social information
345
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
In line with the pillars of the Company’s strategy, in
2024 the global recruitment plan focused on identify-
ing outside key roles to manage the energy transition
while ensuring financial and environmental sustaina-
bility and customer centricity.
At the same time, action was taken to strengthen the
Group’s internal competencies by supporting the job
mobility of Enel people with a view to upskilling and
retraining.
New hires in the year came to 4,855, meeting the tar-
gets established in the Strategic Plan and in the new
organizational structure.
The identification and attraction of profiles needed to
pursue our strategy have relied on a constant com-
mitment in relations with universities and professional
institutes and on the search for increasingly inclusive
methods.
In this perspective, further attention was paid to map-
ping both hard and soft skills through the ME-Profile
tool, which is useful for mapping colleagues’ work ex-
perience, skills, interests and motivation to change.
The use of the tool was then also encouraged with an
ad-hoc communication campaign.
Diversity metrics
ESRS S1-9
Workforce by category and gender
UM
2024
2023
Change
Managers
no.
1,256
1,310
(54)
-4.1%
Managers
%
2.1
2.1
-
-
- of which men
no.
914
966
(52)
-5.4%
- of which women
no.
342
344
(2)
-0.6%
Middle managers
no.
12,013
12,389
(376)
-3.0%
Middle managers
%
19.9
20.3
(0.4)
-
- of which men
no.
7,933
8,286
(353)
-4.3%
- of which women
no.
4,080
4,103
(23)
-0.6%
White collar
no.
28,402
31,308
(2,906)
-9.3%
White collar
%
47.0
51.3
(4.3)
-
- of which men
no.
20,106
22,116
(2,010)
-9.1%
- of which women
no.
8,296
9,192
(896)
-9.7%
Blue collar
no.
18,688
16,048
2,640
16.5%
Blue collar
%
31.0
26.3
4.7
-
- of which men
no.
18,358
15,833
2,525
15.9%
- of which women
no.
330
215
115
53.5%
Women in succession plans
UM
2024
2023
Change
Number of female managers and middle managers
no.
4,422
4,447
(25)
-0.6%
Percentage of female managers and middle managers(1)
%
33.3
32.5
0.9
-
Percentage of women in the managerial succession plans
%
48.1
47.2
0.9
-
Percentage of women in succession plans for Top managers
%
50.3
50.4
(0.1)
-
(1)
Percentage of women managers and middle managers = women managers + middle managers/total managers + middle managers.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
346
INTEGRATED ANNUAL REPORT 2024
Workforce by age group
UM
2024
2023
Change
<30
no.
7,857
7,661
196
2.6%
%
13.0
12.5
0.5
-
30-50
no.
35,081
35,111
(30)
-0.1%
%
58.1
57.6
0.5
-
>50
no.
17,421
18,283
(862)
-4.7%
%
28.9
29.9
(1.0)
-
Average age
years
43.5
43.6
(0.1)
-0.2%
Workforce by nationality
UM
2024
2023
Change
Total workforce
Italy
%
51.7
51.2
0.5
-
Brazil
%
15.5
13.3
2.2
-
Spain
%
15.1
15.2
(0.1)
-
Argentina
%
6.0
5.8
0.2
-
Colombia
%
3.7
3.8
(0.1)
-
Chile
%
3.1
3.2
(0.1)
-
Other
%
4.9
7.5
(2.6)
-
Workforce in management positions (manager and middle manager)
Italy
%
52.3
50.8
1.5
-
Brazil
%
4.6
4.9
(0.3)
-
Spain
%
31.0
30.6
0.4
-
Argentina
%
1.7
1.8
(0.1)
-
Colombia
%
2.4
2.3
0.1
-
Chile
%
2.7
2.8
(0.1)
-
Other
%
5.3
6.8
(1.5)
-
Metrics on persons with disabilities
ESRS S1-12
Disabled or belonging to protected categories
UM
2024
2023
Change
Employees with disabilities
no.
2,040
2,046
(6)
-0.3%
%
3.4
3.4
-
-
- of which men
no.
1,409
1,416
(7)
-0.5%
%
69.1
69.2
(0.1)
-
- of which women
no.
631
630
1
0.2%
%
30.9
30.8
0.1
-
There are 2,040 colleagues in the Group with disabilities recognized and certified by local legislation (3.4% of the
company population at the Group level), 74% of whom are in Italy.
Social information
347
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Training and skills development metrics
ESRS S1-13
Assessment
UM
2024
2023
Change
Dissemination of assessment(1)
%
87.3
89.3
(2.0)
-
- men
%
86.1
88.5
(2.4)
-
- women
%
91.5
91.7
(0.2)
-
People assessed by category
Managers
%
96.4
96.3
0.1
-
Middle managers
%
93.6
94.4
(0.8)
-
White collar
%
93.2
91.0
2.2
-
Blue collar
%
73.5
81.2
(7.7)
-
Training
Total training hours
,000 h
3,202
3,099
103
3.3%
Training hours per employee
h/per-capita
53.1
48.1
5.0
10.4%
by gender:
- men
h/per-capita
56.6
50.7
5.9
11.6%
- women
h/per-capita
40.7
39.7
1.0
2.5%
by category:
Managers
h/per-capita
33.4
34.0
(0.6)
-1.8%
Middle managers
h/per-capita
38.4
42.9
(4.5)
-10.5%
White collar
h/per-capita
42.0
40.3
1.7
4.2%
Blue collar
h/per-capita
84.6
69.3
15.3
22.1%
(1)
The calculation of the assessed percentage considers all headcounts and not just those eligible by process for the denominator.
Training on sustainability
UM
2024
2023
Change
Training per capita on sustainability
h/per-capita
35.0
32.2
2.8
8.7%
Total training hours on sustainability issues
,000 h
2,107
2,075
32
1.6%
- of which environment
,000 h
29
32
(3)
-10.5%
- of which safety
,000 h
1,614
1,452
162
11.1%
- of which human rights
,000 h
5
9
(3)
-37.5%
- of which the Code of Ethics
,000 h
10
11
(1)
-7.0%
The main KPIs monitored are training hours per cap-
ita, which reached 53.1 hours per capita in 2024.
Training activities include refresher and retrain-
ing activities and Training on the Job (TotJ), a train-
ing course that enables people to acquire spe-
cific new technical skills through direct learning.
Furthermore, great emphasis has been placed on
fully integrating new recruits through the Group’s
“Onboarding” program, which offers a unique and
inclusive experience, providing all necessary cultur-
al and organizational content to ensure a success-
ful start to their full integration into the Company.
Specific training paths have been activated to ac-
celerate the development of technical skills through
dedicated programs.
The main training initiatives in DEIB have focused on
women’s empowerment and “Design for All” inclusive
design. With respect to mandatory training, Enel’s
commitment to ensuring the utilization and comple-
tion of key corporate compliance courses continues.
Finally, in early 2024, a new “Workforce Evolution”
unit was created to define and implement strategic
insourcing guidelines and coordinate its activities
related to specific training programs and communi-
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
348
INTEGRATED ANNUAL REPORT 2024
cation campaigns in connection with internal and ex-
ternal stakeholders. During the year, the A.I. TALK in-
itiative was launched, targeting all Group employees,
with the aim of covering various aspects of Artificial
Intelligence, providing a comprehensive overview of
its applications, benefits and ethical implications. The
67. In terms of parental leave, the Company offers better conditions than the law. Before the child is 6, both mother and father are granted 90%
for the first two months of pay compared to the statutory 80%, while the third month is paid at 60% compared to the statutory 30%. With
children between 6 and 12, for the three months of non-transferable leave Enel grants 60% of pay compared to 30% contemplated by law. In
addition, for the additional three months of leave that can be used alternately by mother or father by the child’s 12th birthday, Enel pays 45%
of pay compared to 30% granted under the law.
initiative aimed to promote greater understanding
and awareness among employees, thereby fostering
a more informed work environment that is prepared
to meet future challenges related to this emerging
technology.
Work-life balance metrics
Parental leave
UM
2024
2023
Change
Employees entitled to take family-related leave
no.
2,614
2,600
14
0.5%
Men
no.
1,807
1,798
9
0.5%
Women
no.
807
802
5
0.6%
Employees that took family related leave
no.
2,614
2,600
14
0.5%
Men
no.
1,807
1,798
9
0.5%
Women
no.
807
802
5
0.6%
Employees returned to work by gender
no.
2,484
2,471
13
0.5%
Men
no.
1,778
1,770
8
0.5%
Women
no.
706
701
5
0.7%
Return-to-work rate of employees who took family-related leave
%
89.1
95.0
(5.9)
-6.2%
Men
%
91.8
98.4
(6.6)
-6.7%
Women
%
83.6
87.4
(3.8)
-4.3%
In 2024, Enel signed a new labor agreement in Italy in-
troducing important benefits for parents and caregiv-
ers, including:
• the increase in paid leave days for fathers recog-
nized by Enel from 10 to 20 days, in addition to those
provided by law;
• improved parental leave pay for all months covered
under legislation;67
• new paid leave, including a day for children’s place-
ment in school, for children’s high school or univer-
sity graduation and for grandparents at the birth of
their grandchildren;
• a one-time financial contribution for enrolment in
the FOPEN pension fund for dependent children
under the age of 3;
• two days of leave for caregivers who do not avail of
Law 104/1992.
Social information
349
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Remuneration metrics
Ratio of gross annual salary women to men
UM
2024
2023
Change
Ratio of basic salary women/men(1)
Managers
%
85.6
84.5
1.1
-
Middle managers
%
95.0
93.9
1.1
-
White collar
%
93.8
92.1
1.7
-
Blue collar
%
83.3
101.4
(18.1)
-
Women/men remuneration ratio(2)
Managers
%
82.5
81.4
1.1
-
Middle managers
%
93.9
92.8
1.1
-
White collar
%
94.2
92.5
1.7
-
Blue collar
%
84.0
102.1
(18.1)
-
(1)
Calculated as the ratio of women’s average (theoretical fixed) base salary to men’s average base salary. The calculation is made for each pro-
fessional category.
(2) Calculated as the ratio of women’s average pay (theoretical fixed plus short-term variable) to men’s average pay. The calculation is made for
each professional category.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
350
INTEGRATED ANNUAL REPORT 2024
Health and safety
0.58
LOST TIME INJURY FREQUENCY
RATE (LTI FR) FOR BOTH ENEL
AND CONTRACTORS
0.61 in 2023
0.64
AVERAGE INJURY FREQUENCY
RATE WEIGHTED BY SEVERITY
96%
% OWN WORKFORCE COVERED
BY CERTIFIED MANAGEMENT
SYSTEM
94% in 2023
The results of the 2024 double materiality process for aspects related to “Health and safety” are reported below,
with details of the material IROs used in the preparation of this section.
SUBTOPIC
DESCRIPTION OF IRO
TYPE
TARGET
WORKER HEALTH
AND SAFETY
Sub-subtopic
Managing and monitoring
worker’s safety
Decrease in the number of workplace
injuries suffered by workers (both Enel
and contractors), through appropriate
management instruments and monitoring
tools for health and safety issues.
Average frequency rate of injuries
weighted for their severity.
SUBTOPIC
WORKER HEALTH
AND SAFETY
Sub-subtopic
Promoting a safety culture
among workers
Increase in the number of injuries suffered
by workers (both Enel and contractors)
within the Group due to inadequate safety
culture and procedures.
• % own workforce covered by
certified management system.
• Initiatives to engage contracting
companies on health and safety
issues.
Positive impact
Negative impact
Strategy and IRO management
ESRS 2 SBM-2; ESRS 2 SBM-3
The double materiality 2024 analysis process identi-
fied two impacts, one positive and the other negative,
that may influence the risk of injury occurrence for
both its own workers and those of contracting firms.
Consistent with the assessment of these impacts, Enel
has taken on board the contents of this analysis, ori-
enting its strategy and business model on health and
safety issues toward compliance with these drivers in
all activities in which it will be involved, through the
definition of an action plan and specific targets aimed
at containing safety risks and thus averting the occur-
rence of accidents. For issues related to the interests
and opinions of its own workers and contracting com-
panies as well as the main initiatives promoted by Enel
and how to engage them, please refer to “Stakeholder
engagement” section of “General information”.
Social information
351
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Health and safety policies
ESRS S1-1
At Enel, the health, safety, psychological and physical in-
tegrity of people, understood both as employees as in-
dividuals with interests related to the business dynamics
and processes of the Enel Group and of the contracting
companies, are considered the most valuable asset to be
protected in every moment of life, at work as at home
and during leisure time. Therefore, Enel’s commitment
has always been focused on making all work spaces in-
creasingly safe and healthy.
To make this commitment clear and evident to all
Group employees, as well as to external stakehold-
ers, Enel has developed and disseminated a Health
and Safety Policy, which is shared with the Board of
Directors and signed by the Chief Executive Officer.
It should be noted that this commitment is also en-
shrined within the Human Rights Policy.
HEALTH AND SAFETY
POLICIES
DESCRIPTION
MAIN CONTENTS
• Guiding principles, relating to the responsibility of all workers in Enel’s value
chain to respect and safeguard the health and safety of the people with
whom they interact.
• Implementation, promotion and maintenance of management systems for
worker health and safety.
• Strategic goals focused on making work processes and methods
increasingly safer with a view to zero accidents and strengthening the
culture of safety and health.
• Defining the approach to health and safety issues, consisting of the
implementation of processes and action plans aimed at reducing risks as a
result of data analysis (“data-driven” approach), thanks also to the support
of appropriate tools and digital systems for surveillance and control in the
field.
• The key element in increasing and consolidating a health and safety culture
in an organization is the active participation of workers.
• The areas of action on which Enel is committed to achieving its targets in
line with materiality impacts are:
• people, understood as both internal workers, for whom initiatives are
planned to consolidate awareness and from the culture of health and
safety through appropriate training, information and awareness actions;
• workers for contractors working with the Group, to whom Enel is
committed to promoting the adoption of the same health and safety
approach.
SCOPE
• Health and Safety of own workforce and contractors.
IROs COVERED AND
REFERENCES
• Specific objective on the reduction of occupational accidents through the
adoption of appropriate management instruments and monitoring tools.
• Specific goal on strengthening a health and safety culture.
STAKEHOLDERS INVOLVED IN
THE DEFINITION
• Enel’s own workers and workers of contracting companies working with
Enel.
DIFFUSION
• The “Health and Safety Policy” is available on Enel’s website at the following
link: https://www.enel.com/content/dam/enel-com/documenti/investitori/
sostenibilita/enel-group-health-and-safety-policy.pdf.
In the context of its nuclear operations, Enel has made a
public commitment, in the role of shareholder, to guar-
antee that a clear nuclear safety policy is adopted in its
nuclear power plants and that the plants are managed
in accordance with criteria capable of assuring the ab-
solute priority of safety and protection of workers, the
community and the environment. Further details are
available on the Enel website (https://www.enel.com/in-
vestors/sustainability/strategy-sustainable-progress/
occupational-health-and-safety/enel-nuclear).
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
352
INTEGRATED ANNUAL REPORT 2024
Engaging with workers about health and safety issues and
channels of communication
ESRS S1-2; S1-3
68. Rappresentante per la Sicurezza dei Lavoratori.
69. Near Miss: potentially damaging event, since it is linked to the presence of situations or agents that have the intrinsic characteristic of “dan-
gerousness” which, thanks to fortuitous situations, has not caused real damage to workers, whether internal or of contracting companies.
70. Safety Observation: an unsafe behavior or situation adopted by Enel personnel or contractors, to which they could be exposed and which
could potentially cause an injury.
The key element in increasing and consolidating a
health and safety culture in an organization is the
active participation of workers. Enel promotes their
empowerment in having an active and proactive role
in their work, providing systematic information and
consultation of stakeholders on decisions related to
prevention, dissemination of tools for collecting in-
formation and suggestions, etc. To this end, bilateral
committees have been established with represent-
atives of labor organizations to define, together with
management, improvement initiatives on health and
safety in the workplace and working methods. The
committees meet periodically, mostly monthly, as well
as on a timely basis as needed/critical, with the aim of
gathering prior insights on risk assessment functional
to the identification and implementation of prevention
initiatives in the Company, or on lessons learned from
more significant injury events in terms of severity. This
approach, based on active participation and feedback,
promotes better understanding, acceptance and im-
plementation of preventive measures throughout the
Group.
Country
Italy
Spain
Brazil
Chile
Colombia
Mexico
Argentina
USA and
Canada
Frequency
Monthly
Monthly
Monthly
Monthly
Monthly
Every 3
months
Min. 6 times
a year
Monthly
In addition to the committees and in compliance with
the regulations in force in all countries, Enel work-
ers have an internal health and safety representative
(RLS68), thanks to whom they actively participate in the
system of risk assessment and prevention of the work
environment, reporting potentially dangerous situa-
tions to the responsible individuals for the adoption of
corrective measures.
As for how to ensure the availability of the channels
of listening and dialogue for the workforce, as well as
the monitoring and control of the reports that have
emerged, see the section “Engaging with workers and
channels of communication”.
In addition, Enel is equipped with company reporting
tools such as Near Miss69 and Safety Observation70
that allow workers to report potential risks or dan-
gerous situations to their supervisors for immediate
implementation of remedial actions. These reports,
monitored in both frequency and absolute number,
contribute to the implementation of processes and
action plans to reduce workplace health and safety
risks.
To ensure the coverage of all Group people, both in-
ternal and external, in 2024 Enel committed to pro-
moting the involvement of suppliers both through
direct engagement initiatives, including the “Partner-
ship for safety, health and environment”, which raises
contractors’ awareness of safety values by sharing
best practices, and through the provision of a page
dedicated to the topics of health, safety and envi-
ronment in the suppliers portal, with informational/
training materials, key policies and illustrative videos,
to support the improvement of the health and safety
performance. Specific initiatives have also been or-
ganized at the level of individual countries to involve
the staff of contractors to share indicators on health
and safety issues, lessons learned from accidents,
and Enel standards and policies, strengthening the
culture on safety in company workers.
Social information
353
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Country
Italy
Spain
Brazil
Chile
Main
initiatives
• Workshop for suppliers
• “Quality of H&S officers” initiative
• Stop Work and recirculating
lessons learned
• Safety Day: meeting with
companies
• Safety Day with
contractors
• Diffusion of specific
E&C campaigns
• Stop work – Electrical
hazard
• “Safety in plants forum”
initiative
• “Cross inspections and
safety walks” project
• “Safety Blitz” initiative
• Days with contractor
companies
• Days with contractor
companies
• HSEQ walks with
contracting firms
• “Trial camp” initiative
• “HSE video induction
for photovoltaic farms”
project
Country
Colombia
Mexico
Argentina
USA and Canada
Main
initiatives
• Safety meetings with businesses
• Contractors Safety Days
• “High risk activities safety
workshop” initiative
• Safety innovation initiatives with
contractors
• Contractors Safety Days
• Workshops with
companies
• Contractors Safety Days
• Workshops with
contractor companies
• “Stop Work and lessons
learned on H&S issues”
initiative
• Contractors Safety Days
• Workshops with
companies
Taking action on material IROs and approaches to managing them
ESRS S1-4
In line with corporate policies and in collaboration with
relevant stakeholders, the Enel Group has defined a
series of initiatives and projects in continuity with the
actions already initiated. These aim to strengthen the
safeguards in place for the prevention and mitigation of
the negative impact that has emerged as material in re-
lation to the increase in the number of injuries associat-
ed with inadequate culture and ineffective procedures
on safety issues. In addition, the Group continues its
efforts to ensure the dissemination of appropriate tools
for managing and monitoring health and safety issues.
The defined action plans are given below.
Development of health and safety culture: training, information
and awareness raising
Based on the analysis of injury data and evidence from
inspections and audits, Enel has found it necessary to fo-
cus on the three main strands to promote the strength-
ening and maximum dissemination of safety culture to
its own workers and those of contracting companies,
namely, training, information and awareness.
The Enel Group has developed an HSE&Q training
management process for all its employees, calibrat-
ed to the activities they perform and the specific risks
to which they are exposed. This approach integrates
safety at the various levels of the organization, making
it an integral part of all processes and activities, pro-
moting a model shared by all people.
In addition, Enel is actively promoting this approach
also to contractors, implementing appropriate control
processes aimed at verifying that the same compa-
nies operating within its scope also provide training
for their employees.
To complement specialized training, as is customary,
Enel promotes and organizes courses on a health and
safety culture based on analysis of accident data and
evidence from inspections and audits. These courses
will evolve in 2025 with supplementary content to im-
prove health and safety performance and raise aware-
ness on the adoption of policies and procedures.
Staff information and awareness raising is system-
atically promoted through the intranet, informational
emails, newsletters, and dedicated columns by dis-
seminating information on safety events, their caus-
es, and on actions to be implemented to avoid the
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
354
INTEGRATED ANNUAL REPORT 2024
recurrence of similar situations, to raise awareness
on the importance of prevention and safety culture. In
2025, the development of a global GO Safety project is
planned, aimed at increasing the safety culture in peo-
ple regardless of their role, thus specifically involving
operational targets, rewarding people for their knowl-
edge (through participation in quizzes) and virtuous
behavior.
Below is the table with the main training, informa-
tion and awareness initiatives planned as part of the
Group’s planned action plan for 2025-2027.
ACTION
DESCRIPTION
Major training
initiatives:
1. Inspector
training.
2. Leadership in
health, safety and
environment.
3. Study of cognitive
biases in health
and safety.
4. Continuous
improvement.
1. Training course on how to detect
non-conformities at work sites
with a specific focus on root
cause analysis of events.
2. Training course on health, safety
and environment with a focus on
procedures and behaviors as well
as leadership in HSEQ.
3. Training course aimed at
analyzing and eliminating
cognitive distortions that prevent
proper perception of safety risks.
4. Application program to make
processes, plant quality and
operational efficiency more
effective.
• Reduction in the
weighted injury
frequency rate on the
topics covered in the
training activities.
• Reduction in the injury
frequency rate with
lost days compared to
previous years.
• Decrease in the
number of non-
compliances detected
in field inspections
based on the number
of hours worked.
2025
Action
aimed at
internal
Enel
people
Scope
Timing
Monitoring
Social information
355
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
ACTION
DESCRIPTION
Scope
Timing
Monitoring
Information
for workers:
1. Safety
Message
for serious
injuries.
2. Safety
Bulletin.
Awareness
initiatives
1. A tool for communicating and
sharing, via email, to all business
lines colleagues, information about
serious injuries, actions adopted
in order to recirculate the lessons
learned and avoid the recurrence
of similar events.
2. Summary report that collects
all fact sheets related to serious
events that occurred during the
quarter disclosed to the entire
organization at periodic team
meetings or training initiatives.
Corporate channels such as the
intranet, informational emails,
newsletters and dedicated
columns.
• Reduction in the
weighted injury
frequency rate with
days lost compared
with the average of the
previous three years on
the topics covered in
training activities.
• Reduction in the injury
frequency rate with
lost days compared to
previous years.
• Reduction in the
weighted injury
frequency rate with
days lost compared
with the average of the
previous three years on
the topics covered in
training activities.
• Reduction in the injury
frequency rate with
lost days compared to
previous years.
2025-2027
2025-2027
Action
aimed at
internal
Enel
people
Action
aimed at
internal
Enel
people
71. Life Changing Accidents (LC ACC) are injuries that have health consequences that permanently change an injured person’s life (for example,
amputation of limbs, paralysis, extensive and visible burns, etc.).
72. HiPo are injuries that differ from Fatal and Life Changing ones only in terms of the consequences (not serious) that they have on the worker
but not in the dynamics of the event.
During 2024, a total of approximately 1,600,000
hours (up 10% from 2023) of training on health and
safety topics was provided to Enel people, many of
which were carried out at the country level in ac-
cordance with respective local legislation, aligned
with existing hazards and associated risks, and tak-
ing into account the tasks performed. Mandatory
training accounted for over 520,000 hours or 33%
of the total training. Total annual per capita training
was around 26.4 hours.
Inspections and audits
In Enel, inspections are functional for the verifica-
tion of behavior and compliance with procedures
and working methods for the detection of potential
risk situations (non-compliance) and the creation
of additional opportunities for training, coaching
and dissemination of a safety culture. Inspections
are defined on the basis of a data-driven approach,
based on IT tools and analytical dashboards for the
performance appraisal of organizational units and
suppliers and identifying areas at higher risk of fatal,
Life Changing71 and high potential (HiPo) injuries.72
As for the contracting companies, their performance
is monitored both in the preventive stage, through the
qualification system, and in the contract execution stage,
through numerous monitoring tools.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
356
INTEGRATED ANNUAL REPORT 2024
The table below details the actions planned for 2025-
2027 regarding inspection and control processes on
in-house and contracted workers, with specific focus on
particular issues to be attended to, based on the 2024
health and safety data assessment.
ACTION
DESCRIPTION
Field
inspections
Carrying out inspections
proportionate to the activities
performed in all months of the year,
ensuring surveillance and control
of all health and safety aspects and
compliance with work methods and
proper use of safe equipment.
• Reduction in the injury
frequency rate with lost days
compared to previous years.
• Reduction in the weighted
injury frequency rate with
lost days compared to the
average of the previous
three years.
• Decrease in the number of
non-compliances detected
in field inspections based
on the number of hours
worked.
• For businesses, positive
monthly variation of the
Fatality Risk Index (FRI).(1)
2025-2027
Enel and
company
people in
all activities
carried
out by the
Group
and in the
various
countries
and regions
in which it
operates
Scope
Timing
Monitoring
Extra
Checking on
Site (ECoS)
Contractor
Assessment
(CA)
Assessment program to evaluate,
in the areas of highest risk, the
adequacy of the organization and
processes in all business areas of
the Group. ECoS planning is carried
out in data-driven logic based on
assessments performed on the
values and trends of key safety KPIs,
as well as processes considered
most at risk to serious events in the
recent past.
A contractor assessment plan has
been defined to assess security
processes, organization, work
methods and vendor performance,
including cultural and leadership
aspects, based on evidence
garnered from audits and analysis
of security data from the recent
past.
• Reduction in the injury
frequency rate with lost days
compared to previous years.
• Reduction in the weighted
injury frequency rate with
lost days compared to the
average of the previous
three years.
• Decrease in the number of
non-compliances detected
in field inspections based
on the number of hours
worked.
• Positive monthly variation of
the Fatality Risk Index (FRI).(1)
• Reduction in the injury
frequency rate with lost days
compared to previous years.
• Reduction in the weighted
injury frequency rate with
lost days compared to the
average of the previous three
years.
• Decrease in the number of
non-compliances detected
in field inspections based on
the number of hours worked.
• Positive monthly variation of
the Fatality Risk Index (FRI).(1)
2025
2025
Enel and
company
people in
all activities
carried
out by the
Group
and in the
various
countries
and regions
in which it
operates
Action aimed
at companies
working
with Enel or
involved in the
qualification
process
(1)
Fatality Risk Index (FRI): a predictive parameter based on a modular logic: through the weighted combination of the main safety indicators (such
as injuries, hours worked, inspections and non-compliance), it establishes the level of accident risk of the specific contractor operating in a
specific Country or at Group level. The FRI therefore aims to intercept possible critical situations that could cause an injury.
Social information
357
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
ACTION
DESCRIPTION
Scope
Timing
Monitoring
Evaluation
Group (EG)
Supplier
qualification
system process
HSE
TERMS
The Evaluation Group is a cross-
functional committee (HSEQ,
Procurement, business lines) to
evaluate all applicable consequence
management measures against the
contractor involved in major health
and safety events (Fatalities, LCA
and HiPo incidents). In 2025, an EG
execution plan was defined with
a view to proactive consequence
management through a preventive
and selective contractor monitoring
approach, based on data-driven
logic, to anticipate and correct
possible future critical issues.
Process declined based on the H&S
risk level of the type of activities
performed (Product Group):
• Low-risk Product Group:
completion by the company of an
H&S questionnaire
(self-assessment);
• Product Group at medium risk:
to conduct a dedicated field
assessment by Enel (Contractor
Safety Assessment);
• High-risk Product Group: in
addition, possession of an ISO
45001-certified Management
System is also required.
Document shared and accepted at
the qualification stage, attached to
all contracts signed by all companies
when the work is awarded. The
HSE Terms, applied throughout the
Group, define the health, safety and
environmental obligations with which
contractors must comply and also
enforce on their subcontractors.
They also stipulate safety and
environmental violations that could
result in specific penalties, from the
application of fines to suspension
of work, contract termination or
suspension of qualification on the
Enel Supplier Register.
• Reduction in the injury
frequency rate with lost
days compared to previous
years.
• Reduction in the weighted
injury frequency rate with
lost days compared to the
average of the previous
three years.
• Decrease in the number of
non-compliances detected
in field inspections based
on the number of hours
worked.
• Positive monthly variation of
the Fatality Risk Index (FRI).(1)
• Reduction in the injury
frequency rate with lost
days compared to previous
years.
• Reduction in the weighted
injury frequency rate with
lost days compared to the
average of the previous
three years.
• Number of non-
conformities detected in
field inspections.
• Positive monthly variation
of the FRI.(1)
• Reduction in the injury
frequency rate with
lost days compared to
previous years.
• Reduction in the
weighted injury
frequency rate with lost
days compared to the
average of the previous
three years.
• Number of non-
conformities detected in
field inspections.
• Positive monthly variation
of the Fatality Risk Index
(FRI).(1)
2025
2025-2027
2025-2027
Action
targeted at
companies
collaborating
with Enel
Action
targeted at
companies
interested in
collaborating
with Enel
Action
targeted at
companies
interested in
collaborating
with Enel
(1)
Fatality Risk Index (FRI): a predictive parameter based on a modular logic: through the weighted combination of the main safety indicators (such
as injuries, hours worked, inspections and non-compliance), it establishes the level of accident risk of the specific contractor operating in a
specific Country or at Group level. The FRI therefore aims to intercept possible critical situations that could cause an injury.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
358
INTEGRATED ANNUAL REPORT 2024
ACTION
DESCRIPTION
Scope
Timing
Monitoring
Safety and
technological
innovation
Enel promotes technological innovation
to improve health and safety processes
to support workers to better mitigate
and manage safety risks and reduce
workplace injuries. Key initiatives
planned for adoption in 2025 include:
• Closer Project, aimed at equipping
Enel people working in confined
spaces with tools to maintain
communication with manning
personnel;
• Laser Barriers Project, to improve
the demarcation of work areas and
prevent access to unauthorized
personnel through laser barriers;
• “GORE” project, aimed at
operative Enel people adopting the
latest generation of PPE with high
performance in terms of both arc
flash protection and ergonomic
comfort.
• % of definition of new
innovative initiatives in
H&S compared with the
previous year.
• % of innovative H&S
projects in scale-up/
handover compared to
previous year.
2025
Only for
Enel people
In 2024, more than 431,000 safety inspections
were conducted on site. The scope and frequen-
cy of inspections were also redefined in 2024 to
optimize the process, ensuring root cause analysis
on which to base the implementation of corrective
actions.
Also in 2024, 82 Safety Extra Checking on Site were
performed, highlighting the need to focus mainly on
activities with electrical hazards and performed at
height, as well as a focus on human behaviors related
to risk perception and work organization.
Moreover, 1,049 Contractor Assessments (CA) and 95
Evaluation Groups (EG) were performed, broken down
into 19 reactive (following safety event) and 76 proac-
tive. The following table shows the main actions result-
ing from reactive EGs.
Safety events
2024
no. EG
Safety
support(1)
Qualification
suspended / Tender
limitation / “Under
investigation” status
Total or partial
suspension of
activities
Contract termination
or suspension
/ Reduction of
contracted activities
/ Non-award of
contracts
Other (training/
inspections/contactor
assessment/review of
working methods, etc.)
Fatal injuries
7
1
14
4
5
9
Life Changing
injuries
-
-
-
-
-
-
HiPo accidents
12
1
8
2
5
12
TOTAL
19
2
22(2)
6
10
21
(1)
Safety Support = surveillance process to be applied to the contractor with low or deteriorating performance or after an accident in order to
support actions as long as foreseen in the remediation plan.
(2) Includes 10 suppliers involved in the Bargi event currently “under investigation”.
With a view to improving the selection of main contrac-
tors and verification of subcontractors, Policy 1316 was
published in 2024 on HSE audits, which are instrumen-
tal in the authorization of subcontracting by suppliers.
Social information
359
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Enel also carries out periodic checks on its own plants
and work equipment to assess their actual state of
preservation, efficiency and to protect the safety of
personnel. In addition to statutory inspections, which
are carried out by certified and competent techni-
cians, additional inspections are conducted with a
view to regulatory over-compliance in the field of
workplace safety. In addition, periodic verifications
of hygiene, safety and ergonomics of workplaces are
carried out (e.g. level of ventilation, temperature and
humidity, level of cleanliness of workstations and ser-
vices, etc.) both during periodic inspections required
by law out at the sites in the presence of the company
doctor and workers’ health and safety representatives,
and in those carried out by companies specialized in
the maintenance of conditions of healthiness, hygiene
and ergonomics of work environments.
Targets
ESRS S1-5
(1)
The actual values are calculated considering the 2025 scope to make them homogeneous and comparable with the plan target values.
(2) The target of the Weighted Frequency Rate (WFR) is calculated by associating a weight to the frequency rates based on the severity of the
injury they represent, distinguishing between fatal, Life Changing, High Potential and other, considering all injuries with at least one day of
absence.
(3) The initiative is to be carried out on one or more Business Lines.
KPI
POLICIES
SCOPE
Average
frequency
rate of injuries
weighted for
their severity
(all injuries with
at least one
day of absence
from work are
considered in the
indicator)
% of coverage
of Enel’s own
workers with
certified
management
system
Initiatives
to engage
contracting
companies
on health and
safety issues
Health and Safety Policy
• Continuous improvement
through monitoring of
performance measurement
indicators on health and safety.
• Make processes, work methods
and equipment increasingly
safer.
• Reduce the injury frequency
index.
• Achieve Zero Fatalities.
• Promotion, implementation and
maintenance of Occupational
Health and Safety Management
Systems according to the ISO
45001 standard, with a view to
continuous improvement.
• Promotion and dissemination of culture
on health and safety also within the
companies that collaborate with Enel.
• Make processes, work methods and
equipment increasingly safer.
• Consolidate the health and safety
culture.
• Reduce the injury frequency index.
• Achieve Zero Fatalities.
Enel at the global
level
Enel at the global
level
Enel at the global
level
Year: 2024
(calculated
based on the
average value
of the last 3
years 2022-
2024)
Value (last
3-year
average): 0.53
Year: 2023
Value: 94%
Year: 2023
Value: 1
0.64(1)
96%
5
0.47(2)
in 2025
≥94%
in 2027
1
initiative
per year
in the
period
2025-
2027(3)
BASELINE
ACTUAL
2024
TARGET STATUS
Not in line
In line
Achieved
For the 2025-2027 period, the Enel Group has set a se-
ries of targets aimed at applying to its business model
the strategic guidelines and evidence that emerged
from the 2024 double materiality process, with the aim
of adopting all the necessary actions, and related dead-
lines, aimed at spreading the culture of safety and pro-
moting the adoption of adequate tools among internal
workers and those of contracting companies, thus re-
ducing the risk of accidents. These targets are shared
with employees, with the aim of defining appropriate
action plans, through the dialogue channels and ac-
tive engagement and involvement initiatives better de-
scribed in the section “Involvement of workers in health
and safety issues and channels of communication”.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
360
INTEGRATED ANNUAL REPORT 2024
Health and safety metrics
ESRS S1-14
The management system
In line with the Health and Safety Policy, all Enel Group
companies adopt and implement their own Manage-
ment System for Workers’ Health and Safety, in com-
pliance with the international standard ISO 45001 as
a tool to contain risks related to workers’ health and
safety and a supplementary tool to the internal control
system expressly referred to in Special Part “F” of the
Organization, Management and Control Model pur-
suant to Legislative Decree 231/2001, i.e. a company
management system that identifies the operating pro-
cedures that Enel develops to reduce the risk of senior
management and subordinates committing crimes to
the benefit or interest of the company itself. In 2024,
the Enel Group had the following level of coverage.
Enel’s own workers covered by the health and safety management system
UM
2024
2023
Change
Percentage of Enel’s own workers covered by the Company’s
health and safety management system
%
96
94
2
The Parent Company Enel SpA has also long adopt-
ed and consistently and timely implemented its
own management system, together with neces-
sary guidance and coordination activities towards
Group companies, promoting the dissemination
and sharing of best practices and external com-
parison with top international players. The various
business lines and countries are responsible for ap-
plying the guidelines defined by Enel SpA through
their own management systems, according to the
specific risks of their business and local regulatory
framework.
Analysis of safety indicators
In line with previous years, 2024 was also characterized by
a decrease in the Enel Group scope of consolidation fol-
lowing the sale of its Peru business and the decreasing in
construction activities due to the completion of construc-
tion sites, with a consequent reduction in hours worked
(-11.5% compared with 2023). Scope reduction and con-
struction site completion are situations often character-
ized by a decrease in accuracy, especially in the scope
exit procedures (as already observed in 2023) and time
pressures in the completion of works; this can normally
translate in stress factors and negatively influence safety
performance. Thanks to the experience gained in 2023
and the consequent preventive measures adopted, the
number of total Lost Time Injuries (LTIs) in 2024 decreased
by 40 compared with 2023 (237 in 2023 vs 197 in 2024),
translating into a LTI FR of 0.58, down from 0.61 in 2023.
The total number of accidents with Total Recordable Inju-
ries (TRI) injuries (including first aid injuries) also decreased
by 6.7% (677 in 2024 compared to 726 in 2023), mainly
due to the decrease in accidents that did not require days
off work (478 in 2024 compared to 489 in 2023), mainly
attributable to contractors (-18%), partly offset by a slight
increase in events involving Enel people (+18%). On the
contrary, the related Total Recordable Injury Frequency
Rate (TRI FR) shows a slight increase of 5.3% compared
with 2023 (to 1.98 in 2024 from 1.88 in 2023), due to the
smaller decrease in first aid compared to 2023, stand-
ing, as a whole, at about 2 injury events per million hours
worked.
In spite of the responsible decrease in LTIs and TRIs com-
pared with 2023, the number of serious injuries (Fatal,
Life Changing and High Potential) in 2024 remained sta-
ble around the value recorded in the last two years (40,
from 39 in 2022 and 2023, the lowest value recorded in
the last 10 years). While serious injuries (number of peo-
ple injured) have been almost constant over the past three
years, the number of serious events has been steadily and
significantly decreasing, with a major 27% decrease from
the previous year to 27 events, from 37 in 2023 (see figure
below).
Social information
361
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
TREND OF SERIOUS EVENTS IN THE PERIOD 2021-2024
2021
2022
2023
2024
46
39
37
27
This shows that focusing on serious injuries and ana-
lyzing their dynamics is helping to reduce the risk sit-
uations that cause them. However, data nonetheless
signal the need to keep the focus on accidents dy-
namics and their consequences, particularly on activ-
ities involving the simultaneous presence of multiple
workers at construction sites with risks of operational
interference, especially for highly complex jobs.
Within the serious injuries cluster, fatal injuries came
to 14, a 27.3% increase from 2023 (11), due to the April
9, 2024 accident at the Bargi hydroelectric power
plant on Lake Suviana in the Bolognese Apennines,
while other serious injuries (HiPo and Life Changing),
despite this event, dropped to 26 from 28 in 2023 (see
figure below).
DISTRIBUTION OF TYPES OF ACCIDENTS IN THE PERIOD 2021-2024
FAT
LC ACC
HiPo
2021
2022
2023
2024
40
31
27
11
6
2
1
2
39
39
40
9
53
4
24
14
With regard to the Bargi accident, Enel Green Power
Italia is cooperating with the relevant authorities in the
reconstruction of the event, the causes of which are be-
ing investigated by the Bologna Public Prosecutor’s Of-
fice, which has initiated proceedings against unknown
persons. As far as is known, in November 2024, techni-
cal consultants hired by the Prosecutor’s Office filed a
preliminary report speculating on a number of possible
causes of the event, which are technical in nature.
As regards fatal accidents, 1 death was recorded in the
Global Energy and Commodities Management Business
Line in Colombia due to drowning while taking bathym-
etric measurements, 4 occurred in the Enel Grids Busi-
ness Line (2 in Italy, 1 in Colombia and 1 in Brazil) due to
impact with branches during power lines maintenance
and accidental collision with a moving vehicle, and final-
ly 8 in the Enel Green Power and Thermal Generation
Business Line, 1 during maintenance work on a hydroe-
lectric turbine in Spain and 7 in the Bargi accident.
Among serious injuries, 14 were associated with elec-
trical risk, while remaining the main risk as in the past
10 years, in 2024 did not cause any fatal injuries, un-
like previous years. 6 injuries were related to the risk
of falling from height, 2 to the risk of entrapment and
2 to the risk of impact with objects were reported.
Consequently, in order to continue to reduce occur-
rences and injuries it is essential to maintain a high
focus on electrical hazard prevention programs, while
strengthening those dedicated to the prevention of
falls from height.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
362
INTEGRATED ANNUAL REPORT 2024
UM
2024
2023
Change
Number of hours worked(1)
Total hours worked
mil h
341
386
(45)
-11.5%
Employee hours worked
mil h
109
121
(11)
-9.3%
Hours worked by contractor personnel
mil h
232
265
(33)
-12.5%
Fatalities due to work-related injuries and illnesses
- of which fatalities due to work-related injuries
no.
14
11
3
27.3%
- of which employees
no.
2
3
(1)
-33.3%
- of which contractor company personnel
no.
12
8
4
50.0%
- of which fatalities due to work-related illnesses
no.
-
n.a.
-
-
- of which employees
no.
-
n.a.
-
-
- of which contractor company personnel
no.
-
n.a.
-
-
Number of Life Changing Accidents (LCA)
Total LCA accidents
no.
2
1
1
100.0%
- of which employees
no.
2
-
2
-
- of which contractor company personnel
no.
-
1
(1)
-100.0%
Number of High Potential (HiPo) accidents
Total HiPo accidents
no.
24
27
(3)
-11.1%
- of which employees
no.
9
6
3
50.0%
- of which contractor company personnel
no.
15
21
(6)
-28.6%
Number of Recordable Injuries (TRI)(2)
Total Recordable Injuries (TRI)
no.
677
726
(49)
-6.7%
- of which employees
no.
203
176
27
15.3%
- of which contractor company personnel
no.
474
550
(76)
-13.8%
Total Recordable Injuries by geographical area
- of which employees
Italy
no.
75
59
16
27.1%
Iberia
no.
22
22
-
-
Rest of the world
no.
106
95
11
11.6%
- of which contractor company personnel
Italy
no.
80
74
6
8.1%
Iberia
no.
44
54
(10)
-18.5%
Rest of the world
no.
350
422
(72)
-17.1%
Total Recordable Injury Frequency Rate (TRI FR)(3)
Total TRI Frequency Rate
i
1.98
1.88
0.10
5.3%
- of which employees
i
1.86
1.46
0.40
27.4%
- of which contractor company personnel
i
2.04
2.07
(0.03)
-1.4%
TRI frequency rate by geographic area
- of which employees
Italy
i
1.36
0.98
0.38
38.8%
Iberia
i
1.42
1.32
0.10
7.6%
Rest of the world
i
2.73
2.17
0.56
25.8%
- of which contractor company personnel
Italy
i
1.11
1.14
(0.03)
-2.6%
Iberia
i
1.14
1.30
(0.16)
-12.3%
Rest of the world
i
2.88
2.66
0.22
8.3%
Number of days lost due to injuries
no.
8,921
11,847
(2,926)
-24.7%
Number of Lost Time Injuries (LTI)
Total LTIs(4)
no.
197
237
(40)
-16.9%
- of which employees
no.
75
87
(12)
-13.8%
- of which contractor company personnel
no.
122
150
(28)
-18.7%
LTI Frequency Rate (LTI FR)(5)
Total LTI Frequency Rate (LTI FR)
i
0.58
0.61
(0.03)
-4.9%
- of which employees
i
0.69
0.72
(0.03)
-4.2%
- of which contractor company personnel
i
0.53
0.57
(0.04)
-7.0%
Near Misses
- of which employees
i
5.08
5.58
(0.50)
-8.9%
- of which contractor company personnel
i
2.68
4.38
(1.70)
-38.8%
(1)
The measurement of hours worked by the Group’s own workforce and those of contracting companies is carried out regularly in all the coun-
tries in which the Enel Group operates by adopting specific collection criteria depending on the country, types of activity and business. In
fact, data is collected “directly” in areas equipped with attendance recording systems and, if it is not possible to use such systems, “indirectly”,
based on appropriate algorithms that allow to estimate hours worked on the basis of contractual final figures and/or hourly work rates, specific
to individual countries. The data collected is recorded monthly in the Group’s data collection tool, validated and aggregated at the various
levels of the organization through structured data collection and processing and specific internal control procedures aimed at assessing
deviations from expected performance and promptly implementing corrective actions.
Social information
363
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
(2) Total Recordable Injuries (TRI): includes all accidents that resulted in injuries, including injuries that resulted in days of absence from work (LTI) and
First Aid injuries, i.e. injuries that did not require days of absence from work.
(3) Total Recordable Injury Frequency Rate (TRI FR): reflects the number of accidents that caused injuries per million hours worked.
(4) Lost Time Injury (LTI): injuries that caused at least one day of absence from work. The figure for 2023 were recalculated following a reclassifi-
cation of events.
(5) Lost Time Injury Frequency Rate (LTI FR): reflects the number of injuries with at least one day of absence from work per million hours worked.
Employee health
Protecting the health and welfare of workers is one of
the drivers of the Enel Group health and safety strat-
egy. Enel implements multiple initiatives each year to
foster a 360° prevention-oriented approach, focusing
not only on the health and mental and physical integrity
of colleagues during work but also on daily life. Based
on the analysis of the local context, services offered by
national health systems, and national prevention and
health plans, prevention campaigns (e.g. screening pro-
grams, medical check-ups, etc.) and information and
awareness campaigns on various issues, such as those
focusing on risks related to climate change and expo-
sure to high temperatures, are promoted annually in all
countries, totaling about 140 initiatives in the Group.
Emergencies management
Climate change-related events have increased rapidly
in recent decades worldwide, both in intensity and fre-
quency. This exponential increase significantly affects
not only the continuity of operating assets, but espe-
cially the safety of people. With a view to adapting to
these changes, Enel has seen fit to review the tools for
assessing and managing these phenomena and related
safety risks, starting with the definition of the new Pol-
icy 1293 “HSE and Security Emergency preparedness,
management and response”, which promotes an inte-
grated approach to emergency preparedness and man-
agement and provides guidelines for identifying appli-
cable emergency scenarios and assessing their relative
level of risk, including all emergency scenarios that may
impact on worker health and safety, the environment
and local communities, assets and business continuity.
Finally, in Italy, an innovative digital emergency man-
agement training initiative was conducted for employ-
ees in office locations aimed at minimizing errors dur-
ing the management of an emergency and increasing
awareness. The solution consists of realistic digital
tests representing possible emergency situations and
consequential scenarios.
Community relations
Training, information and awareness-raising activities fo-
cus mainly on Enel people and on contractors working
on operations. However, there is a third stakeholder to
whom Enel is directing its health and safety awareness
efforts, with a focus on electrical risk. This third party is
represented by the communities that live near the in-
stallations distributed in the various areas in which Enel
operates. The goal is to create a general awareness and
culture that will help prevent electrical accidents, thereby
protecting the public from possible risks related to this
type of hazard. For more information, see the dedicated
action plan in the “Affected communities” section.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
364
INTEGRATED ANNUAL REPORT 2024
Workers in the value chain
7,489
SUPPLIERS WITH ACTIVE CONTRACT
8,458 in 2023
6,952
QUALIFIED SUPPLIERS WITH ACTIVE CONTRACT
8,277 in 2023
The results of the 2024 double materiality process for aspects related to “Workers in the value chain” are reported
below, with details of the material IROs used in the preparation of this section.
SUBTOPIC
DESCRIPTION OF IRO
TYPE
TARGET/
ACTION PLAN
SUPPLIER WORKING
CONDITIONS
Sub-subtopic
–
Procurement of goods and services
deriving from activities linked to potential
violations of human rights (for example,
unpaid work or work not in line with the
conditions defined by a contract).
Action plan
• Risk mitigation through the
introduction of specific contract
clauses.
SUBTOPIC
MANAGING RELATIONSHIPS
WITH SUPPLIERS
Sub-subtopic
Managing the procurement
of supplies containing critical
materials
The limited global resources of equipment
containing materials that are critical in
the energy industry (lithium, cobalt, nickel,
platinum, germanium and selenium)
and fuels, concentrated in countries
with limited regulatory and governance
structures or subject to geopolitical
tensions, can lead to supply chain
disruptions and increases or volatility in the
prices of these materials.
Action plan
• Monitoring geo-political risk
for key supplies by introducing
specific contract clauses.
Risk
Negative impact
With regard to additional material IROs related to the supply chain, please see the “Climate change” chapter (Contribution to reducing Enel’s car-
bon footprint through a sustainable supply chain) and the “Health and safety” section (Promoting a safety culture among workers and Managing
and monitoring worker safety).
Strategy and management of material IROs
ESRS 2 SBM-2; ESRS 2 SBM-3
The transformation of the energy system, together
with the digital revolution, entails a change in the way
works are performed and goods and services are sup-
plied. It also means suppliers are essential partners to
achieve sustainable progress across the entire context
in which the Group operates.
The types of workers in the value chain potentially im-
pacted by business activities are mainly those belong-
ing to entities in the Company’s upstream value chain,
with particular reference to upstream activities in
countries and regions at greater risk of human rights
violations.
Enel requires that suppliers not only operate in compli-
ance with applicable laws and authorizations, but that
they also commit to adopting best practices in terms
of governance, ethics, human rights, health, safety and
the environment, in line with the Group’s strategy, with
its main codes of conduct (the Human Rights Policy,
the Code of Ethics, the Zero Tolerance of Corruption
Plan approved by the Enel SpA Board of Directors)
and its global compliance programs. Enel works with
suppliers to maximize the economic, productive, so-
Social information
365
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
cial and environmental benefits of the transition and
strives to create sustainable, innovative and circular
processes to mitigate the impact generated by its ac-
tivities through efficient use of resources, technolog-
ical innovation and proper waste management, mind-
ful of the need to prevent pollution and reduce energy
consumption and GHG emissions.
The management of the procurement of goods, works
and services needed to carry out the Group’s activities
is entrusted to the Global Procurement Service Func-
tion, whose organizational model consists of global
purchasing units and country units for other types
of purchases, so as to foster standardization, optimi-
zation and value creation for the types of purchases
common to all the countries and regions in which Enel
operates. The resulting organization is matrix-based:
all procurement units, both global and country-based,
are linked with business structures to enable strong
integration and collaboration between Enel’s request-
ing and purchasing units.
Also with regard to the procurement of energy com-
modities, Enel encourages a responsible sourcing ap-
proach by requiring suppliers to adhere to the Group’s
main codes of conduct, noted above, and global com-
pliance programs. It is through the “Know Your Cus-
tomer” process that suppliers of energy commodities
and transportation services are selected by means of
an evaluation of reputational aspects, economic-fi-
nancial and technical-commercial requirements (for
more information on the energy commodity supply
chain, see the section “Energy commodity supply
chain information” at the end of this chapter).
During 2024, the Enel Group managed procurement
activities for goods, works and services totaling about
€14 billion of contracted business. Within the core
product types, the most significant purchases on sup-
plies concern work on power lines and primary sub-
stations, transformers, electronic meters, photovoltaic
plants, BESS systems and cables. Other relevant cate-
gories are related to the procurement and construc-
tion of renewable power generation plants, and low-
and medium-voltage work.
Moreover, in pursuing decarbonization goals and the
IRO climate change target, Enel aims to reduce the
cost of CO2 avoided in the supply chain as low as pos-
sible and seeks to efficiently allocate carbon footprint
reduction efforts.
On the other hand, with regard to issues related to the
interests and opinions of workers in the value chain as
well as the main initiatives promoted by Enel and the
ways in which they are involved, see “Stakeholder en-
gagement” in the “General information” section.
Policies related to value chain workers
ESRS S2-1
In line with the Group’s Human Rights Policy, in addi-
tion to ensuring the necessary quality standards, Enel
partners are required to commit to best practices on
human rights, including working conditions, occupa-
tional health and safety, environmental responsibility,
and respect for privacy by design and by default. These
principles are also an integral part of development and
awareness programs: each person must feel that they
are responsible for their own health and safety as well
as for the health and safety of others. In terms of specif-
ic actions, Enel ensures that its procurement processes
are based on criteria that promote sustainable devel-
opment and social stability, as well as the principles of
free competition, equal treatment, non-discrimination,
transparency and rotation over and above compliance
with local legislation. 100% of the purchased product
categories are preliminarily assessed in terms of risk,
based on human, environmental, social and economic
rights criteria. Furthermore, Enel supports its partners
to increase their resilience, promoting practices to sup-
port a just transition. More details about the contents
of the Human Rights Policy can be found in the section
“Managing human rights”, along with measures to rem-
edy any human rights impacts.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
366
INTEGRATED ANNUAL REPORT 2024
Processes for engaging with value chain workers about impacts
and channels of communication
ESRS S2-2; S2-3
73. Product Group (PG): specific category of goods/works/services that Enel purchases. The qualification process and related verifications that Enel
carries out vary depending on the level of risk associated with each PG. There are 4 risk components: technical, safety, environmental, and repu-
tational. The risk of each component is assessed according to the type of goods/works/services (and related activities) and the country context.
Enel promotes extensive supplier engagement, in or-
der to support them as they adapt and grow given that
the transformation of the energy sector, combined
with the drive towards digital, requires a different ap-
proach to the performance of works or the provision
of goods and services. There are several channels
through which the Group has set up dialogue with
suppliers, including, as part of the Group’s human
rights due diligence process, a perceived risk assess-
ment through which so-called salient human rights
issues are identified.
The assessment is carried out in the countries of op-
eration and relevant stakeholders and various experts,
including from the academic world and civil society.
In particular, the process involves direct and indirect
workers, representatives of local communities (for ex-
ample, indigenous and tribal populations), local insti-
tutions, trade unions, businesses, trade associations,
and customers.
The Global Framework Agreement (GFA) also applies
to suppliers and on this basis the Enel Group requires
its contractors to fully comply with local laws and reg-
ulations, and includes in contractual terms the com-
pliance with obligations pursuant to labor law, health,
safety and environment regulations and respect for
human rights, in accordance with the Principles of the
United Nations Global Compact.
Suppliers have several options for dialogue with Enel in
order to report actual or potential negative impacts on
workers in the value chain:
• Whistleblowing channel (see the “Whistleblowing
and stakeholder reporting channel” section for more
information);
• specific provisions of Global Procurement at the
qualification or tender stage;
• contract managers of the different business lines
during the execution of the contract.
Management of relationships with suppliers
ESRS G1-2
In addition to ensuring the necessary quality stand-
ards, supplier performance must go hand in hand with
a commitment to adopt best practices according to
the highest sustainability criteria. The criteria under-
lying procurement practices are reviewed periodically
to ensure their alignment with policies (including the
Human Rights Policy, the Code of Ethics, the Zero
Tolerance of Corruption Plan and global compliance
programs) and evolving ESG requirements relevant to
the Group. Analysis and monitoring activities are also
carried out throughout the procurement process.
Supplier qualification system
Enel has adopted a qualification system to identify
suppliers who meet the requirements needed to co-
operate with the Group. Supplier qualification is or-
ganized by product categories, called product groups
(PG).73 Based on their business, companies can, at any
time, access the dedicated supplier portal and start a
qualification path for one or more PGs, selecting the
countries where it intends to supply goods and ser-
vices. The assessment process varies depending on
the level of risk (high, medium or low) associated with
the PG for each issue (technical, safety, environmen-
tal, reputational aspects, etc.). In addition, regardless
of the risk level of PGs, checks are carried out on the
following aspects:
• legal/reputational: in addition to compliance with the
relevant laws and regulations, suppliers are required
to adhere to the principles to which Enel has commit-
ted with the Human Rights Policy, the Code of Eth-
ics, the Zero Tolerance of Corruption Plan and global
compliance programs, with specific reference to the
absence of conflict of interest (including potential);
• economic-financial: these audits aim to assess the
economic and financial viability of suppliers based
Social information
367
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
on an analysis of their financial and sustainability
statements;
• sustainability: completion of a questionnaire on all
sustainability topics is required, specifically:
• health and safety: the “Safety Self-Assessment”
is required, as it informs suppliers in a straight-
forward way of the fundamental requirements on
which to work and grow together;
• environment: on a scale of 1 to 3 (1=worst; 3=best,
respectively), different environmental criteria are
evaluated depending on the relevant PG and its
associated level of risk;
• human rights: through the utilization of a ques-
tionnaire regarding how the supplier manages la-
bor practices (such as rejection of forced or child
labor and respect for diversity) and community
relations (local, indigenous and tribal peoples).
With regard to health, safety and environmental as-
pects, an on-site assessment at the supplier’s prem-
ises or worksites is always required for the highest risk
PGs, which is performed partially through outsourcing.
If the outcome of these analyses and assessments is
positive, individual suppliers can qualify and be added
to the Supplier Register for 5 years and then be invited
to participate in the Group’s procurement procedures.
Enel monitors the maintenance of qualification re-
quirements throughout the period of inclusion in the
Supplier Register. Should it be found that even one of
the requirements has been lost, the supplier’s quali-
fication status will be temporarily suspended for the
period necessary to carry out the appropriate inves-
tigations that may lead either to readmission to the
Register or revocation of the qualification.
Evaluation of the actions described above is performed
by the Qualification Commission, which is present in all
major countries and is in charge of assessing requests
for qualification, as well as possible suspensions, and
of examining proposals for changes to the technical
qualification requirements and Product Group tree
made by business lines.
As of December 31, 2024, the total number of active
qualified companies is about 18,500, 100% of which
was assessed according to social, environmental and
safety criteria. The total number of suppliers with a
contract still active at the end of 2024 is about 7,489,
6,952 of which are qualified.
Tendering and contracting processes
Consistent with its commitment to introduce sus-
tainability aspects into the tendering processes, Enel
adopted a structured process for defining sustaina-
bility “requirements” (the conditions necessary for a
supplier to participate in the tendering process) and
“sustainability Ks” (optional factors whereby a score/
prize is awarded to the supplier who possesses them)
that can be used by the various purchasing and mon-
itoring units throughout the entire life of the contract.
The process includes two “Libraries”, in which all
sustainability requirements and Ks are catalogued,
grouped into environmental and circularity aspects,
such as waste management and carbon footprint as-
sessments, as well as social aspects, such as training
and employment of people from local communities
and actions to respect gender diversity. These are pe-
riodically updated within a cross-functional working
group dedicated to sustainability and circularity issues
and which takes into account market maturity and
new corporate strategies.
During the tendering process, the supplier may decide
to take on additional obligations by accepting the sus-
tainability requirements and Ks applied in the tender,
the monitoring of which is carried out during the term
of the contract.
As for the path to Net Zero, a key role is to be attrib-
uted to the application at the bidding stage of CO2
targets aligned with the curves certified by SBTi (Sci-
ence Based Targets initiative). Specifically, a model was
developed which, having set the CO2 price, promptly
identifies the percentage value of the K to be applied
to the supplier’s bid depending on the positioning ac-
cording to the target of the different suppliers.
As regards contractual aspects, Enel has defined
specific clauses which are updated periodically in all
works, services and supply contracts so as to take into
account different regulatory adjustments and align
with international best practices.
The General Terms and Conditions of the Contract
stipulate that suppliers, subcontractors, sub-suppliers,
third parties and the entire supply chain involved com-
ply with the applicable wage, contribution, insurance
and tax regulatory conditions with respect to all work-
ers employed in any capacity in the performance of the
contract. In addition, compliance with the principles set
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
368
INTEGRATED ANNUAL REPORT 2024
forth in the International Labour Organization (ILO) Con-
ventions and legal obligations regarding the protection
of child and women’s labor, equal treatment, prohibition
of discrimination, abuse and harassment, freedom of
trade unions, association and representation, rejection
of forced labor, safety and environmental protection,
and sanitary conditions are explicitly required. In the
event of a conflict between the above legal obligations
and the ILO Conventions, the more restrictive rules shall
prevail. The clauses further stipulate that suppliers, sub-
contractors, sub-suppliers, third parties, and the entire
supply chain involved, must commit to prevent all forms
of corruption (Article 29.1.5 of the General Terms and
Conditions of the Contract).
In addition to the legal provisions, the contractual con-
ditions require that suppliers:
• recognize the “Ten Principles” of the United Nations
Global Compact and declare that they manage their
business activities and operations in order to meet
these fundamental responsibilities in the fields of
human rights, labor, the environment and the fight
against corruption (Article 28 of the General Terms
and Conditions);
• acknowledge the commitments Enel has made in
the principles listed in the documents below and re-
fer to them in the execution of the contract:
• Human Rights Policy, which also includes a prin-
ciple related to respect for the environment and
biodiversity;
• Code of Ethics, in which the value of fair compe-
tition is also promoted through abstention from
collusive, predatory and abuse of dominant posi-
tion behavior;
• Zero Tolerance of Corruption Plan, and the com-
prehensive models for the prevention of criminal
risks (Article 29.1.1 of the General Terms and Con-
ditions of Contract);
• adopt suitable conduct to avoid the emergence
of conflicts of interest throughout the duration of
the contract and undertake to notify Enel prompt-
ly in writing if any such circumstances arise (Arti-
cle 29.2 of the General Terms and Conditions of
the Contract).
In addition, the General Terms and Conditions provide
specific regulation of payment terms to suppliers.
Supplier Performance Management (SPM)
These monitoring threads feed into Supplier Perfor-
mance Management (SPM), a process for systemat-
ically collecting data and information related to the
performance of the contract the goal of which, in a
collaborative effort with suppliers, is not only to take
any corrective actions during contract execution, but
also to incentivize a path of improvement through ac-
tions that reward best practices. In addition, all Enel
people who interact with suppliers have the opportu-
nity to express their own assessment utilizing the ded-
icated “Track & Rate” app.
Depending on the performance achieved by suppliers,
a “consequence management” model is applied. This
may include actions aimed at improvement, reduction
of risk and measures to reward excellence. Monitoring
of categories is carried out:
• at contract level: analysis performed periodically
that takes into account the supplier’s performance
during the contract period in order to minimize
contract-related risk. As a result of this analysis, or-
dinary consequence management actions can be
taken (i.e. termination of the contract, application
of penalties, where applicable, assignment of an im-
provement plan and an increase in contract volume,
if applicable, etc.);
• at Product Group level: long-term analysis carried
out periodically that takes into account the suppli-
er’s performance over the past 12 months, with the
aim of implementing consequence management
actions at a broader level such as maintaining listing
on the Supplier Register (suspension, extension, du-
ration of qualification, increase or decrease in award
class, etc.).
To support suppliers in corrective actions, digital tools
are available through which they can communicate
with the relevant areas and exchange any related doc-
umentation.
Through the SPM process, about 8,000 suppliers
have been monitored over the past year.
In addition to these audits, and again for suppliers
with an active contract, there are plans to monitor the
additional obligations arising from the application of
sustainability requirements and Ks during the contract
period. As these obligations are an integral part of the
contract itself, failure to comply with them shall result
in consequence management actions ranging from
the application of penalties to termination of the con-
tract.
Social information
369
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Taking action for managing material IROs
ESRS S2-4
ACTION
DESCRIPTION
Monitoring
geo-political
risk
Introduction of specific
contractual clauses to
ensure supply chain
mapping to monitor its
geo-political risk and
reduce any negative
impacts arising from
supply chain disruptions
and to increases or
volatility in the prices of
these materials.
Supply chain
tracking
Standard review of Group
contractual clauses in
order to increase supply
chain visibility (Tier N
number) to reduce the
risk of potential violations
of human rights.
Supplier
working
conditions
Action plan constantly
monitored by a
dedicated work
group.
By the
end of
2025
Links with
material IRO
Scope
Timing
Monitoring
Management
of supplier
relationships
Management
of the
purchase
of supplies
containing
critical
materials
Action plan constantly
monitored by a
dedicated work group.
By the
end of
2025
Strategic
supplies
Strategic
supplies
Reduction of
Enel’s carbon
footprint
through a
sustainable
supply chain
Introduction of
rewarding criteria in
bidding processes that
aim to demonstrate
progressive improvement
in the environmental
performance of key
supplies through relevant
certifications. Definition of
KPI to measure the value of
supply contracts covered
by Carbon Footprint
certification (EPD, ISO CFP)
on a global perimeter.
Contributing
to the
reduction of
Enel’s carbon
footprint
through a
sustainable
supply chain
KPI monitoring on a
bimonthly basis.
See target on
the % of supply
contracts covered
by Carbon Footprint
certifications reported
in the “Climate
change” chapter.
By the
end of
2027
Strategic
supplies
Energy commodity supply chain information
As mentioned in the section on strategy and manage-
ment of material IROs, the Group also implements a
responsible sourcing approach for the supply of en-
ergy commodities, based on suppliers’ adoption of
global compliance programs and the main codes of
conduct. Enel also promotes dialogue with suppliers
on issues such as sustainable approach and emissions
reporting, and has developed additional specific cri-
teria for different phases/commodities in order to as-
sess adherence to the principles that Enel advocates.
For shipping, Enel uses the vetting process to eval-
uate carriers, applying it also to solid commodities.
For coal, an internal process has been implemented
for suppliers that evaluates labor safety, environment
and human rights, with the possibility of site visits for
strategic sources. In addition, Enel is an active partic-
ipant in Bettercoal, an initiative that promotes social
and environmental responsibility in the coal supply
chain by setting ethical and environmental standards
for mining companies to undergo independent audits
and implement improvement plans.
The initiative more recently has expanded to other en-
ergy commodities, evolving from Bettercoal to RECO-
SI (The Responsible Commodities Sourcing Initiative
https://www.recosi.com/), particularly in the develop-
ment of a new ESG program designed specifically for
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
370
INTEGRATED ANNUAL REPORT 2024
the gas business. By fostering collaboration among
stakeholders, its members and its suppliers to raise
social and environmental standards in global energy
generation and supply chains, RECOSI supports par-
ticipating suppliers through continuous improvement
plans.
Metrics of workers in the value chain
UM
2024
2023
Change
Suppliers with an active contract(1)
no.
7,489
8,458
(969)
-11.5%
Number of suppliers with which a new contract was signed in the
year
no.
4,113
5,134
(1,021)
-19.9%
- of which underwent environmental assessment(2)
%
96
97
-
-
- of which underwent a social assessment(2)
%
96
97
-
-
Workforce of contracting and subcontracting companies(3)
no.
131,851
150,820
(18,969)
-12.6%
Local suppliers of materials and services
Local suppliers with contracts >€1 million
no.
1,400
1,827
(427)
-23.4%
Foreign suppliers with contracts >€1 million
no.
159
220
(61)
-27.7%
Concentration of spending on local suppliers
%
83
86
(3)
-
Concentration of spending on foreign suppliers
%
17
14
3
-
Management instruments
Qualified suppliers with an active contract
no.
6,952
8,277
(1,325)
-16.0%
(1)
The figure for 2023 is restated on new baseline, excluding contracts outside the scope of procurement.
(2) Figures for 2023 reflect a more accurate calculation.
(3) Calculated in FTE (Full Time Equivalent).
The decrease in contracts and consequently pur-
chases of materials and services is due to a reduction
in capital expenditure in some countries and regions
and a greater refocusing of the business in line with
the Company’s strategy of cost optimization. Invest-
ments are directed more at distribution grids to en-
able the energy transition and achieve fair and regu-
lated returns.
Social information
371
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Affected communities
0.96 million
NO. OF BENEFICIARIES IN PROJECTS FOR CLEAN
AND AFFORDABLE ENERGY (SDG 7)
1.25 million in 2023
The results of the 2024 double materiality process for aspects related to “Affected communities” are reported
below, with details of the material IROs used in the preparation of this section.
SUBTOPIC
DESCRIPTION OF IRO
TYPE
TARGET/
ACTION PLAN
ACCESS
TO ELECTRICITY
Sub-subtopic
Breaking down the economic
barriers to access to electricity
Implementation of sustainability projects
to reduce energy poverty in vulnerable
groups.
Target:
• Community projects – millions of
beneficiaries
SUBTOPIC
SUPPORTING THE
SOCIAL AND ECONOMIC
DEVELOPMENT OF
COMMUNITIES
Sub-subtopic
-
Decreased social and economic
development of local communities due to
the closure of traditional power generation
plants.
Action plan:
• See the specific section
Positive impact
Negative impact
Strategy and management of material IROs
ESRS 2 SBM-2; ESRS 2 SBM-3
The Enel Group’s activities can have an impact, both di-
rect and indirect, on the communities in which it oper-
ates. To this end, Enel adopts a sustainability model that
spans the entire value chain, integrating social sustain-
ability criteria (i.e. ensuring inclusive and quality educa-
tion, guaranteeing access to reliable and sustainable
energy, and promoting equitable economic growth in
the territory in which it operates), as well as environ-
mental criteria (i.e. preserving biodiversity and eco-
systems, ensuring appropriate management of water
resources and air, water and soil quality) into business
development. This approach involves the active involve-
ment of communities and institutions from the earliest
stages of development to identify different characteris-
tics and needs and assess impacts in the Group’s areas
of influence, depending on the geographical context
and type of infrastructure.
• Renewable plants (hydroelectric, geothermal, solar,
wind): located in both industrial and rural or isolat-
ed areas, they can also involve indigenous and tribal
people. Key benefits include employment opportu-
nities and vocational training to promote access to
the green labor market, reducing the gender gap
and improving basic education.
• Thermal power plants: located in industrialized set-
tings, near population centers or even in rural set-
tings with a strong dependence on plant activity
and/or a close correlation with industry-induced
labor.
• Distribution networks: run through uninhabited ar-
eas, urban centers and rapidly urbanizing suburbs
(especially in Latin America), where ensuring reliable
electric service is essential for sustainable socioec-
onomic development of the area.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
372
INTEGRATED ANNUAL REPORT 2024
In the process of electrification, Enel actively contrib-
utes to improving access to energy by working with
local governments and institutions to combat energy
poverty and support customers in vulnerable condi-
tions in the countries where it operates, along the en-
tire value chain. This commitment is realized through
initiatives aimed at promoting solutions for energy ef-
ficiency, responsible consumption, infrastructure mod-
ernization, and the development of renewable sources,
in line with the sustainable business model and with the
goal of fostering a just transition.
In pursuing the path of energy transition, the Enel
Group is primarily committed to maintaining the energy
potential of closing thermoelectric plants through the
development of new renewable plants and energy stor-
age systems (Battery Energy Storage System), which
are instrumental in the decarbonization process. Within
this framework, those directly involved in Enel’s opera-
tions, such as direct workers, suppliers and contractors,
local communities and businesses, were identified as
the main stakeholders affected by the coal-fired pow-
er plant phase-out process. Other affected parties are
port and maritime system authorities and the adminis-
trations of the municipalities where the plants are locat-
ed, due to a decrease in direct and indirect tax revenue.
On the other hand, with regard to issues related to the
interests and opinions of the affected communities as
well as the main initiatives promoted by Enel and the
ways in which they are involved, see the “Stakeholder
engagement” section in “General information”.
Policies related to affected communities
ESRS S3-1
In line with the public commitment made by the Group
through the adoption of the Human Rights Policy and
the application of corporate policies in line with ma-
jor international standards, such as the Environmen-
tal Social Impact Assessment (ESIA), Enel adopts an
integrated approach to assess, identify and manage
potential environmental and social risks as well as
impacts throughout the life cycle of new infrastruc-
ture projects. The Group protects the human rights of
communities located in project areas while contribut-
ing to their economic and social growth, with special
attention to indigenous and tribal peoples, in accord-
ance with International Labor Organization (ILO) Con-
vention no. 169.
In compliance with the aforementioned policies, Enel
is committed to promoting access to energy for an
increasing number of people, offering innovative and
inclusive services aimed at vulnerable customers, indi-
gent families, and people with disabilities, while ensur-
ing an ongoing dialogue with communities and advo-
cacy groups. The closure of thermal plants can also be
addressed through a structured process of assessing
environmental and social impacts, aimed at identifying
actions to minimize impacts on local communities and
employment. These measures are guided by a prin-
ciple of mitigating negative impacts through ad-hoc
measures and, to a residual extent, through compen-
satory actions involving social and economic develop-
ment initiatives.
For more information about the Human Rights Policy,
see the “Governance information - Managing human
rights” and “Enel’s due diligence process” sections.
Social information
373
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Processes for engaging with affected communities and channels
for dialogue
ESRS S3-2; S3-3
Processes for engaging with affected communities about impacts
Managing relationships with the communities in which
Enel operates is an enabler for all the Group’s activi-
ties. This approach allows the integration of the needs
of local communities into the development of initia-
tives such as renewable expansion, grid digitization,
and electrification of uses. Knowing and engaging
communities in different contexts becomes a strate-
gic lever to promote sustainable business, minimizing
or offsetting impacts and fostering inclusive and equi-
table growth in the area.
Stakeholder engagement is a structured, continuous
and normalized process in the Group, beginning at the
earliest stages of a project’s development and contin-
uing throughout its life cycle, through action coordi-
nated by the Sustainability Function with the involve-
ment of other relevant Functions, such as Environment
and Institutional Affairs, in the countries where the
Group operates, providing:
1. context analysis and stakeholder mapping:
• collection and analysis of socioeconomic and en-
vironmental data;
• identification of stakeholders in areas of influence
and verification of representativeness of all affect-
ed groups;
• analysis of the type of relationship between Enel
and stakeholders to avoid conflicts of interest;
2. proactive consultation:
• inclusive, free, preventive and informed process,
adapted to the local context, in line with international
standards, with special regard for vulnerable groups;
• engage independent third parties in negotiation
processes because of their expertise in the area
and as a “bona fide witness”, if applicable;
3. continuous dialogue:
• transparent and collaborative sharing of project in-
formation at all relevant stages (e.g. communication
of potential social and/or environmental risks and/
or impacts and their relevant mitigation measures);
4. listening and remedy channels (Grievance Mecha-
nism):
• implementation of accessible tools for sending
social reports and complaints, such as local teams,
toll-free numbers, online platforms or community
leaders in isolated rural areas.
Throughout the stakeholder engagement process,
special attention is given to conflict-affected and
high-risk contexts and vulnerable groups, such as lo-
cal, indigenous and tribal peoples.
In the specific case of programs aimed at promoting
energy access, Enel implements the different opera-
tional steps of the engagement process, starting with
the identification of affected suburban neighbor-
hoods, followed by a feasibility study aimed at assess-
ing the possibilities of regularizing access to energy.
Subsequently, a social relations strategy is developed
with local government authorities to foster institution-
al collaboration. These activities are followed by the
design and execution of the necessary infrastructure
works, accompanied by the standardization of meas-
urement systems to ensure effective monitoring.
Regarding the gradual phase-out of coal-fired power
plants, dialogue with local communities has been in-
tensified through national, regional and local discus-
sion tables organized on a regular basis. The goal is to
identify shared and systemic approaches to intercept
new local industrial development initiatives.
In Italy, for example, Enel is actively working with employ-
ers’ associations and trade unions to find new lines of
business for ancillary companies and new employment
outlets for workers through support for the conversion
of those companies to the new businesses generated by
the energy transition and/or through actions on workers.
Also in this context, in 2020, the “Agreement for a fair
energy transition of coal-fired power plants in closure:
employment, industry and local areas” was signed in
Spain, which involved the Ministerio para la Transición
Ecológica y el Reto Demográfico, the Ministerio de
Trabajo y Economía Social, and trade union represent-
atives. With this agreement, Enel reaffirms its priori-
ty goal of maintaining and creating development and
employment in areas impacted by the closure of coal-
fired power plants through specific action plans aimed
at promoting local economic development activities
in different sectors, training and reskilling of directly
impacted workers.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
374
INTEGRATED ANNUAL REPORT 2024
Processes to remediate negative
impacts and channels for affected
communities to raise concerns
Complaint mechanisms and related remedial systems
are key tools for gathering reports, concerns and re-
quests, ensuring an adequate degree of involvement
of potentially impacted communities, with particular
attention to vulnerable groups, such as indigenous
peoples or people with disabilities. More information
on remedial processes is in the “Business conduct”
section.
Taking action on material IROs
ESRS S3-4
Enel contributes to the social and economic devel-
opment of the areas in which it operates through di-
versified and targeted interventions, ranging from the
expansion of infrastructure to training programs, to
initiatives for social inclusion and projects aimed at
supporting local cultural life as well as interventions to
protect the environment and the resources present in
the areas of interest, in line with the Sustainable Devel-
opment Goals, in particular to:
• ensure inclusive and quality education (SDG 4);
• provide reliable and sustainable energy (SDG 7);
• promote sustainable economic growth and social
inclusion (SDG 8).
Continuous stakeholder engagement enables effective
management of the positive and negative material im-
pacts, real or potential, generated by the Group’s activi-
ties on communities of interest, as well as material risks
and opportunities, through the identification of specific
solutions and action plans that concretely address the
needs of communities and environmental protection.
Promoting access to energy and combating energy poverty
ACTION
DESCRIPTION
Regularization
and
standardization
of electrical
services and
connections
Support projects
at the stage of first
access to electricity
or normalization of
irregular connections
to the electricity grid.
Six-monthly report on the
number of dwellings/families
regularly connected to the
electricity grid.
2025-2027
Chile – Colombia – Brazil –
Argentina: implementation
of interventions for safe
electricity connections and
regularization of service
in informal settlements in
suburban areas.
Scope
Timing
Monitoring
Increasing
energy
affordability
through
efficiency
upgrades
Initiatives and
projects to improve
energy accessibility,
including installation
of photovoltaic plants,
upgrading projects,
and donation of solar
panels and appliances.
Six-monthly report on
the number of homes/
families benefiting
from the interventions
implemented.
2025-2027
Chile: replacement of
wood-burning stoves with
air-conditioning systems in
communities (intervention
under the remediation
plan of the Ministry of
Environment).
Colombia: delivery of the
first home appliance to
families in the Cundinamarca
100% program, improving
their quality of life.
Italy: public lighting energy
upgrades.
Social information
375
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
ACTION
DESCRIPTION
Scope
Timing
Monitoring
Incentives to
reduce energy
poverty
Initiatives to promote
economic benefits,
such as rebates or
supplements on utility
bills and the replacement
of household appliances
with energy-efficient
models.
Six-monthly report on
the number of people
or families supported.
2025-2027
Brazil: encouraging sustainable
behavior through a program
that offers bonuses on
electricity bills to citizens who
drop off recyclable materials at
collection points or participate
in roving collection initiatives.
By reducing the overall amount
of the bill, the bonus increases
energy affordability for low-
income households.
Spain: training programs
for social organizations that
support vulnerable people, with
a focus on energy bills, energy
efficiency, and access to the
social bonus. The program
also provides individualized
assistance to facilitate access to
available benefits.
Energy
awareness
training
Raising awareness
of energy issues and
electrical hazards, with
the aim of preventing
accidents, optimizing
consumption and
encouraging the
conscious use of
resources.
Six-monthly report on
people trained.
2025-2027
Italy – Spain – Argentina –
Brazil – Chile – Colombia:
meetings and collaborations
with entities, trade
associations, institutions (fire
department, civil defense) to
raise awareness and inform
the categories most exposed
to safety issues and prevent
electrical accidents.
Meetings in neighborhoods
with vulnerable communities
to raise awareness of accident
prevention, energy-conscious
consumption, and offer
solutions to technical and
business needs.
Some initiatives carried out in 2024 and continuing
in the coming years, as envisaged in the above-men-
tioned action plans, are listed here. These actions aim
to regularize and standardize electrical services and
connections, as well as promote training for ener-
gy-conscious use: in Colombia, the “Safe Energy for
All” program was developed to provide safe and reli-
able electricity to low-income communities by aiming
to improve the safety of electricity grids by means of
appropriate technical standards. In Spain, on the other
hand, the “Energy Access Training Program for NGOs
and Social Services” was promoted with the aim of
providing NGOs and social services with energy skills
to expand their capacity to support families in vulner-
able conditions.
Social impact of the closure of thermal power plants
In line with corporate and territorial policies and in
collaboration with local stakeholders, in 2025 the
Enel Group will focus on a series of initiatives in con-
tinuity with the actions already undertaken, aimed at
strengthening support for the socioeconomic devel-
opment of the affected areas.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
376
INTEGRATED ANNUAL REPORT 2024
ACTION
DESCRIPTION
External training
programs
to improve
employability
with the aim of
reducing the
gap between
labor supply and
demand
Training courses, mainly
reskilling, to develop
technical, professional and
operational skills mainly
in the fields of renewable
energy and distribution
networks, as well as other
strategic areas for the
industrial development of
the target area.
Number of courses /
Number of beneficiaries
with annual final balance.
2025-
2026
Italy – Spain: involvement of:
• workers in ancillary
companies;
• young people and the
unemployed.
Scope
Timing
Monitoring
Area initiatives
to enhance
local heritage,
enhance
tourism
offerings and
promote the
development
of professional
skills in the
community
• Projects for the protection
and teaching of biodiversity,
such as the promotion
of beekeeping and local
tourism.
• Projects for biodiversity
protection and education,
such as promoting
beekeeping activities and
local tourism.
• Awareness-raising and
training initiatives on energy
transition issues and skills.
List of interventions.
List of interventions.
Number of beneficiaries
with annual final
balance.
2025-2027
Italy: involvement of
local governments and
communities.
Spain: involvement of local
micro-entrepreneurship,
local authority, local
community, service sector
enterprises.
Italy: involvement of
students from the Istituti
Tecnici Superiori (ITS) at
Civitavecchia (in Lazio) and
Macomer (in Sardinia).
Some initiatives as of 2024, identified through a shared
and systemic approach involving national, regional
and local discussion tables, are outlined below. These
actions, aimed at mitigating impacts and generating
positive spillovers in the target area, focus on two main
areas and will continue in the coming years, in line with
the aforementioned action plans.
• External training programs for employability: as of
2024 Enel has organized numerous training courses
to improve the employability of workers in the supply
chain and local communities. Courses were provid-
ed in Italy, particularly in Brindisi, Civitavecchia, and
Corigliano-Rossano, and in Spain, involving ancillary
workers, youth, and the unemployed in the area.
• Local community initiatives: in Italy, Spain and Chile,
up to 2024, sustainable tourism, biodiversity protec-
tion and energy transition awareness projects have
been developed, involving local operators, public
agencies, educational institutions, small business-
es, students and communities in the affected areas.
Among the most significant examples in Italy is “Ac-
cogliere ad Arte” in Brindisi, a cultural-historical herit-
age education project aimed at first-time tourist re-
ception professionals (e.g. taxi drivers) and developed
with agencies, educational institutions and the local
community. Also, in Spain (Andorra, Teruel province),
the project “El Pictopueblo”, an inclusive initiative in-
volving the installation of pictograms on more than
200 public buildings, stores and monuments, ena-
bling people with functional diversity to easily identify
spaces, through a clear and intuitive visual language,
has been implemented.
Social information
377
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Metrics and targets
ESRS S3-5
KPI
POLICIES
SCOPE
Community
projects -
millions of
beneficiaries
(no. of
beneficiaries
related to clean
and affordable
energy (SDG 7))
• Human Rights
Policy
• Internal
Policy 211
“CSV Process
definition and
management”
The target, measured in
number of beneficiaries,
considers the countries
in which the Group
operates along the
entire value chain,
starting from the project
development phase.
Year: 2023
Value: 1.25
million
beneficiaries
0.96 million
beneficiaries
3.2 million
beneficiaries
in 2030
(cumulative
value from
2024 to 2030)
BASELINE
ACTUAL
2024
TARGET
STATUS
Not in line
In line
Achieved
The target only considers projects that actively con-
tribute to energy poverty reduction in the countries
where the Group operates. The following are meas-
ured:
• direct beneficiaries: those who obtain, for example,
an electrical connection, receive a household appli-
ance, or participate in educational initiatives on en-
ergy consumption;
• indirect beneficiaries: people dependent on direct
beneficiaries, calculated by average household size
(3 in Europe, 4 in the rest of the world, according to
World Bank data).
The target is monitored semi-annually, measuring
the number of beneficiaries for each project and
geographical area. The data is managed through a
dedicated platform for reporting and monitoring the
project portfolio. For the application of stakeholder
engagement policies to support goal achievement
(such as ESIA, Human Rights Policy, and other tools in-
cluded in Enel’s sustainability model) see the sections
on policies and stakeholder engagement.
Access to remedy
COLOMBIA – WINDPESHI – La Guajira
The Windpeshi wind farm, construction of which is
currently suspended. With capacity of 200 MW it
could contribute to the diversification of the country’s
energy mix.
On May 24, 2023, Enel announced it was suspending
construction of Windpeshi for an indefinite period of
time. This resulted in the interruption of all construction
work other than that strictly necessary to fulfil the pro-
ject’s social and environmental commitments. The de-
cision was made by the Board of Directors of Enel Co-
lombia given the impossibility of guaranteeing the pace
of construction of the project. The decision, as stated
in the specific press release from Enel Colombia dat-
ed May 24, 2023, “was taken after careful analyses and
feasibility studies which led to the conclusion that it is
not possible for the Company to continue with the con-
struction of Windpeshi, as projects must be sustainable
not only socially but also economically, and their suc-
cess depends on collaboration between businesses,
institutions and communities”. The Group will however
continue to engage with communities and all relevant
stakeholders to address the implications of this deci-
sion. More specifically, in addition to the resources used
to carry out the commitments made during the prior
consultation, more than 7.1 billion Colombian pesos
have been invested in projects relating to quality edu-
cation, access to water and economic progress.
The community in the area where the plant would be
built is made up of indigenous populations residing in
the Municipalities of Maicao and Uribia, belonging to
the Department of La Guajira. This area is character-
ized by a significant presence of indigenous commu-
nities, which represent 20% of the total population of
Colombia. In addition to Enel’s commitment to listen-
ing to and proactively engaging with local communi-
ties, with particular attention to the most vulnerable
communities, such as indigenous and tribal popula-
tions in line with ILO Convention no. 169, the nation-
al law provides that prior consultation of indigenous
populations must take place according to a specific
process. This process involves the national prior con-
sultation authority of the Ministry of the Interior.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
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COLOMBIA – El Quimbo
In line with our approach of sharing and involving all
stakeholders affected by our activities in the areas in-
volved, a multi-year plan of social-environmental pro-
jects that concern the areas affected by their execution
has been defined. In particular, this involves families who
are residents or who own property in the area of the
project, as well as those who work or have commercial
and service activities in that area. The surveyed fami-
lies who met the specified requirements were able to
decide between resettlement (collective/individual) and
the sale of their land. Of the 150 families who select-
ed the first option, 39 selected individual resettlement,
benefiting from the availability of land that could be
used for a home as well as for production purposes. The
remaining 111 families opted for collective resettlement
(Nuevo Veracruz, Nuevo Balseadero, Llano de la Virgen,
San José de Belén) with new homes equipped with es-
sential services and inserted in an urban context with
schools, churches, multifunctional sports facilities, soc-
cer fields, green areas, collection centers for the recy-
cling of waste and waste water treatment plants. Each
family also received 5 hectares of land with an irrigation
system in order to develop their own productive activi-
ty (crops or mini ranches). In addition, Enel Colombia is
carrying out the biggest large-scale ecological restora-
tion project in the Tropical Dry Forest ecosystem in Co-
lombia, with an area of more than 11,000 hectares, as a
biotic compensation measure for the construction of
the “El Quimbo” hydroelectric plant in the department
of Huila.
For more information, see the paragraph on El Quimbo,
in note 55 “Contingent assets and liabilities” section of
the consolidated financial statements at December 31,
2024.
Boujdour
The Boujdour wind farm in Western Sahara, with a
capacity of 300 MW, is operated by a joint venture in
which Enel has an unconsolidated interest. During the
construction phase of this plant, Enel initiated a con-
sultation process with relevant stakeholders through,
in particular:
• 2015: preliminary analysis of the social, econom-
ic and environmental context (“SEECA”) to identify
the relevant socioeconomic issues and the specific
needs of local communities, including the develop-
ment of infrastructure, education, healthcare, pov-
erty problems, social services and the protection of
inherited cultural assets;
• 2019: Environmental and Social Impact Assessment
(ESIA);
• 2020: human rights due diligence, a SEECA update,
and consultation involving several relevant stake-
holder groups.
In particular, through the various stages of human
rights due diligence, Enel put in place a process of
consultation with communities impacted by the pro-
ject, thereby enabling it to verify its level of social ac-
ceptance.
To enable local use of the renewable energy generat-
ed by the plant, the electrical connection between the
plant itself and the city of Boujdour was also strength-
ened.
Through the Boujdour project, Enel also contributed
to the sustainable and socioeconomic development of
the area, with specific, concrete, substantial and veri-
fiable benefits for, in particular, the Saharawis, who are
the direct beneficiaries of the following initiatives:
i. training and hiring of Saharawi people:
• setting up a training center in the base camp dur-
ing the construction phase with civil and electrical
training aimed at closing the local skills gap, thus
creating the opportunity to use these skills in the
future;
• hiring of around 200 people for non-specialist
jobs, of which >90% from the local Saharawi com-
munity during the construction phase;
• hiring of technical personnel for O&M manage-
ment, turbine service provider and substation
maintenance, security and cleaning services;
ii. hiring of more than 100 small and medium-sized lo-
cal businesses for auxiliary services (including trans-
port, cleaning, catering, supply of materials, etc.),
intended to support the local economy, particularly
affected by the consequences of the pandemic;
iii. creation of ad-hoc infrastructure for the needs of
people and small local businesses in the area of the
project:
• during civil works, new sections of road were built,
and existing ones were redeveloped (around 60
km). This activity allowed the main roads to be re-
connected with pastures, for the benefit of pasto-
ral communities in remote areas;
• thanks to the renewable energy generated by the
plant, the local electricity connection with the city
of Boujdour has been strengthened;
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379
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
iv. support for local Saharawi nomadic camel
drivers through the provision of water tanks
and cisterns;
v. supply of food to the most vulnerable local families;
vi. vocational education and training programs de-
signed to combat primary school dropouts, bridge
the gap between training and job opportunities,
provide knowledge on renewable energy. The in-
itiatives involved around 1,000 beneficiaries from
11 schools in the area, with the support of local ex-
perts;
vii. educational programs regarding renewable energy
and wind plant operation, with the establishment
of an annual scholarship for a college student from
the local community;
viii. setting up of a health facility (caravan) made avail-
able to 1,000 students from neighboring schools
for various types of specialist visits (general prac-
titioners, dentists, ENT specialists, etc., and supply
of glasses where necessary) in order to combat
school dropout among children caused by health
problems.
Reports
The management system for the plant has been de-
fined in line with the United Nations Guiding Princi-
ples on Business and Human Rights. Once received,
reports are recorded, analyzed and classified from 1 to
3 (the rating takes into account repetition and severity;
1 is the lowest score, 3 the highest). The analysis allows
a potential solution to be identified. Once the solution
is agreed, the report is deemed to be completed. The
communities have various channels available: on-site
suggestion boxes, post and electronic mail, telephone,
company staff present during site visits. The language
used is Arabic and, when a member of the community
is not able to write and speaks a dialect, a translator is
identified inside or outside the construction site. Spe-
cifically, the reports handled included:
1. request to use local labor by the community. Agreed
solution: non-specialist workers hired as described
above under point i;
2. request to use local small and medium-sized en-
terprises. Agreed solution: the contractors, with the
support of local stakeholders, launched a tender to
select local suppliers for the necessary services and
equipment described in point ii. above.
Blackout in Brazil
On October 11, 2024, Enel Distribuição São Paulo was
hit by a storm ranging among the most severe weath-
er events in the São Paulo Metropolitan Region of the
past 30 years, with winds of up to 107.6 km/h and one
of the largest in terms of impact on power grids.
The total number of Enel Distribuição São Pau-
lo customers initially affected totaled 3.1 million on
the night of October 11. On the same night, mainly
thanks to automation systems and remote operating
of the power grid, the number of customers without
power was reduced to 2.1 million. By the end of Octo-
ber 12, electricity supply had been restored for about
80% of affected consumers.
Although Enel Distribuição São Paulo had restored
90% of electricity for all households within 48 hours
of the extreme weather event, considering the com-
plexity of the works needed to restore the grid dam-
aged by the strong winds, on October 14 the com-
pany announced that it would restore power supply
to all customers within 3 days, as agreed with the
government. On the morning of October 17, the CEO
of Enel Distribuição São Paulo explained at a press
conference that the company had already restored
power supply to all affected customers.
For more information, see the paragraph “Black-out
October 2024 São Paulo – Brazil” in note 55 “Contin-
gent assets and liabilities” of the consolidated finan-
cial statements at December 31, 2024.
Blackout in Chile
On August 1 and 2, 2024, an extreme weather event hit
the Santiago Metropolitan Region and the concession
area of Enel Distribución Chile SA, hereinafter referred
to as the “event”.
This event, unforeseen and of exceptional severity, was
characterized by the presence of strong and unusual
wind gusts, which reached speeds of up to 124 km/h,
unprecedented in the Santiago Metropolitan Region
nor in the concession area of Enel Distribución Chile
SA. In addition to the strong winds, intense rainfall was
recorded during the event, lasting until the morning
of August 2, 2024. The bad weather caused a large
number of trees to fall, power lines and poles to break,
and significant damage to Enel Distribución Chile SA’s
electrical infrastructure.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
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INTEGRATED ANNUAL REPORT 2024
Given the magnitude and extent of the event, the op-
erations of Enel Distribución Chile SA and, in particu-
lar, the electrical supply service offered to customers
were compromised, causing interruptions of varying
degrees for a considerable number of users.
In this context, Enel Distribución Chile SA is currently
involved in several litigations against the SEC, both in
administrative proceedings to challenge the fine re-
ceived and in court, with the aim of clarifying that the
company cannot be held responsible for this event,
since it is a case of force majeure and an aggravated
exceptional situation.
Regardless of pending legal proceedings, Enel Distri-
bución Chile SA has taken a number of measures to
mitigate the negative effects of the event on the elec-
tricity supply to customers, including:
(i) the recent agreement reached with Sernac within the
framework of the Voluntary Collective Proceedings,
initiated at the request of the company, which al-
lowed the definition of a quick, transparent and com-
prehensive solution to protect the interests of resi-
dential customers/consumers affected by the event;
(ii) the signing of a collaboration agreement be-
tween Enel Distribución Chile SA and the Asso-
ciation of Electro-dependent Patients, aimed at
implementing improvements that can positively
impact service for people with electro-depend-
ent conditions.
In order to mitigate the risks associated with extreme
weather events, Enel Distribución has implemented a
number of measures, including:
• expansion of plans to strengthen customer service
platforms through call centers and digital channels,
especially in emergency situations;
• verification of customer service systems infra-
structure, with emphasis on telephone and digital
channels;
• introduction of features for recognition of elec-
tro-dependent patients in digital channels;
• extension of the provision of backup devices in per-
manent mode for registered electro-dependent pa-
tients who request them;
• acceleration of the process of installing electronic
meters with remote communication capabilities for
electro-dependent patients.
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381
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Statement
INTEGRATED ANNUAL REPORT 2024
Consumers and end users
167 (no./10 thousand customers)
COMMERCIAL CLAIMS
177 in 2023
205.2 (average minutes)(1)
SAIDI
208 in 2023
(1)
173 minutes, excluding non-core countries (Argentina and Peru).
The results of the 2024 double materiality process for aspects related to “Consumers and end users” are reported
below, with details of the material IROs used in the preparation of this section.
SUBTOPIC
DESCRIPTION OF IRO
TYPE
TARGET
QUALITY OF CUSTOMER
RELATIONS
Sub-subtopic
Effective and fair relationship
with customers
Lower economic losses due to good
customer loyalty and satisfaction.
Commercial claims no./10,000
customers
SUBTOPIC
SOCIAL INCLUSION
OF CONSUMERS AND/OR
END USERS
Sub-subtopic
Optimizing products and
services for the most vulnerable
customers
Lack of solutions for vulnerable customers
(e.g. promotion of accessible products and
services, promotion of “slow shopping”
and inclusive offers, technical and
commercial assistance, etc.)
New inclusive products and services
– no.
SUBTOPIC
OPERATIONAL
MANAGEMENT OF GRIDS
Sub-subtopic
Grid maintenance
Potential decrease in the reliability of the
distribution network (QoS - quality of
service) due to potential delays in capital
expenditure and extreme weather events.
SAIDI – min.
Opportunities
Negative impact
See also the “Climate change” chapter for an additional material IRO related to consumers and end users (Acceleration in the process of electrifi-
cation of consumption through the implementation of solutions and technologies for the electrification of cities, for companies and for people).
Strategy and management of material IROs
ESRS 2 SBM-2; ESRS 2 SBM-3
Enel’s goal in retail markets is to “Take care of all cus-
tomers, at every stage of their lives” ranging from
households to small and medium-sized businesses to
large corporations.
• Residential segment: increasingly aware of the need
to make informed energy choices. Enel is constantly
working to provide innovative products and servic-
es to curb energy spending as well as information
and support services regarding customized direc-
tions with respect to the customer’s consumption
profile. Significant attention is devoted to vulnera-
ble customers – who have a significant incidence in
the customer base – to whom Enel offers bundled
solutions with dedicated support services and tariffs
(see the dedicated action plan below).
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
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INTEGRATED ANNUAL REPORT 2024
• Micro and small enterprises: these are very sensitive
to the cost of energy. This is why Enel is paying in-
creasing attention to this target audience with offers
that guarantee both reduced energy costs and pro-
tection from possible market price increases.
• Medium and large companies: need to diversify
energy sources in order to electrify industrial pro-
cesses and reduce CO2 emissions. To support these
objectives, in addition to the supply of commodities
offered in Power Purchase Agreement (PPA) mode
with medium- and long-term purchase agreement,
Enel provides technical expertise and integrated
solutions for fleet electrification from planning to
project implementation.
• Government bodies: Enel is looking for new solu-
tions that guarantee high levels of service to the
public, improving their quality of life in terms of
environmental and social impact, ensuring great-
er efficiency in energy management and reducing
emissions. In support of this, Enel acts as a single in-
tegrated partner for their energy transition, offering
an ecosystem of value-added products and services
and customized solutions.
Starting from the knowledge of the various categories
of retail customers (as well as their needs), Enel is com-
mitted to the creation of products that are increasing-
ly customized and adapted to the various profiles in
order to maximize the satisfaction and loyalty of each
consumer category.
The Group also distributes electricity to millions of us-
ers around the world through its grid infrastructure.
Inadequate grid maintenance and/or the occurrence
of adverse weather events, which are increasingly fre-
quent in all countries where Enel operates electricity
grids, can generate widespread negative impacts in
terms of reduced service continuity. For this reason,
Enel has implemented appropriate dedicated proce-
dures and strategies aimed at increasing the resilience
of the distribution infrastructure in all Group distribu-
tion companies, in terms of:
• prevention of the effect and impact of adverse
weather on power grids and plants by means of ap-
propriate tools and actions geared toward the effi-
ciency of power grid operation processes (weather
alerting and operation efficiency improvement);
• increased capacity for resumption of electric ser-
vice through the availability of technical resources
from different countries (international task force)
and increased availability of means and devices for
re-powering (mobile generators and temporary ca-
bles);
• maintaining reliability of grid components over time
through a maintenance policy for networks and tel-
econtrol systems (based on IEC and UNI internation-
al standards). In particular, preventive maintenance
prevents the deterioration of grid performance, re-
ducing consequent failures, through planned activ-
ities, or “on conditions”, i.e. determined by the study
and observation of grid phenomena.
With the same objective, Enel intends to invest €26
billion in its distribution networks in the three-year pe-
riod 2025-2027, a 40% increase compared to the pre-
vious three-year plan. This capital expenditure will pre-
cisely focus on improving service quality and resilience
of the infrastructure to weather events, as well as on
customer connections (for more information see the
paragraph on the Strategic Plan in this document). In
addition, the Group will continue its advocacy efforts
to promote regulatory frameworks that support the
central role played by grids in the energy transition
(see below for a dedicated action plan).
On the other hand, with regard to issues related to the
interests and opinions of consumers and end users as
well as the main initiatives promoted by Enel and the ways
in which they are involved, see the paragraph on “Stake-
holder engagement” in the “General information” section.
Policies related to consumers and end users
ESRS S4-1
With reference to customer relations, the Group’s
Human Rights Policy enshrines Enel’s commitment to
always respond to any suggestions, reports and com-
plaints from customers and the associations that pro-
tect them, making use of appropriate and timely com-
munication systems (e.g. call center, email), in order to
consider all customer needs and ensure quality ser-
vice, with particular regard to people with vulnerabili-
ties. The policy itself provides a process for reporting
alleged violations of the principles of the policy itself,
which includes protecting the identity of whistleblow-
ers. Finally, Enel has adopted an internal policy that
Social information
383
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
provides guidelines on the process of monitoring and
classifying complaints in order to maximize service
quality and increase customer satisfaction.
More details about the contents of Enel’s Human
Rights Policy can be found in the sections “Values and
74. The Voice of Customer operates on two fronts: relational and transactional. As regards the relational aspects, Enel relies on the global standard
of the Net Promoter Score (NPS), on a scale of -100/+100 which allows the degree of happiness and “advocacy” of customers to be meas-
ured globally through simple and immediately understandable data. As regards the precise monitoring of satisfaction on the “transactional”
aspects, or in correspondence with the so-called “moments of truth” (such as for example the completion of the activation process, the inter-
action with the contact center, the delivery of the bill, the increase in power or even the charging session of an electric car or the installation
of a photovoltaic system), Enel customers are asked to express their “Customer Satisfaction” (CSAT) on a scale of 1-5.
75. ESO: Energy Service Operator; ESR: Energy System Research.
pillars of corporate ethics” and “Enel’s due diligence
process” and in the full text of the Policy at https://
www.enel.com/content/dam/enel-com/documenti/in-
vestitori/sostenibilita/diritti-umani/human-rights-pol-
icy_december2021.pdf.
Processes for engaging with consumers and end users and channels
for dialogue
ESRS S4-2; S4-3
Direct customer engagement in Enel is mainly through
the “Voice of Customer” platform, which enables the
collection of about 4 million feedbacks per year from
residential and small business customers. Through
this platform Enel can understand satisfaction levels
on products and services offered, in the form of sat-
isfaction ratings, text comments on reasons for satis-
faction or dissatisfaction, and other feedback on as-
pects such as simplicity of experience, courtesy, etc.74
Customers receive an invitation to participate in sur-
veys made available in the “Voice of Customers” and
are thus informed of the opportunity to express their
feedback through this channel.
In addition, since 2024 Enel has been proactively con-
tacting customers who scored low in customer satis-
faction surveys in order to understand and resolve any
critical issues reported by customers. Then the same
customers are contacted again to assess their new
level of satisfaction. Enel also responds to written or
verbal complaints that customers submit through the
channels made available for this purpose. Even in cases
where Enel works with business partners (e.g. compa-
nies that operate call centers), customer satisfaction is
checked directly through the channels set up by Enel.
With reference in particular to companies, especially
medium to large ones, an important channel of dia-
logue as well as a key lever in terms of satisfaction and
retention is the relationship between the customer
and the key account manager: the latter is increasing-
ly evolving in the direction of becoming a reference
partner, offering consultancy support for consumption
optimization, management of price fixing policies and
customer energy transition.
In addition, Enel acts with regard to collective stake-
holders with moments of listening and managing cus-
tomer needs as well as training/information on energy
issues. In 2024, this included the third edition of the
“Energy Academy” project in Italy, with an education-
al and informational purpose on energy transition is-
sues: through the participation of “experts” from the
academic or institutional world (by way of example,
ARERA, ESO, ESR75), we organized a debate in which a
manager from Enel and some senior figures from na-
tional consumer associations brought their contribu-
tion, exchanging perceptions and positioning on the
issues for the benefit of the class of trainees: junior
or senior resources selected by the same associations.
Another tool for listening to and supporting the needs
of consumers and industry associations is that of ded-
icated channels (web, telephone, email) that allow the
management of cases of greater complexity or urgen-
cy, as well as reports on situations that, according to
the associations, represent case studies apt to stimu-
lating discussion with the Company.
Regarding vulnerable customers, Enel uses communi-
cation tools to support the dialogue channels in order
to make them more accessible to people with disa-
bilities or non-native speakers in the country in which
Enel operates (e.g. video interpreting services for deaf
people or simultaneous translation services for for-
eign speakers).
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
384
INTEGRATED ANNUAL REPORT 2024
As for distribution service users, Enel provides 24/7
toll-free numbers to report faults and power outages.
For the benefit of customers, in addition to the tele-
phone channel, Enel also provides web and app chan-
nels that enable customers to receive quick answers
and resolve electricity supply issues.
Taking action for managing material IROs
ESRS S4-4
Effective and fair relationship with customers
ACTION
DESCRIPTION
Clear and
transparent
communication
Continued review of written and
verbal communications to the
customer with a view to simplifying
and accessibility of information
through the Plain Language
project, in accordance with the
latter’s international standards,
analysis of qualitative data and
insights from Voice of Customer
and other customer experience
monitoring tools (e.g. analysis of
language in samples of phone
call transcripts, checks on post-
writing communications in terms
of complainability, contact ease,
satisfaction, etc.).
The effects of the
initiatives are monitored
through:
I. Customer Satisfaction
and Net Promoter
Score dashboards,
available for all
countries and regions
where Enel operates;
II. timely verification
of the number of
“detractors” or
dissatisfied customers,
and the reasons for
dissatisfaction;
III. dashboards dedicated
to the utilization
of terminology
that more or less
adheres to “plain
language” standards
in interactions with
customers.
Rolling
Italy
Scope
Timing
Monitoring
Strengthening
the direct
relationship
Expand the
catalogue of
offerings and
products
Increased proximity to the
customer, such as through
greater territorial spread of Enel
points, and through timely and
proactive contact with customers
immediately downstream of a low
satisfaction rating (“close the loop”
project).
Making available to customers,
through an extensive and
customized catalogue of products
and services, offerings that meet
their needs with an omnichannel
approach.
The effects of the “close
the loop” project are
monitored through
surveys that measure
post-contact satisfaction,
as well as verification of
process KPIs (e.g. timing,
resolution status, etc.).
Monitoring of requests
made on all available
channels.
Rolling
Rolling
Italy and
Spain
Italy
Furthermore, the guidelines adopted in previous years
on monitoring and classifying complaints were con-
solidated on all business lines in all countries where
Enel operates in 2024, in order to maximize service
quality and increase customer satisfaction in accord-
ance with applicable laws, regulations and rules of
governance.
Social information
385
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Statement
INTEGRATED ANNUAL REPORT 2024
Optimizing products and services for the most vulnerable
customers
Regarding the social inclusion of consumers, Enel is
committed to promoting access to electricity in all
countries where it operates the retail segment, includ-
ing the most remote areas, and works to ensure that
customers in vulnerable conditions also benefit from
the products and services offered as well as that they
are increasingly informed about them. The following
are the main lines of action on the issue.
ACTION
DESCRIPTION
Accessibility
of Enel’s
channels
Integration of tools and services
to support the accessibility of our
physical, digital and telephone
channels, for example, through the
extension of the video interpreting
service in sign language for
deaf people to all Enel spaces
throughout the country (in 2024
experimentation in some cities
was concluded) and the telephone
interpreting service available in 20
languages.
Annual final count of the
number of minutes of
service usage.
2025-2027
Italy
Scope
Timing
Monitoring
Engagement,
information and
awareness
New products
and services
dedicated to
vulnerable
customers
Supporting the dissemination
of targeted information to
customers with vulnerabilities,
e.g. through advisory services,
accompaniment and specific
support to vulnerable people
to apply for social bonuses,
workshops with NGOs and social
services dedicated to combating
energy poverty, and also training
of the energy supply chain
on energy poverty issues (e.g.
“Siamo Energia” with Banco
dell’Energia).
The development of new products
and services that meet the needs
of vulnerable customers (e.g.
over-65, people with disabilities,
etc.), such as offering special rates,
subsidized financing solutions, etc.
Number of people
involved/trained.
Half-yearly monitoring
of the KPI “new inclusive
products and services”.
Rolling
2025-2027
Italy and
Spain
Global
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
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386
INTEGRATED ANNUAL REPORT 2024
Operational grid management
ACTION
DESCRIPTION
Proactive
advocacy
activities
Proactive
advocacy
activities
Consolidation and simplification of
incentive systems to support capital
expenditure in resilience and service
quality improvement.
Establishment of incentive
mechanisms for resilience and
review of quality remuneration
systems.
The effects of the activity
can be seen from the
Regulator’s interventions
on the incentive
methods.
The effects of the activity
can be seen from the
Regulator’s interventions
on the incentive
methods.
2025-2028
Italy and
Spain
Brazil, Chile,
Colombia and
Argentina
Scope
Timing
Monitoring
Enhancing
the availability
of contact
channels
Proactive
communications
Increase the resilience and
flexibility of our contact
channels to ensure their
availability, effectively handle
peak requests, and reduce
waiting times, delivering
increasingly efficient service.
Anticipate customers’ needs by
automatically sending notifications
in the event of a service disruption,
with detailed information about
the problem, tracking of resolution
progress, and timelines for service
restoration.
Monthly monitoring of
the operational KPIs of
the contact channels.
Monthly monitoring of
the operational KPIs of
the contact channels.
Rolling
2025
Global
Latam
Next regulatory
cycle:
Brazil and Chile
2027
Colombia and
Argentina 2025
In 2024, the increase in the severity of critical weath-
er events in some countries significantly impacted the
power grid. The largest events affected Chile and Brazil.
Due to the impact on the grid from exceptional weath-
er events, a large number of customers (peaking at 3
million in Brazil) were disconnected; service restoration
required an exceptional effort of men and means giving
priority to the most critical customers. An internation-
al task force of more than 50 people from other Enel
Group distributors (Colombia, Argentina, Brazil, Italy)
was activated to speed up service resumption; in addi-
tion, remote support for back-office management ac-
tivities has been activated with staff from other coun-
tries (Argentina, Colombia, Italy, Spain).
In addition, in terms of contact channels with distri-
bution service users, communication campaigns were
launched in 2024 on all channels, with a focus on en-
couraging the utilization of digital channels and up-
dating contact data, which are essential for reaching
customers quickly in emergencies, especially the most
vulnerable ones. An important step forward was taken
in Brazil, where Enel implemented automatic tracking
services via WhatsApp and email to reach customers
in a more timely manner, with increasingly accurate
indications of service restoration times in São Paulo
and Ceará.
Finally, as part of advocacy in support of capital
expenditure in the service quality and resilience of
grids, the first technical working groups were set up
in Italy in 2024 and the first proposals were submit-
ted to the regulator on the simplification of incen-
tive systems.
Social information
387
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Targets
ESRS S4-5
(1)
In 2025, the geographical scope also includes Ceará (Brazil) and Argentina.
(2) GRI-GRI-OPI-CO&M-0004 dated December 5, 2024.
(3) The scope includes distribution companies that are no longer part of the Enel Group.
(4) Including non-core countries (Argentina and Peru), the value of SAIDI is 205.2.
KPI
POLICIES
SCOPE
New inclusive
products
and services
– Offering
new products
and services
dedicated to
customers with
vulnerabilities
Commercial
claims per
10,000
customers
System Average
Interruption
Duration Index
(SAIDI) – The
service continuity
indicator is
defined as
the average
duration in
minutes of supply
interruptions for
each customer
served
Enel Group’s Human Rights Policy
promotes a “fair for all” energy
transition, respect for diversity
and non-discrimination.
Enel X Global Retail Policy no.
1183 provides guidelines on
the process of monitoring and
classifying complaints with
details on how to calculate the
KPI in order to maximize service
quality and increase customer
satisfaction.
The Internal Group Operating
Instruction aims to establish uniform
calculation criteria for indicators
of duration and frequency of
interruptions.(2)
Enel at the global
level (commodity
and beyond
commodity B2C
customers).
Stage of the
value chain:
downstream.
Enel at the global
level (commodity
customers
for B2C/B2B/
B2G segments
and beyond
commodity
customers for
B2C segment).
Stage of the
value chain:
downstream.
Core countries.
Stage of the
value chain:
Operations.
Year: 2024
Value: 12
new inclusive
products and
services
Year: 2022
Value: 212
commercial
claims per
10,000
customers
Year: 2020(3)
Value: 259
minutes
12
167
commercial
claims per
10,000
customers
173
minutes(4)
At least
3 new
products
and
inclusive
services in
the period
2025-
2027
158
commercial
claims per
10,000
customers
in 2025(1)
160
minutes
in 2027
BASELINE
ACTUAL
2024
TARGET STATUS
Not in line
In line
Achieved
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
388
INTEGRATED ANNUAL REPORT 2024
Calculation methods
New inclusive products and services: as from 2025,
targets were revised to include only catalogue prod-
ucts and services (e.g. subsidized rates, dedicated
financing solutions for vulnerable customers, etc.)
focusing on countries where the market does not
particularly cater this user base. While continuing to
offer ancillary services and develop engagement in-
itiatives (e.g. for inclusivity in Enel’s physical and dig-
ital channels, for more information on how to access
social incentives and bonuses, etc.), the revision of
this KPI aims to focus the business efforts on de-
veloping valuable solutions for the most vulnerable
customers.
Commercial claims per 10,000 customers: every year,
based on the closing balance of the previous year, a
global target value is defined for each individual coun-
try, which incorporates the improvement actions to
be implemented during the year and any changes in
scope or process. The KPI is recorded in the Compa-
ny’s CRM system and is monitored and tracked on a
regular basis throughout the year using Enel’s Global
Customer Room near-real time system, with the aim
of analyzing deviations from set targets and identify-
ing any opportunities to improve service and thus cus-
tomer satisfaction.
SAIDI: the calculation formula, shown below and
standardized for all network companies, considers
all power outages lasting longer than three minutes.
The calculation does not include interruptions due to
causes not directly attributable to the network com-
pany, such as force majeure.
Calculation formula: SAIDI, the System Average Inter-
ruption Duration Index, represents the average time
of supply interruption to a customer connected with
low voltage (LV). It is calculated for long outages and
is expressed in minutes per customer through the fol-
lowing formula, where:
SAIDI=
∑n
i=1Di x Ui
Ut
• Ui is the number of LV customers interrupted dur-
ing the i-th long interruption either at all voltage
levels or for a selected voltage level;
• Di is the duration of the i-th interruption;
• Ut is the total number of LV customers served by
the network company at the end of the period.
The number of LV customers must be updat-
ed monthly by each network company. The total
number of LV clients served refers to the perime-
ter in which the index is calculated (company, local
area, MV line, etc.);
• n is the number of interruptions in a specific pe-
riod.
• Frequency of monitoring: monthly.
• Target evolution from baseline: there has been a
significant improvement in performance since 2020
due to technological capital expenditure made on
the grid, operational efficiencies, and maintenance
activities aimed at reducing the average time of ser-
vice interruption and the number of customers ex-
periencing disruption.
Social information
389
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Social information
390
INTEGRATED ANNUAL REPORT 2024
Governance information
391
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Governance information
The results of the 2024 double materiality process for aspects related to the “Business conduct” are reported
below, with details of the material IROs used in the preparation of this section.
SUBTOPIC
DESCRIPTION OF IRO
TYPE
TARGET
OTHER COMPLIANCE
PROGRAMS
Sub-subtopic
Compliance with laws
and regulations
Reputational benefits deriving from
the market’s positive evaluation of the
transparency that the Company ensures
in the dissemination of information on
corporate governance, in compliance with
current legislation and with national and
international best practices.
Continual alignment with national
and international recommendations
and best practices for corporate
governance.
Opportunities
Enel’s corporate governance system complies with the
principles contained in the Italian Corporate Govern-
ance Code and is inspired by international best prac-
tices, in light also of the recommendations of leading
proxy advisors and leading institutional investors.
In this regard, Enel considers it to be in its specific
interest – as well as a duty toward the market – to en-
sure a constant and open relationship that is based
on the mutual understanding of the roles with all
shareholders and stakeholders, as well as with the
institutional investors and their representative as-
sociations in order to increase the related level of
understanding regarding the activities performed
by the Company and the Group. Enel’s dialogue with
counterparties is based on principles of fairness and
transparency, in compliance with EU and national
regulations on market abuse, as well as in line with
international best practices. In order to regulate the
methods for developing dialogue, in March 2021 the
Board of Directors adopted a specific Engagement
Policy that has largely crystallized the practices al-
ready followed by Enel and which clarified to a large
extent the practices already followed by Enel taking
into account the applicable best practices adopt-
ed by the institutional investors and reflected in the
stewardship codes.
During 2024, the Company maintained an ongoing di-
alogue with institutional investors and financial analysts
on both economic-financial and ESG issues. In this con-
text, the Company conducted an engagement activity
on corporate governance, environmental, and social
issues in the period between the end of January and
the beginning of March 2024 with key proxy advisors
and a number of relevant institutional investors in Enel’s
capital.
Moreover, the Enel Group has adopted a special reg-
ulation containing provisions regarding the manage-
ment and treatment within the Company of confiden-
tial information, and identifying the procedures for the
external communication of documents and informa-
tion regarding Enel and its subsidiaries, with particular
reference to privileged information. It is adopted in
implementation of the recommendations of the Ital-
ian Code of Corporate Governance and the CONSOB
Guidelines on the management of insider information,
as well as in compliance with current EU and national
regulations on market abuse.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Governance information
392
INTEGRATED ANNUAL REPORT 2024
Business conduct
ESRS G1
215
REPORTS RECEIVED
(CODE OF ETHICS)
207 in 2023
45
VIOLATIONS
OF CODE OF ETHICS
47 in 2023
93.5%
EMPLOYEES TRAINED ON
ANTI-CORRUPTION POLICIES
AND PROCEDURES
49.6% in 2023
Whistleblowing and stakeholder reporting channel
ESRS G1-1; S1-3; S2-3; S3-3; S4-3; S1-17
76. Anyone can make a report on the Whistleblowing platform. By way of example and not limited to: people in companies of the Group, whether
they are directors, employees or collaborators; former employees or people involved in recruiting processes; self-employed workers, freelanc-
ers or consultants with a collaboration relationship with the Group companies; workers or collaborators who provide goods or services or who
carry out works for the Group companies; volunteers, paid or unpaid, who provide their services; shareholders and people with administrative,
management, control, supervisory or representation functions, even if such functions are exercised on a mere de facto basis; representatives
of local communities, customers or other stakeholders.
77. The Ethics Channel can also be used to send reports regarding the Group’s commitments regarding human rights.
The Group’s internal and external stakeholders76 can
report, even anonymously, any violation – or suspected
violation – of the Compliance Programs or behavior,
acts or omissions that harm the Company’s integrity
and constitute relevant wrongdoing under the whis-
tleblowing regulations, through a single Group-wide
platform (“Ethics Point”) accessible from www.enel.
ethicspoint.com,77 published on the Group’s website
and on the corporate intranet. The platform, which is
available in the Group’s main languages (English, Ital-
ian, Spanish and Portuguese), allows reports to be sub-
mitted in the following ways:
• in written form, via the web;
• orally, by telephone;
• or, at the request of the whistleblower, by means of a
face-to-face meeting set within a reasonable time,
through the above channels.
An information document containing guidance on the
legal grounds, procedures and channels for handling
whistleblowing is also published on the Group’s web-
site in order to strengthen the awareness of whistle-
blowers in relying on these tools.
In 2024, training and awareness-raising initiatives im-
plemented by the Enel Group companies to promote
behaviors in line with the Compliance Program and
to spread awareness of the whistleblowing channel
also continued, including newsletters addressed to
employees on ethical issues and the whistleblowing
channel, events organized with internal and external
stakeholders to raise awareness on compliance issues
and respect for people’s integrity (e.g. conflict of inter-
est/corruption, harassment, etc.).
Governance information
393
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Reports are handled according to a specific process
set out in the policy for handling whistleblowers’ re-
78. The information document on handling whistleblowers’ reports is available on the corporate intranet in the Group’s main languages (English,
Italian, Spanish and Portuguese).
79. The policy for handling of whistleblowers’ reports provides for the adoption of disciplinary measures against anyone who has implemented or
threatened to implement any form of retaliation against whistleblowers and other subjects subject to protection.
80. The figure on 2024 reports, also reported in the tables below, do not include 3 anonymous reports referring to Peruvian companies and re-
ceived before the disposal operation finalized on June 12, 2024. In these reports, all relating to issues related to labor practices, the stakehold-
ers were employees. The analyses have ascertained 2 violations, of which 1 for harassment.
81. The violations did not involve serious human rights incidents, such as forced labor, human trafficking or child labor.
ports78 and also in Enel’s Human Rights Policy, under
3.1 “Stakeholder reports”, as summarized below.
SENDING
A GRIEVANCE
ANALYZING
A GRIEVANCE
ACTING UPON AN
EFFECTIVE VIOLATION
MANAGEMENT AND
MONITORING
Maximum confidentiality
and anonymity is
guaranteed to every
stakeholder. Stakeholders
may send grievance
through physical and
online channels
The Audit Function
receives and analyzes the
grievance and activates
the necessary verifications
Should a violation be
ascertained, the relevant
corporate functions
define the necessary
actions and specification
plans, if necessary
The Group has in place
an information system
to manage and monitor
grievance received and
ascertained violations
The key elements of the mechanism are:
• protection of confidentiality;
• protection against any form of retaliation against
the reporter and other persons protected by law;79
• protection against unfounded allegations made
with malice or gross negligence to harm or cause
injury to individuals.
The management of the whistleblowing channel is
entrusted to the Audit Function, which employs per-
sonnel specifically trained to handle it. In this regard,
it should be noted that a special training course was
conducted for the Audit Function with a specific focus
on the regulatory aspects and operational manage-
ment of the reporting channel.
The Audit Function receives and analyzes these re-
ports, providing acknowledgment of receipt and
feedback to the reporter and ensuring the related
verification activities performing the related checks
and ensuring uniform treatment at Group level, in
compliance with company policies and local regula-
tions.
If, as a result of the report, the Function establishes a
violation of the principles contained in the Compliance
Programs or that affects the integrity of the Compa-
ny, the relevant corporate structures shall implement
the resulting measures in line with the applicable na-
tional regulations. The Audit Function ensures that all
reports received through the whistleblowing channel
are monitored and reports any violations that come to
light:
• to the Control and Risk Committee, the Chairman of
the Board of Directors and the Chief Executive Of-
ficer of Enel SpA, who determine whether to report
the most significant cases to the Board of Directors;
• to the corporate bodies of direct and indirect sub-
sidiaries for issues within their remit.
During 2024, 215 reports were received,80 up 3.9%
from 207 in 2023. Specifically, the violations estab-
lished refer to employee and/or supplier behavior not
complying with policies for the protection of people or
internal procedures, among which:
• “conflict of interest/corruption” for the pursuit of
personal interests or interests that harm the Com-
pany;
• “fraud/misappropriation” to the detriment of the
Company;
• “labor practices”, connected to inappropriate be-
havior by individual employees that is detrimental
to respect for diversity and non-discrimination and
the failure to comply with the internal procedures on
health and safety issues, principles approved by the
Group’s Human Rights Policy.
It should be noted that the ascertained cases of viola-
tions81 refer to precise conduct and/or private inter-
ests of the individuals responsible that was to Enel’s
detriment and have not involved convictions or finan-
cial fines on the Group’s listed companies.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Governance information
394
INTEGRATED ANNUAL REPORT 2024
In addition to adopting disciplinary measures and/
or sanctions against responsible individuals, train-
ing and awareness initiatives implemented by Group
companies to promote behavior in line with the Com-
pliance Program and adopted policies continued
during the year.
UM
2024
2023
Change
Total reports received(1)(2)
no.
215
207
8
3,9%
Reports received by type of stakeholder:
Internal stakeholders
no.
34
30
4
13.3%
External stakeholders
no.
32
33
(1)
-3.0%
Anonymous
no.
149
144
5
3.5%
Reports received for harmed or potentially harmed stakeholder:
Shareholder
no.
79
66
13
19.7%
Customer
no.
9
12
(3)
-25.0%
Employee
no.
86
78
8
10.3%
Communities
no.
2
4
(2)
-50.0%
Suppliers
no.
39
47
(8)
-17.0%
Reports related to:
Conflict of interest/corruption
no.
51
34
17
50.0%
Misappropriation
no.
24
28
(4)
-14.3%
Labor practices
no.
113
118
(5)
-4.2%
Community and society
no.
2
1
1
100.0%
Other reasons
no.
25
26
(1)
-3.8%
(1)
The analysis of reports received in 2023 was completed in 2024 and one report was reclassified from “labor practices” to “other”.
(2)
Of the 215 reports received in 2024, 43 are undergoing review. Data on 2024 reports does not include 3 anonymous reports referring to
Peruvian companies and received before the disposal operation finalized on June 12, 2024. In these reports, all relating to issues related to
labor practices, the stakeholders were employees. The analyses have ascertained 2 violations, of which 1 for harassment.
Violations(1)
related to:
Shareholder
Employee
Supplier
Customer
Community
Total by episode
type
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Conflict of interest/
corruption
11
3
1
2
1
2
13
7
Misappropriation
11
10
1
2
13
11
Labor practices(2)
2
9
11
5
6
1
14
20
Community and
society
-
-
Other reasons
2
4
1
1
1
2
3
5
9
Total per stakeholder
24
19
10
13
8
9
3
5
-
1
45
47
(1)
The analysis of reports received in 2023 was completed in 2024, hence the number of confirmed violations for 2023 was revised from 41
to 47. Among the 6 additional violations, 2 are misappropriation – one in Argentina and one in Italy, respectively; 2 violations are related to
labor practices in Brazil; and 2 cases involve non-compliance with company procedures (one in Chile and one in Italy).
(2)
Of the 14 labor practice violations, 7 were related to cases of workplace discrimination, particularly harassment.
Violations related to conflict of interest incidents and actions taken
UM
2024
2023
Change
Number of violations
no.
13
7
6
85.7%
Actions taken
no.
11
9
2
22.2%
- of which: actions taken against employees in response to cases of
conflict of interest/corruption
no.
9
5
4
80.0%
- of which: actions taken against contractors in response to cases of
conflict of interest/corruption
no.
2
4
(2)
-50.0%
See section on “Fight against corruption and bribery” for the overall data on established cases of conflict of in-
terest/corruption.
Governance information
395
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Fight against corruption and bribery
ESRS G1-1; G1-3; G1-4
SUBTOPIC
DESCRIPTION OF IRO
TYPE
TARGET/
ACTION PLAN
ACTIVE AND
PASSIVE BRIBERY
Sub-subtopic
Systems to safeguard
against corruption
Contribution to the raising of awareness
and the spreading of the principles of
integrity and ethics in business conduct.
Training on ethical issues (e.g.
Organization, Management and
Control Model 231, Anti-corruption
Management System, Enel Global
Compliance Program).
Positive impact
82. Most recently updated on May 3, 2024.
83. Verifications for the purposes of Enel’s Anti-Bribery Management System ensure three-year coverage of the main business processes at risk.
In compliance with the 10th Global Compact princi-
ple, according to which “companies are committed to
combating corruption in all its forms, including extor-
tion and bribery”, Enel intends to pursue its commit-
ment to fight corruption in all its forms – whether di-
rect or indirect – by applying the principles expressed
in the pillars of its Anti-Bribery Management System.
Enel’s Anti-Bribery Control System is based on the
Group’s commitment to fighting corruption by applying
the criteria of transparency and conduct as set out in
the Zero Tolerance of Corruption Plan (“ZTC Plan”) and
confirmed in the Anti-Bribery Policy82 adopted in com-
pliance with international standard ISO 37001:2016 (on
anti-bribery management systems). Together with the
ZTC Plan, the pillars into which Enel’s Anti-Bribery Man-
agement System is structured are the Code of Ethics,
the Models for the Prevention of Major Criminal Risks,
and the Enel Global Compliance Program (“EGCP”).
These governance measures, together with the cur-
rent body of procedures, outline an effective preven-
tion system, which is an integral part of the Group’s
Internal Control System.
In 2024, the Audit Function83 plan included an anal-
ysis of the suitability of the Anti-Bribery Internal
Control System for all Group business lines and staff
functions; the specific audit plans included checks
to assess the risk and suitability of the design and
operation of the controls, complementing the spot
checks required by the compliance programs adopt-
ed by Group companies.
In 2017, Enel SpA obtained certification of compliance
of its Anti-Bribery Management System with the In-
ternational Standard ISO 37001:2016. After the certi-
fication, Enel SpA gradually extended its anti-bribery
management system to the Group’s main Italian and
foreign subsidiaries, guaranteeing maintenance of the
certifications already obtained.
Regarding the control activities on Functions con-
sidered to be at risk of corruption, given the rele-
vance of the issue, all company functions are con-
sidered potentially exposed to corruption risk and
therefore they are all recipients of the specific train-
ing programs.
UM
2024
2023
Change
Percentage of functions-at-risk covered by training programs
against active and passive corruption
%
100
n.a.
-
-
Based on the reports received via the whistleblowing
platform, 13 cases of “Corruption/Conflict of interest”
for the pursuit of personal interests and/or to the det-
riment of the Group were established during the year;
these involved internal staff and/or contractors and
resulted in 11 measures: 9 disciplinary actions against
Enel people (e.g. dismissal, suspensions, reprimands)
and 2 against contractors (e.g. fines).
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Governance information
396
INTEGRATED ANNUAL REPORT 2024
Furthermore, as a result of checks within the Compa-
ny’s operations, an additional 5 cases of “Corruption”
in pursuit of private interest were identified, for which
5 employees were dismissed.
It should be noted that the ascertained cases of con-
flict of interest/corruption refer to private interests of
the individuals responsible to the detriment of Enel
and have not involved convictions or financial fines to
Group’s listed companies.
Training on ethical issues
Online training on ethical issues is extended to all em-
ployees of the Group’s Italian and foreign companies.
By way of example, one can mention training related to:
• Model 231, with the purpose of disseminating
knowledge of the basic elements of the adminis-
trative liability of entities and the Organizational and
Management Model adopted, in order to ensure ef-
fective implementation of the behavior and proce-
dural principles contained therein;
• Case solved, short videos from the supervisory
board, with the aim of delving deeper, through con-
crete examples, into some relevant cases provided
for under Legislative Decree 231/2001, pertaining
exclusively to the Italy scope;
• the Code of Ethics, with the goal of making all
Group employees aware of the importance of the
provisions contained therein and promoting the
adoption of behavior consistent with these provi-
sions, including through the illustration of events
that have occurred;
• Enel’s Anti-Corruption Program, with the aim of help-
ing to strengthen awareness on the issue of corrup-
tion through insights into how to behave in line with
the Company’s procedures on receiving gifts and hos-
pitality, on sponsorship and on whistleblowing;
• Enel Global Compliance Program, governance tool
aimed at strengthening the Group’s ethical and pro-
fessional commitment to prevent the commission
outside Italy of offenses from which corporate criminal
liability and the associated reputational risks may arise.
Courses are mandatory and are periodically updated.
Training on anti-corruption policies and procedures
UM
2024
2023
Change
Training on anti-corruption policies and procedures
no.
56,349
30,304
26,045
85.9%
%
93.5
49.6
43.9
-
Training by country and region
Italy
no.
31,135
15,952
15,183
95.2%
%
98.8
50.7
48.1
-
Iberia
no.
8,085
4,038
4,047
-
%
87.3
42.5
44.8
-
Rest of the world
no.
17,129
10,314
6,815
66.1%
%
87.9
51.4
36.5
-
Anti-corruption improvement plan
In order to track the effectiveness of anti-corruption
training programs, Enel monitors the dissemination
and attendance of relevant courses on a semi-annu-
al basis through the Company’s information systems
managing e-learning platforms.
The results of the monitoring activities are the subject
of periodic reports to the supervisory bodies.
Governance information
397
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Political influence and lobbying activities
ESRS G1-5
84. Global Biodiversity Framework Kunming-Montreal of 2022 in the Conference of the Parties (COP 16) on biodiversity held in Cali, Colombia.
85. Enel does not finance parties either in Italy or abroad, or their representatives or candidates, and neither does it make sponsorships of con-
gresses or parties that have an exclusive purpose of political propaganda.
86. https://transparency-register.europa.eu/searchregister-or-update/organisation-detail_en?id=6256831207-27, number 6256831207-27. By
registering, Enel signed the Transparency Register Code of Conduct, and also declared that it is bound by its own Code of Ethics.
Enel conducts advocacy on climate change and nature
protection to promote policies consistent with the
Paris Agreement and the Company’s commitment to
the goals of the Kunming-Montreal Global Biodiversity
Framework.84
Coordination of advocacy activities takes place at the
holding company level through the Legal Corporate
Regulatory and Antitrust Function, ensuring strategic
coherence with the support of the Country and Global
Business Lines, constantly ensuring the alignment of
its advocacy85 actions with corporate objectives and
strategy. In carrying out these activities, Enel is com-
mitted to acting in a transparent and responsible man-
ner. As such, it is a member of the European Transpar-
ency Register,86 whose specific activities are related to
major EU legislative and/or policy proposals.
Regarding climate-related lobbying, the section “Enel’s
advocacy system on climate policies and a just energy
transition”. The following is a summary of environmen-
tal activities.
Direct advocacy – Positioning on
environmental policies
During 2024, the Group strengthened its participation
in global and European initiatives and in multilateral
dialogue to promote the energy transition and inno-
vation in the sector.
At the European level, it has supported the activities of
institutions aimed at the publication of a series of regu-
lations in the environmental field (including those relat-
ed to air emissions, soil monitoring, etc.) and took part
in discussions about the introduction of incentives for
positive actions on nature, water resilience and the cre-
ation of a single European market on waste. In particular,
as part of the official publication of the new Nature Res-
toration Law, the Group promoted synergies between
the restoration of degraded areas and the development
of renewable energy. In addition, it actively participated
in the revision of the Air Quality Directives, promoting
the adoption of zero-emission technologies. In addi-
tion, Enel actively supported institutions in the design
of the new legislation on Consumer protection against
unfair environmental information.
Indirect advocacy – Collaborations with
associations and organizations
Enel places great value on engaging with key global
sustainability networks (including the UN Global Com-
pact, the World Business Council for Sustainable De-
velopment, CSR Europe for regulatory developments
related to the EU Green Deal, TNFD, WWF, etc.), rec-
ognizing the importance of dialogue and cooperation
in the development of new international frameworks
through active participation in the environmental (such
as the Coalition Linking Energy And Nature for Action
promoted by WWF) and social (Taskforce on Inequali-
ty and Social-related Financial Disclosures of the BCTI
- Business Commission to Tackle Inequality, launched
during the last UN General Assembly in New York)
roundtables. In this context, it actively participates in
major global events, such as the Conference of Parties
on Climate and Nature, confirming its commitment to
the sustainability goals of the 2030 Agenda, with a fo-
cus on climate, nature and social issues so as to drive
the energy transition through innovative and respon-
sible energy solutions. For example, during COP 16, as
a member of GRI, Enel took part in an event dedicated
to the new GRI Biodiversity Framework, sharing a case
study on integrating TNFD and GRI reporting for as-
sessing biodiversity impacts and defining action plans.
Finally, Enel is involved in several associations active on
the circular economy theme (e.g. the European Semi-
conductor Industry Association (ESIA), the Alliance for
Industry Decarbonization (IRENA AFID), Wind Europe,
Solar Power Europe, and the Global Alliance for Sus-
tainable Energy) with the aim of collaborating with
other energy companies to improve the traceability of
raw materials along the value chain.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Governance information
398
INTEGRATED ANNUAL REPORT 2024
Managing human rights
Enel’s human rights management system is based on the three pillars of the UN Guiding Principles:
ENEL’S
COMMITMENT
THE DUE DILIGENCE
PROCESS
ACCESS TO
REMEDY
It includes:
• the strategic approach to human
rights in business operations
• Enel’s public commitment: the
Human Rights Policy
• embedding of the commitment into:
• operating policies and procedures
• training
• governance
It includes:
• identification of salient issues
• gap identification and definition of
potential improvement plans
• stakeholder relations (workplace,
procurement processes and relations
with business partners, communities,
customers and cross-cutting and
specific topics)
It includes:
• Enel’s commitment to provide an
adequate remedy in the event of
impacts
• grievance channels information
• redressing in legacy projects
Enel’s public commitment: the Human Rights Policy
ESRS G1-1; ESRS S1-1; ESRS S2-1; ESRS S3-1; ESRS S4-1
Respect for human rights is a fundamental element for
pursuing sustainable progress. Enel’s business mod-
el is based on sustainable value generation, together
with its internal and external stakeholders, and on con-
stant innovation, the pursuit of excellence and respect
for human rights throughout the value chain. This
translates into rejecting practices such as modern
slavery, forced labor and human trafficking, promoting
diversity, inclusion, equal treatment and opportunity,
and ensuring that people are treated with dignity and
valued for their uniqueness, whether within the Group
or along the value chain in which it operates. The main
international standards of reference that drive Enel’s
commitment are the International Charter of Human
Rights together with the International Labour Organi-
zation (ILO) conventions underlying the Tripartite Dec-
laration of Principles on Multinational Enterprises and
Social Policy define the human rights that Enel applies
to business practice.
Enel’s commitment also takes into account:
• the 10 principles of the United Nations Global Com-
pact, to which it signed up as an active member in
2004;
• the letter of commitment, signed by Enel in 2019,
in which the United Nations called on companies
around the world to commit to a just transition and
the creation of decent jobs;
• the United Nations framework “Protect, Respect
and Remedy”, set forth in the Guiding Principles on
Business and Human Rights;
• the OECD Guidelines intended for Multinational En-
terprises.
This commitment is clearly reflected in the Human Rights
Policy, which identifies twelve principles divided into two
macro-themes: labor practices and community relations.
The document reinforces and expands the commitments
already present in other codes of conduct adopted by
Enel, such as the Code of Ethics, the Zero Tolerance of
Corruption Plan and global compliance models. This poli-
cy was drafted and adopted as early as 2013 and updated
in 2021 to take into account the evolution of frameworks,
international reference and the Group’s operational, or-
ganizational and management processes. The update
was approved by the Board of Directors of Enel SpA,
then adopted by the subsidiaries. Enel is committed to
respecting these principles in every country in which it
operates, respecting local cultural, social and economic
diversity and requiring that each stakeholder adopts con-
duct in line with these principles, paying particular atten-
tion to high-risk or conflict-affected contexts.
Governance information
399
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
HUMAN RIGHTS POLICY
DESCRIPTION
MAIN CONTENTS
The Human Rights Policy enshrines a commitment on the part of the Group
to:
• proactively considering the needs and priorities of people and society
since this enables innovation in processes and products, a key aspect of
an increasingly competitive, inclusive and sustainable business model,
including through the adoption of principles of circularity, protection of
natural capital and biodiversity;
• promoting the engagement of its main external and internal stakeholders in
order to increase their awareness and develop a constructive dialogue that
can provide a valuable contribution toward the creation of solutions that
mitigate climate change.
SCOPE
• All the Group’s activities and its upstream and downstream value chain.
IROs COVERED AND
REFERENCES
• Specific goal on the topic of health and safety culture (see section on
“Health and safety”).
• Specific objective related to supplies with potential human rights violations
(see the section “Workers in the value chain”).
• Specific objective concerning communities with reference to the social
impact related to the closure of thermal power plants (see the section
“Affected communities”).
• Goal related to energy access of vulnerable customers (see the section
“Consumers and end users”).
STAKEHOLDERS INVOLVED
IN THE DEFINITION
• The principles of the Policy have been identified based on their relevance
to the Group’s business activities and relationships, and are the result of a
consultation with relevant stakeholders based on the criteria listed in the
“UN Global Compact Guide for business: How to Develop a Human Rights
Policy” (people who work within the organization, as well as suppliers,
human rights experts, think tanks, NGOs, other companies).
DIFFUSION
• The Human Rights Policy is available on Enel’s website at https://www.enel.
com/content/dam/enel-com/documenti/investitori/sostenibilita/diritti-
umani/enel-politica-diritti-umani-human-rights-policy_2021.pdf.
Enel’s due diligence process
As required by the United Nations Guiding Principles
on Business and Human Rights and the Organization
for Economic Cooperation and Development (OECD)
Guidance on the Duty of Care for Responsible Business
Conduct, Enel has defined a process for assessing the
robustness of its management system to oversee hu-
man rights, which has been codified in an internal pro-
cedure applied globally. The process covers the entire
value chain in the different countries in which the Group
operates and allows assessments to be made of both
the level of alignment of processes and procedures
with the management requirements of the United Na-
tions Guiding Principles and the level of integration of
compliance with the principles contained in the Human
Rights Policy within business practices. Through this
process, 100% of the adopted operational policies and
procedures are evaluated in order to identify any risks
in the management of direct and indirect operations
related to the entire value chain and the establishment
of new business relationships (e.g. acquisitions, merg-
ers, joint ventures, etc.). Based on the results obtained,
if necessary, an improvement plan is defined.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Governance information
400
INTEGRATED ANNUAL REPORT 2024
Specifically, activities carried out in three-year cycles and involving both internal Group structures and external
human rights experts and key stakeholders, include:
Assessment of the
perceived risk
Identification of potential gaps
Improvement plans
Implementation of actions
and monitoring
A
C
C
E
S
S
T
O
R
E
M
E
D
Y
ST
A
K
E
H
O
L
D
E
R
E
N
G
A
G
E
M
E
N
T
D
U
E
D
IL
I
G
E
N
C
E
O
N
H
U
M
A
N
R
I
G
H
T
S
87. Risks are classified based on the assessment scale: acceptable risk (minimum level), risk to monitor, high-priority risk, high risk (maximum level).
Activities related to the 2023-2025 cycle continued
in 2024, thus completing the phases of perceived risk
assessment and identification of potential gaps at
the country level and at the Group level. Relevant im-
provement plans, where necessary, will be implement-
ed during 2025. In order to make the analysis process
even more robust, the new cycle makes use of an in-
ternally developed computer system that handles col-
lection and aggregation. The subject of the new cycle
is the version of the Human Rights Policy updated in
2021. The adoption of a digital system ensures greater
traceability of the flow of information and its approval
process, automatic consolidation of the information
collected as well as accuracy of the results, reducing
manual activity in the collection, processing and vali-
dation work through automation.
Assessment of perceived risk
(identification of salient issues)
Identification of the salient issues relating to human
rights and their potential impacts allow for activities to
be prioritized and the perspectives of affected stake-
holders to be considered. The assessment is carried
out in the different countries where the Group has a
presence and involves relevant stakeholders and ex-
perts from various fields, including civil society and
academic institutions. Specifically, consultations were
held with direct and indirect workers, civil society rep-
resentatives from local communities and indigenous
and tribal peoples, labor unions, local institutions,
businesses and trade associations, and customers. In
addition, periodic stakeholder and sustainability expert
engagement activities are planned to identify priority
issues and material topics, i.e. the most significant im-
pacts of the Company on the economy, environment
and people, including impacts on human rights.
The significance of a perceived risk is determined by
the severity and probability of a potential violation of
human rights.87 Below are the results:
• corruption (integrity: zero tolerance of corruption),
environment, diversity and non-discrimination, com-
munity relations, and privacy are among the most
salient issues (“to be monitored”). In particular, stake-
holders in North America identified privacy protection
as a more salient issue than the other three;
• labor practices (freedom of association and collec-
tive bargaining, rejection of forced labor and child
Governance information
401
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
labor, fair and favorable working conditions, and
good health, safety, and welfare in the workplace)
and potential impacts from customer-facing com-
munication activities were ranked lowest in terms of
risk (“acceptable level’’).
Seriousness
Probability
1.00
2.00
3.00
4.00
5.00
4.00
5.00
3.00
2.00
1.00
0.00
Rejection of forced or compulsory labor
Rejection of child labor
Respect for diversity and non-discrimination
Freedom of association
and collective bargaining
Health and safety and well-being
Just and favorable working conditions
Environment
Community
Integrity: zero tolerance of corruption
Privacy
Communications
Gap identification and definition of potential improvement plans
In addition to the identification of salient issues, the
management system includes gap identification,
which is intended to analyze the organizational and
control systems that oversee the proper integration
of human rights into business practices and to detect
potential areas for improvement.
This process is divided into two segments:
1. assessment of the general framework of operation-
al procedures and processes based on four param-
eters defined by the United Nations Guiding Prin-
ciples:
• public commitment to protect human rights;
• adoption of a due diligence process for the respect
of human rights;
• preparation of an action plan to remedy any gaps
identified by the due diligence process;
• adaptation to match local context and regulations;
2. assessment of the level of integration of the prin-
ciples contained in the Human Rights Policy within
business practices.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Governance information
402
INTEGRATED ANNUAL REPORT 2024
Below are the preliminary results for 2024:
Human Rights Policy
Principles
SDG
System to
protect
Priority
for action
Labor practices
Rejection of forced or compulsory
labor
Robust
None
Rejection of child labor
Robust
None
Respect for diversity and
non-discrimination
Robust
Low
Freedom of association and
collective bargaining
Robust
None
Health and safety and well-being
Robust
None
Fair and favorable working conditions
Robust
None
Community and society
Environment
Robust
Low
Respecting the rights
of communities
Robust
Low
Respecting the rights of local
communities
Robust
Low
Respecting the rights of indigenous
and tribal peoples
Robust
Low
Integrity: zero tolerance
of corruption
Robust
Low
Privacy
Robust
Low
Communications
Robust
None
Reference scales of performance values:
– Scale of the system to protect: Robust (75%-100%); Good (50%-74%); Sufficient (25%-49%); Needs improvement (0%-24%).
– Scale of priorities for action: none; very low; low; medium; high; very high.
In line with the findings of the previous cycle, the
safeguards included in the management system in
place to mitigate potential impacts are robust and
enable to adequately manage the salient issues
identified, which, based on the definitions of the
classification included in the UN Guiding Principles,
means that the management system is effective.
This is also borne out by the fact that, despite the
greater granularity added to the themes assessed
or the addition of new ones, the evaluation was im-
proved. This is the case, for example, with the health
and safety theme, where the dimension of mental
and physical well-being and work-life integration
was added, with which a low priority for action was
associated in the previous cycle and which in the
current cycle showed no priority for action.
Improvement plans
The results of the previous phase identified some are-
as for improvement leading to the development of an
improvement plan both at the country and global level
that is being finalized. Examples include the strength-
ening of human rights training activities through the
support and development of specific training activities
and internal communication campaigns aimed at rais-
ing awareness of compliance with the commitments
included in the Group’s Human Rights Policy; develop-
ment of communication and awareness campaign on
the Human Rights Policy targeted at all relevant stake-
holders, with a particular focus on suppliers; strength-
ening of safeguards on environmental and social im-
pact assessment and access to reporting channels.
Governance information
403
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Access to remedy
Enel constantly monitors any impacts of business ac-
tivities on stakeholders and, if it identifies any, under-
takes to provide an adequate remedy. Access to rem-
edy is guaranteed through specific mechanisms that
allow people, internal or external to the Company, to
report the existence of an issue and obtain a response:
• a whistleblowing channel, available to internal and
external stakeholders.
Whistleblowing reports are handled in accordance
with a specific process detailed in the “Handling of
anonymous and non-anonymous reports” policy,
also illustrated in point 3.1 “Stakeholders grievance”
of the Human Rights Policy. For further information
and details on stakeholder grievances, see the sec-
tion “Values and pillars of corporate ethics”;
• various processes and tools available to communi-
ties in the area of influence of the Group’s activities.
People who wish to contact Enel can do so through
local channels, such as the Group’s local team or a
specific person, toll-free numbers, or, in the case of
isolated rural communities, a local leader available to
periodically collect any lodged complaints;
• customer information or complaint channels (via
email, website or toll-free number).
Customer reports are managed through dedicated
channels and analyzed by a specific working group so
that the most suitable actions are taken, both at the
complaint management stage and, above all, in pre-
venting the underlying causes.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Governance information
404
INTEGRATED ANNUAL REPORT 2024
Tax transparency
GRI 207-1; 207-2; 207-3; 207-4
93%
COOPERATIVE COMPLIANCE INDEX (CCI) %
95% in 2023
88. Updated on September 21, 2022 with resolution of the Board of Directors of Enel SpA.
The results of the 2024 double materiality process for aspects related to “Tax transparency” are reported below,
with details of the material IROs used in the preparation of this section.
SUBTOPIC
DESCRIPTION OF IRO
TYPE
TARGET
TAX TRANSPARENCY
Sub-subtopic
–
Adopting a tax strategy (set of principles
and guidelines based on values of
transparency and legality) by Group
companies to ensure fair, responsible and
transparent tax contributions.
Cooperative Compliance Index
(CCI) – %
Positive impact
Approach to tax
Tax strategy
Since 2017, the Board of Directors of Enel has
equipped the Group with a tax strategy88 consisting
of a set of principles and guidelines inspired by the
values of transparency and legality and published
online at www.enel.com. The Group’s subsidiaries
are required to adopt the approved tax strategy
and ensure that they are aware of it and that they
implement it.
Tax strategy objectives
The Board of Directors of Enel SpA defines the tax
strategy of the entire Group in order to ensure equita-
ble, accountable and transparent tax contribution with
the aim of ensuring uniform management of taxation
for all concerned entities, which is inspired by the fol-
lowing logic:
• correct and timely determination and settlement
of taxes due under the law and implementation of
the respective obligations;
• correct management of the tax risk, understood as
the risk of violating the tax rules or abusing the prin-
ciples and purposes of the tax system.
Principles of the tax strategy
The tax strategy principles are the guidelines for
Group companies, underpinning their business op-
erations when managing the fiscal variable. The prin-
ciples also require suitable processes to be adopt-
ed to ensure their effectiveness and application.
• Values: honesty and integrity.
• Legality: compliance with tax rules, observing their
spirit and purpose.
• Tone at the top: the key role of the Board of Directors.
• Transparency: the Group is transparent towards all
Governance information
405
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
stakeholders and actively cooperates with the tax
authorities.
• Stakeholders: a sustainable business model, aimed
at creating and distributing value to all stakeholders
over the long term.
Governance
Enel SpA ensures that the tax strategy is acknowl-
edged and applied within the Group through the gov-
ernance bodies. Its interpretation is left to the Parent
Company, through the Tax unit, which also manages
its periodic updates. In particular, the tax strategy is
reviewed at least annually and any changes that may
be deemed necessary are submitted to the Board of
Directors, which decides on them.
Compliance
Group entities must respect the principle of legality,
by swiftly applying the tax laws of the countries where
the Group operates, to ensure that the wording, spirit
and purpose of the applicable tax rule or system are
respected.
In addition, the Enel Group does not engage in behav-
iors and operations, domestic or cross-border, that
result in purely artificial constructions that do not re-
spect economic reality and which may be reasonably
assumed to offer undue tax advantages. This is because
they are contrary to the purpose or spirit of the relevant
tax provisions or system and generate phenomena of
double deduction, deduction/non-inclusion or double
non-taxation, including as a result of asymmetries be-
tween the tax systems of the different jurisdictions.
Intercompany transactions
The Enel Group structures intercompany transac-
tions in accordance with the arm’s length principle,
in line with the OECD Transfer Pricing Guidelines
and international regulations. The transfer pricing
model adopted ensures the creation of value in the
countries in which the Group operates and ensures
compliance with applicable tax regulations.
The Group manages transfer pricing compliance
by following the “Three-Tiered Approach”, which
includes the preparation of a Local File for each
company that has had intercompany transactions,
the preparation of a Group Master File and the
Country-by-Country Report sent to the relevant
tax authorities.
In addition, where possible, the Group promotes
transparency and tax certainty through Advance Pric-
ing Agreements (APA) with local tax authorities.
Tax incentives
Tax incentives are a key, development-oriented mech-
anism for economic policy, which countries use to
stimulate growth and attract investments to support
the national policy. The use of tax incentives generally
determines a reduction in long-term tax payables (tax
reduction) or else only the temporary deferral of the
tax payment (tax deferral).
The Enel Group only uses widely applicable tax in-
centives for all operators and respects all specific
regulations, where the incentives are in line with its
industrial and operational objectives and are con-
sistent with the economic substance of its capital
expenditure. The main incentives that the Group
benefits from relate to capital expenditure in re-
newable energy in countries that support the en-
ergy transition with these economic policy instru-
ments, mainly the United States.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Governance information
406
INTEGRATED ANNUAL REPORT 2024
Tax governance, control and risk management
Governance body
89. In particular, in order to implement the recommendations of the Corporate Governance Code, as well as to optimize its work, the Board of Di-
rectors of Enel SpA has established an internal Control and Risk Committee. The Committee receives a constant flow of information regarding,
for example: the risk management and control system (including tax risk), the Tax Transparency Report, the Report on the tax risk management
and control system in the context of the regimes for cooperative compliance with the tax authorities and the tax strategy.
Enel’s organizational model provides for: (i) at least an an-
nual flow of information to the Board of Directors from
the Tax unit (so-called “Tone at the top”) regarding the
tax risk management and control system and the Tax
Transparency Report, in which all relevant tax aspects
of the Group are set out;89 (ii) the Tax Affairs unit of the
holding company is tasked, among other things, with
implementing the Group’s tax strategy defined by the
Board of Directors, identifying, analyzing and managing
the various optimization initiatives, monitoring the most
significant tax issues, and providing support to the vari-
ous business lines; (iii) the Tax Affairs units in the different
countries, acting alongside the Holding Function, in ac-
cordance with the values and principles set out in the tax
strategy, are in charge of compliance management and
tax planning and monitoring activities at the local level.
Organization
Enel has adopted a set of rules, procedures and stand-
ards which are part of the Group’s wider organization
and control system and which are considered key
points of reference that all parties, depending on their
type of relationship with the Group, are required to ob-
serve. The various corporate policies and procedures
applicable both at Group and country level govern the
activities, as well as their management procedures and
Tax Affairs responsibilities, including in relation to other
corporate Functions. These documents are published
on the company intranet and are accessible to all Enel
people. They form the general rules of conduct applica-
ble within the Group when carrying out activities.
Specifically in relation to taxation, in addition to the tax
strategy there are specific organizational documents
in force – both at global and local level – regarding the
processes of tax compliance, tax planning, transfer
pricing, tax risk management and tax policy.
The general principle is that the Tax units must be of the
appropriate size and equipped with the necessary skills
to perform the role of a decision-making analysis center
within the governance and business processes, in addi-
tion to the role of compliance oversight. For this purpose,
specific and ongoing training initiatives on tax issues at
both country and global level have been set up, with re-
curring meetings between all of the Group’s Tax Manag-
ers in order to ensure appropriate alignment.
Tax risks
The Group adopts a structured approach to tax risk
management, integrated into its corporate govern-
ance system, with the aim of ensuring full compliance
with tax regulations in the countries in which it oper-
ates and transparency to stakeholders.
The tax governance model is based on:
• a Tax Control Framework (TCF) in line with interna-
tional standards and cooperative compliance re-
quirements;
• a tax risk monitoring and management system de-
signed to prevent and mitigate potential regulatory
uncertainties;
• a transparent and collaborative relationship with
tax authorities by joining cooperative compliance
schemes;
• a regular reporting process to ensure alignment of
tax strategy with ESG objectives and international
best practices.
The Group is committed to ensuring that tax man-
agement is consistent with the principles of integrity,
transparency and accountability, thereby contributing
to the creation of sustainable value for the Group and
the countries in which it operates.
Participation in cooperative compliance
schemes
For companies that meet the legal requirements for
participation, the Enel Group promotes participation in
cooperative compliance schemes where they exist in
the various countries in which it operates. In particular,
Enel has joined the Adempimento Collaborativo regime
in Italy for larger companies, the equivalent regime in
Spain (Código de Buenas Prácticas Tributarias), France
Governance information
407
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
and Portugal, and is working with the federal tax author-
ities in Brazil on the pilot project (Projeto CONFIA – Con-
formidade Cooperativa Fiscal). In addition to the afore-
mentioned countries, monitoring of the existence and
potential membership of further cooperative compli-
ance regimes in the countries of operation is ongoing.
In order to monitor the progress of this activity, an index
(the Cooperative Compliance Index – CCI) was developed
to measure the participation of Enel Group companies
in cooperative compliance regimes in various countries
based on their size and membership requirements.90
COOPERATIVE COMPLIANCE INDEX: 93%91
The 2024 Cooperative Compliance Index (CCI) is
slightly down from the 2023 CCI (95%), despite the
fact that six additional companies have entered coop-
erative compliance in Italy. This is due to a significant
decrease in the Group’s revenue, mainly in Spain and
Italy (where many companies have entered the coop-
erative compliance scheme).
Mechanism for stakeholder reports
The Enel Group considers tax compliance a backbone
of the Company’s ethical and accountable manage-
ment. As such, breaches that can be reported through
90. The index compares the revenue of companies that have joined the existing cooperative compliance schemes to those of all Enel companies
legally eligible to join. The index does not consider countries in which the schemes have not been legally established, or companies that do not
meet qualifications to join (e.g. because their size is below statutory thresholds), even though the schemes exist in their countries.
91. The index was adjusted for accounting effects related to the distribution of capital reserves of Enel Finance International NV, which, in accordance
with the relevant accounting standards, generated the recognition of financial income for the Italian companies Enel Holding Finance Srl (not yet a
member of the cooperative compliance regime) and Enel SpA (already a member). Otherwise the index would have been 89%. The Group’s overall
coverage for the year was more than 66% in terms of cooperative compliance companies’ revenue compared to the Group’s revenue.
the Group’s internal channels also include those relat-
ing to tax. The Group’s Code of Ethics is the framework
of “ethical management” in which Enel operates, tying
in full with the tax strategy. Provisions for violations of
the Code of Ethics are appropriate to ensure the ef-
fectiveness of the requirements contained therein and
should be understood to extend to the provisions of
the tax strategy.
Internal and external stakeholders, whether em-
ployees or customers, suppliers, community rep-
resentatives, etc., may report any violation of the
Organizational and Management Model pursuant
to Legislative Decree 231/2001, the Code of Eth-
ics, the Human Rights Policy and any other wrong-
doing, including fiscal wrongdoing – in accord-
ance with national whistleblowing regulations – as
well as behaviors and practices that may cause
economic damage or harm to Enel, referable to
Group personnel or their counterparties, through
a single Group-wide platform (“Ethics Point”) ac-
cessible from the address NAVEX - Enel Italia Srl
(ethicspoint.eu).
Additionally, all stakeholders can send in their remarks,
questions and opinions on tax issues utilizing the
contact information channels provided by Enel and
available on the website (https://www.enel.com/media/
explore and https://www.enel.com/investors/overview).
Transparent relations with stakeholders
The constant commitment of the Enel Group to
transparency with respect to the tax authorities
and all stakeholders concretely underlines the im-
portance it attributes to taxes and their role in the
sustainable development of society. Therefore, the
Group is committed to providing a transparent ex-
planation of the tax issues that can be of interest to
third parties, also on its website, making the latter
an information hub that is easily accessible and un-
derstandable to all.
The Enel Group ensures transparency and integrity in
its relations with tax authorities, in the event of audits
on both the Group companies and third parties. To re-
inforce this transparency with tax authorities, the Enel
Group promotes engagement in cooperative compli-
ance schemes for companies that integrate the re-
quirements of their respective domestic regulations
in order to reinforce their relations. It also complies
with the transfer pricing documentation provisions in
accordance with OECD Guidelines, taking the “three-
tiered approach”, divided into Master File, Local File
and Country-by-Country Report. Moreover, to avoid
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Governance information
408
INTEGRATED ANNUAL REPORT 2024
double taxation, the Group promotes amicable proce-
dures for the settlement of international disputes (Mu-
tual Agreement Procedure – MAP) or bilateral agree-
ments (Bilateral Advance Pricing Agreements – BAPA),
which include the direct involvement of tax authorities
from the contracting countries.
In 2024 Enel was again included in the VDBO Tax Trans-
parency Benchmark, an index that measures good tax
governance practices for 116 listed companies, scor-
ing 38 out of 38 points and ranking first. According to
the EU Tax Observatory, which assesses fiscal trans-
parency in terms of the voluntary publication of CbCR
data by multinational corporations, Enel in 2021 (the
latest year at the time of the Report) achieved a score
of 97 out of 100.92
Tax advocacy
Enel actively supports the adoption of fair, transpar-
ent and sustainable tax systems by participating in di-
alogue with national and international institutions. The
Group engages in a collaborative approach with tax
authorities, promoting legal certainty and dispute pre-
vention through cooperative compliance initiatives.
92. https://www.taxplorer.eu/Home.
In line with its sustainability strategy, Enel considers
taxation a key element in economic development and
the energy transition. To this end, Enel:
• participates in public consultations and working
groups on international taxation;
• supports tax policies that incentivize decarboniza-
tion and energy transition;
• promotes carbon pricing and policies consistent
with the Paris Agreement;
• is registered with the EU Transparency Register to
ensure disclosure of its tax advocacy activities.
Enel subscribes to international principles for fiscal
responsibility, including the B Team Responsible Tax
Principles, and collaborates with organizations such
as the European Business Tax Forum (EBTF) and CSR
Europe to develop standards for tax transparency.
Enel actively participates in international initiatives to
promote cooperative compliance and the adoption of
advanced tax risk control systems (Tax Control Frame-
work – TCF). These include the Cooperative Compli-
ance Project at the Vienna University of Economics
and Business, aimed at fostering dialogue between
businesses and tax authorities.
Reporting
Acting with honesty and integrity is one of the main cor-
nerstones of Enel tax strategy, as is its commitment to
transparency. The publication of Country-by-Country
Reporting (CbCR OECD) supplemented with details of
the overall tax contribution in the main economies in
which the Group operates (hereafter also “Tax Trans-
parency Report”), underlines the importance that the
Group attaches to tax related issues, to their social role
and, in general, to transparency as a factor that facili-
tates sustainable development.
The approach followed also aims to eliminate poten-
tial ambiguities that may derive from complex ac-
counting and tax treatments, while supporting and,
at the same time, improving other annual financial
information and continuing along a pathway targeted
at supplying an increasingly in-depth and clear vision
of Enel’s tax position.
As of 2019 (FY 2018-2017), Enel has adopted a Total
Tax Contribution model for the main countries where
it operates, providing evidence of taxes paid and of
withholding tax deductions.
Beginning in 2021 (FY 2020), on the other hand, Enel
adopted an integrated model: the Tax Transparency
Report. This is prepared consistently with the rules
provided for under OECD Country-by-Country Re-
porting and includes information and data for Total Tax
Contributions in the main countries where it is present.
The integrated model of the Tax Transparency Report
is available on Enel website (https://www.enel.com). The
Group believes that this model ensures a broad vision
and a detailed measurement of the organization’s
contributions to economic and social development in
the regions/countries in which it operates.
Governance information
409
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Tax Transparency Report - principles
The Tax Transparency Report adopts the cash basis
accounting criterion as a general principle for repre-
senting tax data, considering it to be the most ade-
quate for disclosing the actual tax contribution. More
specifically, the total tax data, as defined and detailed
in what follows, is determined through the various tax-
es paid93 by all the entities in the scope of each tax
jurisdiction in the year subject to reporting, regardless
of the tax year to which the taxes refer.
As anticipated previously, the Tax Transparency Report
applies an approach adopted by the OECD94 classify-
ing the different taxes into categories and distinguish-
ing them between those that constitute an expense
for a company (taxes borne) and those that the com-
pany pays due to rebate mechanisms, substitution,
etc. (taxes collected) but that, at any rate, are the result
of the Company’s own economic activities.
In addition, the economic and financial data repre-
sented follow the following reporting requirements,
which are aligned with the OECD CbCR for the items
stipulated in that regulation.
Data source: the data represented in the report are ex-
pressed on the basis of IFRS-EU accounting principles
adopted by the Group and are at stand-alone entity level.
Subsequently, these data are aggregated by tax jurisdic-
tion. To take account of intercompany relations, the data
are represented according to logic of aggregation by tax
jurisdiction (that is, the country in which the entities are
resident for tax purposes and where they enjoy fiscal au-
tonomy) and not according to a logic of consolidation.
Entities in the consolidation scope: falling within the
scope of the report are all those companies consoli-
dated using the line-by-line method or the proportional
93. Tax paid includes payments on account, taxes for previous years, also due to assessments, net of repayments and redemptions obtained. Does
not include interest and fines.
94. Working Paper no. 32, “Legal tax liability remittance responsibility and tax incidence”.
95. However, companies accounted for using the equity method are excluded. Furthermore, the data of permanent establishments are reported
in the jurisdiction of their operations and not in the jurisdiction of residence of associated companies. Therefore, the data of the latter do not
include the data of the permanent establishment. Finally, stateless companies in the Enel Group are flow-through entities incorporated in the
same country in which income is imputed and is effectively taxed in the partner company (e.g. the United States).
96. With reference to the list of associates, the country of the registered office shown also corresponds to the tax residence. The relevant permanent
establishments of the various Group companies are located as follows: Endesa Energia SA in Portugal, Germany, the Netherlands and France;
Endesa X way SL and Endesa Servicios in Portugal; Enel Green Power SpA in Australia and Chile; Enel Produzione SpA in Slovakia and Lebanon;
Enel Innovation Hub Srl in Israel; Enel Global Trading SpA in Singapore; and Enel Generación Chile SA in Argentina (Gasducto de Atacama).
97. Specifically, it includes (i) other income, (ii) all extraordinary income (e.g. capital gains from the sale of property, unrealized capital gains/losses)
and (iii) financial income (excluding dividends from other companies within the scope) or any extraordinary item. Revenue from income taxes
(deriving from deferred tax or tax consolidation) are excluded.
98. Revenue does not include payments received from other entities within the scope of consolidation that are considered dividends in the tax
jurisdiction of the payer.
99. Revenue does not include payments received from other entities within the scope of consolidation that are considered dividends in the tax
jurisdiction of the payer.
method (hereafter also “entity within the scope”) on the
basis of accounting principles used for preparing the
consolidated financial statements by the Ultimate Par-
ent Entity (Enel SpA).95 For a list of Group Companies
and related activities, see the attachments “Subsidiar-
ies, associates and other significant equity investments
of the Enel Group at December 31, 2024”.96
Currency: the report considers the euro as the functional
currency in that it is the one used by the Parent Company.
Since IFRS-EU accounting data are extracted in local
currencies, economic data (such as revenue, earnings
before taxes, taxes accrued and taxes paid) have been
converted into euro at the average exchange rate,
while balance sheet data (tangible fixed assets) have
been converted into the euro at the exchange rate in
force at year’s end.
Third party revenue: the sum of third party revenue
accounted for by the entities within the scope in the
pertinent tax jurisdiction in the reporting year. The
term “revenue” is understood in the broadest possible
sense97 to include all revenue, comprising those from
extraordinary operations.
Cross-border intercompany revenue: the sum of rev-
enue from transactions carried out between entities
within the scope of consolidation in different jurisdic-
tions in the tax reporting year, including income from
extraordinary operations and excluding dividends.98
In-country intercompany revenue: the sum of reve-
nue from transactions carried out between entities
within the scope of consolidation in the same jurisdic-
tion in the tax reporting year, including income from
extraordinary operations and excluding dividends.99
Profit/(Loss) before taxes: the sum of profits/(loss-
es) before income taxes generated in the reporting
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Governance information
410
INTEGRATED ANNUAL REPORT 2024
period and involving all entities within the scope in
each tax jurisdiction. Profit/(Loss) before income
taxes must include all income and extraordinary ex-
pense items.100
Companies income taxes (current taxes): the sum
of current tax on taxable income of all entities with-
in the scope of consolidation in all tax jurisdiction in
the reporting year, regardless of whether or not they
have been paid. This does not take account of provi-
sions for tax liabilities that are not certain in terms of
amounts or existence, of adjustment of current taxes
for previous years and of deferred tax assets and liabil-
ities. Income taxes do not include taxes on dividends
paid by Enel Group entities.
Deferred taxes: the sum of deferred taxes on taxa-
ble income in the reporting year for all entities with-
in the scope of consolidation in all tax jurisdictions.
Deferred taxes are taxes paid in advance or that
will be paid in the future and generated by tempo-
rary differences (deferred tax assets and liabilities,
respectively).
100. Consistent with the reporting criteria applied to revenue, profit/(loss) before taxes is indicated net of dividends paid by the companies within
the scope of consolidation (as indicated by the OECD in the report “Guidance on the Implementation of Country-by-Country Reporting” pub-
lished in 2019 point II.7).
101. Fixed assets do not include cash and cash equivalents, intangible assets or financial assets.
Corporate income taxes paid: the sum of corporate
income taxes paid in the reporting period by all entities
within the scope of consolidation in each tax jurisdic-
tion, regardless of whether or not they relate to the
current year.
Property, plant and equipment: the sum of net car-
rying amounts of fixed assets as presented in the
statement of financial position of all entities within the
scope of consolidation in each tax jurisdiction.101
Number of employees and remuneration: the number
of employees at the end of the period considering all
the entities within the scope of consolidation; as re-
gards their remuneration, see the Tax Transparency
Report.
Reported capital: the sum of share capital and capital
reserves of all entities within the scope of consolida-
tion in each tax jurisdiction.
Earnings reserves: the amount of profit realized by the
entities within the scope of consolidation in each tax ju-
risdiction over the past years, net of dividends paid and
any other reduction due to losses, capital increases, etc.
Tax Transparency Report – general analysis
Total Tax Contribution
Millions of euros
Tax categories
Total 2024
Total 2023
Change
Taxes on labor
1,843.6
1,897.6
(53.9)
-2.8%
Environmental taxes
2,611.8
2,454.7
157.1
6.4%
Income taxes
3,797.1
2,733.6
1,063.5
38.9%
Property taxes
382.2
362.1
20.1
5.6%
Taxes on products and services
6,566.8
5,506.6
1,060.2
19.3%
Total Tax Contribution
15,201.6
12,954.6
2,247.0
17.3%
Income
taxes
Environmental
taxes
Propery
taxes
Taxes on products
and services
Taxes
on labor
1,843.6
1,887.6
2024
2023
2,611.8 2,454.7
2024
2023
2024
2023
382.2
362.1
2024
2023
6,566.8
5,506.6
Total
2024
Total
2023
15,201.6
12,954.6
2024
2023
3,797.1
2,733.6
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Governance information
411
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
In 2024, the Total Tax Contribution102 (TTC), with re-
spect to all the countries in which the Group operates,
was €15,201.6 million, an overall increase of €2,247.0
million (+17.3%) compared with 2023.103 Total Taxes
Borne104 amounted to €6,714.2 million and Total Taxes
Collected105 amounted to €8,487.4 million.
Income taxes, at the aggregate level, and taxes on
products and services increased significantly, with a
more moderate increase in environmental taxes. More
specifically, an analysis of the total tax contribution
data broken down into the tax categories shows:
i. a significant overall increase in direct income taxes,
mainly related to the increase in payments made in
Italy in 2024 resulting from the income growth of
2023 compared with the previous year, since these
amounts are the historical basis for the calculation
of advance payments for these taxes;
ii. an overall increase in taxes on products and services
mainly related to the increase in VAT rates for elec-
tricity and gas in Spain, and the general increase in
VAT paid in Italy attributable to the developments of
the electricity generation and distribution business;
iii. an overall increase in environmental taxes, mainly
caused by the reintroduction in Spain of the Im-
puesto sobre el valor de la producción eléctrica,
temporarily suspended since the end of 2021, and
102. The total tax contribution was calculated considering the main countries where the Group is present, representing around 96% of revenue
and income taxes paid. However, corporate income taxes for all other countries are shown in detail in the following tables. This includes: Italy,
Spain, Brazil, Colombia, Chile, Portugal, France, United States, Canada, Germany, Argentina, Panama, the Netherlands, Mexico, Guatemala,
India, South Africa and Costa Rica.
103. Note that data adjustments and changes in the consolidation scope have been introduced for the purpose of preparing this section of the
document. The 2024 figures presented in this document may not coincide with those in the Enel Group’s 2023 “Sustainability Report”.
104. Taxes Borne are taxes that constitute a cost for the company.
105. Taxes Collected are taxes that the company pays as a result of substitution mechanisms but which are still generated by its economic activity.
106. For the purposes of Country-by-Country Reporting (BEPS Project – Action 13).
the increase, also in Spain, of the Impuesto sobre la
electricidad (ISE) due to the progressive increase in
previously reduced rates. These increases are offset
in Italy by the significant reduction in the carbon tax
and ecotax and coal excise payments, consistent
with the decarbonization strategy adopted at the
Group level.
Analysis of the tax contribution by geographical areas
confirms that the distribution of taxes paid according
to jurisdiction is consistent with that of revenue gener-
ated and personnel employed. Indeed, Italy, Spain and
Brazil account for about 87% of aggregate tax contri-
butions, 74% of total revenue and 83% of employees.
Tax Transparency Report - Country-by-Country
tables
In line with OECD best practice,106 the following ta-
bles show corporate income taxes paid on a cash
basis and current taxes recognized on an accrual
basis country by country. Current taxes represent
taxes calculated on the basis of income produced in
the year applying the tax rules of each country and
normally deviate from taxes paid in the same year
in so far as the definitive actual payment is made in
the year following that in which they accrued. Trends
in the two values are substantially destined to rea-
lign over time. In 2024, current income taxes at the
Group level came to €3,900.2 million, while income
taxes paid were €3,744.1 million.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Governance information
412
INTEGRATED ANNUAL REPORT 2024
Tax Transparency Report – tables
Tables – Main countries
Total Tax Contribution - Millions of euros
Tax categories
Italy
Spain
Brazil
Colombia
Chile
Argentina
Portugal
France
USA
Taxes Borne
2,990.3
2,046.4
670.1
490.3
227.6
86.8
5.4
10.8
88.7
Income Taxes
2,287.2
562.1
134.7
356.8
197.8
33.3
4.3
8.9
4.0
Corporate Income Taxes paid
2,287.2
525.9
134.7
331.1
197.8
28.7
4.3
8.7
4.0
Property Taxes
157.4
95.0
35.4
2.5
3.5
8.4
0.01
0.1
71.1
Taxes on Labor
532.9
147.0
54.4
17.6
-
22.4
1.1
1.8
12.8
Taxes on Products and Services
2.3
397.6
445.4
85.2
11.9
16.5
-
0.01
0.8
Environmental Taxes
10.5
844.7
0.1
28.2
14.4
6.1
-
0.0
-
Taxes Collected
4,061.4
1,822.1
1,587.9
69.3
114.3
233.6
233.3
186.0
46.9
Income Taxes
2.0
56.0
12.7
18.2
22.3
10.8
0.0
-
-
Property Taxes
-
0.3
-
-
-
-
0.1
-
-
Taxes on Labor
652.2
247.7
37.3
14.6
19.2
15.6
1.7
1.2
46.9
Taxes on Products and Services
2,240.9
1,124.0
1,538.0
19.1
72.8
207.2
213.1
113.0
-
Environmental Taxes
1,166.3
394.1
-
17.3
-
-
18.4
71.8
-
Total Tax Contribution – TTC (cash basis accounting)
7,051.7
3,868.4
2,258.0
559.6
341.9
320.5
238.6
196.7
135.6
Economic data - Millions of euros
Italy
Spain
Brazil
Colombia
Chile
Argentina
Portugal
France
USA
Third Party Revenues
40,897.8
20,397.5
8,458.3
3,607.7
4,971.9
3,397.0
1,234.0
787.0
2,199.1
Cross-Border Intercompany Revenues
4,895.5
(45.0)
9.9
1.4
76.9
-
126.0
10.0
73.9
In-country Intercompany Revenues
27,631.6
12,039.7
1,003.0
13.1
1,792.7
50.6
0.1
-
818.0
Earnings (Loss) Before Taxes
7,270.9
2,882.8
551.5
702.7
118.7
(181.2)
41.7
30.0
242.2
Corporate Income Taxes Accrued (current)
1,885.7
560.2
72.0
250.6
257.5
40.9
16.0
8.0
3.8
Deferred Tax Assets and Liabilities
(17.2)
82.1
(3.8)
3.7
(29.8)
(120.2)
(1.6)
-
59.3
Tangible Assets
38,094.9
23,451.9
4,628.0
4,635.2
7,696.0
2,433.0
8.9
3.0
12,277.8
Employees
31,366
9,198
9,377
2,225
1,951
3,725
95
63
1,073
Retained Earnings
11,807.4
33,243.2
635.0
1,149.7
3,184.7
857.2
23.5
-
(32.2)
Stated Capital
54,254.8
29,340.6
17,160.2
2,163.2
21,467.1
1,000.6
18.6
-
30,982.1
Tables – Minor countries
Economic data - Millions of euros
Australia China Egypt
El
Salvador
Ethiopia Indonesia Ireland
Israel
Japan Kenya Lebanon Morocco Namibia
New
Zealand
Third Party Revenues
18.2
0.6
0.03
-
-
-
12.6
1.0
60.6
-
-
4.6
-
3.0
Cross-Border Intercompany Revenues
0.6
1.0
-
-
-
-
4.0
-
0.2
-
-
-
-
0.3
In-country Intercompany Revenues
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Earnings (Loss) Before Taxes
(3.9)
(1.2)
0.03
-
-0.02
-
(6.4)
0.04
8.2
(0.5)
(0.1)
(0.7)
-
(0.2)
Corporate Income Taxes Accrued (current)
0.1
-
0.01
-
-
-
0.2
0.02
2.3
-
-
0.01
-
0.1
Deferred Tax Assets and Liabilities
0.5
-
-
-
-
-
0.1
-
0.5
-
-
-
-
(0.04)
Corporate Income Taxes Paid
0.01
0.02
-
-
-
-
0.01
0.02
0.5
-
-
-
-
0.02
Tangible Assets
12.0
0.2
-
-
-
-
-
0.02
1.8
-
-
0.6
-
0.5
Employees
43
9
-
-
-
-
57
1
32
1
-
19
-
5
Retained Earnings
(7.7)
(9.1)
0.6
3.4
(0.1)
(3.2)
4.9
-
3.5
(4.6)
-
(1.0)
(0.3)
(0.2)
Stated Capital
63.8
13.0
0.5
3.0
0.1
3.8
41.8
-
1.9
3.3
-
78.0
-
1.8
Governance information
413
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Germany Netherlands
Mexico
Guatemala
Canada
South Africa
Panama
Costa Rica
India
Total 2024
Total 2023
Change
3.4
57.3
12.6
5.6
8.4
3.0
3.6
2.8
1.2
6,714.2
5,638.0
1,076.1
19.1%
3.1
57.1
9.8
5.1
-
3.0
2.0
1.3
0.8
3,671.4
2,575.9
1,095.4
42.5%
3.1
57.1
9.8
4.5
-
3.0
2.0
0.3
0.5
3,602.9
2,515.9
1,087.0
43.2%
-
-
-
0.2
6.9
-
0.4
0.2
-
381.2
360.8
20.4
5.7%
0.3
0.3
2.7
0.3
1.4
-
0.5
0.6
0.4
796.4
793.2
3.2
0.4%
-
-
-
0.01
-
-
-
0.7
-
960.5
1,148.4
(187.9)
-16.4%
-
-
0.01
0.0
-
-
0.6
0.0
-
904.7
759.8
144.9
19.1%
94.5
1.9
19.7
4.4
1.1
3.6
2.2
2.4
3.0
8,487.4
7,316.6
1,170.9
16.0%
-
-
0.0
0.7
-
0.4
1.5
0.02
1.2
125.8
157.7
(31.9)
-20.3%
-
-
0.6
-
-
-
-
-
-
1.0
1.3
(0.3)
-23.0%
0.5
0.9
3.7
0.1
0.1
3.2
0.4
0.2
1.6
1,047.2
1,104.4
(57.2)
-5.2%
54.7
0.9
15.3
3.7
0.9
-
0.3
2.3
0.2
5,606.3
4,358.2
1,248.1
28.6%
39.3
0.1
-
-
-
-
-
-
-
1,707.1
1,694.9
12.2
0.7%
97.9
59.2
32.2
10.0
9.4
6.6
5.7
5.2
4.1
15,201.6
12,954.6
2,247.0
17.3%
Germany Netherlands
Mexico
Guatemala
Canada
South Africa
Panama
Costa Rica
India
Total 2024
Total 2023
Change
372.0
2,061.7
364.0
84.5
48.7
107.0
214.6
23.2
8.6
89,234.5
107,734.5
(18,500.0)
-17.2%
184.1
2,046.4
13.0
1.4
-
0.9
0.2
0.9
9.9
7,405.3
2,952.9
4,452.4
-
-
1.2
46.3
32.4
1.6
11.4
25.6
5.2
0.9
43,473.4
52,676.7
(9,203.3)
-17.5%
19.4
464.1
(23.8)
12.7
(25.7)
11.7
78.6
4.4
(6.4)
12,194.3
6,599.3
5,595.0
84.8%
6.7
93.6
12.6
4.4
-
3.1
23.9
0.5
0.1
3,239.6
2,583.4
656.2
25.4%
(0.0)
35.7
66.8
-
0.3
4.4
1.3
0.4
(0.1)
81.4
85.5
(4.1)
-4.8%
0.2
2.4
905.8
328.0
437.3
304.3
428.3
29.6
63.3
95,727.9
90,032.2
5,695.7
6.3%
18
16
269
87
18
158
80
29
290
60,038
59,654
384
0.6%
(37.0)
(257.2)
(676.7)
158.6
(52.2)
(261.6)
181.1
(155.6)
(47.3)
49,720.7
48,433.8
1,286.9
2.7%
52.7
6,845.5
2,212.8
243.0
664.8
648.2
451.1
344.2
193.2
168,042.9
164,451.6
3,591.3
2.2%
Norway
Peru
Poland
Russia
Saudi
Arabia
Singapore
Slovakia Korea Taiwan
Turkey
UK
Uruguay
Vietnam Zambia
Total
2024
Total
2023
Change
0.01
3,611.0
39.7
2.3
-
-
-
27.0
4.6
0.04
23.9
0.1
0.01
4.5
3,813.8
1,815.9
1,997.8
-
-
16.5
0.4
0.7
-
-
-
1.1
-
0.6
0.7
-
2.6
-
28.7
11.2
17.6
-
-
81.3
0.4
-
-
-
-
0.03
-
-
0.1
-
-
0.3
82.1
246.1
(164.0)
-66.6%
(0.1)
3,023.7
8.0
2.1
-
(0.2)
(0.1)
(2.2)
(2.8)
(1.1)
(4.2)
(0.4)
1.6
(1.0)
3,018.6
405.2
2,613.4
-
-
656.2
2.2
0.2
-
-
-
0.3
(0.9)
-
-
-
-
-
660.6
154.5
506.1
-
-
0.2
(0.4)
0.1
-
-
-
-
-
-
0.6
0.1
-
0.1
1.7
5.9
(4.2)
-71.4%
-
138.5
1.5
0.1
-
-
-
0.1
-
0.4
-
-
-
-
141.2
169.8
(28.6)
-16.8%
-
133.9
0.2
1.1
-
-
(0.01)
4.9
2.3
-
1.3
-
0.01
16.2
174.9
2,877.7
(2,702.8)
-93.9%
-
45
24
1
-
-
1
33
13
1
28
1
3
4
321
1,401
(1,080)
-77.1%
-
(2,266.4)
1.2
4.1
(0.4)
(6.9)
-
(26.0)
(5.4)
(7.9)
(4.1)
0.4
(2.9)
(8.0)
(2,336.3)
(928.0)
(1,408.3)
-
-
66.1
5.0
1.5
1.3
5.7
-
34.5
7.2
1.1
19.9
0.2
2.2
7.0
362.5
3,980.1
(3,617.6)
-90.9%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Governance information
414
INTEGRATED ANNUAL REPORT 2024
Reconciliation with the Integrated Annual Report 2024
107. For the purposes of Country-by-Country Reporting (BEPS Project – Action 13).
In the following sections, a reconciliation of data rep-
resented in the Tax Transparency Report is made with
respect to the contents of the Integrated Annual Re-
port 2024.
This reconciliation is necessary given the different
methods of drafting the Tax Transparency Report –
borrowed from the rules for OECD Country-by-Coun-
try Reporting – compared with the standards adopted
in preparing the consolidated financial statements.
Millions of euros
2024
Items subject to reconciliation
Tax Transparency
Report
Consolidated financial
statements
Difference
Third Party Revenue
93,048
78,947
14,101
Profit/(Loss) before tax
15,213
11,883
3,330
Tangible assets
95,856
94,615
1,241
Taxes paid
3,744
3,912
(168)
Third Party Revenue
REVENUE
Third Party Revenue - Tax Transparency Report
93,048
Net financial income
(6,795)
Derivative instruments
(1,887)
System charges
(3,590)
Dividends from companies accounted with the equity method
(10)
Impairment losses on disposal of equity investments
(1,743)
Other consolidation adjustments
(76)
Revenue - Consolidated financial statements
78,947
The deviations between the Tax Transparency Report
data and the 2024 Integrated Annual Report are:
(i) Net financial income (-€6,795 million): for the pur-
poses of the Integrated Annual Report, net financial
income is entered in the financial statements in a
specific line of the income statement that is differ-
ent from the “Revenue” item, differing from what
is required under the OECD rules107 applied for the
purposes of the Tax Transparency Report;
(ii) Derivative instruments (-€1,887 million): for the
purposes of the Integrated Annual Report, deriva-
tive instruments towards third parties classified as
cash flow hedges are accounted for in an equity
reserve while their impacts are recognized in a spe-
cific profit or loss item (different from revenue). In
the Tax Transparency Report, income related to the
measurement and impact of derivative instruments
with third parties classified as trading instruments
are all recognized in the profit or loss and included
in revenue;
(iii) System charges (-€3,590 million): charges that
Italian marketing companies re-invoice to end
customers, which consist of the amount that was
charged by network companies, are recognized
in the income statement through a consolidation
adjustment in order to align intercompany balanc-
es, passing through to the companies that do not
operate on the market (direct accounting manage-
ment on the balance sheet) while in the individual
financial statements of companies that operate
on the market they are recognized in the income
statement;
Governance information
415
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
(iv) Dividends from equity-accounted companies
(-€10 million): for the purposes of the Integrat-
ed Annual Report, dividends received from con-
solidated companies108 are eliminated. In the Tax
Transparency Report such revenue are recognized
when referred to equity-accounted companies;
(v) Revenue from the sale of equity investments
(-€1,743 million): for the purposes of the Integrated
Annual Report, income and expenses from the sale
of equity investments are recognized through con-
108. Using the line-by-line, proportional and equity method.
109. They include, but are not limited to, the following: (i) elimination of intercompany margins and gains, (ii) recognition of any negative goodwill
following M&A transactions, (iii) capitalizations of financial expenses in cases of equity injection, (iv) adjustments to contracts with physical
delivery recognized at fair value, (v) reclassification of insurance and reinsurance flows as intercompany, and (vi) changes in the scope of con-
solidation during the year.
110. They include, but are not limited to, the following: (i) value adjustments of depreciation and amortization, (ii) elimination of capital gains on
intercompany sales of assets and consequent adjustments of depreciation and amortization, (iii) changes during the year in the scope of
consolidation, (iv) accruals (or release) of provisions through profit or loss, and (v) intercompany capital losses (gains).
solidation entries taking into account the value of the
companies sold in the Group’s consolidated financial
statements. For the purposes of the Tax Transparen-
cy Report, these income/expenses are valued at the
portion accounted for in the corporate financial state-
ments of the transferring company and determined
based on the carrying amount in those statements;
(vi) Other consolidation adjustments made on the
basis of the application of international accounting
principles (-€76 million).109
Profit/(Loss) before taxes
EBT
Earnings Before Taxes - Tax Transparency Report
15,213
Impairment losses on equity investments
(469)
Derivative management
(890)
Capital gains/(loss) from sale of equity investments
(1,743)
Results of equity-accounted companies
(209)
Other consolidation adjustments
(19)
Profit/(Loss) Before Tax – Integrated Annual Report
11,883
The deviations between the Tax Transparency Report
data and the 2024 Integrated Annual Report are:
(i) Impairment losses/gains from equity investments
(-€469 million): items regarding investments con-
solidated line-by-line (e.g. impairment losses and/
or distribution of reserves) have no effect on the
Income Statement in the Integrated Annual Report,
but do have an impact on Profit Before Taxes in the
Tax Transparency Report;
(ii) Derivative management (-€890 million): for the
purpose of the Integrated Annual Report, items re-
lated to the Cash flow hedge reserve for a possibly
different qualification of derivatives between the
stand alone view of the Company and the Group
do not have any impact on the income statement.
These accounting records however involve an in-
crease in Earnings Before Taxes for the purposes of
the Tax Transparency Report;
(iii) Adjustments of capital gains on disposal of equity in-
vestments (-€1,743 million): for the purposes of the
Integrated Annual Report, income and expenses from
the disposal of equity investments are recognized
through consolidation entries taking into account the
value of the companies sold in the Group’s consol-
idated financial statements. In the Tax Transparency
Report, these income/expenses are considered for
the portion accounted for in the separate financial
statements of the transferring company and deter-
mined based on the carrying amount of the same;
(iv) Income from equity-accounted companies (-€209
million): results from equity-accounted companies
are included in the Integrated Annual Report, but are
not considered in the Tax Transparency Report;
(v) Other consolidation adjustments made on the ba-
sis of the application of international accounting
principles (-€18 million).110
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
Governance information
416
INTEGRATED ANNUAL REPORT 2024
Tangible Assets
111. Adjustments due to the effects of (i) Purchase Price Allocations during acquisition of controlling interests in companies, (ii) impairment of cash
generating units, (iii) capitalizations of financial expense on fixed assets realized internally, (iv) elimination of gains from the sale of intercom-
pany assets, and (v) elimination of effects related to discontinued operations and assets classified as held for sale.
112. By way of example, differences in 2024 can be related to: (i) inclusion in the data of the Integrated Annual Report of taxes on dividends (exclud-
ed from the Tax Transparency Report) and (ii) changes during the year in the scope of consolidation.
TANGIBLE ASSETS
Tangible Assets - Tax Transparency Report
95,903
Consolidation adjustments
(1,288)
Consolidated Tangible Assets
94,615
The deviations between data in the Tax Transparency Report and the Integrated Annual Report are due to consol-
idation adjustments (-€1,018 million).111
Income Taxes
TAXES PAID
Taxes paid - Tax Transparency Report
3,744
Differences due to the use of the indirect method in the statement of cash flows
168
Taxes paid – Integrated Annual Report
3,912
The data on income taxes paid for the purposes of the
Integrated Annual Report is determined with the indi-
rect method, according to IAS 7.
The Tax Transparency Report recognizes Income Tax-
es paid on the basis of information collected from the
individual companies in the different tax jurisdictions,
consistent with the rules laid down by the OECD for
Country-by-Country Reporting.
The deviation is due to the different methods of rec-
ognizing data and standards applied.112
Governance information
417
7. Sustainability
Statement
INTEGRATED ANNUAL REPORT 2024
Targets
(1)
The ratio was normalized purely by accounting effects related to the distribution of capital reserves of Enel Finance International NV, which
otherwise would have been 89% (see the section “Participation in cooperative compliance schemes”).
KPI
POLICIES
SCOPE
Cooperative
Compliance
Index – Measures
the level of
adherence of
Enel Group
companies to
cooperative
compliance
schemes
Tax Strategy
- provides for
the promotion
of cooperative
compliance
by the Group,
which is the
prerequisite for
the CCI.
Global scope of
Enel countries (with
significant entities
with requirements to
adhere to cooperative
compliance over the
Plan period): Italy, Spain,
Portugal, France, South
Africa, the Netherlands
and Chile.
Year: 2021
Value: 89.9%
93%(1)
94%
in 2027
BASELINE
ACTUAL
2024
TARGET
STATUS
Not in line
In line
Achieved
The indicator is the ratio between the revenue of the
companies that have joined the existing cooperative
compliance regimes and those of all Enel companies
that are legally able to join. Therefore, this KPI is affect-
ed by both the activation of new cooperative compli-
ance regimes in countries where the Group is present
and revenue trends that reflect changes in the mac-
roeconomic scenario. The index does not consider
countries where schemes have not been legally estab-
lished at the time of calculation, nor companies that
do not meet the requirements for membership (e.g.
because their size is below statutory thresholds), even
if the schemes exist in their countries.
Actual revenue of entities are extracted from the con-
solidated financial statements (Primo system) accord-
ing to the CbCR logic.
For the calculation of the target, revenue were estimat-
ed based on available final data and projected linearly in
subsequent years. This makes the revenue static over
the target time horizon by providing a clear view of co-
operative compliance progress unaffected by trends.
The target is also monitored annually using a power
app tool (CCI) to support the collection, approval, and
calculation of data.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
Consolidated
financial statements
1.
GRUPPO
ENEL
La politica dei dividendi
La politica dei dividendi di Enel rimane
semplice e prevedibile, con un dividendo per
azione (DPS) pari a 0,43 euro nel periodo 2
023-2025, in aumento rispetto a 0,40 euro
nel 2022. Il DPS nel 2024 e nel 2025 è da
considerarsi come un minimo sostenibile.
Modello di business
Enel conferma il proprio modello di business
basato sui collaudati modelli di Ownership, che
ricomprende i cosiddetti Paesi “Tier 1” in cui
il Gruppo sviluppa un business integrato o ha
una posizione importante (Italia, Spagna, Cile,
Colombia, Brasile, Stati Uniti), e di Stewardship,
nei Paesi in cui joint venture, PPA, acquisizioni
di quote di minoranza offrano prospettive
particolarmente remunerative.
Crescita delle fonti
di finanziamento sostenibili
In linea con il “Sustainability-Linked Financing
Framework” e in vista del raggiungimento
dell’obiettivo di Sostenibilità di Enel circa la
riduzione di emissioni dirette di gas serra
(Scope 1), è sempre più ampio il ricorso a
strumenti di finanza sostenibile.
RELAZIONE
SULLA GESTIONE
CONSOLIDATED
FINANCIAL
STATEMENTS
CONSOLIDATED
FINANCIAL
STATEMENTS
Revenue at €78,947 million
(€95,565 million in 2023, -17.4%)
The change is mainly attributable to lower
volumes of thermal generation and lower
quantities of electricity and gas sold in
end-user markets, against a backdrop of
decreasing prices, as well as to changes in the
consolidation scope. These effects were partly
offset by positive developments in revenue
from renewables and distribution grids.
Operating profit at €15,494 million
(€10,832 million in 2023, +43%)
The increase is mainly attributable to the
positive performance of operations and lower
value adjustments of property, plant and
equipment and intangible assets.
Improvement of net financial debt
Positive cash flows generated by operations,
as well as by the finalization of disposals
within the deleverage and rationalization
program of the Group’s geographical presence
have more than offset the cash flow absorbed
by investing activities in the period and
the payment of dividends.
Consolidated financial statements
420
INTEGRATED ANNUAL REPORT 2024
Consolidated financial
statements
Consolidated Income Statement
Millions of euro
Notes
2024
2023
of which with
related parties
of which with
related parties
Revenue
Revenue from sales and services
9.a
73,914
5,328
92,882
7,260
Other income
9.b
5,033
82
2,683
18
[Subtotal]
78,947
95,565
Costs
Electricity, gas and fuel
10.a
30,282
8,714
46,270
11,578
Services and other materials
10.b
19,240
3,820
18,304
3,351
Personnel expenses
10.c
4,938
5,030
Net impairment/(reversals) on trade receivables and
other receivables
10.d
1,323
1,334
Depreciation, amortization and other impairment losses
10.e
7,249
8,089
Other operating costs
10.f
3,940
212
6,125
620
Capitalized costs
10.g
(3,042)
(3,385)
[Subtotal]
63,930
81,767
Net results from commodity contracts
11
477
3
(2,966)
(7)
Operating profit
15,494
10,832
Financial income from derivatives
12
2,720
1,558
Other financial income
13
2,409
209
2,916
239
Financial expense from derivatives
12
1,023
2,167
Other financial expense
13
7,828
100
5,966
89
Net income from hyperinflation
13
321
284
Share of profit/(loss) of equity-accounted investments
14
(210)
(41)
Pre-tax profit
11,883
7,416
Income taxes
15
3,654
2,778
Profit from continuing operations
8,229
4,638
Attributable to owners of the Parent
7,016
3,813
Attributable to non-controlling interests
1,213
825
Profit/(Loss) from discontinued operations
-
(371)
Attributable to owners of the Parent
-
(375)
Attributable to non-controlling interests
-
4
Profit for the year (owners of the Parent and non-
controlling interests)
8,229
4,267
Attributable to owners of the Parent
7,016
3,438
Attributable to non-controlling interests
1,213
829
Earnings per share
16
Basic earnings per share
16
Basic earnings per share
0.67
0.32
Basic earnings per share from continuing operations
0.67
0.36
Basic earnings/(loss) per share from discontinued
operations
-
(0.04)
Diluted earnings per share
16
Diluted earnings per share
0.67
0.32
Diluted earnings per share from continuing operations
0.67
0.36
Diluted earnings/(loss) per share from discontinued
operations
-
(0.04)
Consolidated financial statements
421
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
Statement of Consolidated Comprehensive Income
Millions of euro
Notes
2024
2023
Profit for the year
8,229
4,267
Other comprehensive income/(expense) that may be subsequently
reclassified to profit or loss (net of taxes)
Effective portion of change in the fair value of cash flow hedges
(628)
2,714
Change in the fair value of hedging costs
225
49
Share of the other comprehensive expense of equity-accounted investments
(35)
98
Change in the fair value of financial assets at FVOCI
14
11
Change in translation reserve
(1,812)
(523)
Cumulative other comprehensive income that may be subsequently
reclassified to profit or loss in respect of non-current assets and disposal
groups classified as held for sale/discontinued operations
(41)
16
Other comprehensive income (expense) that may not be subsequently
reclassified to profit or loss (net of taxes)
Remeasurement of net liabilities/(assets) for defined-benefit plans
127
(150)
Change in the fair value of equity investments in other companies
109
3
Cumulative other comprehensive income that may not be subsequently
reclassified to profit or loss in respect of non-current assets and disposal
groups classified as held for sale/discontinued operations
-
(1)
Total other comprehensive income/(expense) for the year
35
(2,041)
2,217
Comprehensive income/(expense) for the year
6,188
6,484
Attributable to:
- owners of the Parent
5,275
5,172
- non-controlling interests
913
1,312
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Consolidated financial statements
422
INTEGRATED ANNUAL REPORT 2024
Statement of Consolidated Financial Position
Millions of euro
ASSETS
Notes
at Dec. 31, 2024
at Dec. 31, 2023
of which with
related parties
of which with
related parties
Non-current assets
Property, plant and equipment
17
94,584
89,801
Investment property
20
30
97
Intangible assets
21
15,837
17,055
Goodwill
22
12,850
13,042
Deferred tax assets
23
9,025
9,218
Equity-accounted investments
24
1,456
1,650
Non-current financial derivative assets
25
2,003
2
2,383
4
Non-current contract assets
26
523
444
Other non-current financial assets
27
7,607
864
8,750
1,930
Other non-current assets
29
1,937
3
2,249
6
[Total]
145,852
144,689
Current assets
Inventories
31
3,643
4,290
Trade receivables
32
15,941
1,486
17,773
1,266
Current contract assets
26
193
212
Tax assets
787
705
Current financial derivative assets
25
3,512
6,407
Other current financial assets
28
4,854
1,964
4,329
174
Other current assets
30
3,891
102
4,099
92
Cash and cash equivalents
33
8,051
6,801
[Total]
40,872
44,616
Assets classified as held for sale
34
415
5,919
TOTAL ASSETS
187,139
195,224
Consolidated financial statements
423
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
Millions of euro
LIABILITIES AND EQUITY
Notes
at Dec. 31, 2024
at Dec. 31, 2023
of which with
related parties
of which with
related parties
Equity attributable to owners of the Parent
Share capital
10,167
10,167
Treasury share reserve
(78)
(59)
Other reserves
5,651
6,551
Retained earnings
17,991
15,096
[Total]
33,731
31,755
Non-controlling interests
15,440
13,354
Total equity
35
49,171
45,109
Non-current liabilities
Long-term borrowings
36
60,000
651
61,085
659
Employee benefits
37
1,614
2,320
Provisions for risks and charges (non-current portion)
38
6,501
6,018
Deferred tax liabilities
23
7,951
8,217
Non-current financial derivative liabilities
25
2,915
8
3,373
8
Non-current contract liabilities
26
5,682
17
5,743
18
Other non-current financial liabilities
40
205
141
Other non-current liabilities
42
3,287
4,103
[Total]
88,155
91,000
Current liabilities
Short-term borrowings
36
3,645
9
4,769
3
Current portion of long-term borrowings
36
7,439
111
9,086
111
Provisions for risks and charges (current portion)
38
1,333
1,294
Trade payables
39
13,693
2,736
15,821
2,829
Income tax liabilities
1,589
1,573
Current financial derivative liabilities
25
3,584
6
6,461
15
Current contract liabilities
26
2,448
37
2,126
53
Other current financial liabilities
41
845
1
909
-
Other current liabilities
43
15,087
42
14,760
40
[Total]
49,663
56,799
Liabilities included in disposal groups classified
as held for sale
34
150
2,316
Total liabilities
137,968
150,115
TOTAL LIABILITIES AND EQUITY
187,139
195,224
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Consolidated financial statements
424
INTEGRATED ANNUAL REPORT 2024
Statement of Changes in Consolidated Equity (note 35)
Share capital and reserves attributable to owners of the Parent
Millions of euro
Share
capital
Share premium
reserve
Treasury share
reserve
Reserve
for equity
instruments
- perpetual
hybrid bonds
Legal reserve
Other reserves
Translation
reserve
Hedging
reserve
At December 31, 2022
10,167
7,496
(47)
5,567
2,034
2,332
(5,912)
(3,553)
Application of new
accounting standards
-
-
-
-
-
-
-
-
At December 31, 2022
restated
10,167
7,496
(47)
5,567
2,034
2,332
(5,912)
(3,553)
Distribution of
dividends
-
-
-
-
-
-
-
-
Coupons paid to
holders of hybrid
bonds
-
-
-
-
-
-
-
-
Reclassifications
-
-
-
-
-
-
-
-
Purchase of treasury
shares
-
-
(21)
-
-
21
-
-
Payments of own
shares
-
-
9
-
-
(9)
-
-
Reserve for share-
based payments
(LTI bonus)
-
-
-
-
-
(3)
-
-
Equity instruments -
perpetual hybrid bonds
-
-
-
986
-
-
-
-
Monetary restatement
(IAS 29)
-
-
-
-
-
-
-
-
Change in the
consolidation scope
-
-
-
-
-
-
1,038
49
Transactions in non-
controlling interests
-
-
-
-
-
-
-
-
Comprehensive
income/(expense)
for the year
-
-
-
-
-
-
(415)
2,111
of which:
- other comprehensive
income/(expense)
-
-
-
-
-
-
(415)
2,111
- profit for the year
-
-
-
-
-
-
-
-
At December 31, 2023
10,167
7,496
(59)
6,553
2,034
2,341
(5,289)
(1,393)
Distribution of
dividends
-
-
-
-
-
-
-
-
Coupons paid to
holders of hybrid
bonds
-
-
-
-
-
-
-
-
Purchase of treasury
shares
-
-
(26)
-
-
26
-
-
Payments of own
shares
-
-
7
-
-
(7)
-
-
Reserve for share-
based payments
(LTI bonus)
-
-
-
-
-
3
-
-
Equity instruments -
perpetual hybrid bonds
-
-
-
592
-
-
-
-
Monetary restatement
(IAS 29)
-
-
-
-
-
-
-
-
Change in the
consolidation scope
-
-
-
-
-
-
236
5
Transactions in non-
controlling interests
-
-
-
-
-
-
(2)
10
Comprehensive
income/(expense)
for the year
-
-
-
-
-
-
(1,297)
(850)
of which:
- other comprehensive
income/(expense)
-
-
-
-
-
-
(1,297)
(850)
- profit for the year
-
-
-
-
-
-
-
-
At December 31, 2024
10,167
7,496
(78)
7,145
2,034
2,363
(6,352)
(2,228)
Consolidated financial statements
425
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
Hedging costs
reserve
Reserve from
measurement
of financial
instruments
at FVOCI
Reserve from
equity-
accounted
investments
Actuarial
reserve
Reserve from
disposal
of equity
interests
without loss of
control
Reserve from
acquisitions
of non-
controlling
interests
Retained
earnings
Equity
attributable
to owners
of the
Parent
Non-
controlling
interests
Total equity
(81)
(22)
(476)
(1,063)
(2,390)
(1,192)
15,797
28,657
13,425
42,082
-
-
-
-
-
-
(2)
(2)
-
(2)
(81)
(22)
(476)
(1,063)
(2,390)
(1,192)
15,795
28,655
13,425
42,080
-
-
-
-
-
-
(4,215)
(4,215)
(1,177)
(5,392)
-
-
-
-
-
-
(182)
(182)
-
(182)
-
14
-
-
-
-
(14)
-
-
-
-
-
-
-
-
-
(26)
(26)
-
(26)
-
-
-
-
-
-
9
9
-
9
-
-
-
-
-
-
-
(3)
-
(3)
-
-
-
-
-
-
-
986
-
986
-
-
-
-
-
-
291
291
202
493
-
-
4
(2)
-
-
-
1,089
(397)
692
-
-
-
-
-
(21)
-
(21)
(11)
(32)
43
18
97
(120)
-
-
3,438
5,172
1,312
6,484
43
18
97
(120)
-
-
-
1,734
483
2,217
-
-
-
-
-
-
3,438
3,438
829
4,267
(38)
10
(375)
(1,185)
(2,390)
(1,213)
15,096
31,755
13,354
45,109
-
-
-
-
-
-
(4,367)
(4,367)
(811)
(5,178)
-
-
-
-
-
-
(246)
(246)
-
(246)
-
-
-
-
-
-
(22)
(22)
-
(22)
-
-
-
-
-
-
7
7
-
7
-
-
-
-
-
-
-
3
-
3
-
-
-
-
-
-
-
592
-
592
-
-
-
-
-
-
507
507
335
842
-
-
6
-
-
-
-
247
(304)
(57)
(6)
-
-
-
(15)
(7)
-
(20)
1,953
1,933
226
122
(35)
93
-
-
7,016
5,275
913
6,188
226
122
(35)
93
-
-
-
(1,741)
(300)
(2,041)
-
-
-
-
-
-
7,016
7,016
1,213
8,229
182
132
(404)
(1,092)
(2,405)
(1,220)
17,991
33,731
15,440
49,171
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Consolidated financial statements
426
INTEGRATED ANNUAL REPORT 2024
Consolidated Statement of Cash Flows
Millions of euro
Notes
2024
2023
of which
with
related
parties
of which
with
related
parties
Profit for the year
8,229
4,267
Adjustments for:
Net impairment losses/(reversals) on trade receivables and other
receivables
10.d
1,323
1,355
Depreciation, amortization and other impairment losses
10.e
7,249
8,457
Net financial (income)/expense
12-13
3,401
3,437
Net (gains)/losses from equity-accounted investments
14
210
(17)
Income taxes
15
3,654
2,807
Changes in net working capital:
(1,108)
(604)
- inventories
31
558
435
- trade receivables
32
490
(220)
(2,487)
297
- trade payables
39
(2,451)
(93)
(1,165)
19
- other contract assets
26
20
(107)
- other contract liabilities
26
209
(16)
172
10
- other assets/liabilities
66
(736)
2,548
(52)
Accruals to provisions
1,377
1,403
Utilization of provisions
(1,698)
(1,647)
Interest income and other financial income collected
12-13
2,103
209
2,049
239
Interest expense and other financial expense paid
12-13
(5,276)
(100)
(5,657)
(89)
Net (income)/expense from measurement of commodities
(16)
1,359
Income taxes paid
15
(3,912)
(2,958)
Net capital gains
(2,313)
369
Cash flows from operating activities (A)
13,223
14,620
of which: discontinued operations
-
132
Investments in property, plant and equipment
17-20
(8,931)
(11,383)
Investments in intangible assets
21
(1,235)
(1,385)
Capital grants received
1,135
413
Investments in non-current contract assets
(844)
(795)
Investments in entities (or business units) less cash and cash equivalents
acquired
7
-
(17)
Disposals of entities (or business units) less cash and cash equivalents sold
7
5,622
2,083
(Increase)/Decrease in other investing activities
145
474
Cash flows used in investing activities (B)
(4,108)
(10,610)
of which: discontinued operations
-
(442)
New long-term borrowings
6,017
6,093
Repayments of borrowings
(10,430)
(2)
(6,006)
(125)
Other changes in net financial debt
(691)
(4,072)
Collections from disposal of equity investments without loss of control
1,944
-
Payments for acquisition of equity investments without change of control
and other transactions in non-controlling interests
(22)
(25)
Issues of perpetual hybrid bonds(1)
889
1,738
Redemptions of perpetual hybrid bonds(1)
(297)
(752)
Purchase of treasury shares
(27)
(20)
Dividends and interim dividends paid
(5,126)
(5,135)
Coupons paid to holders of hybrid bonds
(246)
(182)
Cash flows used in financing activities (C)
(7,989)
(8,361)
of which: discontinued operations
-
(16)
Impact of exchange rate fluctuations on cash and cash equivalents (D)
(74)
(49)
Increase/(Decrease) in cash and cash equivalents (A+B+C+D)
1,052
(4,400)
Cash and cash equivalents at the beginning of the year(2)
7,143
11,543
Cash and cash equivalents at the end of the year(3)
8,195
7,143
(1)
In order to improve presentation, two separate lines have been inserted under cash flows from financing activities to report gross issues and
redemptions of hybrid bonds.
(2) Of which cash and cash equivalents equal to €6,801 million at January 1, 2024 (€11,041 million at January 1, 2023), short-term securities equal
to €81 million at January 1, 2024 (€78 million at January 1, 2023) and cash and cash equivalents pertaining to “Assets classified as held for sale”
in the amount of €261 million at January 1, 2024 (€98 million at January 1, 2023) and cash and cash equivalents pertaining to “Discontinued
operations” equal to €326 million at January 1, 2023.
(3) Of which cash and cash equivalents equal to €8,051 million at December 31, 2024 (€6,801 million at December 31, 2023), short-term securities
equal to €138 million at December 31, 2024 (€81 million at December 31, 2023) and cash and cash equivalents pertaining to “Assets classified
as held for sale” in the amount of €6 million at December 31, 2024 (€261 million at December 31, 2023).
Notes to the consolidated financial statements
427
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
Notes to the consolidated
financial statements
Basis of presentation
1. Form and content of the consolidated financial statements
Enel SpA has its registered office in Viale Regina
Margherita 137, Rome, Italy, and since 1999 has been
listed on the Milan stock exchange.
There were no changes in the company name in
2024.
Enel is an energy multinational and is one of the
world’s leading integrated operators in the electrici-
ty and gas industries, with a special focus on Europe
and Latin America.
The consolidated financial statements of the Group
as at and for the year ended December 31, 2024
comprise the financial statements of Enel SpA, its
subsidiaries and Group holdings in associates and
joint ventures, as well as the Group’s share of the as-
sets, liabilities, costs and revenue of joint operations
(“the Group”).
A list of the subsidiaries, associates, joint operations
and joint ventures included in the consolidation
scope is attached.
These consolidated financial statements were ap-
proved and authorized for publication by the Board
of Directors on March 13, 2025.
These consolidated financial statements have been
audited by KPMG SpA.
Basis of presentation
The consolidated financial statements as at and for
the year ended December 31, 2024 have been pre-
pared in accordance with international accounting
standards (International Accounting Standards - IAS
and International Financial Reporting Standards -
IFRS) issued by the International Accounting Stand-
ards Board (IASB), the interpretations of the IFRS
Interpretations Committee (IFRSIC) and the Stand-
ing Interpretations Committee (SIC), recognized in
the European Union pursuant to Regulation (EC) no.
1606/2002 and in effect as of the close of the year.
All of these standards and interpretations are here-
inafter referred to as the “IFRS-EU”.
The consolidated financial statements have also
been prepared in conformity with measures issued
in implementation of Article 9, paragraph 3, of Leg-
islative Decree 38 of February 28, 2005.
The consolidated financial statements consist of the
consolidated income statement, the statement of
consolidated comprehensive income, the statement
of consolidated financial position, the statement of
changes in consolidated equity and the consolidated
statement of cash flows and the related notes.
The assets and liabilities recognized in the state-
ment of financial position are classified on a “current/
non-current basis”, with separate reporting of assets
held for sale and liabilities included in disposal groups
classified as held for sale. Current assets, which in-
clude cash and cash equivalents, are assets that are
intended to be realized, sold or consumed during the
normal operating cycle of the Group; current liabili-
ties are liabilities that are expected to be settled dur-
ing the normal operating cycle of the Group.
The income statement classifies costs on the basis
of their nature, with separate reporting of profit/
(loss) from continuing operations and profit/(loss)
from discontinued operations attributable to own-
ers of the Parent and to non-controlling interests.
The consolidated statement of cash flows is prepared
using the indirect method, with separate reporting of
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
428
INTEGRATED ANNUAL REPORT 2024
any cash flows by operating, investing and financing
activities associated with discontinued operations.
More specifically, the statement of cash flows is pre-
sented on a gross basis and does not include non-
cash transactions.
In particular, although the Group does not diverge from
the provisions of IAS 7 in the classification of items:
• cash flows from operating activities report cash flows
from core operations, interest on loans granted and
obtained and dividends received from associates or
joint ventures;
• investing activities comprise investments in property,
plant and equipment and intangible assets and dis-
posals of such assets and contract assets related to
service concession arrangements. They include, also,
the effects of business combinations in which the
Group acquires or loses control of companies, as well
as other minor investments;
• cash flows from financing activities include cash flows
generated by liability management transactions and
leases, dividends and interim dividends paid to owners
of the Parent and non-controlling interests and the ef-
fects of transactions in non-controlling interests that
do not change the status of control of the companies
involved;
• a separate item is used to report the impact of ex-
change rates on cash and cash equivalents and their
impact on profit or loss is eliminated in full in order to
neutralize the effect on cash flows from operating ac-
tivities.
For more information on cash flows as reported in the
statement of cash flows, please see note 44 “Cash
flows”.
The consolidated financial statements have been pre-
pared on a going concern basis using the cost method,
with the exception of items measured at fair value in ac-
cordance with IFRS, as explained in the measurement
bases applied to each individual item, and of non-cur-
rent assets and disposal groups classified as held for
sale, which are measured at the lower of their carrying
amount and fair value less costs to sell.
The consolidated financial statements are presented in
euro, the functional currency of the Parent Enel SpA. All
figures are shown in millions of euro unless stated oth-
erwise.
The consolidated income statement, the statement of
consolidated financial position and the consolidated
statement of cash flows report transactions with related
parties, the definition of which is given in note 2.2 “Mate-
rial accounting policies”.
The consolidated financial statements provide compara-
tive information in respect of the previous year.
2. Accounting policies
2.1 Use of estimates and management
judgment
Preparing the consolidated financial statements under
IFRS-EU requires management to take decisions and
make estimates and assumptions that may impact the
carrying amount of revenue, costs, assets and liabili-
ties and the related disclosures concerning the items
involved as well as contingent assets and liabilities. The
estimates and management’s judgments are based
on previous experience and other factors considered
reasonable in the circumstances. They are formulated
when the carrying amount of assets and liabilities is
not easily determined from other sources. The actual
results may therefore differ from these estimates. The
estimates and assumptions are periodically revised
and the effects of any changes are reflected through
profit or loss if they only involve that period. If the revi-
sion involves both the current and future periods, the
change is recognized in the period in which the revi-
sion is made and in the related future periods.
In order to enhance understanding of the consolidat-
ed financial statements, the following sections exam-
ine the main items affected by the use of estimates
and the cases that reflect management judgments to
a significant degree, underscoring the main assump-
tions used by management in measuring these items
in compliance with the IFRS-EU. The critical element of
such valuations is the use of assumptions and profes-
sional judgments concerning issues that are by their
very nature uncertain.
Changes in the conditions underlying the assump-
tions and judgments could have a substantial impact
on future results.
The information included in the consolidated financial
statements is selected on the basis of a materiality
analysis carried out in accordance with the require-
ments of Practice Statement 2 “Making Materiality
Judgments”, issued by the International Accounting
Standards Board (IASB).
With regard to the effects of climate change issues, the
Group believes that climate change represents an im-
Notes to the consolidated financial statements
429
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
plicit element in the application of the methodologies
and models used to perform estimates in the valua-
tion and/or measurement of certain accounting items.
Furthermore, the Group has also taken account of the
impact of climate change in the significant judgments
made by management. In this regard, the main items
included in the consolidated financial statements at
December 31, 2024 affected by management’s use of
estimates and judgments refer to the impairment of
non-financial assets and obligations connected with
the energy transition, including those for decom-
missioning and site restoration of certain generation
plants. For further details on these items, see note 17
“Property, plant and equipment”, note 22 “Goodwill”,
and note 38 “Provisions for risks and charges”.
Use of estimates
Revenue from contracts with customers
Revenue from supply of electricity and gas to end
users is recognized at the time the electricity or gas
is delivered and includes, in addition to amounts in-
voiced on the basis of electricity consumption meas-
ured through periodic (and pertaining to the year) me-
ter readings or on the volumes notified by distributors
and transporters, an estimate of the electricity and gas
delivered during the period but not yet invoiced that is
equal to the difference between the amount of elec-
tricity and gas delivered to the distribution network
and that invoiced in the period, taking account of any
network losses. Revenue between the date of the last
meter reading and the year-end is based on estimates
of the daily consumption of individual customers, pri-
marily determined on their historical information, ad-
justed to reflect the climate factors or other matters
that may affect the estimated consumption.
For more details on such revenue, see note 9.a. “Reve-
nue from sales and services”.
Impairment of non-financial assets
When the carrying amount of property, plant and
equipment, investment property measured at cost,
intangible assets, right-of-use assets, goodwill and in-
vestments in associates/joint ventures exceeds its re-
coverable amount, which is the higher of the fair value
less costs to sell and the value in use, the assets are
impaired.
Verification of the recoverable amount of such assets
is performed in accordance with the provisions of IAS
36, as described in greater detail in note 22 “Goodwill”.
In order to determine the recoverable amount, the
Group generally adopts the value in use criterion, in-
tended as the present value of the estimated future
cash flows generated by the asset, discounted using
a pre-tax discount rate that reflects the current mar-
ket assessment of the time value of money and of the
specific risks of the asset.
Future cash flows used to determine value in use are
based on the most recent Business Plan, approved by
the management, containing forecasts for volumes,
revenue, operating costs and investments. These pro-
jections cover the next three years. For subsequent
years, account is taken of:
• assumptions concerning the long-term evolution
of the main variables considered in the calculation
of cash flows, as well as the average residual useful
life of the assets or the duration of the concessions,
based on the specific characteristics of the busi-
nesses;
• a long-term growth rate equal to the long-term
growth of electricity demand and/or inflation (de-
pending on the country and business) that does not
in any case exceed the average long-term growth
rate of the market involved.
The recoverable amount is sensitive to the esti-
mates and assumptions used in the calculation of
cash flows and the discount rates applied. Nev-
ertheless, possible changes in the underlying as-
sumptions of such amounts could generate dif-
ferent recoverable amounts. The analysis of each
group of non-financial assets is unique and re-
quires management to use estimates and assump-
tions considered prudent and reasonable in the
specific circumstances.
In line with its business model and in the context of the
energy transition process, the Group has also carefully
assessed whether climate change issues have affect-
ed the reasonable and supportable assumption used
to estimate expected cash flows. In this regard, where
necessary, the Group has also taken account of the
long-term impact of climate change, in particular by
considering in the estimation of the terminal value a
long-term growth rate in line with the change in elec-
tricity demand determined using energy models for
each country.
Information on the main assumptions used to esti-
mate the recoverable amount of assets with reference
to the impacts relating to climate change, as well as
information on changes in these assumptions, is pro-
vided in note 22 “Goodwill”.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
430
INTEGRATED ANNUAL REPORT 2024
Expected credit losses on financial assets
At the end of each reporting period, the Group rec-
ognizes a loss allowance for expected credit losses on
trade receivables and other financial assets measured
at amortized cost, debt instruments measured at fair
value through other comprehensive income, contract
assets and all other assets in scope.
Loss allowances for financial assets are based on as-
sumptions about risk of default and on the measure-
ment of expected credit losses. Management uses
judgment in making these assumptions and selecting
the inputs for the impairment calculation, based on
the Group’s past experience, current market condi-
tions as well as forward-looking estimates at the end
of each reporting period.
The expected credit loss (ECL) – determined con-
sidering probability of default (PD), loss given default
(LGD), and exposure at default (EAD) – is the difference
between all contractual cash flows that are due in ac-
cordance with the contract and all cash flows that are
expected to be received (including all shortfalls) dis-
counted at the original effective interest rate (EIR).
For additional details on the general simplified ap-
proach used to determine expected credit losses,
please see note 46 “Financial instruments by catego-
ry”.
Based on the specific reference market and the regu-
latory context of the sector, as well as expectations of
recovery after 90 days, for trade receivables, contract
assets and lease receivables, the Group mainly applies
a default definition of 180 days past due to determine
expected credit losses, as this is considered an effec-
tive indication of a significant increase in credit risk.
Accordingly, financial assets that are more than 90
days past due are generally not considered to be in
default, except for some specific regulated markets.
For trade receivables and contract assets the Group
mainly applies a collective approach based on group-
ing them into specific clusters, taking into account the
specific regulatory and business context. Only if the
trade receivables are deemed to be individually signifi-
cant by management and there is specific information
about any significant increase in credit risk, does the
Group apply an analytical approach.
Based on specific management evaluations, the for-
ward-looking adjustment can be applied considering
qualitative and quantitative information in order to re-
flect possible future events and macroeconomic sce-
narios, which may affect the risk of the portfolio or the
financial instrument.
For additional details on the key assumptions and in-
puts used, please see note 46 “Financial instruments
by category”.
Depreciable amount of certain elements of
Italian hydroelectric plants subsequent to
enactment of Law 134/2012
Italian regulations governing large-scale hydroelec-
tric concessions were significantly modified by the
“Simplifications Decree” (Decree Law 135 of 2018,
ratified with Law 12 of February 11, 2019). The reg-
ulations introduce a number of innovations which,
if applied to existing concessions, would require a
review of the useful lives of certain investments in
hydroelectric plants in order to reflect the possibil-
ity that, at the end of the concession, some assets
could be transferred free of charge to the new con-
cession holder. However, in estimating the useful lives
of these plants, management, with the support of a
legal opinion, considered the foreseeable outcome
of the appeals promptly lodged by the Group – and
others – and the related constitutionality issues,
which have also been raised by industrial associa-
tions. Consequently, we believe that the legislation
raises serious constitutionality issues that will be ef-
fectively recognized in the appropriate fora. Accord-
ingly, management deemed it appropriate not to re-
flect the changes introduced by the regulations and
therefore has continued to measures the useful lives
of the plants as has been done in previous years un-
der the previous regulatory system, considering this
to be the most realistic estimate.
Law 134 of August 7, 2012 containing “urgent meas-
ures for growth” (published in the Gazzetta Ufficiale
of August 11, 2012) introduced a sweeping overhaul
of the rules governing hydroelectric concessions.
Among its various provisions, the law establishes that
five years before the expiration of a major hydroelec-
tric water diversion concession and in cases of lapse,
relinquishment or revocation, where there is no pre-
vailing public interest for a different use of the wa-
ter, incompatible with its use for hydroelectric gen-
eration, the competent public entity shall organize a
public call for tenders for the award for consideration
of the concession for a period ranging from 20 to a
maximum of 30 years.
In order to ensure operational continuity, the law also
governs the methods of transferring ownership of the
business unit necessary to operate the concession,
including all legal relationships relating to the con-
cession, from the outgoing concession holder to the
Notes to the consolidated financial statements
431
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
new concession holder, in exchange for payment of a
price to be determined in negotiations between the
departing concession holder and the grantor agency,
taking due account of the following elements:
• for intake and governing works, penstocks and
outflow channels, which under the consolidated
law governing waters and electrical plants are to
be relinquished free of charge (Article 25 of Royal
Decree 1775 of December 11, 1933), the revalued
cost less government capital grants, also revalued,
received by the concession holder for the con-
struction of such works, depreciated for ordinary
wear and tear;
• for other property, plant and equipment, the mar-
ket value, meaning replacement value, reduced by
estimated depreciation for ordinary wear and tear.
While acknowledging that the new regulations intro-
duce important changes as to the transfer of owner-
ship of the business unit with regard to the operation
of the hydroelectric concession, the practical appli-
cation of these principles faces difficulties, given the
uncertainties that do not permit the formulation of a
reliable estimate of the value that can be recovered
at the end of existing concessions (residual value).
Accordingly, management has decided it could not
produce a reasonable and reliable estimate of resid-
ual value.
The fact that the legislation requires the new con-
cession holder to make a payment to the departing
concession holder prompted management to review
the depreciation schedules for assets classified as to
be relinquished free of charge prior to Law 134/2012
(until the year ended on December 31, 2011, giv-
en that the assets were to be relinquished free of
charge, the depreciation period was equal to the
closest date between the term of the concession and
the end of the useful life of the individual asset), cal-
culating depreciation no longer over the term of the
concession but, if longer, over the useful life of the
individual assets. If additional information becomes
available to enable the calculation of residual value,
the carrying amounts of the assets involved will be
adjusted prospectively.
Determining the fair value of financial
instruments
The fair value of financial instruments is determined on
the basis of prices directly observable in the market,
where available, or, for unlisted financial instruments,
using specific valuation techniques (mainly based on
present value) that maximize the use of observable
market inputs. In rare circumstances where this is not
possible, the inputs are estimated by management
taking due account of the characteristics of the in-
struments being measured.
For more information on financial instruments meas-
ured at fair value, please see note 50 “Assets and lia-
bilities measured at fair value”.
In accordance with IFRS 13, the Group includes a
measurement of credit risk, both of the counterparty
(Credit Valuation Adjustment or CVA) and its own (Deb-
it Valuation Adjustment or DVA), in order to adjust the
fair value of financial instruments for the correspond-
ing amount of counterparty risk, using the method
discussed in note 50 “Assets and liabilities measured
at fair value”.
Changes in the assumptions made in estimating the
input data could have an impact on the fair value rec-
ognized for those instruments.
Pensions and other post-employment benefits
Some of the Group’s employees participate in pension
plans offering benefits based on their wage history and
years of service. Certain employees are also eligible for
other post-employment benefit schemes.
The expenses and liabilities of such plans are calculated
on the basis of estimates carried out by consulting ac-
tuaries, who use a combination of statistical and actu-
arial elements in their calculations, including statistical
data on past years and forecasts of future costs. Other
components of the estimation that are considered in-
clude mortality and retirement rates as well as assump-
tions concerning future developments in discount
rates, the rate of wage increases, the inflation rate and
trends in healthcare cost.
These estimates can differ significantly from actual de-
velopments owing to changes in economic and market
conditions, increases or decreases in retirement rates
and the lifespan of participants, as well as changes in
the effective cost of healthcare.
Such differences can have a substantial impact on the
quantification of pension costs and other related ex-
penses.
For more details on the main actuarial assumptions
adopted, please see note 37 “Employee benefits”.
Provisions for risks and charges
For more details on provisions for risks and charges,
please see note 38 “Provisions for risks and charges”.
Note 55 “Contingent assets and liabilities” also pro-
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
432
INTEGRATED ANNUAL REPORT 2024
vides information regarding the most significant con-
tingent assets and liabilities for the Group at year end.
Litigation
The Group is involved in various civil, administrative
and tax disputes connected with the normal pursuit
of its activities that could give rise to significant lia-
bilities. It is not always objectively possible to predict
the outcome of these disputes. The assessment of the
risks associated with this litigation is based on com-
plex factors whose very nature requires recourse to
management judgments, even when taking account
of the contribution of external advisors assisting the
Group, about whether to classify them as contingent
liabilities or liabilities.
Provisions have been recognized to cover all signifi-
cant liabilities for cases in which legal counsel feels an
adverse outcome is more likely than not and a reason-
able estimate of the amount of the expense can be
made.
Obligations associated with generation plants,
including decommissioning and site restoration
Generation activities may entail obligations for the op-
erator with regard to future interventions that will have
to be performed following the end of the operating life
of the plant.
Such interventions may involve the decommission-
ing of plants and site restoration, or other obligations
linked to the type of generation technology involved.
The nature of such obligations may also have a major
impact on the accounting treatment used for them.
In the case of nuclear power plants, where the costs
regard both decommissioning and the storage of
waste fuel and other radioactive materials, the estima-
tion of the future cost is a critical process, given that
the costs will be incurred over a very long span of time,
estimated at up to 100 years.
The obligation, based on financial and engineering as-
sumptions, is calculated by discounting the expected
future cash flows that the Group considers it will have
to pay to meet the obligations it has assumed.
The discount rate used to determine the present value
of the liability is the pre-tax risk-free rate and is based
on the economic parameters of the country in which
the plant is located. That liability is quantified by man-
agement on the basis of the technology existing at the
measurement date and is reviewed each year, taking
account of developments in storage, decommission-
ing and site restoration technology, as well as the on-
going evolution of the legislative framework governing
health and environmental protection.
Subsequently, the value of the obligation is adjusted
to reflect the passage of time and any changes in es-
timates.
Please see note 38 “Provisions for risks and charges”
for more information on the discount rates, the esti-
mated non-discounted costs and their timing, used
to calculate the decommissioning and site restoration
provisions.
Onerous contracts
In order to identify an onerous contract, the Group es-
timates the non-discretionary costs necessary to fulfil
the obligations assumed (including any penalties) un-
der the contract and the economic benefits that are
presumed to be obtained from the contract.
Leases
When the interest rate implicit in the lease cannot be
readily determined, the Group uses the incremental
borrowing rate (IBR) at the lease commencement date
to calculate the present value of the lease payments.
This is the interest rate that the lessee would have to
pay to borrow over a similar term, and with a similar
security, the funds necessary to obtain an asset of
a similar value to the right-of-use asset in a similar
economic environment. When no observable inputs
are available, the Group estimates the IBR making as-
sumptions to reflect the terms and conditions of the
lease and certain lessee-specific estimates.
One of the most significant judgments for the Group is
determining this IBR necessary to calculate the pres-
ent value of the lease payments required to be paid to
the lessor. The Group approach to determine an IBR
is based on the assessment of the following three key
components:
• the risk-free rate, that consider the currency flows
of the lease payments, the economic environment
where the lease contract has been negotiated and
also the lease term;
• the credit spread adjustment, in order to calculate
an IBR that is specific for the lessee considering any
underlying Parent or other guarantee;
• the lease related adjustments, in order to reflect into
the IBR calculation the fact that the discount rate is
directly linked to the type of the underlying asset,
rather than being a general incremental borrowing
rate. In particular, the risk of default is mitigated for
Notes to the consolidated financial statements
433
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
the lessors as they have the right to reclaim the un-
derlying asset itself.
For more information on lease liabilities, please see
note 46 “Financial instruments by category”.
Income tax
Recovery of deferred tax assets
At December 31, 2024, the consolidated financial
statements report deferred tax assets in respect of tax
losses or tax credits usable in subsequent years and
income components whose deductibility is deferred
in an amount whose future recovery is considered by
management to be highly probable.
The recoverability of such assets is subject to the
achievement of future profits sufficient to absorb
such tax losses and to use the benefits of the other
deferred tax assets.
Significant management judgment is required to as-
sess the probability of recovering deferred tax assets,
considering all negative and positive evidence, and to
determine the amount that can be recognized, based
upon the likely timing and the level of future taxable
profits together with future tax planning strategies
and the tax rates applicable at the date of reversal.
However, where the Group should become aware that
it is unable to recover all or part of recognized tax as-
sets in future years, the consequent adjustment would
be taken to profit or loss in the year in which this cir-
cumstance arises.
The recoverability of deferred tax assets is reviewed at
the end of each period. Deferred tax assets not recog-
nized are reassessed at each reporting date in order to
verify the conditions for their recognition.
For more detail in deferred tax assets recognized or
not recognized, please see note 23 “Deferred tax as-
sets and liabilities”.
Management judgment
Identification of operating segments
In accordance with the requirements of IFRS 8,
the Group’s primary operating segments are rep-
resented by the business lines, identified as com-
ponents:
• that engage in business activities from which they
may earn revenue and incur expenses (including
revenue and expenses relating to transactions with
other components of the same entity);
• whose operating results are regularly reviewed by
management to make decisions about resources to
be allocated to the segment and assess its perfor-
mance; and
• for which discrete financial information is available.
The Group’s secondary operating segments are repre-
sented by the regions and countries where it operates,
and provide an additional dimension of management
analysis, enabling the monitoring of the performance
of each business line on a geographical basis.
Identification of cash generating units (CGUs)
For impairment testing, if the recoverable amount can-
not be determined for an individual asset, the Group
identifies the smallest group of assets that generate
largely independent cash inflows. The smallest group
of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or
group of assets is a CGU.
Identifying such CGUs involves management judg-
ments regarding the specific nature of the assets and
the business involved (geographical segment, business
segment, regulatory framework, etc.). The assets of
each CGU are also identified on the basis of the manner
in which management manages and monitors those
assets, as well as the evidence that the cash inflows of
the group of assets are largely independent of those
associated with other assets (or groups of assets).
The assets of each CGU are also identified on the ba-
sis of the manner in which management manages and
monitors those assets. In particular, the number and
scope of the CGUs are updated systematically to re-
flect the impact of new business combinations and
reorganizations carried out by the Group.
The CGUs identified by management to which the
goodwill recognized in these consolidated financial
statements has been allocated and the criteria for
their identification are reported in note 22 “Goodwill”.
Determining the useful life
of non-financial assets
In determining the useful life of property, plant and
equipment and intangible assets with a finite useful
life, the Group considers not only the future economic
benefits – contained in the assets – obtained through
their use, but also many other factors, such as physi-
cal wear and tear, the technical, commercial or other
obsolescence of the product or service produced with
the asset, legal or similar limits (e.g. safety, environ-
mental or other restrictions) on the use of the asset,
if the useful life of the asset depends on the useful life
of other assets.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
434
INTEGRATED ANNUAL REPORT 2024
Furthermore, in estimating the useful lives of the assets
concerned, the Group has taken account of its commit-
ment under the Paris Agreement. For more information,
please see note 17 “Property, plant and equipment”.
Determination of the existence of control
Under the provisions of IFRS 10, control is achieved
when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has
the ability to affect those returns through its power
over the investee. Power is defined as the current abili-
ty to direct the relevant activities of the investee based
on existing substantive rights.
The existence of control does not depend solely on
ownership of a majority investment, but rather it arises
from substantive rights that each investor holds over
the investee. Consequently, management must use
its judgment in assessing whether specific situations
determine substantive rights that give the Group the
power to direct the relevant activities of the investee
in order to affect its returns.
For the purpose of assessing control, management
analyzes all facts and circumstances including any
agreements with other investors, also in respect of
voting or appointing directors, rights arising from
other contractual arrangements and potential voting
rights (call options, warrants, put options granted to
non-controlling shareholders, etc.) and other legal
provisions. These other facts and circumstances could
be especially significant in such assessment when the
Group holds less than a majority of voting rights, or
similar rights, in the investee.
Furthermore, even if it holds more than half of the vot-
ing rights in an entity, the Group considers all the rel-
evant facts and circumstances in assessing whether it
controls the investee.
The Group reassesses whether or not it controls an in-
vestee if facts and circumstances indicate that there
are changes to one or more of the elements consid-
ered in verifying the existence of control.
Determination of the existence of joint control
and of the type of joint arrangement
Under the provisions of IFRS 11, a joint arrangement
is an agreement where two or more parties have joint
control. Joint control exists only when the decisions
over the relevant activities require the unanimous
consent of the parties that share joint control.
A joint arrangement can be configured as a joint ven-
ture or a joint operation. Joint ventures are joint ar-
rangements whereby the parties that have joint con-
trol have rights to the net assets of the arrangement.
Conversely, joint operations are joint arrangements
whereby the parties that have joint control have rights
to the assets and obligations for the liabilities relating
to the arrangement.
In order to determine the existence of the joint control
and the type of joint arrangement, management must
apply judgment and assess its rights and obligations
arising from the arrangement. For this purpose, the
management considers the structure and legal form
of the arrangement, the terms agreed by the parties in
the contractual arrangement and, when relevant, oth-
er facts and circumstances.
Following that analysis, the Group has considered its
interest in Asociación Nuclear Ascó-Vandellós II as a
joint operation.
The Group re-assesses whether or not it has joint con-
trol if facts and circumstances indicate that changes
have occurred in one or more of the elements consid-
ered in verifying the existence of joint control and the
type of the joint arrangement.
For more information on the Group’s investments in
joint ventures, please see note 24 “Equity-accounted
investments”.
Determination of the existence of significant
influence over an associate
Associates are those in which the Group exercises sig-
nificant influence, i.e. the power to participate in the
financial and operating policy decisions of the inves-
tee but not exercise control or joint control over those
policies. In general, it is presumed that the Group has a
significant influence when it has an ownership interest
of 20% or more.
In order to determine the existence of significant influ-
ence, management must apply judgment and consid-
er all facts and circumstances.
The Group re-assesses whether or not it has signif-
icant influence if facts and circumstances indicate
that there are changes to one or more of the elements
considered in verifying the existence of significant in-
fluence.
For more information on the Group’s equity invest-
ments in associates, please see note 24 “Equity-ac-
counted investments”.
Determination of non-current assets
(or disposal groups) held for sale and
discontinued operations
An asset is classified as “held for sale” when its sale is
highly probable.
Notes to the consolidated financial statements
435
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
To determine whether a sale is highly probable, the
Group considers whether:
• management has committed to a plan to sell the
asset (or disposal group), and an active program to
locate a buyer and complete the plan has been in-
itiated;
• the sale should be expected to qualify for recog-
nition as a completed sale within one year from
the date of classification, except where the delay
is caused by events or circumstances beyond the
Group’s control and there is sufficient evidence that
the Group remains committed to its plan to sell the
asset;
• the actions required to complete the plan should in-
dicate that it is unlikely that significant changes to
the plan will be made or that the plan will be with-
drawn.
In addition, an asset (or group of assets) shall be pre-
sented as a discontinued operation when it is classi-
fied as held for sale and:
• represents a separate major line of business or geo-
graphical area of operations;
• is part of a single coordinated plan to dispose of a
separate major line of business or geographical area
of operations; or
• is a subsidiary acquired exclusively with a view to re-
sale.
Application of “IFRIC 12 – Service concession
arrangements” to concessions
The Group, as operator, applies IFRIC 12 to “pub-
lic-to-private” service concession arrangements, un-
der which a public entity (the grantor) conveys to an
operator the right to manage the infrastructure used
to provide services.
More specifically, management assesses whether
“public-to-private” service concession arrange-
ments are within the scope of IFRIC 12 on the basis
of whether:
• the grantor controls or regulates what services the
operator must provide with the infrastructure, to
whom it must provide them, and at what price; and
• the grantor controls – through ownership, beneficial
entitlement or otherwise – any significant residual
interest in the infrastructure at the end of the term
of the arrangement.
On the basis of that analysis, the provisions of IFRIC
12 are applicable to the service concession arrange-
ments of a number of companies that operate primar-
ily in Brazil.
Further details about service concession arrange-
ments in the scope of IFRIC 12 are provided in note 18
“Service concession arrangements”.
Revenue from contracts with customers
The Group carefully analyzes the contractual terms
and conditions on a jurisdictional level in order to de-
termine when a contract exists and the terms of that
contract’s enforceability so as to apply IFRS 15 only to
such contracts.
When a contract includes multiple promised goods
or services, in order to assess if they should be ac-
counted for separately or as a group, the Group con-
siders both the individual characteristics of goods/
services (i.e. whether they are distinct or are a series
of distinct goods or services that are substantially the
same and that have the same pattern of transfer to
the customer), and the nature of the promise within
the context of the contract. To this end, it is necessary
to evaluate all the facts and circumstances relating to
the specific contract under the relevant legal and reg-
ulatory framework. To evaluate when a performance
obligation is satisfied, the Group evaluates when the
control of the goods or services is transferred to the
customer, assessed primarily from the perspective of
the customer.
For each performance obligation, and in relation to the
type of transaction:
• revenue is recognized over time on the basis of
the progress towards complete satisfaction of the
performance obligation, as in the case of the pro-
vision of services. The measurement of progress
towards complete satisfaction of a performance
obligation is carried out consistently for perfor-
mance obligations and similar circumstances us-
ing an “output” or “input” method. In particular,
the cost incurred method (cost-to-cost method)
is considered appropriate for measuring pro-
gress except when a specific analysis of the con-
tract counsels the use of an alternative method.
If it should prove impossible to reasonably assess
progress towards satisfaction of the performance
obligation, the Group recognizes revenue only to
the extent of the incurred costs that are consid-
ered recoverable;
• if, on the other hand, the performance obligation is
satisfied at a given moment, as in the case of the
supply of goods, revenue is recognized at the point
in time in which the customer obtains the control of
the goods, considering all relevant indicators.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
436
INTEGRATED ANNUAL REPORT 2024
The Group considers all relevant facts and circum-
stances in determining whether a contract includes
variable consideration (i.e. consideration that may vary
or depends upon the occurrence or non-occurrence
of a future event). In estimating variable consideration,
the Group uses the method that better predicts the
consideration to which it will be entitled, applying it
consistently throughout the contract and for similar
contracts, also considering all available information,
and updating such estimates until the uncertainly is
resolved. The Group includes the estimated variable
consideration in the transaction price only to the ex-
tent that it is highly probable that a significant reversal
in the cumulative revenue recognized will not occur
when the uncertainty is resolved.
The Group considers that it is an agent in some con-
tracts in which it is not primarily responsible for ful-
filling the contract and therefore it does not control
goods or services before they are being transferred to
customers. For example, the Group acts as an agent
in some contracts for electricity/gas network connec-
tion services and other related activities depending on
local legal and regulatory framework.
For contracts that have more than one performance
obligation (e.g. “bundled” sale contracts), the Group
generally allocates the transaction price to each per-
formance obligation in proportion to its stand-alone
selling price. The Group determines stand-alone sell-
ing prices considering all information and using ob-
servable prices when they are available in the market
or, if not, using an estimation method that maximizes
the use of observable inputs and applying it consist-
ently to similar arrangements.
If the Group evaluates that a contract includes an op-
tion for additional goods or services (e.g. customer
loyalty programs or renewal options) that represents a
material right, it allocates the transaction price to this
option since the option gives rise to an additional per-
formance obligation.
The Group assesses recoverability of the incremen-
tal costs of obtaining a contract either on a con-
tract-by-contract basis, or for a group of contracts if
those costs are associated with the group of contracts.
The Group supports the recoverability of such costs
on the basis of its experience with other similar trans-
actions and evaluating various factors, including po-
tential renewals, amendments and follow-on contracts
with the same customer.
The Group amortizes such costs over the average cus-
tomer term. In order to determine this expected peri-
od of benefit from the contract, the Group considers
its past experience (e.g. “churn rate”), the predictive
evidence from similar contracts and available informa-
tion about the market.
Power Purchase Agreements
Power Purchase Agreements (PPAs), which provide
for the physical delivery of energy and which do not
comply with the requirements of IFRS 10 for the ex-
istence of control or joint control over a company or
an asset, and IFRS 16 for the recognition of a lease,
but which comply with the definition of a derivative
under IFRS 9, are accounted for on the basis of the
own use exemption when the relevant conditions
are met.
For more information on Virtual PPAs complying with
the definition of derivative pursuant to IFRS 9, please
see note 49 “Derivatives and hedge accounting”.
Classification and measurement
of financial assets
At initial recognition, in order to classify financial as-
sets as financial assets at amortized cost, at fair value
through other comprehensive income and at fair val-
ue through profit or loss, management assesses both
the contractual cash flow characteristics of the instru-
ment and the business model for managing financial
assets in order to generate cash flows.
In order to evaluate the contractual cash flow charac-
teristics of the instrument, management performs the
SPPI test at an instrument level, in order to determine
if it gives rise to cash flows that are solely payments of
principal and interest (SPPI) on the principal amount
outstanding, performing specific assessment on the
contractual clauses of the financial instruments, as
well as quantitative analysis, if required.
The business model determines whether cash flows
will result from collecting contractual cash flows, sell-
ing the financial assets, or both.
For more details, please see note 46 “Financial instru-
ments by category”.
Hedge accounting
Hedge accounting is applied to derivatives in order to
reflect into the financial statements the effect of the
Group’s risk management strategies.
Notes to the consolidated financial statements
437
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
Accordingly, at the inception of the transaction the
Group documents the hedge relationship between
hedging instruments and hedged items, as well as its
risk management objectives and strategy. The Group
also assesses, both at hedge inception and on an on-
going basis, whether hedging instruments are highly
effective in offsetting changes in the fair values or cash
flows of hedged items.
On the basis of management’s judgment, the ef-
fectiveness assessment based on the existence of
an economic relationship between the hedging in-
struments and the hedged items, the dominance of
credit risk in the changes in fair value and the hedge
ratio, as well as the measurement of the ineffective-
ness, is evaluated through a qualitative assessment
or a quantitative computation, depending on the
specific facts and circumstances and on the char-
acteristics of the hedged items and the hedging in-
struments.
For cash flow hedges of forecast transactions desig-
nated as hedged items, management assesses and
documents that they are highly probable and present
an exposure to changes in cash flows that affect profit
or loss.
For additional details on the key assumptions about
effectiveness assessment and ineffectiveness meas-
urement, please refer to note 49.1 “Derivatives and
hedge accounting”.
Leases
The complexity of the assessment of the lease con-
tracts, and also their long-term expiring date, requires
considerable professional judgments for application
of IFRS 16. In particular, this regards:
• the application of the definition of a lease to the
cases typical of the sectors in which the Group op-
erates;
• the identification of the non-lease component into
the lease arrangements;
• the evaluation of any renewable and termination op-
tions included in the lease in order to determine the
term of leases, also considering the probability of
their exercise and any significant leasehold improve-
ments on the underlying asset;
• the identification of any variable lease payments
that depend on an index or a rate to determine
whether the changes of the latter impact the future
lease payments and also the amount of the right-
of-use asset;
• the estimate of the discount rate to calculate the
present value of the lease payments; further details
on assumptions about this rate are provided in the
paragraph “Use of estimates”.
For more information on leases, please see note 19
“Leases”.
Uncertainty over income tax treatments
The Group determines whether to consider each un-
certain income tax treatment separately or together
with one or more other uncertain tax treatments as
well as whether to reflect the effect of uncertainty by
using the most likely amount or the expected value
method, based on which approach better predicts
the resolution of the uncertainty for each uncertain
tax treatments, taking account of local tax regula-
tions.
The Group makes significant use of professional judg-
ment in identifying uncertainties about income tax
treatments and reviews the judgments and estimates
made in the event of a change in facts and circum-
stances that could change its assessment of the ac-
ceptability of a specific tax treatment or the estimate
of the effects of uncertainty, or both.
For more information on income taxes, please see
note 15 “Income taxes”.
2.2 Material accounting policies
Related parties
Pursuant to IAS 24, related parties are mainly those
that share the same controlling entity with Enel SpA,
the companies that directly or indirectly are con-
trolled by Enel SpA, the associates or joint ventures
(including their subsidiaries) of Enel SpA, or the asso-
ciates or joint ventures (including their subsidiaries)
of any Group company. Related parties also include
entities that operate post-employment benefit plans
for employees of Enel SpA or its associates (specif-
ically, the FOPEN and FONDENEL pension funds), as
well as the members of the boards of statutory au-
ditors, and their immediate family, and the key man-
agement personnel, and their immediate family, of
Enel SpA and its subsidiaries. Key management per-
sonnel comprises management personnel who have
the power and direct or indirect responsibility for the
planning, management and control of the activities
of the Company. They include directors (whether ex-
ecutive or not).
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
438
INTEGRATED ANNUAL REPORT 2024
Subsidiaries
Pursuant to IFRS 10, subsidiaries are all entities over
which the Group has control. For more information on
the definition of control, please see the section “De-
termination of the existence of control” in note 2.1
“Use of estimates and management judgment”.
The financial statements of subsidiaries used to pre-
pare the consolidated financial statements were pre-
pared at December 31, 2024 in accordance with the
accounting policies adopted by the Group.
If a subsidiary uses different accounting policies from
those adopted in preparing the consolidated finan-
cial statements for similar transactions and facts in
similar circumstances, appropriate adjustments are
made to ensure conformity with Group accounting
policies.
The figures of the subsidiaries are consolidated on a
full line-by-line basis as from the date control is ac-
quired until such control ceases.
Profit or loss for the year and the other comprehen-
sive income are attributed to owners of the Parent and
non-controlling interests, even if this results in a loss
for non-controlling interests.
All intercompany assets and liabilities, equity items, rev-
enue, expenses and cash flows relating to transactions
between entities of the Group are eliminated in full.
Changes in ownership interest in subsidiaries that
do not result in loss of control are accounted for as
equity transactions, with the carrying amounts of the
controlling and non-controlling interests adjusted to
reflect changes in their interests in the subsidiary. Any
difference between the amount to which non-con-
trolling interests are adjusted and the fair value of the
consideration paid or received is recognized in con-
solidated equity.
When the Group ceases to have control over a subsid-
iary, any interest retained in the entity is remeasured
to its fair value, recognized through profit or loss, at
the date when control is lost, recognizing any gain or
loss from the loss of control through profit or loss. In
addition, any amounts previously recognized in other
comprehensive income in respect of the former sub-
sidiary are accounted for as if the Group had directly
disposed of the related assets or liabilities.
Investments in associates and joint
ventures
In the consolidated financial statements, investments
in associated companies and joint arrangements are
measured in accordance with the requirements es-
tablished by “IAS 28 - Investments in Associates and
Joint Ventures” and “IFRS 11 - Joint Arrangements”.
In this respect, an associate is an entity over which the
Group has significant influence, while a joint venture
is a joint arrangement over which the Group exercis-
es joint control and has rights to the net assets of the
arrangement.
The Group’s investments in associates and joint ven-
tures are accounted for using the equity method, un-
der which these investments are initially recognized
at cost and any goodwill arising from the difference
between the cost of the investment and the Group’s
share of the net fair value of the investee’s identifiable
assets and liabilities at the acquisition date is included
in the carrying amount of the investment.
After the acquisition date, their carrying amount is ad-
justed to recognize changes in the Group’s share of
profit or loss of the associate or joint venture in Group
profit or loss. Adjustments to the carrying amount may
also be necessary following changes in the Group’s
share in the associate or joint venture as a result of
changes in the other comprehensive income of the
investee. The Group’s share of these changes is rec-
ognized in the Group’s other comprehensive income.
Distributions received from joint ventures and associ-
ates reduce the carrying amount of the investments.
Gains and losses resulting from transactions between
the Group and the associates or joint ventures are
eliminated to the extent of the interest in the associate
or joint venture.
The financial statements of the associates or joint ven-
tures are prepared for the same reporting period as
the Group.
After application of the equity method, the Group de-
termines whether it is necessary to recognize an im-
pairment loss on its investment in an associate or joint
venture. If there is objective evidence of a loss of value,
the entire carrying amount of the investment under-
goes impairment testing pursuant to IAS 36 as a single
asset. For more information on impairment, please see
the section “Impairment of non-financial assets” in note
2.1 “Use of estimates and management judgment”.
If the investment ceases to be an associate or a joint
venture, the Group recognizes any retained investment
at its fair value, through profit or loss. Any amounts
Notes to the consolidated financial statements
439
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
previously recognized in other comprehensive income
in respect of the former associate or joint venture are
accounted for as if the Group had directly disposed of
the related assets or liabilities.
If the ownership interest in an associate or a joint ven-
ture is reduced, but the Group continues to exercise
a significant influence or joint control, the Group con-
tinues to apply the equity method and the share of the
gain or loss that had previously been recognized in
other comprehensive income relating to that reduc-
tion is accounted for as if the Group had directly dis-
posed of the related assets or liabilities.
Joint operations are joint arrangements whereby the
Group, which holds joint control, has rights to the as-
sets and obligations for the liabilities relating to the
arrangement. For each joint operation, the Group rec-
ognized assets, liabilities, costs and revenue on the
basis of the provisions of the arrangement rather than
the interest held.
Where there is an increase in the interest in a joint ar-
rangement that meets the definition of a business:
• if the Group acquires control, and had rights over
the assets and obligations for the liabilities of the
joint arrangement immediately before the acquisi-
tion date, then the transaction represents a business
combination achieved in stages, with the remeas-
urement of the interest it held previously in the joint
operation at its fair value at each acquisition date;
• if the Group obtains joint control (i.e. it already had
an interest in a joint operation without holding joint
control), the interest previously held in the joint op-
eration shall not be remeasured.
For more information on the Group’s investments in
associates and joint ventures, please see note 24 “Eq-
uity-accounted investments”.
Translation of foreign currency items
Pursuant to “IAS 21 - The Effects of Changes in Foreign
Exchange Rates”, transactions in currencies other than
the functional currency are initially recognized at the
spot exchange rate prevailing on the date of the trans-
action.
Monetary assets and liabilities denominated in a for-
eign currency other than the functional currency are
subsequently translated using the spot exchange rate
prevailing at the reporting date.
Non-monetary assets and liabilities denominated in
foreign currency that are recognized at historical cost
are translated using the exchange rate at the date of
the initial recognition of the transaction. Non-mone-
tary assets and liabilities in foreign currency measured
at fair value are translated using the exchange rate at
the date the fair value was determined.
Any exchange differences are recognized through
profit or loss.
In determining the spot exchange rate to use on initial
recognition of the related asset, expense or income
(or part of it) on the derecognition of a non-monetary
asset or non-monetary liability relating to advance
consideration in foreign currency paid or received,
the date of the transaction is the date on which the
Group initially recognizes the non-monetary asset or
non-monetary liability associated with the advance
consideration.
Translation of financial statements
denominated in a foreign currency
For the purposes of the consolidated financial state-
ments, all revenue, expenses, assets and liabilities are
stated in euro, which is the presentation currency of
the Parent.
Pursuant to IAS 21, in order to prepare the consoli-
dated financial statements, the financial statements
of consolidated companies with functional currencies
other than the presentation currency used in the con-
solidated financial statements are translated into eu-
ros by applying the closing exchange rate to the assets
and liabilities, including goodwill and consolidation ad-
justments, and the average exchange rate for the pe-
riod to the income statement items on the condition
it approximates the exchange rates prevailing at the
date of the respective transactions.
Any resulting exchange gains or losses are recognized
as a separate component of equity in a special reserve.
The gains and losses are recognized proportionately in
the income statement on the disposal (partial or total)
of the subsidiary.
When the functional currency of a consolidated com-
pany is the currency of a hyperinflationary economy,
the Group restates the financial statements in accord-
ance with “IAS 29 - Financial Reporting in Hyperinfla-
tionary Economies” before applying the specific con-
version method set out below.
In order to consider the impact of hyperinflation on
the local currency exchange rate, the financial po-
sition and performance (i.e. assets, liabilities, equity
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
440
INTEGRATED ANNUAL REPORT 2024
items, revenue and expenses) of a company of the
Group whose functional currency is the currency of
a hyperinflationary economy are translated into the
Group’s presentation currency (the euro) using the
exchange rate prevailing at the reporting date, except
for comparative amounts presented in the previous
year’s financial statements which are not adjusted for
subsequent changes in the price level or subsequent
changes in exchange rates.
Goodwill
Goodwill represents the future economic benefits
arising from other assets acquired in a business com-
bination that are not individually identified and sepa-
rately recognized and is recognized in the consolidat-
ed financial statements as at the date of acquisition of
control of the business.
To this end, the Group recognizes business combina-
tions using:
• the “purchase method”, for all business combina-
tions initiated before January 1, 2010 and complet-
ed within that financial year on the basis of IFRS 3
(2004), where the purchase cost is equal to the fair
value at the date of the exchange of the assets ac-
quired and the liabilities incurred or assumed, plus
costs directly attributable to the acquisition. This
cost was allocated by recognizing the assets, liabil-
ities and identifiable contingent liabilities of the ac-
quired company at their fair values. Any positive dif-
ference between the cost of the acquisition and the
fair value of the net assets acquired attributable to
owners of the Parent was recognized as goodwill. In
the case of business combinations achieved in stag-
es, at the date of acquisition any adjustment to the
fair value of the net assets acquired previously was
recognized in equity; the amount of goodwill was
determined for each transaction separately based
on the fair values of the acquiree’s net assets at the
date of each exchange transaction;
• the “acquisition method”, for all business combina-
tions carried out as from January 1, 2010 that are
recognized on the basis of IFRS 3 (2008), which
is referred to as IFRS 3 (Revised) hereafter, where
the purchase cost (the consideration transferred)
is equal to the fair value at the purchase date of
the assets acquired and the liabilities incurred or
assumed, as well as any equity instruments issued
by the purchaser. The purchase cost includes the
fair value of any asset or liability resulting from a
contingent consideration arrangement. The con-
sideration transferred is allocated by recognizing
the assets, liabilities and identifiable contingent lia-
bilities of the acquired company at their fair values
as at the acquisition date. In this regard, goodwill is
defined as the excess of the consideration trans-
ferred, measured at fair value as at the acquisition
date, the amount of any non-controlling interest in
the acquiree plus the fair value of any equity inter-
est in the acquiree previously held by the Group (in
a business combination achieved in stages) over
the net amount of the identifiable assets acquired
and the liabilities incurred or assumed measured at
fair value. The carrying amount of non-controlling
interests is determined either in proportion to the
interest held by non-controlling shareholders in the
net identifiable assets of the acquiree or at their fair
value as at the acquisition date.
IFRS 3 Revised requires, among other things, the fol-
lowing:
• costs directly attributable to the acquisition are rec-
ognized through profit or loss;
• in the case of business combinations achieved
in stages, at the date of acquisition of control the
previously held equity interest in the acquiree is
remeasured to fair value and any positive or nega-
tive difference is recognized in profit or loss;
• any contingent consideration is recognized at fair
value at the acquisition date. Subsequent chang-
es to the fair value of the contingent consideration
classified as an asset or a liability, or as a financial
instrument within the scope of IFRS 9, are recog-
nized in profit or loss. If the contingent considera-
tion is not within the scope of IFRS 9, it is measured
in accordance with the appropriate IFRS-IAS. Con-
tingent consideration that is classified as equity is
not re-measured, and its subsequent settlement is
accounted for within equity;
• if the fair values of the assets, liabilities and contin-
gent liabilities can only be calculated on a provisional
basis, the business combination is recognized using
such provisional values. Any adjustments resulting
from the completion of the measurement process
are recognized within 12 months of the date of ac-
quisition, restating comparative figures.
Goodwill arising on the acquisition of subsidiaries is
recognized separately. After initial recognition, good-
will is not amortized, but is tested for impairment at
least annually. For the purpose of impairment testing,
goodwill is allocated, from the acquisition date, to
Notes to the consolidated financial statements
441
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
each CGU or group of CGUs that is expected to bene-
fit from the synergies of the combination.
For more information, please see the following section
“Impairment of non-financial assets”.
Goodwill relating to equity investments in associates
and joint ventures is included in their carrying amount.
Fair value measurement
For all fair value measurements and disclosures of fair
value, that are either required or permitted by IFRS, the
Group applies IFRS 13.
Fair value is defined as the price that would be re-
ceived to sell an asset or paid to transfer a liability, in
an orderly transaction, between market participants,
at the measurement date (i.e. an exit price).
The fair value measurement assumes that the trans-
action to sell an asset or transfer a liability takes place
in the principal market, i.e. the market with the great-
est volume and level of activity for the asset or liability.
In the absence of a principal market, it is assumed that
the transaction takes place in the most advantageous
market to which the Group has access, i.e. the market
that maximizes the amount that would be received to
sell the asset or minimizes the amount that would be
paid to transfer the liability.
The fair value of an asset or a liability is measured us-
ing the assumptions that market participants would use
when pricing the asset or liability, assuming that market
participants act in their economic best interest. Market
participants are independent, knowledgeable sellers
and buyers who are able to enter into a transaction for
the asset or the liability and who are motivated but not
forced or otherwise compelled to do so.
When measuring fair value, the Group considers the
characteristics of the asset or liability, in particular:
• for a non-financial asset, a fair value measurement
takes into account a market participant’s ability to
generate economic benefits by using the asset in its
highest and best use or by selling it to another mar-
ket participant that would use the asset in its highest
and best use;
• for liabilities and own equity instruments, the fair
value reflects the effect of non-performance risk,
i.e. the risk that an entity will not fulfill an obligation,
including among others the credit risk of the Group
itself;
• for groups of financial assets and liabilities managed
on the basis of their net exposure to market risks or
credit risk, see note 50 “Assets and liabilities meas-
ured at fair value”.
In measuring the fair value of assets and liabilities, the
Group uses valuation techniques that are appropriate
in the circumstances and for which sufficient data are
available, maximizing the use of relevant observable
inputs and minimizing the use of unobservable inputs.
Property, plant and equipment
Pursuant to IAS 16, property, plant and equipment is
stated at cost, net of accumulated depreciation and
accumulated impairment losses, if any. Such cost in-
cludes expenses directly attributable to bringing the
asset to the location and condition necessary for its
intended use.
The cost is also increased by the present value of the
estimate of the costs of decommissioning and re-
storing the site on which the asset is located where
there is a legal or constructive obligation to do so. The
corresponding liability is recognized under provisions
for risks and charges. More information on changes in
the estimate of these costs, the passage of time and
the discount rate is discussed in note 2.1 “Use of esti-
mates and management judgement”.
Property, plant and equipment transferred from cus-
tomers to connect them to the electricity distribution
network and/or to provide them with other related
services is initially recognized at its fair value at the
date on which control is obtained.
Borrowing costs that are directly attributable to the
acquisition, construction or production of a qualifying
asset, i.e. an asset that takes a substantial period of
time to get ready for its intended use or sale, are cap-
italized as part of the cost of the assets themselves.
Borrowing costs associated with the purchase/con-
struction of assets that do not meet such requirement
are expensed in the period in which they are incurred.
Certain assets that were revalued at the IFRS transition
date or in previous periods are recognized at their fair
value, which is considered to be their deemed cost at
the revaluation date.
Where individual items of major components of prop-
erty, plant and equipment have different useful lives,
the components are recognized and depreciated sep-
arately.
Subsequent costs are recognized as an increase in the
carrying amount of the asset when it is probable that
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
442
INTEGRATED ANNUAL REPORT 2024
future economic benefits associated with the cost in-
curred to replace a part of the asset will flow to the
Group and the cost of the item can be measured reli-
ably. All other costs are recognized in profit or loss as
incurred.
The cost of replacing part or all of an asset is recog-
nized as an increase in the carrying amount of the as-
set and is depreciated over its useful life; the carrying
amount of the replaced unit is derecognized through
profit or loss.
Property, plant and equipment, net of its residu-
al value, is depreciated on a straight-line basis over
its estimated useful life, which is reviewed annually.
Any changes in depreciation criteria shall be applied
prospectively. Depreciation begins when the asset is
available for use. For more information on estimating
useful life, please see note 2.1 “Use of estimates and
management judgment” and note 17 “Property, plant
and equipment”. For information on any changes in
the useful lives made by the Group during the year,
see note 10.e “Depreciation, amortization and other
impairment losses” and note 17 “Property, plant and
equipment”.
Assets recognized under property, plant and equip-
ment are derecognized either upon their disposal (i.e.
at the date the recipient obtains control) or when no
future economic benefit is expected from their use or
disposal. Any gain or loss, recognized through profit
or loss, is calculated as the difference between the net
disposal proceeds, determined in accordance with
the transaction price requirements of IFRS 15, and the
carrying amount of the derecognized assets.
Assets to be relinquished free of charge
The Group’s plants include assets to be relinquished
free of charge at the end of the concessions. These
mainly regard major water diversion works and the
public lands used for the operation of the thermal
power plants.
Within the Italian regulatory framework in force until
2011, if the concessions are not renewed, at those
dates all intake and governing works, penstocks, out-
flow channels and other assets on public lands were
to be relinquished free of charge to the State in good
operating condition. Accordingly, depreciation on as-
sets to be relinquished was calculated over the shorter
of the term of the concession and the useful life of
the assets.
In the wake of the legislative changes introduced
with Law 134 of August 7, 2012, the assets previ-
ously classified as assets “to be relinquished free of
charge” connected with the hydroelectric water di-
version concessions are now considered in the same
manner as other categories of “property, plant and
equipment” and are therefore depreciated over the
useful life of the asset (where this exceeds the term
of the concession), as discussed in the section above
on the “Depreciable amount of certain elements of
Italian hydroelectric plants subsequent to enactment
of Law 134/2012”, which you are invited to consult for
more details.
In accordance with Spanish laws 29/1985 and 46/1999,
hydroelectric power stations in Spanish territory op-
erate under administrative concessions at the end of
which the plants will be returned to the government in
good operating condition. The terms of the conces-
sions extend up to 2078.
A number of generation companies that operate in
Latin America hold administrative concessions with
similar conditions to those applied under the Spanish
concession system. These concessions will expire in
in Argentina in 2087, in Brazil in 2047, in Costa Rica in
2031, in Panama in 2062 and in Guatemala in 2062.
Service concession arrangements
When acting as operator under “public-to-private” ser-
vice concession arrangements, the Group constructs/
upgrades infrastructure used to provide a public ser-
vice and/or operates and maintains that infrastructure
for the years of the concession, in accordance with the
terms specified in the contract.
In these circumstances, the Group does not account
for the infrastructure operated under a service con-
cession arrangement within the scope of IFRIC 12
as property, plant and equipment, recognizing and
measuring revenue in accordance with IFRS 15 for the
services it performs. In particular, when the Group pro-
vides construction or upgrade services, depending on
the characteristics of the service concession arrange-
ment, it recognizes:
• a financial asset, if the Group has an unconditional
contractual right to receive cash or another financial
asset from the grantor (or from a third party at the
direction of the grantor), that is the grantor has little
discretion to avoid payment; and/or
• an intangible asset, if the Group receives the right
(a license) to charge users of the public service
provided and thus does not have an uncondition-
al right to receive cash because the amounts are
contingent on the extent that the public uses the
service.
Notes to the consolidated financial statements
443
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
If the Group (as operator) has a contractual right to
receive an intangible asset, borrowing costs are capi-
talized using the criteria specified in note 17 “Property,
plant and equipment”.
However, for construction/upgrade services, both
types of consideration are classified as a contract as-
set during the construction/upgrade period.
For more details about such consideration, please see
note 9.a “Revenue from sales and services”.
Conversely, where the service concession arrange-
ment provides that the infrastructure used for to op-
erate the concessions themselves do not comply with
the requirements established by IFRIC 12 and, in par-
ticular, are owned and available to the operator or have
an indefinite expiry, the carrying amount of the assets
attributable to these concessions is recognized under
“Property, plant and equipment” and accounted for in
accordance with IAS 16.
Information on the main characteristics of the Group’s
service concession arrangements can be found in
note 18 “Service concession arrangements”.
Leases
At inception of a contract, the Group assesses wheth-
er a contract is, or contains, a lease applying the defini-
tion of a lease under IFRS 16, that is met if the contract
conveys the right to control the use of an identified as-
set for a period of time in exchange for consideration.
When the Group acts as a lessee, it recognizes a right-
of-use asset and a lease liability at the commence-
ment date of the lease (i.e. the date the underlying
asset is available for use).
The right-of-use asset is initially measured at cost,
which includes the initial amount of lease liability ad-
justed for any lease payments made at or before the
commencement date less any lease incentives re-
ceived, plus any initial direct costs incurred and an
estimate of costs to retire and remove the underlying
asset and to restore the underlying asset or the site on
which it is located.
Right-of-use assets are subsequently depreciated on
a straight-line basis over the shorter of the lease term
and the estimated useful lives of the right-of-use as-
sets. If the lease transfers ownership of the underlying
asset to the Group at the end of the lease term or if
the cost of the right-of-use asset reflects the fact that
the Group will exercise a purchase option, deprecia-
tion is calculated using the estimated useful life of the
underlying asset.
For information on the depreciation period of right-
of-use assets, see note 19 “Leases”.
In addition, the right-of-use assets are subject to im-
pairment testing and adjusted for any remeasurement
of lease liabilities.
The lease liability is initially measured at the present val-
ue of lease payments to be made over the lease term,
discounted using the lessee’s incremental borrowing
rate at the lease commencement date when the inter-
est rate implicit in the lease is not readily determinable.
Variable lease payments that do not depend on an in-
dex or a rate are recognized as expenses in the period
in which the event or condition that triggers the pay-
ment occurs.
After the commencement date, the lease liability is
measured at amortized cost using the effective inter-
est method and is remeasured upon the occurrence
of certain events.
The Group applies the short-term lease recognition
exemption to its lease contracts that have a lease
term of 12 months or less from the commencement
date. It also applies the low-value assets recognition
exemption to lease contracts for which the underlying
asset is of low-value whose amount is estimated not
material. For example, the Group has leases of certain
office equipment (i.e. personal computers, printing
and photocopying machines) that are considered of
low-value. Lease payments on short-term leases and
leases of low-value assets are recognized as expense
on a straight-line basis over the lease term.
Intangible assets
Pursuant to IAS 38, intangible assets are identifiable
assets without physical substance controlled by the
Group, when it is probable that the use of such assets
will generate future economic benefits and the related
cost can be reliably determined.
They are measured at purchase or internal development
cost for internally generated assets and are recognized
only when the Group can demonstrate the technical fea-
sibility of completing the asset, its intention and ability to
complete development and to use or sell the asset and
the availability of resources to complete the asset.
The cost includes any directly attributable expenses
necessary to make the assets ready for their intend-
ed use.
Intangible assets with a finite useful life are recognized
net of accumulated amortization and any impairment
losses.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
444
INTEGRATED ANNUAL REPORT 2024
Amortization is calculated on a straight-line basis over
the asset’s estimated useful life, which is reassessed at
least annually; any changes in amortization policies are
reflected on a prospective basis. For more information
on estimating useful life, please see note 2.1 “Use of
estimates and management judgment” and note 21
“Intangible assets”.
Amortization commences when the asset is ready for
use. Consequently, intangible assets not yet available
for use are not amortized, but are tested for impair-
ment at least annually.
Infrastructure classified as intangible assets under IF-
RIC 12 is amortized over the term of the contract. For
more information, see note 18 “Service concession
arrangements”.
The Group’s intangible assets have a finite useful life,
with the exception of a number of concessions and
goodwill.
Intangible assets with indefinite useful lives are not
amortized, but are tested for impairment annually.
The assessment of indefinite useful life is reviewed an-
nually to determine whether the indefinite useful life
continues to be supportable. If not, the change in use-
ful life from indefinite to finite is accounted for as a
change in accounting estimate.
The Group presents costs to obtain a contract with a
customer capitalized in accordance with IFRS 15 as in-
tangible assets, only if:
• the costs are incremental, that is they are directly
attributable to an identified contract and the Group
would not have incurred them if the contract had
not been obtained;
• the Group expects to recover them, through reim-
bursements (direct recoverability) or the margin (in-
direct recoverability).
In particular, the Group generally capitalizes trade fees
and commissions paid to agents for such contracts if
the capitalization criteria are met.
Capitalized customer contract costs are amortized on
a systematic basis, consistent with the pattern of the
transfer of the goods or services to which they relate,
and undergo impairment testing to identify any impair-
ment losses to the extent that the carrying amount of
the asset recognized exceeds the recoverable amount.
The Group amortizes the capitalized customer con-
tract costs on a straight-line basis over the expect-
ed period of benefit from the contract (i.e. the aver-
age term of the customer relationship); any changes
in amortization policies are reflected on a prospec-
tive basis.
Impairment of non-financial assets
Pursuant to ”IAS 36 - Impairment of Assets” at each
reporting date, property, plant and equipment, in-
vestment property recognized at cost, intangible
assets, right-of-use assets, goodwill and equity
investments in associates/joint ventures are re-
viewed to determine whether there is evidence of
impairment (using internal and external sources of
information).
CGUs to which goodwill is allocated, intangible assets
with an indefinite useful life and intangible assets not
yet available for use are tested for recoverability annu-
ally or more frequently if there is evidence suggesting
that the assets can be impaired.
If such evidence exists, the recoverable amount of any
involved asset is estimated on the basis of the use of
the asset and its future disposal, in accordance with
the Group’s most recent Business Plan. For the esti-
mate of the recoverable amount, please see note 2.1
“Use of estimates and management judgment”.
The recoverable amount is determined for an individu-
al asset, unless the asset do not generate cash inflows
that are largely independent of those from other as-
sets or groups of assets and therefore it is determined
for the CGU to which the asset belongs.
If the carrying amount of an asset or of a CGU to which
it is allocated is greater than its recoverable amount,
an impairment loss is recognized in profit or loss and
presented under “Depreciation, amortization and oth-
er impairment losses”.
Impairment losses of CGUs are firstly charged against
the carrying amount of any goodwill attributed to it
and then against the other assets, in proportion to
their carrying amount.
If the reasons for a previously recognized impairment
loss no longer apply, the carrying amount of the as-
set is restored through profit or loss, under “Depreci-
ation, amortization and other impairment losses”, in an
amount that shall not exceed the carrying amount that
the asset would have had if the impairment loss had
not been recognized. The original amount of goodwill
is not restored even if in subsequent years the reasons
for the impairment no longer apply.
Notes to the consolidated financial statements
445
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
Inventories
Pursuant to IAS 2, inventories are measured at the low-
er of cost and net realizable value except for invento-
ries involved in trading activities, which are measured
at fair value with recognition through profit or loss.
Cost is determined on the basis of average weighted
cost, which includes related ancillary charges. Net es-
timated realizable value is the estimated normal selling
price net of estimated costs to sell or, where applica-
ble, replacement cost.
For the portion of inventories held to discharge sales
that have already been made, the net realizable value
is determined on the basis of the amount established
in the contract of sale.
Inventories include environmental certificates (for ex-
ample, green certificates, energy efficiency certificates
and European CO2 emissions allowances and guaran-
tees of origin and renewable energy certificates) not
used for compliance in the reporting period. These
inventories are allocated to different portfolios, distin-
guishing between those held for trading or non-trad-
ing purposes. For more details on inventories please
see note 56 “Environmental programs”.
Materials and other consumables (including ener-
gy commodities) held for use in production are not
written down if it is expected that the final product in
which they will be incorporated will be sold at a price
sufficient to enable recovery of the cost incurred.
Financial instruments
Financial instruments are recognized and measured in
accordance with “IAS 32 - Financial Instruments: Pres-
entation” and “IFRS 9 - Financial Instruments”.
A financial asset or liability is recognized in the consol-
idated financial statements when, and only when, the
Group becomes party to the contractual provision of
the instrument (i.e. the trade date).
Trade receivables arising from contracts with custom-
ers, in the scope of IFRS 15, are initially measured at
their transaction price (as defined in IFRS 15) if such
receivables do not contain a significant financing
component or when the Group applies the practical
expedient allowed by IFRS 15.
Conversely, the Group initially measures financial as-
sets other than the above-mentioned trade receiva-
bles at their fair value plus, in the case of a financial
asset not measured at fair value through profit or loss,
transaction costs.
Financial assets are classified, at initial recognition, as
financial assets at amortized cost, at fair value through
other comprehensive income and at fair value through
profit or loss, on the basis of both:
• the Group’s business model for managing financial
assets, that is the way in which the Group manages
its financial assets in order to generate cash flows
(i.e. collecting contractual cash flows, selling the fi-
nancial assets, or both); and
• the contractual cash flow characteristics of the in-
strument, to determine whether the instrument
gives rise to cash flows that are solely payments of
principal and interest based on the SPPI test.
For purposes of subsequent measurement, financial
assets are classified in four categories:
• financial assets measured at amortized cost (debt
instruments);
• financial assets at fair value through OCI with re-
classification of cumulative gains and losses (debt
instruments);
• financial assets designated at fair value through
OCI with no reclassification of cumulative gains
and losses upon derecognition (equity instru-
ments); and
• financial assets at fair value through profit or loss.
Financial assets measured at amortized cost
This category mainly includes trade receivables, other
financial assets and loan assets.
Financial assets at amortized cost are held within
a business model whose objective is to hold finan-
cial assets in order to collect contractual cash flows
and whose contractual terms give rise, on speci-
fied dates, to cash flows that are solely payments
of principal and interest on the principal amount
outstanding.
Such assets are initially recognized at fair value, ad-
justed for any transaction costs, and subsequently
measured at amortized cost using the effective inter-
est method and are subject to impairment.
Gains and losses are recognized in profit or loss when
the asset is derecognized, modified or impaired.
Financial assets at fair value through
other comprehensive income (FVOCI)
- Debt instruments
Financial assets at fair value through other compre-
hensive income are assets held within a business
model whose objective is achieved by both collecting
contractual cash flows and selling financial assets and
whose contractual cash flows give rise, on specified
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
446
INTEGRATED ANNUAL REPORT 2024
dates, to cash flows that are solely payments of princi-
pal and interest on the principal amount outstanding.
Changes in fair value for these financial assets are rec-
ognized in other comprehensive income as well as loss
allowances that do not reduce the carrying amount of
the financial assets.
When a financial asset is derecognized (e.g. at the
time of sale), the cumulative gains and losses previ-
ously recognized in equity (except impairment and
foreign exchange gains and losses to be recognized in
profit or loss) are reversed to profit or loss.
Financial assets at fair value through
other comprehensive income (FVOCI)
- Equity instruments
This category includes mainly equity investments in
other entities irrevocably designated as such upon in-
itial recognition.
Gains and losses on these financial assets are never
reclassified to profit or loss. The Group may transfer
the cumulative gain or loss within equity.
Equity instruments designated at fair value through
OCI are not subject to impairment testing.
Dividends on such investments are recognized in prof-
it or loss unless they clearly represents a recovery of a
part of the cost of the investment.
Financial assets at fair value through profit
or loss
This category mainly includes:
• financial assets with cash flows that are not solely
payments of principal and interest, irrespective of
the business model;
• financial assets held for trading because acquired
or held principally for the purpose of selling or re-
purchasing in the short term (i.e. securities, financial
investments in funds, etc.);
• derivatives, including separated embedded deriva-
tives, held for trading or not designated as effective
hedging instruments;
• financial assets that qualify as contingent consider-
ation.
Such financial assets are initially recognized at fair val-
ue with subsequent gains and losses from changes in
their fair value recognized through profit or loss.
This category also includes equity investments which
the Group had not irrevocably elected to classify at
fair value through OCI. Dividends on such invest-
ments are also recognized as other income in the in-
come statement when the right of payment has been
established.
Impairment of financial assets
At each reporting date, the Group recognizes a loss
allowance for expected credit losses on trade receiva-
bles and other financial assets measured at amortized
cost, debt instruments measured at fair value through
other comprehensive income (FVOCI), contract assets
and all other assets within the scope of IFRS 9.
The impairment model adopted by the Group in com-
pliance with IFRS 9 is based on the determination of
expected credit losses (ECL) using a forward-looking
approach.
For trade receivables, contract assets and lease re-
ceivables, including those with a significant financial
component, the Group adopts the simplified ap-
proach, determining expected credit losses over a
period corresponding to the entire life of the asset,
generally equal to 12 months.
For all financial assets other than trade receivables,
contract assets and lease receivables, the Group ap-
plies the general approach under IFRS 9, based on the
assessment of a significant increase in credit risk since
initial recognition.
The Group recognizes in profit or loss, as an impair-
ment gain or loss, the amount of expected credit loss-
es (or reversal) that is required to adjust the loss allow-
ance at the reporting date.
The Group applies the low credit risk exemption,
avoiding the recognition of loss allowances at an
amount equal to lifetime expected credit losses due
to a significant increase in credit risk of debt securi-
ties at fair value through OCI, whose counterparty has
a strong financial capacity to meet its contractual cash
flow obligations (e.g. investment grade).
For more information on the impairment of financial
assets, please see note 46 “Financial instruments by
category”.
Cash and cash equivalents
This category includes deposits that are available on
demand or at very short term, as well as highly liquid
short-term financial investments that are readily con-
vertible into a known amount of cash and which are
subject to insignificant risk of changes in value.
In addition, for the purpose of the consolidated state-
ment of cash flows, cash and cash equivalents do not
include bank overdrafts at period-end.
Notes to the consolidated financial statements
447
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
Financial liabilities at amortized cost
This category mainly includes borrowings, trade paya-
bles, lease liabilities and debt instruments.
Financial liabilities, other than derivatives, are recog-
nized when the Group becomes a party to the con-
tractual clauses of the instrument and are initially
measured at fair value adjusted for directly attribut-
able transaction costs. Financial liabilities are subse-
quently measured at amortized cost using the effec-
tive interest rate method. The effective interest rate is
the rate that exactly discounts the estimated future
cash payments or receipts over the expected life of
the financial instrument or a shorter period, where
appropriate, to the carrying amount of the financial
asset or liability.
Financial liabilities at fair value through profit
or loss
Financial liabilities at fair value through profit or loss
mainly include:
• financial liabilities held for trading incurred for the
purpose of repurchasing in the near term;
• derivative financial instruments entered into by the
Group that are not designated as hedging instru-
ments in hedge relationships as defined by IFRS 9;
• financial liabilities that qualify as contingent consid-
eration.
Derecognition of financial assets and liabilities
Financial assets are derecognized whenever one of
the following conditions is met:
• the contractual right to receive the cash flows asso-
ciated with the asset expires;
• the Group has transferred substantially all the risks
and rewards associated with the asset, transferring
its rights to receive the cash flows of the asset or
assuming a contractual obligation to pay such cash
flows to one or more beneficiaries under a contract
that meets the requirements provided by IFRS 9 (the
“pass through test”);
• the Group has not transferred or retained substan-
tially all the risks and rewards associated with the as-
set but has transferred control over the asset.
On derecognition of a financial asset, the Group rec-
ognizes the difference between the carrying amount
(measured at the date of derecognition) and the con-
sideration received through profit or loss.
Financial liabilities are derecognized when they are
extinguished, i.e. when the contractual obligation has
been discharged, cancelled or expired.
When an existing financial liability is replaced by an-
other from the same lender on substantially different
terms, or the terms of an existing liability are substan-
tially modified, such an exchange or modification is
treated as the derecognition of the original liability
and the recognition of a new liability. The difference
in the respective carrying amounts is recognized in
profit or loss.
Derivative financial instruments
Derivative instruments are classified as financial assets
or liabilities depending on the positive or negative fair
value and they are classified as “held for trading” with-
in “Other business models” and measured at fair value
through profit or loss, except for those designated as
effective hedging instruments.
All derivatives held for trading are classified as current
assets or liabilities.
Derivatives not held for trading purposes, but meas-
ured at fair value through profit or loss since they do
not qualify for hedge accounting, and derivatives des-
ignated as effective hedging instruments are classified
as current or not current on the basis of their maturity
date and the Group intention to hold the financial in-
strument till maturity or not.
For more details about derivatives and hedge ac-
counting, please see note 49 “Derivatives and hedge
accounting”.
Embedded derivatives
An embedded derivative is a derivative included in a
“combined” contract (the so-called “hybrid instru-
ment”) that contains another non-derivative contract
(the so-called “host contract”) and gives rise to some
or all of the combined contract’s cash flows. Embed-
ded derivatives are separated from the host contract
and accounted for as derivatives when:
• the host contract is not a financial instrument meas-
ured at fair value through profit or loss;
• the economic risks and characteristics of the em-
bedded derivative are not closely related to those of
the host contract;
• a separate contract with the same terms as the em-
bedded derivative would meet the definition of a
derivative.
Embedded derivatives that are separated from the
host contract are recognized in the consolidated fi-
nancial statements at fair value with changes recog-
nized in profit or loss (except when the embedded
derivative is part of a designated hedge relationship).
Contracts that do not represent financial instruments
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
448
INTEGRATED ANNUAL REPORT 2024
to be measured at fair value are analyzed in order to
identify any embedded derivatives, which are to be
separated and measured at fair value. This analysis
is performed when the Group becomes party to the
contract or when the contract is renegotiated in a
manner that significantly changes the original asso-
ciated cash flows.
The main Group contracts that may contain embed-
ded derivatives are contracts to buy or sell energy
commodities.
Contracts to buy or sell non-financial items
In general, contracts to buy or sell non-financial items
that are entered into and continue to be held for re-
ceipt or delivery in accordance with the Group’s nor-
mal expected purchase, sale or usage requirements
are out of the scope of IFRS 9 and then recognized as
executory contracts, in accordance with the “own use
exemption”.
A contract to buy or sell non-financial items is classi-
fied as “normal purchase or sale” if it is entered into:
• for the purpose of the physical settlement;
• in accordance with the entity’s expected purchase,
sale or usage requirements.
Moreover, contracts to buy or sell non-financial items
with physical settlement (for example, fixed-price for-
ward contracts on energy commodities) that do not
qualify for the own use exemption are recognized as
derivatives measured at fair value from the trade date
only if:
• they can be settled net in cash; and
• they are not entered into in accordance with the
Group’s expected purchase, sale or usage require-
ments.
Trading contracts are valued at fair value through prof-
it or loss; the results of the measurement of changes
in the fair value of contracts still outstanding at the re-
porting date are recognized on a net basis under the
item “Net results from commodity contracts”, while at
the settlement date:
• the results of the measurement of changes in the fair
value of closed contracts for the sale of energy com-
modities as well as the related revenue, together with
the impact on profit or loss of the derecognition of
the derivative, are recognized in “Other revenue”;
• the results of the measurement of changes in the
fair value of closed contracts for the purchase of
energy commodities as well as the related cost,
together with the impact on profit or loss of the
derecognition of the derivative, are recognized un-
der “Electricity, gas and fuel” and “Services and oth-
er materials”.
Contracts to buy or sell non-financial items falling
within the scope of application of IFRS 9 can also be
subsequently designated as hedging instruments if
they satisfy the requirements for hedge accounting.
The Group analyzes all contracts to buy or sell non-fi-
nancial assets on an ongoing basis, with a specific fo-
cus on forward purchases and sales of electricity and
energy commodities, in order to determine if they shall
be classified and treated in accordance with IFRS 9 or
if they have been entered into for “own use”.
Offsetting of financial assets and liabilities
The Group offsets financial assets and liabilities when it:
• currently has a legally enforceable right to set off the
recognized amounts; and
• intends either to settle on a net basis, or to realize
the asset and settle the liability simultaneously.
Hyperinflation
Pursuant to IAS 29, in a hyperinflationary economy, the
Group adjusts non-monetary items, equity and items
deriving from index-linked contracts up to the limit of
recoverable amount, using a price index that reflects
changes in general purchasing power.
The effects of initial application are recognized in eq-
uity net of tax effects. Conversely, during the hyper-
inflationary period (until it ceases), the gain or loss
resulting from adjustments is recognized in profit or
loss and disclosed separately in financial income and
expense.
These provisions are applied to the Group’s transac-
tions in Argentina, whose economy has been declared
hyperinflationary since July 1, 2018.
Non-current assets (or disposal groups)
classified as held for sale
and discontinued operations
Pursuant to IFRS 5, non-current assets (or disposal
groups) are classified as held for sale if their carrying
amount will be recovered principally through a sale
transaction, rather than through continuing use.
Notes to the consolidated financial statements
449
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
This classification criterion is applicable only when
non-current assets (or disposal groups) are available
in their present condition for immediate sale and the
sale is highly probable.
For more details on the requirements for determining
whether a sale is highly probable, please see note 2.1
“Use of estimates and management judgment”.
If the Group is committed to a sale program involving
loss of control of a subsidiary and the requirements
provided for under IFRS 5 are met, all the assets and li-
abilities of that subsidiary are classified as held for sale
when the classification criteria are met, regardless of
whether the Group will retain a non-controlling inter-
est in its former subsidiary after the sale.
The Group applies these classification criteria as en-
visaged in IFRS 5 to an investment, or a portion of an
investment, in an associate or a joint venture. Any re-
tained portion of an investment in an associate or a
joint venture that has not been classified as held for
sale is accounted for using the equity method until
disposal of the portion that is classified as held for sale
takes place.
Non-current assets (or disposal groups) and liabilities
of disposal groups classified as held for sale are pre-
sented separately from other assets and liabilities in
the statement of consolidated financial position.
The amounts presented for non-current assets or for
the assets and liabilities of disposal groups classified
as held for sale are not reclassified or re-presented for
prior periods presented.
Immediately before the initial classification of non-cur-
rent assets (or disposal groups) as held for sale, the
carrying amounts of such assets (or disposal groups)
are measured in accordance with the account-
ing standard applicable to those assets or liabilities.
Non-current assets (or disposal groups) classified as
held for sale are measured at the lower of their carry-
ing amount and fair value less costs to sell. Impairment
losses for any initial or subsequent write-down of the
assets (or disposal groups) to fair value less costs to
sell and gains for their reversals are recognized in
profit or loss from continuing operations.
Non-current assets are not depreciated (or amortized)
while they are classified as held for sale or while they
are part of a disposal group classified as held for sale.
If a component of the Group is a discontinued oper-
ation, the Group presents, in a separate line item of
the income statement, a single amount comprising
the total of:
• the post-tax profit or loss of discontinued opera-
tions; and
• the post-tax gain or loss recognized on the meas-
urement at fair value less costs to sell or on the dis-
posal of the assets or disposal groups constituting
the discontinued operation.
The corresponding amount is restated in the in-
come statement for prior periods presented in the
financial statements, so that the disclosures relate
to all operations that are discontinued by the end
of the current reporting period. If the Group ceases
to classify a component as held for sale, the results
of the component previously presented in discon-
tinued operations are reclassified and included in
profit or loss from continuing operations for all pe-
riods presented.
Environmental certificates
In the absence of specific IAS/IFRS rules, the account-
ing treatment adopted by the Group complies with the
general rules included in the body of applicable IAS/
IFRS accounting standards and with international best
practice.
In particular, the Group accounting treatment of en-
vironmental certificates reflects the business model
of the entities involved and, therefore, the different
features of the business conducted by these enti-
ties, distinguishing between those that generate
electricity from renewable sources, obligated par-
ties, traders and other entities that operate in the
energy services sector even though they are not ob-
ligated parties.
Further details on the application of this account-
ing model are provided in note 56 “Environmental
programs”.
Employee benefits
Post-employment and other long-term
benefits
Pursuant to IAS 19, the Group determines separately
for each plan liabilities related to employee bene-
fits paid upon or after ceasing employment or other
long-term benefits accrued during the employment
period. The Group uses actuarial assumptions to es-
timate the amount of the future benefits that em-
ployees have accrued at the reporting date (using
the projected unit credit method) and an appropri-
ate discount rate to determine the present value of
those plans.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
450
INTEGRATED ANNUAL REPORT 2024
The liability, net of any plan assets, is recognized on an
accruals basis over the vesting period of the related
rights. These appraisals are performed by independ-
ent actuaries.
If the plan assets exceed the present value of the re-
lated defined-benefit obligation, the surplus (up to the
limit of any cap) is recognized as an asset.
As regards the liabilities/(assets) of defined-benefit
plans, the Group recognizes the cumulative actuarial
gains and losses from the actuarial measurement of
the liabilities, the return on the plan assets (net of the
associated interest income) and the effect of the asset
ceiling (net of the associated interest in other com-
prehensive income when they occur. For other long-
term benefits, the related actuarial gains and losses
are recognized through profit or loss.
In addition, the Group is involved in defined contribu-
tion plans under which it pays fixed contributions to a
separate entity (a fund) and has no legal or constructive
obligation to pay further contributions if the fund does
not hold sufficient assets to pay all employee benefits
relating to employee service in the current and prior
periods. Such plans are usually aimed to supplement
pension benefits due to employees post-employment.
The related costs are recognized through profit or loss
on the basis of the amount of contributions paid in the
period.
Termination benefits
Pursuant to IAS 19, liabilities for benefits due to em-
ployees for the early termination of employee service
arise out of the Group’s decision to terminate an em-
ployee’s employment before the normal retirement
date or an employee’s decision to accept an offer of
benefits in exchange for the termination of employ-
ment.
Termination benefits are recognized at the earlier of
the following dates:
• when the entity can no longer withdraw its offer of
benefits; and
• when the entity recognizes a cost for a restructuring
that is within the scope of IAS 37 and involves the
payment of termination benefits.
The liabilities are measured on the basis of the nature
of the employee benefits.
Share-based payments
The Group undertakes share-based payment trans-
actions settled with equity instruments as part of the
remuneration policy adopted for the Chief Executive
Officer/General Manager and for key management
personnel.
The most recent long-term incentive plans provide for
the grant to recipients of an incentive represented by
an equity component (settled with equity instruments)
and a monetary component (paid in cash), which will
accrue if specific conditions are met.
Pursuant to IFRS 2, the Group classifies the monetary
component as a cash-settled transaction if it is based
on the price (or value) of the equity instruments of the
company that issued the plan or, in other cases, as an-
other long-term employee benefit.
In order to settle the equity component through the
bonus award of Enel shares, a program for the pur-
chase of treasury shares to support these plans was
approved. For more details on share-based incentive
plans, please see note 51 “Share-based payments”.
In particular for the equity component, the Group rec-
ognizes the services rendered by employees as per-
sonnel expenses over the period in which the condi-
tions for remaining in service and for achieving certain
results must be satisfied (vesting period) and indirectly
estimates their value, and the corresponding increase
in a specific equity item, on the basis of the fair value
of the equity instruments (i.e. the issuer shares) at the
grant date.
The overall expense recognized is adjusted at each re-
porting date until the vesting date to reflect the best
estimate available to the Group of the number of equi-
ty instruments for which the service and performance
conditions other than market conditions or non-vest-
ing conditions will be satisfied at the end of the vest-
ing period.
Conversely, if the incentive based on equity instru-
ments is paid in cash, the Group recognizes the ser-
vices rendered by employees as personnel expenses
over the vesting period and a corresponding liabili-
ty measured at the fair value of the liability incurred.
Subsequently, and until its extinction, the liability is
remeasured at fair value at each reporting date, con-
sidering the best possible estimate of the incentive
that will vest, with changes in fair value recognized un-
der personnel expenses.
Provisions for risks and charges
Pursuant to IAS 37, provisions are recognized where
there is a legal or constructive obligation as a result
Notes to the consolidated financial statements
451
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
of a past event at the end of the reporting period, the
settlement of which is expected to result in an outflow
of resources whose amount can be reliably estimated.
Where the impact of the time value of money is materi-
al, the accruals are determined by discounting expect-
ed future cash flows using a pre-tax discount rate that
reflects the current market assessment of the time val-
ue of money in respect of time and the risks for which
the expected future cash flows have not been adjusted.
If the provision is discounted, the periodic adjustment
of the present value for the time factor (i.e. the un-
winding of the discount) is recognized as a financial
expense.
When the Group expects some or all charges to be
reimbursed, the reimbursement is recognized as a
separate asset, but only when the reimbursement is
virtually certain.
Where the liability relates to decommissioning and/
or site restoration in respect of property, plant and
equipment, the initial recognition of the provision is
made against the related asset and the expense is
then recognized in profit or loss through the depreci-
ation of the asset involved.
Where the liability regards the treatment and storage of
nuclear waste and other radioactive materials, the pro-
vision is recognized against the related operating costs.
A liability for restructuring refers to a program planned
and controlled by management that materially chang-
es the scope of a business undertaken by the Group or
the manner in which the business is conducted. Such
a liability is recognized when a constructive obligation
is established, i.e. when the Group has approved a de-
tailed formal restructuring plan and has started to im-
plement the plan or has announced its main features
to those affected by it.
Provisions do not include liabilities in respect of un-
certain income tax treatments that are recognized as
tax liabilities.
The Group could provide a warranty in connection
with the sale of a product (whether a good or ser-
vice) from contracts with customers in the scope of
IFRS 15, in accordance with the contract, the law or its
customary business practices. In this case, the Group
assesses whether the warranty provides the custom-
er with assurance that the related product will func-
tion as the parties intended because it complies with
agreed-upon specifications or whether the warranty
provides the customer with a service in addition to the
assurance that the product complies with agreed-up-
on specifications.
After the assessment, if the Group establishes that an
assurance warranty is provided, it recognizes a sep-
arate warranty liability and corresponding expense
when transferring the product to the customer, as ad-
ditional costs of providing goods or services, without
attributing any of the transaction price (and therefore
revenue) to the warranty. The liability is measured and
presented as a provision.
Otherwise, if the Group determines that a service war-
ranty is provided, it accounts for the promised war-
ranty as a performance obligation in accordance with
IFRS 15, recognizing the contract liability as revenue
over the period the warranty service is provided and
the costs associated as they are incurred.
Finally, if the warranty includes both an assurance el-
ement and a service element and the Group cannot
reasonably account for them separately, then it ac-
counts for both of the warranties together as a single
performance obligation.
Changes in estimates of accruals to the provisions
addressed here are recognized through profit or loss
in the period in which the changes occur, with the
exception of those in the costs of decommissioning,
retiring and/or restoration resulting from changes
in the timetable and costs necessary to extinguish
the obligation or from a change in the discount rate.
These changes increase or decrease the carrying
amount of the related assets and are taken to prof-
it or loss through depreciation. Where they increase
the carrying amount of the assets, it is also deter-
mined whether the new carrying amount of the as-
sets is fully recoverable. If this is not the case, a loss
equal to the unrecoverable amount is recognized
through profit or loss.
Decreases in estimates are recognized up to the car-
rying amount of the assets. Any excess is recognized
immediately in profit or loss.
For more information on the estimation criteria adopt-
ed in determining provisions for retiring and/or res-
toration of property, plant and equipment, especially
those associated with decommissioning nuclear pow-
er plants and storage of waste fuel and other radioac-
tive materials, please see note 2.1 “Use of estimates
and management judgment”.
For more information on the determination of provi-
sions for environmental certificates please see note 56
“Environmental programs”.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
452
INTEGRATED ANNUAL REPORT 2024
Revenue from contracts with customers
The Group recognizes revenue from contracts with
customers at an amount that reflects the consid-
eration at which the Group expects to be entitled in
exchange for those goods or services, using the five-
step model envisaged by IFRS 15:
• identify the contract with the customer;
• identify the performance obligations in the contract,
that is, all goods or services promised in the con-
tract;
• determine the transaction price at inception of the
contract considering any variable considerations,
non-cash consideration received from a custom-
er or payable to the customer, significant financing
components;
• allocate the transaction price, at contract inception,
to each separate performance obligation;
• recognize revenue, when (or as) each performance
obligation is satisfied by transferring the promised
good or service to the customer.
The Group does not disclose the information about
the remaining performance obligations in existing
contracts if the performance obligation is part of a
contract that has an original expected duration of one
year or less and if the Group recognizes revenue in the
amount to which it has a right to invoice the customer.
More information on the application of this revenue
recognition model is provided in note 2.1 “Use of es-
timates and management judgment” and in note 9.a
“Revenue from sales and services”.
Other revenue
The Group recognizes revenue other than that de-
riving from contracts with customers mainly refer-
ring to:
• revenue from the sale of energy commodities based
on contracts with physical settlement, which do not
qualify for the own use exemption and therefore is
recognized at FVTPL in accordance with IFRS 9;
• changes in the fair value of settled contracts to sell
energy commodities with physical settlement, which
do not qualify for the own use exemption and there-
fore are recognized at FVTPL in accordance with
IFRS 9;
• operating lease revenue accounted for on an ac-
crual basis in accordance with the substance of the
relevant lease agreement.
Other operating income
Other operating income primarily includes gains on
disposal of assets that are not an output of the Group’s
ordinary activities and government grants.
Pursuant to IAS 20, government grants, including
non-monetary grants at fair value, are recognized
where there is reasonable assurance that they will be
received and that the Group will comply with all con-
ditions attaching to them as set by the government,
government agencies and similar bodies whether lo-
cal, national or international.
When loans are provided by governments at a be-
low-market rate of interest, the benefit is regarded
as a government grant. The loan is initially recognized
and measured at fair value and the government grant
is measured as the difference between the initial car-
rying amount of the loan and the funds received. The
loan is subsequently measured in accordance with the
requirements for financial liabilities.
Government grants are recognized in profit or loss on
a systematic basis over the periods in which the Group
recognizes as expenses the costs that the grants are
intended to compensate.
When government grants are received to purchase,
build or otherwise acquire non-current assets (for ex-
ample, an item of property, plant and equipment or an
intangible asset), they are deducted from the carrying
amount of the asset and are recognized in profit or loss
over the depreciable/amortizable life of the asset as a
reduction in the depreciation/amortization charge. If
there is insufficient information to enable adequate
attribution to the fixed assets to which they refer, cap-
ital grants are recognized as deferred income under
other liabilities, and credited to profit or loss on a sys-
tematic basis over the useful life of the asset.
Where the Group receives government grants in the
form of a transfer of a non-monetary asset for the use
of the Group, it accounts for both the grant and the
asset at the fair value of the non-monetary asset re-
ceived at the date of the transfer.
Net results from commodity contracts
The net results from commodity contracts include:
• the net income or expense from commodity de-
rivatives, including derivatives designated as cash
Notes to the consolidated financial statements
453
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
flow hedges and derivatives measured at fair value
through profit or loss, whether settled or outstand-
ing at the reporting date; and
• the net gain/(loss) from the measurement through
profit or loss of energy commodity contracts with
physical settlement still outstanding at the reporting
date.
Dividends
Pursuant to “IFRS 9 - Financial Instruments”, dividends
are recognized when the unconditional right to re-
ceive payment is established.
Dividends and interim dividends payable to the Par-
ent’s shareholders and non-controlling interests are
recognized as changes in equity in the period in which
they are approved by the Shareholders’ Meeting and
the Board of Directors, respectively.
Income taxes
IAS 12 specifies the requirements for the recognition
of current and deferred tax assets and liabilities. The
uncertainty in the determination of tax liabilities is de-
fined in accordance with the provisions of “IFRIC 23
- Uncertainty over Income Tax Treatments”.
Current income taxes
Current income taxes for the year, which are recog-
nized under “income tax liabilities” net of payments on
account, or under “tax assets” where there is a credit
balance, are determined using an estimate of taxable
income and in conformity with the applicable regula-
tions.
Such liabilities and assets are determined using the
tax rates and tax laws that are enacted or substantive-
ly enacted by the end of the reporting period in the
countries where taxable income has been generated.
Current income taxes are recognized in profit or loss
with the exception of current income taxes related to
items recognized outside profit or loss that are recog-
nized in equity.
Deferred tax
Deferred tax liabilities and assets are calculated on the
temporary differences between the carrying amounts
of liabilities and assets in the financial statements and
their corresponding amounts recognized for tax pur-
poses on the basis of tax rates in effect on the date the
temporary difference will reverse, which is determined
on the basis of tax rates that are enacted or substan-
tively enacted as at the end of the reporting period.
Deferred tax liabilities are recognized for all taxa-
ble temporary differences, except when such liability
arises: (i) from the initial recognition of goodwill; or
(ii) from the initial recognition of an asset or a liability
in a transaction which is not a business combination
and, at the time of the transaction, affects neither ac-
counting profit nor taxable profit (tax loss), and does
not give rise to equal taxable and deductible tempo-
rary differences; or (iii) in respect of taxable temporary
differences associated with investments in subsidi-
aries, associates and joint ventures, when the Group
can control the timing of the reversal of the temporary
differences and it is probable that the temporary dif-
ferences will not reverse in the foreseeable future.
Deferred tax assets are recognized for all deductible
temporary differences, the carry forward of tax losses
and any unused tax credits. For more information con-
cerning the recoverability of such assets, please see
the appropriate section of the discussion of estimates.
Deferred taxes and liabilities are recognized in profit
or loss, with the exception of those in respect of items
recognized outside profit or loss that are recognized
in equity.
Deferred tax assets and deferred tax liabilities are off-
set only if there is a legally enforceable right to offset
current tax assets with current tax liabilities and when
they relate to income taxes levied by the same taxation
authority on either the same taxable entity or different
taxable entities which intend either to settle current
tax liabilities and assets on a net basis, or to realize the
assets and settle the liabilities simultaneously, in each
future period in which significant amounts of deferred
tax liabilities or assets are expected to be settled or
recovered.
Uncertainty over income tax treatments
In defining ‘uncertainty’, it shall be considered whether a
particular tax treatment will be accepted by the relevant
taxation authority. If it is deemed probable that the tax
treatment will be accepted (where the term ‘probable’
is defined as ‘more likely than not’), then the Group rec-
ognizes and measures its current/deferred tax asset or
liabilities applying the requirements in IAS 12.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
454
INTEGRATED ANNUAL REPORT 2024
Conversely, when the Group feels that it is not likely
that the taxation authority will accept the tax treat-
ment for income tax purposes, the Group reflects the
uncertainty in the manner that best predicts the reso-
lution of the uncertain tax treatment.
For more information on uncertainty over tax treat-
ments, please see note 2.1 “Use of estimates and
management judgment”.
Since uncertain income tax positions meet the defi-
nition of income taxes, the Group presents uncertain
tax liabilities/assets as current tax liabilities/assets or
deferred tax liabilities/assets.
3. New and amended standards and interpretations
The Group has applied the following standards, inter-
pretations and amendments that took effect as from
January 1, 2024.
• “Amendments to IAS 7 – Statement of cash flows
and IFRS 7 – Financial Instruments Disclosures: Sup-
plier Finance Arrangements”, issued in May 2023.
The amendments clarify the characteristics of sup-
plier finance arrangements (SFAs) and require the
provision of additional disclosures to enable users of
financial statements to evaluate the impact of such
arrangements on liabilities, cash flows and exposure
to liquidity risk.
The amendments also clarify that these arrange-
ments provide the entity with extended payment
terms, or the entity’s suppliers with early payment
terms, compared to the related payment due date.
The amendments to IAS 7 provide a list of disclo-
sures, to be reported in aggregate form, for SFAs
with similar characteristics.
The amendments to IFRS 7 add SFAs to the list of
factors that could be considered when providing
required disclosures on liquidity risk management,
and include such arrangements as a possible source
of concentration of liquidity risk.
The IASB does not require disclosure of comparative
information or disclosure of opening balances dur-
ing the first year of application.
Following the implementation of these amend-
ments, the Group has provided further information
on its SFAs. In this regard, please refer to note 39
“Trade payables”.
• “Amendments to IAS 1 - Classification of Liabilities as
Current or Non-current”, issued in January 2020. The
amendments regard the provisions of IAS 1 concern-
ing the presentation of liabilities. More specifically,
the amendments eliminate the requirement that the
right to defer be unconditional and clarify:
• the criteria to adopt in classifying a liability as cur-
rent or non-current, specifying the meaning of
right to defer settlement and that that right must
exist at the end of the reporting period;
• that the classification is unaffected by the inten-
tions or expectations of management about the
exercise of the right to defer settlement of a lia-
bility;
• that the right to defer exists if and only if the en-
tity satisfies the terms of the liability at the end
of the reporting period, even if the creditor does
not verify compliance with those terms until lat-
er; and
• that settlement regards the transfer to the coun-
terparty of cash, equity instruments, other assets
or services. In this regard, terms of a liability that
could, at the option of the counterparty, result in
its settlement by the transfer of the entity’s own
equity instruments (e.g. conversion options) do
not affect its classification as current or non-cur-
rent if, applying IAS 32, the entity classifies the op-
tion as an equity instrument, recognizing it sepa-
rately from the liability.
The application of the amendments has not had
a material impact in these consolidated financial
statements.
• “Amendments to IAS 1 - Non-current Liabilities with
Covenants”, issued in October 2022. The amend-
ments are intended to:
• clarify that the classification of a liability as current
or non-current is subject to any covenants, present
in the arrangement if an entity is required to comply
with the covenant on or before the end of the re-
porting period; and
• improve disclosure when the right to defer settle-
ment of a liability for at least 12 months is subject
to compliance with covenants. Specifically, the
amendments require disclosures that enable us-
ers of financial statements to understand the risk
that the liabilities could become repayable within
12 months after the reporting period, including:
(a) information about the covenants (including
the nature of the covenants and when the entity
is required to comply with them) and the carrying
amount of related liabilities; (b) facts and circum-
stances, if any, that indicate the entity may have
difficulty complying with the covenants.
Notes to the consolidated financial statements
455
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
The application of the amendments has not had
a material impact in these consolidated financial
statements.
• “Amendments to IFRS 16 - Lease Liability in a Sale
and Leaseback”, issued in September 2022. The
amendments specify the criteria that the seller-les-
see shall use in measuring the liability arising from
a sale and leaseback transaction in order to en-
sure that the seller-lessee does not recognize any
amount of the gain or loss that relates to the right of
use retained by the seller-lessee.
Specifically, IFRS 16 requires the seller-lessee to
measure the right-of-use asset arising from a sale
and leaseback transaction in proportion to the
previous carrying amount of the asset in respect
of the retained right-of-use and, consequently, to
recognize only the amount of any capital gain or
loss relating to the rights transferred to the buy-
er-lessor.
Moreover, the amendments apply to sale and lease-
back transactions in which lease payments include
variable payments that do not depend on an index
or rate.
The application of the amendments has not had
a material impact in these consolidated financial
statements.
4. Minimum tax
The Pillar II - Global Anti-Base Erosion Model Rules
(GloBE Rules), which are intended to ensure that large
multinational enterprises pay a minimum level of in-
come tax in each jurisdiction in which they operate,
have been enacted or substantially enacted in certain
jurisdictions in which the Enel Group operates. In gen-
eral, the rules envisage the application of a “top-up” tax
to the excess profit in a jurisdiction to bring the effec-
tive tax rate on that income up to a minimum of 15%.
For this purpose, the Group has conducted an assess-
ment of its potential exposure to the top-up tax in
such jurisdictions, which found that there are a limited
number of circumstances in which the effective tax
rate is below 15%.
On the basis of this assessment, the potential top-up
tax that the Enel Group will have to pay as the differ-
ence between the effective tax rates calculated per ju-
risdiction based on the GloBE Rules and the minimum
rate of 15% will not have a significant impact.
In application of the provisions of the amendment
of “IAS 12 – International Tax Reform – Pillar II Model
Rules”, the Group has applied the mandatory tempo-
rary exemption to requirements regarding deferred
taxes deriving from the application of Pillar II. The
Group will recognize the taxes emerging from the
application of the rules as current taxes when they
are incurred (see note 23 “Deferred tax assets and
liabilities”).
5. Argentina - Hyperinflationary economy: impact of the application
of IAS 29
As from July 1, 2018, the Argentine economy has been
considered hyperinflationary based on the criteria es-
tablished by “IAS 29 - Financial reporting in hyperin-
flationary economies”. This designation is determined
following an assessment of a series of qualitative and
quantitative circumstances, including the presence of
a cumulative inflation rate of more than 100% over the
previous three years.
For the purposes of preparing the consolidated finan-
cial statements at December 31, 2024, and in accord-
ance with IAS 29, certain items of the statements of
financial position of the investees in Argentina have
been remeasured by applying the general consumer
price index to historical data in order to reflect chang-
es in the purchasing power of the Argentine peso at
the reporting date for those companies.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
456
INTEGRATED ANNUAL REPORT 2024
Bearing in mind that the Enel Group acquired control
of the Argentine companies on June 25, 2009, the
remeasurement of the non-monetary financial state-
ment figures was conducted by applying the inflation
indices starting from that date. In addition to being al-
ready reflected in the opening statement of financial
position, the accounting effects of that remeasurement
also include changes during the period.
More specifically, the effect of the remeasurement of
non-monetary items, the equity items and the income
statement items recognized in 2024 was recognized in
a specific line of the income statement under financial
income and expense. The associated tax effect was
recognized in taxes for the year.
In order to also take account of the impact of hyper-
inflation on the exchange rate of the local currency,
the income statement balances expressed in the hy-
perinflationary currency have been translated into the
Group’s presentation currency (euro) applying, in ac-
cordance with IAS 21, the closing exchange rate rather
than the average rate for the year in order to adjust
these amounts to present values.
The cumulative changes in the general price indices
from December 31, 2018 until December 31, 2024 are
shown in the following table:
Periods
Cumulative
change in general
consumer price
index
From July 1, 2009 to December 31, 2018
346.30%
From January 1, 2019 to December 31, 2019
54.46%
From January 1, 2020 to December 31, 2020
35.41%
From January 1, 2021 to December 31, 2021
49.73%
From January 1, 2022 to December 31, 2022
97.08%
From January 1, 2023 to December 31, 2023
222.01%
From January 1, 2024 to December 31, 2024
109.22%
In 2024 the application of IAS 29 generated net finan-
cial income (gross of tax) of €321 million.
The following tables report the effects of IAS 29 on the
balance at December 31, 2024 and the impact of hy-
perinflation on the main income statement items for
2024, differentiating between that concerning the re-
valuation on the basis of the general consumer price
index and that due to the application of the closing ex-
change rate rather than the average exchange rate for
the period, in accordance with the provisions of IAS 21
for hyperinflationary economies.
Millions of euro
Cumulative
hyperinflation effect
at Dec. 31, 2023
Hyperinflation
effect for
the period
Exchange
differences
Cumulative
hyperinflation effect
at Dec. 31, 2024
Total assets
1,294
1,269
(230)
2,333
Total liabilities
438
348
(76)
710
Equity
856
921(1)
(154)
1,623
(1)
The figure includes profit for year equal to €79 million.
Millions of euro
IAS 29 effect
IAS 21 effect
Total effect
at Dec. 31, 2024
Revenue
259
(86)
173
Costs
387(1)
(87)(2)
300
Operating profit
(128)
1
(127)
Net financial income/(expense)
19
28
47
Net income/(expense) from hyperinflation
321
-
321
Pre-tax profit/(loss)
212
29
241
Income taxes
133
16
149
Profit/(Loss) for the year (owners of the Parent
and non-controlling interests)
79
13
92
Attributable to owners of the Parent
32
18
50
Attributable to non-controlling interests
47
(5)
42
(1)
Includes impact on depreciation, amortization and impairment losses of €144 million.
(2) Includes impact on depreciation, amortization and impairment losses of €(4) million.
Notes to the consolidated financial statements
457
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
6. Climate change disclosures
The move towards “net zero” is under way worldwide
and the processes of decarbonization and electrifica-
tion of the global economy are crucial to avoiding the
serious consequences of global warming.
With this outlook, the Group has set its strategic
guidelines as follows:
• allocate investments consistently with achieving
100% zero-emission generation by 2040;
• strengthening and digitizing distribution grids, im-
proving resilience to climate events;
• offer products and services to make electrification
of consumption more efficient and simple.
Considering the risks related to climate change and
the commitments established under the Paris Agree-
ment, the Group has set the goal of zero emissions
by 2040 reflecting its impact on assets, liabilities, and
profit and loss and highlighting its significant and fore-
seeable impacts as required under the Conceptual
Framework of the international accounting standards.
In this regard, in accordance with the provisions of
the document published by the IFRS Foundation in
July 2023, the Group provides explicit information in
the notes to these consolidated financial statements
regarding how climate change is reflected in our ac-
counts.
For a more effective and comprehensive communi-
cation concerning climate change disclosures pre-
pared as part of the notes to these consolidated fi-
nancial statements, we have mapped this disclosure
as shown below, providing references to the vari-
ous sections where issues associated with climate
change are addressed.
Topic
Note
Content
Estimates
and judgments
concerning climate
change
Note 2.1 “Use of estimates
and management judgment”
• Reference to management’s use of estimates and judgments
with regard to climate change (taking account of their materi-
ality within financial reporting).
• Focus on estimating expected cash flows from specific assets/
CGUs (section: “Impairment of non-financial assets”).
• Focus on the effects of the Group’s commitments under the
Paris Agreement and their impact on the estimation of the use-
ful life of the assets involved (section “Determining the useful
life of non-financial assets”).
Sustainable
investment
Note 17 “Property, plant and equipment”
• Focus on infrastructure associated with the development of the
grid and investment in developing innovative solutions for cus-
tomers.
Long-term renewable
energy contracts
Note 47 “Risk management”
• Focus on main features of power purchase agreements (PPAs/
virtual PPAs).
Valuation
of non-financial
assets
Note 10.e “Depreciation, amortization
and other impairment losses”
Note 17 “Property, plant and equipment”
Note 22 “Goodwill”
• Focus on the effects related to the commitments undertaken by
the Group in line with the Paris Agreement in the context of the
valuations of non-financial assets with particular reference to the
residual useful life of certain assets and to the impairment tests.
Provisions
Note 38 “Provisions for risks and
charges”
• Focus on provisions for the impact of climate change on distri-
bution grids and generation plants, including those for decom-
missioning and restoration of sites, and possible provisions for
restructuring plans linked to the energy transition.
Sustainability-linked
finance
Note 46.3 “Borrowings”
Note 58 “Events after the reporting
period”
• Focus on:
• issues of sustainability-linked bonds connected with the
achievement of sustainability objectives in line with the SDGs
issued by the UN;
• Green Bonds used to finance specific sustainable Group pro-
jects and initiatives;
• sustainable loans connected with the achievement of Sustain-
able Development Goals (SDGs).
Share-based payments
Note 51 “Share-based payments”
• Description of long-term incentive plans anchored to achieve-
ment of specific climate-related targets.
Environmental programs
Note 56 “Environmental programs”
• Description of costs relating to environmental compliance re-
quired by national and international regulations.
• Description of costs generated by not having sufficient environ-
mental certificates to meet environmental compliance regula-
tions.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
458
INTEGRATED ANNUAL REPORT 2024
Changes in the consolidation scope
7. Main acquisitions and disposals during the year
In the two periods under review, the consolidation
scope changed as a result of a number of transac-
tions.
2023
• On February 17, 2023, the Enel Group, through its
subsidiary Enel Argentina, closed the deal for the
sale to energy company Central Puerto SA of the
Group’s stake in the thermal generation company
Enel Generación Costanera for €42 million, which
have been collected in full. The transaction resulted
in the recognition of a capital loss of €132 million.
• On April 14, 2023, the Enel Group completed the
sale to YPF and Pan American Sur SA of the shares
held in Inversora Dock Sud SA and Central Dock Sud
SA, for a total of €48 million. The transaction had
a negative impact on profit or loss of about €194
million.
• On September 29, 2023, the Enel Group, acting
through its subsidiary Enel Green Power SpA, final-
ized the sale of 50% of the two companies that own
all of the Group’s renewables operations in Australia,
specifically Enel Green Power Australia (Pty) Ltd and
Enel Green Power Australia Trust, to INPEX Corpora-
tion, for a total of €142 million. The operation result-
ed in the recognition of a gain of €103 million.
• On October 25, 2023, Enel SpA and its listed sub-
sidiary Enel Chile SA closed the sale of their entire
equity interests in the share capital of Arcadia Gen-
eración Solar SA, a Chilean company which owns a
portfolio of four operating PV plants for a total in-
stalled capacity of approximately 416 MW, to Sonn-
edix, an international renewable energy producer,
for a total €535 million. The transaction resulted in
the recognition of a capital gain of €195 million.
• On October 25, 2023, the Enel Group finalized the
sale to the Greek company Public Power Corpo-
ration SA of all the equity stakes held by the Enel
Group in Romania, for a total €1,241 million. The
transaction had a negative impact on profit or loss
in 2023 of €847 million, of which €655 million re-
flecting the release of a currency translation re-
serve.
• On December 29, 2023, Enel SpA, acting through
its fully-owned subsidiary Enel Green Power SpA,
finalized the sale of 50% of Enel Green Power Hel-
las, Enel Green Power’s fully-owned subsidiary
owner of renewable generation assets in Greece,
to Macquarie Asset Management, for a total €351
million. The overall transaction had a positive im-
pact on the profit or loss of the Group in 2023 of
€422 million.
2024
• On January 4, 2024, the Enel Group, acting through
the subsidiary Enel Green Power North America
(EGPNA), finalized the sale of a renewable asset
portfolio in the United States for a total of $277
million, equivalent to €253 million. The assets sold
include EGPNA’s entire geothermal portfolio as well
as a number of small solar plants, with a total ca-
pacity of about 150 MW of operating plants. The
transaction had a positive impact on the Group re-
sult of €8 million.
Millions of euro
Sale price
253
Total net assets sold
(245)
Impact on operating profit
8
Impact on Group profit
8
At December 31, 2023, the assets involved had al-
ready been reclassified under ‘‘Non-current assets
held for sale and discontinued operations’’ pursu-
ant to IFRS 5 and following the reclassification at the
lower of their fair value and book carrying amount,
an impairment loss of €34 million was recognized
through operating profit.
• On May 10, 2024, Enel Perú SAC, controlled by
Enel SpA through Enel Américas SA, finalized
the sale to Niagara Energy SAC of all the equity
stakes held in the power generation companies
Enel Generación Perú SAA and Compañía En-
ergética Veracruz SAC for a total €1,198 million.
The sale generated a positive impact of €9 million
on Group profit for the period taking account of
the negative effects associated with the release
of the associated translation reserves.
Notes to the consolidated financial statements
459
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
Millions of euro
Sale price
1,198
Total net assets sold
(843)
Release of OCI reserve
(94)
Goodwill
(152)
Gain/(Loss) on sale
109
Tax
(66)
Impact on operating profit
43
Impact on Group profit
9
• On June 12, 2024, Enel Perú SAC finalized the sale to
North Lima Power Grid Holding SAC of all the equity
stakes held in Enel Distribución Perú SAA and in the
advanced energy services company Enel X Perú SAC
for a total €2,880 million. The transaction generated a
positive impact on Group profit of €509 million, tak-
ing account of the negative effects associated with
the release of the associated translation reserves.
Millions of euro
Sale price
2,880
Total net assets sold
(1,110)
Release of OCI reserve
(212)
Goodwill
(320)
Gain/(Loss) on sale
1,238
Tax
(558)
Impact on operating profit
680
Impact on Group profit
509
• At the beginning of October 2024 the Enel Group,
acting through the subsidiary Enel North America,
finalized the sale of assets related to the storage
business in North America to MSS Energy Storage
LLC (for assets in the United States) and MSS LP
Holdings Inc. (for assets in Canada), for a total €160
million. The transaction generated a negative im-
pact on Group profit of €44 million.
Millions of euro
Sale price
160
Total net assets sold
(162)
Gain/(Loss) on sale
(2)
Adjustment of pre-sale plant value
(42)
Impact on operating profit
(44)
Impact on Group profit
(44)
• On December 30, 2024 Enel SpA, acting through
the subsidiary e-distribuzione SpA, finalized the
sale to A2A of 90% of the share capital of Du-
ereti Srl, a vehicle beneficiary of the contribution
of electricity distribution services in a number of
municipalities in the provinces of Milan and Bres-
cia for €1,229 million. The overall transaction gen-
erated a positive impact on Group profit of €978
million.
Millions of euro
Sale price
1,229
Total net assets sold
(339)
Gain/(Loss) on sale
890
Remeasurement at fair value of the
residual interest (10%)
99
Gain/(Loss) on sale
989
Tax
(11)
Impact on operating profit
978
Impact on Group profit
978
Other changes
On June 26, 2024, Enel SpA, acting through the sub-
sidiary Enel Italia SpA, finalized the sale to Sosteneo
Energy Transition 1 of 49% of the share capital held
in Enel Libra Flexsys Srl, a company operating a num-
ber of battery energy storage systems and owner of
a number of Open Cycle Gas Turbine (OCGT) plants,
for €1,095 million. The transaction had no impact on
Group economic results, as Enel continues to main-
tain control and, therefore, fully consolidate Enel Libra
Flexsys Srl.
On December 23, 2024, Enel Green Power España SLU,
a Group company controlled through Endesa SA, final-
ized the sale to Masdar, for a consideration of €849
million, of 49.99% of the share capital of Enel Green
Power España Solar 1 SLU owner of Endesa photovol-
taic plants in Spain, with a total installed capacity of
about 2 GW.
The transaction had no impact on the Group econom-
ic results as Enel continues to maintain control and
therefore fully consolidate Enel Green Power España
Solar 1.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
460
INTEGRATED ANNUAL REPORT 2024
8. Performance and financial position by primary segment
(Business Line) and secondary segment (Geographical Area)
The representation of performance and financial po-
sition presented here is based on the approach used
by management in monitoring Group performance for
the two periods under review. In particular, manage-
ment monitors and reports on performance by busi-
ness line. Accordingly, the Group has adopted the fol-
lowing reporting sectors:
• primary segment: Business Line;
• secondary segment: Geographical Area.
The business line is therefore the main discriminant
in the analyses performed and decisions taken by the
management of the Enel Group, and is fully consistent
with the internal reporting prepared for these purposes
since the results are measured and evaluated first and
foremost for each business line and only thereafter are
they broken down by geographical area.
In this regard, note that following the organizational
simplification process begun in 2023 with a restructur-
ing of the business lines and geographical areas, since
December 2024 a further need has emerged to rede-
fine the figures by secondary segment (Geographical
Area). In particular, the presentation of figures took into
account the current organization of the “Rest of the
World” composed of Argentina, Brazil, Chile, Colombia
and Central America, United States and Canada, Mexico,
Rest of the World - Other countries.
Following these changes, the figures for the previous
year have been adjusted for comparative purposes only.
Notes to the consolidated financial statements
461
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
Performance by primary segment (Business Line)
Results for 2024
Millions of euro
Thermal
Generation
and Trading
Enel
Green
Power
Enel
Grids
End-user
Markets
Holding
and
Services
Total
reporting
segment(1)
Eliminations
and
adjustments
Total
Revenue and other income
from third parties
10,355
8,940
20,449
39,215
(12)
78,947
-
78,947
Revenue and other income
from transactions with
other segments
13,921
3,277
2,787
2,646
1,958
24,589
(24,589)
-
Total revenue
24,276
12,217
23,236
41,861
1,946
103,536
(24,589)
78,947
Total costs
22,781
5,568
13,156
35,988
2,454
79,947
(24,589)
55,358
Net results from
commodity contracts
1,673
(22)
-
(1,171)
(3)
477
-
477
Depreciation and
amortization
788
1,701
3,078
861
255
6,683
-
6,683
Impairment losses
77
425
97
1,581
2
2,182
-
2,182
Impairment gains
(17)
(13)
(90)
(172)
(1)
(293)
-
(293)
Operating profit/(loss)
2,320
4,514
6,995
2,432
(767)
15,494
-
15,494
Capital expenditure
673(2)
3,133(3)
5,868(4)
971(5)
176
10,821
-
10,821
(1)
Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
(2) Does not include €13 million classified as held for sale or discontinued operations.
(3) Does not include €100 million classified as held for sale or discontinued operations, of which €91 million refer to investments in the first five
months of 2024 made by the company 3SUN, which since June 2024 has however been reclassified among “held-for-use” assets and liabilities,
as the conditions that had determined the previous classification pursuant to IFRS 5 no longer apply.
(4) Does not include €62 million classified as held for sale or discontinued operations.
(5) Does not include €14 million classified as held for sale or discontinued operations.
Results for 2023
Millions of euro
Thermal
Generation
and Trading
Enel
Green
Power
Enel
Grids
End-user
Markets
Holding
and
Services
Total
reporting
segment(1)
Eliminations
and
adjustments
Total
Revenue and other
income from third parties
20,152
8,459
17,206
49,748
-
95,565
-
95,565
Revenue and other
income from transactions
with other segments
20,038
3,161
3,053
2,371
2,045
30,668
(30,668)
-
Total revenue
40,190
11,620
20,259
52,119
2,045
126,233
(30,668)
95,565
Total costs
35,140
6,377
12,798
46,038
2,659
103,012
(30,668)
72,344
Net results from
commodity contracts
(1,983)
(65)
-
(923)
5
(2,966)
-
(2,966)
Depreciation and
amortization
775
1,603
2,957
785
233
6,353
-
6,353
Impairment losses
161
1,552
168
1,439
18
3,338
-
3,338
Impairment gains
(49)
(19)
(90)
(108)
(2)
(268)
-
(268)
Operating profit/(loss)
2,180
2,042
4,426
3,042
(858)
10,832
-
10,832
Capital expenditure
761(2)
5,345(3)
5,280(4)
1,138(5)
190(6)
12,714
-
12,714
(1)
Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
(2) Does not include €14 million classified as held for sale or discontinued operations.
(3) Does not include €565 million classified as held for sale or discontinued operations.
(4) Does not include €233 million classified as held for sale or discontinued operations.
(5) Does not include €34 million classified as held for sale or discontinued operations.
(6) Does not include €3 million classified as held for sale or discontinued operations.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
462
INTEGRATED ANNUAL REPORT 2024
Performance by secondary segment (Geographical Area)
Results for 2024(1)
Millions of euro
Italy
Iberia
Rest
of the
World
Argentina
Brazil
Chile
Colombia
and
Central
America
United
States
and
Canada
Mexico
Rest of
the World
– Other
countries
Eliminations
Rest of the
World
Other,
eliminations
and
adjustments
Total
Revenue and other
income from third
parties
36,095
21,285
21,444
1,355
7,685
3,889
3,872
1,989
359
2,344
(49)
123
78,947
Revenue and other
income from
transactions with other
segments
145
11
46
-
-
9
-
2
(1)
4
32
(202)
-
Total revenue
36,240
21,296
21,490
1,355
7,685
3,898
3,872
1,991
358
2,348
(17)
(79)
78,947
Total costs
25,698
15,199
14,295
1,309
5,626
3,208
2,503
798
238
630
(17)
166
55,358
Net results from
commodity contracts
1,496
(908)
(107)
-
1
(18)
(1)
(73)
(16)
-
-
(4)
477
Depreciation and
amortization
2,457
1,981
2,027
145
702
296
264
481
37
102
-
218
6,683
Impairment losses
964
534
592
46
238
51
74
148
2
33
-
92
2,182
Impairment gains
(46)
(218)
(28)
-
(3)
-
(3)
(21)
(2)
1
-
(1)
(293)
Operating profit/(loss)
8,663
2,892
4,497
(145)
1,123
325
1,033
512
67
1,582
-
(558)
15,494
Capital expenditure
5,331(2)
1,979
3,350(3)
179
1,286
540
478
834(4)
27
6(5)
-
161
10,821
(1)
Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
(2) Does not include €91 million classified as held for sale or discontinued operations and referring to investments in the first five months of 2024
made by the company 3SUN, which since June 2024 has however been reclassified among “held-for-use” assets and liabilities, as the condi-
tions that had determined the previous classification pursuant to IFRS 5 no longer apply.
(3) Does not include €98 million classified as held for sale or discontinued operations.
(4) Does not include €96 million classified as held for sale or discontinued operations.
(5) Does not include €2 million classified as held for sale or discontinued operations.
Results for 2023(1)
Millions of euro
Italy
Iberia
Rest
of the
World
Argentina
Brazil
Chile
Colombia
and
Central
America
United
States
and
Canada
Mexico
Rest of
the World
– Other
countries
Eliminations
Rest of the
World
Other,
eliminations
and
adjustments
Total
Revenue and other
income from third
parties
49,145
25,418
20,927
601
7,825
4,986
3,583
1,809
320
2,144
(341)
75
95,565
Revenue and other
income from
transactions with other
segments
182
10
354
-
1
16
1
4
9
8
315
(546)
-
Total revenue
49,327 25,428
21,281
601
7,826
5,002
3,584
1,813
329
2,152
(26)
(471)
95,565
Total costs
38,792
18,578
15,091
971
5,639
3,867
2,165
993
269
1,211
(24)
(117)
72,344
Net results from
commodity contracts
233
(3,171)
(38)
(1)
-
180
-
(207)
(13)
1
2
10
(2,966)
Depreciation and
amortization
2,325
1,911
1,931
60
671
287
227
464
27
195
-
186
6,353
Impairment losses
824
558
1,879
11
227
20
181
1,424
1
15
-
77
3,338
Impairment gains
(22)
(197)
(48)
(1)
(12)
(1)
(30)
-
-
(4)
-
(1)
(268)
Operating profit/(loss)
7,641
1,407
2,390
(441)
1,301
1,009
1,041
(1,275)
19
736
-
(606)
10,832
Capital expenditure
5,763(2)
2,305
4,419(3)
103(4)
1,811
744
605
1,071(5)
25
60(6)
-
227(6)
12,714
(1)
Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
(2) Does not include €337 million classified as held for sale or discontinued operations.
(3) Does not include €512 million classified as held for sale or discontinued operations.
(4) Does not include €2 million classified as held for sale or discontinued operations.
(5) Does not include €1 million classified as held for sale or discontinued operations.
(6) Does not include €509 million classified as held for sale or discontinued operations.
Notes to the consolidated financial statements
463
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
Financial position by primary segment (Business Line)
At December 31, 2024
Millions of euro
Thermal
Generation
and Trading
Enel
Green
Power
Enel
Grids
End-user
Markets
Holding
and
Services
Total
reporting
segment
Eliminations
and
adjustments
Total
Property, plant and
equipment
8,128
43,144
41,679
975
889
94,815
(1)
94,814
Intangible assets
199
5,060
18,333
4,777
350
28,719
-
28,719
Non-current and current
contract assets
12
13
535
163
3
726
(3)
723
Trade receivables
4,648
2,943
8,279
5,600
1,329
22,799
(6,850)
15,949
Other
6,457
647
2,459
2,984
5,513
18,060
(10,879)
7,181
Operating assets
19,444(1)
51,807(2)
71,285(3)
14,499
8,084
165,119
(17,733)
147,386
Trade payables
5,104
3,491
5,049
5,520
1,101
20,265
(6,560)
13,705
Non-current and current
contract liabilities
175
254
7,645
71
4
8,149
(19)
8,130
Sundry provisions
3,514
1,596
2,380
751
1,270
9,511
(56)
9,455
Other
5,322
958
9,512
7,211
5,111
28,114
(10,867)
17,247
Operating liabilities
14,115(4)
6,299(5)
24,586(6)
13,553
7,486
66,039
(17,502)
48,537
(1)
Of which €189 million classified as held for sale or discontinued operations.
(2) Of which €116 million classified as held for sale or discontinued operations.
(3) Of which €37 million classified as held for sale or discontinued operations.
(4) Of which €12 million classified as held for sale or discontinued operations.
(5) Of which €12 million classified as held for sale or discontinued operations.
(6) Of which €17 million classified as held for sale or discontinued operations.
At December 31, 2023
Millions of euro
Thermal
Generation
and Trading
Enel
Green
Power
Enel
Grids
End-user
Markets
Holding
and
Services
Total
reporting
segment
Eliminations
and
adjustments
Total
Property, plant and
equipment
8,340
42,757
40,490
1,142
793
93,522
(13)
93,509
Intangible assets
271
5,555
20,188
4,926
443
31,383
-
31,383
Non-current and current
contract assets
20
17
484
169
2
692
(1)
691
Trade receivables
7,287
3,471
7,771
8,373
792
27,694
(9,711)
17,983
Other
5,736
290
2,738
2,489
3,134
14,387
(6,268)
8,119
Operating assets
21,654(1)
52,090(2)
71,671(3)
17,099(4)
5,164(5)
167,678
(15,993)
151,685
Trade payables
6,741
3,797
4,174
9,418
1,014
25,144
(8,986)
16,158
Non-current and current
contract liabilities
112
271
7,515
59
7
7,964
(95)
7,869
Sundry provisions
3,468
979
3,348
742
1,208
9,745
(63)
9,682
Other
3,833
1,606
9,817
4,327
4,740
24,323
(6,164)
18,159
Operating liabilities
14,154(6)
6,653(7)
24,854(8)
14,546(9)
6,969(10)
67,176
(15,308)
51,868
(1)
Of which €640 million classified as held for sale or discontinued operations.
(2) Of which €2,254 million classified as held for sale or discontinued operations.
(3) Of which €2,469 million classified as held for sale or discontinued operations.
(4) Of which €84 million classified as held for sale or discontinued operations.
(5) Of which €9 million classified as held for sale or discontinued operations.
(6) Of which €142 million classified as held for sale or discontinued operations.
(7) Of which €265 million classified as held for sale or discontinued operations.
(8) Of which €207 million classified as held for sale or discontinued operations.
(9) Of which €19 million classified as held for sale or discontinued operations.
(10) Of which €3 million classified as held for sale or discontinued operations.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
464
INTEGRATED ANNUAL REPORT 2024
Financial position by secondary segment (Geographical Area)
At December 31, 2024
Millions of euro
Italy
Iberia
Rest
of the
World
Argentina
Brazil
Chile
Colombia
and
Central
America
United
States
and
Canada
Mexico
Rest of
the World
– Other
countries
Eliminations
Rest of the
World
Other,
eliminations
and
adjustments
Total
Property, plant and
equipment
36,659
23,553
34,457
2,430
4,748
7,689
5,423
12,733
891
543
-
145
94,814
Intangible assets
3,082
16,065
9,085
141
3,777
2,574
2,043
324
35
191
-
487
28,719
Non-current and
current contract
assets
61
82
560
-
517
-
-
8
3
32
-
20
723
Trade receivables
7,397
3,442
5,013
246
1,585
2,456
400
165
92
106
(37)
97
15,949
Other
3,222
2,347
1,591
76
684
206
196
176
178
91
(16)
21
7,181
Operating assets
50,421 45,489(1)
50,706(2)
2,893
11,311 12,925
8,062(3)
13,406
1,199
963(4)
(53)
770
147,386
Trade payables
6,855
2,270
5,277
543
1,366
2,286
435
389
132
160
(34)
(697)
13,705
Non-current and
current contract
liabilities
4,253
3,802
108
-
70
-
38
-
-
-
-
(33)
8,130
Sundry provisions
3,508
3,000
2,103
50
1,215
327
302
181
4
24
-
844
9,455
Other
7,218
3,093
5,545
490
1,971
1,102
174
1,629
126
68
(15)
1,391
17,247
Operating liabilities
21,834
12,165(5)
13,033(6)
1,083
4,622
3,715
949
2,199
262
252(7)
(49)
1,505
48,537
(1)
Of which €37 million classified as held for sale or discontinued operations.
(2) Of which €306 million classified as held for sale or discontinued operations.
(3) Of which €49 million classified as held for sale or discontinued operations.
(4) Of which €257 million classified as held for sale or discontinued operations.
(5) Of which €17 million classified as held for sale or discontinued operations.
(6) Of which €28 million classified as held for sale or discontinued operations.
(7) Of which €28 million classified as held for sale or discontinued operations.
At December 31, 2023
Millions of euro
Italy
Iberia
Rest
of the
World
Argentina
Brazil
Chile
Colombia
and
Central
America
United
States
and
Canada
Mexico
Rest of
the World
– Other
countries
Eliminations
Rest of the
World
Other,
eliminations
and
adjustments
Total
Property, plant and
equipment
34,361
23,527
35,524
1,305
5,335
7,475
5,328
11,972
818
3,291
-
97
93,509
Intangible assets
3,122
16,178
11,397
88
4,701
2,576
2,173
446
36
1,377
-
686
31,383
Non-current and
current contract
assets
90
80
520
-
439
-
-
39
1
41
-
1
691
Trade receivables
8,819
4,011
5,302
77
1,933
2,249
527
176
68
311
(39)
(149)
17,983
Other
4,281
2,375
1,706
34
762
225
218
214
57
209
(13)
(243)
8,119
Operating assets
50,673(1)
46,171 54,449(2)
1,504
13,170 12,525(3)
8,246(4)
12,847(5)
980
5,229(6)
(52)
392
151,685
Trade payables
9,001
2,888
5,011
173
1,300
1,696
659
834
15
365
(31)
(742)
16,158
Non-current and
current contract
liabilities
4,318
3,537
47
-
-
-
47
-
-
-
-
(33)
7,869
Sundry provisions
3,078
3,177
2,686
32
1,920
312
224
129
5
64
-
741
9,682
Other
6,913
3,556
6,219
240
2,519
1,076
199
1,826
106
268
(15)
1,471
18,159
Operating liabilities 23,310(7)
13,158
13,963(8)
445
5,739
3,084
1,129
2,789(9)
126
697(10)
(46)
1,437
51,868
(1)
Of which €631 million classified as held for sale or discontinued operations.
(2) Of which €4,801 million classified as held for sale or discontinued operations.
(3) Of which €5 million classified as held for sale or discontinued operations.
(4) Of which €99 million classified as held for sale or discontinued operations.
(5) Of which €242 million classified as held for sale or discontinued operations.
(6) Of which €4,455 million classified as held for sale or discontinued operations.
(7) Of which €155 million classified as held for sale or discontinued operations.
(8) Of which €481 million classified as held for sale or discontinued operations.
(9) Of which €3 million classified as held for sale or discontinued operations.
(10) Of which €483 million classified as held for sale or discontinued operations.
Notes to the consolidated financial statements
465
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
The following table reconciles segment assets and liabilities and the consolidated figures.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Total assets
187,139
195,224
Equity-accounted investments
1,456
1,650
Non-current financial derivative assets
2,003
2,383
Other non-current financial assets
7,607
8,750
Non-current tax assets included in “Other non-current assets”
1,114
1,487
Other current financial assets
4,854
4,329
Current financial derivative assets
3,512
6,407
Cash and cash equivalents
8,051
6,801
Deferred tax assets
9,025
9,218
Tax assets
2,059
2,016
Financial and tax assets of “Assets classified as held for sale”
72
498
Segment assets
147,386
151,685
Total liabilities
137,968
150,115
Long-term borrowings
60,000
61,085
Non-current financial derivative liabilities
2,915
3,373
Other non-current financial liabilities
64
8
Short-term borrowings
3,645
4,769
Current portion of long-term borrowings
7,439
9,086
Other current financial liabilities
845
909
Current financial derivative liabilities
3,584
6,461
Deferred tax liabilities
7,951
8,217
Income tax liabilities
1,589
1,573
Other tax liabilities
1,289
1,034
Financial and tax liabilities of “Liabilities included in disposal groups classified as held for sale”
110
1,732
Segment liabilities
48,537
51,868
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
466
INTEGRATED ANNUAL REPORT 2024
Information on the consolidated income statement
Revenue
9.a Revenue from sales and services – €73,914 million
Millions of euro
2024
2023
Change
Sale of electricity
43,478
52,465
(8,987)
-17.1%
Transport of electricity
12,072
11,123
949
8.5%
Fees from network operators
961
1,142
(181)
-15.8%
Transfers from institutional market operators
1,747
1,570
177
11.3%
Sale of gas
5,875
7,983
(2,108)
-26.4%
Transport of gas
564
68
496
-
Sale of fuel
1,578
3,458
(1,880)
-54.4%
Fees for connection to electricity and gas networks
1,002
877
125
14.3%
Construction contracts
1,054
995
59
5.9%
Sale of environmental certificates
132
283
(151)
-53.4%
Sale of value-added services
1,263
1,653
(390)
-23.6%
Other sales and services
900
866
34
3.9%
Total IFRS 15 revenue
70,626
82,483
(11,857)
-14.4%
Sale of commodities under contracts with physical settlement
4,598
8,875
(4,277)
-48.2%
Gain/(Loss) on the measurement of commodity sales
contracts with physical settlement closed during the period
(1,333)
1,508
(2,841)
-
Other revenue
23
16
7
43.8%
Total revenue from sales and services
73,914
92,882
(18,968)
-20.4%
Revenue from the “sale of electricity” amounted to
€43,478 million, a decrease of €8,987 million compared
with the previous year (-17.1%), mainly reflecting low-
er sales volumes against a background of decreasing
electricity sales prices, mainly in Italy (€6,176 million) and
in Spain (€1,947 million). The decrease was only partly
offset by higher revenue from “transport of electricity”
(€949 million), mainly attributable to the remuneration
of distribution and metering charges in Italy.
“Transfers from institutional market operators” de-
creased by €181 million from 2023, in particular in Italy,
mainly reflecting lower revenue from the maximization
of coal-fired generation for security reasons, com-
pared with 2023.
Revenue from the “sale of gas“ in 2024 amounted to
€5,875 million (€7,983 million in 2023), a decrease of
€2,108 million on the previous year. The decrease is at-
tributable to a decline in both sales and volumes han-
dled and the decrease in average selling prices, mainly
in Spain (€1,091 million) and Italy (€1,011 million). The
effect is partly offset by an increase in revenue from
“transport of gas”, mainly in Italy (€497 million) due to
the reinstatement of system charges.
Revenue from the “sale of fuel” decreased by €1,880
million due to decreasing quantities and average gas
sales prices, mainly in Spain and Italy.
The decrease in revenue from the “sale of commodi-
ties under contracts with physical settlement” (€4,277
million) and in “gain/(loss) on the measurement of
commodity sales contracts with physical settlement
closed during the period” (€2,841 million) mainly re-
gards the sale of gas and reflects a decrease in prices
as well as in volumes handled.
The following table shows the net results on contracts
for the sale or purchase of commodities with physi-
cal settlement measured at fair value through profit or
loss within the scope of IFRS 9.
Notes to the consolidated financial statements
467
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
Millions of euro
2024
2023
Change
Fair value gain/(loss) on contracts for energy commodities with
physical settlement (within the scope of IFRS 9) closed in the period
Sales contracts
Sale of electricity
919
1,550
(631)
-40.7%
Fair value gain/(loss) on closed contracts
1
281
(280)
-99.6%
Total electricity
920
1,831
(911)
-49.8%
Sale of gas
3,599
7,271
(3,672)
-50.5%
Fair value gain/(loss) on closed contracts
(1,482)
1,114
(2,596)
-
Total gas
2,117
8,385
(6,268)
-74.8%
Sale of emissions allowances
74
4
70
-
Fair value gain/(loss) on closed contracts
139
109
30
27.5%
Total emissions allowances
213
113
100
88.5%
Sale of guarantees of origin
6
50
(44)
-88.0%
Fair value gain/(loss) on closed contracts
9
4
5
-
Total guarantees of origin
15
54
(39)
-72.2%
Total revenue
3,265
10,383
(7,118)
-68.6%
Purchase contracts
Purchase of electricity
872
2,884
(2,012)
-69.8%
Fair value gain/(loss) on closed contracts
555
570
(15)
-2.6%
Total electricity
1,427
3,454
(2,027)
-58.7%
Purchase of gas
4,793
8,063
(3,270)
-40.6%
Fair value gain/(loss) on closed contracts
(2,173)
1,370
(3,543)
-
Total gas
2,620
9,433
(6,813)
-72.2%
Purchase of emissions allowances
236
624
(388)
-62.2%
Fair value gain/(loss) on closed contracts
(30)
(31)
1
3.2%
Total emissions allowances
206
593
(387)
-65.3%
Purchase of guarantees of origin
14
101
(87)
-86.1%
Fair value gain/(loss) on closed contracts
(28)
32
(60)
-
Total guarantees of origin
(14)
133
(147)
-
Total costs
4,239
13,613
(9,374)
-68.9%
Net revenue/(costs) on contracts for energy commodities with
physical settlement (within the scope of IFRS 9) closed in the period
(974)
(3,230)
2,256
69.8%
Gain/(Loss) from measurement of outstanding contracts for energy
commodities with physical settlement (within the scope of IFRS 9)
Sales contracts
Electricity
(57)
226
(283)
-
Gas
(647)
136
(783)
-
Emissions allowances
(15)
23
(38)
-
Guarantees of origin
9
4
5
-
Total
(710)
389
(1,099)
-
Purchase contracts
Electricity
(626)
254
(880)
-
Gas
(1,187)
586
(1,773)
-
Emissions allowances
(37)
19
(56)
-
Guarantees of origin
51
67
(16)
-23.9%
Total
(1,799)
926
(2,725)
-
Gain/(Loss) from measurement of outstanding contracts for energy
commodities with physical settlement (within the scope of IFRS 9)
1,089
(537)
1,626
-
Total net revenue/(costs) on contracts with physical settlement
(within the scope of IFRS 9)
115
(3,767)
3,882
-
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
468
INTEGRATED ANNUAL REPORT 2024
Revenue from contracts with customers (IFRS 15) breaks down into “point in time” and “over time” revenue as
indicated in the following table.
Millions of euro
2024
Italy
Iberia
Rest of the World
Other, eliminations
and adjustments
Total
Over
time
Point in
time
Over
time
Point in
time
Over
time
Point in
time Over time
Point in
time
Over
time
Point in
time
Total IFRS 15 revenue
30,167
990
20,207
690
18,227
239
54
52
68,655
1,971
2023
Italy
Iberia
Rest of the World
Other,
eliminations and
adjustments
Total
Over
time
Point in
time
Over
time
Point in
time
Over
time
Point in
time
Over
time
Point in
time
Over
time
Point in
time
Total IFRS 15 revenue
36,982
1,169
23,063
1,973
17,887
1,342
13
54
77,945
4,538
The table below gives a breakdown of revenue from sales and services by geographical area.
Millions of euro
2024
2023
Italy
30,987
39,724
Europe
Iberia
19,076
21,799
France
1,017
1,919
Switzerland
788
1,936
Germany
729
1,028
Austria
93
75
Slovenia
26
10
Romania
17
4
Greece
18
6
Belgium
30
13
Czech Republic
42
180
Hungary
-
13
Netherlands
68
145
United Kingdom
1,692
4,523
Other European countries
683
2,152
Americas
United States
719
864
Canada
42
62
Mexico
331
315
Brazil
7,561
7,621
Chile
3,793
4,369
Peru
667
1,565
Colombia
3,512
3,248
Argentina
1,333
613
Panama
213
200
Costa Rica
20
17
Guatemala
84
81
Other
Africa
103
96
Asia
249
266
Oceania
21
38
Total
73,914
92,882
Notes to the consolidated financial statements
469
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
Performance obligations
The following table provides information about the
Group’s performance obligations arising from contracts
with customers with reference to the main revenue
streams only, with a summary of the specific judgments
made and the related revenue recognition policies.
For information on the use of estimates with revenue
from contracts with customers, please see note 2.1
“Use of estimates and management judgment”.
Type of
product/service
Nature and timing of satisfaction
of performance obligation
Accounting policies
Sale of electricity
produced by the Group
In order to determine the nature of the promise con-
tained in these contracts with customers for the sale
of electricity, the Group carefully analyzes the facts
and circumstances applicable to each contract.
For the sale of electricity on power exchanges, the
facts and circumstances (including the intrinsic char-
acteristics of the commodity, contractual terms, in-
formation regarding infrastructure and other delivery
mechanisms) generally indicate that the performance
obligation is a service in which the customer simulta-
neously receives and consumes the benefits of the
commodity as it is delivered. Thus, the Group identifies
a performance obligation satisfied over time as part of
a series of distinct goods/services (i.e. each unit of
commodity) that are substantially the same and have
the same pattern of transfer to the customer.
The Group applies an output method to recognize
revenue from the sale of electricity on power ex-
changes, recognized over time, so as to recognize
revenue in the amount to which it has a right to in-
voice the customer if that amount corresponds di-
rectly with the value to the customer of the perfor-
mance completed to date, i.e. at the price defined in
the market (without variable consideration).
Network connection
services
The network connection fees received from custom-
ers for connecting them to the electricity/gas distri-
bution networks require a specific Group assessment
to take into consideration a number of factors.
This assessment is intended to determine whether
the contract includes other distinct goods or servic-
es, such as for example the right to obtain ongoing
access to the infrastructure in order to receive the
commodity or, when the connection fee is a “non-re-
fundable up-front fee” paid at or near contract incep-
tion, a material right that gives rise to a performance
obligation.
In particular, in some countries in which the Group op-
erates, it has determined that the nature of the con-
sideration received represents a “non-refundable up-
front fee” whose payment provides a material right
to the customer. In order to determine if the period
over which this material right should be recognized
extends beyond the initial contractual period, the
Group also takes into consideration applicable local
legal and regulatory framework.
Revenue from monetary and in-kind fees for connec-
tion to the electricity and gas distribution network
is recognized on the basis of the satisfaction of the
performance obligations included in the contract. The
identification of distinct goods or services requires a
careful analysis of the terms and conditions of the
connection arrangements, which could vary from
country to country based on the local context, regula-
tions and law. In order to finalize this assessment, the
Group considers not only the characteristics of the
goods/services themselves (i.e. the good or service is
capable of being distinct) but also the implied prom-
ises for which the customer has a valid expectation
as it views those promises as part of the negotiated
exchange.
Furthermore, the Group acts as an agent in some
contracts for electricity/gas network connection ser-
vices and other related activities, depending on local
legal and regulatory framework. In such cases, it rec-
ognizes revenue on a net basis, corresponding to any
fee or commission to which it expects to be entitled.
Sale/Transport
of electricity/gas
to end users
An electricity/gas supply agreement signed with an
end user includes a single performance obligation
(sale and transport of the commodity) because the
Group has determined that the contract does not
provide distinct goods/services and the promise is
satisfied by transferring control over the commodi-
ty to the customer when it is delivered at the point
of delivery. In order to determine the nature of the
promise included in such contracts, the Group care-
fully analyzes the facts and circumstances applicable
to each contract and commodity.
However, the Group considers that the performance
obligation provided for in a repetitive service contract,
such as a supply contract for the provision of electric-
ity/gas to end users, is typically satisfied over time (be-
cause the customer simultaneously receives and con-
sumes the benefits of the commodity as it is delivered)
as part of a series of distinct goods/services (i.e. each
unit of commodity) that are substantially the same and
have the same pattern of transfer to the customer.
The Group applies an output method to recognize
revenue from the sale and transport of electricity/
gas to end users, so as to recognize revenue in the
amount to which it has a right to invoice the customer
if that amount corresponds directly with the value to
the customer of the performance completed to date,
i.e. the quantities provided during the period, even if
these have not yet been invoiced; this revenue is de-
termined using estimates as well as periodic meter
readings. Where applicable, this revenue is based on
the rates and related restrictions established by law
or by the Regulatory Authority for Energy, Networks
and the Environment (ARERA) and analogous foreign
authorities during the applicable period.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
470
INTEGRATED ANNUAL REPORT 2024
Type of
product/service
Nature and timing of satisfaction
of performance obligation
Accounting policies
Construction contracts
The construction contracts typically include a perfor-
mance obligation satisfied over time. For these con-
tracts, the Group generally considers it appropriate to
use an input method for measuring progress, except
when a specific contract analysis suggests the use of
an alternative method that better depicts the Group’s
performance obligation fulfilled at the reporting date.
For construction contracts that include a performance
obligation satisfied over time, the Group recognizes
revenue over time by measuring progress toward the
complete satisfaction of that performance obligation.
The cost-to-cost method is generally considered the
best method to depict the Group’s performance obli-
gation fulfilled at the reporting date.
The amount due from customers under a construc-
tion contract is presented as a contract asset; the
amount due to customers under a construction con-
tract is presented as a contract liability.
Concession service
arrangements (within the
scope of IFRIC 12)
The Group, as concession holder, provides services for
the construction/upgrade of the infrastructure used
for the provision of public services and/or services for
the operation and maintenance of the infrastructure
itself for the period of the concession.
For performance obligations related to infrastructure
construction and improvement, please refer to the
section “Construction contracts”.
As far as revenue from operating services is con-
cerned, please refer to the sections “Sale of electricity
produced by the Group” and “Sale/Transport of elec-
tricity/gas to end users”.
When the Group provides construction/upgrade ser-
vices, it recognizes intangible assets and/or financial
assets, depending on the characteristics of the service
concession arrangement.
The amounts received or receivable relating to both
components are initially recognized as revenue from
contracts with customers. For more details on revenue
recognition, please refer to the section “Construction
contracts”.
Furthermore, the component recognized in profit or
loss deriving from the remeasurement at fair value of
the financial assets in respect of service concession
agreements for the distribution business in Brazil is
also classified as revenue, in order to adequately re-
flect the business model in line with the related con-
cession agreement.
Revenue from management and maintenance activ-
ities is recognized as revenue from the sale of elec-
tricity on the market or to end users (please refer to
sections “Sale of electricity produced by the Group”
and “Sale/Transport of electricity/gas to end users”,
respectively).
9.b Other income – €5,033 million
Millions of euro
2024
2023
Change
Grants for environmental certificates(1)
294
346
(52)
-15.0%
Other operating grants
60
9
51
-
Capital grants (electricity and gas business)
30
28
2
7.1%
Sundry reimbursements
401
314
87
27.7%
Gains on the disposal of subsidiaries, associates, joint ventures,
joint operations and non-current assets held for sale
2,351
584
1,767
-
Gains on the disposal of property, plant and equipment,
and intangible assets
90
44
46
-
Service continuity bonuses
12
13
(1)
-7.7%
Other income
1,795
1,345
450
33.5%
Total
5,033
2,683
2,350
87.6%
(1)
For more on “Grants for environmental certificates”, please see note 56 “Environmental programs”.
Gains on the disposal of entities amounted to €2,351
million in 2024, mainly reflecting gains on the disposal
of electricity generation and distribution assets in Peru
(totaling €1,347 million) and gains from the sale of elec-
tricity distribution assets in a number of municipalities in
the provinces of Milan and Brescia (totaling €989 million).
In 2023 the item mainly included recognition
by Enel CIEN (in Brazil) of €99 million for the
end-of-concession indemnity received for the
takeover of the concession by another entity and
the overall income of €103 million from the partial
sale with loss of control of assets held in Australia,
Notes to the consolidated financial statements
471
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
the gain on the sale of Arcadia Generación Solar
(€195 million) and the remeasurement at fair value
of the residual interest in Enel Green Power Hellas
(€160 million).
“Other income” increased by €450 million on 2023,
mainly reflecting revenue from tax partnership agree-
ments (€440 million) following the entry into service of
new plants in North America.
The following tables show a breakdown of total rev-
enue by business line based on the approach used
by management to monitor the Group’s performance
during the two years being compared.
Millions of euro
2024
Thermal
Generation
and Trading
Enel
Green
Power
Enel
Grids
End-user
Markets
Holding
and
Services
Total
reporting
segment
Eliminations
and
adjustments
Total
Total IFRS 15 revenue
19,088
10,397
20,685
41,232
1,902
93,304
(22,678)
70,626
Sale of commodities under
contracts with physical
settlement
6,344
-
-
-
-
6,344
(1,746)
4,598
Gain/(Loss) on the
measurement of
commodity sales contracts
with physical settlement
closed during the period
(1,333)
-
-
-
-
(1,333)
-
(1,333)
Other revenue
11
2
18
-
19
50
(27)
23
Total revenue from sales
and services
24,110
10,399
20,703
41,232
1,921
98,365
(24,451)
73,914
Other income
166
1,818
2,533
629
25
5,171
(138)
5,033
TOTAL REVENUE
24,276
12,217
23,236
41,861
1,946
103,536
(24,589)
78,947
Millions of euro
2023
Thermal
Generation
and Trading
Enel
Green
Power
Enel
Grids
End-user
Markets
Holding
and
Services
Total
reporting
segment
Eliminations
and
adjustments
Total
Total IFRS 15 revenue
26,354
9,982
19,719
51,630
2,004
109,689
(27,206)
82,483
Sale of commodities under
contracts with physical
settlement
12,374
-
-
6
-
12,380
(3,505)
8,875
Gain/(Loss) on the
measurement of
commodity sales contracts
with physical settlement
closed during the period
1,504
-
-
4
-
1,508
-
1,508
Other revenue
6
3
18
1
16
44
(28)
16
Total revenue from sales
and services
40,238
9,985
19,737
51,641
2,020
123,621
(30,739)
92,882
Other income
(48)
1,635
522
478
25
2,612
71
2,683
TOTAL REVENUE
40,190
11,620
20,259
52,119
2,045
126,233
(30,668)
95,565
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
472
INTEGRATED ANNUAL REPORT 2024
Costs
10.a Electricity, gas and fuel – €30,282 million
Millions of euro
2024
2023
Change
Electricity
19,348
24,098
(4,750)
-19.7%
- of which purchases under contracts with physical settlement (IFRS 9)
872
2,884
(2,012)
-69.8%
Gas
10,739
16,583
(5,844)
-35.2%
- of which purchases under contracts with physical settlement (IFRS 9)
4,793
8,063
(3,270)
-40.6%
Fair value gain/(loss) on contracts for purchase of electricity and gas with
physical settlement closed during the period
(1,618)
1,940
(3,558)
-
Nuclear fuel
103
99
4
4.0%
Other fuels
1,710
3,550
(1,840)
-51.8%
Total
30,282
46,270
(15,988)
-34.6%
“Electricity” purchase decreased by €4,750 million
reflecting both a decline in average prices and quan-
tities purchased compared with the previous year,
mainly in Italy (€3,992 million) and Spain (€1,127 mil-
lion).
The decrease in costs for “gas” purchases of €5,844
million mainly reflects the decrease in average prices as
well as the decrease in volumes handled, mainly in Italy
and Spain.
In 2023 the item included charges of €515 million relat-
ed to the settlement of an arbitration dispute with the
Qatari gas supplier in Spain.
Results of the fair value measurement of purchases of
gas under contracts with physical settlement closed
decreased by €3,558 million on the previous year, of
which €3,544 million attributable to gas and €14 mil-
lion to electricity.
The decrease in “other fuels” is mainly attributable to
the decrease in volumes purchased.
10.b Services and other materials – €19,240 million
Millions of euro
2024
2023
Change
Wheeling
9,207
7,781
1,426
18.3%
Maintenance and repairs
1,216
1,134
82
7.2%
Telephone and postal costs
174
168
6
3.6%
Communication services
166
120
46
38.3%
IT services
744
840
(96)
-11.4%
Leases and rentals
813
534
279
52.2%
Costs for services connected with the electricity and gas business
1,111
1,327
(216)
-16.3%
Value-added services
697
822
(125)
-15.2%
Construction contracts
288
394
(106)
-26.9%
Service concession arrangements
451
429
22
5.1%
Other services
1,927
2,008
(81)
-4.0%
Environmental certificates not used for compliance
264
1,002
(738)
-73.7%
- of which relating to purchases from contracts with physical settlement (IFRS 9)
250
725
(475)
-65.5%
Fair value gain/(loss) on contracts for purchase of environmental certificates
with physical settlement closed during the period
(58)
1
(59)
-
Change in inventories of environmental certificates
84
(593)
677
-
Other materials
2,156
2,337
(181)
-7.7%
Total
19,240
18,304
936
5.1%
Costs for services and other materials amounted to
€19,240 million in 2024, an increase of €936 million
from 2023. This change essentially reflected:
• an increase in costs for wheeling, mainly in Italy and
Iberia, reflecting the application of specific meas-
ures issued by rate-setting regulators;
Notes to the consolidated financial statements
473
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
• an increase in costs for leases and rentals, mainly in
Italy, essentially due to higher hydroelectric conces-
sion fees;
• a decrease in costs for services connected with the
electricity and gas business due to a decrease in
volumes handled;
• a decrease in costs for construction contracts and
value-added services due to lower sales and services
attributable to energy efficient goods (€231 million);
• a decrease in costs for technical and professional
services (€102 million);
• a decrease in costs of environmental certificates
(€61 million) essentially due to higher use of inven-
tories;
• a decrease in “other materials” mainly attributable to
lower procurement costs for materials and equip-
ment.
10.c Personnel expenses – €4,938 million
Millions of euro
2024
2023
Change
Wages and salaries
3,350
3,498
(148)
-4.2%
Social security contributions
932
903
29
3.2%
Italian post-employment benefits
114
114
-
-
Post-employment and other long-term benefits
68
67
1
1.5%
Early retirement incentives
47
42
5
11.9%
Early retirement incentives connected with restructuring
agreements
227
214
13
6.1%
Other costs
200
192
8
4.2%
Total
4,938
5,030
(92)
-1.8%
Personnel expenses in 2024 amounted to €4,938 mil-
lion, a decrease of €92 million.
The Group’s workforce decreased by 696 employ-
ees, due to the positive balance between new hires
and terminations (566 employees) mainly reflecting
new hires in Grids in Italy and Brazil, offset by negative
changes in the consolidation scope (-1,262 employ-
ees), essentially attributable to:
• the sale of Enel Generación Perú;
• the sale of Enel Distribución Perú;
• the sale of Enel X Perú;
• the sale of Enel X Storage US LLC;
• the transfer of employees from e-distribuzione SpA
to A2A as part of the sale of distribution assets relat-
ing to some municipalities in the provinces of Milan
and Brescia.
The decrease in “wages and salaries” substantially re-
flects the decrease in the average headcount com-
pared with 2023, as shown in the following table, and
the changes in scope commented earlier.
The increase in “social security contributions” is mainly
related to Argentina.
The increase in “early retirement incentives” and “ear-
ly retirement incentives connected with restructuring
agreements” is mainly attributable to an increase in
costs in Italy following a new provision in application
of Article 4 of Law 92/2012 for the 2025-2028 period,
partly offset by charges incurred in 2023 in Spain
for the adjustment to the provision for the Acuerdo
Voluntario de Salida plan.
The table below shows the average number of employ-
ees by category, along with a comparison with the pre-
vious year, and the headcount as of December 31, 2024.
No.
Average(1)
Headcount(1)
2024
2023
at Dec. 31, 2024
Senior managers
1,285
1,374
1,256
Middle managers
12,062
12,589
12,013
White collar
29,872
33,906
28,402
Blue collar
17,057
16,527
18,688
Total
60,276
64,396
60,359
(1)
For companies consolidated on a proportionate basis, the headcount corresponds to Enel’s percentage share of the total.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
474
INTEGRATED ANNUAL REPORT 2024
10.d Net impairment/(reversals) on trade receivables and other receivables
– €1,323 million
Millions of euro
2024
2023
Change
Impairment losses on trade receivables
1,337
1,384
(47)
-3.4%
Impairment losses on other financial assets
234
162
72
44.4%
Total impairment losses on trade receivables
and other financial assets
1,571
1,546
25
1.6%
Impairment gains on trade receivables
(244)
(210)
(34)
-16.2%
Impairment gains on other financial assets
(4)
(2)
(2)
-
Total impairment gains on trade receivables
and other financial assets
(248)
(212)
(36)
-17.0%
NET IMPAIRMENT/(REVERSALS) ON TRADE
RECEIVABLES AND OTHER FINANCIAL ASSETS
1,323
1,334
(11)
-0.8%
The item is essentially in line with the previous year.
10.e Depreciation, amortization and other impairment losses – €7,249 million
Millions of euro
2024
2023
Change
Property, plant and equipment
4,896
4,674
222
4.7%
Investment property
2
2
-
-
Intangible assets
1,785
1,677
108
6.4%
Other impairment losses
611
1,792
(1,181)
-65.9%
Other reversals of impairment losses
(45)
(56)
11
19.6%
Total
7,249
8,089
(840)
-10.4%
The decrease in “depreciation, amortization and other
impairment losses” essentially reflected the decrease
in impairment losses, partly offset by higher deprecia-
tion and amortization due to new capital expenditure,
mainly in the sector of renewable energy and distri-
bution.
More specifically, impairment losses in 2024 mainly in-
clude:
• the value adjustment of €42 million of the assets in
the storage business in North America sold in 2024;
• the impairment loss of €22 million on the renewa-
ble business in India, following its reclassification, in
2024, under assets and liabilities held for sale and
the related sale price adjustment;
• the impairment loss on a number of renewable elec-
tricity plants in Spain, Brazil, Chile, United States and
Italy (€223 million);
• the value adjustment of a number of photovolta-
ic plants in Italy (€36 million) and wind plants in the
United States (€45 million);
• impairment losses recognized on software, IT plat-
forms and support activities of Enel X in Italy (€62
million) and the value adjustment of assets related
to the e-mobility business (€56 million) mainly in Italy
and the United States;
• the value adjustment of the Colombian wind project
of Windpeshi in the amount of €46 million (€171 mil-
lion in 2023).
The figure for 2023 included the value adjustments on
a number of renewable plant companies (€1,268 mil-
lion) and on the assets of Enel X and Enel X Way (€126
million) in North America.
Notes to the consolidated financial statements
475
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
10.f Other operating costs – €3,940 million
Millions of euro
2024
2023
Change
System charges – Environmental certificates(1)
1,449
2,603
(1,154)
-44.3%
Other costs connected with electrical and gas system
175
568
(393)
-69.2%
Other taxes and duties
1,341
1,529
(188)
-12.3%
Capital losses and other costs on the disposal of equity
investments
4
404
(400)
-99.0%
Extraordinary solidarity levies
138
208
(70)
-33.7%
Other
833
813
20
2.5%
Total
3,940
6,125
(2,185)
-35.7%
(1)
For more on “System charges – Environmental certificates”, please see note 56 “Environmental programs”.
“Other operating costs” decreased by €2,185 million
compared with the previous year due to the following.
Costs for environmental certificates decreased re-
flecting the impact of a decrease in the purchase in
CO2 allowances mainly due to a decrease in generation
from conventional sources.
The decrease in “other costs connected with electri-
cal and gas system” mainly reflected the decreasing
impact of the Bono Social in Spain (€337 million) es-
sentially due to the recognition in 2024 of a surplus
relating to the 2022-2023 period.
“Other taxes and duties” decreased in 2023 mainly due
to the clawback mechanism in Italy (€357 million) in-
troduced with Decree Law 25 of March 28, 2022 and
as a result of Royal Decree 17/2021 in Spain (€118 mil-
lion). The change was partly offset by the recognition
in 2024 of the tax on the value on the production of
electricity (IVPEE) reactivated in Spain by the Royal De-
cree 8/2023 for €342 million.
“Capital losses and other costs on the disposal of eq-
uity investments” in 2024 mainly include the capital
losses on the disposal of assets related to the storage
business in North America (€2 million).
The figure for 2023 mainly included capital losses rec-
ognized after the disposal of Enel Generación Cos-
tanera (€132 million) and Central Dock Sud (€194 mil-
lion) in Argentina, and the price adjustment in respect
of the disposal of Celg Distribuição SA Celg-D (Enel
Goiás) (€23 million).
“Extraordinary solidarity levies” regard the extraordi-
nary solidarity levy recognized, in 2024, in Spain in the
amount of €138 million (€208 million in 2023) following
the approval of Law 38 of December 27, 2022.
10.g Capitalized costs – €(3,042) million
Millions of euro
2024
2023
Change
Personnel
(1,064)
(1,120)
56
5.0%
Materials
(1,237)
(1,338)
101
7.5%
Other
(741)
(927)
186
20.1%
Total
(3,042)
(3,385)
343
10.1%
Capitalized costs came to €3,042 million, a decrease
of €343 million on the previous year, mainly reflecting
the reallocation of investments, in line with the prior-
itites set in the Strategic Plan 2024-2026.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
476
INTEGRATED ANNUAL REPORT 2024
11. Net results from commodity contracts – €477 million
Millions of euro
2024
2023
Change
Commodity derivatives
Income from derivatives designated as hedging derivatives
876
836
40
4.8%
Income from derivatives at fair value through profit or loss
2,517
3,196
(679)
-21.2%
Income from commodity derivatives
3,393
4,032
(639)
-15.8%
Expense from derivatives designated as hedging derivatives
1,208
2,892
(1,684)
-58.2%
Expense from derivatives at fair value through profit or loss
2,797
3,569
(772)
-21.6%
Expense from commodity derivatives
4,005
6,461
(2,456)
-38.0%
Net income/(expense) from commodity derivatives
(612)
(2,429)
1,817
74.8%
Outstanding contracts for energy commodities with physical settlement:
- results from outstanding contracts to sell energy commodities
with physical settlement
(710)
389
(1,099)
-
- results from outstanding contracts to purchase energy
commodities with physical settlement
1,799
(926)
2,725
-
Net results from outstanding contracts for energy
commodities with physical settlement
1,089
(537)
1,626
-
NET RESULTS FROM COMMODITY CONTRACTS
477
(2,966)
3,443
-
Net results from commodity contracts came to €477
million in 2024 (a net expense of €2,966 million in
2023), and mainly refer to hedges of price and curren-
cy risks, breaking down as follows:
• net expense from commodity derivatives total-
ing €612 million (net expense of €2,429 million in
2023). More specifically, net expense on derivatives
designated as hedging instruments came to €332
million (net expense of €2,056 million in 2023) and
net expense on derivatives measured at fair value
through profit or loss came to €280 million (net ex-
pense of €373 million in 2023);
• net income from the fair value measurement through
profit or loss of energy commodity contracts with
physical settlement still outstanding at the reporting
date, amounting to €1,089 million (net expense of
€537 million in 2023).
The increase in net income, in the amount of €3,443
million, is mainly attributable to the results of com-
modity price hedges mainly reflecting market price
developments.
For more information on derivatives, please see note
49 “Derivatives and hedge accounting”.
12. Net financial income/(expense) from derivatives – €1,697 million
Millions of euro
2024
2023
Change
Income:
- income from derivatives designated as hedging derivatives
2,212
756
1,456
-
- income from derivatives at fair value through profit or loss
508
802
(294)
-36.7%
Total income
2,720
1,558
1,162
74.6%
Expense:
- expense from derivatives designated as hedging derivatives
(620)
(1,254)
634
50.6%
- expense from derivatives at fair value through profit or loss
(403)
(913)
510
55.9%
Total expense
(1,023)
(2,167)
1,144
52.8%
NET FINANCIAL INCOME/(EXPENSE) FROM DERIVATIVES
1,697
(609)
2,306
-
Notes to the consolidated financial statements
477
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
In 2024, net income from derivatives on interest and ex-
change rates amounted to €1,697 million (net expense
of €609 million in 2023) and breaks down as follows:
• net income from derivatives designated as hedging
derivatives in the amount of €1,592 million (net ex-
pense of €498 million in 2023) mainly in regard of
cash flow hedges;
• net income from derivatives at fair value through
profit or loss in the amount of €105 million (net ex-
pense of €111 million in 2023).
The net balances recognized in 2024 and 2023 on
both hedging derivatives and those at fair value
through profit or loss mainly referred to the hedging
of exchange rate risk. For more information on deriva-
tives, see note 49 “Derivatives and hedge accounting”.
13. Net other financial income/(expense) – €(5,098) million
Other financial income
Millions of euro
2024
2023
Change
Interest income from financial assets
(current and non-current):
- interest income at effective rate on non-current financial assets
256
289
(33)
-11.4%
- interest income at effective rate on current financial
investments
359
335
24
7.2%
Total interest income at the effective interest rate
615
624
(9)
-1.4%
Exchange gains
1,320
1,807
(487)
-27.0%
Income on equity investments
2
3
(1)
-33.3%
Income from hyperinflation
1,953
1,575
378
24.0%
Other income
472
482
(10)
-2.1%
TOTAL OTHER FINANCIAL INCOME
4,362
4,491
(129)
-2.9%
Other financial income amounted to €4,362 million,
a decrease of €129 million on 2023, mainly reflecting
the decrease in income from exchange gains (€487
million), mainly relating to Enel Finance International
(€472 million), partly offset by the increase in income
from hyperinflation (€378 million), recognized by the
Argentine companies as a result of the application of
IAS 29 on financial reporting in hyperinflationary econ-
omies; for more information, see note 5 of these con-
solidated financial statements at December 31, 2024.
Other financial expense
Millions of euro
2024
2023
Change
Interest expense on financial debt
(current and non-current):
- interest on bank borrowings
1,001
987
14
1.4%
- interest expense on bonds
2,057
2,079
(22)
-1.1%
- interest expense on other borrowings
393
451
(58)
-12.9%
Total interest expense
3,451
3,517
(66)
-1.9%
Financial expense on debt management transactions
59
7
52
-
Exchange losses
3,002
1,058
1,944
-
Adjustment to post-employment and other employee benefits
142
165
(23)
-13.9%
Adjustment to other provisions
291
255
36
14.1%
Expense from hyperinflation
1,632
1,291
341
26.4%
Other expenses
883
964
(81)
-8.4%
TOTAL OTHER FINANCIAL EXPENSE
9,460
7,257
2,203
30.4%
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
478
INTEGRATED ANNUAL REPORT 2024
Other financial expense amounted to €9,460 million,
a total increase of €2,203 million on 2023 essentially
due to the following factors:
• an increase in expense from hyperinflation of
€341 million, recognized by the Argentine compa-
nies as a result of the application of IAS 29 on fi-
nancial reporting in hyperinflationary economies;
for more information, see note 5 of these consoli-
dated financial statements at December 31, 2024;
• an increase in expense on exchange losses of
€1,944 million, mainly relating to Enel Finance Inter-
national (€1,102 million), Enel Américas (€437 million)
and Enel Chile (€385 million);
• a decrease in interest expense of €66 million, mainly
attributable to the decrease in average debt in the
period.
14. Share of profit/(loss) of equity-accounted investments – €(210) million
Millions of euro
2024
2023
Change
Share of profit of joint ventures and associates
89
68
21
30.9%
Share of loss of joint ventures and associates
(299)
(109)
(190)
-
Total
(210)
(41)
(169)
-
The increase in the share of net loss of equity-ac-
counted investments in 2024 is mainly attributable
to Slovak Power Holding BV (€189 million), due to the
value adjustment of the investment to zero following
the agreement between Enel Produzione and EPH, by
which the latter, as foreseen by the early call option,
will purchase 50% of the share capital of Slovak Pow-
er Holding BV now held by Enel Produzione; for more
information, see note 24 “Equity-accounted invest-
ments”.
15. Income taxes – €3,654 million
Millions of euro
2024
2023
Change
Current taxes
3,873
2,877
996
34.6%
Adjustments for income taxes relating to prior years
(91)
(75)
(16)
-21.3%
Total current taxes
3,782
2,802
980
35.0%
Deferred tax liabilities
(33)
(197)
164
83.2%
Deferred tax assets
(95)
173
(268)
-
TOTAL
3,654
2,778
876
31.5%
Notes to the consolidated financial statements
479
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
Income taxes for 2024 came to €3,654 million, an in-
crease of €876 million on 2023.
The tax rate for 2024 came to 31%, compared with
37% in 2023.
The decrease mainly reflects the following factors:
• the recognition of deferred tax assets on previous
years in Brazil relating to non-taxability of proceeds
from the revaluation of tax credits (€113 million);
• higher reversal in 2023 of the portion of deferred tax
assets no longer considered recoverable in the Unit-
ed States, Mexico and Peru (€180 million in 2023 and
€91 million in 2024).
The effective income tax rate for 2024 reflected the sale
of generation and distribution assets in Peru and the
sale to A2A of electricity distribution assets in a number
of municipalities in the provinces of Milan and Brescia.
The effective tax rate for 2023 reflected a charge of no
tax relevance on the sale of Enel Generación Costane-
ra and Central Dock Sud.
For more information on changes in deferred tax as-
sets and liabilities, see note 23.
The following table provides a reconciliation of the
theoretical tax rate and the effective tax rate.
Millions of euro
2024
2023
Pre-tax profit
11,883
7,416
Theoretical taxes
2,852
24%
1,780
24%
Delta of tax effect on impairment adjustments and M&A
transactions
217
195
Preferential tax treatment of disposals in Australia and Greece
-
(63)
Sundry tax effects of hyperinflation accounting in Argentina
(20)
(58)
Write-off of deferred tax assets in Peru (for Enel Green Power
Perú and Enel Generación Perú merger)
-
25
Recognition of deferred tax assets in Brazil
(113)
-
Write-off of deferred tax assets for the United States,
Mexico and Brazil
91
155
IRAP
383
352
Non-deductibility of extraordinary solidarity levy in Spain
33
52
Other differences, effect of different tax rates abroad compared
with the theoretical rate in Italy, and other minor items
211
340
Total
3,654
2,778
16. Basic and diluted earnings per share
Both these indicators are calculated on the basis of the
average number of ordinary shares for the year, equal
to 10,166,679,946, adjusted by the average number of
treasury shares held and payments made in the period.
The number of treasury shares, with a par value of
€1 each, held at December 31, 2024 was equal to
12,079,670 (9,262,330 at December 31, 2023).
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
480
INTEGRATED ANNUAL REPORT 2024
Millions of euro
2024
2023
Profit for the year attributable to owners of the Parent (basic)
7,016
3,438
of which from:
- continuing operations
7,016
3,813
- discontinued operations
-
(375)
Effect of preference rights on dividends (e.g. preference shares)
-
-
Dividends on equity instruments (e.g. hybrid bonds)
(246)
(182)
Other
-
-
Profit for the year attributable to ordinary owners of the Parent (basic)
6,770
3,256
of which from:
- continuing operations
6,770
3,631
- discontinued operations
-
(375)
Number of shares (units)
Number of ordinary shares issued at January 1
10,166,679,946
10,166,679,946
Effect of treasury shares held
(10,830,775)
(7,696,284)
Effect of share options exercised
301,812
422,896
Other
-
-
Weighted average number of ordinary shares outstanding (total)
for basic earnings per share
10,156,150,983
10,159,406,558
Profit for the year attributable to ordinary owners of the Parent (basic)
6,770
3,256
Effect of dilution:
- interest on convertible bonds
-
-
- other
-
-
Profit for the year attributable to ordinary owners of the Parent (diluted)
6,770
3,256
of which:
- continuing operations
6,770
3,631
- discontinued operations
-
(375)
Number of shares (units)
Weighted average number of ordinary shares outstanding (total)
for basic earnings per share
10,156,150,983
10,159,406,558
Effect of conversion of convertible notes
-
-
Other
-
-
Weighted average number of ordinary shares outstanding (total)
for diluted earnings per share
10,156,150,983
10,159,406,558
Basic earnings per share
Basic earnings per share
0.67
0.32
Basic earnings per share from continuing operations
0.67
0.36
Basic earnings per share from discontinued operations
-
(0.04)
Diluted earnings per share
Diluted earnings per share
0.67
0.32
Diluted earnings per share from continuing operations
0.67
0.36
Diluted earnings per share from discontinued operations
-
(0.04)
Notes to the consolidated financial statements
481
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
Information on the statement of consolidated
financial position
17. Property, plant and equipment – €94,584 million
The breakdown of and changes in property, plant and equipment for 2024 are given below.
Millions of euro
Land
Buildings
Plant and
machinery
Industrial
and
commercial
equipment
Other
assets
Leased
assets
Leasehold
improvements
Assets
under
construction
and
advances
Total
Cost net of accumulated
impairment losses
630
12,084
167,123
592
1,456
4,318
572
14,149
200,924
Accumulated depreciation
-
5,787
101,864
423
1,159
1,454
436
-
111,123
Balance at Dec. 31, 2023
630
6,297
65,259
169
297
2,864
136
14,149
89,801
Capital expenditure
1
64
2,499
23
152
-
4
5,991
8,734
Assets entering service
52
1,639
8,030
7
46
9
59
(9,842)
-
Exchange differences
(10)
(26)
(409)
1
(17)
28
-
(87)
(520)
Disposals
-
(3)
(95)
(1)
(2)
(133)
(1)
-
(235)
Depreciation
-
(237)
(4,076)
(25)
(118)
(350)
(30)
-
(4,836)
Impairment losses
-
(15)
(94)
(1)
(4)
-
(3)
(98)
(215)
Impairment gains
-
-
3
-
-
-
-
4
7
Leases
-
-
-
-
-
429
-
9
438
Other changes
(5)
(92)
828
(53)
24
(1)
2
612
1,315
Reclassifications from/to
assets held for sale
(2)
37
(421)
(1)
7
(18)
-
493
95
Total changes
36
1,367
6,265
(50)
88
(36)
31
(2,918)
4,783
Cost net of accumulated
impairment losses
666
13,671
175,047
610
1,662
4,578
612
11,231
208,077
Accumulated depreciation
-
6,007
103,523
491
1,277
1,750
445
-
113,493
Balance at Dec. 31, 2024
666
7,664
71,524
119
385
2,828
167
11,231
94,584
For more information on “leased assets”, please see
note 19 below.
Capital expenditure came to €8,734 million for “prop-
erty, plant and equipment”, €1,235 million for “intangi-
ble assets” (for more details see note 21) and €8 million
for “property investments” (for more details see note
20), for a total €9,977 million, summarized below by
class of asset.
Millions of euro
2024
2023
Change
Power plants:
- thermal
444
550
(106)
-19.3%
- hydroelectric
402
458
(56)
-12.2%
- geothermal
119
136
(17)
-12.5%
- nuclear
167
163
4
2.5%
- alternative energy sources
1,944
3,444
(1,500)
-43.6%
Total power plants
3,076
4,751
(1,675)
-35.3%
Electricity distribution grids(1)
5,024
4,485
539
12.0%
Enel X (e-City, e-Industries, e-Home)
231
449
(218)
-48.6%
Enel X Way (e-Mobility)
94
106
(12)
-11.3%
Retail customers
660
617
43
7.0%
Other
892
1,511
(619)
-41.0%
TOTAL
9,977
11,919
(1,942)
-16.3%
(1)
The figure for 2024 does not include €844 million in respect of infrastructure investments within the scope of IFRIC 12 (€795 million in 2023).
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
482
INTEGRATED ANNUAL REPORT 2024
The Group’s investments focus on the modernization
of networks and renewables, in line with the Strategic
Plan, which aims at improving their risk/return profile,
starting a transformation with the objective to create
more value for customers and achieve net zero emis-
sions by 2040.
Capital expenditure on the distribution grid were sub-
stantial; in particular, investments increased in Italy,
Argentina, Brazil, Colombia and Spain for corrective
maintenance and grid reliability, partly offset by lower
investments in Peru, due to the sale of distribution and
generation assets.
The decrease in capital expenditure in renewable en-
ergy mainly regarded Italy, Brazil, Spain, Chile, Colom-
bia and North America.
Capital expenditure in the End-user Markets Business
Line decreased for the Enel X business mainly in Italy,
Brazil and North America, partly offset by an increase
in investments in the Retail business in Italy and Spain.
Capital expenditure in Thermal Generation and Trad-
ing mainly decreased in Italy.
“Impairment losses” in 2024 amounted to €215 million
and are mainly attributable to value adjustments of a
number of renewable plants in Spain, Italy, the United
States and Chile.
“Reclassifications from/to assets held for sale” (€95
million) mainly refer to the reclassification of 3SUN
among continuing operations (€677 million), partly off-
set by the classification under assets held for sale of
e-distribuzione SpA assets, now merged into Duereti
Srl (€393 million), regarding a number of municipalities
in the provinces of Milan and Brescia, the storage busi-
ness portfolio in North America (€134 million) and net
assets of renewable generation assets in India (€72
million).
“Other changes” include the adjustment of plant
decommissioning and site restoration costs in the
amount of €303 million mainly referred to assets in
Italy, Colombia and Spain, impairment losses on the
property, plant and equipment of the Argentine com-
panies operating in a hyperinflationary economy in
the amount of €1,289 million, as well as the effect of
capitalizing interest on loans specifically dedicated to
capital expenditure on property, plant and equipment
of €245 million (€303 million in 2023), breaking down
as follows.
Millions of euro
2024
Rate %
2023
Rate %
Change
EGP North America
55
7.9%
70
8.5%
(15)
-21.4%
EGP México
12
9.9%
16
9.8%
(4)
-25.0%
Enel Américas Group
32
7.4%
55
6.4%
(23)
-41.8%
Enel Chile Group
83
6.0%
90
6.0%
(7)
-7.8%
Endesa Group
11
3.6%
12
3.2%
(1)
-8.3%
Enel Italia Group
49
5.1%
58
2.1%
(9)
-15.5%
Nuove Energie
3
3.0%
2
3.3%
1
50.0%
Total
245
303
(58)
-19.1%
“Other changes” also include grants received in Italy
in the amount of €602 million.
At December 31, 2024, contractual commitments
to purchase property, plant and equipment came to
€4,123 million.
Notes to the consolidated financial statements
483
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
The estimated useful life of the main items of property, plant and equipment is as follows.
Civil buildings
10-60 years
Buildings and civil works incorporated in plants
10-100 years
Hydroelectric power plants:
- penstocks
10-65 years
- mechanical and electrical machinery
10-65 years
- other fixed hydraulic works
10-100 years
Thermoelectric power plants:
- boilers and auxiliary components
20-40 years
- gas turbine components
10-40 years
- mechanical and electrical machinery
5-40 years
- other fixed hydraulic works
60 years
Nuclear power plants
50 years
Geothermal power plants:
- cooling towers
20 years
- turbines and generators
10-50 years
- turbine parts in contact with fluid
10 years
- mechanical and electrical machinery
20-40 years
Wind power plants:
- towers
30-35 years
- turbines and generators
30-35 years
- mechanical and electrical machinery
15-30 years
Solar power plants:
- mechanical and electrical machinery
15-40 years
Public and artistic lighting systems:
- public lighting systems
10-35 years
- artistic lighting systems
20-35 years
Transport lines
10-60 years
Transformer stations
20-55 years
Distribution systems:
- high voltage lines
10-60 years
- primary transformer stations
10-50 years
- low- and medium-voltage lines
10-50 years
Meters:
- electromechanical meters
5-40 years
- energy balance measurement equipment
10-15 years
- electronic meters
15-25 years
Charging stations
7-15 years
Battery Energy Storage Systems (BESS)
10-15 years
The useful life of leasehold improvements coincides
with the term of the lease or, if shorter, the duration of
the benefits produced by the improvements. Land is
not depreciated as it has an indefinite useful life.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
484
INTEGRATED ANNUAL REPORT 2024
18. Service concession arrangements
The following table details service concession agreements that do not fall within the scope of IFRIC 12 and had a
balance as at December 31, 2024.
Millions of euro
Grantor
Activity
Country
Concession
period
Concession
period remaining
Renewal
option
at Dec. 31, 2024
at Dec. 31, 2023
Initial fair
value
Endesa
Distribución
Eléctrica
-
Electricity
distribution
Spain
Indefinite
Indefinite
-
5,677
5,677
5,673
Enel Colombia
(formerly
Codensa)
Republic of
Colombia
Electricity
distribution
Colombia
Indefinite
Indefinite
-
1,188
1,266
1,839
Enel
Distribución
Chile (formerly
Chilectra)
Republic of
Chile
Electricity
distribution
Chile
Indefinite
Indefinite
-
1,175
1,254
1,667
Concessions for distribution activities in Spain, Co-
lombia and Chile, as shown in the table, were includ-
ed under intangible assets with an indefinite useful
life since there is no statutory or currently predict-
able expiration date. On the basis of the forecasts
developed, cash flows for each CGU, with which the
various concessions are associated, were sufficient
to recover the carrying amount. The change during
the year was essentially attributable to changes in
exchange rates in Latin America.
Service concession arrangements, which are recog-
nized in accordance with IFRIC 12, regard certain infra-
structure serving concessions for electricity genera-
tion in Brazil, electricity distribution in Brazil and Costa
Rica and public lighting in Brazil.
Notes to the consolidated financial statements
485
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
The following table summarizes the salient details of those concessions.
Millions of euro
Grantor
Activity
Country
Concession
period
Concession
period
remaining
Renewal
option
Amount
recognized
among
contract
assets at
December
31, 2024
(intangible
assets)
Amount
recognized
among
contract
assets at
December
31, 2024
(financial
assets)
Amount
recognized
among
financial
assets at
December
31, 2024
Amount
recognized
among
intangible
assets at
December
31, 2024
Enel Distribuição
Rio de Janeiro
Brazilian
government
Electricity
distribution
Brazil
1996-2026
2 years
Yes
99
-
1,305
336
Enel Distribuição
Ceará
Brazilian
government
Electricity
distribution
Brazil
1998-2028
4 years
Yes
155
-
1,130
369
Enel Green
Power Mourão
Brazilian
government
Electricity
generation
Brazil
2016-2046
22 years
No
-
-
5
-
Enel Green Power
Paranapanema
Brazilian
government
Electricity
generation
Brazil
2016-2046
22 years
No
-
-
23
-
Enel Green
Power Volta
Grande
Brazilian
government
Electricity
generation
Brazil
2017-2047
23 years
No
-
-
246
-
Enel Distribuição
São Paulo
Brazilian
government
Electricity
distribution
Brazil
1998-2028
4 years
Yes
229
-
1,457
551
Luz de Angra
Energia
Brazilian
government
Public lighting
Brazil
2021-2036
12 years
Yes
-
4
-
-
Luz de Jaboatão
Energia
Brazilian
government
Public lighting
Brazil
2023-2045
21 years
Yes
-
7
-
-
Luz de Caruaru
Energia
Brazilian
government
Public lighting
Brazil
2023-2043
19 years
Yes
-
5
-
-
Luz de
Cataguases
Brazilian
government
Public lighting
Brazil
2023-2048
24 years
Yes
-
1
-
-
Luz de Itanhaém
Brazilian
government
Public lighting
Brazil
2024-2037
13 years
Yes
-
2
-
-
Luz de Caxias
do Sul
Brazilian
government
Public lighting
Brazil
2024-2048
24 years
Yes
-
5
-
-
Luz de Ponta
Grossa
Brazilian
government
Public lighting
Brazil
2024-2037
13 years
Yes
-
3
-
-
Luz de
Alagoinhas
Brazilian
government
Public lighting
Brazil
2024-2037
13 years
Yes
-
2
-
-
Luz de Maringá
Brazilian
government
Public lighting
Brazil
2024-2037
13 years
Yes(1)
-
3
-
-
PH Chucas
Costa Rican
Electricity
Institute
Hydroelectric
plant
Costa
Rica
2012-2031
7 years
No
-
-
38
35
Total
483
32
4,204
1,291
(1)
Depending on some performance criteria and acceptance by the granting authority.
The financial assets relating to electricity distribution on
the Brazilian market by the companies Enel Distribuição
Rio de Janeiro, Enel Distribuição Ceará and Enel Dis-
tribuição São Paulo are measured at the fair value at the
end of the concessions. For more information, see note
50 “Assets and liabilities measured at fair value”.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
486
INTEGRATED ANNUAL REPORT 2024
19. Leases
The table below shows changes in right-of-use assets in 2024.
Millions of euro
Leased land
Leased buildings
Leased plants
Other leased assets
Total
Total at Dec. 31, 2023
1,488
632
278
466
2,864
Increases
100
131
8
190
429
Exchange differences
39
(4)
-
(7)
28
Depreciation
(62)
(114)
(26)
(148)
(350)
Other changes
(87)
(33)
(7)
(16)
(143)
Total at Dec. 31, 2024
1,478
612
253
485
2,828
Lease liabilities and changes during the year are shown in the table below.
Millions of euro
Total at Dec. 31, 2023
2,905
Increases
419
Payments
(422)
Other changes
29
Total at Dec. 31, 2024
2,931
of which medium to long term
2,613
of which short term
318
Note that in 2024 no changes or renegotiations were
made to leases.
The following table shows the impact of leased assets
on the income statement.
Millions of euro
2024
Depreciation of right-of-use assets
357
Interest expense on lease liabilities
148
Expense relating to short-term leases (included in costs for services and other materials)
38
Variable lease payments (included in costs for services and other materials)
30
Total
573
Right-of-use assets are depreciated on a straight-
line basis over the shorter of the lease term and the
estimated useful life of the right-of-use assets, as
follows.
Average residual life (years)
Buildings
7
Ground rights of plants
31
Vehicles and other means of transport
3
Notes to the consolidated financial statements
487
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
20. Investment property – €30 million
Millions of euro
Cost net of accumulated impairment losses
114
Accumulated depreciation
17
Balance at Dec. 31, 2023
97
Capital expenditure
8
Exchange differences
(2)
Disposals
(54)
Depreciation
(2)
Impairment gains
17
Reclassification from/to assets held for sale
(37)
Other changes
3
Total change
(67)
Cost net of accumulated impairment losses
45
Accumulated depreciation
15
Balance at Dec. 31, 2024
30
Investment property at December 31, 2024 amounted
to €30 million, a decrease of €67 million from 2023.
The Group’s investment property consists of proper-
ties in Italy, Spain, Brazil and Chile, which are free of
restrictions on their sale or the remittance of income
and proceeds of disposal. In addition, the Group has
no contractual obligations to purchase, construct or
develop investment property or for repairs, mainte-
nance or enhancements.
The change in 2024 was mainly due to a number of
disposals of land in Spain.
For more information on the valuation of investment
property, see notes 50 “Assets and liabilities measured
at fair value” and 50.2 “Assets not measured at fair val-
ue in the statement of financial position”.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
488
INTEGRATED ANNUAL REPORT 2024
21. Intangible assets – €15,837 million
A breakdown of and changes in intangible assets for 2024 are shown below.
Millions of euro
Development
expenditure
Industrial
patents &
intellectual
property
rights
Concessions,
licenses,
trademarks
and similar
rights
Service
concession
arrangements
Other
Leasehold
improvements
Assets under
development
and advances
Contract
costs
Total
Cost net of accumulated impairment losses
55
3,988
12,401
5,822
5,513
-
1,641
3,352
32,772
Accumulated amortization
29
3,313
2,130
4,157
4,139
-
-
1,949
15,717
Balance at Dec. 31, 2023
26
675
10,271
1,665
1,374
-
1,641
1,403
17,055
Capital expenditure
3
36
41
-
92
-
533
530
1,235
Assets entering service
4
254
12
-
396
-
(676)
8
(2)
Exchange differences
-
(23)
(386)
(249)
-
-
(14)
5
(667)
Change in the consolidation scope
-
-
-
-
-
-
(20)
-
(20)
Disposals
(2)
(1)
-
(6)
(2)
-
(9)
-
(20)
Amortization
(7)
(302)
(182)
(421)
(413)
-
-
(474)
(1,799)
Impairment losses
-
(1)
-
-
(100)
-
(169)
(1)
(271)
Impairment gains
-
-
-
-
1
-
-
-
1
Other changes
10
64
6
302
(4)
-
(54)
3
327
Reclassifications from/to assets held for
sale
1
-
(2)
-
(2)
-
4
(3)
(2)
Total changes
9
27
(511)
(374)
(32)
-
(405)
68
(1,218)
Cost net of accumulated impairment losses
74
4,332
11,811
4,962
5,896
-
1,236
3,877
32,188
Accumulated amortization
39
3,630
2,051
3,671
4,554
-
-
2,406
16,351
Balance at Dec. 31, 2024
35
702
9,760
1,291
1,342
-
1,236
1,471
15,837
For more information on capital expenditure, see note 17.
Impairment losses amounted to €271 million in 2024
and mainly regarded:
• renewable projects (pipeline) in Spain, the United
States, Brazil and Italy;
• impairment losses on e-mobility assets in the United
States;
• software and development platforms supporting
Enel X business in Italy.
“Other changes” mainly include the reclassification
from contract assets of a portion of investments falling
within the scope of IFRIC 12 in Brazil and the value ad-
justment of intangible assets of Argentine companies
as a result of the application of the accounting standard
for financial reporting in hyperinflationary economies.
The estimated useful life of the main items of intangible
assets with a finite useful life, distinguished between in-
ternally generated and acquired, is as follows.
Development expenditure:
- internally generated
5 years
- acquired
3-26 years
Industrial patents and intellectual property rights:
- internally generated
3-10 years
- acquired
3-30 years
Concessions, licenses, trademarks and similar rights:
- internally generated
20 years
- acquired
10-35 years
Other:
- internally generated
2-28 years
- acquired
3-15 years
Notes to the consolidated financial statements
489
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
22. Goodwill – €12,850 million
Millions of euro
at Dec. 31,
2023
Change in the
consolidation
scope
Exchange
differences
Impairment
losses
Reclassifications
from/to assets
held for sale
Other
changes
at Dec. 31,
2024
Net
carrying
amount
Net
carrying
amount
Iberian Peninsula
8,785
-
-
-
-
-
8,785
Chile
1,101
-
-
-
-
-
1,101
Argentina
20
-
-
-
-
-
20
Colombia
526
-
(3)
-
-
-
523
Brazil
1,357
-
(150)
-
-
-
1,207
Central America
26
-
1
-
-
-
27
Enel Green Power North
America
68
-
-
-
-
-
68
Enel X North America
81
-
3
-
(40)
-
44
Enel X Asia Pacific
84
-
-
-
-
-
84
Enel X Rest of Europe(1)
43
-
-
(3)
-
-
40
Market Italy(2)
581
-
-
-
-
-
581
Enel Green Power Italy
21
-
-
-
-
-
21
Enel Produzione Italy
349
-
-
-
-
-
349
Total
13,042
-
(149)
(3)
(40)
-
12,850
(1)
Includes Viva Labs.
(2) Includes Enel Energia.
The following table presents the allocation of goodwill
in the matrix of business lines and geographical are-
as. Note that the changes in the presentation of op-
erating segments, described in note 8 above, did not
produce changes in the allocation of goodwill for the
purposes of impairment testing.
Goodwill matrix at Dec. 31, 2024
Millions of euro
Thermal Generation
and Trading
Enel Green
Power
Enel Grids
End-user
Markets
Holding and
Services
Total
Enel Green Power Italy
-
21
-
-
-
21
Market Italy(1)
-
-
-
581
-
581
Enel Produzione Italy
-
349
-
-
-
349
Iberian Peninsula
-
1,190
5,788
1,807
-
8,785
Argentina
-
1
19
-
-
20
Brazil
-
417
790
-
-
1,207
Chile
-
949
152
-
-
1,101
Colombia
-
300
223
-
-
523
Central America
-
27
-
-
-
27
Enel Green Power North America
-
68
-
-
-
68
Enel X North America
-
-
-
44
-
44
Enel X Asia Pacific
-
-
-
84
-
84
Enel X Rest of Europe
-
-
-
40
-
40
Total
-
3,322
6,972
2,556
-
12,850
(1)
Includes Enel Energia.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
490
INTEGRATED ANNUAL REPORT 2024
Goodwill matrix at Dec. 31, 2023
Millions of euro
Thermal Generation
and Trading
Enel Green
Power
Enel Grids
End-user
Markets
Holding and
Services
Total
Enel Green Power Italy
-
21
-
-
-
21
Market Italy(1)
-
-
-
581
-
581
Enel Produzione Italy
-
349
-
-
-
349
Iberian Peninsula
-
1,190
5,788
1,807
-
8,785
Argentina
-
1
19
-
-
20
Brazil
-
502
855
-
-
1,357
Chile
-
949
152
-
-
1,101
Colombia
-
303
223
-
-
526
Central America
-
26
-
-
-
26
Enel Green Power North America
-
68
-
-
-
68
Enel X North America
-
-
-
81
-
81
Enel X Asia Pacific
-
-
-
84
-
84
Enel X Rest of Europe(2)
-
-
-
43
-
43
Total
-
3,409
7,037
2,596
-
13,042
(1)
Includes Enel Energia.
(2) Includes Viva Labs.
The decrease of €192 million in goodwill was mainly
attributable to negative exchange rate adjustments in
Brazil and the reclassification to assets held for sale of
storage assets in North America.
The recoverable amount of the goodwill recognized
was estimated by calculating the value in use of the
CGUs using discounted cash flow models, which in-
volve estimating expected future cash flows and ap-
plying an appropriate discount rate, selected on the
basis of market inputs such as risk-free rates, betas
and market-risk premiums.
Cash flows were determined on the basis of the best
information available at the time of the estimate, tak-
ing account of the specific risks of each CGU, and
drawn:
• for the explicit period, from the Business Plan ap-
proved by the Board of Directors of the Parent on No-
vember 18, 2024, containing forecasts for volumes,
revenue, operating costs, capital expenditure, indus-
trial and commercial organization and developments
in the main macroeconomic variables (inflation, nom-
inal interest rates and exchange rates) and commodi-
ty prices. The explicit period of cash flows considered
in impairment testing was three years;
• for subsequent years, from assumptions concern-
ing long-term developments in the main variables
that determine cash flows.
More specifically, the terminal value is calculated
based on the specific characteristics of the busi-
nesses related to the various CGUs subject to impair-
ment testing:
• perpetuity, for the businesses of large-hydro (LH)
power generation and of distribution, in which the
licenses and public concessions are of a long-term
nature and renewal can be forecast with reason-
able certainty; as well as for the Enel X and Enel X
Way businesses, as they feature the development of
specific know-how that is sustainable over the long
term;
• annuity, for CGUs that are predominantly charac-
terized by retail business, for which the residual life
is, therefore, essentially correlated with the aver-
age duration of the customer relationships; as well
as for businesses of conventional thermal power
generation (Generation and Trading). This method
is also used for the renewable energy (Enel Green
Power) businesses to take account of: (i) the val-
ue resulting from the remaining useful lives of the
plants; and (ii) the residual value, in the event of
plant decommissioning, associated with licensing
rights, the competitiveness of the production fa-
cilities (in terms of natural resources), and network
interconnectivity.
The nominal growth rate (g-rate) is equal to the long-
term rate of growth in electricity and/or inflation (de-
pending on the country and business involved).
Regarding the assumptions for commodity price de-
velopments, the scenarios adopted are consistent
with current emissions reductions targets.
Notes to the consolidated financial statements
491
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
More specifically, a steady growth in the price of CO2 is
assumed for 2030, reflecting the gradual reduction in
the supply of permits against growing demand, and a
stabilization of coal prices, due to decreasing demand.
As for gas, price tensions are expected to ease in the
coming years in light of a realignment between supply
and demand at a global level. Finally, a progressive sta-
bilization of oil prices is expected, with peak demand
estimated around 2030.
Note also that the Group has used sensitivity analysis to
take account of the impacts of climate change in the
long term. More specifically:
• we consider a perpetual long-term growth rate for
cash flows after the explicit period that is in line with
the change in electricity demand over the 2026-2050
period, based on the specific features of the business-
es concerned, adopting certain assumptions concern-
ing the increase in temperature due to climate change
and trends connected with the energy transition;
• we consider changes in the hydroelectric, wind and
photovoltaic generation levels of our portfolio assets,
associated with each projection of underlying climate
variables (for example, temperature, irradiance, wind
speed and precipitation);
• we assume that the Group will incur the costs provi-
sioned for decommissioning fossil fuel generation
plants in line with the goal of zero direct (Scope 1) and
indirect emissions from retail activities (Scope 3).
In order to verify the robustness of the value in use of
the CGUs, sensitivity analyses were conducted for the
main value drivers, in particular WACC and the long-
term growth rate.
Even in these circumstances, results were consistent
with the evidence described previously, without issues
in all the CGUs analyzed in respect of the recoverability
of their carrying amounts in the consolidated financial
statements of the Enel Group at December 31, 2024.
The table below reports the composition of the main
goodwill values by the country/region to which the
CGU belongs, along with the discount rates applied
and the time horizon over which the expected cash
flows have been discounted.
Millions of euro
Amount of
goodwill
Growth
rate(1)
Pre-tax WACC
discount rate(2)
Explicit period
of cash flows
Terminal
value(3)
Amount of
goodwill
Growth
rate(1)
Pre-tax WACC
discount rate(2)
Explicit period
of cash flows
Terminal
value(3)
at Dec. 31, 2024
at Dec. 31, 2023
Iberian Peninsula
8,785
2.50%
7.27%
3 years
Perpetuity/
23 years EGP/
11 years G&T/
15 years MKT
8,785
2.19%
8.23%
3 years
Perpetuity/
22 years EGP/
12 years G&T/
15 years MKT
Chile
1,101
2.30%
9.14%
3 years
Perpetuity/
27 years EGP/
4 years G&T
1,101
2.07%
9.57%
3 years
Perpetuity/
28 years EGP/
5 years G&T
Argentina
20
20.41%
44.88%
3 years
Perpetuity
20
17.57%
41.99%
3 years
Perpetuity
Colombia
523
3.37%
11.92%
3 years
Perpetuity/
26 years EGP/
13 years G&T
526
3.50%
14.25%
3 years
Perpetuity/
25 years EGP/
14 years G&T
Brazil
1,207
3.36%
10.87%
3 years
Perpetuity/
23 years EGP
1,357
3.86%
12.31%
3 years
Perpetuity/
24 years EGP
Central America
27
2.30%
10.88%
3 years
16 years
26
2.10%
10.92%
3 years
17 years
Enel Green Power
North America
68
1.89%
7.79%
3 years
23 years
68
2.10%
8.27%
3 years
24 years
Enel X North America
44
2.30%
10.95%
3 years
Perpetuity
81
2.10%
11.75%
3 years
Perpetuity
Enel X Asia Pacific
84
2.30%
12.18%
3 years
Perpetuity
84
2.10%
13.27%
3 years
Perpetuity
Enel X Rest of Europe
40
1.76%
10.86%
3 years
Perpetuity
43
2.10%
11.45%
3 years
Perpetuity
Enel Green Power Italy
21
1.76%
7.86%
3 years
Perpetuity/
27 years
21
2.10%
8.66%
3 years
Perpetuity/
26 years
Market Italy
581
0.90%
10.54%
3 years
15 years
581
1.93%
11.31%
3 years
15 years
Enel Produzione Italy
349
1.61%
7.97%
3 years
Perpetuity/
14 years
349
2.06%
9.07%
3 years
Perpetuity/
14 years
(1)
Growth rate for cash flows after the explicit forecast period in the valuation currency.
(2) Pre-tax WACC calculated using the iterative method: the discount rate that ensures that the value in use calculated with pre-tax cash flows is
equal to that calculated with post-tax cash flows discounted with the post-tax WACC.
(3) The terminal value has been estimated on the basis of a perpetuity or an annuity with a rising yield for the years indicated in the column (G&T
= Generation & Trading, EGP = Enel Green Power, MKT = End-user Markets).
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
492
INTEGRATED ANNUAL REPORT 2024
23. Deferred tax assets and liabilities – €9,025 million and €7,951 million
The following tables detail changes in deferred tax
assets and liabilities by type of timing difference
and calculated based on the tax rates established by
applicable regulations, as well as the amount of de-
ferred tax assets offsettable, where permitted, with
deferred tax liabilities.
Millions of euro
at Dec. 31,
2023
Increase/
(Decrease)
taken to
profit or loss
Increase/
(Decrease)
taken to
equity
Exchange
differences
Other
changes
Reclassifications
of assets held
for sale
at Dec. 31,
2024
Deferred tax assets:
- differences in the
carrying amount of
intangible assets,
property, plant and
equipment
2,269
(73)
-
(2)
2
27
2,223
- accruals to provisions
for risks and charges
and impairment
losses with deferred
deductibility
1,925
172
-
(101)
(3)
2
1,995
- tax loss carried
forward
746
256
-
(49)
(8)
-
945
- measurement of
financial instruments
1,322
(50)
(195)
2
(12)
2
1,069
- employee benefits
863
(90)
(54)
(63)
7
-
663
- other items
2,093
(112)
(8)
(20)
177
-
2,130
Total
9,218
103
(257)
(233)
163
31
9,025
Deferred tax liabilities:
- differences on non-
current and financial
assets
5,038
(210)
1
(154)
506
(2)
5,179
- measurement of
financial instruments
957
32
(505)
2
19
-
505
- other items
2,222
132
6
(80)
(13)
-
2,267
Total
8,217
(46)
(498)
(232)
512
(2)
7,951
Non-offsettable
deferred tax assets
6,477
Non-offsettable
deferred tax liabilities
3,748
Excess net deferred
tax liabilities after any
offsetting
1,655
Deferred tax assets recognized at December 31, 2024, as
their recovery is considered reasonably certain, totaled
€9,025 million (€9,218 million at December 31, 2023).
Deferred tax assets decreased by €193 million dur-
ing the year, essentially due to:
• a decrease in deferred tax assets connected with
developments in the fair value of cash flow hedge
derivatives;
• the impact of exchange rate differences in Latin
America, in particular in Brazil.
These effects were partly offset by hyperinflationary
adjustments in Argentina.
Note that deferred tax assets have not been as-
sessed on tax losses carried forward for the year
(€2,095 million) in the amount of €616 million,
as based on current estimates of future taxa-
ble income their recoverability is not considered
probable.
Deferred tax liabilities amounted to €7,951 million at
December 31, 2024 (€8,217 million at December 31,
2023). They essentially include the determination of
the tax effects of the adjustments to assets acquired
as part of the final allocation of the cost of acqui-
sitions made in the various years and the deferred
Notes to the consolidated financial statements
493
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
taxation in respect of the differences between de-
preciation charged for tax purposes, including accel-
erated depreciation, and depreciation based on the
estimated useful lives of assets.
Deferred tax liabilities decreased by a total of €266
million, due in particular to:
• the decrease in deferred tax liabilities connected
with developments in the fair value of cash flow
hedge derivatives;
• the impact of exchange rate differences in Latin
America, in particular in Brazil.
These effects were partly offset by hyperinflationary
adjustments in Argentina.
24. Equity-accounted investments – €1,456 million
The following table shows changes in the main investments in joint ventures and associated companies accounted
for using the equity method.
Millions of euro
at Dec. 31,
2023
% held
Impact on
profit or
loss
Change in the
consolidation
scope
Dividends
Reclassifications
from/to assets
held for sale
Impairment
Other
changes
at Dec. 31,
2024
% held
Joint ventures
Gridspertise Srl
306
50.0%
6
-
-
-
-
1
313
50.0%
Mooney Group
SpA
185
50.0%
(32)
-
-
-
-
50
203
50.0%
Slovak Power
Holding
189
50.0%
8
-
-
-
(197)
-
-
-
Enel Green Power
Australia
148
50.0%
(16)
-
-
-
-
10
142
50.0%
Enel Green Power
Hellas
245
50.0%
(4)
-
-
-
-
4
245
50.0%
Matimba project
companies
75
50.0%
(2)
8
-
-
-
(15)
66
50.0%
Ewiva Srl
39
50.0%
(4)
-
-
-
-
1
36
50.0%
Drift Sand Wind
Project
45
50.0%
5
-
-
-
-
16
66
50.0%
Front Marítim del
Besòs
30
61.4%
-
-
-
-
-
-
30
61.4%
Elecgas SA
21
50.0%
5
-
-
-
-
2
28
50.0%
Tejo Energia
Produção e
Distribuição de
Energia Eléctrica
5
43.8%
-
-
-
-
-
1
6
43.8%
Suministradora
Eléctrica de Cádiz
8
33.5%
1
-
(2)
-
-
1
8
33.5%
Energie Electrique
de Tahaddart
8
32.0%
2
-
-
-
-
1
11
32.0%
PowerCrop
8
50.0%
(1)
-
-
-
-
(2)
5
50.0%
Total joint
ventures
1,312
(32)
8
(2)
-
(197)
70
1,159
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
494
INTEGRATED ANNUAL REPORT 2024
Millions of euro
at Dec. 31,
2023
% held
Impact on
profit or
loss
Change in the
consolidation
scope
Dividends
Reclassifications
from/to assets
held for sale
Impairment
Other
changes
at Dec. 31,
2024
% held
Associates
CESI
56
42.7%
2
-
-
-
-
-
58
42.7%
GNL Chile SA
20
33.3%
9
-
-
-
-
2
31
33.3%
Energías
Especiales del
Bierzo
10
50.0%
-
-
(1)
-
-
-
9
50.0%
Gorona del Viento
El Hierro SA
7
23.2%
(1)
-
-
-
-
-
6
23.2%
Compañía Eólica
Tierras Altas
7
37.5%
3
-
(2)
-
-
(1)
7
37.5%
Sociedad Eólica El
Puntal
5
50.0%
3
-
(1)
-
-
(2)
5
50.0%
Renovables
Brovales 400 kV
5
64.2%
-
-
-
-
-
2
7
64.2%
Cogenio Iberia
6
20.0%
-
-
-
-
-
(1)
5
20.0%
Cogenio Srl
8
20.0%
-
-
-
-
-
8
16
20.0%
Avikiran Solar
India
27
51.0%
(1)
-
-
(26)
-
-
-
-
Avikiran Surya
India
24
51.0%
(2)
-
-
(23)
-
1
-
-
EGPNA Renewable
Energy Partners
64
10.0%
3
-
-
-
-
(2)
65
10.0%
Rocky Caney
Holding
20
10.0%
2
-
-
-
-
(4)
18
10.0%
Total associates
259
18
-
(4)
(49)
-
3
227
Other minor
equity-accounted
investments
79
1
3
(4)
(10)
-
1
70
TOTAL
1,650
(13)
11
(10)
(59)
(197)
74
1,456
The decrease in equity-accounted investments in
2024 mainly reflected:
• the finalization of the agreement between the
subsidiary Enel Produzione and Energetický a
průmyslový holding (EPH) through which the latter,
as foreseen by the early call option, will purchase
the remaining 50% of the share capital of Slovak
Power Holding BV (SPH), held by Enel Produzione
by the 1st Half of 2025. This entailed the reclassi-
fication of the investment to “Assets classified as
held for sale” and its value adjustment to zero as
the total consideration for the investment, equal to
€150 million, has already been paid by EPH to Enel
Produzione upon finalization of the first phase of
the transaction;
• the reclassification of equity investments in Avikiran
Solar India and Avikiran Surya India respectively for
€26 million and €23 million under “Assets classified
as held for sale” following negotiations on the sale of
Enel Green Power India which holds the investments;
• the recognition of the negative OCI share pertaining
to the Group, mainly attributable to developments in
the fair value of cash flow hedge derivatives mainly
of Enel Green Power Australia and the Matimba pro-
ject companies.
These negative effects were partly offset by the capital
increase of Mooney (€50 million) and Enel Green Pow-
er Australia (€33 million).
The following tables provide a summary of financial in-
formation for the main joint ventures and associates
of the Group not classified as held for sale in accord-
ance with IFRS 5.
Notes to the consolidated financial statements
495
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
Millions of
euro
Non-current assets
Current assets
Total assets
Non-current liabilities
Current liabilities
Total liabilities
Equity
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Joint
ventures
Gridspertise
Srl
248
171
141
146
389
317
82
49
155
171
237
220
152
97
Mooney
Group SpA
913
894
388
487
1,301
1,381
1,087
1,134
579
649
1,666
1,783
(365)
(402)
Enel Green
Power
Australia
532
428
79
73
611
501
401
315
39
21
440
336
171
165
Enel Green
Power Hellas
656
687
112
109
768
796
640
672
109
166
749
838
19
(42)
Matimba
project
companies
2,209
1,583
388
320
2,597
1,903
2,305
1,599
128
113
2,433
1,712
164
191
Ewiva Srl
40
40
32
39
72
79
-
-
-
-
-
-
72
79
Associates
CESI
179
179
95
13
274
192
19
20
154
73
173
93
101
99
Millions of euro
Total revenue
Pre-tax profit/(loss)
Profit/(Loss) from continuing
operations
2024
2023
2024
2023
2024
2023
Joint ventures
Gridspertise Srl
410
445
15
25
12
17
Mooney Group SpA
410
435
(63)
(70)
(63)
(70)
Enel Green Power Australia
70
37
(26)
(28)
(27)
(28)
Enel Green Power Hellas
142
127
55
25
49
17
Matimba project companies
133
148
(23)
(8)
(14)
(2)
Ewiva Srl
-
-
(8)
(6)
(8)
(6)
Associates
CESI
181
164
3
(5)
2
(5)
25. Derivatives
Millions of euro
Non-current
Current
at Dec. 31, 2024
at Dec. 31, 2023
at Dec. 31, 2024
at Dec. 31, 2023
Derivative financial assets
2,003
2,383
3,512
6,407
Derivative financial liabilities
2,915
3,373
3,584
6,461
For more information on derivatives qualifying as hedging instruments and measured at FVTPL, please see note
49 “Derivatives and hedge accounting”.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
496
INTEGRATED ANNUAL REPORT 2024
26. Current/Non-current contract assets/(liabilities)
Millions of euro
Non-current
Current
at Dec. 31, 2024
at Dec. 31, 2023
at Dec. 31, 2024
at Dec. 31, 2023
Contract assets
523
444
193
212
Contract liabilities
5,682
5,743
2,448
2,126
Non-current assets deriving from contracts with cus-
tomers (contract assets) refer mainly to public-to-pri-
vate service concession arrangements recognized in
accordance with IFRIC 12 (€483 million). These cases
arise when the concession holder has not yet obtained
full right to recognize the asset from the grantor.
Current contract assets mainly concern construction
contracts in progress (€136 million) to be invoiced,
payments on which are subject to the fulfillment of a
performance obligation.
The value at December 31, 2024 of non-current con-
tract liabilities is mainly attributable to the Grids seg-
ment, in Spain (€2,872 million) and in Italy (€2,810 mil-
lion) as a result of revenue from connections of new
customers.
Current contract liabilities mainly include the contrac-
tual liabilities related to revenue from connections to
the electricity grid expiring within 12 months in the
amount of €1,797 million mainly recognized in Italy and
Spain, as well as liabilities for construction contracts in
progress (€520 million).
As required under IFRS 15, the following table reports
the reversal to profit or loss of contract liabilities by
time band.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Within 1 year
2,448
2,126
Within 2 years
769
568
Within 3 years
534
567
Within 4 years
532
565
Within 5 years
530
564
More than 5 years
3,317
3,479
Total
8,130
7,869
27. Other non-current financial assets – €7,607 million
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Equity investments in other companies measured
at fair value
595
346
249
72.0%
Other non-current financial assets included in net
financial debt (see note 27.1)
2,676
3,837
(1,161)
-30.3%
Service concession arrangements
4,192
4,391
(199)
-4.5%
Financial assets in respect of joint development
agreements (JDA)
107
133
(26)
-19.5%
Non-current financial prepayments
37
43
(6)
-14.0%
Total
7,607
8,750
(1,143)
-13.1%
The decrease in “other non-current financial assets”
mainly reflects:
• the decrease in other non-current financial assets in-
cluded in net financial debt, as specified in note 27.1;
• the decrease in financial assets in respect of service
concession arrangements, mainly in Brazilian compa-
nies due to negative exchange developments;
• the decrease in financial assets in respect of joint de-
velopment agreements (JDA) in relation to amounts
paid by a number of the Group’s Italian renewables
companies to developers for the development of re-
newable generation projects.
These negative effects were partly offset by the in-
crease in equity investments in other companies
mainly due to:
Notes to the consolidated financial statements
497
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
• the recognition of a 10% stake in Duereti, for €137
million, following the disposal, through the subsid-
iary e-distribuzione, of 90% of interest in the com-
pany to A2A;
• the increase in the value of the investment held
by Enel X International in Zacapa Topco Sàrl in the
amount of €90 million.
The following is a breakdown of equity investments in
other companies measured at fair value.
Millions of euro
at Dec. 31, 2024
% held
at Dec. 31, 2023
% held
Change
Zacapa Topco Sàrl
377
19.5%
287
19.5%
90
Duereti
137
10.0%
-
-
137
European Energy Exchange AG
42
2.4%
22
2.4%
20
Hubject GmbH
8
12.5%
11
12.5%
(3)
Empresa Propietaria de la Red SA
9
11.1%
8
11.1%
1
Termoeléctrica José de San Martín SA
5
3.0%
3
5.6%
2
Termoeléctrica Manuel Belgrano SA
5
3.4%
2
6.2%
3
Other
12
13
(1)
Total
595
346
249
27.1 Other non-current financial assets included in net financial debt – €2,676 million
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Securities
575
505
70
13.9%
Other financial assets
2,101
3,332
(1,231)
-36.9%
Total
2,676
3,837
(1,161)
-30.3%
“Securities” mainly include financial instruments at
FVOCI in which Enel Reinsurance invests a portion of
its liquidity.
The decrease in “other financial assets” is mainly at-
tributable to a decrease in medium- and long-term
financial assets (€1,278 million), in particular due to:
• the reclassification of financial assets held by Enel
Produzione in respect of Slovenské elektrárne
(€289 million) and Enel Finance International in
respect of SPH (€769 million) under “Current por-
tion of long-term financial receivables” following
the agreement between Enel Produzione and EPH
which regulates the exercise by the latter of the
early call option on the residual stake in SPH, held
by Enel Produzione, and provides that the loans
granted by the Group companies to Slovenské ele-
ktrárne and the accrued interest not yet paid at the
date of actual repayment will be repaid, at the lat-
est upon the closing of the transaction, expected
in the first half of 2025;
• the value adjustment to zero of Enel Produzione’s fi-
nancial asset towards EPH relating to the sale of the
first tranche of SPH’s share capital to EPH in 2016
(€39 million as of December 31, 2023), since the to-
tal consideration for the sale of the entire stake, set
in the agreement, equal to €150 million, has already
been paid.
The effect was partly offset by the increase in financial
assets relating to the deficit of the Spanish electricity
system (€105 million).
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
498
INTEGRATED ANNUAL REPORT 2024
28. Other current financial assets – €4,854 million
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Current financial assets included in net financial
debt (see note 28.1)
4,668
4,148
520
12.5%
Other
186
181
5
2.8%
Total
4,854
4,329
525
12.1%
The increase in “other current financial assets”
mainly reflects the increase in current financial as-
sets included in net financial debt, as detailed in
note 28.1. “Other” mainly includes financial accrued
income and the current portions of JDA financial as-
sets and of concession arrangements.
28.1 Other current financial assets included in net financial debt – €4,668 million
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Current portion of long-term financial assets
2,174
1,007
1,167
-
Securities
138
81
57
70.4%
Cash collateral and other financial assets in
respect of derivatives transactions
1,982
2,899
(917)
-31.6%
Other
374
161
213
-
Total
4,668
4,148
520
12.5%
The change in the item is mainly attributable to the
increase in the current portion of long-term financial
assets (in the amount of €1,167 million) mainly attrib-
utable to the reclassification of financial assets held
by Enel Produzione towards Slovenské elektrárne
(€289 million) and by Enel Finance International to-
wards SPH (€769 million) following the agreement
between Enel Produzione and EPH commented ear-
lier in note 27.1.
The effect was partly offset by a decrease in cash col-
lateral paid to counterparties in respect of derivatives
transactions.
29. Other non-current assets – €1,937 million
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Amounts due from institutional market
operators
391
331
60
18.1%
Net assets of personnel programs
72
42
30
71.4%
Tax assets >12 months
1,114
1,487
(373)
-25.1%
Operating security deposits >12 months
282
306
(24)
-7.8%
Other
78
83
(5)
-6.0%
Total
1,937
2,249
(312)
-13.9%
“Amounts due from institutional market operators” in-
creased by €60 million on 2023, mainly in Spain in re-
spect of distribution activities.
“Tax assets >12 months” decreased by €373 million,
mainly reflecting exchange rate developments in
Latin America (€158 million), lower tax assets in Ita-
ly (€116 million), mainly relating to “Ecosismabonus”,
and in Chile (€94 million), essentially reflecting a re-
classification due to the short-term recoverability of
tax credits.
Notes to the consolidated financial statements
499
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
30. Other current assets – €3,891 million
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Amounts due from institutional market
operators
904
1,161
(257)
-22.1%
Advances to suppliers
356
311
45
14.5%
Amounts due from employees
22
28
(6)
-21.4%
Non-monetary grants to be received
for environmental certificates(1)
10
24
(14)
-58.3%
Amounts due from others
1,056
1,068
(12)
-1.1%
Sundry tax assets
1,272
1,311
(39)
-3.0%
Current accrued income and prepayments
271
196
75
38.3%
Total
3,891
4,099
(208)
-5.1%
(1)
See note 56 “Environmental programs”.
Other current assets decreased mainly reflecting the
decrease in amounts due from institutional market
operators, mainly reflecting a decrease in amounts re-
ceivable in Italy in respect of the Energy and Environ-
mental Services Fund, mainly held by e-distribuzione
and Servizio Elettrico Nazionale.
31. Inventories – €3,643 million
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Raw and ancillary materials, and consumables:
- fuels
1,335
1,598
(263)
-16.5%
- materials, equipment and other inventories
2,013
2,000
13
0.7%
Total
3,348
3,598
(250)
-6.9%
Environmental certificates:
- CO2 emissions allowances
57
514
(457)
-88.9%
- guarantees of origin
72
39
33
84.6%
- energy efficiency certificates
4
-
4
-
- other environmental certificates
6
6
-
-
Total
139
559
(420)
-75.1%
Buildings held for sale
43
45
(2)
-4.4%
Payments on account
113
88
25
28.4%
TOTAL
3,643
4,290
(647)
-15.1%
Raw and ancillary materials, and consumables consist
of materials and equipment used to operate, maintain,
and construct power plants and distribution networks,
as well as fuel inventories to cover the Company’s re-
quirements for generation and trading activities.
The overall decrease in inventories in 2024 (€647 mil-
lion) is mainly attributable to a decrease in inventories
of fuel in Italy and the decrease in CO2 emissions al-
lowances in Italy mainly used for compliance obliga-
tions pertaining to the period.
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
500
INTEGRATED ANNUAL REPORT 2024
32. Trade receivables – €15,941 million
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Customers:
- electricity sales and transport
10,263
11,133
(870)
-7.8%
- distribution and sale of gas
1,491
2,811
(1,320)
-47.0%
- other assets
4,008
3,646
362
9.9%
Total trade receivables due from customers
15,762
17,590
(1,828)
-10.4%
Trade receivables due from associates
and joint ventures
179
183
(4)
-2.2%
TOTAL
15,941
17,773
(1,832)
-10.3%
Trade receivables due from customers are recognized
net of loss allowances, which totaled €3,763 million
at the end of the year, compared with a balance of
€3,775 million at the end of 2023.
Specifically, the decrease in 2024, totaling €1,832
million, is attributable to a decrease in receivables for
both electricity and gas sale and transport recognized
in the year.
The change was mainly recognized in Italy (€1,424
million), Spain (€576 million) and Brazil (€348 million),
partly offset by increases in Chile (€204 million) and Ar-
gentina (€169 million).
For more information on trade receivables, see note
46 “Financial instruments by category”.
33. Cash and cash equivalents – €8,051 million
Cash and cash equivalents, detailed in the following table, increased by €1,250 million mainly in Chile and Italy,
partially offset by a decrease in Spain.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Bank and postal deposits
4,762
4,664
98
2.1%
Cash and cash equivalents on hand
33
23
10
43.5%
Other investments of liquidity
3,256
2,114
1,142
54.0%
Total
8,051
6,801
1,250
18.4%
Notes to the consolidated financial statements
501
Consolidated
financial statements
INTEGRATED ANNUAL REPORT 2024
34. Assets and liabilities included in disposal groups classified as held for sale
– €415 million and €150 million
Changes in assets held for sale in 2024 break down as follows.
Millions of euro
at Dec.
31, 2023
Reclassification
to current and
non-current
assets
Reclassification
from current
and non-
current assets
Disposals and
change in the
consolidation
scope
(Impairment)/
Reversal
Exchange
differences
Investments
Other
changes
at Dec.
31, 2024
Property, plant and
equipment
3,708
(694)
599
(3,462)
(60)
-
189
(50)
230
Investment property
-
-
37
-
-
-
-
-
37
Intangible assets
715
(6)
8
(695)
-
(7)
-
(8)
7
Goodwill
572
-
40
(543)
(40)
(4)
-
-
25
Deferred tax assets
196
(44)
13
(158)
-
-
-
(7)
-
Equity-accounted
investments
1
-
59
(11)
-
1
-
-
50
Non-current financial
assets and securities
-
-
8
(7)
-
-
-
-
1
Other non-current
assets
35
-
1
(31)
-
1
-
1
7
Inventories
127
(47)
10
(121)
(1)
-
-
47
15
Trade receivables
210
(2)
7
(255)
(1)
(1)
-
50
8
Tax receivables
39
(8)
1
(66)
-
1
-
42
9
Current financial assets
and securities
1
(1)
7
(1)
-
-
-
1
7
Other current assets
54
(10)
2
(25)
-
-
-
(8)
13
Cash and cash
equivalents
261
(38)
7
(119)
-
2
-
(107)
6
Total
5,919
(850)
799
(5,494)
(102)
(7)
189
(39)
415
Developments in liabilities break down as follows.
Millions of euro
at Dec. 31,
2023
Reclassification
to current and
non-current
liabilities
Reclassification
from current
and non-current
liabilities
Disposals and
change in the
consolidation
scope
Exchange
differences
Other
changes
at Dec. 31,
2024
Long-term borrowings
730
(215)
19
(469)
2
(58)
9
Post-employment and other employee
benefits
5
-
1
(6)
-
-
-
Provisions for risks and charges,
non-current portion
36
(10)
7
(31)
1
4
7
Deferred tax liabilities
505
-
2
(492)
-
13
28
Non-current contract liabilities
-
-
2
(2)
-
-
-
Other non-current financial liabilities
10
(6)
-
-
-
(4)
-
Other non-current liabilities
54
(34)
4
(20)
-
(4)
-
Short-term borrowings
276
-
-
(349)
2
134
63
Long-term borrowings, current portion
145
-
4
(143)
(2)
(1)
3
Provisions for risks and charges,
current portion
9
-
4
(14)
(1)
2
-
Trade payables
337
(57)
8
(171)
(1)
(104)
12
Income tax liabilities
56
-
-
(72)
1
22
7
Other current financial liabilities
9
(1)
-
(10)
-
2
-
Other current liabilities
144
(9)
50
(162)
(1)
(1)
21
Total
2,316
(332)
101
(1,941)
1
5
150
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
1. Enel Group
Notes to the consolidated financial statements
502
INTEGRATED ANNUAL REPORT 2024
The item essentially includes assets measured at
the lower of cost, understood as their net carrying
amount, and the estimated realizable value, which, due
to management decisions, meet the requirements of
“IFRS 5 - Non-current assets held for sale and discon-
tinued operations” for their classification in this item.
The balances of assets held for sale and associated li-
abilities at December 31, 2024 came to, respectively,
€415 million and €150 million and mainly refer to:
• in India: agreement signed to sell Enel Green Power
India, with a net installed capacity of about 640 MW
including solar and wind projects, for a project pipe-
line of about 2.5 GW in a number of Indian states;
• in Spain: land adjacent to the former headquarters of
Gas y Electricidad Generación SAU located in Palma
de Mallorca, on which Edistribución Redes Digitales
SLU signed a sale agreement on December 30, 2024;
• in Colombia: the Windpeshi wind farm under con-
struction, which based on negotiations under way
satisfies the requirements of IFRS 5;
• in Peru: Enel Generación Piura.
Note that, based on the agreement signed between
Enel Produzione SpA and EPH relating to the exercise
of the early call option by EPH, Slovenské elektrárne
was classified under assets held for sale as it meets
the requirements of IFRS 5. Following the reclassifica-
tion, the investment was completely written down.
A number of companies previously classified as held
for sale were sold in 2024. In particular:
• the sale of assets relating to a portfolio of renewable
assets in the United States for 150 MW of operating
geothermal and solar plants was finalized in the 1st
Half of 2024;
• the sale of all the equity investments held in Enel
Generación Perú SAA and Compañía Energética Ve-
racruz SAC (owner of electricity generation assets)
was finalized in the 1st Half of 2024, together with
the sale of all the equity investments held in Enel
Distribución Perú SAA and Enel X Perú SAC, oper-
ating electricity distribution and supply as well as
advanced energy services.
For more information on the financial effects of the
above transactions, please refer to the section “Main
acquisitions and disposals during the year”.
Also note that, as from June 2024 net assets relating
to 3SUN are no longer classified as held for sale and
were reclassified under assets and liabilities “held-for-
use”. Since they no longer met the requirements for
the previous classification under IFRS 5, their sale is no
longer considered highly probable by management.
35. Equity – €49,171 million
35.1 Equity attributable to owners of the Parent – €33,731 million
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Share capital
10,167
10,167
-
Treasury share reserve
(78)
(59)
(19)
Other reserves
5,651
6,551
(900)
Share premium reserve
7,496
7,496
-
Reserve for equity instruments - perpetual hybrid bonds
7,145
6,553
592
Legal reserve
2,034
2,034
-
Other reserves
2,363
2,341
22
Translation reserve
(6,352)
(5,289)
(1,063)
Hedging reserve
(2,228)
(1,393)
(835)
Hedging costs reserve
182
(38)
220
Reserve from measurement of financial instruments at FVOCI
132
10
122
Reserve from equity-accounted investments
(404)
(375)
(29)
Actuarial reserve
(1,092)
(1,185)
93
Reserve from disposal of equity interests without loss of control
(2,405)
(2,390)
(15)
Reserve from acquisitions of non-controlling interests
(1,220)
(1,213)
(7)
Retained earnings
17,991
15,096
2,895
Equity attributable to owners of the Parent
33,731
31,755
1,976
Notes to the consolidated financial statements
503
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Share capital – €10,167 million
At December 31, 2024 the fully subscribed and paid-
up share capital of Enel SpA totaled €10,166,679,946,
represented by the same number of ordinary shares
with a par value of €1.00 each. Enel SpA’s share cap-
ital was unchanged compared with the amount re-
ported at December 31, 2023.
At December 31, 2024, based on the shareholders
register and the notices submitted to CONSOB and
received by the Parent pursuant to Article 120 of Leg-
islative Decree 58 of February 24, 1998, as well as
other available information, shareholders with inter-
ests of greater than 3% in the Parent’s share capital
were the Ministry for the Economy and Finance (with
a 23.585% stake) and BlackRock Inc. (with a 5.023%
stake held for asset management purposes).
Treasury share reserve – €(78) million
At December 31, 2024, treasury shares are represent-
ed by 12,079,670 ordinary shares of Enel SpA with a
par value of €1.00 each (9,262,330 at December 31,
2023), purchased through an authorized intermedi-
ary for a total of €78 million.
Other reserves – €5,651 million
Share premium reserve – €7,496 million
Pursuant to Article 2431 of the Italian Civil Code, the
share premium reserve contains, in the case of the issue
of shares at a price above par, the difference between
the issue price of the shares and their par value, includ-
ing those resulting from conversion from bonds. The
reserve, which is a capital reserve, may not be distrib-
uted until the legal reserve has reached the threshold
established under Article 2430 of the Italian Civil Code.
Reserve for equity instruments - perpetual hybrid
bonds – €7,145 million
This reserve reports the nominal value, net of transac-
tion costs, of the non-convertible subordinated per-
petual hybrid bonds denominated in euros for inter-
national investors.
The change of €592 million in the reserve reflects the
issue of new bonds in the amount of €889 million, net
of transaction costs, partly offset by the repurchase
and subsequent cancellation of previous bonds in the
amount of €297 million, including transaction costs.
In 2024, coupons of €246 million were paid to holders
of perpetual hybrid bonds.
Legal reserve – €2,034 million
The legal reserve is formed as allocation of part of
the net income that, pursuant to Article 2430 of
the Italian Civil Code, cannot be distributed as div-
idends.
Other reserves – €2,363 million
These include €2,215 million related to the remaining
portion of the value adjustments carried out when
Enel was transformed from a public entity to a joint-
stock company.
Pursuant to Article 47 of the Uniform Income Tax Code,
this amount does not constitute taxable income when
distributed.
Translation reserve – €(6,352) million
The decrease of €1,063 million in the period is main-
ly due to the net depreciation of the functional cur-
rencies used by foreign subsidiaries, mainly in Latin
America, against the euro (presentation currency of
the Parent) and changes in the consolidation scope
following the disposal of generation and distribution
companies in Peru.
Hedging reserve – €(2,228) million
This includes the net expense recognized in equity
from the measurement of hedging derivatives. The
change in the year is mainly attributable to the release
by Enel Finance International of reserves in order to
mitigate the impact on the income statement of the
adjustment to the end-of-period exchange rate of
loans in foreign currency.
Hedging costs reserve – €182 million
In application of IFRS 9, this reserve includes the fair
value gains and losses on currency basis points and
forward points. The change in 2024 is mainly attrib-
utable to the increase in the fair value of exchange
rate hedging derivatives of Enel Finance Interna-
tional.
Reserve from measurement of financial instruments
at FVOCI – €132 million
This includes net unrealized fair value losses on finan-
cial assets. The change in 2024 is mainly attributable
to the value adjustment of the equity interest held by
Enel X International in Zacapa Topco Sàrl.
Reserve from equity-accounted investments
– €(404) million
The reserve reports the share of comprehensive in-
come to be recognized directly in equity of equi-
ty-accounted investees. The change in 2024 is mainly
attributable to the change in the hedging reserve in
Australia.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
504
INTEGRATED ANNUAL REPORT 2024
Actuarial reserve – €(1,092) million
This reserve includes actuarial gains and losses in re-
spect of employee benefit liabilities, net of tax effects.
Reserve from disposal of equity interests without
loss of control – €(2,405) million
This item mainly reports:
• the gain posted on the public offering of Enel Green
Power shares, net of expenses associated with the
disposal and the related taxation;
• the sale of non-controlling interests recognized as
a result of the Enersis (now Enel Américas and Enel
Chile) capital increase;
• the capital loss, net of expenses associated with the
disposal and the related taxation, from the public of-
fering of 21.92% of Endesa;
• the disposal to third parties of the non-controlling
interest in Enel Green Power North America Renew-
able Energy Partners;
• the effects of the merger into Enel Américas of
Endesa Américas and Chilectra Américas;
• the effects of the disposal of a 49% stake held by
Enel Green Power Canada in Pincher Creek LP and
Riverview LP;
• the effects of the disposal of a 49% stake in Enel Li-
bra Flexsys Srl, a company operating in Battery Ener-
gy Storage Systems (BESS) and owner of a number
of Open Cycle Gas Turbines plants (OCGT);
• the effects of the disposal of a 49.99% stake held
by Endesa in Enel Green Power España Solar 1 SLU.
Reserve from acquisitions of non-controlling
interests – €(1,220) million
This reserve mainly includes the surplus of acquisi-
tion prices with respect to the carrying amount of the
equity acquired following the acquisition from third
parties of further interests in companies already con-
trolled in Latin America.
Retained earnings – €17,991 million
This reserve reports earnings from previous years that
have not been distributed or allocated to other re-
serves.
The table below shows the changes in gains and losses
recognized directly in other comprehensive income,
including non-controlling interests, with specific re-
porting of the related tax effects.
Millions of euro
at Dec. 31, 2023
Change
at Dec. 31, 2024
Total
Of
which
owners
of the
Parent
Of which
non-
controlling
interests
Gains/
(Losses)
recognized
in equity
during the
year
Released
to profit
or loss
Taxes
Total
Of
which
owners
of the
Parent
Of which
non-
controlling
interests
Total
Of
which
owners
of the
Parent
Of which
non-
controlling
interests
Translation
reserve
(11,404)
(5,839)
(5,565)
(1,853)
-
-
(1,853)
(1,297)
(556)
(13,257)
(7,136)
(6,121)
Hedging reserve
(1,945)
(1,462)
(483)
(804)
(33)
209
(628)
(850)
222
(2,573)
(2,312)
(261)
Hedging costs
reserve
(62)
(48)
(14)
296
(1)
(70)
225
226
(1)
163
178
(15)
Reserve from
measurement
of financial
instruments at
FVOCI
(22)
(17)
(5)
18
(2)
(2)
14
14
-
(8)
(3)
(5)
Share of OCI
of equity-
accounted
associates
(488)
(504)
16
(41)
-
6
(35)
(35)
-
(523)
(539)
16
Reserve from
measurement
of equity
investments
in other
companies
(16)
(16)
-
109
-
-
109
108
1
93
92
1
Actuarial
reserve
(1,625)
(1,136)
(489)
177
-
(50)
127
93
34
(1,498)
(1,043)
(455)
Total gains/
(losses)
recognized in
equity
(15,562)
(9,022)
(6,540)
(2,098)
(36)
93
(2,041)
(1,741)
(300)
(17,603)
(10,763)
(6,840)
Notes to the consolidated financial statements
505
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
35.2 Dividends
Amount
distributed
(millions of euro)
Dividend
per share
(euro)
Dividends distributed in 2023
Dividends for 2022
4,064
0.40
Interim dividends for 2023(1)
-
-
Special dividends
-
-
Total dividends distributed in 2023
4,064
0.40
Dividends distributed in 2024
Dividends for 2023
4,367
0.43
Interim dividends for 2024(2)
-
-
Special dividends
-
-
Total dividends distributed in 2024
4,367
0.43
(1)
Approved by the Board of Directors on November 7, 2023 and paid as from January 24, 2024 (interim dividend of €0.215 per share for a total
of €2,186 million).
(2) Approved by the Board of Directors on November 6, 2024 and paid as from January 22, 2025 (interim dividend of €0.215 per share for a total
of €2,186 million).
Dividends distributed are shown net of amounts due
to treasury shares at the respective “record dates”.
These shares were waived for collection and allocated
to “retained earnings”.
The dividend for 2024 is equal to €0.47 per share, for a
total of €4,778 million (of which €0.215 per share for a
total of €2,186 million already paid as an interim divi-
dend). It will be proposed to the Shareholders’ Meeting
of May 22, 2025 at single call.
These consolidated financial statements do not take
account of the effects of the distribution to share-
holders of the dividend for 2024, except for the liabil-
ity in respect of shareholders for the interim dividend
for 2024, which was approved by the Board of Direc-
tors on November 6, 2024 for a potential maximum of
€2,186 million, and paid as from January 22, 2025 net
of the portion pertaining to the 12,079,670 treasury
shares held as at the record date of January 21, 2025.
In 2024 the Group also paid €246 million in coupons to
holders of perpetual hybrid bonds.
Capital management
The Group’s objectives for managing capital com-
prise safeguarding the business as a going concern,
creating value for stakeholders and supporting the
development of the Group. In particular, the Group
seeks to maintain an adequate capitalization that en-
ables it to achieve a satisfactory return for sharehold-
ers and ensure access to external sources of financ-
ing, in part by maintaining an adequate rating.
In this context, the Group manages its capital struc-
ture and adjusts that structure when changes in eco-
nomic conditions so require. There were no substan-
tive changes in objectives, policies or processes in
2024.
To this end, the Group constantly monitors develop-
ments in the level of its debt in relation to equity. The
situation at December 31, 2024 and 2023 is summa-
rized in the following table.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Non-current financial debt
60,064
61,093
(1,029)
Net current financial position
(1,621)
2,907
(4,528)
Non-current financial assets and long-term securities
(2,676)
(3,837)
1,161
Net financial debt
55,767
60,163
(4,396)
Equity attributable to owners of the Parent
33,731
31,755
1,976
Non-controlling interests
15,440
13,354
2,086
Equity
49,171
45,109
4,062
Debt/Equity ratio
1.13
1.33
(0.20)
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
506
INTEGRATED ANNUAL REPORT 2024
The decrease in the debt/equity ratio, which meas-
ures financial leverage, is essentially attributable to
the increase in equity as a result of profit for the year
and in non-controlling interests following dispos-
als without loss of control, partly offset by dividend
distributions, and the reduction in net financial debt
mainly reflecting the sale of equity interests during
the year.
See note 45 for a breakdown of the individual items
in the table.
35.3 Non-controlling interests
– €15,440 million
The following table presents the composition of non-con-
trolling interests by geographical area.
Millions of euro
Non-controlling interests
Profit for the year attributable
to non-controlling interests
at Dec. 31, 2024
at Dec. 31, 2023
at Dec. 31, 2024
at Dec. 31, 2023
Italy
1,092
-
10
-
Iberia
6,517
5,470
534
192
Latin America
7,587
7,665
652
666
Europe
1
-
-
3
North America
124
151
9
(39)
Africa, Asia and Oceania
119
68
8
7
Total
15,440
13,354
1,213
829
The change in non-controlling interests mainly reflects
the sale to Sosteneo Energy Transition 1 of a 49%
stake in Enel Libra Flexsys Srl, the sale to Masdar of a
49.99% stake in Enel Green Power España Solar 1 SLU.
and the result for the period, partly offset by dividend
distribution and the disposal of generation and distri-
bution companies in Peru.
The financial disclosure requirements of IFRS 12 for
subsidiaries with significant non-controlling interests
are reported below.
Millions of euro
Non-current assets
Current assets
Total assets
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Subsidiaries
Enel Américas
26,771
27,578
5,954
8,459
32,725
36,037
Enel Chile
10,858
10,810
1,939
1,722
12,797
12,532
Endesa
42,964
43,701
3,930
4,033
46,894
47,734
Millions
of euro
Non-current liabilities
Current liabilities
Total liabilities
Equity
Equity attributable to
owners of the Parent
Non-controlling
interests
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Subsidiaries
Enel
Américas
9,292
10,466
5,654
7,314
14,946
17,780
17,779
18,257
12,627
12,936
5,152
5,321
Enel Chile
3,637
3,706
2,843
2,730
6,480
6,436
6,317
6,096
3,881
3,753
2,436
2,343
Endesa
15,818
16,018
7,683
10,045
23,501
26,063
23,393
21,671
16,876
16,202
6,517
5,469
Millions of euro
Total revenue
Pre-tax profit
Profit
from continuing
operations
Profit attributable
to owners
of the Parent
Profit attributable
to non-controlling
interests
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Subsidiaries
Enel Américas
15,202
13,400
3,108
1,639
2,056
877
1,495
504
561
373
Enel Chile
3,852
4,678
214
996
182
748
90
456
92
292
Endesa
21,315
25,423
2,430
839
1,773
595
1,238
402
535
193
Notes to the consolidated financial statements
507
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
36. Borrowings
Millions of euro
Non-current
Current
at Dec. 31, 2024
at Dec. 31, 2023
at Dec. 31, 2024
at Dec. 31, 2023
Long-term borrowings
60,000
61,085
7,439
9,086
Short-term borrowings
-
-
3,645
4,769
Total
60,000
61,085
11,084
13,855
For more information on the nature of borrowings, see
note 46.2 “Financial liabilities by category”.
37. Employee benefits
– €1,614 million
The Group provides its employees with a variety of
benefits, including deferred compensation benefits,
additional months’ pay for having reached age limits
or eligibility for old-age pension, loyalty bonuses for
achievement of seniority milestones, supplemental
retirement and healthcare plans, residential electricity
discounts and similar benefits. More specifically:
• for Italy, the item “pension benefits” regards esti-
mated accruals made to cover benefits due under
the supplemental retirement schemes of retired
executives and the benefits due to personnel under
law or contract at the time the employment rela-
tionship is terminated. For the foreign companies,
the item refers to post-employment benefits, of
which the most material regard the pension bene-
fit schemes of Endesa in Spain, which break down
into three types that differ on the basis of employee
seniority and company. In general, under the frame-
work agreement of October 25, 2000, employ-
ees participate in a specific defined contribution
pension plan and, in cases of disability or death of
employees in service, a defined-benefit plan which
is covered by appropriate insurance policies. In ad-
dition, the group has two other limited-enrollment
plans (i) for current and retired Endesa employees
covered by the electricity industry collective bar-
gaining agreement prior to the changes introduced
with the framework agreement noted earlier and (ii)
for employees of the Catalan companies merged
in the past (Fecsa/Enher/HidroEmpordà). Both are
defined-benefit plans and benefits are fully insured,
with the exception of the former plan for benefits
in the event of the death of a retired employee. Fi-
nally, the Brazilian companies have also established
defined-benefit plans;
• the item “electricity discount” comprises benefits
regarding electricity supply associated in particular
with foreign companies;
• the item “health insurance” refers to benefits for
current or retired employees covering medical ex-
penses;
• “other benefits” mainly regard the loyalty bonus,
which is adopted in various countries and for Italy is
represented by the estimated liability for the benefit
entitling employees covered by the electricity work-
ers national collective bargaining agreement to a
bonus for achievement of seniority milestones (25th
and 35th year of service). It also includes other in-
centive plans, which provide for the award to certain
Company managers of a monetary bonus subject to
specified conditions.
The following table reports changes in the defined-ben-
efit obligation for post-employment and other long-term
employee benefits at December 31, 2024, and December
31, 2023, respectively, as well as a reconciliation of that
obligation with the actuarial liability.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
508
INTEGRATED ANNUAL REPORT 2024
Millions of euro
2024
2023
Pension
benefits
Electricity
discount
Health
insurance
Other
benefits
Total
Pension
benefits
Electricity
discount
Health
insurance
Other
benefits
Total
CHANGES IN ACTUARIAL
OBLIGATION
Change in actuarial
obligation previous year
6
1
(2)
(3)
2
-
-
-
-
-
Actuarial obligation
at the start of the year
4,085
216
176
102
4,579
3,765
224
162
118
4,269
Current service cost
9
1
4
4
18
9
1
3
(1)
12
Interest expense
318
7
9
6
340
336
8
9
4
357
Actuarial (gains)/losses
arising from changes in
demographic
assumptions
(3)
-
-
-
(3)
-
-
-
2
2
Actuarial (gains)/losses
arising from changes in
financial assumptions
(481)
(15)
(8)
(1)
(505)
224
8
6
3
241
Experience adjustments
283
17
(6)
(6)
288
(43)
(12)
6
1
(48)
Past service cost
4
-
-
-
4
-
-
-
-
-
(Gains)/Losses arising
from settlements
(114)
-
-
-
(114)
-
-
-
-
-
Exchange differences
(497)
(1)
(8)
(1)
(507)
145
1
4
(4)
146
Benefits paid
(451)
(13)
(14)
(13)
(491)
(393)
(14)
(14)
(17)
(438)
Other changes
-
-
-
(2)
(2)
-
-
-
-
-
Reclassification
to balance sheet assets
30
-
-
-
30
41
-
-
-
41
Changes in the
consolidation scope/
liabilities classified
as held for sale
2
-
-
-
2
1
-
-
(4)
(3)
Actuarial obligation
at year-end (A)
3,191
213
151
86
3,641
4,085
216
176
102
4,579
CHANGES IN PLAN ASSETS
Fair value of plan assets
at the start of the year
2,299
-
-
-
2,299
2,124
-
-
-
2,124
Interest income
204
-
-
-
204
200
-
-
-
200
Expected return on plan
assets excluding amounts
included in interest
income
66
-
-
-
66
(52)
-
-
-
(52)
Exchange differences
(332)
-
-
-
(332)
89
-
-
-
89
Employer contributions
483
13
14
11
521
331
14
14
11
370
Benefits paid
(451)
(13)
(14)
(11)
(489)
(393)
(14)
(14)
(11)
(432)
Other payments
(114)
-
-
-
(114)
-
-
-
-
-
Fair value of plan assets
at year-end (B)
2,155
-
-
-
2,155
2,299
-
-
-
2,299
EFFECT OF ASSET CEILING
Asset ceiling at the start
of the year
40
-
-
-
40
57
-
-
-
57
Interest income
4
-
-
-
4
6
-
-
-
6
Changes in asset ceiling
99
-
-
-
99
(26)
-
-
-
(26)
Exchange differences
(15)
-
-
-
(15)
3
-
-
-
3
Asset ceiling
at year-end (C)
128
-
-
-
128
40
-
-
-
40
Net liability in statement
of financial position
(A-B+C)
1,164
213
151
86
1,614
1,826
216
176
102
2,320
Notes to the consolidated financial statements
509
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
The liability recognized came to €1,614 million, a de-
crease of €706 million on 2023 mainly reflecting im-
pairment losses recognized in reflection of a change in
the financial assumptions and adverse developments in
rates. In addition to normal annual changes, the actuar-
ial measurement of a plan of companies of the Endesa
Group in Spain showed a surplus with respect to the
obligation assumed by the company, and was thus re-
classified in a specific asset item of the balance sheet.
The liability recognized at the end of the period is net
of the fair value of assets serving the plans (€2,155
million at December 31, 2024).
The following table shows main changes in profit or
loss in the year.
Millions of euro
2024
2023
(Gains)/Losses taken to profit or loss
Service cost and past service cost
22
17
Net interest expense
140
163
(Gains)/Losses arising from settlements
2
-
Actuarial (gains)/losses on other long-term benefits
-
(5)
Other changes
(7)
5
Total
157
180
The change in the cost recognized in profit or loss was
equal to €23 million, mainly reflecting the decrease in
net interest expense.
The following table shows changes recognized in the
period in OCI.
Millions of euro
2024
2023
Change in (gains)/losses in OCI
Expected return on plan assets excluding amounts included in interest income
(66)
52
Actuarial (gains)/losses on defined-benefit plans
(213)
190
Changes in asset ceiling excluding amounts included in interest income
99
(26)
Other changes
3
1
Total
(177)
217
“Actuarial (gains)/losses on defined-benefit plans” de-
creased compared with 2023, due to the change in
financial assumptions commented earlier.
Those assets, which are entirely in Spain and Brazil,
break down as follows.
%
2024
2023
Investments quoted in active markets
Equity instruments
4
4
Fixed-income securities
76
73
Investment property
2
3
Other
14
20
Unquoted investments
Assets held by insurance undertakings
-
-
Other
4
-
Total
100
100
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
510
INTEGRATED ANNUAL REPORT 2024
The main actuarial assumptions used to calculate
the liabilities in respect of employee benefits and the
plan assets, which are consistent with those used the
previous year, are set out in the following table.
Italy
Iberia
Latin
America
Other
countries
Italy
Iberia
Latin
America
Other
countries
2024
2023
Discount rate
2.75%-
3.20%
3.04%-
3.50%
5.10%-
12.95%
6.75%-
6.80%
3.30%-
3.40%
3.14%-
3.47%
5.31%-
10.09%
0.072
Inflation rate
2.00%
2.09%
3.00%-
5.17%
2.30%
2.57%
3.00%-
7.58%
Rate of wage increases
2.00%-
4.00%
1.59%
3.80%-
5.55%
13%-10%
2.30%-
4.30%
2.57%
4.55%-
10.00%
0.1
Rate of increase in healthcare
costs
3.00%
4.18%
7.63%-
10.00%
3.30%
4.77%
7.63%-
10.00%
Expected rate of return
on plan assets
-
3.30%-
3.47%
5.10%-
12.95%
-
3.22%-
3.31%
9.99%-
10.09%
The following table reports the outcome of a sensitiv-
ity analysis that demonstrates the effects on the de-
fined-benefit obligation of changes reasonably possi-
ble at the end of the year in the actuarial assumptions
used in estimating the obligation.
Millions of euro
Pension
benefits
Electricity
discount
Health
insurance
Other
benefits
Pension
benefits
Electricity
discount
Health
insurance
Other
benefits
at Dec. 31, 2024
at Dec. 31, 2023
Decrease of 0.5% in discount rate
(5)
11
8
(3)
147
8
5
(6)
Increase of 0.5% in discount rate
(88)
(13)
(8)
(9)
(188)
(14)
(9)
(12)
Increase of 0.5% in inflation rate
(56)
(2)
(9)
(8)
(49)
(4)
(9)
(12)
Decrease of 0.5% in inflation rate
(36)
(2)
5
(3)
(30)
(4)
5
(6)
Increase of 0.5% in remuneration
(137)
(2)
(2)
(3)
(28)
(4)
(19)
18
Increase of 0.5% in pensions
currently being paid
(56)
(2)
(2)
(6)
(28)
(4)
(19)
11
Increase of 1% in healthcare costs
-
-
17
-
-
-
(164)
-
Increase of 1 year in life expectancy
of active and retired employees
(297)
3
(1)
(6)
16
2
(15)
12
The sensitivity analysis used an approach that ex-
trapolates the effect on the defined-benefit obli-
gation of reasonable changes in an individual ac-
tuarial assumption, leaving the other assumptions
unchanged.
The contributions expected to be paid into de-
fined-benefit plans in the subsequent year amount to
€203 million.
The following table reports expected benefit payments
in the coming years for defined-benefit plans.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Within 1 year
351
447
In 1-2 years
308
407
In 2-5 years
921
1,120
More than 5 years
1,716
1,739
Notes to the consolidated financial statements
511
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
38. Provisions for risks and charges – €7,834 million
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Non-current
Current
Total
Non-current
Current
Total
Provision for litigation, risks and other
charges:
- nuclear decommissioning
688
-
688
571
-
571
- site retirement, removal and restoration
2,447
270
2,717
2,517
160
2,677
- litigation
643
53
696
663
39
702
- environmental certificates
-
200
200
-
250
250
- taxes and duties
234
18
252
295
19
314
- insurance
457
132
589
366
129
495
- other
1,134
324
1,458
687
296
983
Total
5,603
997
6,600
5,099
893
5,992
Provision for early retirement incentives
and other restructuring plans
130
90
220
154
128
282
Provision for restructuring programs
connected with the energy transition
768
246
1,014
765
273
1,038
TOTAL
6,501
1,333
7,834
6,018
1,294
7,312
Millions of euro
at Dec. 31,
2023 Accrual Reversal Utilization Discounting
Provisions
for site
retirement and
restoration
Exchange
differences
Other
changes
Reclassifications
of liabilities
included in
disposal groups
held for sale
at Dec. 31,
2024
Provision for
litigation, risks and
other charges:
- nuclear
decommissioning
571
-
-
-
17
99
-
1
-
688
- site retirement,
removal and
restoration
2,677
57
(33)
(151)
76
100
(4)
-
(5)
2,717
- litigation
702
236
(100)
(123)
55
-
(62)
(12)
-
696
- environmental
certificates
250
222
(86)
(182)
-
-
-
(4)
-
200
- taxes and duties
314
21
(21)
(6)
(8)
-
(18)
(30)
-
252
- insurance
495
108
-
(20)
-
-
-
7
(1)
589
- other
983
735
(96)
(224)
40
104
(24)
(65)
5
1,458
Total
5,992
1,379
(336)
(706)
180
303
(108)
(103)
(1)
6,600
Provision for
early retirement
incentives and other
restructuring plans
282
77
(16)
(129)
7
-
-
(1)
-
220
Provision for
restructuring
programs
connected with the
energy transition
1,038
261
(85)
(225)
28
-
(1)
(2)
-
1,014
TOTAL
7,312
1,717
(437)
(1,060)
215
303
(109)
(106)
(1)
7,834
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
512
INTEGRATED ANNUAL REPORT 2024
Nuclear decommissioning provision
At December 31, 2024 the provision reflected solely the
costs that would be incurred at the time of decommis-
sioning of nuclear plants by Enresa, a Spanish public
entity responsible for such activities in accordance with
Royal Decree 1349/2003 and Law 24/2005. In general,
the costs are quantified on the basis of a standard con-
tract between Enresa and the electricity companies ap-
proved by the Ministry for the Economy, which regulates
the retirement and closing of nuclear power plants. The
time horizon envisaged, three years, corresponds to
the period from the termination of power generation to
the transfer of plant management to Enresa (so-called
post-operational costs) and takes account, among the
various assumptions used to estimate the amount, of
the quantity of unused nuclear fuel expected at the date
of closure of each of the Spanish nuclear plants on the
basis of the provisions of the concession agreement.
Site retirement, removal and restoration
provision
This provision represents the present value of the esti-
mated cost for the retirement and removal of non-nu-
clear plants where there is a legal or constructive ob-
ligation to do so. The provision mainly regarded the
Endesa Group, subsidiaries owned by the Parent com-
pany Enel Chile and Enel Produzione.
The retirement, removal and restoration charges in the
provision are quantified using an Activity Based Costing
(ABC) process, which identifies and quantifies the costs
of each activity necessary for the retirement, removal
and restoration of the site.
The following table summarizes the temporal break-
down of payments connected with the site retirement,
removal and restoration provision.
Millions of euro
Payments by time bracket
(nominal value)
Discounted
amount
Within 1 year
274
268
In 1-5 years
1,184
1,066
More than 5 years
1,996
1,383
Total
3,454
2,717
Litigation provision
The litigation provision covers contingent liabilities in re-
spect of pending litigation and other disputes. It includes
an estimate of the potential liability relating to disputes
that arose during the year, as well as revised estimates
of the potential costs associated with disputes initiated
in prior years, based on the indications of internal and
external consultants. The balance for litigation mainly
regards the companies in Latin America (€398 million),
Spain (€150 million) and Italy (€116 million).
The amount is virtually unchanged compared with the
previous year, as the decrease associated with higher
uses and releases in Brazil was offset by new accruals.
Provision for environmental certificates
See note 56 “Environmental programs”.
Provision for taxes and duties
The provision for taxes and duties covers the estimat-
ed liability deriving from tax disputes concerning di-
rect and indirect taxes.
The balance of the provision also includes the provi-
sion for current and potential disputes concerning lo-
cal property tax (whether the Imposta Comunale sugli
Immobili - ICI or the Imposta Municipale Unica - IMU)
in Italy.
Insurance claims provision
This fund includes provisions attributable to Enel Rein-
surance for accruals for insurance claims; the change
is mainly attributable to new accruals in the year in the
amount of €108 million.
Other provisions
Other provisions cover various risks and charges,
mainly in connection with regulatory disputes and dis-
putes with local authorities regarding various duties
and fees or other charges.
The increase in the period is mainly attributable to ac-
cruals for regulatory measures, atmospheric events
and faults.
Notes to the consolidated financial statements
513
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Provision for early retirement incentives
and other restructuring plans
The provision for early retirement incentives and oth-
er restructuring plans includes the estimated charges
related to binding agreements for the voluntary termi-
nation of employment contracts in response to organ-
izational needs. The reduction of €62 million for the
year mainly reflects uses of provisions for incentives
established in previous period in Spain and Italy to
cover the early termination of employment for certain
employees.
Provision for restructuring programs
connected with the energy transition
Enel, in its role as a leader of the energy transition,
has placed decarbonization and growth of renewables
around the world at the center of its strategy.
In this context, Enel has begun restructuring the
activities associated with the energy transition pro-
cess, which involves thermal generation plants in
all the geographical areas in which the Group op-
erates. The consequent revision of processes and
operating models will require changes in the roles
and skills of employees, which the Group intends to
implement with highly sustainable plans based on
redeployment programs, with major upskilling and
reskilling plans and voluntary individual early re-
tirement agreements. The energy transition is also
based on the progressive and expansive develop-
ment of digital tools, as digitization is essential to
responding to multiple external forces and making
informed and well-considered decisions at every
level within the Group.
A provision was therefore established in 2020 for re-
structuring programs, which at December 31, 2024
amounted to €1,014 million, which is mainly attribut-
able to Spain and Italy, and represents the estimated
costs that the Group will incur following the accelera-
tion of the energy transition, for all direct and indirect
activities related to the review of processes and op-
erating models and the roles and skills of employees.
New accruals in 2024 mainly regard Italy (€220 million)
for Article 4 programs, and Spain following the adjust-
ment of €38 million to the provision for the Acuerdo
Voluntario de Salida plan.
39. Trade payables – €13,693 million
The item amounted to €13,693 million (€15,821 mil-
lion at December 31, 2023) and includes payables in
respect of electricity supplies, fuel, materials, equip-
ment associated with tenders, and other services.
More specifically, trade payables falling due in less than
12 months amounted to €12,721 million (€15,487 mil-
lion at December 31, 2023) while those falling due in
more than 12 months amounted to €972 million (€334
million at December 31, 2023).
39.1 Supplier finance arrangements
The Group has entered into supplier finance agree-
ments with the primary purpose of optimizing the
processing of invoice payments to suppliers, who par-
ticipate in the agreements on a voluntary basis.
The agreements entered into by the Group provides
for the following main terms and conditions:
• suppliers may choose to receive advance payment
of their invoices from banks, which agree to pay the
amounts due by the Group before the original in-
voice due date;
• banks agree to pay the amounts due to participating
suppliers in relation to invoices owed by the Group
before the invoice due date and the Group pays the
bank providing the payment service.
The agreements do not significantly extend payment
terms beyond the normal terms agreed with other sup-
pliers choosing to not participate in the agreement.
Furthermore, the Group does not incur any additional
interest from the bank on amounts owed to suppliers as
the banks only provide payment services to Enel.
Given that entering these agreements does not im-
ply any legal release nor any material modification of
the original liabilities, the trade payables relating to the
agreements have not been written off or otherwise re-
classified by the Group. Therefore, the Group recognizes
the amounts under the agreements among trade pay-
ables because the nature and function of these debts
remain the same as those of other trade payables.
The table below provides more information on suppli-
er finance agreements of the Group.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
514
INTEGRATED ANNUAL REPORT 2024
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Value of trade payables under SFA
Presented within trade payables:
341
344
- of which suppliers have received payment by financial institutions
309
344
- of which buyers received payment extension
32
-
Presented within finance payables:
-
-
- of which suppliers have received payment by financial institutions
-
-
- of which buyers received payment extension
-
-
40. Other non-current financial liabilities – €205 million
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Other non-current financial liabilities included
in net financial debt
64
8
56
-
Non-current financial accrued expenses
141
133
8
6.0%
Total
205
141
64
45.4%
The change in “other non-current financial liabilities”
is mainly attributable to the increase in other non-cur-
rent financial liabilities in respect of the Spanish elec-
trical system deficit, included in net financial debt.
41. Other current financial liabilities – €845 million
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Accrued financial expense and deferred financial
income
678
734
(56)
-7.6%
Other current financial liabilities included in net
financial debt
14
1
13
-
Other liabilities
153
174
(21)
-12.1%
Total
845
909
(64)
-7.0%
The decrease in “other current financial liabilities” is
attributable to the decrease in accrued financial ex-
pense and liabilities for accrued interest not yet paid
under “other liabilities”.
The effect is partly offset by the increase in other
non-current financial liabilities in respect of the Span-
ish electrical system deficit, included in net financial
debt.
42. Other non-current liabilities – €3,287 million
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Accrued operating expenses and deferred
income
401
464
(63)
-13.6%
Liabilities with equalization funds/market and
energy services operators
297
307
(10)
-3.3%
Liabilities for tax partnerships >12 months
1,001
1,262
(261)
-20.7%
Sundry non-current payments on account
424
348
76
21.8%
Other items
1,164
1,722
(558)
-32.4%
Total
3,287
4,103
(816)
-19.9%
Notes to the consolidated financial statements
515
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Other non-current liabilities decreased by €816 mil-
lion, mainly reflecting the decrease in liabilities for tax
partnership (€261 million) in the United States and the
change in other items (€558 million), mainly due to the
change of the liability related to the PIS/COFINS litiga-
tion in Brazil and the impact of exchange differences
in Latin America.
43. Other current liabilities – €15,087 million
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Amounts due to customers
1,679
1,882
(203)
-10.8%
Amounts due to institutional market operators
5,281
5,479
(198)
-3.6%
Amounts due to employees
514
503
11
2.2%
Other tax liabilities
1,289
1,034
255
24.7%
Amounts due to social security institutions
244
235
9
3.8%
Current accrued expenses and deferred income
537
314
223
71.0%
Liabilities for closed energy commodity
derivatives <12 months
246
437
(191)
-43.7%
Dividends
2,523
2,470
53
2.1%
Liabilities for tax partnerships <12 months
362
271
91
33.6%
Sundry current payments on account
635
144
491
-
Other liabilities
1,777
1,991
(214)
-10.7%
Total
15,087
14,760
327
2.2%
The change in “other current liabilities” mainly reflects:
• the increase in sundry current payments on account
regarding e-distribuzione relating to payments of
capital grants from public entities received in 2024;
• the increase in other tax liabilities mainly attributa-
ble to Spain reflecting higher liabilities for taxes on
electricity generation as well as liabilities in respect
of value added tax of Italy;
• the increase in current accrued expenses and de-
ferred income mainly regarding Enel Reinsurance.
These effects were partly offset by:
• the decrease in amounts due to customers, which
mainly reports the change in security deposits from
customers in Italy in line with the decrease in the
number of customers served by market companies,
offset by the increase in trade receivables following
the restoration of distribution system costs;
• the decrease in amounts due to institutional mar-
ket operators mainly attributable to Italy, and in
particular the Servizio Elettrico Nazionale for the
decrease in amounts due to the Energy and En-
vironmental Services Fund compared with the
previous year, and Spain, in particular Endesa Dis-
tribución, partly offset in e-distribuzione by the in-
crease in amounts due for components and system
charges following the rate increase of the Asos and
Arim components pursuant to ARERA Regulations
no. 633/2023, no. 113/2024, no. 263/2024 and no.
384/2024;
• the decrease in liabilities for closed energy com-
modity derivatives <12 months.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
516
INTEGRATED ANNUAL REPORT 2024
Information on the consolidated statement
of cash flows
44. Cash flows
Millions of euro
2024
2023
Change
Cash and cash equivalents at the beginning of the year(1)
7,143
11,543
(4,400)
Cash flows from operating activities
13,223
14,620
(1,397)
of which discontinued operations
-
132
Cash flows from/(used in) investing activities
(4,108)
(10,610)
6,502
of which discontinued operations
-
(442)
Cash flows from financing activities
(7,989)
(8,361)
372
of which discontinued operations
-
(16)
Impact of exchange rate fluctuations on cash and cash equivalents
(74)
(49)
(25)
Cash and cash equivalents at the end of the year(2)
8,195
7,143
1,052
(1)
Of which cash and cash equivalents equal to €6,801 million at January 1, 2024 (€11,041 million at January 1, 2023), short-term securities equal
to €81 million at January 1, 2024 (€78 million at January 1, 2023), cash and cash equivalents pertaining to “Assets classified as held for sale”
in the amount of €261 million at January 1, 2024 (€98 million at January 1, 2023) and cash and cash equivalents pertaining to “Discontinued
operations” equal to €326 million at January 1, 2023.
(2) Of which cash and cash equivalents equal to €8,051 million at December 31, 2024 (€6,801 million at December 31, 2023), short-term securities
equal to €138 million at December 31, 2024 (€81 million at December 31, 2023) and cash and cash equivalents pertaining to “Assets classified
as held for sale” in the amount of €6 million at December 31, 2024 (€261 million at December 31, 2023).
Cash flows from operating activities in 2024 was a
positive €13,223 million, a decrease of €1,397 million
from 2023, mainly attributable to higher cash require-
ments connected with changes in net working capital.
Cash flows used in investing activities in 2024 came
to €4,108 million, from €10,610 million in 2023.
Investments in property, plant and equipment, intan-
gibles and contract assets came to €11,010 million
(€13,563 million in 2023), of which €189 million re-
garding assets classified as held for sale, and include
grants received (€1,135 million in 2024, €413 million in
2023).
Disposals of businesses or business units, net of cash
and cash equivalents sold, amounted to €5,622 million
and mainly referred to:
• the sale by Enel Green Power North America (EGPNA)
of the entire stake held in a number of renewable
companies for €249 million net of cash and cash
equivalents sold of €4 million;
• the sale of all interest held by Enel Perú SAC in elec-
tricity generation companies Enel Generación Perú
SAA and Compañía Energética Veracruz SAC to
Niagara Energy SAC for a total €1,100 million net of
cash and cash equivalents sold of €98 million;
• the sale by Enel Perú SAC of equity held in Enel Dis-
tribución Perú SAA and Enel X Perú SAC to North
Lima Power Grid Holding SAC, for €2,865 million net
of cash and cash equivalents sold of €15 million;
• the sale of equity held in a number of US and Ca-
nadian companies in Enel X Business Line for €159
million net of cash and cash equivalents sold of €1
million;
• the sale by the subsidiary e-distribuzione SpA
(e-distribuzione) to A2A SpA (A2A), of 90% of the
share capital of Duereti Srl (Duereti), for about
€1,229 million.
In 2023 disposals of businesses or business units,
net of cash and cash equivalents sold, amounted to
€2,083 million and mainly referred to:
• the sale by Enel Argentina of the entire stake held
in Enel Generación Costanera for €28 million net of
cash and cash equivalents sold of €14 million;
• the sale by Enel Green Power India Private Limited
of the entire stake held in Khidrat Renewable Energy
Private Limited for €4 million;
• the sale to YPF and Pan American Sur SA of the
stakes held in Inversora Dock Sud SA and Central
Dock Sud SA, for a total amount of about €29 million
net of cash and cash equivalents sold of €19 million;
• the sale of 80% of the stake held in the Colombian
bus company Colombia ZE SAS for about €6 million;
• the sale of 50% of the two companies holding all the
Group assets dedicated to renewables in Australia,
Notes to the consolidated financial statements
517
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
more specifically Enel Green Power Australia (Pty)
Ltd and Enel Green Power Australia Trust, to INPEX
Corporation, for a total amount of €121 million net
of cash and cash equivalents sold of €21 million;
• the sale of the stakes held in Romania for a to-
tal amount of €1,013 million, net of cash and cash
equivalents sold of €228 million;
• the sale of the interest held in Transmisora de En-
ergía Renovable, in Guatemala, for a total €22 million
net of cash and cash equivalents sold of €11 million;
• the sale to Sonnedix of the interest held by Enel
Chile in Arcadia Generación Solar SA, for a total
€533 million net of cash and cash equivalents sold
of €2 million;
• the sale of 50% of Enel Green Power Hellas, Enel
Green Power wholly-owned subsidiary dedicated to
renewables in Greece, to Macquarie Asset Manage-
ment, for a total €322 million net of cash and cash
equivalents sold of €29 million.
Cash flows from/(used in) other investing activities in
2024 came to €145 million and include minor dispos-
als in Italy, Iberia, the United States, Chile and Brazil. In
2023 it came to €474 million and mainly reflected:
• the sale of the entire stake held in Tecnatom SA for
a total €26 million. The transaction had no impact on
profit or loss;
• the sale of the stake held in Rusenergosbyt LLC for
€83 million;
• minor disposals mainly in Italy, Iberia, North America
and Latin America.
Cash flows from financing activities came to a nega-
tive €7,989 million (compared with a negative €8,361
million in 2023) and mainly reflected:
• the change in net financial debt (as the balance
between repayments, new borrowings and other
changes) of €5,104 million;
• distribution of dividends in the amount of €5,126
million, plus €246 million paid to holders of perpet-
ual hybrid bonds;
• the issue of hybrid bonds in the amount of €889
million with repayment of €297 million;
• the sale by Enel Italia to Sosteneo Energy Transition
1 of a non-controlling interest of 49% of the share
capital held in Enel Libra Flexsys Srl for a total €1,095
million;
• the sale to Masdar of a stake of 49.99% in Enel
Green Power España Solar 1, owner of photovoltaic
plants in Endesa for a total €849 million.
In 2024, cash flow used in investing activities of €4,108
million and financing activities of €7,989 million partly
absorbed the cash flows from operating activities in
the amount of €13,223 million. The difference is re-
flected in a €1,052 million increase in cash and cash
equivalents, at December 31, 2024 (net of €74 million
associated with negative developments in the ex-
change rates of local currencies against the euro).
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
518
INTEGRATED ANNUAL REPORT 2024
45. Net financial position and long-term financial assets and securities
– €55,767 million
The following table shows the net financial position
and long-term financial assets and securities on the
basis of the items on the statement of consolidated
financial position.
Millions of euro
Notes
at Dec. 31, 2024
at Dec. 31, 2023
Change
Long-term borrowings
36
60,000
61,085
(1,085)
-1.8%
Other non-current financial borrowings
included in net financial debt(1)
40
64
8
56
-
Short-term borrowings
36
3,645
4,769
(1,124)
-23.6%
Other current financial borrowings
included in net financial debt(2)
41
14
1
13
-
Current portion of long-term
borrowings
36
7,439
9,086
(1,647)
-18.1%
Other non-current financial assets
included in net financial debt
27.1
(2,676)
(3,837)
1,161
30.3%
Other current financial assets included
in net financial debt
28.1
(4,668)
(4,148)
(520)
-12.5%
Cash and cash equivalents
33
(8,051)
(6,801)
(1,250)
-18.4%
Total
55,767
60,163
(4,396)
-7.3%
(1)
The item “Other non-current financial borrowings included in net financial debt” is represented by “Other non-current financial liabilities” in
the statement of financial position.
(2) The item “Other current financial borrowings included in net financial debt” is included under “Other current financial liabilities” in the state-
ment of financial position.
The financial position is reported in compliance
with Guideline 39, issued on March 4, 2021 by
ESMA and applicable as from May 5, 2021, and with
warning notice no. 5/2021 issued by CONSOB on
April 29, 2021, which replaced the references to
the CESR Recommendations and the references in
Communication no. DEM/6064293 of July 28, 2006
regarding the net financial position.
The net financial debt of the Enel Group at Decem-
ber 31, 2024 and December 31, 2023, is reconciled
with net financial debt as provided for in the pres-
entation methods of the Enel Group.
Notes to the consolidated financial statements
519
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Liquidity
Cash and cash equivalents on hand
33
23
10
43.5%
Bank and post office deposits
4,762
4,664
98
2.1%
Liquid assets
4,795
4,687
108
2.3%
Cash equivalents
3,256
2,114
1,142
54.0%
Securities
138
81
57
70.4%
Short-term loan assets
2,356
3,060
(704)
-23.0%
Current portion of long-term loan assets
2,174
1,007
1,167
-
Other current financial assets
4,668
4,148
520
12.5%
Liquidity
12,719
10,949
1,770
16.2%
Current financial debt
Bank debt
(344)
(393)
49
12.5%
Commercial paper
(2,406)
(2,499)
93
3.7%
Other current financial borrowings(1)
(909)
(1,878)
969
51.6%
Current financial debt
(including debt instruments)
(3,659)
(4,770)
1,111
23.3%
Current portion of long-term bank borrowings
(1,742)
(1,992)
250
12.6%
Bonds issued (current portion)
(5,318)
(6,763)
1,445
21.4%
Other borrowings (current portion)
(379)
(331)
(48)
-14.5%
Non-current financial debt (current portion)
(7,439)
(9,086)
1,647
18.1%
Current financial debt
(11,098)
(13,856)
2,758
19.9%
Net current financial debt
1,621
(2,907)
4,528
-
Non-current financial debt
Bank borrowings
(14,755)
(14,500)
(255)
-1.8%
Other borrowings(2)
(3,027)
(3,014)
(13)
-0.4%
Non-current financial debt (excluding
current portion and debt instruments)
(17,782)
(17,514)
(268)
-1.5%
Bonds
(42,282)
(43,579)
1,297
3.0%
Trade payables and other non-interest-bearing
non-current liabilities with a significant
financing component
-
-
-
-
Non-current financial position
(60,064)
(61,093)
1,029
1.7%
Financial assets in respect
of “Assets classified as held for sale”
14
262
(248)
-94.7%
Financial liabilities in respect
of “Liabilities included in disposal groups
classified as held for sale“
(75)
(1,150)
1,075
93.5%
Net financial position as per CONSOB
instructions
(58,504)
(64,888)
6,384
9.8%
Long-term financial receivables and securities
2,676
3,837
(1,161)
-30.3%
( - ) Financial assets in respect
of “Assets classified as held for sale”
(14)
(262)
248
94.7%
( - ) Financial liabilities in respect
of “Liabilities included in disposal groups
classified as held for sale”
75
1,150
(1,075)
-93.5%
NET FINANCIAL DEBT
(55,767)
(60,163)
4,396
7.3%
(1)
Includes “Other current financial liabilities included in net financial debt” presented under “Other current financial liabilities” in the statement
of financial position.
(2) Includes “Other non-current financial liabilities included in net financial debt” presented under “Other non-current financial liabilities” in the
statement of financial position.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
520
INTEGRATED ANNUAL REPORT 2024
The net position as per CONSOB instructions does not
include derivatives designated as qualifying for hedge
accounting or trading derivatives held for hedging
purposes.
At December 31, 2024, those financial assets and li-
abilities are reported separately in the statement of
financial position under the following items: “Non-cur-
rent financial derivative assets” in the amount of
€2,003 million (€2,383 million at December 31, 2023),
“Current financial derivative assets” in the amount of
€3,512 million (€6,407 million at December 31, 2023),
“Non-current financial derivative liabilities” in the
amount of €2,915 million (€3,373 million at December
31, 2023), and “Current financial derivative liabilities”
in the amount of €3,584 million (€6,461 million at De-
cember 31, 2023).
Financial instruments
46. Financial instruments by category
This note provides disclosures necessary for users to assess the significance of financial instruments for the
Group’s financial position and performance.
46.1 Financial assets by category
The following table reports the carrying amount for
each category of financial asset provided for under
IFRS 9, broken down into current and non-current fi-
nancial assets, showing hedging derivatives and de-
rivatives measured at fair value through profit or loss
separately.
Millions of euro
Notes
Non-current
Current
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Financial assets at amortized cost
46.1.1
5,100
5,709
27,321
28,495
Financial assets at FVOCI
46.1.2
1,159
882
138
81
Financial assets at fair value through profit or loss
Derivative financial assets at FVTPL
46.1.3
126
206
2,793
4,443
Other financial assets at FVTPL
46.1.3
4,036
4,341
200
219
Total financial assets at fair value through profit
or loss
4,162
4,547
2,993
4,662
Derivative financial assets designated
as hedging instruments
Fair value hedge derivatives
46.1.4
103
113
18
-
Cash flow hedge derivatives
46.1.4
1,774
2,064
701
1,964
Total derivative financial assets designated as
hedging instruments
1,877
2,177
719
1,964
TOTAL
12,298
13,315
31,171
35,202
For more information on the recognition and classifica-
tion of current and non-current derivative assets, please
see note 49 “Derivatives and hedge accounting”.
For more information on fair value measurement, see
note 50 “Assets and liabilities measured at fair value”.
46.1.1 Financial assets measured at amortized
cost
The following table reports financial assets measured
at amortized cost by nature, broken down into current
and non-current financial assets.
Notes to the consolidated financial statements
521
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Millions of euro
Notes
Non-current
Notes
Current
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Cash and cash equivalents
-
-
33
8,022
6,772
Trade receivables
32
2,333
1,726
32
13,608
16,047
Current portion of long-term loan
assets
-
-
28.1
2,174
1,007
Cash collateral
-
-
28.1
1,982
2,899
Other financial assets
27.1
2,101
3,332
28.1
203
30
Financial assets from service
concession arrangements
at amortized cost
27
262
310
28
12
14
Other financial assets at amortized cost
404
341
1,320
1,726
Total
5,100
5,709
27,321
28,495
Impairment of financial assets measured
at amortized cost
Financial assets measured at amortized cost amount-
ed to €32,421 million at December 31, 2024 (€34,204
million at December 31, 2023) and are recognized
net of allowances for expected credit losses totaling
€4,152 million at December 31, 2024 (€4,098 million
at the end of the previous year).
The Group mainly has the following types of financial
assets measured at amortized cost subject to impair-
ment testing:
• cash and cash equivalents;
• trade receivables and contract assets;
• loan assets;
• other financial assets.
While cash and cash equivalents are also subject to
the impairment requirements of IFRS 9, the identified
impairment loss was immaterial.
The expected credit loss (ECL) – determined using
probability of default (PD), loss given default (LGD) and
exposure at default (EAD) – is the difference between
all contractual cash flows that are due in accordance
with the contract and all cash flows that are expected
to be received (i.e. all shortfalls) discounted at the orig-
inal effective interest rate (EIR).
For calculating ECL, the Group applies two different
approaches:
• the general approach, for financial assets other than
trade receivables, contract assets and lease receiva-
bles. This approach, based on an assessment of any
significant increase in credit risk since initial rec-
ognition, is performed comparing PD at origination
with PD at the reporting date, at each reporting date.
Then, based on the results of the assessment, a loss
allowance is recognized based on 12-month ECL or
lifetime ECL (i.e. staging):
• 12-month ECL, for financial assets for which there
has not been a significant increase in credit risk
since initial recognition;
• lifetime ECL, for financial assets for which there
has been a significant increase in credit risk or
which are credit impaired (i.e. defaulted based on
past due information);
• the simplified approach, for trade receivables, con-
tract assets and lease receivables with or without a
significant financing component, based on lifetime
ECL without tracking changes in credit risk.
A forward-looking adjustment can be applied consid-
ering qualitative and quantitative information in order
to reflect future events and macroeconomic develop-
ments that could impact the risk associated with the
portfolio or financial instrument.
Depending on the nature of the financial assets and
the credit risk information available, the assessment of
the increase in credit risk can be performed on:
• an individual basis, if the receivables are individually
significant and for all receivables which have been
individually identified for impairment based on rea-
sonable and supportable information;
• a collective basis, if no reasonable and supportable
information is available without undue cost or effort
to measure expected credit losses on an individual
instrument basis.
When there is no reasonable expectation of recover-
ing a financial asset in its entirety or a portion thereof,
the gross carrying amount of the financial asset shall
be reduced.
A write-off represents a derecognition event (e.g. the
right to cash flows is legally or contractually extin-
guished, transferred or expired).
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
522
INTEGRATED ANNUAL REPORT 2024
The following table reports expected credit losses on financial assets measured at amortized cost on the basis of
the general simplified approach.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Gross
amount
Expected
credit loss
allowance
Total
Gross
amount
Expected
credit loss
allowance
Total
Cash and cash equivalents
8,022
-
8,022
6,772
-
6,772
Trade receivables
19,704
3,763
15,941
21,548
3,775
17,773
Loan assets
6,776
316
6,460
7,579
311
7,268
Other financial assets at amortized cost
2,071
73
1,998
2,403
12
2,391
Total
36,573
4,152
32,421
38,302
4,098
34,204
To measure expected losses, the Group assesses
trade receivables and contract assets with the sim-
plified approach, both on an individual basis (e.g.
government entities, authorities, financial counter-
parties, wholesale sellers, traders and large compa-
nies, etc.) and a collective basis (e.g. retail custom-
ers).
In the case of individual assessments, PD is generally
obtained from external providers.
Otherwise, in the case of collective assessments,
trade receivables are grouped on the basis of their
shared credit risk characteristics and information on
past due positions, considering a specific definition
of default.
Based on each business and local regulatory frame-
work, as well as differences between customer port-
folios, including their default and recovery rates
(comprising expectations for recovery beyond 90
days):
• the Group mainly defines a defaulted position as
one that is 180 days past due. Accordingly, beyond
this time limit, trade receivables are presumed to be
credit impaired); and
• specific clusters are defined on the basis of specific
markets, business and risk characteristics.
Contract assets substantially have the same risk char-
acteristics as trade receivables for the same types of
contracts.
In order to measure the ECL for trade receivables on
a collective basis, as well as for contract assets, the
Group uses the following assumptions regarding the
ECL parameters:
• PD, assumed equal to the average default rate, is
calculated by cluster and considering historical data
from at least 24 months;
• LGD is a function of the recovery rates for each clus-
ter, discounted using the effective interest rate; and
• EAD is estimated as equal to the carrying amount
at the reporting date net of cash deposits, including
invoices issued but not past due and invoices to be
issued.
The following table reports changes in the allowance
for expected credit losses on loan assets in accord-
ance with the general approach.
Millions of euro
ECL 12-month allowance
ECL lifetime allowance
Opening balance at Jan. 1, 2023
29
219
Accruals
-
36
Uses
-
11
Reversals to profit or loss
(32)
(6)
Other changes
45
9
Closing balance at Dec. 31, 2023
42
269
Opening balance at Jan. 1, 2024
42
269
Accruals
-
87
Uses
-
(22)
Reversals to profit or loss
(9)
(6)
Other changes
86
(131)
Closing balance at Dec. 31, 2024
119
197
Notes to the consolidated financial statements
523
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
The following table reports changes in the allowance for expected credit losses on trade receivables in accordance
with the simplified approach.
Millions of euro
Opening balance at Jan. 1, 2023
3,783
Accruals
1,384
Uses
(1,136)
Reversals to profit or loss
(210)
Other changes
(46)
Closing balance at Dec. 31, 2023
3,775
Opening balance at Jan. 1, 2024
3,775
Accruals
1,337
Uses
(937)
Reversals to profit or loss
(244)
Other changes
(168)
Closing balance at Dec. 31, 2024
3,763
The following table reports changes in the allowance for expected credit losses on other financial assets at amor-
tized cost in accordance with the simplified approach.
Millions of euro
ECL lifetime allowance
Opening balance at Jan. 1, 2023
56
Accruals
149
Uses
-
Reversals to profit or loss
(1)
Other changes
(192)
Closing balance at Dec. 31, 2023
12
Opening balance at Jan. 1, 2024
12
Accruals
227
Uses
-
Reversals to profit or loss
(4)
Other changes
(162)
Closing balance at Dec. 31, 2024
73
Note 47 “Risk management” provides additional infor-
mation on the exposure to credit risk and expected
losses.
46.1.2 Financial assets at fair value through
other comprehensive income
The following table shows financial assets at fair val-
ue through other comprehensive income by nature,
broken down into current and non-current financial
assets.
Millions of euro
Notes
Non-current
Current
at Dec. 31,
2024
at Dec. 31,
2023
Notes
at Dec. 31,
2024
at Dec. 31,
2023
Investments in other companies at FVOCI
27
587
338
-
-
Securities at FVOCI
27.1
572
505
28.1
138
81
Receivables and other financial assets at
FVOCI
-
39
-
-
Total
1,159
882
138
81
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
524
INTEGRATED ANNUAL REPORT 2024
Changes in financial assets at FVOCI
Investments in other companies
Millions of euro
Non-current
Current
Opening balance at Jan. 1, 2024
338
-
Purchases
-
-
Sales
-
-
Changes in fair value through OCI
109
-
Other changes
140
-
Closing balance at Dec. 31, 2024
587
-
Securities and other receivables at FVOCI
Millions of euro
Non-current
Current
Opening balance at Jan. 1, 2024
505
81
Purchases
271
11
Sales
(66)
(61)
Changes in fair value through OCI
17
1
Reclassifications
(155)
155
Other changes
-
(49)
Closing balance at Dec. 31, 2024
572
138
46.1.3 Financial assets at fair value through
profit or loss
The following table shows financial assets at fair
value through profit or loss by nature, broken down
into current and non-current financial assets.
Millions of euro
Notes
Non-current
Notes
Current
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Derivatives at FVTPL
49
126
206
49
2,793
4,443
Investments in liquid assets
-
-
33
29
29
Securities and financial investments in funds
or asset management at FVTPL
27.1
3
-
-
-
Equity investments in other companies
at FVTPL
27
8
8
-
-
Financial assets from service concession
arrangements at FVTPL
27
3,930
4,080
-
-
Financial assets from JDA at FVTPL
95
123
-
-
Other financial assets at FVTPL
-
130
28, 28.1
171
190
Total
4,162
4,547
2,993
4,662
46.1.4 Derivative financial assets designated
as hedging instruments
For more information on derivative financial assets,
see note 49 “Derivatives and hedge accounting”.
Notes to the consolidated financial statements
525
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
46.2 Financial liabilities by category
The following table shows the carrying amount for
each category of financial liability provided for under
IFRS 9, broken down into current and non-current fi-
nancial liabilities, showing hedging derivatives and de-
rivatives measured at fair value through profit or loss
separately.
Millions of euro
Notes
Non-current
Current
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Financial liabilities measured at amortized cost
46.2.1
61,333
61,734
33,702
39,784
Financial liabilities at fair value through profit or loss
Derivative financial liabilities at FVTPL
46.4
133
204
2,848
4,485
Total financial liabilities at fair value through profit
or loss
133
204
2,848
4,485
Derivative financial liabilities designated as hedging
instruments
Fair value hedge derivatives
46.4
28
105
-
17
Cash flow hedge derivatives
46.4
2,754
3,064
736
1,959
Total derivative financial liabilities designated
as hedging instruments
2,782
3,169
736
1,976
TOTAL
64,248
65,107
37,286
46,245
For more information on recognition and classification
of current and non-current derivative financial assets,
please see note 49 “Derivatives and hedge accounting”.
For more information on fair value measurement,
please see note 50 “Assets and liabilities measured at
fair value”.
46.2.1 Financial liabilities measured
at amortized cost
The following table shows financial liabilities at am-
ortized cost by nature, broken down into current and
non-current financial liabilities.
Millions of euro
Notes
Non-current
Notes
Current
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Long-term borrowings
46.3
60,000
61,085
46.3
7,439
9,086
Short-term borrowings
-
-
46.3
3,645
4,769
Trade payables
39
972
334
39
12,721
15,487
Other financial liabilities
361
315
9,897
10,442
Total
61,333
61,734
33,702
39,784
46.3 Borrowings
46.3.1 Long-term borrowings
(including the portion falling due within
12 months) – €67,439 million
The following table reports the nominal value, carrying
amount and fair value of long-term borrowing includ-
ing the portion falling due within 12 months.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
526
INTEGRATED ANNUAL REPORT 2024
Long-term borrowings by category and type of interest rate
Millions of euro
Nominal
value
Carrying
amount
Current
portion
Portion
due in
more than
12 months
Fair
value
Nominal
value
Carrying
amount
Current
portion
Portion
due in
more than
12 months
Fair
value
Changes
in carrying
amount
at Dec. 31, 2024
at Dec. 31, 2023
Bonds:
- listed, fixed rate
26,885
26,632
3,458
23,174
25,670
29,539
29,163
4,686
24,477
27,885
(2,531)
- listed, floating rate
1,770
1,756
315
1,441
1,758
2,643
2,622
623
1,999
2,641
(866)
- unlisted, fixed rate
19,077
18,881
1,448
17,433
18,451
18,336
18,129
1,357
16,772
17,842
752
- unlisted, floating rate
331
331
97
234
339
428
428
97
331
456
(97)
Total bonds
48,063
47,600
5,318
42,282
46,218
50,946
50,342
6,763
43,579
48,824
(2,742)
Bank borrowings:
- fixed rate
3,485
3,465
234
3,231
3,444
3,874
3,822
853
2,969
3,746
(357)
- floating rate
13,058
13,014
1,508
11,506
13,142
12,664
12,629
1,139
11,490
12,892
385
- use of revolving credit lines
18
18
-
18
22
41
41
-
41
41
(23)
Total bank borrowings
16,561
16,497
1,742
14,755
16,608
16,579
16,492
1,992
14,500
16,679
5
Leases:
- fixed rate
2,892
2,892
306
2,586
2,892
2,852
2,852
256
2,596
2,852
40
- floating rate
39
39
12
27
39
53
53
12
41
53
(14)
Total leases
2,931
2,931
318
2,613
2,931
2,905
2,905
268
2,637
2,905
26
Other non-bank borrowings:
- fixed rate
411
411
61
350
411
426
426
63
363
426
(15)
- floating rate
-
-
-
-
-
6
6
-
6
6
(6)
Total other non-bank
borrowings
411
411
61
350
411
432
432
63
369
432
(21)
Total fixed-rate borrowings
52,750
52,281
5,507
46,774
50,868
55,027
54,392
7,215
47,177
52,751
(2,111)
Total floating-rate
borrowings
15,216
15,158
1,932
13,226
15,300
15,835
15,779
1,871
13,908
16,089
(621)
TOTAL
67,966
67,439
7,439
60,000
66,168
70,862
70,171
9,086
61,085
68,840
(2,732)
The table below reports long-term financial debt by currency and interest rate.
Long-term borrowings (including the portion falling due within 12 months) by currency and interest rate
Millions of euro
Carrying
amount
Nominal
value
Carrying
amount
Nominal
value
Current
average
nominal
interest
rate
Current
effective
interest
rate
Current
average
nominal
interest
rate
Current
effective
interest
rate
at Dec. 31, 2024
at Dec. 31, 2023
at Dec. 31, 2024
at Dec. 31, 2023
Euro
34,349
34,512
35,865
36,166
2.6%
2.8%
2.5%
2.8%
US dollar
25,103
25,343
24,601
24,847
5.0%
5.1%
4.9%
5.2%
Pound sterling
3,819
3,919
4,612
4,720
4.3%
4.5%
4.6%
4.8%
Colombian peso
2,005
2,009
1,884
1,888
11.8%
11.8%
13.5%
13.5%
Brazilian real
1,465
1,482
2,229
2,255
9.8%
9.9%
10.5%
10.6%
Swiss franc
138
138
382
382
4.0%
4.0%
1.8%
1.8%
Chilean peso/UF
465
467
510
514
5.2%
5.2%
5.1%
5.2%
Other currencies
95
96
88
90
Total non-euro
currencies
33,090
33,454
34,306
34,696
TOTAL
67,439
67,966
70,171
70,862
Notes to the consolidated financial statements
527
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Long-term financial debt denominated in currencies
other than the euro decreased by €1,216 million, large-
ly attributable to the changes in debt denominated in
Pound sterling and Brazilian real.
Change in the nominal value of long-term borrowings (including the portion falling due within 12 months)
Millions of euro
Nominal value
Repayments
Change in the
consolidation
scope
New
borrowings
Exchange
differences
Nominal value
at Dec. 31, 2023
at Dec. 31, 2024
Bonds
50,946
(7,779)
-
3,635
1,261
48,063
Borrowings
19,916
(2,651)
205
2,382
51
19,903
- of which leases
2,905
(422)
(7)
419
36
2,931
Total long-term financial debt
70,862
(10,430)
205
6,017
1,312
67,966
The nominal value of long-term debt amounted to
€67,966 million at December 31, 2024, a decrease of
€2,896 million on December 31, 2023. The decrease
reflected repayments in the amount of €10,430 million
against new borrowings of €6,017 million, negative ex-
change differences of €1,312 million and the reclassi-
fication from “Assets classified as held for sale” (in the
total amount of €205 million). The latter includes €192
million related to a loan to 3SUN repaid during 2024.
Repayments in 2024 involved bonds in the amount of
€7,779 million and loans in the amount of €2,651 mil-
lion.
Specifically, repayments in 2024 included:
• €100 million in respect of a floating-rate bond is-
sued by Enel Finance International, maturing in Feb-
ruary 2024;
• R$398 million (equivalent to €62 million at Decem-
ber 31, 2024), in respect of a floating-rate bond is-
sued by Enel Distribuição Ceará, maturing in March
2024;
• $400 million (equal to €386 million at December 31,
2024) in respect of a fixed-rate bond issued by Enel
Generación Chile, maturing in April 2024;
• €51 million in respect of a floating-rate bond issued
by Enel, maturing in May 2024;
• €750 million in respect of a fixed-rate bond issued
by Enel, maturing in May 2024;
• €1,000 million in respect of a fixed-rate bond issued
by Enel Finance International, maturing in June 2024;
• R$500 million (equivalent to €78 million at Decem-
ber 31, 2024), in respect of a floating-rate bond
issued by Enel Distribuição Ceará, maturing in May
2024;
• R$350 million (equivalent to €55 million at Decem-
ber 31, 2024), in respect of a floating-rate bond is-
sued by Enel Distribuição São Paulo, maturing in May
2024;
• R$370 million (equivalent to €58 million at December
31, 2024), in respect of a floating-rate bond issued
by Enel Distribuição Ceará, maturing in June 2024;
• £850 million (equivalent to €1,028 million at Decem-
ber 31, 2024) in respect of a fixed-rate bond issued
by Enel Finance International, maturing in August
2024;
• 250,000 million Colombian pesos (equivalent to €55
million at December 31, 2024) in respect of a fixed-
rate bond issued by Enel Colombia, maturing in Au-
gust 2024;
• 225 million Swiss francs (equivalent to €240 million
at December 31, 2024) in respect of a fixed-rate
bond issued by Enel Finance International, maturing
in September 2024;
• $1,500 million (equivalent to €1,449 million at De-
cember 31, 2024) in respect of a fixed-rate bond
issued by Enel Finance International, maturing in
September 2024;
• €1,250 million in respect of a fixed-rate bond issued
by Enel Finance International and guaranteed by
Enel, maturing in September 2024;
• $1,000 million (equivalent to €966 million at Decem-
ber 31, 2024) in respect of a fixed-rate bond issued
by Enel Finance America in October 2022 maturing in
October 2027, repaid in advance in December 2024.
The main repayments of loans made during the year
included:
• €200 million in respect of sustainable floating-rate
revolving credit lines of Enel SpA;
• €625 million in respect of loans, of which €391 mil-
lion in respect of sustainable loans, of Enel Group’s
Italian companies;
• €871 million in respect of Endesa loans, of which
€679 million in sustainable loans;
• the equivalent of €572 million in respect of bank
loans to South American companies, of which €93
million in respect of sustainable loans.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
528
INTEGRATED ANNUAL REPORT 2024
Issues in 2024 regard bonds for €3,635 million and
loans for €2,382 million.
The table below shows the main characteristics of fi-
nancial transactions carried out in 2024 and translat-
ed into euros at the exchange rate prevailing at De-
cember 31, 2024.
Issuer/
Borrower
Issue/
Grant date
Amount
in millions
of euro
Currency
Interest rate
Interest
rate type
Maturity
Bonds
Enel Finance
International
23/01/2024
750
EUR
3.38%
Fixed rate
23/07/2028
Enel Finance
International
23/01/2024
1,000
EUR
3.88%
Fixed rate
23/01/2035
Enel Finance
International
26/06/2024
1,207
USD
5.13%
Fixed rate 26/06/2029
Enel Finance
International
26/06/2024
724
USD
5.50%
Fixed rate 26/06/2034
Total bonds
3,681
Bank borrowings
Enel Italia
26/04/2024
100
EUR
3.36%
Fixed rate 26/04/2039
e-distribuzione
19/12/2024
250
EUR
2.92%
Fixed rate
19/12/2039
Endesa
29/10/2024
125
EUR
Euribor 6M + 0.4%
Floating rate
17/12/2027
Endesa
29/10/2024
250
EUR
Euribor 6M + 0.52%
Floating rate
31/10/2039
Endesa
29/10/2024
200
EUR
Euribor 6M + 0.506%
Floating rate
31/10/2039
Endesa
17/12/2024
225
EUR
Euribor 6M + 0.4%
Floating rate
17/12/2027
Enel Chile
31/05/2024
277
USD
SOFR 3M + 0.75%
Floating rate
04/12/2037
Enel
Distribuição
São Paulo
13/05/2024
70
USD
5.28%
Fixed rate
13/05/2039
Enel Colombia
19/02/2024
88
COP
IBR 1M + 2.96%
Floating rate
19/02/2031
Enel Colombia
27/11/2024
102
COP
IBR O/N + 1.79%
Floating rate
28/11/2033
Enel Colombia
27/11/2024
130
COP
IBR O/N + 1.79%
Floating rate
28/11/2033
Total bank
borrowings
1,817
Long-term debt structure after hedging
The following table reports the impact on gross long-term debt of hedges to mitigate currency risk.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Carrying
amount
Nominal value
pre-hedge
Impact of
hedge
Nominal value
post-hedge
Carrying
amount
Nominal value
pre-hedge
Impact of
hedge
Nominal value
post-hedge
Euro
34,349
34,512
50.8%
22,443
56,955
83.8%
35,865
36,166
51.0%
21,862
58,028
81.9%
US dollar
25,103
25,343
37.3%
(19,122)
6,221
9.2%
24,601
24,847
35.1%
(17,850)
6,997
9.9%
Pound sterling
3,819
3,919
5.8%
(3,919)
-
-
4,612
4,720
6.7%
(4,720)
-
-
Colombian peso
2,005
2,009
3.0%
-
2,009
3.0%
1,884
1,888
2.7%
-
1,888
2.7%
Brazilian real
1,465
1,482
2.2%
870
2,352
3.5%
2,229
2,255
3.2%
1,047
3,302
4.7%
Swiss franc
138
138
0.1%
(138)
-
-
382
382
0.5%
(382)
-
-
Chilean peso/UF
465
467
0.7%
(170)
297
0.4%
510
514
0.7%
-
514
0.7%
Other currencies
95
96
0.1%
36
132
0.1%
88
90
0.1%
43
133
0.2%
Total non-euro
currencies
33,090
33,454
49.2%
(22,443)
11,011
16.2%
34,306
34,696
49.0%
(21,862)
12,834
18.1%
TOTAL
67,439
67,966
100.0%
-
67,966
100.0%
70,171
70,862
100.0%
-
70,862
100.0%
Notes to the consolidated financial statements
529
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
The amount of floating-rate debt that is not hedged
against interest rate risk is the main risk factor that
could adversely impact profit or loss (raising borrow-
ing costs), in the event of an increase in market inter-
est rates.
The following table shows the impact on the nomi-
nal value structure of long-term loans after hedges
against interest rate risk.
Millions of euro
2024
2023
Nominal
value
pre-hedge
%
Nominal
value
post-hedge
%
Nominal
value
pre-hedge
%
Nominal
value
post-hedge
%
Floating rate
15,216
22.4%
10,732
15.8%
15,835
22.3%
12,472
17.6%
Fixed rate
52,750
77.6%
57,234
84.2%
55,027
77.7%
58,390
82.4%
Total
67,966
67,966
70,862
70,862
At December 31, 2024, 22.4% of the nominal value of
long-term loans was floating rate (22.3 % at December
31, 2023). Taking account of hedges of interest rates
considered effective pursuant to the IFRS, 15.8% of the
nominal value of long-term financial debt was exposed
to interest rate risk at December 31, 2024 (17.6% at De-
cember 31, 2023).
The exposure of nominal value of long-term loans to
exchange rate risk and interest rate risk after hedge is
in line with the limits established in the risk manage-
ment policy.
Long-term debt – Main covenants
The Group’s main long-term financial liabilities are
governed by covenants that are commonly adopt-
ed in international business practice. They include in
particular bond issues carried out within the frame-
work of the Global/Euro Medium-Term Notes pro-
gram, issues of subordinated unconvertible hybrid
bonds (so-called “hybrid bonds”) and loans granted
by banks and other financial institutions (including
the European Investment Bank and Cassa Depositi e
Prestiti SpA).
The main covenants regarding bond issues carried out
within the framework of the Global/Euro Medium-Term
Notes program of Enel and Enel Finance International
NV (including the Green Bonds of Enel Finance Inter-
national NV guaranteed by Enel SpA, which are used to
finance the Group’s so-called eligible green projects)
and those regarding bonds issued by Enel Finance In-
ternational NV on the US market guaranteed by Enel
SpA can be summarized as follows:
• negative pledge clauses under which the issuer and
the guarantor may not establish or maintain mort-
gages, liens or other encumbrances on all or part of
its assets or revenue to secure certain financial lia-
bilities, unless the same encumbrances are extend-
ed equally or pro rata to the bonds in question;
• pari passu clauses, under which the bonds and the
associated security constitute a direct, uncondition-
al and unsecured obligation of the issuer and the
guarantor and are issued without preferential rights
among them and have at least the same seniority as
other present and future unsubordinated and unse-
cured bonds of the issuer and the guarantor;
• cross-default clauses, under which the occurrence
of a default event in respect of a specified financial
liability (above a threshold level) of the issuer, the
guarantor or, in some cases, “significant” subsidiar-
ies, constitutes a default in respect of the liabilities
in question, which become immediately repayable.
Since 2019, Enel Finance International NV has issued a
number of “sustainable” bonds on the European mar-
ket (as part of the Euro Medium-Term Notes - EMTN
bond issue program) and on the American market,
both guaranteed by Enel SpA, linked to the achieve-
ment of a number of the Sustainable Development
Goals (SDGs) of the United Nations that contain the
same covenants as other bonds of the same type.
Enel Finance America LLC holds a “sustainable” bond
of the same type, guaranteed by Enel SpA, on the US
market.
The main covenants covering Enel’s hybrid bonds,
including the perpetual hybrid bond issues, which
will only be repaid in the event of the dissolution or
liquidation of the Company, can be summarized as
follows:
• subordination clauses, under which each hybrid
bond is subordinate to all other bonds issued by the
company and has the same seniority with all other
hybrid financial instruments issued, being senior
only to equity instruments;
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
530
INTEGRATED ANNUAL REPORT 2024
• prohibition on mergers with other companies, the
sale or leasing of all or a substantial part of the com-
pany’s assets to another company, unless the latter
succeeds in all obligations of the issuer.
The main covenants envisaged in the loan contracts
of Enel SpA and Enel Finance International NV and
the other Group companies, including the sustaina-
bility-linked loan facility agreements obtained by Enel
SpA, can be summarized as follows:113
• negative pledge clauses, under which the borrower
and, in some cases, the guarantor are subject to lim-
itations on the establishment of mortgages, liens or
other encumbrances on all or part of their respec-
tive assets, with the exception of expressly permit-
ted encumbrances;
• disposals clauses, under which the borrower and, in
some cases, the guarantor may not dispose of their
assets or operations, with the exception of expressly
permitted disposals;
• pari passu clauses, under which the payment under-
takings of the borrower have the same seniority as
its other unsecured and unsubordinated payment
obligations;
• change of control clauses, under which the borrow-
er and, in some cases, the guarantor could be re-
quired to renegotiate the terms and conditions of
the financing or make compulsory early repayment
of the loans granted;
113. The sustainability-linked loan entered into on September 30, 2022 by Enel Finance America LLC as borrower and Enel SpA (as guarantor) with
EKF Denmark’s Export Credit Agency (then merged into Export and Investment Fund of Denmark, “EIFO”) and Citi provides for a number of
additional covenants, such as:
• a “reputational damage” clause, under which the lending bank can request the cancellation of its financial commitment undertaken by it
and the early payment of the sums disbursed if it has suffered ascertained harm to its own reputation or that of other persons as a result of
substantial breach of certain regulations;
• the commitment, also of the guarantor, to ensure compliance with certain environmental and social regulations and standards.
• rating clauses, which provide for the borrower or the
guarantor to maintain their rating above a certain
specified level;
• cross-default clauses, under which the occurrence
of a default event in respect of a specified financial
liability (above a threshold level) of the issuer or, in
some cases, the guarantor constitutes a default in
respect of the liabilities in question, which become
immediately repayable.
In some cases, the covenants are also binding for the
significant companies or subsidiaries of the obligated
parties. All the borrowings considered specify “events
of default” typical of international business practice,
such as, for example, insolvency, bankruptcy proceed-
ings or the entity ceases trading.
In addition, the guarantees issued by Enel in the inter-
est of e-distribuzione SpA for certain loans to e-dis-
tribuzione SpA from Cassa Depositi e Prestiti SpA re-
quire that at the end of each six-month measurement
period Enel’s net consolidated financial debt shall not
exceed 4.5 times annual consolidated EBITDA.
Finally, the debt of Endesa SA, Enel Américas SA, Enel
Chile SA and the other Spanish and Latin American
subsidiaries (notably Enel Generación Chile SA) con-
tains covenants and events of default typical of inter-
national business practice.
46.3.2 Short-term borrowings – €3,645 million
At December 31, 2024, short-term borrowings totaled €3,645 million, a decrease of €1,124 million compared with
December 31, 2023, and break down as follows:
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Short-term bank borrowings
344
393
(49)
Commercial paper
2,406
2,499
(93)
Cash collateral and other financing on derivatives
732
1,383
(651)
Other short-term borrowings
163
494
(331)
Short-term borrowings
3,645
4,769
(1,124)
Commercial paper liabilities totaling €2,406 million concerned issues by Enel Finance International and Enel Finance
America.
Notes to the consolidated financial statements
531
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
The main commercial paper programs include:
• €8,000 million of Enel Finance International;
• €5,000 million of Endesa;
• $5,000 million, equivalent to €4,829 million at De-
cember 31, 2024, of Enel Finance America.
At December 31, 2024, the whole amount of commer-
cial paper issues was linked to sustainability objectives.
Finance with development banks and export
credit agencies (ECAs)
Sustainable finance is characterized by the synergy
between public and private capital. The integration of
these two sources of financing allows for the devel-
opment of scalable solutions capable of generating
significant economic value, especially in developing
countries and emerging markets.
Enel has secured new forms of financing with develop-
ment banks and export credit agencies (ECAs) through
transactions intended to mobilize private capital for
sustainable development, for a total value of about
€10,000 million, of which about 50% in the sustaina-
bility-linked form. More specifically, during 2024 the
Group entered into loans of this nature for a total of
approximately €1,000 million. The main transactions
include the General Corporate Purpose and Sustaina-
bility-Linked financing for a total of $286 million, by an
export credit agency to Enel Chile.
Green Bonds
In the 2017-2019 period, the Enel Group issued Green
Bonds for a total notional value of €3,500 million, of
which €2,249 million outstanding at December 31,
2024.
46.4 Derivative financial liabilities
For more information on derivative financial liabili-
ties, please see note 49 “Derivatives and hedge ac-
counting”.
46.5 Net gain/(loss)
The following table shows net gains and losses by cat-
egory of financial instruments, excluding derivatives.
Millions of euro
2024
2023
Net gain/(loss)
Of which:
Impairment
(loss)/gain
Net gain/(loss)
Of which:
Impairment
(loss)/gain
Financial assets at amortized cost
(1,128)
(1,388)
(1,112)
(1,320)
Financial assets at FVOCI
Equity investments at FVOCI
-
-
-
-
Other financial assets at FVOCI
19
-
15
-
Total financial assets at FVOCI
19
-
15
-
Financial assets at FVTPL
Financial assets at FVTPL
(23)
-
6
-
Financial assets designated upon initial recognition (fair
value option)
-
-
-
-
Total financial assets at FVTPL
(23)
-
6
-
Financial liabilities measured at amortized cost
(4,891)
-
(2,759)
-
Financial liabilities at FVTPL
Financial liabilities held for trading
-
-
-
-
Financial liabilities designated upon initial recognition (fair
value option)
-
-
-
-
Total financial liabilities at FVTPL
-
-
-
-
For more details on net gains and losses on derivatives, please see note 12 “Net financial income/(expense) from
derivatives”.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
532
INTEGRATED ANNUAL REPORT 2024
47. Risk management
Financial risk management governance
and objectives
As part of its operations, the Enel Group is exposed
to a variety of financial risks, notably interest rate risk,
commodity risk, currency risk, credit and counterparty
risk and liquidity risk.
As noted in the section “Risk management” in the Re-
port on Operations, the Group’s governance arrange-
ments for financial risks include risk committees and
the establishment of dedicated policies, measurement
metrics and operational limits. Enel’s primary objective
is to mitigate financial risks appropriately so that they
do not give rise to unexpected changes in results.
The following sections detail the above financial risks.
Interest rate risk
Interest rate risk derives primarily from the use of
financial instruments and manifests itself as unex-
pected changes in charges on financial liabilities, if
indexed to floating rates and/or exposed to the un-
certainty of financial terms and conditions in nego-
tiating new debt instruments, or as an unexpected
change in the value of financial instruments meas-
ured at fair value (such as fixed-rate debt).
The main financial liabilities held by the Group include
bonds, bank borrowings, borrowings from other
lenders, commercial paper, derivatives, cash depos-
its received to secure commercial or derivative con-
tracts (guarantees, cash collateral).
The Enel Group mainly manages interest rate risk
through the definition of an optimal financial struc-
ture, with the dual goal of stabilizing borrowing costs
and containing the cost of funds.
This goal is pursued through the diversification of the
portfolio of financial liabilities by contract type, matu-
rity and interest rate, and modifying the risk profile of
specific exposures using OTC derivatives, mainly in-
terest rate swaps and interest rate options. The term
of such derivatives does not exceed the maturity of
the underlying financial liability, so that any change
in the fair value and/or expected cash flows of such
contracts is offset by a corresponding change in the
fair value and/or cash flows of the hedged position.
Proxy hedging techniques can be used in a number
of residual circumstances, when the hedging instru-
ments for the risk factors are not available on the
market or are not sufficiently liquid.
Using interest rate swaps, the Enel Group agrees
with the counterparty to periodically exchange float-
ing-rate interest flows with fixed-rate flows, both cal-
culated on the same notional principal amount.
The following table reports the notional amount of in-
terest rate derivatives at December 31, 2024 and De-
cember 31, 2023 broken down by type of contract.
Millions of euro
Notional amount
at Dec. 31, 2024
at Dec. 31, 2023
Floating-to-fixed interest rate swaps
6,875
5,996
Fixed-to-floating interest rate swaps
828
1,386
Floating-to-floating interest rate swaps
556
644
Total
8,259
8,026
For more details on interest rate derivatives, see note
49 “Derivatives and hedge accounting”.
At December 31, 2024, 22.4% of the nominal value of
long-term financial debt was floating rate (22.3% at
December 31, 2023). Taking account of effective cash
flow hedges of interest rate risk (in accordance with the
provisions of the IFRS-EU), 15.8% of the nominal value
of long-term loans was exposed to interest-rate risk at
December 31, 2024 (17.6% at December 31, 2023).
Taking account of cash flow hedges of interest rate
risk not eligible for hedge accounting, the percentage
of the nominal value of long-term loans exposed to a
change in interest rates remains unchanged.
These figures are in line with the limits established in
the risk management policy.
Interest rate risk sensitivity analysis
Enel analyzes the sensitivity of its exposure by esti-
mating the effects of a change in interest rates on the
portfolio of financial instruments.
Notes to the consolidated financial statements
533
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
More specifically, sensitivity analysis measures the po-
tential impact on profit or loss and on equity of market
scenarios that would cause a change in the fair value
of derivatives or in the financial expense associated
with unhedged gross debt.
These market scenarios are obtained by simulating
parallel increases and decreases by 25 basis points in
the yield curve as at the reporting date.
There were no changes introduced in the methods
and assumptions used in the sensitivity analysis com-
pared with the previous year.
With all other variables held constant, the Group’s pre-
tax profit would be affected by a change in the level of
interest rates as follows.
Millions of euro
2024
Pre-tax impact on profit or loss
Pre-tax impact on equity
Basis points
Increase
Decrease
Increase
Decrease
Change in financial expense on gross
long-term floating-rate debt after hedging
25
27
(27)
Change in the fair value of derivatives classified as
non-hedging instruments
25
3
(3)
Change in the fair value of derivatives designated
as hedging instruments
Cash flow hedges
25
56
(56)
Fair value hedges
25
(4)
4
Currency risk
Currency risk mainly manifests itself as unexpected
changes in the financial statement items associated
with transactions denominated in a currency other
than the presentation currency. The Group’s consoli-
dated financial statements are also exposed to trans-
lation risk as a result of the conversion of the financial
statements of foreign subsidiaries, which are denom-
inated in local currencies, into euros as the Group’s
presentation currency.
The Group’s exposure to currency risk is connected
with the purchase or sale of fuels and power, invest-
ments (cash flows for capitalized costs), dividends and
the purchase or sale of equity investments, commer-
cial transactions and financial assets and liabilities.
The Group policies for managing currency risk provide
for the mitigation of the effects on profit or loss of
changes in the level of exchange rates, with the ex-
ception of the translation effects connected with con-
solidation.
In order to minimize the exposure to currency risk,
Enel implements diversified revenue and cost sourc-
es geographically, and uses indexing mechanisms in
commercial contracts. Enel also uses various types of
derivatives, typically on the OTC market.
The derivatives in the Group’s portfolio of financial in-
struments include cross currency interest rate swaps,
currency forwards and currency swaps. The term of
such contracts does not exceed the maturity of the
underlying instrument, so that any change in the fair
value and/or expected cash flows of such instruments
offsets the corresponding change in the fair value
and/or cash flows of the hedged position.
Cross currency interest rate swaps are used to trans-
form a long-term financial liability denominated in
currency other than the presentation currency into an
equivalent liability in the presentation currency.
Currency forwards are contracts in which the coun-
terparties agree to exchange principal amounts de-
nominated in different currencies at a specified future
date and exchange rate (the strike). Such contracts
may call for the actual exchange of the two principal
amounts (deliverable forwards) or payment of the dif-
ference generated by differences between the strike
exchange rate and the prevailing exchange rate at ma-
turity (non-deliverable forwards). In the latter case, the
strike rate and/or the spot rate can be determined as
averages of the rates observed in a given period.
Currency swaps are contracts in which the counter-
parties enter into two transactions of the opposite
sign at different future dates (normally one spot, the
other forward) that provide for the exchange of princi-
pal denominated in different currencies.
The following table reports the notional amount of
transactions outstanding at December 31, 2024
and at December 31, 2023, broken down by type of
hedged item.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
534
INTEGRATED ANNUAL REPORT 2024
Millions of euro
Notional amount
at Dec. 31, 2024
at Dec. 31, 2023
Cross currency interest rate swaps (CCIRSs) hedging debt denominated
in currencies other than the euro
25,720
25,890
Currency forwards hedging currency risk on commodities
3,795
6,496
Currency forwards/CCIRSs hedging future cash flows in currencies other than the euro
1,818
3,134
Other currency forwards
292
602
Total
31,625
36,122
More specifically, these include:
• CCIRSs with a notional amount of €25,720 million
to hedge the currency risk on debt denominated in
currencies other than the euro (€25,890 million at
December 31, 2023);
• currency forwards and cross currency swaps with
a total notional amount of €5,613 million used to
hedge the currency risk associated with purchas-
es of energy and metal commodities and expected
cash flows in currencies other than the euro (€9,630
million at December 31, 2023).
“Other currency forwards” include OTC derivatives
transactions carried out to mitigate currency risk
on expected cash flows in currencies other than the
presentation currency. This includes transactions con-
nected with the purchase of investment goods mainly
in the generation sector and operating costs for the
supply of cloud services.
At December 31, 2024, 49.2% (49.0% at December 31,
2023) of the Group long-term debt was denominated
in currencies other than the euro.
Taking account of hedges of currency risk, the per-
centage of debt not hedged against that risk amount-
ed to 16.2% at December 31, 2024 (18.1% at December
31, 2023).
These figures are in line with the limits established in
the risk management policy.
Currency risk sensitivity analysis
The Group analyzes the sensitivity of its exposure by
estimating the effects of a change in exchange rates
on the portfolio of financial instruments.
More specifically, sensitivity analysis measures the po-
tential impact on profit or loss and equity of market
scenarios that would cause a change in the fair value
of derivatives or in the financial expense associated
with unhedged gross medium/long-term debt.
These scenarios are obtained by simulating a 10% ap-
preciation/depreciation of the euro against the US
dollar compared with the value observed as at the re-
porting date.
There were no changes in the methods or assump-
tions used in the sensitivity analysis compared with
the previous year.
With all other variables held constant, the pre-tax
profit would be affected by changes in exchange rates
as follows:
Millions of euro
2024
Incr./Decr.
EUR/US dollar
Pre-tax impact on
profit or loss
Pre-tax impact
on equity
EUR appr.
EUR depr.
EUR appr.
EUR depr.
Change in the fair value of derivatives classified
as non-hedging instruments
10%
412
(503)
Change in the fair value of derivatives designated
as hedging instruments
Cash flow hedges
10%
(2,728)
3,332
Fair value hedges
10%
(48)
58
Commodity price risk
The risk of fluctuations in the price of energy com-
modities such as electricity, gas, oil, CO2, and raw ma-
terials such as minerals and metals, is generated by
the volatility of prices and structural correlations be-
tween them, which create uncertainty in the margin on
purchases and sales of electricity and fuels and mate-
rials at variable prices (e.g. indexed bilateral contracts,
transactions on the spot market, etc.).
In 2024, power and gas commodity prices in Europe
have trended upward reflecting the continuation of the
Russia-Ukraine and Israeli-Palestinian conflicts. Never-
theless, the adoption of global and local strategies for
Notes to the consolidated financial statements
535
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
risk management, such as forward contracts, flexibility
in contractual clauses and proxy hedging techniques
(in case the hedging derivatives are not available on the
market or are not sufficiently liquid), has allowed to opti-
mize the results even in a highly dynamic market context.
During the year, risk limits for energy commodities
were exceeded in some local limited instances, but
promptly contained thanks to careful risk manage-
ment and mitigation activities.
The exposures on indexed contracts are quantified by
breaking down the contracts that generate exposure
into the underlying risk factors.
To contain the effects of fluctuations and stabilize
margins, in accordance with the policies and operat-
ing limits determined by the Group’s governance and
leaving an appropriate margin of flexibility to seize
any short-term opportunities that may present them-
selves, Enel develops and plans strategies that impact
the various phases of the industrial process linked to
the production and sale of electricity and gas (such
as forward procurement and long-term commercial
agreements), as well as risk mitigation plans and tech-
niques using derivative contracts (hedging).
As regards electricity sold, the Group mainly uses
fixed-price contracts in the form of bilateral physi-
cal contracts (Purchase Power Agreements, or PPAs)
and financial contracts (e.g. contracts for differences,
Virtual Power Purchase Agreements or VPPAs, etc.) in
which differences are paid to the counterparty if the
market electricity price exceeds the strike price and to
Enel in the opposite case.
The table below shows the main characteristics of PPA
and VPPA contracts at December 31, 2024.
At December 31, 2024
Country
Type of
contract
Sell/Buy
Price
terms
Volume of power
contracted (GWh)
Duration
(years)
Accounting
treatment
Italy
PPA
Buy
fixed price
460.6
1-3
FVTPL
Italy
PPA
Buy
floating price
722.5
1-3
FVTPL
Italy
PPA
Buy
fixed price
363.9
10
Own Use Exemption
Italy
VPPA
Sell
fixed price
1,350.0
3
CFH
Italy
VPPA
Sell
fixed price
600.0
3
CFH
Iberia
VPPA
Buy
fixed price
22.0
9
FVTPL
Iberia
VPPA
Buy
fixed price
20,926.0
15
CFH
Iberia
VPPA
Sell
fixed price
15,860.0
18
CFH
Germany
VPPA
Buy
floating price
119.2
1-2
FVTPL
United States
VPPA
Sell
fixed price
59.4
10-22
CFH
United States
VPPA
Buy
fixed price
18.0
8-12
FVTPL
United States
VPPA
Sell
fixed price
19.1
8-15
FVTPL
United States
VPPA
Sell
fixed price
2.1
12-20
Own Use Exemption
United States
PPA
Sell
fixed price
0.6
12
CFH
United States
PPA
Sell
fixed price
5.7
12
FVTPL
United States
PPA
Sell
fixed price
168.6
10-30
Own Use Exemption
United States
PPA
Sell
floating price
5.3
19
Own Use Exemption
South Africa
PPA
Sell
fixed price
0.5
10-21
Own Use Exemption
Brazil
PPA
Sell
fixed price
76,048.0
1-20
Own Use Exemption
Brazil
PPA
Buy
fixed price
56,351.0
1-15
Own Use Exemption
Chile
PPA
Sell
fixed price
287,797.0
5-15
Own Use Exemption
Chile
VPPA
Sell
fixed price
29,379.1
4-10
Own Use Exemption
Chile
VPPA
Buy
fixed price
34,527.0
5-15
Own Use Exemption
Colombia
PPA
Sell
fixed price
34,572.2
1-15
Own Use Exemption
Colombia
PPA
Sell
floating price
315.3
1-9
Own Use Exemption
Colombia
PPA
Buy
fixed price
57,586.0
1-14
Own Use Exemption
Guatemala
VPPA
Sell
fixed price
2,836.3
1-7
Own Use Exemption
Guatemala
VPPA
Sell
floating price
651.2
1
Own Use Exemption
Panama
PPA
Sell
fixed price
4,206.9
3-7
Own Use Exemption
Panama
PPA
Buy
fixed price
100.7
3-7
Own Use Exemption
Costa Rica
PPA
Sell
fixed price
313.4
3-6
Own Use Exemption
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
536
INTEGRATED ANNUAL REPORT 2024
The residual exposure in respect of the sale of en-
ergy on the spot market not hedged with such con-
tracts is aggregated by uniform risk factors that can
be managed with hedging transactions on the market.
Proxy hedging techniques can be used for the indus-
trial portfolios when the hedging instruments for the
specific risk factors generating the exposure are not
available on the market or are not sufficiently liquid.
In addition, Enel uses portfolio hedging techniques to
assess opportunities for netting intercompany expo-
sures.
The Group mainly uses plain vanilla derivatives for
hedging (more specifically, forwards, swaps, options
on commodities, futures, contracts for differences).
Some of these products can be indexed to a variety
of underlyings (mainly electricity, gas, oil and CO2) and
the approaches can be assessed and adapted to spe-
cific needs.
Enel also engages in proprietary trading in order to
maintain a presence in the Group’s reference energy
commodity markets. These operations consist in tak-
ing on exposures in energy commodities (oil products,
gas, coal, CO2 certificates and electricity) using financial
derivatives and physical contracts traded on regulat-
ed and over-the-counter markets, optimizing profits
through transactions carried out on the basis of ex-
pected market developments while always complying
with the limits set on the basis of portfolio risk analysis.
The following table reports the notional amount of out-
standing transactions at December 31, 2024 and De-
cember 31, 2023, broken down by type of instrument.
Millions of euro
Notional amount
at Dec. 31, 2024
at Dec. 31, 2023
Forward and futures contracts
48,608
44,307
Swaps
6,024
7,694
Options
1,464
1,407
Total
56,096
53,408
For more details, please see note 49 “Derivatives and
hedge accounting”.
Commodity price risk sensitivity analysis
The following table presents the results of the anal-
ysis of sensitivity to a reasonably possible change in
the commodity prices underlying the valuation mod-
el used in the scenario at the same date, with all other
variables held constant.
The impact on pre-tax profit of shifts of +15% and
-15% in the price curve for the main commodities
that make up the fuel scenario and the basket of for-
mulas used in the contracts is mainly attributable to
the change in the price of electricity, oil products and
gas. The impact on equity of the same shifts in the
price curve is primarily due to changes in the price of
electricity and gas. The Group’s exposure to changes
in the prices of other commodities is not material.
Millions of euro
2024
Commodity
price
Pre-tax impact
on profit or loss
Pre-tax impact
on equity
Increase
Decrease
Increase
Decrease
Change in the fair value of trading derivatives
on commodities
15%
(156)
178
-
-
Change in the fair value of derivatives
on commodities designated as hedging
instruments
15%
(16)
9
(249)
257
Credit and counterparty risk
The Group’s commercial, commodity and financial
transactions expose it to credit risk, i.e. the possibil-
ity that a deterioration in the creditworthiness of a
counterparty or the failure to discharge contractual
payment obligations could lead to the interruption
of incoming cash flows and an increase in collection
costs (settlement risk), as well as lower revenue flows
due to the replacement of the original transactions
with similar transactions negotiated on unfavorable
market conditions (replacement risk). Other risks in-
Notes to the consolidated financial statements
537
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
clude the reputational and financial risks associated
with significant exposures to a single counterparty
or groups of related customers, or to counterparties
operating in the same sector or in the same geo-
graphical area.
Accordingly, the exposure to credit and counterparty
risk is attributable to the following types of transac-
tions:
• the sale and distribution of electricity and gas in free
and regulated markets and the supply of goods and
services (trade receivables in respect of non-Group
debtors);
• trading activities that involve the physical exchange
of assets or transactions in financial instruments
(the commodity portfolio);
• trading in derivatives, bank deposits and, more
generally, financial instruments (the financial port-
folio).
In order to minimize credit and counterparty risk,
credit exposures are managed at the region/country/
global business line level by different units, thereby en-
suring the necessary segregation of risk management
and control activities. Monitoring of the consolidated
exposure is carried out by Enel SpA.
In addition, at the Group level the policy provides
for the use of uniform criteria – in all the main re-
gions/countries/global business lines and at the
consolidated level – in measuring, monitoring and
controlling commercial credit exposures in order to
promptly identify any deterioration in the quality of
outstanding receivables and any mitigation actions
to be taken.
The policy for managing credit and counterparty risk
associated with commercial activities provides for
a preliminary assessment of the creditworthiness of
counterparties and the adoption of mitigation instru-
ments, such as obtaining collateral or unsecured guar-
antees.
In addition, the Group undertakes transactions to fac-
tor receivables without recourse, which results in the
complete derecognition of the corresponding assets
involved in the factoring, as the risks and rewards as-
sociated with them have been transferred.
Finally, with regard to financial and commodity trans-
actions, risk mitigation is pursued with a uniform sys-
tem for assessing counterparties at the Group level,
including implementation at the level of regions/coun-
tries/global business lines, as well as with the adoption
of specific standardized contractual frameworks that
contain risk mitigation clauses (e.g. netting arrange-
ments) and possibly the exchange of cash collateral.
In 2024, after a temporary deterioration in the collec-
tion status of certain customer segments, the situation
was restored to the conditions registered the previous
year. Again in 2024, the Group portfolio has displayed
resilience to the current macroeconomic context, also
thanks to the strengthening of collection processes
(digital collection channels and notifications, granting
of repayment plans) and a sound diversification of the
customer base.
Loan assets
Millions of euro
at Dec. 31, 2024
Staging
Basis for recognition
of expected credit loss
allowance
Average
loss rate
(PD*LGD)
Gross
carrying
amount
Expected
credit loss
allowance
Carrying
amount
Performing
12-month ECL
4.7%
6,240
292
5,948
Underperforming
Lifetime ECL
1.2%
166
2
164
Non-performing
Lifetime ECL
5.9%
370
22
348
Total
6,776
316
6,460
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
538
INTEGRATED ANNUAL REPORT 2024
Contract assets, trade receivables and other financial assets: individual measurement
Millions of euro
at Dec. 31, 2024
Average loss rate
(PD*LGD)
Gross carrying
amount
Expected credit
loss allowance
Carrying
amount
Contract assets
-
98
-
98
Trade receivables
Trade receivables not past due
0.5%
6,654
31
6,623
Trade receivables past due:
- 1-30 days
1.4%
218
3
215
- 31-60 days
12.7%
63
8
55
- 61-90 days
2.2%
45
1
44
- 91-120 days
4.4%
45
2
43
- 121-150 days
7.4%
27
2
25
- 151-180 days
12.1%
33
4
29
- more than 180 days (credit impaired)
86.8%
1,424
1,236
188
Total trade receivables
8,509
1,287
7,222
Other financial assets
Other financial assets not past due
2.3%
1,663
38
1,625
Other financial assets past due:
- 1-30 days
-
2
-
2
- 31-60 days
-
1
-
1
- 61-90 days
-
-
-
-
- 91-120 days
-
-
-
-
- 121-150 days
-
-
-
-
- 151-180 days
-
7
2
5
- more than 180 days (credit impaired)
28.8%
104
30
74
Total other financial assets
1,777
70
1,707
TOTAL
10,384
1,357
9,027
Millions of euro
at Dec. 31, 2023
Average loss rate
(PD*LGD)
Gross carrying
amount
Expected credit
loss allowance
Carrying
amount
Contract assets
-
83
-
83
Trade receivables
Trade receivables not past due
0.5%
6,225
32
6,193
Trade receivables past due:
- 1-30 days
2.0%
350
7
343
- 31-60 days
1.9%
103
2
101
- 61-90 days
5.3%
38
2
36
- 91-120 days
12.2%
41
5
36
- 121-150 days
13.2%
53
7
46
- 151-180 days
8.2%
49
4
45
- more than 180 days (credit impaired)
83.9%
1,474
1,236
238
Total trade receivables
8,333
1,295
7,038
Other financial assets
Other financial assets not past due
0.4%
1,690
7
1,683
Other financial assets past due:
- 1-30 days
-
25
-
25
- 31-60 days
-
-
-
-
- 61-90 days
-
-
-
-
- 91-120 days
-
-
-
-
- 121-150 days
-
2
-
2
- 151-180 days
-
-
-
-
- more than 180 days (credit impaired)
2.7%
75
2
73
Total other financial assets
1,792
9
1,783
TOTAL
10,208
1,304
8,904
Notes to the consolidated financial statements
539
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Contract assets, trade receivables and other financial assets: collective measurement
Millions of euro
at Dec. 31, 2024
Average loss rate
(PD*LGD)
Gross carrying
amount
Expected credit
loss allowance
Carrying
amount
Contract assets
2.2%
139
3
136
Trade receivables
Trade receivables not past due
3.1%
6,064
190
5,874
Trade receivables past due:
- 1-30 days
4.1%
801
33
768
- 31-60 days
22.5%
187
42
145
- 61-90 days
35.7%
115
41
74
- 91-120 days
40.7%
118
48
70
- 121-150 days
30.6%
85
26
59
- 151-180 days
48.4%
95
46
49
- more than 180 days (credit impaired)
55.0%
3,730
2,050
1,680
Total trade receivables
11,195
2,476
8,719
Other financial assets
Other financial assets not past due
0.4%
260
1
259
Other financial assets past due:
- 1-30 days
3.0%
33
1
32
- 31-60 days
-
-
-
-
- 61-90 days
-
-
-
-
- 91-120 days
-
-
-
-
- 121-150 days
-
-
-
-
- 151-180 days
-
-
-
-
- more than 180 days (credit impaired)
100.0%
1
1
-
Total other financial assets
294
3
291
TOTAL
11,628
2,482
9,146
Millions of euro
at Dec. 31, 2023
Average loss rate
(PD*LGD)
Gross carrying
amount
Expected credit
loss allowance
Carrying
amount
Contract assets
1.3%
150
2
148
Trade receivables
Trade receivables not past due
2.9%
8,322
239
8,083
Trade receivables past due:
- 1-30 days
2.6%
802
21
781
- 31-60 days
44.3%
70
31
39
- 61-90 days
19.5%
210
41
169
- 91-120 days
25.8%
132
34
98
- 121-150 days
50.8%
132
67
65
- 151-180 days
52.9%
119
63
56
- more than 180 days (credit impaired)
57.9%
3,428
1,984
1,444
Total trade receivables
13,215
2,480
10,735
Other financial assets
Other financial assets not past due
-
604
-
604
Other financial assets past due:
- 1-30 days
66.7%
3
2
1
- 31-60 days
-
-
-
-
- 61-90 days
-
-
-
-
- 91-120 days
-
-
-
-
- 121-150 days
-
-
-
-
- 151-180 days
-
2
-
2
- more than 180 days (credit impaired)
50.0%
2
1
1
Total other financial assets
611
3
608
TOTAL
13,976
2,485
11,491
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
540
INTEGRATED ANNUAL REPORT 2024
Liquidity risk
Liquidity risk manifests itself as uncertainty about the
Group’s ability to discharge its obligations associated
with financial liabilities that are settled by delivering
cash or another financial asset.
Enel manages liquidity risk by implementing meas-
ures to ensure an appropriate level of liquid finan-
cial resources to meet expected commitments over
a given time horizon without resorting to additional
sources of financing, also retaining a prudential li-
quidity reserve, sufficient to meet any unexpected
commitments.
Furthermore, in order to meet its medium- and long-
term commitments, Enel pursues a borrowing strate-
gy that provides for a diversified structure of funding
sources, which it uses to meet its financial needs, and
a balanced maturity profile.
In the short term, liquidity risk is mitigated by main-
taining an appropriate level of unconditionally availa-
ble resources, including liquidity on hand and short-
term deposits, available committed credit lines and a
portfolio of highly liquid assets.
In the long term, liquidity risk is mitigated by maintain-
ing a balanced maturity profile for our debt, access to
a range of sources of funding on different markets, in
different currencies and with diverse counterparties.
The mitigation of liquidity risk enables the Group to
maintain a credit rating that ensures access to the
capital market and limits the cost of funds, with a pos-
itive impact on its financial position and performance.
In 2024, Enel’s risk profile changed compared with
December 2023 for Moody’s, whose rating went from
“Baa1” with a negative outlook to “Baa1” with stable
outlook; Fitch and Standard & Poor’s maintained their
rating at “BBB+” with stable outlook and “BBB” with
stable outlook, respectively.
In order to manage liquidity efficiently, treasury activi-
ties have largely been centralized at the holding com-
pany level, meeting liquidity requirements primarily by
drawing on the cash generated by ordinary operations
and managing any cash surpluses appropriately.
The Group holds the following undrawn lines of credit
and commercial paper programs.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Expiring within
one year
Expiring beyond
one year
Expiring within
one year
Expiring beyond
one year
Committed credit lines
374
19,386
823
19,040
Uncommitted credit lines
941
-
734
-
Commercial paper
15,423
-
15,027
-
Total
16,738
19,386
16,584
19,040
Notes to the consolidated financial statements
541
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Maturity analysis
The table below summarizes the maturity profile of the repayment plans of the Group’s gross long- and short-term
financial debt at December 31, 2024.
Millions of euro
Maturing in
Less than
3 months
From
3 months
to 1 year
2026
2027
2028
2029
Beyond
Gross long-term financial debt
Bonds:
- listed, fixed rate
983
2,475
3,913
3,818
1,754
2,907
10,782
- listed, floating rate
-
315
368
203
105
290
475
- unlisted, fixed rate
-
1,448
1,208
1,659
2,169
1,962
10,435
- unlisted, floating rate
-
97
97
97
-
-
40
Total bonds
983
4,335
5,586
5,777
4,028
5,159
21,732
Bank borrowings:
- fixed rate
59
175
417
755
1,023
129
907
- floating rate
185
1,323
2,550
1,423
1,553
908
5,072
- use of revolving credit lines
-
-
-
-
18
-
-
Total bank borrowings
244
1,498
2,967
2,178
2,594
1,037
5,979
Leases:
- fixed rate
93
213
287
230
182
139
1,748
- floating rate
3
9
9
3
3
5
7
Total leases
96
222
296
233
185
144
1,755
Other non-bank borrowings:(1)
- fixed rate
19
42
66
38
14
15
217
- floating rate
-
-
13
17
13
8
13
Total other non-bank borrowings
19
42
79
55
27
23
230
Total gross long-term financial debt
1,342
6,097
8,928
8,243
6,834
6,363
29,696
Gross short-term financial debt
Short-term bank borrowings
61
283
-
-
-
-
-
Commercial paper
2,406
-
-
-
-
-
-
Cash collateral on derivatives and other financing
732
-
-
-
-
-
-
Other short-term financial debt(2)
162
15
-
-
-
-
-
Total gross short-term financial debt
3,361
298
-
-
-
-
-
TOTAL GROSS FINANCIAL DEBT
4,703
6,395
8,928
8,243
6,834
6,363
29,696
(1)
Includes “Other non-current financial borrowings included in net financial debt” presented under “Other non-current financial liabilities” in the
statement of financial position.
(2) Includes “Other current financial borrowings included in net financial debt” included in “Other current financial liabilities” in the statement of
financial position.
Commitments to purchase commodities
In conducting its business, the Enel Group has en-
tered into contracts to purchase specified quantities
of commodities at a certain future date for its own use,
which qualify for the own use exemption provided for
under IFRS 9.
The following table reports the undiscounted cash
flows associated with outstanding commitments at
December 31, 2024.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
542
INTEGRATED ANNUAL REPORT 2024
Millions of euro
at Dec. 31, 2024
2024-2027
2028-2032
2033-2037
Beyond
Commitments to purchase commodities:
- electricity
56,438
18,947
15,289
12,478
9,724
- fuels
44,008
23,984
12,706
6,297
1,021
Total
100,446
42,931
27,995
18,775
10,745
48. Offsetting financial assets and financial liabilities
At December 31, 2024 the Group did not hold offset
positions in assets and liabilities, as it is not the Enel
Group’s policy to settle financial assets and liabilities
on a net basis.
49. Derivatives and hedge accounting
The following tables show the notional amount and
the fair value of derivative financial assets and deriv-
ative financial liabilities eligible for hedge account-
ing or measured a FVTPL, classified on the basis of
the type of hedge relationship and the hedged risk,
broken down into current and non-current instru-
ments.
The notional amount of a derivative contract is the
amount on the basis of which cash flows are ex-
changed. This amount can be expressed as a value or
a quantity (for example tons, converted into euros by
multiplying the notional amount by the agreed price).
Amounts denominated in currencies other than the
euro are translated at the official closing exchange
rates provided by the World Markets Refinitiv (WMR)
Company.
Millions of euro
Non-current
Current
Notional
Fair value
Notional
Fair value
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
DERIVATIVE ASSETS
Fair value hedge
derivatives:
- on interest rates
468
556
54
101
-
-
-
-
- on exchange rates
374
90
49
12
162
-
18
-
Total
842
646
103
113
162
-
18
-
Cash flow hedge
derivatives:
- on interest rates
3,236
4,090
107
174
765
54
3
1
- on exchange rates
13,903
11,060
1,331
1,007
3,971
4,393
246
145
- on commodities
1,348
4,094
336
883
3,902
5,560
452
1,818
Total
18,487
19,244
1,774
2,064
8,638
10,007
701
1,964
Trading derivatives:
- on interest rates
10
-
-
-
-
-
-
-
- on exchange rates
-
84
-
1
713
1,734
23
24
- on commodities
817
858
124
205
20,202
17,511
2,770
4,419
- other
137
-
2
-
-
-
-
-
Total
964
942
126
206
20,915
19,245
2,793
4,443
TOTAL DERIVATIVE
ASSETS
20,293
20,832
2,003
2,383
29,715
29,252
3,512
6,407
Notes to the consolidated financial statements
543
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Millions of euro
Non-current
Current
Notional
Fair value
Notional
Fair value
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
DERIVATIVE LIABILITIES
Fair value hedge
derivatives:
- on interest rates
675
675
16
27
-
554
-
17
- on exchange rates
605
929
12
78
-
-
-
-
Total
1,280
1,604
28
105
-
554
-
17
Cash flow hedge
derivatives:
- on interest rates
2,955
1,897
116
91
50
100
-
-
- on exchange rates
9,126
11,173
1,607
1,830
1,456
4,785
105
332
- on commodities
3,738
3,075
1,031
1,143
4,056
4,696
631
1,627
Total
15,819
16,145
2,754
3,064
5,562
9,581
736
1,959
Trading derivatives:
- on interest rates
-
-
-
-
100
100
29
29
- on exchange rates
4
67
-
1
1,311
1,807
36
28
- on commodities
760
921
133
203
21,273
16,693
2,783
4,428
Total
764
988
133
204
22,684
18,600
2,848
4,485
TOTAL DERIVATIVE
LIABILITIES
17,863
18,737
2,915
3,373
28,246
28,735
3,584
6,461
49.1 Derivatives designated as hedging
instruments
Derivatives are initially recognized at fair value, on
the trade date of the contract, and are subsequently
re-measured at their fair value. The method of recog-
nizing the resulting gain or loss depends on whether
the derivative is designated as a hedging instrument,
and if so, the nature of the item being hedged.
Hedge accounting is applied to derivatives entered
into in order to reduce risks such as interest rate risk,
currency risk, commodity price risk (including Virtual
PPAs) when all the criteria provided by IFRS 9 are met.
At the inception of the transaction, the Group docu-
ments the relationship between hedging instruments
and hedged items, as well as its risk management ob-
jectives and strategy. The Group also documents its
assessment, both at hedge inception and on an ongo-
ing basis, of whether hedging instruments are highly
effective in offsetting changes in fair values or cash
flows of hedged items.
For cash flow hedges of forecast transactions desig-
nated as hedged items, the Group assesses and doc-
uments that they are highly probable and present an
exposure to changes in cash flows that affect profit or
loss.
Depending on the nature of the risk exposure, the
Group designates derivatives as either:
• fair value hedges;
• cash flow hedges.
For more details about the nature and the extent of
risks arising from financial instruments to which the
Group is exposed, please see note 47 “Risk manage-
ment”.
To be effective a hedge relationship shall meet all of
the following criteria:
• existence of an economic relationship between
hedging instrument and hedged item;
• the effect of credit risk does not dominate the value
changes resulting from the economic relationship;
• the hedge ratio defined at initial designation shall be
equal to the one used for risk management purpos-
es (i.e. same quantity of the hedged item that the
entity actually hedges and the quantity of the hedg-
ing instrument that the entity actually uses).
The existence of an economic relationship is evaluat-
ed by the Group through a qualitative assessment or a
quantitative computation, depending on the following
circumstances:
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
544
INTEGRATED ANNUAL REPORT 2024
• if the underlying risk of the hedging instrument and
the hedged item is the same, the existence of an
economic relationship will be provided through a
qualitative analysis;
• on the other hand, if the underling risk of the hedg-
ing instrument and the hedged item is not the same,
the existence of the economic relationship will be
demonstrated through a quantitative method in ad-
dition to a qualitative analysis of the nature of the
economic relationship (i.e. linear regression).
For hedging of commodity price risk, the existence of
an economic relationship is deduced from a ranking
matrix that defines, for each possible risk component,
a set of all standard derivatives available in the market
whose ranking is based on their effectiveness in hedg-
ing the considered risk.
In order to evaluate the credit risk effects, the Group
considers the existence of risk mitigating measures
(collateral, mutual break-up clauses, netting agree-
ments, etc.).
The Group has established a hedge ratio of 1:1 for all
the hedge relationships (including commodity price
risk hedging) as the underlying risk of the hedging
derivative is identical to the hedged risk, in order to
minimize hedging ineffectiveness.
The hedge ineffectiveness will be evaluated through:
• a qualitative assessment, if the critical terms of the
hedged item and hedging instrument match and
there are no other sources of ineffectiveness in-
cluded the credit risk adjustment on the hedging
derivative;
• a quantitative computation (dollar offset), if the crit-
ical terms of the hedged item and hedging instru-
ment do not match or there is at least one source of
ineffectiveness. This method compares changes in
fair value of the hedging instrument and the hypo-
thetical derivative between the reporting date and
the inception date.
The main causes of hedge ineffectiveness can be the
following:
• basis differences (i.e. the fair value or cash flows of
the hedged item depend on a variable that is differ-
ent from the variable that causes the fair value or
cash flows of the hedging instrument to change);
• timing differences (i.e. the hedged item and hedging
instrument occur or are settled at different dates);
• quantity or notional amount differences (i.e. the
hedged item and hedging instrument are based on
different quantities or notional amounts);
• other risks (i.e. changes in the fair value or cash
flows of a derivative hedging instrument or hedged
item relate to risks other than the specific risk being
hedged);
• credit risk (i.e. the counterparty credit risk differently
impacts the changes in the fair value of the hedging
instruments and hedged items).
Fair value hedges
Fair value hedges are mainly used to protect the Group
against exposures to changes in the fair value of as-
sets, liabilities or firm commitment attributable to a
particular risk that could affect profit or loss.
Changes in the fair value of derivatives that qualify and
are designated as hedging instruments are recog-
nized in the income statement, together with changes
in the fair value of the hedged item that are attributa-
ble to the hedged risk.
If the hedge no longer meets the criteria for hedge
accounting, the adjustment to the carrying amount
of a hedged item for which the effective interest rate
method is used is amortized to profit or loss over the
period to maturity.
Cash flow hedges
Cash flow hedges are applied in order to hedge the
Group exposure to changes in future cash flows that
are attributable to a recognized asset or liability or a
highly probable transaction that could affect profit or
loss.
The effective portion of changes in the fair value of
derivatives that are designated as cash flow hedges is
recognized in other comprehensive income.
The gain or loss relating to the ineffective portion is
recognized immediately in the income statement.
Amounts accumulated in equity are reclassified to
profit or loss in the periods when the hedged item af-
fects profit or loss.
If the hedged item is a non-financial asset or liability,
the amount accumulated in equity is included in the
carrying amount of the asset or the liability hedged (i.e.
“basis adjustment”).
When a hedging instrument expires or is sold, or when
a hedge no longer meets the criteria for hedge ac-
counting, any cumulative gain or loss existing in equity
at that time remains in equity and is recognized when
the forecast transaction is ultimately recognized in the
income statement. When a forecast transaction is no
longer expected to occur, the cumulative gain or loss
is immediately transferred to the income statement.
For hedge relationships using forwards, accounting
Notes to the consolidated financial statements
545
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
for the forward element (profit or loss vs OCI) is de-
fined case by case.
Conversely, for hedge relationships using cross cur-
rency interest rate swaps, the Group separates foreign
currency basis spreads and present them in other
comprehensive income (OCI) as hedging costs.
With specific regard to cash flow hedges of commod-
ity risk, the Enel Group applies a dynamic hedge ac-
counting approach based on specific liquidity require-
ments (the so-called liquidity-based approach).
This approach requires the use of the most liquid de-
rivatives available on the market.
The liquidity-based approach allows the roll-over of a
derivative by replacing it with a new derivative, if and
only if the new derivative meets specific liquidity and
proxy effectiveness requirements.
Satisfaction of these requirements is verified quarterly.
At the roll-over date, the hedge relationship is not dis-
continued and the new derivative continues to be rec-
ognized in OCI, while changes in the fair value of the
old derivative are recognized through profit or loss.
49.1.1 Hedge relationships by type
of risk hedged
Interest rate risk
The following table shows the notional amount and the
average interest rate of instruments hedging the in-
terest rate risk on the main currencies of transactions
outstanding at December 31, 2024 and December 31,
2023, broken down by maturity.
Millions of euro
Maturity
2025
2026
2027
2028
2029
Beyond
Total
At Dec. 31, 2024
Interest rate swaps
Total notional amount
816
802
1,978
15
212
4,326
8,149
Notional amount related to IRSs in euro
550
590
1,505
15
212
3,546
6,418
Average IRS rate in euro
1.93
2.02
3.26
0.86
4.12
2.13
Notional amount related to IRSs in US dollars
-
-
473
-
-
416
889
Average IRS rate in US dollars
3.28
4.35
Millions of euro
Maturity
2024
2025
2026
2027
2028
Beyond
Total
At Dec. 31, 2023
Interest rate swaps
Total notional amount
708
564
879
1,975
19
3,781
7,926
Notional amount related to IRSs in euro
608
564
636
1,532
19
3,141
6,500
Average IRS rate in euro
4.56
1.92
2.12
3.38
0.86
2.37
Notional amount related to IRSs in US dollars
46
-
-
444
-
210
700
Average IRS rate in US dollars
0.70
3.28
5.05
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
546
INTEGRATED ANNUAL REPORT 2024
The following table shows the notional amount and the
fair value of the hedging instruments on the interest
rate risk of transactions outstanding as at December
31, 2024 and December 31, 2023, broken down by
type of hedged item.
Millions of euro
Fair value
Notional
amount
Fair value
Notional
amount
Hedging
instrument
Hedged item
Assets
Liabilities
Assets
Liabilities
at Dec. 31, 2024
at Dec. 31, 2023
Fair value hedges
Interest rate
swaps
Floating-rate borrowings/bonds
52
-
456
98
-
544
Interest rate
swaps
Fixed-rate borrowings/bonds
2
(16)
687
3
(44)
1,241
Cash flow hedges
Interest rate
swaps
Floating-rate bonds
5
(45)
940
12
(49)
1,040
Interest rate
swaps
Floating-rate loan assets
-
(8)
141
-
(7)
145
Interest rate
swaps
Floating-rate borrowings
105
(63)
5,925
163
(35)
4,956
Total
164
(132)
8,149
276
(135)
7,926
The following table shows the notional amount and the
fair value of hedging derivatives on interest rate risk as
at December 31, 2024 and December 31, 2023, bro-
ken down by type of hedge.
Millions of euro
Notional amount
Fair value assets
Notional amount
Fair value liabilities
Derivatives
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Fair value hedges
Interest rate swaps
468
556
54
101
675
1,229
(16)
(44)
Total
468
556
54
101
675
1,229
(16)
(44)
Cash flow hedges
Interest rate swaps
4,001
4,144
110
175
3,005
1,997
(116)
(91)
Total
4,001
4,144
110
175
3,005
1,997
(116)
(91)
TOTAL INTEREST
RATE DERIVATIVES
4,469
4,700
164
276
3,680
3,226
(132)
(135)
The notional amount of derivatives classified as hedg-
ing instruments at December 31, 2024 came to €8,149
million, with a corresponding positive fair value of €32
million.
Compared with December 31, 2023, the notional
amount increased by €223 million, mainly reflecting:
• the expiry of interest rate swaps amounting to €708
million;
• early closure of interest rate swaps for an amount of
€65 million, following early redemption of the un-
derlying;
• new interest rate swaps amounting to €1,380 mil-
lion;
• the reduction in the notional amount of amortizing
interest rate swaps in the amount of €370 million.
The deterioration in the fair value of €109 million
mainly reflects developments in the yield curve dur-
ing 2024. This is largely attributable to the progressive
easing, especially in the second half of 2024, of the
restrictive monetary policies that have characterized
recent years.
Notes to the consolidated financial statements
547
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Fair value hedge derivatives
The following table reports net gains and losses rec-
ognized through profit or loss in respect of fair value
hedge derivatives and the hedged item that are attrib-
utable to interest rate risk both in 2024 and the previ-
ous year.
Millions of euro
2024
2023
Net gain/(loss)
Net gain/(loss)
Interest rate hedging instruments
(5)
125
Hedged item
15
(132)
Ineffective portion
10
(7)
The following table shows the impact of fair value
hedges of interest rate risk in the statement of finan-
cial position at December 31, 2024 and at December
31, 2023.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Notional
amount
Carrying
amount
Fair value used
to measure
ineffectiveness in
the year
Notional
amount
Carrying
amount
Fair value used
to measure
ineffectiveness in
the year
Interest rate swaps
1,143
38
38
1,785
57
57
The following table shows the impact of the hedged
item of fair value hedges in the statement of finan-
cial position at December 31, 2024 and December 31,
2023.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Carrying
amount
of which:
Cumulative
adjustment of
fair value of
hedged item
Fair value used
to measure
ineffectiveness
in the year
Carrying
amount
of which:
Cumulative
adjustment of
fair value of
hedged item
Fair value used
to measure
ineffectiveness
in the year
Fixed-rate borrowings
661
(14)
14
1,186
(43)
44
Fixed-rate bonds
14
2
(2)
14
2
(2)
Floating-rate bonds
522
(31)
(53)
671
41
(107)
Total
1,197
(43)
(41)
1,871
-
(65)
Cash flow hedge derivatives
The following table shows the cash flows expected in coming years from cash flow hedge derivatives on interest
rate risk.
Millions of euro
Fair value
Distribution of expected cash flows
at Dec. 31,
2024
2025
2026
2027
2028
2029
Beyond
Cash flow hedge derivatives on interest rates
Positive fair value
110
49
23
18
12
10
18
Negative fair value
(116)
(13)
(30)
(24)
(19)
(19)
(26)
The following table shows the impact of cash flow hedges of interest rate risk in the statement of financial position
at December 31, 2024 and December 31, 2023.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Notional
amount
Carrying
amount
Fair value used
to measure
ineffectiveness
in the year
Notional
amount
Carrying
amount
Fair value used
to measure
ineffectiveness
in the year
Interest rate swaps
7,006
(6)
(6)
6,141
84
84
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
548
INTEGRATED ANNUAL REPORT 2024
The following table shows the impact of the hedged item of cash flow hedges in the statement of financial position
at December 31, 2024 and December 31, 2023.
Millions
of euro
at Dec. 31, 2024
at Dec. 31, 2023
Fair value of the
hedged item
used to measure
ineffectiveness
in the year
Fair value
through P&L of
CFH derivatives
designated after
initial recognition
Hedging
reserve
Hedging
costs
reserve
Ineffective
portion of
carrying
amount
of CFH
derivatives
Fair value of
the hedged
item used
to measure
ineffectiveness
in the year
Fair value
through P&L of
CFH derivatives
designated after
initial recognition
Hedging
reserve
Hedging
costs
reserve
Ineffective
portion of
carrying
amount
of CFH
derivatives
Floating-rate
bonds
40
-
(40)
-
-
37
-
(37)
-
-
Floating-rate
loan assets
8
-
(8)
-
-
7
-
(7)
-
-
Floating-rate
borrowings
(54)
(14)
54
-
2
(149)
(20)
149
-
(1)
Total
(6)
(14)
6
-
2
(105)
(20)
105
-
(1)
Currency risk
The following table reports the maturity profile of
the notional amount and associated average con-
tractual exchange rate for the instruments hedging
currency risk on the main currencies of transactions
outstanding at December 31, 2024 and December
31, 2023.
Millions of euro
Maturity
2025
2026
2027
2028
2029
Beyond
Total
At Dec. 31, 2024
Cross currency interest rate swaps
Total notional amount of CCIRSs
2,699
1,304
3,215
2,173
3,097
13,264
25,752
Notional amount for CCIRSs EUR/USD
2,171
1,207
2,421
2,173
1,984
9,658
19,614
Average exchange rate EUR/USD
1.07
1.18
1.09
1.18
1.11
1.14
Notional amount for CCIRSs EUR/GBP
-
-
605
-
907
2,406
3,918
Average exchange rate EUR/GBP
0.90
0.84
0.81
Notional amount for CCIRSs EUR/CHF
-
-
-
139
-
-
139
Average exchange rate EUR/CHF
1.21
Notional amount for CCIRSs USD/BRL
246
97
-
-
-
479
822
Average exchange rate USD/BRL
5.22
5.30
4.27
Notional amount for CCIRSs EUR/BRL
216
-
50
-
-
-
266
Average exchange rate EUR/BRL
6.05
3.92
Currency forwards
Total notional amount of forwards
2,890
920
35
-
-
-
3,845
Notional amount - currency forwards EUR/USD
2,602
920
35
-
-
-
3,557
Average currency forward rate - EUR/USD
1.10
1.12
1.12
Notional amount - currency forwards USD/COP
200
-
-
-
-
-
200
Average currency forward rate - USD/COP
4,243.18
Notional amount - currency forwards USD/MXN
47
-
-
-
-
-
47
Average currency forward rate - USD/MXN
21.13
Notional amount - currency forwards CLF/USD
12
-
-
-
-
-
12
Average currency forward rate - CLF/USD
39.59
Notional amount - currency forwards EUR/CNY
11
-
-
-
-
-
11
Average currency forward rate - EUR/CNY
7.70
Notes to the consolidated financial statements
549
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Millions of euro
Maturity
2024
2025
2026
2027
2028
Beyond
Total
At Dec. 31, 2023
Cross currency interest rate swaps
Total notional amount of CCIRSs
4,562
2,577
1,222
2,337
2,037
13,386
26,121
Notional amount for CCIRSs EUR/USD
2,213
2,036
1,132
1,560
2,037
9,102
18,080
Average exchange rate EUR/USD
1.13
1.07
1.07
1.10
1.18
1.15
Notional amount for CCIRSs EUR/GBP
981
-
-
577
-
3,856
5,414
Average exchange rate EUR/GBP
0.88
0.90
0.82
Notional amount for CCIRSs EUR/CHF
242
-
-
140
-
-
382
Average exchange rate EUR/CHF
1.07
1.21
Notional amount for CCIRSs USD/BRL
279
231
91
-
-
387
988
Average exchange rate USD/BRL
5.50
5.22
5.30
4.13
Notional amount for CCIRSs EUR/BRL
445
231
-
60
-
-
736
Average exchange rate EUR/BRL
6.25
6.05
3.92
Currency forwards
Total notional amount of forwards
4,616
1,186
507
-
-
-
6,309
Notional amount - currency forwards EUR/USD
3,144
1,042
507
-
-
-
4,693
Average currency forward rate - EUR/USD
1.10
1.11
1.13
Notional amount - currency forwards USD/BRL
938
141
-
-
-
-
1,079
Average currency forward rate - USD/BRL
873.05
885.2239
Notional amount - currency forwards EUR/CNH
175
-
-
-
-
-
175
Average currency forward rate - EUR/CNH
7.81
Notional amount - currency forwards USD/CLP
130
-
-
-
-
-
130
Average currency forward rate - USD/CLP
4.95
Notional amount - currency forwards USD/COP
122
2
-
-
-
-
124
Average currency forward rate - USD/COP
4,498.97
4,597.37
The following table shows the notional amount and the
fair value of the hedging instruments on the currency
risk of transactions outstanding as at December 31,
2024 and December 31, 2023 broken down by type of
hedged item.
Millions of euro
Fair value
Notional
amount
Fair value
Notional
amount
Hedging instrument
Hedged item
Assets
Liabilities
Assets
Liabilities
at Dec. 31, 2024
at Dec. 31, 2023
Fair value hedges
Cross currency interest rate
swaps (CCIRSs)
Fixed-rate borrowings/bonds in
foreign currencies
67
(12)
1,141
12
(78)
1,019
Cross currency interest rate
swaps (CCIRSs)
Floating-rate borrowings in foreign
currencies
-
-
-
-
-
-
Cash flow hedges
Cross currency interest rate
swaps (CCIRSs)
Floating-rate borrowings/financial
assets in foreign currencies
115
(4)
612
67
(36)
754
Cross currency interest rate
swaps (CCIRSs)
Fixed-rate borrowings/financial
assets in foreign currencies
39
(70)
1,455
5
(220)
2,104
Cross currency interest rate
swaps (CCIRSs)
Floating-rate bonds in foreign
currencies
8
(2)
202
56
-
250
Cross currency interest rate
swaps (CCIRSs)
Fixed-rate bonds in foreign
currencies
1,223
(1,625)
22,310
965
(1,724)
21,763
Cross currency interest rate
swaps (CCIRSs)
Future cash flows denominated in
foreign currencies
-
(7)
32
-
(43)
231
Currency forwards
Future cash flows denominated in
foreign currencies
1
-
39
2
(1)
117
Currency forwards
Future commodity purchases
denominated in foreign currencies
181
(3)
3,527
54
(126)
5,666
Currency forwards
Purchases of investment goods and
other in foreign currencies
10
(1)
279
3
(12)
526
Total
1,644
(1,724)
29,597
1,164
(2,240)
32,430
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
550
INTEGRATED ANNUAL REPORT 2024
Cash flow hedges and fair value hedges include:
• CCIRSs with a notional amount of €24,906 million
used to hedge the currency risk on fixed-rate debt
denominated in currencies other than the euro with
a negative fair value of €378 million;
• CCIRSs with a notional amount of €846 million used
to hedge the currency risk on floating-rate debt de-
nominated in currencies other than the euro, with a
positive fair value of €110 million;
• currency forwards with a notional amount of €3,566
million used to hedge the currency risk associated
with purchases of energy and metal commodities
and expected cash flows in currencies other than the
euro, with a total positive fair value of €179 million;
• currency forwards with a notional amount of €279
million and a positive fair value of €9 million, in re-
spect of OTC transactions to mitigate the currency
risk on expected cash flows in currencies other than
the presentation currency connected with the pur-
chase of investment goods in the energy generation
sector, on operating costs for the supply of cloud
services and on revenue from the sale of renewable
energy.
The following table reports the notional amount and
fair value of foreign exchange derivatives at Decem-
ber 31, 2024 and December 31, 2023, broken down by
type of hedge.
Millions of euro
Notional amount
Fair value assets
Notional amount
Fair value liabilities
Derivatives
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Fair value hedges
CCIRSs
536
90
67
12
605
929
(12)
(78)
Total
536
90
67
12
605
929
(12)
(78)
Cash flow hedges
Currency forwards
3,609
1,979
192
59
236
4,330
(4)
(140)
CCIRSs
14,265
13,474
1,385
1,093
10,346
11,628
(1,708)
(2,022)
Total
17,874
15,453
1,577
1,152
10,582
15,958
(1,712)
(2,162)
TOTAL EXCHANGE
RATE DERIVATIVES
18,410
15,543
1,644
1,164
11,187
16,887
(1,724)
(2,240)
The notional amount of CCIRSs at December 31, 2024
amounted to €25,752 million, a decrease of €369 million
from €26,121 million at December 31, 2023. In particular:
• CCIRSs with a total amount of €3,707 million expired;
• new derivatives amounted to €2,188 million;
• the notional amount increased by €1,150 million, re-
flecting developments in the exchange rate of the
euro against the main other currencies, slightly off-
set by the effect of amortization.
The notional amount of currency forwards at De-
cember 31, 2024 amounted to €3,845 million
(€6,309 million at December 31, 2023), a decrease
of €2,464 million. The exposure to currency risk, es-
pecially that associated with the US dollar, is mainly
due to purchases of energy and metal commodities
and cash flows in respect of investments.
The considerable decrease in the notional amounts
of these derivatives in 2024 is mainly due to the de-
crease in currency hedges on the purchase of fos-
sil fuel. The improvement of net fair value of €268
million reflected positive developments in exchange
rates, in particular the euro/US dollar rate.
Fair value hedge derivatives
The following table reports net gains and losses rec-
ognized through profit or loss, reflecting changes in
the fair value of fair value hedge derivatives and the
hedged item that are attributable to currency risk for
2024 and the previous year.
Notes to the consolidated financial statements
551
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Millions of euro
2024
2023
Net gain/(loss)
Net gain/(loss)
Interest rate hedging instruments
129
20
Hedged item
(135)
(12)
Ineffective portion
(6)
8
The following table shows the impact of fair value
hedges of currency risk in the statement of financial
position at December 31, 2024 and December 31,
2023.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Notional
amount
Carrying
amount
Fair value used
to measure
ineffectiveness
in the year
Notional
amount
Carrying
amount
Fair value used
to measure
ineffectiveness
in the year
Cross currency interest rate
swaps (CCIRSs)
1,141
55
53
1,019
(66)
(68)
The following table shows the impact of the hedged
item of fair value hedges in the statement of finan-
cial position at December 31, 2024 and December 31,
2023.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Carrying
amount
of which:
Cumulative
adjustment of
fair value of
hedged item
Fair value used
to measure
ineffectiveness
in the year
Carrying
amount
of which:
Cumulative
adjustment of
fair value of
hedged item
Fair value used
to measure
ineffectiveness
in the year
Fixed-rate bonds in
foreign currencies
534
(71)
14
500
(77)
48
Fixed-rate borrowings
in foreign currencies
515
(22)
(72)
434
(7)
24
Total
1,049
(93)
(58)
934
(84)
72
Cash flow hedge derivatives
The following table shows the cash flows expected in coming years from cash flow hedge derivatives on currency risk.
Millions of euro
Fair value
Distribution of expected cash flows
at Dec. 31, 2024
2025
2026
2027
2028
2029
Beyond
Cash flow hedge derivatives on exchange rates
Positive fair value
1,577
484
421
320
427
249
1,921
Negative fair value
(1,712)
(76)
24
16
39
53
308
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
552
INTEGRATED ANNUAL REPORT 2024
The following table shows the impact of cash flow
hedges of currency risk in the statement of financial
position at December 31, 2024 and December 31,
2023.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Notional
amount
Carrying
amount
Fair value used
to measure
ineffectiveness
in the year
Notional
amount
Carrying
amount
Fair value used
to measure
ineffectiveness
in the year
Cross currency interest
rate swaps (CCIRSs)
24,611
(323)
(586)
25,102
(930)
(919)
Currency forwards
3,845
188
194
6,309
(80)
(73)
Total
28,456
(135)
(392)
31,411
(1,010)
(992)
The following table shows the impact of the hedged
item of cash flow hedges in the statement of finan-
cial position at December 31, 2024 and December 31,
2023.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Fair value of
the hedged
item used
to measure
ineffectiveness
in the year
Hedging
reserve
Hedging
costs
reserve
Ineffective
portion of
carrying
amount
of CFH
derivatives
Other
effects(1)
Fair value of
the hedged
item used
to measure
ineffectiveness
in the year
Hedging
reserve
Hedging
costs
reserve
Ineffective
portion of
carrying
amount
of CFH
derivatives
Other
effects(1)
Floating-rate borrowings
in foreign currencies
(112)
112
-
(1)
-
(31)
31
-
-
-
Fixed-rate borrowings
in foreign currencies
31
(31)
(1)
1
-
219
(219)
4
-
-
Floating-rate bonds
in foreign currencies
(6)
6
-
-
-
(56)
56
-
-
-
Fixed-rate bonds
in foreign currencies
797
(797)
264
2
128
861
(861)
(15)
-
118
Future cash flows
denominated in foreign
currencies (hedged
with CCIRSs)
7
(7)
-
-
-
43
(43)
-
-
-
Future cash flows
denominated in foreign
currencies (hedged
with forwards)
(1)
1
-
-
-
(1)
1
-
-
-
Future commodity
purchases denominated
in foreign currencies
(179)
179
-
-
-
72
(72)
(1)
-
-
Purchases of investment
goods and other in
foreign currencies
(14)
14
(5)
-
-
3
(3)
(6)
-
-
Total
523
(523)
258
2
128
1,110
(1,110)
(18)
-
118
(1)
Impact connected with the change in spot exchange rates between the date the CCIRSs to hedge bonds in foreign currencies were obtained
and the actual disbursement of the loan.
Notes to the consolidated financial statements
553
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Commodity price risk
Millions of euro
Maturity
2025
2026
2027
2028
2029
Beyond
Total
At Dec. 31, 2024
Commodity swaps
Notional amount on power
285
207
201
150
148
600
1,591
Average commodity swap price on power (€/MWh)
62.7
55.5
53.6
33.5
33.2
32.8
Notional amount on gas
1,718
453
25
22
21
28
2,267
Average commodity swap price on gas (€/MWh)
35.1
39.5
4.3
4.1
3.9
3.4
Notional amount on oil
555
12
-
-
-
-
567
Average commodity swap price on oil ($/bbl)
37.6
28.2
26.8
-
-
-
Commodity forwards/futures
Notional amount on power
2,607
431
283
169
162
490
4,142
Average commodity forward/future price on power (€/MWh)
79.1
23.9
17.8
16.2
15.6
16.5
Notional amount on gas
2,538
992
1
-
-
-
3,531
Average commodity forward/future price on gas (€/MWh)
36.9
31.0
27.4
-
-
-
Notional amount on CO2
495
47
-
-
-
-
542
Average commodity forward/future price on CO2 (€/ton)
82.5
69.3
-
-
-
-
Notional amount on oil
357
-
-
-
-
-
357
Average commodity forward/future price on oil ($/bbl)
71.0
-
-
-
-
-
Commodity options
Notional amount on power
6
6
-
-
-
35
47
Average commodity options price on power (€/MWh)
3.7
3.7
-
-
-
13.4
Millions of euro
Maturity
2024
2025
2026
2027
2028
Beyond
Total
At Dec. 31, 2023
Commodity swaps
Notional amount on power
128
106
100
284
91
286
995
Average commodity swap price on power (€/MWh)
87.0
44.0
37.0
59.6
32.0
34.0
Notional amount on gas
1,551
1,747
296
-
-
125
3,719
Average commodity swap price on gas (€/MWh)
41.8
40.4
27.0
-
-
7.0
Notional amount on oil
1,016
106
10
-
-
-
1,132
Average commodity swap price on oil ($/bbl)
86.0
78.0
69.0
-
-
-
Commodity forwards/futures
Notional amount on power
2,506
388
297
258
151
606
4,206
Average commodity forward/future price on power (€/MWh)
114.9
18.0
18.0
16.0
18.0
16.0
Notional amount on coal/shipping
38
-
-
-
-
-
38
Average commodity forward/future price on coal/shipping
($/ton)
175.0
-
-
-
-
-
Notional amount on gas
4,432
377
626
-
-
-
5,435
Average commodity forward/future price on gas (€/MWh)
71.4
48.9
32.0
-
-
-
Notional amount on CO2
662
336
21
-
-
-
1,019
Average commodity forward/future price on CO2 (€/ton)
91.9
93.0
84.0
-
-
-
Notional amount on oil
354
-
-
-
-
-
354
Average commodity forward/future price on oil ($/bbl)
74.6
-
-
-
-
-
Commodity options
Notional amount on power
24
39
44
39
39
342
527
Average commodity options price on power (€/MWh)
27.5
30.0
30.5
34.0
34.0
34.0
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
554
INTEGRATED ANNUAL REPORT 2024
The following table reports the notional amount and
fair value of instruments hedging commodity price
risk on transactions outstanding at December 31,
2024 and December 31, 2023 broken down by type of
commodity and contract.
Millions of euro
Notional amount
Fair value assets
Notional amount
Fair value liabilities
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Derivatives
Cash flow hedges
Derivatives on power:
- swaps
477
684
210
357
1,114
311
(166)
(233)
- forwards/futures
1,399
1,636
62
162
2,743
2,570
(748)
(763)
- options
47
527
25
93
-
-
(5)
(62)
Total derivatives
on power
1,923
2,847
297
612
3,857
2,881
(919)
(1,058)
Derivatives
on coal/shipping:
- forwards/futures
-
-
-
-
-
38
-
(17)
Total derivatives on
coal/shipping
-
-
-
-
-
38
-
(17)
Derivatives
on gas and oil:
- swaps
512
2,785
53
623
2,322
2,066
(421)
(468)
- forwards/futures
2,395
3,382
361
1,375
1,493
2,407
(299)
(1,198)
Total derivatives
on gas and oil
2,907
6,167
414
1,998
3,815
4,473
(720)
(1,666)
Derivatives on CO2:
- forwards/futures
420
640
77
91
122
379
(23)
(29)
Total derivatives
on CO2
420
640
77
91
122
379
(23)
(29)
TOTAL COMMODITY
DERIVATIVES
5,250
9,654
788
2,701
7,794
7,771
(1,662)
(2,770)
Hedges mainly cover the price risk of power and gas.
The power category mainly includes long-term hedg-
ing transactions, especially in Spain and North Amer-
ica. The gas category primarily includes hedges of
fluctuations in the price of natural gas, for both pur-
chases and sales, carried out for oil commodities and
gas products.
To a smaller extent, the CO2 category mainly includes
hedging transactions undertaken for Enel Group com-
pliance purposes.
Cash flow hedge derivatives
The following table shows the cash flows expected
in coming years from cash flow hedge derivatives on
commodity price risk.
Millions of euro
Fair value
Distribution of expected cash flows
at Dec. 31, 2024
2025
2026
2027
2028
2029
Beyond
Cash flow hedge derivatives on commodities
Positive fair value
788
505
82
42
36
37
86
Negative fair value
(1,662)
(764)
(337)
(211)
(114)
(89)
(147)
Notes to the consolidated financial statements
555
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
The following table shows the impact of cash flow hedges of commodity price risk in the statement of financial
position at December 31, 2024 and December 31, 2023.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Notional
amount
Carrying
amount
Fair value used
to measure
ineffectiveness
in the year
Notional
amount
Carrying
amount
Fair value used
to measure
ineffectiveness
in the year
Power swaps
1,591
44
42
995
124
126
Gas and oil swaps
2,834
(368)
(368)
4,850
155
155
Power forwards/futures
4,142
(686)
(724)
4,206
(602)
(638)
Coal/shipping forwards/futures
-
-
-
38
(17)
(17)
Gas and oil forwards/futures
3,888
62
74
5,789
178
92
CO2 forwards/futures
542
54
54
1,019
62
62
Power options
47
20
20
528
31
31
Total
13,044
(874)
(902)
17,425
(69)
(189)
The following table shows the impact of the hedged
item of cash flow hedges in the statement of finan-
cial position at December 31, 2024 and December 31,
2023.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Fair value of
the hedged
item used
to measure
ineffectiveness
in the year
Hedging
reserve
Hedging
costs
reserve
Ineffective
portion of
carrying
amount
of CFH
derivatives
Fair value of
the hedged
item used
to measure
ineffectiveness
in the year
Hedging
reserve
Hedging
costs
reserve
Ineffective
portion of
carrying
amount
of CFH
derivatives
Future transactions
in power
689
(689)
17
50
491
(491)
12
(59)
Future transactions
in coal/shipping
-
-
-
-
17
(17)
-
-
Future transactions
in gas and oil
317
(317)
-
(17)
(422)
422
-
(118)
Future transactions
in CO2
(54)
54
-
-
(62)
62
-
-
Total
952
(952)
17
33
24
(24)
12
(177)
Cash flow hedges mainly cover future sales of
power and purchase and sale of gas. The power
category mainly includes long-term hedging trans-
actions on the generation of plants in Spain and
North America. The gas category includes short/
medium-term hedging transactions mainly in Italy
and Spain. Due to their time horizon, power trans-
actions were less affected by price volatility than
those in gas.
The ineffectiveness recognized in 2024 on future
transactions in gas is mainly related to proxy hedging
operations in Spain, while ineffectiveness on future
transactions in power is mainly related to proxy hedg-
ing operations in North America.
49.2 Derivatives at fair value through
profit or loss
The following table shows the notional amount and the
fair value of derivatives at FVTPL as at December 31,
2024 and December 31, 2023.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
556
INTEGRATED ANNUAL REPORT 2024
Millions of euro
Notional amount
Fair value assets
Notional amount
Fair value liabilities
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Derivatives at FVTPL
on interest rates:
- interest rate swaps
10
-
-
-
100
100
(29)
(29)
on exchange rates:
- currency forwards
713
1,818
23
25
1,315
1,874
(36)
(29)
on commodities
Derivatives on power:
- swaps
159
243
4
24
36
68
(2)
(16)
- forwards/futures
6,904
5,294
679
905
5,888
5,039
(591)
(906)
- options
4
46
2
4
84
80
(51)
(171)
Total derivatives on power
7,067
5,583
685
933
6,008
5,187
(644)
(1,093)
Derivatives on coal:
- forwards/futures
168
156
13
23
158
112
(12)
(43)
Total derivatives on coal
168
156
13
23
158
112
(12)
(43)
Derivatives on gas and oil:
- swaps
746
969
66
295
651
529
(86)
(167)
- forwards/futures
11,395
10,687
1,828
2,970
13,604
10,856
(1,827)
(2,963)
- options
376
448
172
344
768
278
(271)
(232)
Total derivatives on gas and oil
12,517
12,104
2,066
3,609
15,023
11,663
(2,184)
(3,362)
Derivatives on CO2:
- forwards/futures
1,066
498
113
41
788
426
(60)
(42)
- options
164
12
14
14
20
11
(13)
(14)
Total derivatives on CO2
1,230
510
127
55
808
437
(73)
(56)
Derivatives on other:
- swaps
1
-
-
-
6
39
-
(6)
- forwards/futures
35
16
3
4
30
171
(3)
(71)
- options
1
-
-
-
-
5
-
-
Total derivatives on other
37
16
3
4
36
215
(3)
(77)
Total derivatives on
commodity prices
21,019
18,369
2,894
4,624
22,033
17,614
(2,916)
(4,631)
Derivatives on other:
- options
137
-
2
-
-
-
-
-
TOTAL
21,879
20,187
2,919
4,649
23,448
19,588
(2,981)
(4,689)
At December 31, 2024 the notional amount of trading
derivatives on interest rates came to €110 million. The
negative fair value of €29 million was unchanged from
2023. The interest rate curve, in the section coincid-
ing with the expiry of the interest rate swap, did not
change significantly, despite a downward trend com-
pared to 2023.
At December 31, 2024 the notional amount of deriva-
tives on exchange rates was €2,028 million, an overall
decrease of €1,664 million compared with 2023, in
particular for the purchase of energy commodities.
The deterioration of net fair value of €9 million reflects
normal exchange rate fluctuations.
At December 31, 2024 the notional amount of deriva-
tives on commodities came to €43,052 million. These
amounts include transactions managed within the
trading portfolios and transactions that, although es-
tablished for hedging purposes, did not meet the re-
quirements for hedge accounting.
The net fair value is a negative €22 million, substan-
tially in line with the previous year, despite a significant
reabsorption in the fair value amounts of derivative as-
Notes to the consolidated financial statements
557
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
sets and liabilities. The change is mainly attributable to
the price effect. Despite the macroeconomic context
remaining particularly difficult and uncertain, prices
did not reach the critical levels of previous years and
volatility was more contained.
Derivatives on other commodities mainly refer to
hedges on guarantees of origin, i.e. incentive mecha-
nisms for renewable generation. Compared with 2023,
it does not include hedges on meteorological events
(weather derivatives).
Derivatives on other include the fair value of the put/
call option mechanism on the residual 10% stake in
Duereti, exercisable one year after the closing date of
the sale of 90% of the share capital in Duereti to A2A.
Fair value measurement
50. Assets and liabilities measured
at fair value
The Group determines fair value in accordance with
IFRS 13 whenever such measurement is required by
the IFRS as a recognition or measurement criterion.
Fair value is defined as the price that would be re-
ceived to sell an asset or paid to transfer a liability, in
an orderly transaction, between market participants,
at the measurement date (i.e. an exit price).
The best proxy of fair value is market price, i.e. the
current publicly available price actually used on a liq-
uid and active market.
The fair value of assets and liabilities is classified in
accordance with the three-level hierarchy described
below, depending on the inputs and valuation tech-
niques used in determining their fair value:
• Level 1, where the fair value is determined on the ba-
sis of quoted prices (unadjusted) in active markets
for identical assets or liabilities that the entity can
access at the measurement date;
• Level 2, where the fair value is determined on the
basis of inputs other than quoted prices included
within Level 1 that are observable for the asset or
liability, either directly (such as prices) or indirectly
(derived from prices);
• Level 3, where the fair value is determined on the
basis of unobservable inputs.
This note also provides detailed disclosures concern-
ing the valuation techniques and inputs used to per-
form these measurements.
To that end:
• recurring fair value measurements of assets or lia-
bilities are those required or permitted by the IFRS
in the statement of financial position at the close of
each period;
• non-recurring fair value measurements are those
required or permitted by the IFRS in the statement
of financial position in particular circumstances.
For general information or specific disclosures on the
accounting treatment of these circumstances, please
see note 2 “Accounting policies”.
50.1 Assets measured at fair value in the statement of financial position
The following table shows, for each class of assets
measured at fair value on a recurring or non-recurring
basis in the statement of financial position, the fair
value measurement at the end of the reporting period
and the level in the fair value hierarchy into which the
fair value measurements of those assets are classified.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
558
INTEGRATED ANNUAL REPORT 2024
Millions of euro
Notes
Fair value
Non-current assets
Fair value
Current assets
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
at Dec. 31,
2024
at Dec. 31,
2024
Equity investments in other
companies at FVOCI
27
587
3
53
531
-
-
-
-
Securities at FVOCI
27.1, 28.1
572
572
-
-
138
138
-
-
Securities and financial
investments in funds or
asset management at
FVTPL
27.1
3
3
-
-
-
-
-
-
Equity investments in other
companies at FVTPL
27
8
-
-
8
-
-
-
-
Financial assets from
service concession
arrangements at FVTPL
27
3,930
-
3,930
-
-
-
-
-
Financial assets from JDA
at FVTPL
95
-
-
95
-
-
-
-
Loan assets and other
financial assets at FVTPL
-
-
-
-
171
171
-
-
Non-monetary grants in
respect of environmental
certificates
-
-
-
-
9
-
2
7
Inventories measured at
fair value
49
48
48
-
-
77
77
-
-
Contingent consideration
5
-
-
5
-
-
-
-
Fair value hedge
derivatives:
- on interest rates
49
54
-
54
-
-
-
-
-
- on exchange rates
49
49
-
49
-
18
-
18
-
Cash flow hedge
derivatives:
- on interest rates
49
107
-
107
-
3
-
3
-
- on exchange rates
49
1,331
-
1,331
-
246
-
246
-
- on commodities
49
336
33
91
212
452
376
76
-
Trading derivatives:
- on interest rates
49
-
-
-
-
-
-
-
-
- on exchange rates
49
-
-
-
-
-
-
-
-
- on commodities
49
124
36
87
-
2,770
2,099
671
-
- other
2
-
-
2
-
-
-
-
The fair value of “equity investments in other compa-
nies at FVOCI” is determined for listed companies on
the basis of the quoted price at the close of the year,
while that for unlisted companies is based on a reliable
valuation of the relevant assets and liabilities.
“Financial assets from service concession arrange-
ments at FVTPL” concern electricity distribution oper-
ations in Brazil, by Enel Distribuição Rio de Janeiro, Enel
Distribuição Ceará and Enel Distribuição São Paulo. In
particular, they refer to the value of the assets at the
end of the concession measured at fair value.
Fair value was estimated as the net replacement cost
based on the most recent rate information availa-
ble and on the general price index for the Brazilian
market. For more information on these concessions,
accounted for in accordance with IFRIC 12, see note
18 “Service concession arrangements”.
The current portion of “loan assets and other financial
assets at FVTPL” includes mainly under Level 1 finan-
cial deposits held by Latin American companies.
The fair value of derivative contracts is determined us-
ing the official prices for instruments traded on regu-
lated markets. The fair value of instruments not listed
Notes to the consolidated financial statements
559
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
on a regulated market is determined using valuation
methods appropriate for each type of financial instru-
ment and market data as of the end of the reporting
period (such as interest rates, exchange rates, volatili-
ty), discounting expected future cash flows on the ba-
sis of the market yield curve and translating amounts
in currencies other than the euro using exchange
rates provided by the World Markets Refinitiv (WMR)
Company.
Derivatives on interest rates and exchange rates are all
measured using Level 2 inputs.
The fair value of derivatives on commodities is almost
always measured using Level 1 or Level 2 inputs, as
the determination is based on market inputs as these
contracts are entered into with exchange counter-
parties, leading sector operators or financial institu-
tions.
Certain long-term financial contracts in Spain Virtual
Power Purchase Agreements or VPPAs, for which in-
ternal measurement models were also used in part in
order to measure these instruments over longer time
horizons, given the illiquidity of the underlying varia-
bles) fall within Level 3.
In accordance with the IFRS, the Group assesses
credit risk, both of the counterparty (Credit Valuation
Adjustment or CVA) and its own (Debit Valuation Ad-
justment or DVA), in order to adjust the fair value of
financial instruments for the corresponding amount of
counterparty risk where necessary. More specifically,
the Group measures CVA/DVA using a Potential Future
Exposure valuation technique for the net exposure of
the position and subsequently allocating the adjust-
ment to the individual financial instruments that make
up the overall portfolio. All of the inputs used in this
technique are observable on the market.
Derivatives on other include the fair value of the put/
call option mechanism on the residual 10% stake in
Duereti, held by e-distribuzione and classified under
Level 3.
50.2 Assets not measured at fair value in the statement of financial position
For each class of assets not measured at fair value on
a recurring basis but whose fair value must be report-
ed, the following table reports the fair value at the end
of the year and the level in the fair value hierarchy into
which the fair value measurements of those assets are
classified.
Millions of euro
Notes
Fair value
Non-current assets
Fair value
Current assets
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
at Dec. 31,
2024
at Dec. 31,
2024
Investment property
20
91
14
-
77
-
-
-
-
Inventories
31
-
-
-
-
43
-
-
43
The table reports the fair value of investment property
and inventories of real estate not used in the business
in the amount of €91 million and €43 million respec-
tively. The amounts were calculated with the assis-
tance of appraisals conducted by independent ex-
perts, who used different methods depending on the
specific assets involved.
50.3 Liabilities measured at fair value in the statement of financial position
The following table reports for each class of liabilities
measured at fair value on a recurring or non-recur-
ring basis in the statement of financial position the fair
value measurement at the end of the reporting period
and the level in the fair value hierarchy into which the
fair value measurements are classified.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
560
INTEGRATED ANNUAL REPORT 2024
Millions of euro
Notes
Fair value
Non-current liabilities
Current liabilities
Level 1
Level 2
Level 3
Fair value
Level 1
Level 2
Level 3
at Dec. 31,
2024
at Dec. 31,
2024
Fair value hedge derivatives:
- on interest rates
49
16
-
16
-
-
-
-
-
- on exchange rates
49
12
-
12
-
-
-
-
-
Cash flow hedge derivatives:
- on interest rates
49
116
-
116
-
-
-
-
-
- on exchange rates
49
1,607
-
1,607
-
105
-
105
-
- on commodities
49
1,031
99
843
89
631
224
407
-
Trading derivatives:
- on interest rates
49
-
-
-
-
29
-
29
-
- on exchange rates
49
-
-
-
-
36
-
36
-
- on commodities
49
133
23
110
-
2,783
1,947
836
-
Contingent consideration
39
-
-
39
21
-
21
-
Contingent consideration mainly regards a number of
equity investments held by the Group in North Amer-
ica, whose fair value was determined on the basis of
the contractual terms and conditions.
50.4 Liabilities not measured at fair value in the statement of financial position
For each class of liabilities not measured at fair value
in the statement of financial position but whose fair
value must be reported, the following table reports
the fair value at the end of the period and the lev-
el in the fair value hierarchy into which the fair value
measurements of those liabilities are classified.
Millions of euro
Fair value
Level 1
Level 2
Level 3
at Dec. 31, 2024
Bonds:
- fixed rate
44,121
42,042
2,079
-
- floating rate
2,097
67
2,030
-
Bank borrowings:
- fixed rate
3,444
-
3,444
-
- floating rate
13,164
-
13,164
-
Non-bank borrowings:
- fixed rate
3,303
-
3,303
-
- floating rate
39
-
39
-
Total
66,168
42,109
24,059
-
For listed debt instruments, the fair value is given by
official prices. For unlisted instruments the fair value
is determined using appropriate valuation techniques
for each category of financial instrument and mar-
ket data at the close of the year, including the credit
spreads of Enel.
Notes to the consolidated financial statements
561
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Other information
51. Share-based payments
Starting in 2019, the Shareholders’ Meeting of Enel
SpA (“Enel” or the “Company”) has each year ap-
proved the adoption of long-term share-based in-
centive plans for the management of Enel and/or its
subsidiaries pursuant to Article 2359 of the Italian
Civil Code. Each of the incentive plans approved (the
2019 Long-Term Incentive Plan, the 2020 Long-Term
Incentive Plan, the 2021 Long-Term Incentive Plan,
the 2022 Long-Term Incentive Plan, the 2023 Long-
Term Incentive Plan, the 2024 Long-Term Incentive
Plan, referred to hereinafter, respectively, as the
“2019 LTI Plan”, the “2020 LTI Plan”, the “2021 LTI Plan”,
the “2022 LTI Plan”, the “2023 LTI Plan”, the “2024 LTI
Plan” and, jointly, the “Plans”) provides for the grant of
ordinary Company shares (“Shares”) to the respective
beneficiaries subject to the achievement of specific
performance targets.
Plan beneficiaries are the Chief Executive Officer/
General Manager of Enel and Enel Group managers
in the positions most directly responsible for com-
pany performance or considered to be of strategic
interest. The Plans provide for the award to the ben-
eficiaries of an incentive consisting of a monetary
component and an equity component. This incentive
– determined, at the time of the award, as a base val-
ue calculated in relation to the fixed remuneration of
the individual beneficiary – may vary depending on
the degree of achievement of each of the three-year
performance targets by the Plans, ranging from zero
up to a maximum of 280% or 180% of the base value
in the case, respectively, of the Chief Executive Of-
ficer/General Manager or the other beneficiaries.
The Plans establish that, of the total incentive effec-
tively vested, the bonus will be fully paid in Shares: (a)
for the 2019, 2020, 2021 and 2022 LTI Plans (i) up to
100% of the base value for the Chief Executive Of-
ficer/General Manager (up to 130% for the 2022 LTI
Plan), and (ii) up to 50% of the base value for the oth-
er beneficiaries (up to 65% for the 2022 LTI Plan); (b)
for the 2023 and 2024 LTI Plans (i) up to 150% of the
base value for the Chief Executive Officer/General
Manager, (ii) up to 100% of the base value for officers
reporting directly to the Chief Executive Officer/Gen-
eral Manager, including key management personnel,
and (iii) up to 65% of the base value for the other ben-
eficiaries, other than those indicated under (i) and (ii)
above.
The actual award of the bonus under the Plans is
subject to the achievement of specific performance
targets during the three year performance period. If
these targets are achieved, 30% of both the stock
and cash components of the incentive will be paid
in the first year following the end of the performance
period and the remaining 70% will be paid in the sec-
ond year following the end of the performance peri-
od. The payment of a substantial portion of long-term
variable remuneration (70% of the total) is therefore
deferred to the second year following the end of the
performance period of the individual Plans.
The following table provides information on the 2019
LTI Plan, the 2020 LTI Plan, the 2021 LTI Plan, the 2022
LTI Plan, the 2023 LTI Plan and the 2024 LTI Plan.
For more information on the characteristics of the
Plans, please see the information documents prepared
pursuant to Article 84-bis of the CONSOB Regulation
issued with Resolution no. 11971 of May 14, 1999 (the
Issuers Regulation), which are available to the public
in the section of Enel’s website (www.enel.com) dedi-
cated to the Shareholders’ Meetings held respectively
on May 16, 2019, May 14, 2020, May 20, 2021, May 19,
2022, May 10, 2023 and May 23, 2024.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
562
INTEGRATED ANNUAL REPORT 2024
Grant date
Performance period
Verification of achievement of targets
Payout
2019 LTI Plan
12/11/2019114
2019-2021
2022115
2022-2023116
2020 LTI Plan
17/09/2020117
2020-2022
2023118
2023-2024119
2021 LTI Plan
16/09/2021120
2021-2023
2024121
2024-2025122
2022 LTI Plan
21/09/2022123
2022-2024
2025124
2025-2026
2023 LTI Plan
05/10/2023125
2023-2025
2026126
2026-2027
2024 LTI Plan
19/09/2024127
2024-2026
2027128
2027-2028
114. The date on which the Board of Directors approved the procedures and timing for granting the 2019 LTI Plan to the beneficiaries (taking ac-
count of the proposal issued by the Nomination and Compensation Committee at its meeting of November 11, 2019).
115. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2021, the Board of Directors
verified the level of achievement of the performance targets of the 2019 LTI Plan.
116. On September 5, 2022 the Company awarded part of the equity component of the bonus vested by the beneficiaries of the 2019 LTI Plan,
in accordance with the Plan rules. The remainder of the equity component of the bonus vested by the beneficiaries of the 2019 LTI Plan was
awarded on September 5, 2023.
117. The date on which the Board of Directors approved the procedures and timing for granting the 2020 LTI Plan to the beneficiaries (taking ac-
count of the proposal issued by the Nomination and Compensation Committee at its meeting of September 16, 2020).
118. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2022, the Board of Directors
verified the level of achievement of the performance targets of the 2020 LTI Plan.
119. On September 5, 2023 the Company awarded part of the equity component of the bonus vested by the beneficiaries of the 2020 LTI Plan,
in accordance with the Plan rules. The remainder of the equity component of the bonus vested by the beneficiaries of the 2020 LTI Plan was
awarded on September 5, 2024.
120. The date on which the Board of Directors approved the procedures and timing for granting the 2021 LTI Plan to the beneficiaries (taking ac-
count of the proposal issued by the Nomination and Compensation Committee at its meeting of June 9, 2021).
121. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2023, the Board of Directors
verified the level of achievement of the performance targets of the 2021 LTI Plan.
122. On September 5, 2024 the Company awarded part of the equity component of the bonus vested by the beneficiaries of the 2021 LTI Plan, in
accordance with the Plan rules.
123. The date on which the Board of Directors approved the procedures and timing for granting the 2022 LTI Plan to the beneficiaries (taking ac-
count of the proposal issued by the Nomination and Compensation Committee at its meeting of June 8, 2022).
124. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2024, the Board of Directors will
verify the level of achievement of the performance targets of the 2022 LTI Plan.
125. The date on which the Board of Directors approved the procedures and timing for granting the 2023 LTI Plan to the beneficiaries (taking ac-
count of the proposal issued by the Nomination and Compensation Committee at its meeting of October 4, 2023).
126. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2025, the Board of Directors will
verify the level of achievement of the performance targets of the 2023 LTI Plan.
127. The date on which the Board of Directors approved the procedures and timing for granting the 2024 LTI Plan to the beneficiaries (taking ac-
count of the proposal issued by the Nomination and Compensation Committee at its meeting of July 24, 2024).
128. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2026, the Board of Directors will
verify the level of achievement of the performance targets of the 2024 LTI Plan.
In implementation of the authorizations granted by
the Shareholders’ Meetings held on the dates indicat-
ed above and in compliance with the associated terms
and conditions, the Board of Directors approved – at its
meetings of September 19, 2019, July 29, 2020, June 17,
2021, June 16, 2022, October 5, 2023 and July 25, 2024
– the launch of share buyback programs to serve the
2019 LTI Plan, the 2020 LTI Plan, the 2021 LTI Plan, the
2022 LTI Plan, the 2023 LTI Plan and the 2024 LTI Plan,
respectively. The number of Shares whose purchase
was authorized by the Board of Directors for each Plan,
the actual number of Shares purchased, the associat-
ed weighted average price and total value are shown
below.
Notes to the consolidated financial statements
563
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Purchases authorized
by the Board of Directors
Number of shares
Actual purchases
Total value (euros)
Number of shares
Weighted average price
(euros per share)
2019 LTI Plan
No more than 2,500,000
for a maximum amount of €10,500,000
million
1,549,152129
6.7779
10,499,999
2020 LTI Plan
1,720,000
1,720,000130
7.4366
12,790,870
2021 LTI Plan
1,620,000
1,620,000131
7.8737
12,755,459
2022 LTI Plan
2,700,000
2,700,000132
5.1951
14,026,715
2023 LTI Plan
4,200,000
4,200,000133
6.3145
26,520,849
2024 LTI Plan
2,900,000
2,900,000134
7.0210
20,360,977
129. Shares purchased in the period between September 23 and December 2, 2019, equal to about 0.015% of share capital.
130. Shares purchased in the period between September 3 and October 28, 2020, equal to about 0.017% of share capital.
131. Shares purchased in the period between June 18 and July 21, 2021, equal to about 0.016% of share capital.
132. Shares purchased in the period between June 17 and July 20, 2022, equal to about 0.026% of share capital.
133. Shares purchased in the period between October 16, 2023 and January 18, 2024, equal to about 0.041% of share capital.
134. Shares purchased in the period between September 16 and November 8, 2024, equal to about 0.028% of share capital.
As a result of the purchases made to support the Plans
and the award of a total 2,609,482 Shares in Septem-
ber 2022, 2023 and 2024 to the beneficiaries of the
2019, 2020 and 2021 LTI Plans, in accordance with the
Plan rules, at December 31, 2024 Enel holds a total of
12,079,670 treasury Shares, equal to about 0.1188% of
share capital.
The following information concerns the equity instru-
ments granted in 2019, 2020, 2021, 2022, 2023 and
2024.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
564
INTEGRATED ANNUAL REPORT 2024
2024
2023
Number of
shares granted at
the grant date
Fair value per
share at the
grant date
Number
of shares
potentially
available for
award
Number of
shares awarded
Number
of shares
potentially
available for
award
Number of
shares awarded
2019 LTI Plan
1,538,547
6.983
0
0
0
956,562135
2020 LTI Plan
1,638,775
7.380
0
708,456136
728,265
312,127137
2021 LTI Plan
1,577,773
7.0010
443,608
196,980138
1,375,671
-
2022 LTI Plan
2,398,143
4.8495
1,858,051
-
2,023,677
-
2023 LTI Plan
4,040,820
5.5540
3,804,244
-
4,040,820
-
2024 LTI Plan
2,877,714
6.9730
2,877,714
-
-
-
135. The table shows the number of Shares awarded on September 5, 2023, to the beneficiaries of the 2019 LTI Plan which make up the remaining
portion of the equity component of the bonus vested by the beneficiaries following the achievement of the performance objectives of the Plan.
136. The table shows the number of Shares awarded on September 5, 2024, to the beneficiaries of the 2020 LTI Plan which make up the remaining
portion of the equity component of the bonus vested by the beneficiaries following the achievement of the performance objectives of the Plan.
137. The table shows the number of Shares awarded on September 5, 2023, to the beneficiaries of the 2020 LTI Plan which make up the remaining
portion of the equity component of the bonus vested by the beneficiaries following the achievement of the performance objectives of the Plan.
The remaining portion of the equity component of the bonus, in accordance with the terms and procedures of the rules of the 2020 LTI Plan,
was paid on September 5, 2024.
138. The table shows the number of Shares awarded on September 5, 2024, to the beneficiaries of the 2021 LTI Plan which make up the remaining
portion of the equity component of the bonus vested by the beneficiaries following the achievement of the performance objectives of the
Plan. Disbursement of the remaining portion of the equity component of the bonus is deferred to 2025, in accordance with the terms and
procedures of the rules of the 2021 LTI Plan.
139. For the 2019 LTI Plan, the grant date is November 12, 2019, i.e. the date of the meeting of the Board of Directors that approved the procedures
and timing of the grant of the 2019 LTI Plan to the beneficiaries.
For the 2020 LTI Plan, the grant date is September 17, 2020, i.e. the date of the meeting of the Board of Directors that approved the procedures
and timing of the grant of the 2020 LTI Plan to the beneficiaries.
For the 2021 LTI Plan, the grant date is September 16, 2021, i.e. the date of the meeting of the Board of Directors that approved the procedures
and timing of the grant of the 2021 LTI Plan to the beneficiaries.
For the 2022 LTI Plan, the grant date is September 21, 2022, i.e. the date of the meeting of the Board of Directors that approved the procedures
and timing of the grant of the 2022 LTI Plan to the beneficiaries.
For the 2023 LTI Plan, the grant date is October 5, 2023, i.e. the date of the meeting of the Board of Directors that approved the procedures
and timing of the grant of the 2023 LTI Plan to the beneficiaries.
For the 2024 LTI Plan, the grant date is September 19, 2024, i.e. the date of the meeting of the Board of Directors that approved the procedures
and timing of the grant of the 2024 LTI Plan to the beneficiaries.
The fair value of those equity instruments is measured
on the basis of the market price of Enel Shares at the
grant date.139
The cost of the equity component is determined on
the basis of the fair value of the equity instruments
granted and is recognized over the duration of the
vesting period through an equity reserve.
The total costs recognized by the Group through prof-
it or loss amounted to €10 million in 2024 (€6 million
in 2023).
There have been no terminations or amendments in-
volving the Plans.
Notes to the consolidated financial statements
565
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
52. Related parties
Related parties have been identified on the basis of the
provisions of international accounting principles and
CONSOB on the matter.
As an operator in the field of generation, distribution,
transport and sale of electricity and the sale of natu-
ral gas, Enel carries out transactions with a number of
companies directly or indirectly controlled by the Ital-
ian State, the Group’s controlling shareholder.
The table below summarizes the main types of trans-
actions carried out with such counterparties.
Related party
Relationship
Nature of main transactions
Single Buyer
Fully controlled (indirectly) by the Ministry
for the Economy and Finance
Purchase of electricity for the enhanced
protection market
Cassa Depositi e Prestiti Group
Directly controlled by the Ministry for the
Economy and Finance
Sale of electricity on the Ancillary Services
Market (Terna)
Sale of electricity transport services (Eni Group)
Purchase of transport, dispatching and metering
services (Terna)
Purchase of postal services (Poste Italiane)
Purchase of fuels for generation plants and
natural gas storage and distribution services (Eni
Group)
ESO - Energy Services Operator
Fully controlled (directly) by the Ministry
for the Economy and Finance
Sale of subsidized electricity
Payment of A3 component for renewable
resource incentives
EMO - Energy Markets Operator
Fully controlled (indirectly) by the Ministry
for the Economy and Finance
Sale of electricity on the Power Exchange (EMO)
Purchase of electricity on the Power Exchange
for pumping and plant planning (EMO)
Leonardo Group
Directly controlled by the Ministry for the
Economy and Finance
Purchase of IT services and supply of goods
In addition, the Group conducts essentially commer-
cial transactions with associated companies or com-
panies in which it holds non-controlling interests.
Finally, Enel also maintains relationships with the pen-
sion funds FOPEN and FONDENEL, as well as Fondazi-
one Enel and Enel Cuore, an Enel non-profit company
devoted to providing social and healthcare assistance,
maintaining institutional relations and social projects.
All transactions with related parties were carried out
on normal market terms and conditions, which in
some cases are determined by the Regulatory Author-
ity for Energy, Networks and the Environment.
The following tables summarize transactions with re-
lated parties, associated companies and joint ventures
outstanding at December 31, 2024 and December 31,
2023 and carried out during the period.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
566
INTEGRATED ANNUAL REPORT 2024
Millions of euro
Single Buyer
EMO
ESO
Cassa Depositi
e Prestiti Group(1)
Other
Income statement
Revenue from sales and services
-
2,726
78
2,079
256
Other income
-
-
47
18
3
Other financial income
-
-
-
-
-
Electricity, gas and fuel purchases
1,052
6,275
40
1,210
1
Costs for services and other materials
-
44
3
3,375
64
Other operating costs
10
144
4
51
1
Net results from commodity contracts
-
-
-
2
-
Other financial expense
1
1
-
18
-
(1)
Includes balances mainly referring to: Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo Energia and Italgas.
Millions of euro
Single Buyer
EMO
ESO
Cassa Depositi
e Prestiti Group(1)
Other
Statement of financial position
Other non-current financial assets
-
-
-
3
1
Current financial derivative assets
-
-
-
-
-
Other non-current assets
-
-
-
3
-
Trade receivables
-
133
5
1,144
38
Other current financial assets
-
-
-
783
2
Other current assets
-
-
59
19
2
Long-term borrowings
-
-
-
369
-
Non-current contract liabilities
-
-
-
11
6
Non-current financial derivative liabilities
-
-
-
-
-
Short-term borrowings
-
-
-
2
-
Current portion of long-term borrowings
-
-
-
89
-
Trade payables
254
298
381
1,701
6
Other current financial liabilities
-
-
-
-
-
Current financial derivative liabilities
-
-
-
-
-
Current contract liabilities
-
-
-
25
12
Other current liabilities
-
-
-
-
39
Other information
Guarantees issued
-
-
-
10
26
Guarantees received
-
-
-
136
-
Commitments
-
-
-
25
-
(1)
Includes balances mainly referring to: Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo Energia and Italgas.
Notes to the consolidated financial statements
567
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Total 2024
Associates and joint
ventures
Overall total 2024
Total in financial
statements
% of total
Of which non eligible
related parties
5,139
189
5,328
73,914
7.2%
4,461
68
14
82
5,033
1.6%
64
-
209
209
2,409
8.7%
-
8,578
136
8,714
30,282
28.8%
7,835
3,486
334
3,820
19,240
19.9%
3,086
210
2
212
3,940
5.4%
207
2
1
3
477
0.6%
2
20
80
100
7,828
1.3%
2
Total at
Dec. 31, 2024
Associates and joint
ventures
Overall total at
Dec. 31, 2024
Total in financial
statements
% of total
4
860
864
7,607
11.4%
-
2
2
2,003
0.1%
3
-
3
1,937
0.2%
1,320
166
1,486
15,941
9.3%
785
1,179
1,964
4,854
40.5%
80
22
102
3,891
2.6%
369
282
651
60,000
1.1%
17
-
17
5,682
0.3%
-
8
8
2,915
0.3%
2
7
9
3,645
0.2%
89
22
111
7,439
1.5%
2,640
96
2,736
13,693
20.0%
-
1
1
845
0.1%
-
6
6
3,584
0.2%
37
-
37
2,448
1.5%
39
3
42
15,087
0.3%
36
-
36
136
-
136
25
-
25
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
568
INTEGRATED ANNUAL REPORT 2024
Millions of euro
Single Buyer
EMO
ESO
Cassa Depositi
e Prestiti Group(1)
Other
Income statement
Revenue from sales and services
-
3,172
14
3,626
224
Other income
-
-
-
10
3
Other financial income
-
-
-
2
-
Electricity, gas and fuel purchases
2,035
7,098
11
2,304
2
Costs for services and other materials
-
63
2
2,751
72
Other operating costs
11
201
355
51
2
Net results from commodity contracts
-
-
-
-
-
Other financial expense
1
-
-
29
-
(1)
Includes balances mainly referring to: Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo Energia and Italgas.
Millions of euro
Single Buyer
EMO
ESO
Cassa Depositi
e Prestiti Group(1)
Other
Statement of financial position
Other non-current financial assets
-
-
-
-
1
Non-current financial derivative assets
-
-
-
-
-
Trade receivables
-
84
7
940
59
Current financial derivative assets
-
-
-
-
-
Other current financial assets
-
-
-
5
1
Other current assets
-
-
17
23
3
Long-term borrowings
-
-
-
357
-
Non-current contract liabilities
-
-
-
11
7
Non-current financial derivative liabilities
-
-
-
-
-
Short-term borrowings
-
-
-
-
-
Current portion of long-term borrowings
-
-
-
89
-
Trade payables
497
201
378
1,616
8
Current financial derivative liabilities
-
-
-
-
-
Current contract liabilities
-
-
-
31
22
Other current liabilities
-
-
-
3
34
Other information
Guarantees issued
-
-
-
10
60
Guarantees received
-
-
-
136
36
Commitments
-
-
-
23
-
(1)
Includes balances mainly referring to: Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo Energia and Italgas.
Notes to the consolidated financial statements
569
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Total 2023
Associates and joint
ventures
Overall total 2023
Total in financial
statements
% of total
Of which non eligible
related parties
7,036
224
7,260
92,882
7.8%
5,455
13
5
18
2,683
0.7%
10
2
237
239
2,916
8.2%
-
11,450
128
11,578
46,270
25.0%
10,214
2,888
463
3,351
18,304
18.3%
2,673
620
-
620
6,125
10.1%
612
-
(7)
(7)
(2,966)
0.2%
-
30
59
89
5,966
1.5%
3
Total at
Dec. 31, 2023
Associates and joint
ventures
Overall total at
Dec. 31, 2023
Total in financial
statements
% of total
1
1,929
1,930
8,750
22.1%
-
4
4
2,383
0.2%
1,090
176
1,266
17,773
7.1%
-
-
-
6,407
-
6
168
174
4,329
4.0%
43
49
92
4,099
2.2%
357
302
659
61,085
1.1%
18
-
18
5,743
0.3%
-
8
8
3,373
0.2%
-
3
3
4,769
0.1%
89
22
111
9,086
1.2%
2,700
129
2,829
15,821
17.9%
-
15
15
6,461
0.2%
53
-
53
2,126
2.5%
37
3
40
14,760
0.3%
70
-
70
172
-
172
23
-
23
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
570
INTEGRATED ANNUAL REPORT 2024
With regard to disclosures on the remuneration of
members of the Board of Directors, members of the
Board of Statutory Auditors and key management
personnel, provided for under IAS 24, please see the
following tables.
Millions of euro
2024
2023
Change
Remuneration of members of the Board of Directors, Board of Statutory
Auditors and General Manager
Short-term benefits
5
5
-
-
Termination benefits
-
5
(5)
-
Share-based payments
1
1
-
-
Total
6
11
(5)
-45.5%
Millions of euro
2024
2023
Change
Remuneration of key management personnel
Short-term benefits
7
8
(1)
12.5%
Termination benefits
-
4
(4)
-
Share-based payments
1
1
-
-
Total
8
13
(5)
-38.5%
Note that the corporate governance rules adopted by
the Enel Group and described in detail in the Report
on Corporate Governance and Ownership Structure
available on the Company’s website (www.enel.com)
sets out rules designed to ensure the transparency
and procedural and substantive propriety of transac-
tions with related parties.
In November 2010, the Board of Directors of Enel SpA
approved a procedure governing the approval and
execution of transactions with related parties carried
out by Enel SpA directly or through subsidiaries (Enel
Procedure for Transactions with Related Parties), most
recently updated in June 2021. The procedure (avail-
able at https://www.enel.com/investors/governance/
bylaws-rules-policies) sets out rules designed to en-
sure the transparency and procedural and substantive
propriety of transactions with related parties. It was
adopted in implementation of the provisions of Article
2391-bis of the Italian Civil Code and the implement-
ing regulations issued by CONSOB with Resolution
no. 17221 of March 12, 2010, as amended (“CONSOB
Regulation”). No related-party transactions requiring
disclosure in the financial statements pursuant to the
CONSOB Regulation were carried out in 2024.
53. Government grants - Disclosure pursuant to Article 1, paragraphs 125-129,
of Law 124/2017
Pursuant to Article 1, paragraphs 125-129, of Law
124/2017 as amended, the following provides infor-
mation on grants received from Italian public agen-
cies and bodies, as well as donations by Enel SpA and
the fully consolidated subsidiaries to companies, in-
dividuals and public and private entities. The disclo-
sure comprises: (i) grants received from Italian pub-
lic entities/State entities; and (ii) donations made by
Enel SpA and Group subsidiaries to public or private
parties resident or established in Italy.
The following disclosure includes payments in excess
of €10,000 made by the same grantor/donor during
2024, even if made in multiple financial transactions.
They are recognized on a cash basis.
Pursuant to the provisions of Article 3-quater of De-
cree Law 135 of December 14, 2018, ratified with Law
12 of February 11, 2019, for grants received, please
refer to the information contained in the National
Register of State Aid referred to in Article 52 of Law
234 of December 24, 2012.
Notes to the consolidated financial statements
571
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Grants received in millions of euro
Financial institution/
Grantor
Beneficiary
Amount
Notes
MUR
Enel X Srl
0.23 Instalment of grant for the SE4I project, progress payment no. 7, 8, 9,
10 and 11, financed under the PON MIUR R&I PNR 2015-2020, Public
Notice MIUR no. 1735 of July 13, 2017
MIMIT
Enel X Srl
1.70 Instalment of grant for IPCEI Summer project, progress payment no. 1
and 2, financed under the Fondo IPCEI, Public Notice, MISE Decree of
July 7, 2021
MUR
Enel X Srl
0.02 Balance of grant for the WINSIC4AP project, financed under
International cooperation program ECSEL 2016, pursuant to Article 18,
Ministerial decree 593 of July 26, 2016
Regione Sicilia
Enel X Way Italy Srl
0.81 Instalment of grant for the Sicilia Smart Charging project, financed
under the PNIRE Regione Sicilia
Regione Sicilia
Enel X Way Italy Srl
0.25 Balance of grant for the Sicilia Smart Charging, financed under the
PNIRE Regione Sicilia
Invitalia_MIMIT
3SUN Srl
48.49 Instalment of grant, progress payment no. 1 TANGO ITaliAN PV Giga
factOry, for the construction of the gigafactory for the production of
innovative photovoltaic modules in the Catania plant
Parco del Pollino
e-distribuzione SpA
0.05 Pollino Park liquidation first tranche
MASE
e-distribuzione SpA
896.24 NRRP projects “Smart Grid Strengthening” and “Increasing Resilience”
MIMIT
e-distribuzione SpA
18.65 PON I&C 2014-2020 tender 2017
MIMIT
e-distribuzione SpA
47.70 PON I&C 2014-2020 tender 2019
Regione Sicilia
e-distribuzione SpA
11.18 POR SICILIA “PO FESR 2014/2020”
Regione Basilicata
e-distribuzione SpA
4.33 POR BASILICATA “PO FESR 2014/2020”
Regione Puglia
e-distribuzione SpA
13.72 POR PUGLIA “PO FESR 2014/2020”
Sassari University
e-distribuzione SpA
0.05 LIFE Safe For Vulture
CINEA
e-distribuzione SpA
0.09 LIFE Egyptian Vulture
ISPRA
e-distribuzione SpA
0.12 LIFE Abilas
European Commission
e-distribuzione SpA
0.02 FLEXPLAN
MASE
e-distribuzione SpA
0.01 FLOW
European Commission
e-distribuzione SpA
0.01 BEFLEXIBLE
MUR
e-distribuzione SpA
0.11 COMESTO
MUR
e-distribuzione SpA
0.05 RAFAEL
MUR
e-distribuzione SpA
0.04 EEB
1,043.87 Total
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
572
INTEGRATED ANNUAL REPORT 2024
Grants made in millions of euro
Grantor
Beneficiary
Amount
Notes
Enel SpA
MAXXI
0.60 Grant to promote and raise awareness on art, research
and innovation in the artistic field
Enel X Srl
Enel Cuore Onlus
0.04 Contribution 2024
Enel Energia
Enel Cuore Onlus
2.12 Contribution 2023-2024
Enel Energia
Fondazione Centro Studi Enel
1.94 Contribution 2023-2024
Enel Global Services Srl
Amedeo Martusciello
0.01 Extraordinary subsidy A. Martusciello
Enel Global Services Srl
IQT Consulting SpA
0.01 Contribution training and consulting BIM
Enel Global Services Srl
Sering Italy Srl
0.01 Contribution training and consulting BIM
Enel Global Services Srl
Speri Società di Ing. e Architettura SpA
0.01 Contribution training and consulting BIM
Enel Global Trading
Enel Cuore Onlus
0.04 Liberal donation in favor of projects identified during
2024
Enel Global Trading
Enel Cuore Onlus
0.76 Liberal donation balance 2023
Enel Italia SpA
Fondazione Nazionale Accademia
Santa Cecilia
0.60 Enel Italia modal donation year 2024 to support the
cultural activities of the Foundation
Enel Italia SpA
Fondazione Teatro alla Scala di Milano
0.60 Donation year 2024 to support the promotion and
development of the culture and musical education of
the community
Enel Italia SpA
Fondazione AIRC
0.01 Liberal donation to support research, progress,
science for a better future
Enel Italia SpA
Fondazione Banco dell’Energia
0.05 Donation for the Home Efficiency Tutor project
Enel Italia SpA
Spazio Teatro No’hma Teresa
Pomodoro
0.02 Liberal donation to support cultural activities
promoted by the theatre
Enel Italia SpA
Fondazione Policlinico Universitario
Agostino Gemelli IRCCS
0.08 Donation of FFP2 masks
Enel Green Power Italia
Unione dei Comuni Montani Amiata
Grossetana
0.04 Donation 2024
e-distribuzione SpA
Enel Cuore Onlus
1.30 80% of the voluntary contribution balance 2023
e-distribuzione SpA
Enel Cuore Onlus
0.26 20% of the voluntary contribution 2024
e-distribuzione SpA
Fondazione Centro Studi
0.88 50% of the voluntary contribution balance 2023
e-distribuzione SpA
Fondazione Centro Studi
0.78 50% of the voluntary contribution balance 2024
e-distribuzione SpA
Parco del Pollino
0.06 Securing lines to protect biodiversity
e-distribuzione SpA
Ministero dell’Ambiente
0.16 Securing lines for the protection of the Bonelli’s Eagle
in Sardinia (Segré Foundation)
e-distribuzione SpA
Federpark
0.02 Distribution of the contribution received as Final
Payment for the LIFE Egyptian Vulture Life 16 NAT/
IT/000659 Project
e-distribuzione SpA
ISPRA
0.29 Distribution of the contribution received as Final
Payment for the LIFE Egyptian Vulture Life 16 NAT/
IT/000659 Project
Enel Produzione SpA
Fondazione Centro Studi Enel
0.59 First tranche 2024 Enel Foundation
Enel Produzione SpA
Enel Cuore Onlus
0.20 First tranche 2024
Enel Produzione SpA
Fondazione Centro Studi Enel
0.41 Second tranche 2023 Enel Foundation
Enel Produzione SpA
Enel Cuore Onlus
0.60 Second tranche 2023
Enel Produzione SpA
Enel Cuore Onlus
0.04 Association due 2024
Enel Produzione SpA
Procura Generale della
Congregazione delle Missionarie
Figlie di San Girolamo Emiliani (Santa
Gilla)
0.02 Donation of photovoltaic panels for the Emmaus
Residential Community of Elmas based in Cagliari
Enel Produzione SpA
Diocesi di Civitavecchia Tarquinia
0.02 Liberal donation of a bronze statue depicting Pope
John Paul II to be installed in the flowerbed in front of
the Cathedral of San Francesco in Civitavecchia
12.57 Total
Notes to the consolidated financial statements
573
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
54. Contractual commitments and guarantees
The commitments entered into by the Enel Group and the guarantees given to third parties are shown below.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Change
Guarantees given:
- sureties and other guarantees granted to third parties
3,300
3,407
(107)
Commitments to suppliers for:
- electricity purchases
56,438
63,422
(6,984)
- fuel purchases
44,008
47,666
(3,658)
- various supplies
3,614
3,017
597
- tenders
5,608
6,982
(1,374)
- other
6,757
6,483
274
Total
116,425
127,570
(11,145)
TOTAL
119,725
130,977
(11,252)
Compared with December 31, 2023, the decrease of
€6,984 million in commitments for “electricity pur-
chases” is essentially attributable to progress on con-
tracts, electricity prices developments and the sale of
Enel Distribución Perú.
The decrease of €3,658 million in commitments for
“fuel purchases” mainly regards the decrease in gas
prices and in fuel purchases.
The decrease of €1,374 million in “tenders” mainly re-
flects the natural expiration of contracts, mainly in Italy.
For more details on the expiry of commitments and
guarantees, see the section “Commitments to pur-
chase commodities” in note 47.
55. Contingent assets and liabilities
The following reports the main contingent assets and
liabilities at December 31, 2024. A provision is recog-
nized in the consolidated financial statements for the
part of liabilities for which defeat in court is deemed
probable, according to requirements provided for in
IAS 37.
Hydroelectric concessions - Italy
Italian regulations governing large-scale hydroe-
lectric concessions, most recently modified by the
Decree Law 135 of 2018 ratified with Law 12/2019,
introduced a number of changes in the matter of
concession fees, introducing variable component of
fees (in addition to the fixed component), as well as
an obligation to provide free power to public bodies
(220 kWh of power for each kW of average nominal
capacity of the facilities covered by the concession).
In implementation of this national law, as of today the
regions of Lombardy, Piedmont, Emilia-Romagna,
Friuli-Venezia Giulia, the Province of Trento, Veneto,
Calabria, Basilicata, Abruzzo, Lazio, Umbria and Tus-
cany have enacted regional laws implementing state
legislation, and requested payment of both the du-
al-component fee (consisting of a fixed component
and a variable component) and the monetary equiva-
lent of free electricity supplies.
Enel Produzione SpA and Enel Green Power Italia Srl
(the “Companies”) challenged before the Superior
Public Water Resources Court (TSAP) the implement-
ing acts issued under the individual regional laws and
the subsequent payment notices of fees and the
monetization of free electricity supplies, asking that
they be declared void and raising the question of con-
stitutional illegitimacy of both the national law and the
regional laws.
The Companies complained that the regional imple-
menting acts – as well as the regional legislation which
they implement – were constitutionally illegitimate,
first for violation of fundamental principles in nation-
al legislation and various primary principles protect-
ed both by the Italian Constitution and European law
concerning legitimate expectations, property rights,
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
574
INTEGRATED ANNUAL REPORT 2024
reasonableness, private initiative, and concessions,
where:
• they provide for retroactive application to valid large
diversion concessions of the dual-component fee
and the obligation to supply free power or its finan-
cial equivalent;
• they order the monetization of the obligation to
supply free energy, which is not envisaged in the na-
tional law.
Furthermore, the introduction by the regions of these
new obligations to pay the new dual-component
fee and to supply a certain annual quantity of elec-
tricity free of charge in the form of payment of the
associated monetary value, which is also to be paid
by the holders of valid concessions that have not yet
expired, creates an unexpected and unreasonable
financial imbalance in the concession relationships.
This circumstance is in evident contrast with the
principles of reasonableness, proportionality and le-
gitimate expectation of concession fees, compliance
with which is required by constitutional case law if,
in the context of long-term relationships, pejorative
modifications are introduced.
In September 2024, the TSAP issued its decision in
the proceedings against the implementing acts is-
sued by the regions of Lombardy, Piedmont and
Abruzzo, rejecting the appeals.
The Companies are appealing against this decision
before the Court of Cassation. They are also request-
ing a precautionary suspension of the first sentence
issued by TSAP. The hearing for the discussion of
the suspension was scheduled for March 26, 2025.
The remaining proceedings before the TSAP are still
pending in the preliminary investigation phase.
The payment injunction orders issued by the Emil-
ia-Romagna and Veneto regions for the failure to pay
the amounts in the payment notices were also chal-
lenged before the Regional Court of Public Waters
(TRAP). These proceedings were suspended pending
the TSAP decision.
Hydroelectric concessions Sardinia
- Italy
In October 2018, the Autonomous Region of Sardinia
(RAS), with three resolutions of the Council (and relat-
ed provisions), ordered that the management of the
three concessions for large hydroelectric diversions
in Sardinia, Coghinas, Flumendosa and Taloro (power
plants, dams and pipelines) belonging to Enel Produz-
ione (EP) expiring in 2029, be entrusted to Enas, the
public body of the Sardinia Region, as from 1 January
2019.
EP challenged these provisions before the Superi-
or Public Water Resources Court (TSAP), considering
them illegitimate and seriously damaging to EP’s ac-
quired rights, as they are clearly in conflict, among
other things, with Legislative Decree 79/1999 (so-
called Bersani Decree), the provisions of the Simplifi-
cation Decree, as well as in open violation of Article 117
of the Constitution and of various fundamental prin-
ciples protected by the Italian Constitution, the Euro-
pean Convention on Human Rights and the Charter of
Fundamental Rights of the EU, such as the protection
of private property, competition, legal certainty and
freedom of private economic initiative.
During the proceedings, the TSAP first ordered the
suspension of the contested provisions and subse-
quently, in 2023, voided the resolutions of the Region
of Sardinia due to a procedural defect (failure to com-
municate the start of the proceedings), including in
the decision the other grounds for appeal of EP.
The Region of Sardinia challenged the decision be-
fore the Court of Cassation and with an appeal to the
Constitutional Court for conflict of attribution. EP ap-
peared in both proceedings.
With an order dated December 28, 2024, the Court
of Cassation upheld the appeal of the Region of Sar-
dinia and quashed the TSAP decision. EP resumed the
proceedings before the TSAP for the continuation and
examination of the remaining grounds of appeal, si-
multaneously promoting a request for suspension of
the contested provisions which will be discussed at
the hearing on March 19, 2025.
The proceedings before the Constitutional Court for
conflict of attribution are destined to be declared in-
admissible given that the TSAP ruling was annulled.
Antitrust proceeding 12461 – EE –
Contract renewals - Italy
On December 13, 2022, the Competition Authority
(AGCM) notified Enel Energia SpA (“the Company” or
EE) and six other companies (Hera, A2A, Acea, Eni Plen-
itude, Engie, Edison) that it had initiated a proceeding
for unfair commercial practices (violation of certain
provisions of the Consumer Code and Article 3 of Leg-
islative Decree 115/2022, the second “Aid Decree”).
In particular, AGCM, among other thing, argued that
EE had sent its customers, in the period from May to
October 2022, notices of price changes that were al-
Notes to the consolidated financial statements
575
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
legedly generic and omissive to the extent that they
did not specify the expiry date of the financial condi-
tions subject to renewal and represented an unwar-
ranted exercise of ius variandi in modification of the
financial conditions of the supply relationship, in vio-
lation of the aforementioned Article 3 of the second
Aid Decree.
With the measure initiating the procedure, the Com-
petition Authority simultaneously prohibited on a pre-
cautionary basis the sending of new price change no-
tices and ordered the correction of those already sent.
All the operators subject to the order, including EE,
challenged the provision, which was based on the as-
sumption that any price change had been prohibited
to suppliers in the period indicated by the second Aid
Decree (August 10 - April 30, then extended until June
30, 2023 by Legislative Decree 198/2022, the “Mille-
proroghe Decree”).
Following the pronouncement of the Council of State
of December 22, 2022 and the Milleproroghe Decree
of December 29, 2022, which excluded the applicability
of Article 3 of the Decree to contract renewals (of ex-
piring offers) in compliance with the contractual terms
of notice and without prejudice to the right of with-
drawal of the counterparty, thus distinguishing them
from those covered by the ius variandi, the Competition
Authority, with a precautionary measure on December
29, 2022, ordered the partial upholding of the original
precautionary measure and confirmed the prohibition
on changes or renewals of the financial conditions of
expiring contracts for which the expiry date was not
specifically identified or in any case predeterminable in
the associated notice sent to the customer. EE filed an
appeal for additional reasons against this measure.
With a ruling published on May 19, 2023, the Lazio
Regional Administrative Court (TAR) accepted the
arguments of EE and voided the two precautionary
measures of the AGCM on December 12, 2022 and
December 29, 2022. Both AGCM and EE challenged
the Court decision before the Council of State which,
on December 10, 2024, rejected AGCM appeal, con-
sidering that the precautionary measures it issued had
been overcome by the sanctioning measure adopted
by the same AGCM.
In the meantime, the proceeding for unfair commer-
cial practices concluded with the issue of a meas-
ure notified on November 15, 2023 with which the
Competition Authority found a violation of Articles 24
and 25 of the Consumer Code, levying a fine of €10
million on EE, which was paid by EE on December 15,
2023. On January 15, 2024, EE appealed to void the
fine before the Lazio Regional Administrative Court,
which was then voided by the TAR with a decision
published on November 18, 2024. On 11 February
2025, the AGCM challenged this decision before the
Council of State.
Criminal proceeding against
e-distribuzione concerning an accident –
Italy
On July 1, 2021, e-distribuzione SpA was notified of
a proceeding against a number of its employees and
managers and e-distribuzione SpA itself pursuant to
Legislative Decree 231/2001, initiated by the Public
Prosecutor’s Office of Taranto, following the accident
that occurred on the night between June 27 and 28,
2021 in which an employee of a contractor was injured
and subsequently died.
During the investigative phase, an unrepeatable tech-
nical assessment was ordered and the report of the
Technical Consultant of the Public Prosecutor, dated
December 15, 2021, was filed and incorporated in the
Public Prosecutor’s case.
A notice of dismissal of charges was subsequently sent
to some of the defendants and the subcontractor with
whom the deceased worker was employed. A notice of
conclusion of the preliminary investigation pursuant
to Article 415-bis of the Code of Criminal Procedure
was sent to the remaining defendants and the compa-
ny and on April 17, 2023, a notice was served schedul-
ing the preliminary hearing before the Court of Taranto
for May 23, 2023. Following adjournments, the prelim-
inary hearing was scheduled to continue on February
20, 2024, when the parties were heard, including the
request for a plea deal from one of the defendants.
At the following hearing on May 21, 2024, the Court
accepted the plea deal from one of the defendants,
ordering referral to trial for all the other defendants.
The hearing began on October 1, 2024, the examination
of the prosecution witness is currently underway and
the trial is postponed to the hearing on April 15, 2025.
In agreement with the insurance company, a process
was defined to reach a settlement with the heirs of the
deceased to extinguish the claims formulated by the
injured parties without admission of liability.
Arbitration proceedings Enel Produzione
SpA - Italy
In the 4th Quarter of 2023 a coal supplier initiated
an arbitration proceeding against Enel Produzione
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
576
INTEGRATED ANNUAL REPORT 2024
requesting the fulfillment by the latter of certain coal
supply contracts stipulated between the parties dur-
ing 2021, performance of which was suspended by
Enel Produzione in March 2022 due to the sanctions
imposed with EU Regulations no. 269/2014 and no.
833/2014. A claim of about $11.2 million was filed for
supplies already executed and about $66.7 million for
expected supplier, plus interest. The arbitration pro-
ceedings are pending, The hearing is scheduled for
the last week of May.
Green Network litigation - Italy
With a summons dated May 8, 2019, Green Network
SpA (GN) sued Enel Energia SpA (EE) before the Court
of Rome to ascertain alleged anti-competitive con-
duct (including illegal win-back practices) that EE car-
ried out in an attempt to recover customers who would
have moved to the competing trader and, as a result,
order EE to pay damages quantified at €116,049,056,
plus interest and monetary revaluation, in addition to
the publication of the sentence. EE formally appeared
in court, contesting the validity of the opposing par-
ty’s claim in fact and law and requesting the complete
denial of the claims, as well as an order for the plaintiff
to pay damages for frivolous litigation. After complet-
ing the preliminary investigation phase, on February
9, 2024, the parties exchanged final briefs and we are
awaiting the decision.
Penalty proceeding of the Personal Data
Protection Authority against Enel Energia
– Italy
On February 29, 2024, the Personal Data Protection
Authority (DPA) announced that it was levying a fine of
€79,107,101 on Enel Energia SpA (the “Company”), in
addition to a number of prescriptive measures.
The action originates with a proceeding undertaken by
the DPA in July 2023, during which the Company was
accused of failing to adopt an adequate system for
monitoring and controlling the operation of its agen-
cies, which, in the period from 2015 to 2022, also made
use of operators who were not officially appointed, for
the sole purpose of maximizing their profits even to
the detriment of the Company itself.
In the meantime, the Company, acting for its own pro-
tection, had already taken all the contractually estab-
lished measures against the agencies involved in the
circumstances addressed by the penalty measure and
had also filed criminal complaints against the opera-
tors who had acted abusively.
The Company, considering the objections raised by
the DPA to be unfounded, challenged the provision
before the Civil Court of Rome, filing a request for sus-
pension of both the payment of the fine and the pre-
scriptive measures. On July 18, 2024, the Court grant-
ed the request for suspension with a non-appealable
order, scheduling the discussion on the merit on May
14, 2025.
BEG litigation - Italy, France,
Luxembourg
Following an arbitration proceeding initiated by BEG
SpA (BEG) in Italy, Enelpower SpA (Enelpower) obtained
a ruling in its favor in 2002, which was upheld by the
Court of Cassation in 2010, which entirely rejected the
petition for damages with regard to alleged breach by
Enelpower of an agreement concerning the assess-
ment of the possible construction of a hydroelectric
power station in Albania. Subsequently, BEG, acting
through its subsidiary Albania BEG Ambient (ABA), filed
suit against Enelpower and Enel SpA (Enel) in Albania
concerning the matter, obtaining a ruling from the
District Court of Tirana on March 24, 2009, upheld by
the Albanian Court of Cassation, ordering Enelpower
and Enel to pay tortious damages of about €25 million
for 2004 as well as an unspecified amount of tortious
damages for subsequent years. Following the ruling,
Albania BEG Ambient demanded payment of more
than €430 million.
In November 2016, Enel and Enelpower filed a petition
with the Albanian Court of Cassation, asking for the
ruling issued by the District Court of Tirana on March
24, 2009 to be voided. At the hearing of November 6,
2024, the Albanian Court of Cassation rejected the
petition.
With a ruling of the Court of Appeal of Rome of March
7, 2022, the further proceedings undertaken by Enel
and Enelpower before the Court of Rome were con-
cluded, having sought recognition of BEG’s liability for
having circumvented the arbitration award rendered
in Italy in favor of Enelpower through the aforemen-
tioned initiatives undertaken by the subsidiary ABA.
With the ruling, the Court of Appeal of Rome upheld
the ruling of first instance rendered by the Court of
Rome on June 16, 2015, which had denied the petition
in the proceeding.
On May 20, 2021, the European Court of Human
Rights (ECHR) issued a ruling with which it decided
Notes to the consolidated financial statements
577
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
the appeal brought by BEG against the Italian State
for violation of Article 6.1 of the European Conven-
tion on Human Rights. With this decision, the Court
denied BEG’s request to reopen the above arbitra-
tion proceedings, and also rejected BEG’s claim for
pecuniary damages amounting to about €1.2 billion
due to the absence of a causal link with the disputed
conduct, granting it €15,000 in non-pecuniary dam-
ages.
Nonetheless, on December 29, 2021, BEG, with an ac-
tion that the Company and its legal counsel deemed
unfounded and specious, also decided to sue the Ital-
ian State before the Court of Milan, to demand, as a
consequence of the ECHR ruling, damages for tortious
liability in an amount of about €1.8 billion. In this case,
BEG also involved Enel and Enelpower by way of a claim
of joint and several liability. With an order of June 14,
2022, the Court of Milan, in accepting the objection of
territorial incompetence raised by the State Attorney,
declared its incompetence to hear the dispute in favor
of the Court of Rome, the court exclusively competent
to hear the causes in which the Italian State is involved,
ordering BEG to pay the costs of the proceedings in
favor of the defendants, BEG did not resume the judg-
ment before the Court of Rome within the legal term
of October 14, 2022 and therefore the proceeding was
extinguished.
A short time later, on November 3, 2022, BEG resub-
mitted the same claims for damages of the terminat-
ed proceeding, serving a new writ of summons before
the Court of Milan against the same defendants, but
excluding the Italian State. Enel and Enelpower are
preparing their defenses to proceed with the appear-
ance in court in order to contest the claim, which is
considered entirely specious and unfounded, like the
previous similar initiative. Following the hearing for ad-
mission of evidence, the Court issued an order on Oc-
tober 26, 2023 denying the preliminary requests of the
plaintiff and scheduled final arguments for October 17,
2024 when the parties exchanged their final briefs. We
are awaiting a decision.
Proceedings undertaken by Albania BEG
Ambient Shpk (ABA) to obtain enforcement
of the ruling of the District Court of Tirana
of March 24, 2009
Italy
With an appeal notified on September 11, 2023, Al-
bania BEG Ambient Shpk (ABA) initiated a proceed-
ing before the Court of Appeal of Rome against Enel
SpA and Enelpower Srl, in order to obtain, pursuant to
Article 67 of Law 218/1995, enforcement of the rul-
ing of the Court of Tirana of March 24, 2009. The two
companies are preparing their defense to contest the
claim for execution in Italy as well. Following the initial
hearing, the Court of Appeal adjourned the proceed-
ing until September 18, 2025 for oral arguments.
France
In 2012, ABA filed suit against Enel and Enelpower with
the Tribunal de Grande Instance in Paris in order to
render the ruling of the Albanian court enforceable in
France.
On January 29, 2018, the Tribunal de Grande Instance
rejected ABA claim. Among other issues, the Tribunal
de Grande Instance ruled that: (i) the Albanian ruling
conflicted with an existing decision (the arbitration
ruling of 2002) and that (ii) the fact that BEG sought to
obtain in Albania what it was not able to obtain in the
Italian arbitration proceeding, resubmitting the same
claim through ABA, represented fraud.
Subsequently, with a ruling of May 4, 2021, the Par-
is Court of Appeal denied the appeal by ABA, in full,
upholding the ruling at first instance and, in particular,
fully upholding the non-compatibility of the Albanian
ruling with the arbitration award of 2002, ordering it
to reimburse Enel and Enelpower €200,000 each for
legal costs.
With a ruling of May 17, 2023 the French Cour de Cas-
sation rejected ABA’s appeal, thereby definitively de-
nying the ABA’s petition for execution.
Following the favorable ruling of the Court of Appeal,
Enel initiated a separate proceeding to obtain release
of the precautionary attachments (saisie conserva-
toire des créances) granted to ABA of any receivables
of Enel in respect of Enel France. With an order of
June 16, 2022, the Court of Paris ordered the release
of the precautionary attachments while also ordering
ABA to pay Enel a total of about €146,000 in dam-
ages and legal costs. ABA challenged the aforemen-
tioned release order and the appeal was granted by
the Paris Court of Appeal with a decision of May 17,
2023. On June 16, 2023 Enel filed a petition and on
December 15, 2023 formally appealed that ruling be-
fore the French Cour de Cassation. On April 18, 2024,
ABA filed a petition and appeared in court, communi-
cating the release of the precautionary attachments
and requesting the Cour de Cassation to terminate
the proceedings due to the cessation of the subject
matter of the dispute. Enel opposed the request for
termination of the proceedings; the Court’s decision
on the matter is pending.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
578
INTEGRATED ANNUAL REPORT 2024
The Netherlands
In 2014, ABA filed suit with the Court of Amsterdam to
render the ruling of the Albanian court enforceable in
the Netherlands.
Following an initial ruling of June 29, 2016, in favor of
ABA, in a ruling of July 17, 2018, the Amsterdam Court
of Appeal upheld the appeal advanced by Enel and
Enelpower, ruling that the Albanian judgment cannot
be recognized and enforced in the Netherlands, as it
was arbitrary and manifestly unreasonable and there-
fore contrary to Dutch public order. Subsequently, the
proceeding before the Court of Appeal continued with
regard to the subordinate question raised by ABA with
which it asked the Dutch court to rule on the merits
of the dispute in Albania and in particular the alleged
tortious liability of Enel and Enelpower in the failure
to build the power plant in Albania. On December 3,
2019, the Amsterdam Court of Appeal issued a defini-
tive ruling in which it rejected any claim made by ABA,
thereby confirming the denial of recognition and en-
forcement of the Albanian ruling in the Netherlands.
Moreover, having re-analyzed the merits of the case
under Albanian law, the Court found no tortious liability
on the part of Enel and Enelpower and ordered ABA
to reimburse the companies for the losses incurred in
illegitimate conservative seizures, to be quantified as
part of a specific procedure, and the costs of the trial
and appeal proceedings.
On July 16, 2021 the Supreme Court completely reject-
ed ABA’s appeals, ordering it to reimburse court costs.
Luxembourg
In Luxembourg, again at the initiative of ABA, J.P. Mor-
gan Bank Luxembourg SA was also served with an
order for a number of precautionary seizures of any
receivables of both Enel Group companies in respect
of the bank.
In parallel ABA filed a claim to obtain enforcement of
the ruling of the Court of Tirana in Luxembourg.
Owing to a number of procedural delays, the proceed-
ing is still in the initial stages and no ruling has been
issued. In particular, after several legal representatives
appointed by ABA withdrew from the cause, on Sep-
tember 2023 the court suspended the proceeding.
United States and Ireland
In 2014, ABA had initiated two proceedings requesting
execution of the Albanian sentence before the courts
of the State of New York and Ireland, which both ruled
in favor of Enel and Enelpower, respectively, on Febru-
ary 23 and February 26, 2018. Accordingly, there are
no lawsuits pending in Ireland or New York State.
Municipality of Alfedena – COSAP
and CUP fees
On September 26, 2024, the Municipality of Alfedena
notified Enel Produzione of: (i) an assessment of €207
million for fees for the use of public areas in respect
of a hydroelectric catchment area named “Montagna
Spaccata” and the associated structures (COSAP) and
the single land usage fee (CUP) for the years from 2007
to 2024; and (ii) a notice of a fine of about €75.5 million
for alleged illegitimate use of those areas.
The notice of assessment and the fine issued by the
municipality are based on the argument that the land
occupied by the catchment area and the associated
structures fall within those belonging to the munici-
pality’s public use assets not available for civic use and
therefore subject to the COSAP fee, and, more recently,
the single land usage fee (CUP). Enel Produzione chal-
lenged the assessment in court, while filing a petition
for suspension of enforcement, and presented written
defenses against the fine. At the hearing of January 22,
2025, the Court of Sulmona ordered the suspension of
the enforcement of the assessment.
Bono Social - Spain
In relation to the various financing schemes for the
Bono Social adopted by the Spanish government,
with ruling no. 212/2022 of February 21, 2022 the Tri-
bunal Supremo ruled on the appeals filed by Endesa
SA, Endesa Energía SAU and Energía XXI Comercial-
izadora de Referencia SLU (Endesa) and other compa-
nies in the energy sector against the third scheme for
financing the Bono Social, and for co-financing with
government authorities of the supply to vulnerable
consumers, envisaged under Article 45, paragraph 4
of Spain’s Electricity Industry Law 24/2013, Royal De-
cree Law 7/2016 of December 23 and Royal Decree
897/2017 of October 6.
With the ruling, the Tribunal Supremo, partially allowing
the appeals, found that (i) the aforesaid regime was in-
applicable; (ii) Articles 12 to 17 of Royal Decree 897/2017
are inapplicable and void, and (iii) the appellants were
entitled to be compensated for the amounts paid to
finance the Bono Social and provide co-financing with
government authorities, and to reimbursement of all
costs incurred to fulfill the obligations set out in this
mechanism, deducting any amounts transferred to
customers, where applicable.
In the absence of voluntary compliance by the au-
thorities, on November 10, 2022 the companies filed
Notes to the consolidated financial statements
579
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
a petition for enforcement of the ruling, requesting
immediate payment of the uncontested part, equal to
about €152 million, for financing costs associated with
customers in the regulated market, as well as payment
of other amounts as quantified in the technical stud-
ies prepared by the companies. With an order of May
26, 2023 the Tribunal Supremo (i) ordered the govern-
ment to pay Endesa €152,272,229.83, plus interest,
(ii) required the Ministry for the Ecological Transition
and the Demographic Challenge (MITECO) to quantify
as soon as possible the additional amounts to be paid
to Endesa in respect of (a) costs to finance the Bono
Social for the free market, deducting any amounts
transferred to customers, and (b) investments made
to implement the Bono Social, and to pay Endesa
those amounts, plus interest, within two months. On
July 28, 2023, the Secretary of State for Energy (MITE-
CO) announced a resolution that grants Endesa (i) an
indemnity of €171.6 million (including interest) for fi-
nancing costs associated with customers in the reg-
ulated market and (ii) an additional indemnity of €6.6
million (including interest) for costs incurred to imple-
ment the Bono Social. However the resolution does
not provide for any indemnity for the financing costs
of the Bono Social for the free market. Therefore, on
September 18, 2023 Endesa filed arguments support-
ed by technical studies with the Tribunal Supremo to
demonstrate Endesa’s entitlement to be indemnified
for the free market segment as well. In February 2024,
a motion was filed to initiate the expert evidence col-
lection phase, which began in May 2024 and ended
with a decision of September 18, 2024 of the Tribu-
nal Supremo, which: (i) partially voided the resolution
of the Secretary of State of July 28, 2023 in the part
in which it did not recognize the compensation for
the financing costs of the Bono Social relating to the
free market segment; (ii) established Endesa’s right to
be reimbursed by the government in the amount of
€148 million as amounts paid to finance the Bono So-
cial, plus interest calculated from the date on which
the payment was made until its actual reimbursement;
(iii) established Endesa’s right to reimbursement of €6
million corresponding to the costs incurred for the
management of the Bono Social for customers being
supplied at the time, plus interest calculated from the
date on which the payment was made until its actual
reimbursement; (iv) confirmed that the cost of financ-
ing the Bono Social had no impact on market offers or
on the energy bills of Endesa Energía SAU customers.
Since all the amounts incurred for the implementation
of the procedure for requesting, verifying and manag-
ing the Bono Social (as indicated in paragraph (iii)) have
already been paid by the government, on December
13, 2024, Endesa filed an application before the Tri-
bunal Supremo informing that the €148 million reim-
bursement relating to the amounts paid as financing
and co-financing associated with consumers supplied
by Endesa Energía SAU was still pending.
GNL Endesa Generación SAU arbitration
proceeding II - Spain
In March 2023, a liquefied natural gas (LNG) produc-
er initiated an arbitration proceeding within the con-
text of a proceeding for the revision of the price of
a long-term supply contract for LNG against Endesa
Generación SAU, demanding payment of about $700
million (interest included) at September 30, 2024. The
arbitration proceeding came to completion and the
award was issued on November 28, 2024 rejecting the
claims, and condemning the same claimant to pay the
legal expenses in favour of Endesa.
GNL Endesa Generación SAU arbitration
proceeding III - Spain
In January 2025, a liquefied natural gas (LNG) produc-
er initiated an arbitration proceeding for the revision
of the price of a long-term supply contract for LNG
against Endesa Generación SAU. Although the de-
fendant has not yet detailed the amount of the claim
– reserving the right to do so at a later stage of the
proceedings – it should be noted that in the negoti-
ation phase it had requested a retroactive price in-
crease which would entail a potential disbursement
by Endesa, estimated as of December 31, 2024 at
approximately $307.8 million, including interest. The
amount of the claim could be revised during the arbi-
tration proceeding.
Appeal of grant of single permit for the
“Peña del Gato” wind farm – Spain
On February 7, 2024, the association Plataforma para
la Defensa de la Cordillera Cantábrica filed an appeal
with the Administrative Court of León to challenge
the administrative authorization and environmental
impact statement for the construction and opera-
tion of the “Peña del Gato” wind farm and the related
evacuation infrastructure, obtained, most recently in
2022, by Energías Especiales del Alto Ulla SAU (100%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
580
INTEGRATED ANNUAL REPORT 2024
controlled by Enel Green Power España SLU, herein-
after the “Company”). On March 11 and April 11, 2024,
respectively, the Junta de Castilla y León and the Com-
pany filed their opposition to the appeal filed by the
association. On December 11, 2024 the Company filed
its conclusions.
Tractebel litigation – Brazil
In 1998 the Brazilian company CIEN (now Enel CIEN)
signed an agreement with Tractebel (now Engie Brasil
Energia SA) for the delivery of electricity from Argentina
through its Argentina-Brazil interconnection line. As a
result of Argentine regulatory changes introduced as a
consequence of the economic crisis in 2002, Enel CIEN
was unable to make the electricity available to Tractebel.
In October 2009, Tractebel sued Enel CIEN for alleged
breach of contract. Enel CIEN submitted its defense
citing force majeure as a result of the Argentine crisis
as the main argument. Out of court, Tractebel indicat-
ed that it plans to acquire 30% of the interconnection
line involved in the dispute. With a ruling of February
16, 2023, the court of first instance denied the grounds
of the claim submitted by Tractebel against Enel CIEN.
The ruling was appealed by Tractebel on March 20,
2023, but on February 29, 2024 the Court of Appeal
upheld the decision at first instance in favor of Enel
CIEN. On March 21, 2024, Tractebel filed a petition for
clarification of the decision of the Court of Appeal, to
which Enel CIEN replied. On May 10, 2024, the Court of
Appeal denied the motion submitted by Tractebel and
Tractebel challenged the rejection before the Superior
Court. Enel CIEN appeared in the proceedings which
are currently pending. The amount involved in the dis-
pute is estimated at about R$753 million (about €123
million), plus damages to be quantified.
For similar reasons, the company Furnas, in May 2010,
had also presented a sue against Enel CIEN for the fail-
ure to deliver electricity, requesting payment of about
R$571.6 million (about €91 million), plus damages to be
quantified, with a claim to acquire 70% of the intercon-
nection line. The trial concluded in favor of Enel CIEN
with a sentence issued by the Tribunal de Justiça, which
became final on October 18, 2019, which rejected all of
Furnas’ claims.
Cibran litigation - Brazil
Companhia Brasileira de Antibióticos (Cibran) has
filed six suits against the Enel Group company Ampla
Energia e Serviços SA (today Enel Distribuição Rio)
to obtain damages for alleged losses incurred as a
result of the interruption of electricity service by the
Brazilian distribution company between 1987 and
2002, in addition to non-pecuniary damages. The
Court ordered a unified technical appraisal for those
cases, the findings of which were partly unfavorable
to Enel Distribuição Rio. The latter challenged the
findings, asking for a new study, which led to the de-
nial of part of Cibran’s petitions. Cibran subsequently
challenged the findings of the new study, but with-
out success.
The first suit, regarding the years from 1995 to 1999,
was denied in full with a ruling that became definitive
on August 24, 2020.
With regard to the second case, filed in 2006 and re-
garding the years from 1987 to 1994, on June 1, 2015,
the courts issued a ruling ordering Enel Distribuição
Rio to pay R$96 million (about €23 million) plus in-
terest in pecuniary damages and R$80,000 (about
€19,000) in non-pecuniary damages. On November 6,
2019, the Tribunal de Justiça of Rio de Janeiro issued
a ruling granting Enel Distribuição Rio’s petition, and
denying all of Cibran’s claims. Subsequently, all the
appeals submitted by Cibran between 2019 and 2022
were denied in full and, accordingly, the decision of
November 6, 2019 in favor of Enel Distribuição Rio be-
came final on March 24, 2023.
The remaining four suits for the years 2001 and 2002,
in which the claim has not yet been quantified with
expert opinion, were initially suspended pending the
decision concerning the petition and are now waiting
to be taken up again. The value of all the disputes is
undetermined.
Litigation with cooperatives - Brazil
As part of the project to expand the grid in rural are-
as of Brazil, in 1982 Coelce Companhia Energética do
Ceará SA (today Enel Distribuição Ceará), then owned
by the Brazilian government and now an Enel Group
company, had entered into contracts for the use of the
grids of a number of cooperatives established specif-
ically to pursue the expansion project. The contracts
provided for the payment of a monthly fee by Enel Dis-
tribuição Ceará, which was also required to maintain
the grids.
Those contracts, between cooperatives established in
special circumstances, did not specifically identify the
grids governed by the agreements, which prompted a
number of the cooperatives to sue Enel Distribuição
Notes to the consolidated financial statements
581
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Ceará asking for, among other things, a revision of the
fees agreed in the contracts.
These proceedings include: (a) the suit filed by Coop-
erativa de Eletrificação Rural do Vale do Acarau Ltda
(COPERVA) with a value of about R$533 million (about
€83 million): in the suit COPERVA requested a revision
of the fee agreed in the contract for the use of the
distribution grids which could amount to 1.5% of the
value of the leased asset. Enel Distribuição Ceará was
granted rulings in its favor by the trial court and the
Court of Appeal (representing a favorable precedent
also for the other proceedings). This was followed by
several appeals, the last of which, filed in December
2018 before the Tribunal Superior de Justiça, is cur-
rently pending (an internal procedural appeal filed by
COPERVA is being defined); and (b) the suit filed by
Cooperativa de Energia, Telefonia e Desenvolvimento
Rural do Sertão Central Ltda (COERCE) of about R$319
million (about €50 million): in the suit COERCE re-
quested a revision of the fee agreed for the use of its
grids to be calculated on the basis of 2% of their value;
the preliminary investigation of the first instance trial
was recently concluded with the filing of a technical
report favorable to Enel Distribuição Ceará.
ANEEL litigation - Brazil
In 2014, Eletropaulo (today Enel Distribuição São
Paulo) initiated an action before the Brazilian federal
courts seeking to void the administrative measure of
the Agência Nacional de Energia Elétrica (ANEEL, the
national electricity agency), which in 2012 retroac-
tively introduced a negative coefficient to be applied
in determining rates for the following regulatory pe-
riod (2011-2015). With this provision, ANEEL ordered
the restitution of the value of some components of
the network previously included in rates because they
were considered non-existent and denied Enel Dis-
tribuição São Paulo’s request to include additional
components in rates. The administrative measure of
ANEEL was challenged and on September 9, 2014, it
was suspended on a precautionary basis. The first-in-
stance proceeding was concluded with a decision
of April 10, 2024 which rejected the requests of Enel
Distribuição São Paulo. Against this decision, the com-
pany filed an appeal also asking the Court of Appeal
to confirm the precautionary suspension already or-
dered, which was granted on June 21, 2024, until the
second degree decision on the merits. On August 5,
2024, ANEEL challenged this last decision suspending
the enforceability of the provision and on September
9, 2024 Enel Distribuição São Paulo filed a counter-ap-
peal. The value of the suit is about R$1,3 billion (about
€219 million).
Endicon – Brazil
On October 17, 2021 Endicon (former Enel service pro-
vider in Brazil) filed a lawsuit against Enel Distribuição
Rio and Enel Distribuição Ceará in which it seeks total
damages of approximately R$553 million (about €91
million) for pecuniary and non-pecuniary damages in-
curred in connection with certain events allegedly at-
tributable to Group companies, which occurred during
the execution of the contracts and from the abusive
exercise of contractual rights by the latter, which is
alleged to have produced a loss on the management
of the contracts. Following the revocation on May 10,
2022 of the precautionary measure that had been
previously notified to the companies, on December 2,
2021, Enel Distribuição Rio and Enel Distribuição Ceará
presented their defenses in the proceedings on the
merits, including preliminary objections on procedural
aspects which were rejected by the Court in both the
first and second instance. A review proceeding against
this latter decision is currently pending. On the merits,
the trial continues in the first instance in the investiga-
tion phase. On March 19, 2024, the Group companies
requested the Court to file accounting reports and ad-
ditional documentary evidence.
Socrel – Brazil
Enel Distribuição São Paulo has been sued by Serviços
de Eletricidade and Telecomunicações Ltda (Socrel)
for damages for losses caused by an alleged unlaw-
ful termination of contract by the Group company
that involved a series of contracts between the par-
ties, which would have caused Socrel’s liquidity crisis.
Following an expert report issued during the proceed-
ings, Socrel’s request was quantified at R$321 mil-
lion (about €57 million). With the ruling of March 27,
2023, the Tribunal de Justiça do Estado de São Paulo
denied the entire substance of the Socrel claim. So-
crel challenged the ruling on May 15, 2023 which was
overturned with a ruling of November 8, 2023 and re-
manded for trial at first instance to hear oral evidence
not allowed in the first proceeding. On November 24,
2023, Enel Distribuição São Paulo filed a request for
clarification against the provision that annulled the
first-instance judgment, rejected by the Court of Ap-
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
582
INTEGRATED ANNUAL REPORT 2024
peal on December 19, 2023. On February 26, 2024,
Enel Distribuição São Paulo filed an appeal with the
Supreme Court against this last decision, and Socrel
filed a counter-appeal on March 27, 2024; the pro-
ceedings are pending.
Extraordinary 2022 rate revision (Ceará) –
Brazil
On April 19, 2022, the Agência Nacional de Energia
Elétrica (ANEEL) issued Resolution no. 3.026/2022
with which it authorized an average 24.85% rate in-
crease for 2022 for the electricity distribution servic-
es performed by Enel Distribuição Ceará (ED Ceará).
Both private individuals and public institutions have
challenged this resolution before the Federal Re-
gional Court of the district of Ceará, for a total of six
proceedings requesting, on a precautionary basis,
the cancellation of the effects of the resolution and,
on a permanent basis, the voidance of the resolution
itself, arguing that the rate increase is illegitimate.
In all proceedings, ED Ceará has contested the pe-
titioners’ claims, arguing the legitimacy of the rate
adjustment. On June 21, 2022, the Federal Regional
Court rejected the precautionary request and join-
dered the six proceedings in a single proceeding in
consideration of the fact that the relief sought and
the cause of action are the same. On September 23,
2022, ED Ceará also submitted that, as a result of
certain subsequent legislative measures, the rate had
been reduced following an extraordinary rate review
and a reduction in taxes. Of the six suits, four have
already concluded with definitive decisions in favor
of Enel (for procedural reasons, therefore without de-
ciding on the merits) and dismissal of charges. One
of the remaining two, after the appeal on legitimacy
to act was granted, was returned to the court of first
instance for the analysis of the merits. The estimat-
ed value of the proceeding has not been determined.
The other suit, which was referred to the Federal Re-
gional Court due to its connection with the others
commented earlier, is promoted by one public entity
for consumer protection and is aimed at obtaining
compensation for collective moral damages quanti-
fied in approximately R$59 million (approximately €10
million) allegedly suffered due to the poor quality of
the service, in the context of which the request relat-
ing to the rate increase was also formulated. On De-
cember 19, 2024, a first-instance decision was issued
unfavorable to ED Ceará, condemning the company
to pay collective moral damages for inadequate qual-
ity of service for approximately €1 million. The deci-
sion will be appealed by ED Ceará.
CTEEP – Brazil
On March 16, 2021 Enel Distribuição São Paulo (for-
merly Eletropaulo Metropolitana Eletricidade de São
Paulo SA – Eletropaulo) filed a debt collection action
before the Tribunal de Justiça do Estado de São Pau-
lo in the amount of about R$1.5 billion (about €250
million) against the transmission system operator ISA
CTEEP – Companhia de Transmissão de Energia Elétri-
ca (CTEEP) as the original debtor for a liability arising
prior to the privatization of Eletropaulo, against Cen-
trais Elétricas Brasileiras SA (Eletrobras), which had
initially been paid by Eletropaulo to the latter as part
of a settlement agreement. With a decision of Sep-
tember 26, 2023, the competent Court of Appeal up-
held the ruling at first instance, which had denied Enel
Distribuição São Paulo’s claim, also quantifying the de-
fense’s legal costs due at 13% of the present value of
the claim, for an amount of about R$439 million (about
€70 million) at September 2024. By decision of January
12, 2024, the Court of Appeal rejected the appeal filed
against this decision by Enel Distribuição São Paulo.
On February 23, 2024 the company also appealed the
latter ruling before the higher courts, and on March
25, 2024 CTEEP presented its defense in this regard.
Subsequently, the judgment was suspended pending
the ruling of the Higher Federal Court on preliminary
questions to the merits of the case.
Black-out November 2023 São Paulo –
Brazil
Following the severe weather events that on November
3, 2023 hit the concession area of Enel Distribuição
São Paulo (ED SP), at December 31, 2024, 528 individ-
ual actions and 7 collective actions were filed by rep-
resentatives of municipalities, unions, political parties,
the public prosecutor and the public defender’s office
requesting the grant of precautionary measures, the
provision of assistance by ED SP, the provision of in-
formation/documentation, the maintenance of dis-
tribution service levels and the payment of individual
and collective pecuniary and non-pecuniary damages
to be determined in court. At December 31, 2024 the
overall value of the individual actions was about R$20
million (about €3.1 million) while the value of the col-
lective actions was undetermined.
Notes to the consolidated financial statements
583
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Black-out November 2023 Rio de Janeiro –
Brazil
Following the severe weather events that on November
18, 2023 hit the concession area of Enel Distribuição
Rio de Janeiro (EDR), at December 31, 2024, 3,481 in-
dividual actions and 19 collective actions were filed
by representatives of municipalities, the public pros-
ecutor and the public defender’s office requesting
the grant of precautionary measures, the provision of
assistance by EDR, the provision of information/docu-
mentation, the maintenance of assistance measures
and the payment of individual and collective pecuni-
ary and non-pecuniary damages to be determined in
court. At December 31, 2024 the overall value of the
individual actions was about R$78 million (about €12.1
million) while the value of the collective actions was
undetermined.
Black-out October 2024 São Paulo – Brazil
Following the severe weather events that on October
11, 2024 hit the concession area of Enel Distribuição
São Paulo (ED SP), at December 31, 2024, ED SP was
notified 632 individual actions and 6 collective action,
filed by representatives of municipalities, the public
prosecutor, associations, political parties, the Federal
government, the São Paulo State and, in one instance,
a private individual, requesting the grant of precau-
tionary measures to improve the quality of service and
ANEEL participation in the concession. On the merits,
the plaintiffs are seeking the payment of individual and
collective pecuniary and non-pecuniary damages and,
in one case, to obtain the annulment of the conces-
sion contract and the imposition of sanctions against
ED SP. At December 31, 2024, the overall value of the
individual actions was about R$10.3 million (about €1.6
million) while the value of the collective actions was
undetermined.
IPEDEC - Brazil
The Instituto de Defensa de los Consumidores (IPE-
DEC) filed a suit against Enel Distribuição Ceará (ED
Ceará) and Agência Nacional de Energia Elétrica
(ANEEL) to contest the inclusion in the tariff of costs
related to energy theft such as “non-technical loss-
es”. In January 2024, ED Ceará challenged the ruling
with which the court of first instance had partially
accepted the opposing claim by declaring that the
inclusion of such costs among non-technical losses
was null but without retroactive effects, only starting
from the moment the decision became final. The trial
continues on appeal. The value of the dispute is un-
determined.
Rate revision for Enel Distribuição São
Paulo - Brazil
As part of a class action brought against Eletropaulo
(now Enel Distribuição São Paulo, ED SP) and against
the Agência Nacional de Energia Elétrica (ANEEL), in
which ANEEL was asked to include a negative com-
ponent in rate revisions carried out as from 2003 ac-
counting for the alleged tax benefit that ED SP would
have benefited from in respect of the interest paid on
equity and for ED SP to reimburse double the amounts
charged to consumers due to the failure to incorporate
the effect of the aforementioned benefit in rates, the
court of first instance issued a ruling in favor of ED SP.
However, on April 3, 2024 the Court of Appeal issued a
ruling against the latter. On April 10, 2024, ED SP filed
an appeal with a request for clarification of the appeal
judgment. On August 27, 2024, this request was denied
and, on September 19, 2024, ED SP filed both a spe-
cial appeal for violation of the law and an extraordinary
appeal for violation of constitutional principles against
the second instance judgment. Both proceedings are
pending. The value of the dispute is undetermined.
Public civil action Municipality of Paraty
Enel Distribuição Rio - Brazil
The Municipality of Paraty initiated a proceeding
against Ampla (now Enel Distribuição Rio, EDR) for
the enforcement of a final judgment ordering EDR
to promote the modernization of the grid in the mu-
nicipality until the expiration of the concession con-
tract. The judge has appointed a technical consultant
for the quantification and the proceeding is currently
suspended for negotiations. The amount involved is
currently undetermined.
GasAtacama – Chile
In January 2020, the appeal proceeding was complet-
ed for the administrative fine levied in August 2016
by the Superintendencia de Electricidad y Combusti-
bles (SEC) against GasAtacama Chile (now Enel Gen-
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
584
INTEGRATED ANNUAL REPORT 2024
eración Chile) concerning the information provided
to the CDEC-SING (Centro de Despacho Económico
de Carga) in relation to the variables of the Techni-
cal Minimum and the Minimum Operation Time at
the Atacama power station. Upon completion of the
proceeding, the amount of the fine was reduced from
approximately €6 million to about $432,000 and the
amount was paid by the company.
In relation to the issue mentioned above, a number
of operators of the Sistema Interconectado del Norte
Grande (SING), including Aes Gener SA, Eléctrica
Angamos SA and Engie Energía Chile SA, sued Ga-
sAtacama Chile in 2017 seeking damages for a total
amount of about €139.5 million. On October 17, 2023,
the Civil Court of Santiago issued a ruling partially
upholding the plaintiffs petitions in an amount to be
quantified at a subsequent stage of the proceeding.
On October 31, 2023 the ruling was challenged by all
the defendants and the appeal proceeding is pending.
GasAtacama Chile and its external legal counsel feel
that the likelihood of the plaintiffs’ claim being upheld
on appeal is remote.
Compañía Minera Arbiodo - Chile
In 2016, Compañía Minera Arbiodo and Ingenieros
Asesores Limitada filed a suit against the Ministerio
de Bienes Nacionales, the Ministerio de Energía, the
Ministerio de Minería (together, the “Ministry”), the
Servicio Nacional de Geología y Minería (Sernageom-
in), Enel Green Power Chile (EGP Chile) and Parque
Eólico Taltal SA (the “Companies”) seeking damages
for alleged losses incurred as a result of presumed
violations of mining rights to the soil underneath the
land on which the Taltal wind farm, which was built
under a ministerial concession granted in 2012, is lo-
cated.
With decision of December 6, 2023, the Civil Court of
Santiago ordered Parque Eólico Taltal and EGP Chile,
jointly and severally with Sernageomin, to pay an
amount of about 346 billion Chilean pesos (equal to
about €334 million) in favor of the plaintiffs.
The decision was challenged by the Companies, the
Ministry, Sernageomin, as well as Arbiodo. On June 18,
2024, the appeal proceeding was suspended follow-
ing the appeal lodged with the Constitutional Court
by the Companies, against some legal assumptions
forming the basis of the first-instance ruling. The
Companies and its external legal counsel feel that
the likelihood of the plaintiffs’ claim being upheld on
appeal is remote.
El Quimbo – Colombia
A number of legal actions (“acciones de grupo” and
“acciones populares”) brought by residents and fisher-
men in the affected area are pending with regard to
the El Quimbo project for the construction by Emgesa
of a 400 MW hydroelectric plant in the region of Hui-
la (Colombia). More specifically, the first collective ac-
tion, currently in the preliminary stage, was brought by
around 1,140 residents of the municipality of Garzón,
who claim that the construction of the plant would
reduce their business revenue by 30%. A second ac-
tion was brought, between August 2011 and Decem-
ber 2012, by residents and businesses/associations of
five municipalities of Huila claiming damages related
to the closing of a bridge (Paso El Colegio). With re-
gard to acciones populares, or class action lawsuits, in
2008 a suit was filed by a number of residents of the
area demanding, among other things, that the environ-
mental permit be suspended. As part of this action, on
September 11, 2020, the Huila Court issued a partial-
ly unfavorable ruling against Emgesa, sentencing it to
fulfill the obligations provided for in the environmental
license. Both the Autoridad Nacional de Licencias Am-
bientales (ANLA) and Emgesa challenged this decision
before the Council of State. On September 20, 2022,
ANLA’s appeal was denied because it had been filed
late. The proceeding continues in relation to Emgesa’s
appeal. Meanwhile, in a different proceeding, during
the last quarter of 2024, the Council of State definitive-
ly confirmed the validity of the environmental license of
the El Quimbo project, ordering ANLA to re-determine
some performance obligations provided for therein
that the Council of State recognized as unenforceable
due to a fact not attributable to Emgesa.
Another acción popular was brought by a number of
fish farming companies over the alleged impact that
filling the El Quimbo basin would have on fishing in the
Betania basin downstream from El Quimbo. After a
number of precautionary rulings, on February 22, 2016,
the Huila Court issued a ruling allowing generation to
continue for six months. The court ordered Emgesa to
prepare a technical design that would ensure compli-
ance with oxygen level requirements and to provide
collateral of about 20,000,000,000 Colombian pesos
(about €5.5 million). The Huila Court subsequently ex-
tended the six-month time limit, and therefore, in the
absence of contrary court rulings the El Quimbo plant
is continuing to generate electricity as the oxygenation
system installed by Emgesa has so far demonstrat-
ed that it can maintain the oxygen levels required by
the court. On March 22, 2018, ANLA and CAM jointly
Notes to the consolidated financial statements
585
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
presented the final report on the monitoring of water
quality downstream of the dam of the El Quimbo hy-
droelectric plant. Both authorities confirmed the com-
pliance of Emgesa with the oxygen level requirements.
On January 12, 2021, it was learned that the ruling of
first instance of the Court of Huila had been issued. The
ruling, while acknowledging that the oxygenation sys-
tem implemented by Emgesa had mitigated the risks
associated with the protection of fauna in the Bethany
basin, imposed a series of obligations on the environ-
mental authorities involved, as well as on Emgesa itself.
In particular, the latter is required to implement a de-
contamination project to ensure that the water in the
basin does not generate risks for the flora and fauna of
the river, which will be subject to verification by ANLA,
and to make permanent the operation of the oxygena-
tion system, adapting it to comply with the parameters
established by ANLA. On March 4, 2021, Emgesa chal-
lenged the appeal ruling before the Council of State.
On December 31, 2021, the Council of State ruled that
Emgesa’s appeal was admissible. The proceeding is
continuing at the appeal level.
Nivel de Tensión Uno proceedings -
Colombia
This dispute involves an “acción de grupo” brought by
Centro Médico de la Sabana hospital and other parties
against Codensa (now Enel Colombia) seeking restitu-
tion of allegedly excess rates. The action is based upon
the alleged failure of Codensa to apply a subsidized
rate that they claim the users should have paid as Ten-
sión Uno category users (voltage of less than 1 kV) and
owners of infrastructure, as established in Resolution
no. 82/2002, as amended by Resolution no. 97/2008.
The preliminary stage has been completed and a ruling
is pending. The estimated value of the proceeding is
about 337 billion Colombian pesos (about €73.5 mil-
lion).
Group actions for flooding in Bosa and
Kennedy neighborhoods of Bogotá -
Colombia
Emgesa SA (now Enel Colombia SA) was sued with an
“acción de grupo” brought by the residents of the Bosa
and Kennedy neighborhoods of Bogotá (Colombia)
seeking damages for flooding that occurred in 2010
and 2011 after the Bogotá overflowed its banks. The
proceeding is at the preliminary stage. The estimated
value of the proceeding is about 2.2 billion Colombian
pesos (about €518 million).
Reimbursement for public lighting services
in 1998-2004 – Colombia
Following a dispute between the Colombian Public
Services Authority (UAESP) and Codensa (now Enel
Colombia) that ended with a ruling unfavourable to
the latter in 2011, UAESP initiated a forced collection
procedure to recover the receivable for over-invoicing
reimbursements from Enel Colombia.
The administrative collection order was challenged
in court and the proceeding is currently pending on
appeal. With a further administrative order dated April
19, 2024, the UAESP revived the collection procedure,
updating the quantification of the receivable to about
€82.2 million, including discounting and late-payment
interest. On July 10, 2024, Enel Colombia challenged
this order as well before the UAESP. Following an ad-
ministrative appeal filed by Enel Colombia, on Sep-
tember 4, 2024, the UAESP reduced the amount of its
claim to about €74.3 million, a provision which was also
challenged by Enel Colombia on December 23, 2024.
The collection procedure has been suspended until
March 18, 2025, when the out-of-court conciliation
hearing will be held.
Kino arbitration - Mexico
On September 16, 2020, Kino Contractor SA de Cv
(Kino Contractor), Kino Facilities Manager SA de Cv
(Kino Facilities) and Enel SpA (Enel) were notified of a
request for arbitration filed by Parque Solar Don José
SA de Cv, Villanueva Solar SA de Cv and Parque So-
lar Villanueva Tres SA de Cv (together, “Project Com-
panies”) in which the Project Companies alleged the
violation (i) by Kino Contractor of certain provisions
of the EPC Contract and (ii) by Kino Facilities of cer-
tain provisions of the Asset Management Agreement,
both contracts concerning solar projects owned by
the three companies filing for arbitration. Enel – which
is the guarantor of the obligations assumed by Kino
Contractor and Kino Facilities under the above con-
tracts – has also been called into the arbitration pro-
ceeding, but no specific claims have been filed against
it for the moment.
The Project Companies, in which Enel Green Power
SpA is a non-controlling shareholder, are controlled
by CDPQ Infraestructura Participación SA de Cv (which
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
586
INTEGRATED ANNUAL REPORT 2024
is controlled by Caisse de Dépôt et Placement du
Québec) and CKD Infraestructura México SA de Cv.
On August 4, 2023, the arbitration ruling was notified.
The arbitration board declared that it did not have
jurisdiction against Enel SpA and, in partially grant-
ing the claim of the Project Companies, ordered Kino
Contractor and Kino Facilities (now Enel Services Mex-
ico SA de Cv - Enel Services) to pay penalties totaling
about $77 million, plus interest at an annual rate of
6%. Subsequently, Kino Contractor and Enel Services
filed a petition requesting correction of the arbitration
award, which was partially granted and, on December
13, 2023, they filed a petition to void the award before
the Mexican courts. Subsequently, the Project Compa-
nies have requested the recognition and enforcement
of the arbitration award. The proceeding is pending.
In December 2023, the Project Companies filed a suit
before the Supreme Court of the State of New York
against Enel, in its capacity as guarantor of the obli-
gations assumed by Kino Contractor, to request pay-
ment due by the latter under the provisions of the
arbitration award. This proceeding concluded with a
favorable decision on December 3, 2024, which fully
recognized Enel’s defenses. On December 17, 2024,
the Project Companies filed an appeal and Enel, on
December 24, 2024, filed a conditional cross appeal.
The appeal proceedings are pending.
Allianz – North America
On May 18, 2022, High Lonesome Wind Project LLC
(HiLo) was sued in New York Supreme Court by Allianz
Risk Transfer Ltd for about $203 million concerning an
alleged liability accrued by the company, as of Feb-
ruary 2021 in connection with a Proxy Revenue Swap
(PRS). The claim is being contested in its entirety. The
proceedings are currently pending before the South-
ern District Court in New York, which in 2024 ruled that
the claims subject to arbitral jurisdiction under the
PRS should be heard in arbitration, while providing for
the continuation of the proceedings for the remaining
claims.
Osage Wind – North America
In the context of a proceeding commenced by the
United States of America (as trustee of the Osage Na-
tion) and by the Osage Mineral Council against Enel
Green Power North America, Enel Kansas LLC and
Osage Wind LLC, whose subject matter is the need
for the defendants to request a previous authorization
from the Osage to do certain excavation activities for
the construction of the wind plant Osage Wind (con-
sisting of 84 wind turbines for a total capacity of 150
MW), on December 18, 2024 the Federal District Court
of North Oklahoma issued a decision of first instance
by which it has confirmed the order of removal of the
plant as provided in the order of December 20, 2023,
setting a deadline to this end to December 1, 2025,
and ordered the companies to pay an overall damages
compensation limited to around $300,000 and relat-
ed legal fees. Such decision has been appealed by the
companies and by the United States of America and
the companies also filed a motion to stay before the
Court that issued the decision in first instance which
was upheld on March 3, 2025. The appeal proceedings
are pending.
Gastalsa – Peru
In 2011, Empresa de Gas de Talara SA (Gastalsa) filed
a suit before the Civil Court of Talara against the Or-
ganismo Superior de la Inversión en Energía y Minería
(Osinergmin) and the Ministry of Energy and Mines re-
questing to revoke the measure that canceled the con-
cession granted to Gastalsa to supply natural gas to the
whole province of Talara and ordered the transfer of the
pipeline owned by Enel Generación Piura SA (EGPIURA)
to Gastalsa, calling for the application of a regulation
according to which gas supply concession holders can,
under certain conditions, request ownership of existing
gas pipelines in the concession area. EGPIURA was not
summoned to participate in this proceeding.
In 2017, Gastalsa obtained a favorable first-instance de-
cision which was challenged by EGPIURA for violation of
the adversarial procedure. In a new ruling issued on Jan-
uary 6, 2022 the Civil Court of Talara (i) denied the claim
of forfeit advanced by an affected third party (Gasnorp)
and (ii) partially granted the claim filed by Gastalsa, is-
suing a precautionary measure ordering the affected
public entities to (a) restore the natural gas concession
in favor of Gastalsa, and (b) proceed with the upgrade
and transfer of the pipeline owned by EGPIURA to Gast-
alsa. EGPIURA challenged the ruling and on August 2,
2022, the Court of Appeal ruled against Gastalsa, re-
ferring the case to the court of first instance for a new
decision. As a result of that decision, the precautionary
measure issued earlier was revoked.
In the meantime, in March 2020 Gasnorp challenged
before the Constitutional Court the decision by which
the Civil Court had denied the claim of forfeit against
Notes to the consolidated financial statements
587
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Gastalsa. In July 2022, the Constitutional Court acknowl-
edged that the original petition of Gastalsa had been
filed after the time limit and the forfeiture of the latter
from the right. This decision has become final. Following
the ruling of the Court of Appeal which decided differ-
ently from the ruling of the Constitutional Court, on July
11, 2024, the Constitutional Court, in the new judgment
promoted by Gasnorp, ordered the Court of Appeal to
issue a new ruling accepting the claim of forfeiture of
the original appeal. The first-instance judgment on the
merits has been suspended in the meantime pending
the decision by the Court of Appeal on this issue.
Gabčíkovo litigation – Slovakia
Slovenské elektrárne (SE) is involved in a number of
cases before the national courts concerning the 720
MW Gabčíkovo hydroelectric plant, which is adminis-
tered by Vodohospodárska Výsatavba Štátny Podnik
(VV) and whose operation and maintenance, as part of
the privatization of SE in 2006, had been entrusted to
SE for a period of 30 years under an operating agree-
ment (the VEG Operating Agreement).
Immediately after the closing of the privatization, the
Public Procurement Office (PPO) filed suit with the
Court of Bratislava seeking to void the VEG Operating
Agreement on the basis of alleged violations of the
regulations governing public tenders, qualifying the
contract as a service contract and as such governed
by those regulations. In November 2011 the trial court
ruled in favor of SE, whereupon the PPO appealed the
decision.
In parallel with the PPO action, VV also filed a num-
ber of suits, asking in particular for the voidance of the
VEG Operating Agreement. On December 12, 2014, VV
withdrew unilaterally from the VEG Operating Agree-
ment, notifying its termination on March 9, 2015, for
breach of contract. On March 9, 2015, the decision of
the Court of Appeal overturned the ruling of the tri-
al court and voided the contract as part of the action
pursued by the PPO. SE lodged an extraordinary ap-
peal against that decision before the Supreme Court.
At a hearing of June 29, 2016, the Supreme Court de-
nied the appeal and SE then appealed the ruling to the
Constitutional Court, which denied the appeal with a
ruling on January 18, 2017 which then became final.
In addition, SE lodged a request for arbitration with the
Vienna International Arbitral Centre (VIAC) under the
VEG Indemnity Agreement. Under that accord, which
had been signed as part of the privatization between
the National Property Fund (now MH Manažment -
MHM) of the Slovak Republic and SE, the latter was
entitled to an indemnity in the event of the early ter-
mination of the VEG Operating Agreement for reasons
not attributable to SE. On June 30, 2017, the arbitration
court issued its ruling denying the request of SE.
In parallel with this arbitration proceeding, both VV
and MHM filed two suits in the Slovakian courts to
void the VEG Indemnity Agreement owing to the al-
leged connection of the latter with the VEG Operating
Agreement. These proceedings were rejected for pro-
cedural reasons on September 27, 2017. Both VV and
MHM appealed that decision, and both the appeals
were denied upholding the trial court decision in favor
of SE. VV filed a further appeal (dovolanie) against that
decision on March 9, 2020, with the Supreme Court,
to which SE replied with a brief submitted on June 8,
2020. SE also filed an appeal before the Slovak Con-
stitutional Court, which was denied on July 29, 2021.
On March 24, 2021, the Supreme Court overturned the
decision of the Bratislava Court of Appeal, referring
the judgment to the latter court. This last proceeding
concluded with a ruling dated November 21, 2024,
which once again rejected VV’s requests.
At the local level, VV has also filed other suits against
SE for alleged unjustified enrichment (estimated at
about €360 million plus interest) for the period from
2006 to 2015. SE filed counter-claims for all of the
proceedings under way. Developments in those pro-
ceedings can be summarized as follows:
• for 2006-2008, at the hearing of June 26, 2019, the
Court of Bratislava rejected VV’s main claim and,
consequently, SE’s counterclaim. The ruling in first
instance was appealed by both parties before the
Court of Appeal of Bratislava. The proceedings re-
lating to 2006 were completed with the decision of
December 6, 2022, notified to SE on February 18,
2023, which upheld the ruling in first instance. In
April 2023, both SE and VV filed extraordinary ap-
peals before the Supreme Court against the Court
of Appeal’s ruling and the proceeding is pending.
As regards the proceedings relating to 2007, the
Court of Appeal, in a ruling dated January 31, 2023,
notified to SE on April 12, 2023, voided the deci-
sion of first instance, referring the case back to the
Court of Bratislava for a new judgment. The first
hearing was held on January 8, 2024 and the pro-
ceeding was adjourned to a hearing scheduled for
March 3, 2025. The proceedings relating to 2008
are still pending;
• the proceedings relating to the years 2011 and 2015
are all pending before the court of first instance and
briefs have been exchanged between the parties.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
588
INTEGRATED ANNUAL REPORT 2024
For both proceedings, hearings before the court of
first instance were postponed several times owing
to the pandemic and are now postponed to dates
to be determined for the proceedings relating to
2011, while the hearing for the proceedings relating
to 2015 was held on April 25, 2024. On December 12,
2024 this last proceeding was suspended until the
final decisions on the proceedings relating to 2006
and 2012 and VV appealed this suspension;
• the proceedings relating to the years 2009, 2010
and 2013 were completed in the court of first in-
stance with ruling issued by the Court of Bratislava
on, respectively, November 24, 15 and 22, 2022, re-
jecting both VV’s claim and SE’s counterclaim. Be-
tween December 2022 and January 2023 both SE
and VV filed appeals against the rulings relating to
the years 2009, 2010 and 2013, and the proceeding
is now pending. The proceedings relating to 2014
were completed at first instance with a ruling of the
Court of Bratislava of October 10, 2023 rejecting the
primary claim of VV and, consequently, the counter-
claim of SE; this decision of the Court of Bratisla-
va was appealed by both VV and SE, on January 29,
2024 and on February 5, 2024, respectively;
• as regards the proceeding relating to the year 2012,
on February 2, 2023 SE was notified of the appeal
ruling upholding the ruling of first instance deny-
ing of both VV’s claim and SE’s counterclaim. Both
VV and SE, on March 17, 2023 and March 31, 2023,
respectively, have filed an extraordinary appeal with
the Supreme Court against the appellate ruling and
the proceeding is pending.
Finally, in another proceeding VV asked for SE to
return the fee for the transfer from SE to VV of the
technology assets of the Gabčíkovo plant as part of
the privatization, with a value of about €20 million plus
interest. After issuing a preliminary decision on the
case in which it noted the lack of standing of VV, on
December 18, 2020, the Court of Bratislava issued a
decision in favor of SE, rejecting VV’s claims. On Jan-
uary 4, 2021, VV filed an appeal against that decision,
and the proceeding is pending.
Note that, following the finalization of the agreement
between Enel Produzione SpA (EP) and EP SLOVAKIA
BV (controlled by Energetický a průmyslový holding
(EPH)) for the sale to the group of the remaining 50%
of the capital in Slovak Power Holding BV, any further
financial commitment still existing on the part of the
Enel Group towards Slovak Power Holding and SE has
ceased to exist, including the compensation by virtue
of which EP would have borne a share in any liabilities
arising from the disputes relating to the Gabčíkovo
power plant.
Tax litigation in Brazil
Withholding Tax – Ampla
In 1998, Ampla Energia e Serviços SA (Ampla) fi-
nanced the acquisition of Coelce with the issue of
bonds in the amount of $350 million (“Fixed Rate
Notes” - FRN) subscribed by its Panamanian sub-
sidiary, which had been established to raise funds
abroad. Under the special rules then in force, sub-
ject to maintaining the bond until 2008, the interest
paid by Ampla to its subsidiary was not subject to
withholding tax in Brazil.
However, the financial crisis of 1998 forced the Pan-
amanian company to refinance itself with its Brazilian
parent, which for that purpose obtained loans from
local banks. The tax authorities considered this financ-
ing to be the equivalent of the early extinguishment of
the bond, with the consequent loss of entitlement to
the exemption from withholding tax.
In December 2005, Ampla carried out a spin-off that
involved the transfer of the residual FRN debt and the
associated rights and obligations to Ampla Investi-
mentos e Serviços SA.
On November 6, 2012, the Câmara Superior de Recur-
sos Fiscais (the highest level of administrative courts)
issued a ruling against Ampla, for which the company
promptly asked that body for clarifications. On Octo-
ber 15, 2013, Ampla was notified of the denial of the
request for clarification (embargo de declaração),
thereby upholding the previous adverse decision.
The company provided security for the debt and on
June 27, 2014 continued litigation before the ordinary
courts (Tribunal de Justiça).
In December 2017, the court appointed an expert to
examine the issue in greater detail in support of the
future ruling. In September 2018, the expert submitted
a report, requesting additional documentation.
In December 2018, the company, now Enel Distribuição
Rio, provided the additional documentation and, in
view of the conclusions presented by the expert, re-
quested a further expert opinion. The case has been
referred to the expert for clarifications regarding the
position expressed by the company.
In July 2021, the supplementary report was filed by the
expert in which the existence of the loan agreements
was acknowledged and the bond loan was terminated,
both for the principal amount and for interest, main-
ly through a capital increase. The company, called to
Notes to the consolidated financial statements
589
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
pronounce on the report filed, requests the full can-
cellation of the tax debt.
In March 2024, the company filed a request for review
of the value involved in the litigation following the ap-
proval of a new law which requires, in federal adminis-
trative proceedings, the cancellation of penalties (and
related interest) for disputes with outcomes unfavora-
ble to taxpayers as a result of the application of the
rule that gives the decisive vote to the tax authority in
the event of a tie. Following the grant of the petition,
the company obtained a reduction of penalties and
interest and will also request a reduction of the cor-
responding guarantees. The amount involved in the
dispute at December 31, 2024 is about €103 million.
PIS/COFINS/ICMS - Enel Distribuição
São Paulo
In March 2017, the Supremo Tribunal Federal (STF) ruled
on the calculation of the PIS and COFINS taxes, con-
firming the argument that the ICMS tax (Imposto sobre
Circulação de Mercadorias e Serviços, tax on the cir-
culation of goods and services) was not included in the
calculation basis of the PIS and COFINS.
In May 2021, the STF established that the ruling would
have effect from the judgment of March 2017, except
for taxpayers who had filed an appeal before that date.
The Group’s Brazilian companies affected by the STF
ruling had already initiated legal action in their re-
spective federal regional courts. Subsequently, the
latter notified them of the final decision, recognizing
the right to deduct the ICMS applied to their opera-
tions from the calculation basis of the PIS and COFINS.
Since the excess payment of the PIS and COFINS taxes
had been transferred to final customers, at the same
time as the recognition of these recoverable taxes, a
liability in respect of those customers was recognized
in the same amount, net of any costs incurred or to be
incurred in the legal proceedings. These liabilities rep-
resent an obligation to reimburse the recovered taxes
to final customers.
In this regard, Enel Distribuição São Paulo initiated two
proceedings that led to rulings in its favor. These re-
garded the periods from December 2003 to December
2014 and from January 2015 onwards. With regard to
the second proceeding, the Federal Union filed an ac-
tion of rescission against the company, disputing the
fact that part of the period in question (prior to March
2017) would be adversely impacted by the STF ruling of
May 2021.
In May 2022, the company challenged this action and
will defend its actions through the various levels of the
court system. During 2023, following an adverse ruling
at the appeal level, the company filed a new appeal
seeking clarification of the ruling. In 2024, the case was
suspended pending the Supreme Court’s judgment on
the matter.
The estimated amount involved in the proceeding at
December 31, 2024 was about €203 million.
IRPJ/CSLL – Eletropaulo
On October 5, 2021, Eletropaulo received an assess-
ment notice from the Brazilian tax authorities contest-
ing the deductibility for income tax purposes (Imposto
sobre a Renda das Pessoas Jurídicas - IRPJ and Con-
tribuição Social sobre o Lucro Líquido - CSLL) of the
amortization of the increased values generated by ex-
traordinary corporate transactions carried out before
the acquisition of the company by the Enel Group. The
contested period runs from 2017 to 2019.
The company, following an unfavorable decision in the
first administrative instance, filed an appeal in the sec-
ond instance, requesting its annulment due to errors
in the procedure. The dispute is currently awaiting a
new trial in the first administrative instance.
The amount involved in the dispute at December 31,
2024 was about €143 million.
PIS – Eletropaulo
In July 2000, Eletropaulo filed suit seeking a tax cred-
it for PIS (Programa Integração Social) paid in appli-
cation of regulations (Decree Laws 2.445/1988 and
2.449/1988) that were subsequently declared uncon-
stitutional by the Supremo Tribunal Federal (STF). In
May 2012, the Superior Tribunal de Justiça (STJ) issued
a final ruling in favor of the company that recognized
the right to the credit.
In 2002, before the issue of that favorable final ruling,
the company had offset its credit against other fed-
eral taxes. This behavior was contested by the fed-
eral tax authorities but the company, claiming it had
acted correctly, challenged in court the assessments
issued by the federal tax authorities. Following defeat
at the initial level of adjudication, the company ap-
pealed.
The amount involved in the dispute at December 31,
2024 was about €115 million.
ICMS - Ampla, Coelce and Eletropaulo
The States of Rio de Janeiro, Ceará and São Paulo is-
sued a number of tax assessments against Ampla
Energia e Serviços SA (for the years 1996-1999 and
2007-2017), Companhia Energética do Ceará (2003,
2004, 2006-2012, 2015, 2016 and 2018) and Eletropau-
lo (2008-2021), challenging the deduction of ICMS (Im-
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
590
INTEGRATED ANNUAL REPORT 2024
posto sobre Circulação de Mercadorias e Serviços, tax
on the circulation of goods and services) in relation to
the purchase of certain non-current assets. The com-
panies challenged the assessments, arguing that they
correctly deducted the tax and asserting that the as-
sets, the purchase of which generated the ICMS, are in-
tended for use in their electricity distribution activities.
The companies are continuing to defend their actions
at the various levels of adjudication.
The amount involved in the disputes at December 31,
2024 totaled approximately €89 million.
PIS/COFINS – Enel Green Power Cachoeira
Dourada SA
In March 2024, the Brazilian tax authorities served a tax
assessment notice, for the 2020 tax period, against
Enel Green Power Cachoeira Dourada SA, in respect
of the PIS and COFINS taxes. More specifically, the
company offset PIC and COFINS tax credits for the
purchase of electricity imported from Argentina with
similar liabilities connected with the sale of electricity
on the market.
The tax authorities argue that this offsetting was un-
warranted, since the credit to be offset is that result-
ing from the import declaration.
For physical goods, this import declaration is concur-
rent with customs clearance and entry of the goods
into the country, while for electricity it is made approx-
imately two months after receipt of the invoice and
registration of the purchase in the accounts.
However, the regulations do not include a specific ex-
ception for energy purchases and the company has
taken steps to offset the credit in the first month of
payment of PIS and COFINS (due on the proceeds of
the sale).
The company has appealed the tax assessment, argu-
ing the validity of the offsets claimed.
The overall amount involved in the proceeding at De-
cember 31, 2024 is about €71 million.
Withholding Tax - Endesa Brasil
On November 4, 2014, the Brazilian tax authorities
issued an assessment against Endesa Brasil SA (now
Enel Brasil SA) alleging the failure to apply withholding
tax to dividends, reclassified as payment of income to
non-resident recipients.
More specifically, in 2009, Endesa Brasil, as a result of
the first-time application of the IFRS, had derecog-
nized goodwill, recognizing the effects in equity, on
the basis of the correct application of the accounting
standards it had adopted. The Brazilian tax authorities,
however, asserted – during an audit – that the ac-
counting treatment was incorrect and that the effects
of the derecognition should have been recognized
through profit or loss. As a result, the corresponding
amount (about €202 million) was reclassified as a pay-
ment of income to non-residents and, therefore, sub-
ject to withholding tax of 15%.
It should be noted that the accounting treatment
adopted by the company was agreed with the external
auditor and also confirmed by a specific legal opinion
issued by a local firm.
Following unfavorable rulings from the administrative
courts, the company is continuing to defend its ac-
tions in court and the appropriateness of the account-
ing treatment.
The overall amount involved in the dispute at Decem-
ber 31, 2024 was about €68 million.
ICMS – Coelce
The State of Ceará has filed various tax assessments
against Companhia Energética do Ceará SA over the
years (for tax periods 2015-2018), as well as against
all other energy distributors in Brazil, demanding the
ICMS (Imposto sobre Circulação de Mercadorias e
Serviços, tax on the circulation of goods and servic-
es) on the subsidies paid by the Federal government
against the regulatory discounts granted to certain
consumers.
The company has appealed the individual assess-
ments, and is defending its actions in the various levels
of jurisdiction.
The overall amount involved in the dispute at Decem-
ber 31, 2024 was about €89 million.
PIS/COFINS – Eletropaulo
Starting from June 2017, the Federal Tax Authority
served a number of tax assessment notices against
Eletropaulo (for the 2013-2018 tax periods) contesting
the offsetting of tax credits relating to social security
contributions (PIS and COFINS), requesting the pay-
ment of those contributions.
The tax authorities argue that the company has
claimed PIS and COFINS credits for the purchase of
goods and services that cannot be considered fiscally
relevant since they are not essential for the distribu-
tion of electricity. Furthermore, it disputes the claim of
a tax credit associated with “non-technical” losses on
the electricity purchased.
The company has promptly defended the accuracy of
its calculations in the various levels of jurisdiction and
argued the validity of the offsets claimed.
The estimated amount involved in the proceeding at
December 31, 2024 was about €49 million.
Notes to the consolidated financial statements
591
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
ICMS (pro-rata) – Coelce
The State of Ceará has filed various tax assessments
against Companhia Energética do Ceará SA over the
years (for tax periods from 2005 to 2014), contesting
the determination of the deductible portion of the
ICMS (Imposto sobre Circulação de Mercadorias e
Serviços, tax on the circulation of goods and servic-
es) and in particular the method of calculation of the
pro-rata deduction with reference to the revenue de-
riving from the application of a special rate envisaged
by the Brazilian government for the sale of electricity
to low-income households (Baixa Renda).
The company has appealed the individual assess-
ments, arguing that the tax deduction was calculated
correctly. The company is defending its actions in the
various levels of jurisdiction.
The overall amount involved in the dispute at Decem-
ber 31, 2024 was about €46 million.
PIS – Eletropaulo
In December 1995, the Brazilian government increased
the rate of the federal PIS (Programa Integração Social)
tax from 0.50% to 0.65% with the issue of a provisional
measure (Executive Provisional Order).
Subsequently, the provisional measure was re-issued
five times before its definitive ratification into law in
1998. Under Brazilian legislation, an increase in the tax
rate (or the establishment of a new tax) can only be
ordered by law and take effect 90 days after its pub-
lication.
Eletropaulo therefore filed suit arguing that an in-
crease in the tax rate would only have been effective
90 days after the last Provisional Order, claiming that
the effects of the first four provisional measures should
be considered void (since they were never ratified into
law). This dispute ended in April 2008 with recognition
of the validity of the increase in the PIS rate starting
from the first provisional measure.
In May 2008, the Brazilian tax authorities filed a suit
against Eletropaulo to request payment of taxes cor-
responding to the rate increase from March 1996 to
December 1998. Eletropaulo has fought the request
at the various levels of adjudication, arguing that the
time limit for the issue of the notice of assessment
had lapsed. In particular, since more than five years
have passed since the taxable event (December 1995,
the date of the first provisional measure) without issu-
ing any formal instrument, the right of the tax authori-
ties to request the payment of additional taxes and the
authority to undertake legal action to obtain payment
have been challenged.
In 2017, following the unfavorable decisions issued in
previous rulings, Eletropaulo filed an appeal in defense
of its rights and its actions with the Superior Tribunal
de Justiça (STJ) and the Supremo Tribunal Federal (STF).
The proceedings are still pending while the amounts
subject to dispute have been covered by a bank guar-
antee.
With regard to the request of the Office of the Attorney
General of the Brazilian National Treasury Department
to replace the bank guarantee with a deposit in court,
the court of second instance granted the petition. The
company therefore replaced the bank guarantee with
a cash deposit and filed a clarification motion against
the related decision, which is currently awaiting a de-
cision.
The overall amount involved in the dispute at Decem-
ber 31, 2024 was about €42 million.
FINSOCIAL – Eletropaulo
Following a final ruling issued by the Federal Regional
Court on September 11, 2011, Eletropaulo was recog-
nized the right to compensation for certain FINSOCIAL
credits (social contributions) relating to sums paid
from September 1989 to March 1992.
Despite the expiration of the relative statute of limi-
tations, the Federal Tax Authority contested the de-
termination of some credits and rejected the corre-
sponding offsetting, issuing tax assessments that the
company promptly challenged in the administrative
courts, defending the legitimacy of its calculations and
actions.
After an unfavorable ruling at first instance, the com-
pany filed an appeal before the administrative court of
second instance.
The overall amount involved in the dispute at Decem-
ber 31, 2024 was about €42 million.
Tax litigation in Spain
Income tax - Enel Iberia, Endesa
and subsidiaries
In 2018, the Spanish tax authorities completed a gen-
eral audit involving the companies of the Group par-
ticipating in the Spanish tax consolidation mechanism.
This audit, which began in 2016, involved corporate
income tax, value added tax and withholding taxes
(mainly for the years 2011 to 2014).
With reference to the main claims, the companies in-
volved have challenged the related assessments at the
first administrative level (Tribunal Económico-Admin-
istrativo Central - TEAC), defending the correctness of
their actions.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
592
INTEGRATED ANNUAL REPORT 2024
On April 4, 2022, the TEAC rejected the appeal and the
companies are continuing to defend their actions in
court (Audiencia Nacional).
With regard to the disputes concerning corporate in-
come tax, the issues for which an unfavorable outcome
is considered possible amounted to about €135 million
at December 31, 2024:
i) Enel Iberia is defending the appropriateness of the
criterion adopted for determining the deductibility
of capital losses deriving from stock sales (around
€88 million) and certain financial expense (around
€15 million);
ii) Endesa and its subsidiaries are mainly defending the
appropriateness of the criteria adopted for the de-
ductibility of certain financial expense (about €26 mil-
lion) and costs for decommissioning nuclear power
plants (about €6 million).
In 2021, the Spanish tax authorities completed a new
general audit for the years 2015 to 2018.
On October 3, 2024, the TEAC rejected the appeal
and the companies continue to defend the correct-
ness of their action in court (Audiencia Nacional).
With reference to the main claims concerning cor-
porate tax and regarding the deductibility of certain
financial expense, the dispute that could produce an
adverse ruling amounts to about €229 million at De-
cember 31, 2024 (Enel Iberia €216 million; Endesa SA
€13 million).
Income tax - Enel Green Power España SLU
On June 7, 2017, the Spanish tax authorities issued a
notice of assessment to Enel Green Power España
SLU, contesting the treatment of the merger of Enel
Unión Fenosa Renovables SA (EUFER) into Enel Green
Power España SLU in 2011 as a tax neutral transaction,
asserting that the transaction had no valid economic
reason.
On July 6, 2017, the company appealed the assessment
at the first administrative level (Tribunal Económi-
co-Administrativo Central - TEAC), defending the
appropriateness of the tax treatment applied to the
merger. The company has provided the supporting
documentation demonstrating the synergies achieved
as a result of the merger in order to prove the exist-
ence of a valid economic reason for the transaction.
On December 10, 2019, the TEAC denied the appeal
and the company is continuing to defend its actions in
court (Audiencia Nacional).
The overall amount involved in the dispute at Decem-
ber 31, 2024 was about €33 million.
Tax litigation in Italy
ICI, IMU, TASI – Enel Produzione,
Enel Green Power Italia
A tax litigation for land registry matters has developed
since 1998. In the first phase, it concerned the inclu-
sion of machinery in the determination of cadastral
income to be used for calculating the tax on power
plants. Starting from 2016, Law 208/2015 established
the exclusion of machinery from the income. The com-
panies have therefore filed the land registry records of
the entire plant park to comply with the new provisions
and continue to defend their actions in the various lev-
els of judgment, also for the components other than
the plants. Since the defeat in court for this litigation is
considered probable, a provision for charges on taxes
and duties is periodically updated.
The value of the dispute assessed with a possible out-
come at December 31, 2024 was about €51 million.
56. Environmental programs
Some Group companies are affected by national or
supranational environmental regulatory standards de-
signed to develop the use of environmental protection
mechanisms in accordance with the environmental
policies of the European Union and global internation-
al agreements.
Notes to the consolidated financial statements
593
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
56.1 Terms and nature of environmental programs
The main environmental programs affecting Group companies are summarized in the following table.
Program
Terms of the mechanism
Nature
EU ETS140
The scheme, which applies in all EU countries, sets an annual cap
on emissions that is being progressively reduced to bring down
the total emissions in Europe.
The fourth trading period (2021-2030) has been tightened up as
part of the EU’s contribution to the Paris Climate Agreement.
At the annual cap correspond a specific number of allowances
(for each authorized industrial plant) that are granted, through
participation in auctions or for free, by the competent local
authority, freely transferable and traded between operators.
The obliged companies shall surrender several allowances
equivalent to their polluting emissions for each reporting period.
Mandatory by law “cap and trade”
scheme.
Within the Group, CO2 allowances
are applicable to the thermal power
generation companies operating in Italy
and Spain. In those countries in which
the Group is engaged in thermal power
generation activity, European regulations
have required that European Allowances
(EUAs) are assigned via auction, and they
are not granted for free.
Energy efficiency
certificates
The scheme has the objective to reduce the energy consumption
by end-users through various measures developed in application
of European Union Directives and by national laws.
These marketable certificates are issued, over a period of several
years, by the competent local authorities to companies that carry
out directly or indirectly initiatives/projects to improve energy
efficiency.
At the end of the period, obliged companies are required to
present certificates corresponding to their obligatory energy
savings.
Mandatory by law.
The Group currently holds energy
efficiency certificates in Italy and Spain
where the obliged companies are,
respectively, electricity distribution and
sale companies.
Guarantees of origin
(GoOs)
This European scheme has the objective to encourage use of
energy produced from renewable sources.
These certificates are issued by the competent local authorities
to renewable generation plants that meet specific standards.
They are marketable and traded, also separately from the
electricity to which they refer, during their term of validity until
they are cancelled by the issuer at the request of the user of the
certificates.
This mechanism currently affects
the Group Italian and Spanish sale
companies that have an obligation to
surrender a certain volume of GoOs
depending on the level of sales to
customers.
Renewable Energy
Certificates (RECs)
These certificates are granted in countries outside Europe to
renewable energy generation companies to prove that consumed
electricity has been generated in a renewable way.
The functioning of this scheme is analogous to European GoOs.
This mechanism is voluntary and
currently affects some Group companies
in North and Latin America.
140. European Emissions Trading System.
56.2 Accounting policies
For the purposes of accounting for charges arising
from such regulatory requirements, the Group uses
the “net liability approach”.
Under this accounting policy:
• any environmental certificates received free of
charge and those self-produced as a result of
Group’s operations that will be used for compliance
purposes are recognized at nominal value (nil);
• charges incurred for obtaining (in the market or in
some other transaction for consideration) any miss-
ing certificates to fulfil compliance requirements for
the reporting period are recognized through profit
or loss under other operating costs, as they repre-
sent “system charges” consequent to compliance
with a regulatory requirement;
• if the number of environmental certificates availa-
ble at the reporting date is not sufficient to fulfill the
related obligation (a certificate “deficit”), a provision
is accrued under “provisions for risks and charges”.
Conversely, any “surplus” of certificates purchased
at the reporting date is recognized in “inventories”
in accordance with the general principles referred
to in note 2.2 “Material accounting policies”.
Some types of environmental certificates accrue in
proportion to:
• electricity generated by plants that use renewable
resources (for example, guarantees of origin and re-
newable energy certificates);
• energy savings certified by the competent authority
(energy efficiency certificates).
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
594
INTEGRATED ANNUAL REPORT 2024
In these cases, the right to obtain such certificates can
be treated as a non-monetary government operating
grant and, as such, the Group recognizes that right at
fair value under “other non-current/current non-fi-
nancial assets”. When the certificates are credited to
the ownership account, they are reclassified from oth-
er assets to inventories.
The corresponding income is recognized under other
operating profit.
For Group companies involved in trading activities, en-
vironmental certificates represent goods exchanged
as part of their normal business activity and, as such,
the purchased certificates are recognized under “ser-
vices and other materials”.
Revenue from the sale of such certificates is recog-
nized under revenue, with a corresponding decrease
in inventories.
Contracts for the purchase or sale of environmen-
tal certificates settled at a future date (for example,
forward contracts, etc.) that comply with the defi-
nition of derivative are recognized and measured
in accordance with the “own use exemption”, at
fair value through profit or loss, or with hedge ac-
counting rules based on specific circumstances. For
further details, please see note 49 “Derivatives and
hedge accounting”.
56.3 Financial impact
Charges for environmental certificates
The following table reports system charges recog-
nized by obligated Group companies in respect of the
certificates necessary to meet compliance obligations
for the year based on national and supranational reg-
ulations.
Millions of euro
2024
2023
Change
Charges for environmental certificates
System charges – Emissions allowances
1,127
2,038
(911)
-44.7%
System charges – Energy efficiency certificates
210
244
(34)
-13.9%
System charges – Guarantees of origin
112
321
(209)
-65.1%
Total
1,449
2,603
(1,154)
-44.3%
The decrease in costs for environmental certificates
compared with the previous year is mainly attributable to:
• the decrease in charges for emissions allowances
in Enel Produzione (€713 million) and the Endesa
Group (€198 million) mainly attributable to lower
emissions in the period following the decline in
the quantity of electricity produced from fossil
sources;
• the decrease in charges for guarantees of origin
in Enel Energia (€90 million) and the Endesa Group
(€118 million) attributable to the increase in the
quantity of green energy sold to customers and
the decrease in the average prices of guarantees;
• the decrease in charges for energy efficiency cer-
tificates in e-distribuzione (€40 million) mainly
due to the decrease in certificates acquired and
their average price.
The following table reports the quantities of environ-
mental certificates used by Group companies to meet
compliance obligations under national and suprana-
tional regulations.
Notes to the consolidated financial statements
595
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
at Dec. 31, 2024
at Dec. 31, 2023
at Dec. 31, 2024
at Dec. 31, 2023
at Dec. 31, 2024
at Dec. 31, 2023
Emissions allowances
(thousands of metric tons)
Guarantees of origin
(GWh)
Energy efficiency certificates
(TOE)
Opening balance at
January 1
31,237
34,494
19,233
20,565
477,835
416,174
Self-produced
certificates
-
-
34,468
24,845
45,731
-
Purchases of
certificates
10,024
34,699
29,534
28,362
843,435
925,187
Sales of certificates
(1,150)
(2,500)
-
(1,464)
-
-
Certificates delivered
for compliance(1)
(25,574)
(35,456)
(60,427)
(53,075)
(820,264)
(863,526)
Closing balance at
December 31
14,537
31,237
22,808
19,233
546,737
477,835
(1)
Certificates delivered in 2024 and 2023 regard:
• emission allowances and guarantees of origin for compliance in previous periods, in line with the timeframes set by the relevant regulations;
• energy efficiency certificates regarding compliance for the current and previous financial years, in line with the timeframes set by the relevant
regulations.
Provisions for environmental certificates
Provisions for risks and charges for environmental cer-
tificates include charges in respect of the certificate
shortfall for fulfillment of compliance obligations for
the year under national and supranational regulations.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Provisions for risk and charges for environmental certificates – current portion
Emissions allowances
23
33
Energy efficiency certificates
7
3
Guarantees of origin
170
214
Total
200
250
The reduction in provisions for risks and charges (€50
million) is mainly attributable to the decline in the pro-
vision for emissions allowances and guarantees of ori-
gin. More specifically:
• the provision for emissions allowances only includes
charges in respect of the Endesa Group;
• the provision for guarantees of origin regards Enel
Energia in the amount of €164 million (€174 million
at December 31, 2023) and the Endesa Group for €6
million (€40 million at December 31, 2023).
Changes in provisions for risks and charges for
environmental certificates in 2024 are detailed
below.
Millions of euro
at Dec. 31, 2023
Provisions
Uses
Releases Other changes
at Dec. 31, 2024
Provisions for risk and charges
for environmental certificates
– current portion
Emissions allowances
33
21
(32)
-
1
23
Energy efficiency certificates
3
4
-
-
-
7
Guarantees of origin
214
197
(150)
(86)
(5)
170
Total
250
222
(182)
(86)
(4)
200
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
596
INTEGRATED ANNUAL REPORT 2024
Income from government grants for environmental certificates
The table reports non-monetary government grants
for environmental certificates accrued during the
year and certified by the competent authorities.
They mainly regard guarantees of origin accrued in
proportion to electricity generated by renewable re-
source plants.
Monetary government grants for energy efficiency
certificates are paid by the Energy and Environmental
Service Fund (CSEA) to e-distribuzione for energy ef-
ficiency certificates purchased in the year.
Millions of euro
2024
2023
Change
Grants for environmental certificates
Non-monetary grants – Guarantees of origin
97
111
(14)
-12.6%
Non-monetary grants – Other environmental certificates
3
4
(1)
-25.0%
Total non-monetary grants for environmental certificates
100
115
(15)
-13.0%
Monetary grants – Energy efficiency certificates
194
231
(37)
-16.0%
TOTAL
294
346
(52)
-15.0%
The decrease in income from grants for environmen-
tal certificates compared with the previous year mainly
reflects:
• a decrease in non-monetary grants for guarantees of
origin, essentially due to the decrease in the average
prices of these certificates in Spain (€57 million); the
effect was partly offset by an increase in grants in Italy
(€42 million) mainly due to the increase in the quantity
of energy generated from renewable resources;
• a decrease in monetary grants for energy efficiency
certificates (€37 million) recognized by e-distribuzi-
one, mainly due to the decrease in the volume of cer-
tificates purchased compared with the previous year,
as well a slight decrease in rates.
Non-monetary grants to be received
for environmental certificates
The following table reports environmental certificates
accrued at the end of the year but not yet accredited
by the competent authorities to the Group companies
that produced them. They are recognized under other
current assets and mainly regard guarantees of origin.
Millions of euro
at Dec. 31, 2024
at Dec. 31, 2023
Non-monetary grants to be received for environmental certificates
Guarantees of origin
9
23
Other certificates
1
1
Total
10
24
The decrease of €14 million is due to the decrease in
non-monetary grants to be received for guarantees of
origin recorded in Italy and Spain.
Other items
With regard to the impacts of environmental certifi-
cates on the other items of the income statement and
statement of financial position, please see:
• note 9.a “Revenue from sales and services” for reve-
nue from the sale of environmental certificates;
• note 10.b “Services and other materials” for pur-
chases of environmental certificates not used to
meet the year’s compliance obligation;
• note 31 “Inventories” for inventories of certifi-
cates not used to meet the year’s compliance ob-
ligation.
Notes to the consolidated financial statements
597
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
57. Future accounting standards
The following provides a list of accounting standards,
amendments and interpretations that will take effect
for the Group after December 31, 2024.
• “IFRS 18 – Presentation and Disclosure in Financial
Statements”, issued in April 2024. The new standard,
regarding the presentation and disclosure in the fi-
nancial statements, will replace “IAS 1 – Presentation
of Financial Statements”, introducing new require-
ments in order to provide users with more relevant
and transparent information, focusing on updates
relating to the income statement. In detail, the key
concepts introduced by IFRS 18 are related to:
• the structure of the income statement, requiring
new and specific subtotals;
• the requirement to determine the most functional
grouping for the presentation of expenses in the
income statement;
• the presentation in a single note within the fi-
nancial statements of disclosure on the man-
agement-defined performance measures, corre-
sponding to subtotals of revenue and costs used
in public communications reported outside the
financial statements; and
• improved principles of aggregation and disaggre-
gation of information.
The standard is effective, subject to endorsement,
retrospectively for annual periods beginning on or
after January 1, 2027. Earlier application is permit-
ted.
• “IFRS 19 – Subsidiaries without Public Accountabili-
ty: Disclosures”, issued in May 2024. The new volun-
tary standard allows eligible subsidiaries to apply re-
duced disclosures. Subsidiaries are eligible to apply
the standard if:
• they do not have public accountability; and
• its ultimate or intermediate parent prepares con-
solidated financial statements available for public
use that comply with IFRS Accounting Standards.
The standard applies, subject to endorsement, for
annual periods beginning on or after January 1, 2027.
Earlier application is permitted.
• “Amendments to IFRS 10 and IAS 28 – Sale or Con-
tribution of Assets between an Investor and its As-
sociate or Joint Venture”, issued in September 2014.
The amendments clarify the accounting treatment
for sales or contribution of assets between an inves-
tor and its associates or joint ventures. They confirm
that the accounting treatment depends on wheth-
er the assets sold or contributed to an associate or
joint venture constitute a “business” (as defined in
IFRS 3). The IASB has deferred the effective date of
these amendments indefinitely.
• “Amendments to IAS 21 – The Effects of Changes
in Foreign Exchange Rates: Lack of Exchangeability”,
issued in August 2023. The amendments require the
application of a consistent approach in determin-
ing whether a currency is exchangeable for another
and, when it is not, in determining the exchange rate
to be used and the disclosure to be provided. The
amendments will take effect for annual periods be-
ginning on or after January 1, 2025.
• “Amendments to IFRS 9 and IFRS 7 – Amendments
to the Classification and Measurement of Financial
Instruments”, issued in May 2024. The amendments
include new requirements intended to:
• clarify the date of recognition and derecogni-
tion of some financial assets and liabilities, with a
new exception for some financial liabilities settled
through an electronic cash transfer system;
• clarify and add further guidance for assessing
whether a financial asset meets the solely pay-
ments of principal and interest (SPPI) criterion;
• add new disclosures for certain instruments with
contractual terms that can change cash flows
(such as some instruments with features linked to
the achievement of environment, social and gov-
ernance (ESG) targets); and
• update the disclosures for equity instruments
designated at fair value through other compre-
hensive income (FVOCI).
The amendments will apply, subject to endorse-
ment, for annual periods beginning on or after Jan-
uary 1, 2026.
• “Annual Improvements Volume 11”, issued in July
2024. The document contains formal amendments
and clarification for existing standards. In detail, the
following standards have been modified:
• “IAS 7 - Cost method”; the amendment eliminates
the term “cost method”, no longer defined in IFRS
accounting principles;
• “IFRS 9 - Lessee derecognition of lease liabili-
ties”; the amendment addresses a potential lack
of clarity regarding how a lessee accounts for the
derecognition of a lease liability by clarifying that
any resulting gain or loss should be recognised in
profit or loss;
• “IFRS 9 - Transaction price”; the amendment re-
moves the reference in Appendix A of IFRS 9 to the
definition of “transaction price” in IFRS 15, since
the term is used in a number of paragraphs of IFRS
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
598
INTEGRATED ANNUAL REPORT 2024
9 with a meaning that is not necessarily consistent
with the definition of that term in IFRS 15;
• “IFRS 7 - Gain or loss on derecognition”; the
amendment clarifies potential confusion arising
from an obsolete reference to a paragraph that
was removed from the standard when “IFRS 13 -
Fair Value Measurement” was issued;
• “IFRS 7 - Disclosure of deferred difference be-
tween fair value and transaction price”; the
amendment clarifies an inconsistency between
the standard and the related implementation
guidelines, which emerged when an amendment,
consequent to the issuance of IFRS 13, was made
to the standard, but not to the corresponding
paragraph of the implementation guidelines;
• “IFRS 7 - Introduction and credit risk disclosures”;
the amendment addresses potential confusion
by clarifying how to apply the relevant application
guidance and simplifying some explanations;
• “IFRS 10 - Determination of a ‘de facto agent’”; the
amendment clarifies how an investor must deter-
mine whether another person is acting on their
behalf;
• “IFRS 1 - Hedge accounting by a first-time adop-
ter”; the amendment improves consistency be-
tween hedge accounting requirements in IFRS 9
and IFRS 1.
Each amendment applies, subject to endorsement,
for annual periods beginning on or after January 1,
2026. Earlier application is permitted.
• “Amendments to IFRS 9 and IFRS 7 - Contracts Ref-
erencing Nature-dependent Electricity”, issued in
December 2024. The amendments aim to better
represent the financial effects arising from certain
contracts for the purchase or sale of electricity from
renewable sources (e.g. wind and solar). Such con-
tracts involve exposure to the volatility of the under-
lying quantity of electricity because the source of its
generation depends on uncontrollable natural con-
ditions (e.g. weather conditions). Examples provided
include both contracts for the purchase or sale of
electricity from renewable sources, often structured
as long-term agreements (i.e. physical Power Pur-
chase Agreements, PPAs), and financial instruments
that refer to this type of electricity (i.e. Virtual Power
Purchase Agreements, VPPAs).
The amendments are as follows:
• the application of the “own use exception” to
physical PPAs is permitted if the company has
been, and plans to be, a net purchaser of elec-
tricity in the contract period (i.e. purchases of re-
newable electricity sufficiently offset any sales of
unused electricity within the same market);
• the application of hedge accounting is permitted
to Virtual PPAs (i.e. contracts that do not provide
for the physical delivery of energy and whose set-
tlement is based on the difference between the
market price of energy and the strike price pro-
vided for in the contract) or to PPAs for which it is
not possible to apply the own use exemption. In
particular, such contracts can be used as hedg-
ing instruments for a variable nominal amount of
forecast electricity transactions, aligned with the
variable amount that is expected to be provided
by the generation plant to which the hedging in-
strument refers. If the cash flows of the hedging
instrument are conditional on the occurrence of a
designated forecasted transaction, it is assumed
that the transaction is highly probable;
• additional disclosure requirements have been in-
troduced to clarify the effects of such contracts
on cash flows and financial performance. In addi-
tion, specific disclosures are required in the event
of adoption of the own-use exception.
The amendments apply for annual periods begin-
ning on or after January 1, 2026. Earlier application
is permitted.
The Group is assessing the potential impact of the fu-
ture application of the new provisions.
Notes to the consolidated financial statements
599
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
58. Events after the reporting period
Enel places new €2 billion perpetual hybrid
bonds
On January 7, 2025, Enel SpA has successfully launched
on the European market new non-convertible, subor-
dinated perpetual hybrid bonds for institutional inves-
tors, denominated in euros, for an aggregate amount
of €2 billion. The issue is structured in the following
two series:
• a €1,000 million bond with annual fixed coupon of
4.250% to be paid until (but excluding) the first reset
date of April 14, 2030;
• a €1,000 million bond with annual fixed coupon of
4.5% which will be paid until (but excluding) the first
reset date of January 14, 2033.
The issue totaled orders in the amount of about €6.8
billion; the positive response from investors allowed
the achievement of an average coupon of 4.375%.
Joint venture Potentia Energy acquires
renewable portfolio of over 1 GW in
Australia
On February 6, 2025, Potentia Energy, a renewable en-
ergy company in which Enel Green Power holds a joint
control stake, reached an agreement with CVC DIF and
Cbus Super to acquire controlling stakes in a portfolio
of over 1 GW of renewable assets across Australia.
The closing of the acquisition is subject to conditions
precedent typical for these kinds of transactions, in-
cluding the approval from Australia’s Foreign Invest-
ment Review Board (FIRB).
Enel launches a triple-tranche €2 billion
sustainability-linked bond in the Eurobond
market
On February 17, 2025, Enel Finance International NV
launched a sustainability-linked bond for institutional
investors in the Eurobond market of a total €2 billion,
totaling orders for about €5 billion.
The issue, which has an average duration of approxi-
mately six years, has an average coupon lower than 3%
and is structured in the following three tranches:
• €750 million at a fixed rate of 2.625%, with settle-
ment date set on February 24, 2025, maturing on
February 24, 2028;
• €750 million at a fixed rate of 3%, with settlement
date set on February 24, 2025, maturing on February
24, 2031;
• €500 million at a fixed rate of 3.5%, with settlement
date set on February 24, 2025, maturing on February
24, 2036.
Enel signs a €12 billion committed
revolving credit line
On February 19, 2025, Enel SpA and its subsidiary
Enel Finance International NV (EFI) signed a commit-
ted, revolving, sustainability-linked credit facility for an
amount of €12 billion and a maturity of five years.
This facility replaces the previous credit line that had
been signed by Enel and EFI in March 2021, and sub-
sequently amended, with an overall value of €13.5 bil-
lion. The cost of the new facility varies on the basis of
the pro-tempore rating assigned to Enel; based on the
current rating, it has a spread of 40 bps above Euribor,
with a floor at zero; the commitment fee is equal to
35% of the spread.
The new facility, which has a lower cost than the pre-
vious one, can be used by Enel itself and/or EFI, in the
latter case with a Parent company guarantee by Enel.
Closing of the acquisition from Acciona
Energía of a 626 MW portfolio of hydro
plants in Spain
On February 26, 2025, Endesa Generación finalized the
acquisition of the entire share capital of Corporación
Acciona Hidráulica SL (CAH) from Corporación Accio-
na Energías Renovables, a company of the Acciona
Group, for a total €1 billion. The amount refers to 100%
of CAH, equal to the enterprise value, and includes ad-
justments customary for these kinds of transactions.
The portfolio of plants held by CAH is composed of
34 hydro plants, located in northeastern Spain, for a
total installed capacity of 626 MW, most of which can
be modulated, which generated around 1.3 TWh in
2023.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Notes to the consolidated financial statements
600
INTEGRATED ANNUAL REPORT 2024
59. Fees of the Audit Firm pursuant to Article 149-duodecies of the CONSOB
Issuers Regulation
Fees pertaining to 2024 paid by Enel SpA and its sub-
sidiaries at December 31, 2024 to the Audit Firm and
entities belonging to its network for services are sum-
marized in the following table, pursuant to the provi-
sions of Article 149-duodecies of the CONSOB Issuers
Regulation.
Millions of euro
Type of service
Entity providing the service
Fees
Enel SpA
Auditing
of which:
- KPMG SpA
0.5
- entities of the KPMG network
-
Certification services
of which:
- KPMG SpA
1.9
- entities of the KPMG network
-
Other services
of which:
- KPMG SpA
-
- entities of the KPMG network
-
Total
2.4
Enel SpA subsidiaries
Auditing
of which:
- KPMG SpA
5.0
- entities of the KPMG network
6.2
Certification services
of which:
- KPMG SpA
1.2
- entities of the KPMG network
2.0
Other services
of which:
- KPMG SpA
-
- entities of the KPMG network
-
Total
14.4
TOTAL
16.8
Declaration in respect of the financial reporting of the Enel Group
601
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Declaration of the Chief Executive Officer and the officer in
charge of financial reporting of the Enel Group at December 31,
2024, pursuant to the provisions of Article 154-bis, paragraph 5,
of Legislative Decree 58 of February 24, 1998 and Article 81-ter
of CONSOB Regulation no. 11971 of May 14, 1999
1. The undersigned Flavio Cattaneo and Stefano De
Angelis, in their respective capacities as Chief Ex-
ecutive Officer and officer in charge of financial re-
porting of Enel SpA, hereby certify, taking account
of the provisions of Article 154-bis, paragraphs
3 and 4, of Legislative Decree 58 of February 24,
1998:
a. the appropriateness with respect to the charac-
teristics of the Enel Group and
b. the effective adoption of the administrative and
accounting procedures for the preparation of
the consolidated financial statements of the Enel
Group in the period between January 1, 2024
and December 31, 2024.
2. In this regard, we report that:
a. the appropriateness of the administrative and
accounting procedures used in the preparation
of the consolidated financial statements of the
Enel Group has been verified in an assessment
of the internal control system for financial re-
porting. The assessment was carried out on the
basis of the guidelines set out in the “Internal
Controls - Integrated Framework” issued by the
Committee of Sponsoring Organizations of the
Treadway Commission (COSO);
b. the assessment of the internal control system
for financial reporting did not identify any mate-
rial issues.
3. In addition, we certify that the consolidated finan-
cial statements of the Enel Group at December 31,
2024:
a. have been prepared in compliance with the Inter-
national Financial Reporting Standards endorsed
by the European Union pursuant to Regulation
(EC) no. 1606/2002 of the European Parliament
and of the Council of July 19, 2002;
b. correspond to the information in the books and
other accounting records;
c. provide a true and fair representation of the fi-
nancial position, financial performance and cash
flows of the issuer and the companies included
in the consolidation scope.
4. Finally, we certify that the Report on Operations,
accompanied by the consolidated financial
statements of the Enel Group at December 31,
2024, contains a reliable analysis of operations
and performance, as well as the situation of the
issuer and the companies included in the con-
solidation scope, together with a description of
the main risks and uncertainties to which they
are exposed.
Rome, March 13, 2025
Flavio Cattaneo
Chief Executive Officer of Enel SpA
Stefano De Angelis
Officer in charge of financial
reporting of Enel SpA
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Declaration in respect of the consolidated Sustainability Statement
602
INTEGRATED ANNUAL REPORT 2024
Declaration of the Chief Executive Officer and the officer in
charge of financial reporting in respect of the consolidated
Sustainability Statement at December 31, 2024, pursuant to
the provisions of Article 154-bis, paragraph 5-ter, of Legislative
Decree 58 of February 24, 1998
1. The undersigned Flavio Cattaneo and Stefano De
Angelis, in their respective capacities as Chief Ex-
ecutive Officer and officer in charge of financial re-
porting of Enel SpA, hereby certify, pursuant to the
provisions of Article 154-bis, paragraph 5-ter, of
Legislative Decree 58 of February 24, 1998, that the
consolidated Sustainability Statement at December
31, 2024, included in the Report on Operations of
the consolidated financial statements of the Enel
Group at the same date, was prepared:
a. in compliance with the reporting standards ap-
plied pursuant to Directive 2013/34/EU of the
European Parliament and of the Council of June
26, 2013 and Legislative Decree 125 of Septem-
ber 6, 2024;
b. with the specifications adopted pursuant to Ar-
ticle 8, paragraph 4, of Regulation (EU) 2020/852
of the European Parliament and of the Council,
of June 18, 2020.
Rome, March 13, 2025
Flavio Cattaneo
Chief Executive Officer of Enel SpA
Stefano De Angelis
Officer in charge of financial
reporting of Enel SpA
Reports
603
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Reports
Report of the Board of Statutory Auditors
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Reports
604
INTEGRATED ANNUAL REPORT 2024
1
REPORT OF THE BOARD OF STATUTORY AUDITORS TO THE SHAREHOLDERS’
MEETING OF ENEL SpA CALLED TO APPROVE THE FINANCIAL STATEMENTS FOR
2024
(pursuant to Article 153 of Legislative Decree 58/1998)
Shareholders,
The current Board of Statutory Auditors of Enel SpA (hereinafter “Enel” or the
“Company”) was appointed by the Shareholders’ Meeting of May 19, 2022.
During the year ended December 31, 2024 we performed the oversight activities
envisaged by law. In particular, pursuant to the provisions of Article 149, paragraph
1, of Legislative Decree 58 of February 24, 1998 (hereinafter the “Consolidated Law
on Financial Intermediation”) and Article 19, paragraph 1 of Legislative Decree 39 of
January 27, 2010 (hereinafter “Decree 39/2010”), we monitored:
- compliance with the law and the corporate bylaws as well as compliance with the
principles of sound administration in the performance of the Company’s business;
- the Company’s financial and non-financial reporting processes and the adequacy of
the administrative and accounting system, as well as the reliability of the latter in
representing operational events;
- the statutory audit of the annual and consolidated accounts, the certification of
compliance of the consolidated Sustainability Statement, and the independence of
the audit firm, also in its capacity as sustainability auditor;
- the adequacy and effectiveness of the internal control and risk management system
regarding both financial and non-financial reporting;
- the adequacy of the organizational structure of the Company, within the scope of
our responsibilities;
- the implementation of the corporate governance rules as provided for by 2020
version of the Italian Corporate Governance Code (hereinafter, the “Corporate
Governance Code”), which the Company has adopted;
- the appropriateness of the instructions given by the Company to its subsidiaries to
enable Enel to meet statutory public disclosure requirements.
In performing our checks and assessments of the above issues, we did not find any
issues that would merit reporting here.
In compliance with the instructions issued by CONSOB with Communication no.
DEM/1025564 of April 6, 2001, as amended, we report the following:
Reports
605
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
2
• we monitored compliance with the law and the bylaws and we have no issues to
report;
•
on a quarterly basis, we received adequate information from the Chief Executive
Officer, as well as through our participation in the meetings of the Board of
Directors of Enel, on activities performed, general developments in operations and
the outlook, and on transactions with the most significant impact on performance
or the financial position carried out by the Company and its subsidiaries. The
actions approved and implemented appeared to be in compliance with the law and
the bylaws and were not manifestly imprudent, risky, in potential conflict of interest
or in contrast with the resolutions of the Shareholders’ Meeting or otherwise
prejudicial to the integrity of the Company’s assets. For a discussion of the features
of the most significant transactions, please see the Report on Operations
accompanying the separate financial statements of the Company and the
consolidated financial statements of the Enel Group for 2024 (in the section
“Significant events in 2024”);
•
we did not find any atypical or unusual transactions conducted with third parties,
Group companies or other related parties;
•
in the section “Related parties” of the notes to the separate financial statements
for 2024 of the Company, the directors describe the main transactions with related-
parties – the latter being identified on the basis of international accounting
standards and the instructions of CONSOB – carried out by the Company, to which
readers may refer for details on the transactions and their financial impact. They
also detail the procedures adopted to ensure that related-party transactions are
carried out in accordance with the principles of transparency and procedural and
substantive fairness. On the basis of our oversight activities, we found that the
transactions were carried out in compliance with the approval and execution
processes set out in the related procedure – adopted in compliance with the
provisions of Article 2391-bis of the Italian Civil Code and the implementing
regulations issued by CONSOB – described in the report on corporate governance
and ownership structure for 2024. All transactions with related parties reported in
the notes to the separate financial statements for 2024 of the Company were
executed as part of ordinary operations in the interest of the Company and settled
on market terms and conditions;
• the Company declares that it has prepared its separate financial statements for
2024 on the basis of international accounting standards (IAS/IFRS) – and the
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Reports
606
INTEGRATED ANNUAL REPORT 2024
3
interpretations issued by the IFRIC and the SIC – endorsed by the European Union
pursuant to Regulation (EC) no. 1606/2002 and in force at the close of 2024
(hereinafter the “IFRS-EU”), as well as the provisions of Legislative Decree 38 of
February 28, 2005 and its related implementing measures, as it did the previous
year. The Company’s separate financial statements for 2024 have been prepared
on a going-concern basis. The notes to the separate financial statements give
detailed information on the accounting standards and measurement criteria
adopted, accompanied by an indication of the standards applied for the first time
in 2024, which as indicated in the notes did not have a significant impact in the
year under review;
• the separate financial statements for 2024 of the Company underwent the
statutory audit by the audit firm, KPMG SpA which issued an unqualified opinion,
including with regard to the consistency of the Report on Operations and certain
information in the report on corporate governance and ownership structure of the
Company with the financial statements, as well as compliance with the provisions
of law, pursuant to Article 14 of Decree 39/2010 and Article 10 of Regulation (EU)
no. 537/2014. The report of KPMG SpA also includes the declaration provided
pursuant to Article 14, paragraph 2(e-ter), of Decree 39/2010 stating that the
audit firm did not identify any significant errors in the contents of the Report on
Operations;
• the Company declares that it has also prepared the consolidated financial
statements of the Enel Group for 2024 – as in the previous year – on the basis of
international accounting standards (IFRS-EU) and the provisions of Legislative
Decree 38 of February 28, 2005 and its related implementing measures. The 2024
consolidated financial statements of the Enel Group are also prepared on a going-
concern basis. The notes to the consolidated financial statements provide a
detailed discussion of the accounting standards and measurement criteria
adopted, accompanied by an indication of standards applied for the first time in
2024, which did not have a significant impact in the year under review. Note also
that, starting from 2021, in compliance with the provisions of Delegated
Regulation (EU) 2019/815 of December 17, 2018 as amended (the “ESEF
Regulation”), the Company has (i) drawn up its entire Annual Financial Report
(including the separate financial statements and the respective Report on
Operations, the consolidated financial statements and the respective reports on
operations, including the consolidated Sustainability Statement for 2024, and the
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Consolidated
financial statements
4
associated certifications pursuant to Article 154-bis, paragraphs 5 and 5-ter, of
the Consolidated Law on Financial Intermediation) in the single electronic
reporting format XHTML (Extensible Hypertext Markup Language), and (ii) marked
up (with specific tags) the schedules of the consolidated financial statements and
the related explanatory notes using the iXBRL markup language (Inline eXtensible
Business Reporting Language), in accordance with the ESEF taxonomy issued
annually by ESMA, in order to facilitate the accessibility, analysis and comparability
of the annual financial reports;
• the consolidated financial statements for 2024 of the Enel Group underwent
statutory audit by the audit firm KPMG SpA, which issued an unqualified opinion,
pursuant to Article 14 of Decree 39/2010 and Article 10 of Regulation (EU) no.
537/2014. The report of KPMG SpA also includes:
- a discussion of key aspects of the audit report on the consolidated financial
statements; and
- the declarations provided pursuant to Article 14, paragraph 2(e), (e-bis) and
(e-ter), of Decree 39/2010, concerning, respectively, the consistency of the
Report on Operations and certain information in the report on corporate
governance and ownership structure with the consolidated financial statements,
the compliance of the Report on Operations with the provisions of law, as well
as a statement that the audit firm did not identify any significant errors in the
contents of the Report on Operations.
Under the terms of its engagement, KPMG SpA also issued unqualified opinions on
the financial statements for 2024 of the most significant Italian companies of the
Enel Group. Moreover, during periodic meetings with the representatives of the
audit firm, KPMG SpA, the latter did not raise any issues concerning the reporting
packages of the main foreign companies of the Enel Group, selected by the
auditors on the basis of the work plan established for the auditing of the
consolidated financial statements of the Enel Group, that would have a sufficiently
material impact to be reported in the opinion on those financial statements;
•
taking due account of the recommendations of the European Securities and Markets
Authority (“ESMA”) issued on January 21, 2013, and most recently supplemented
with the Public Statement of October 24, 2024, to ensure appropriate transparency
concerning the methods used by listed companies in testing goodwill for
impairment, in line with the recommendations contained in the joint Bank of Italy
– CONSOB – ISVAP document no. 4 of March 3, 2010, and in the light of indications
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
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INTEGRATED ANNUAL REPORT 2024
5
of CONSOB in its Communication no. 7780 of January 28, 2016, the compliance of
the impairment testing procedure with the provisions of IAS 36 was expressly
approved by the Board of Directors of the Company, having obtained a favorable
opinion in this regard from the Control and Risk Committee in February 2025, i.e.
prior to the date of approval of the financial statements for 2024;
•
we examined the Board of Directors’ proposal for the allocation of net profit for
2024 and the distribution of available reserves and have no comments in this
regard;
• we monitored, within the scope of our responsibilities, the adequacy of the
organizational structure of the Company (and the Enel Group as a whole),
obtaining information from the competent department heads and in meetings with
the boards of auditors or equivalent bodies of a number of the main Enel Group
companies in Italy and abroad, for the purpose of the reciprocal exchange of
material information. In this respect, in 2024 the Enel Group has adopted an
organizational model, structured into:
(i) four global business lines, which are charged with developing, building,
operating and maintaining assets, conducting trading activities and developing
and managing the portfolio of new products and services (besides the
commodity) in all the geographical areas in which the Group operates. The four
global business lines are: Enel Green Power and Thermal Generation, Global
Energy and Commodity Management & Chief Pricing Officer, Enel Grids and
Innovability, Enel X Global Retail;
(ii) two Countries (Italy and Iberia) and a Region (Rest of the World), which are
charged with achieving economic-financial results, managing relationships with
customers and institutions, sales of electricity, gas and new products and
services at country level, as well as performing staff and service activities in
support of the business lines in the geographical areas in which the Group
operates;
(iii) a global service function (Global Services), which is charged with the integrated
management of all Group activities connected with the development and
governance of digital solutions, purchasing as well as insourcing processes in
collaboration with the People and Organization Function, managing the real
estate portfolio, maximizing its value, and the related general services;
(iv) seven Holding Company Staff Functions, which are charged with the strategic
direction, coordination and control activities of the entire Group, broken down
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6
as follows: CEO Office and Strategy, Administration, Finance and Control,
People and Organization, External Relations, Legal, Corporate, Regulatory and
Antitrust Affairs, Audit and Security. In particular, the CEO Office and Strategy
Function is charged with providing support to the CEO in defining and directing
the Group’s strategic decisions and defining the medium-long term strategic
positioning for the entire Group, developing strategic scenarios that also
consider the effects of climate change.
We found no issues concerning the adequacy of the organizational system described
above in supporting the strategic development of the Company and the Enel Group
or the consistency of that system with control requirements;
•
we met with the boards of auditors or equivalent bodies of a number of the Group’s
main companies in Italy and abroad. No material issues emerged from the
exchange of information that would require mention here;
•
we monitored the independence of the audit firm, also in its capacity as
sustainability auditor, having received today from KPMG SpA specific written
confirmation that they met that requirement (pursuant to the provisions of Article
6, paragraph 2(a), of Regulation (EU) 537/2014) and paragraph 17 of international
standard on auditing (ISA Italia) 260 and having discussed the substance of that
declaration with the audit partner. In this regard, we also monitored – as provided
for under Article 19, paragraph 1(e), of Decree 39/2010 – the nature and the scale
of non-audit services provided to the Company and other Enel Group companies
by KPMG SpA and the entities belonging to its network. The fees due to KPMG SpA
and the entities belonging to its network are reported in the notes to the separate
financial statements of the Company. Following our examinations and in
accordance with applicable legislation, the Board of Statutory Auditors found no
critical issues concerning the independence of KPMG SpA.
We held periodic meetings with the representatives of the audit firm, pursuant to
Article 150, paragraph 3, of the Consolidated Law on Financial Intermediation, and
no material issues emerged that would require mention in this report.
With specific regard to the provisions of Article 11 of Regulation (EU) 537/2014,
KPMG SpA today provided the Board of Statutory Auditors with the “additional
report” for 2024 on the results of the statutory audit carried out, which indicates
no significant difficulties encountered during the audit or any significant
shortcomings in the internal control system for financial reporting or the Enel
accounting system that would raise issues requiring mention in the opinion on the
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
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7
separate and consolidated financial statements. The Board of Statutory Auditors
will transmit that report to the Board of Directors promptly, accompanied by any
comments it may have, in accordance with Article 19, paragraph 1(a), of Decree
39/2010. As at the date of this report, the audit firm also reported that it did not
prepare any management letter for 2024;
• we monitored the financial and non-financial reporting processes, the
appropriateness of the administrative and accounting system and its reliability in
representing operational events, as well as compliance with the principles of sound
administration in the performance of the Company’s business and we have no
comments in that regard. We conducted our checks by obtaining information from
the head of the Administration, Finance and Control department (taking due
account of the head’s role as the officer responsible for the preparation of the
Company’s financial reports), examining Company documentation and analyzing
the findings of the examinations performed by KPMG SpA. The Chief Executive
Officer and the officer responsible for the preparation of the financial reports of
Enel issued a statement (regarding the Company’s 2024 separate financial
statements) certifying (i) the appropriateness with respect to the characteristics
of the Company and the effective adoption of the administrative and accounting
procedures used in the preparation of the financial statements; (ii) the compliance
of the content of the financial reports with international accounting standards
IFRS-EU; (iii) the correspondence of the financial statements with the information
in the books and other accounting records and their ability to provide a true and
fair representation of the performance and financial position of the Company; and
(iv) that the Report on Operations accompanying the financial statements contains
a reliable analysis of operations and performance, as well as the situation of the
issuer, together with a description of the main risks and uncertainties to which it
is exposed. The statement also affirmed that the appropriateness of the
administrative and accounting procedures used in the preparation of the separate
financial statements of the Company had been verified in an assessment of the
internal control system for financial reporting (supported by the findings of the
independent testing performed by a qualified external advisor) and that the
assessment of the internal control system did not identify any material issues. An
analogous statement was prepared for the consolidated financial statements for
2024 of the Enel Group. The Chief Executive Officer and the officer in charge of
Enel’s financial reporting have also certified with a specific declaration that the
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Consolidated
financial statements
8
consolidated Sustainability Statement, included in the Report on Operations of the
2024 consolidated financial statements of the Enel Group, has been prepared in
compliance with the European Sustainability Reporting Standards (“ESRS”) and
the provisions of Article 8, paragraph 4, of Regulation (EU) 2020/852 on the
taxonomy of environmentally sustainable economic activities (hereinafter
“Taxonomy Regulation”);
• we monitored the adequacy and effectiveness of the internal control system,
primarily through systematic participation of the head of the Audit department of
the Company in the meetings of the Board of Statutory Auditors and attending all
the meetings of the Control and Risk Committee – in almost all cases held in a
joint session – as well as through periodic meetings with the body charged with
overseeing the operation of and compliance with the organizational and
management model adopted by the Company pursuant to Legislative Decree
231/2001. In the light of our examination and in the absence of significant issues,
there are no reasons to doubt the adequacy and effectiveness of the internal
control and risk management system. In February 2025, the Board of Directors of
the Company expressed an analogous assessment of the situation and also noted,
in November 2024, that the main risks associated with the strategic targets set
out in the 2025-2027 Business Plan were compatible with the management of the
Company in a manner consistent with those targets;
• in 2024 no petitions were received by the Board of Auditors nor did we receive
any complaints concerning circumstances deemed censurable pursuant to Article
2408 of the Italian Civil Code;
• we monitored the effective implementation of the Corporate Governance Code,
verifying the compliance of Enel’s corporate governance arrangements with the
recommendations of the Code. Detailed information on the Company’s corporate
governance system can be found in the report on corporate governance and
ownership structure for 2024;
• in July 2024 we adopted specific organizational rules for the Board of Statutory
Auditors, governing its operations, in compliance with the provisions of laws and
regulations, the bylaws, as well as the principles established by the Italian
Corporate Governance Code and the Rules of Conduct of the Board of Statutory
Auditors of listed companies, prepared by the National Council of Chartered
Accountants and Accounting Experts;
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Reports
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INTEGRATED ANNUAL REPORT 2024
9
• in July 2024 the Board of Statutory Auditors verified that, in evaluating the
independence of non-executive directors, the Board of Directors correctly applied
the assessment criteria specified in the Corporate Governance Code and the
principle of the priority of substance over form that must inform the application of
the Code’s recommendations in general, adopting a transparent procedure, the
details of which are discussed in the report on corporate governance and ownership
structure for 2024. With regard to the so-called “self-assessment” of the
independence of its members, in February 2024 (and most recently in March 2025)
the Board of Statutory Auditors ascertained that all standing statutory auditors met
the relevant requirements set out in the Consolidated Law on Financial
Intermediation and in the Corporate Governance Code;
• at the end of 2024 and during the first two months of 2025, the Board of Statutory
Auditors, with the support of an independent advisory firm, conducted a board
review assessing the size, composition and functioning of the Board of Statutory
Auditors, similar to the review conducted for the Board of Directors. This is a best
practice that the Board of Statutory Auditors intended to adopt since 2018, even in
the absence of a specific recommendation of the Corporate Governance Code. The
approach adopted in performing the board review and its findings for 2024 are
described in detail in the report on corporate governance and ownership structure
for 2024. Based on the results of the board review and taking into account the
provisions of its Diversity policy (approved on January 29, 2018), the Board of
Statutory Auditors – in view of the end of the office term, scheduled for the
Shareholders’ Meeting convened to approve the financial statements for the year at
December 31, 2024 – has prepared specific Guidelines to shareholders on the
profiles and professional skills and experiences that are deemed more appropriate
to ensure the effective working of the new Board;
• during 2024 the Board of Statutory Auditors also participated in an induction
program, characterized by specific studies to update directors and statutory
auditors on climate change, cyber security and innovation. Given the different
timing of the renewal of the Board of Statutory Auditors compared with that of the
Board of Directors, it is recommended that, upon the renewal of the Board of
Statutory Auditors, a specific “onboarding” plan be prepared, aimed at promoting
an in-depth overview of operations and organization of the Enel Group for the
benefit of the new members;
Reports
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INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
10
• we monitored the application of the provisions of Legislative Decree 125 of
September 6, 2024, concerning corporate sustainability reporting, pursuant to
Article 10 paragraph 1 of the Decree. In performing that activity, we monitored the
adequacy of the organizational, administrative, reporting and control system
established by the Company in order to enable the accurate representation, within
the corporate Sustainability Statement for 2024, of the information necessary to
understand the Enel Group’s impact on sustainability issues, as well as the impact
of sustainability issues on the Group’s performance, results and position, and have
no comments in this regard. The audit firm KPMG SpA, in its capacity as auditor of
the consolidated Sustainability Statement of the Enel Group for 2024, has issued,
pursuant to Article 14-bis of Decree 39/2010, a “limited assurance” certification
regarding: (a) the compliance of the consolidated Sustainability Statement at
December 31, 2024 with the reporting standards applied pursuant to Legislative
Decree 125/2024, and (b) the compliance with the disclosure requirements
pursuant to Article 8 of the Taxonomy Regulation;
• since the listing of its shares, the Company has adopted specific rules (most recently
amended in September 2018) for the internal management and processing of
confidential information, which also set out the procedures for the disclosure of
documentation and information concerning the Company and the Group, with
specific regard to inside information. Those rules (which can be consulted on the
corporate website) contain specific provisions directed at subsidiaries to enable Enel
to comply with statutory public disclosure requirements, pursuant to Article 114,
paragraph 2, of the Consolidated Law on Financial Intermediation;
• in 2002 the Company also adopted (and has subsequently updated, most recently
in April 2025) a Code of Ethics (also available on the corporate website) that
expresses the commitments and ethical responsibilities involved in the conduct of
business, regulating and harmonizing corporate conduct in accordance with
standards of transparency and fairness with respect to all stakeholders;
• with regard to the provisions of Legislative Decree 231 of June 8, 2001 – which
introduced into Italian law a system of administrative liability for companies for
certain types of offences committed by its directors, managers or employees on
behalf of or to the benefit of the company – since July 2002 Enel has adopted a
compliance program consisting of a “general part” and various “special parts”
concerning the different offences specified by Legislative Decree 231/2001 that the
program is intended to prevent. For a description of the manner in which the model
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
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11
has been adapted to the characteristics of the various Italian companies of the
Group, as well as a description of the purposes of the “Enel Global Compliance
Program” for the Group’s foreign companies, please see the report on corporate
governance and ownership structure for 2024. The structure that monitors the
operation and compliance with the program and is responsible for updating it is a
collegial body. This body, whose members were most recently appointed in July
2023, is still composed of three external members who jointly have specific
professional expertise on corporate organization matters and corporate criminal
law. The Board of Statutory Auditors received systematic information on the main
activities carried out in 2024 by that body, including in meetings with its members.
Our examination of those activities found no facts or situations that would require
mention in this report;
• in 2024 the Board of Statutory Auditors issued a favorable opinion (at the meeting
of February 7, 2024) on the 2024 Audit Plan, in accordance with the provisions of
Recommendation 33, letter c) of the Corporate Governance Code;
• a report on the fixed and variable compensation accrued by those who served as
Chairman of the Board of Directors, the Chief Executive Officer/General Manager
and other directors in 2024 for their respective positions and any compensation
instruments awarded to them is contained in the second section of the Report on
Remuneration Policy for 2025 and Remuneration Paid in 2024 referred to in Article
123-ter of the Consolidated Law on Financial Intermediation (for the sake of brevity,
“Remuneration Report” hereinafter), approved by the Board of Directors, acting on
a proposal of the Nomination and Compensation Committee on April 3, 2025 which
will be published in compliance with the time limits established by law. The variable
component of these remuneration instruments is linked to predetermined and
measurable performance objectives, significantly linked to a long-term horizon, as
well as consistent with the Group's strategic objectives and inclusive of non-financial
parameters. The proposals to the Board of Directors concerning such forms of
compensation and the determination of the associated parameters were prepared
by the Nomination and Compensation Committee, which is mostly made up of non-
executive independent directors, drawing on the findings of benchmark analyses,
including at the international level, conducted by an independent consulting firm
(the “advisor”). In addition, the second section of the Remuneration Report
contains, in compliance with the applicable CONSOB regulations, specific disclosures
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Consolidated
financial statements
12
on the remuneration received in 2024 by the members of the oversight body and
by key management personnel (in aggregate form for the latter).
The Board of Statutory Auditors also supervised the process of preparing the
remuneration policy for 2025 – described in full in the first section of the
Remuneration Report, without finding any critical issues. In particular, the oversight
activity examined the consistency of the various measures envisaged by that policy
with (i) the provisions of Directive (EU) 2017/828 as transposed into Italian law,
with (ii) the recommendations of the Italian Corporate Governance Code, as well as
with (iii) the results of the benchmark analysis carried out, including at the
international level, by an independent consulting firm that the Nomination and
Compensation Committee elected to engage;
• during the preparation of the remuneration policy for 2025, the Board of Statutory
Auditors – taking account of the recommendations in this regard by the Corporate
Governance Code – asked the independent consulting firm to conduct an additional
benchmark analysis to ascertain the adequacy of the remuneration paid to the
members of the oversight body. This analysis was performed by the advisor with
reference to two benchmarks:
-
as a benchmark external to Enel, the remuneration of the boards of statutory
auditors reported in the documentation published on the occasion of 2024
Shareholders’ Meetings by issuers belonging to a peer group composed of
companies belonging to the FTSE MIB index1 with a similarly complex business,
size, market competitiveness and ownership structure to Enel;
-
as a benchmark internal to Enel, the average remuneration paid to the
members of the Board of Directors (excluding the Chairman and the Chief
Executive Officer) in proportion to the number of meetings of the Board of
Directors and the Board Committees of Enel in which they participate.
As regards the external benchmark, the advisor noted that again in 2024 Enel
continues to lie at the extreme upper bound of the peer group by capitalization,
turnover and number of employees.2 The analysis conducted by the advisor shows
that the remuneration of the members of Enel’s Board of Statutory Auditors is below
(1) The peer group consists of the following 18 companies: A2A, Assicurazioni Generali, Banco
BPM, BPER Banca, Eni, Hera, Italgas Leonardo, Mediobanca, Nexi, Pirelli, Poste Italiane,
Prysmian, Saipem, Snam, Telecom Italia, Terna and Unicredit.
(2) More specifically, at December 31, 2023 Enel ranks first by capitalization and turnover and
fourth by number of employees, compared with the peer group.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Reports
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INTEGRATED ANNUAL REPORT 2024
13
the benchmark median for the Chairman and substantially in line with the
benchmark median for the other standing Auditors (-17% and -3%, respectively).
As regards the internal benchmark, the advisor conducted a comparison between
the remuneration per meeting paid to the members of the Board of Statutory
Auditors and the average remuneration per meeting paid to the members of the
Board of Directors of the Company (excluding the Chairman and the Chief Executive
Officer), taking into account all meetings in which they respectively participated.3
This comparison appears even more significant than the external benchmark, since
it refers to the members of a body of the same company in whose activities (both
of the Board of Directors and Board committees) the members of the Board of
Auditors are systematically called to participate – in addition to the meetings of the
Board of which they are members.
This analysis found a significant disparity between the remuneration of the members
of the two bodies. In fact, the remuneration per meeting paid to the Chairman of
the Board of Statutory Auditors and to the other standing Auditors is approximately
67% and 71% lower than the average remuneration per meeting paid to non-
executive Directors.
The lower remuneration of the members of the Board of Statutory Auditors
compared to that of non-executive Directors also appears incongruous in light of
the indications provided by CONSOB in Annex 5-bis to the Issuers’ Regulation
(adopted with resolution 11971 of May 14, 1999), Model 1, paragraph 3 (“Plurality
of office calculation model”) – where the role of “Issuer - Member of the internal
control body” is assigned a greater weighting (equal to 1) than that of “Issuer -
Director without delegated management powers and not an executive committee
member” (equal to 0.75).
The Board of Statutory Auditors’ oversight activity in 2024 was carried out in 23
meetings and with participation in the 12 meetings of the Board of Directors and
participation in the annual Shareholders’ Meeting, and, through the chairman or one
or more of its members, in the 15 meetings of the Control and Risk Committee (14
of which were held jointly with the Board of Statutory Auditors), the 11 meetings of
3 Analysis carried out by the advisor taking into account the meetings of Enel’s Board of
Directors, Board Committees and Board of Statutory Auditors held in 2023, that is the last
year for which complete remuneration data was available at the time the analysis was carried
out.
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Consolidated
financial statements
14
the Nomination and Compensation Committee, the 6 meetings of the Related Parties
Committee and the 7 meetings of the Corporate Governance and Sustainability
Committee. The delegated magistrate of the State Audit Court participated in the
meetings of the Board of Statutory Auditors and those of the Board of Directors.
During the course of this activity and on the basis of information obtained from
KPMG SpA, no omissions, censurable facts, irregularities or other significant
developments were found that would require reporting to the regulatory authorities
or mention in this report.
Based on the oversight activity performed and the information exchanged with the
independent auditors KPMG SpA, we recommend that you approve the Company’s
financial statements for the year ended December 31, 2024 in conformity with the
proposals of the Board of Directors.
Rome, April 15, 2025
The Board of Auditors
____________________
Barbara Tadolini - Chairman
____________________
Luigi Borré – Auditor
____________________
Maura Campra – Auditor
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Reports
618
INTEGRATED ANNUAL REPORT 2024
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INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Reports of the Audit Firm
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Reports
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INTEGRATED ANNUAL REPORT 2024
KPMG S.p.A.
Revisione e organizzazione contabile
Via Curtatone, 3
00185 ROMA RM
Telefono +39 06 80961.1
Email it-fmauditaly@kpmg.it
PEC kpmgspa@pec.kpmg.it
Ancona Bari Bergamo
Bologna Bolzano Brescia
Catania Como Firenze Genova
Lecce Milano Napoli Novara
Padova Palermo Parma Perugia
Pescara Roma Torino Treviso
Trieste Varese Verona
Società per azioni
Capitale sociale
Euro 10.415.500,00 i.v.
Registro Imprese Milano Monza Brianza Lodi
e Codice Fiscale N. 00709600159
R.E.A. Milano N. 512867
Partita IVA 00709600159
VAT number IT00709600159
Sede legale: Via Vittor Pisani, 25
20124 Milano MI ITALIA
KPMG S.p.A.
è una società per azioni
di diritto italiano
e fa parte del network KPMG
di entità indipendenti affiliate a
KPMG International Limited,
società di diritto inglese.
(This independent auditors’ report has been translated into English solely for the convenience of
international readers. Accordingly, only the original Italian version is authoritative.)
Independent auditors’ report pursuant to article 14 of Legislative
decree no. 39 of 27 January 2010 and article 10 of Regulation (EU)
no. 537 of 16 April 2014
To the shareholders of
Enel S.p.A.
Report on the audit of the consolidated financial statements
Opinion
We have audited the consolidated financial statements of the Enel Group (the “group”), which comprise
the statement of financial position as at 31 December 2024, the income statement and the statements of
comprehensive income, changes in equity and cash flows for the year then ended and notes thereto,
which include material information on the accounting policies.
In our opinion, the consolidated financial statements give a true and fair view of the financial position of
the Enel Group as at 31 December 2024 and of its financial performance and cash flows for the year
then ended in accordance with the IFRS Accounting Standards issued by the International Accounting
Standards Board and endorsed by the European Union, as well as the Italian regulations implementing
article 9 of Legislative decree no. 38/05.
Basis for opinion
We conducted our audit in accordance with the International Standards on Auditing (ISA Italia). Our
responsibilities under those standards are further described in the “Auditors’ responsibilities for the audit
of the consolidated financial statements” section of our report. We are independent of Enel S.p.A. (the
“parent”) in accordance with the ethics and independence rules and standards applicable in Italy to audits
of financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in the
audit of the consolidated financial statements of the current year. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
Reports
621
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
2
Enel Group
Independent auditors’ report
31 December 2024
Recognition of revenue from the supply of electricity and gas not yet invoiced
Notes to the consolidated financial statements: notes 2.1 “Use of estimates and management judgement
– Revenue from contracts with customers”, 2.2 “Material accounting policies – Revenue from contracts
with customers”, 9.a “Revenue from sales and services” and 32 “Trade receivables”
Key audit matter
Audit procedures addressing the key audit matter
Revenue from the supply of electricity and gas to end
users is recognised at the time the electricity or gas is
delivered and includes, in addition to amounts invoiced
on the basis of periodic meter readings or on the
volumes notified by distributors and transporters, an
estimate of the electricity and gas delivered during the
year but not yet invoiced that is calculated also taking
account of any network losses. Revenue accrued
between the date of the last meter reading and the
year-end is based on estimates of the consumption of
individual customers, primarily determined on their
historical information, adjusted to reflect the climate
factors or other matters that may affect the estimated
consumption.
These estimates are very complex given the nature of
underlying assumptions.
Therefore, we believe that the recognition of revenue
from the supply of electricity and gas not yet invoiced is
a key audit matter.
Our audit procedures included:
•
understanding the process for the recognition of
revenue from the supply of electricity and gas not
yet invoiced;
•
assessing the design, implementation and
operating effectiveness of controls, including IT
controls, deemed material for the purposes of our
audit, including by involving our IT specialists;
•
performing substantive procedures on the
electricity and gas volumes considered in the
estimation;
•
checking the accuracy of the selling prices used in
the estimation;
•
comparing the estimates recognised in the
consolidated financial statements with the
subsequent actual figures;
•
assessing the appropriateness of the disclosures
provided in the notes about the revenue from the
supply of electricity and gas not yet invoiced.
Responsibilities of the parent’s directors and board of statutory auditors (“Collegio
Sindacale”) for the consolidated financial statements
The directors are responsible for the preparation of consolidated financial statements that give a true and
fair view in accordance with the IFRS Accounting Standards issued by the International Accounting
Standards Board and endorsed by the European Union and the Italian regulations implementing article 9
of Legislative decree no. 38/05 and, within the terms established by the Italian law, for such internal
control as they determine is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
The directors are responsible for assessing the group’s ability to continue as a going concern and for the
appropriate use of the going concern basis in the preparation of the consolidated financial statements
and for the adequacy of the related disclosures. The use of this basis of accounting is appropriate unless
the directors believe that the conditions for liquidating the parent or ceasing operations exist, or have no
realistic alternative but to do so.
The Collegio Sindacale is responsible for overseeing, within the terms established by the Italian law, the
group’s financial reporting process.
Auditors’ responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Reports
622
INTEGRATED ANNUAL REPORT 2024
3
Enel Group
Independent auditors’ report
31 December 2024
guarantee that an audit conducted in accordance with ISA Italia will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with ISA Italia, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
•
identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control;
•
obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the group’s internal control;
•
evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors;
•
conclude on the appropriateness of the directors’ use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to
the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditors’ report. However, future events or conditions may cause the group to cease
to continue as a going concern;
•
evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation;
•
obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with those charged with governance, identified at the appropriate level required by ISA
Italia, regarding, among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with the ethics
and independence rules and standards applicable in Italy and communicate with them all relationships
and other matters that may reasonably be thought to bear on our independence, and where applicable,
the measures taken to eliminate those threats or the safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the consolidated financial statements of the current year and are,
therefore, the key audit matters. We describe these matters in our auditors’ report.
Reports
623
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
4
Enel Group
Independent auditors’ report
31 December 2024
Other information required by article 10 of Regulation (EU) no. 537/14
On 16 May 2019, the parent’s shareholders appointed us to perform the statutory audit of its separate
and consolidated financial statements as at and for the years ending from 31 December 2020 to 31
December 2028.
We declare that we did not provide the prohibited non-audit services referred to in article 5.1 of
Regulation (EU) no. 537/14 and that we remained independent of the parent in conducting the statutory
audit.
We confirm that the opinion on the consolidated financial statements expressed herein is consistent with
the additional report to the Collegio Sindacale, in its capacity as audit committee, prepared in accordance
with article 11 of the Regulation mentioned above.
Report on other legal and regulatory requirements
Opinion on the compliance with the provisions of Commission Delegated Regulation
(EU) 2019/815
The parent’s directors are responsible for the application of the provisions of Commission Delegated
Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a single
electronic reporting format (ESEF) to the consolidated financial statements at 31 December 2024 to be
included in the annual financial report.
We have performed the procedures required by Standard on Auditing (SA Italia) 700B in order to express
an opinion on the compliance of the consolidated financial statements with Commission Delegated
Regulation (EU) 2019/815.
In our opinion, the consolidated financial statements at 31 December 2024 have been prepared in
XHTML format and have been marked up, in all material respects, in compliance with the provisions of
Commission Delegated Regulation (EU) 2019/815.
Opinion and statement pursuant to article 14.2.e)/e-bis)/e-ter) of Legislative decree no.
39/10 and article 123-bis.4 of Legislative decree no. 58/98
The parent’s directors are responsible for the preparation of the group’s reports on operations and on
corporate governance and ownership structure at 31 December 2024 and for the consistency of such
reports with the related consolidated financial statements and their compliance with the applicable law.
We have performed the procedures required by Standard on Auditing (SA Italia) 720B in order to:
• express an opinion on the consistency of the report on operations and certain specific information
presented in the report on corporate governance and ownership structure required by article 123-bis.4
of Legislative decree no. 58/98 with the consolidated financial statements;
• express an opinion on the consistency of the report on operations, excluding the section that includes
the consolidated sustainability statement, and certain specific information presented in the report on
corporate governance and ownership structure required by article 123-bis.4 of Legislative decree no.
58/98 with the applicable law;
• issue a statement of any material misstatements in the report on operations and certain specific
information presented in the report on corporate governance and ownership structure required by
article 123-bis.4 of Legislative decree no. 58/98.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Reports
624
INTEGRATED ANNUAL REPORT 2024
5
Enel Group
Independent auditors’ report
31 December 2024
In our opinion, the report on operations and the specific information presented in the report on corporate
governance and ownership structure required by article 123-bis.4 of Legislative decree no. 58/98 are
consistent with the group’s consolidated financial statements at 31 December 2024.
Moreover, in our opinion, excluding the section which includes the consolidated sustainability statement,
the report on operations and the specific information presented in the report on corporate governance
and ownership structure required by article 123-bis.4 of Legislative decree no. 58/98 have been prepared
in compliance with the applicable law.
With reference to the above statement required by article 14.2.e-ter) of Legislative decree no. 39/10,
based on our knowledge and understanding of the entity and its environment obtained through our audit,
we have nothing to report.
Our opinion on the compliance with the applicable law does not extend to the report on operations’
section which includes the consolidated sustainability statement. Our conclusion on the compliance of
this section with the legislation governing its preparation and with the disclosure requirements of article 8
of Regulation (EU) 2020/852 is included in the assurance report prepared in accordance with article
14-bis of Legislative decree no. 39/10.
Rome, 15 April 2025
KPMG S.p.A.
(signed on the original)
Davide Utili
Director of Audit
Reports
625
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
KPMG S.p.A.
Revisione e organizzazione contabile
Via Curtatone, 3
00185 ROMA RM
Telefono +39 06 80961.1
Email it-fmauditaly@kpmg.it
PEC kpmgspa@pec.kpmg.it
Ancona Bari Bergamo
Bologna Bolzano Brescia
Catania Como Firenze Genova
Lecce Milano Napoli Novara
Padova Palermo Parma Perugia
Pescara Roma Torino Treviso
Trieste Varese Verona
Società per azioni
Capitale sociale
Euro 10.415.500,00 i.v.
Registro Imprese Milano Monza Brianza Lodi
e Codice Fiscale N. 00709600159
R.E.A. Milano N. 512867
Partita IVA 00709600159
VAT number IT00709600159
Sede legale: Via Vittor Pisani, 25
20124 Milano MI ITALIA
KPMG S.p.A.
è una società per azioni
di diritto italiano
e fa parte del network KPMG
di entità indipendenti affiliate a
KPMG International Limited,
società di diritto inglese.
(This independent auditors’ report has been translated into English solely for the convenience of
international readers. Accordingly, only the original Italian version is authoritative.)
Independent auditors' limited assurance report on the consolidated
sustainability statement pursuant to article 14-bis of Legislative
decree no. 39 of 27 January 2010
To the shareholders of
Enel S.p.A.
Conclusion
Pursuant to articles 8 and 18.1 of Legislative decree no. 125 of 6 September 2024 (the “decree”), we
have been engaged to perform a limited assurance engagement on the 2024 consolidated sustainability
statement of the Enel Group (the “group”) prepared in accordance with article 4 of the decree, presented
in the specific section of the report on operations (the “consolidated sustainability statement”).
Based on the procedures performed, nothing has come to our attention that causes us to believe that:
•
the group's 2024 consolidated sustainability statement has not been prepared, in all material
respects, in accordance with the reporting standards endorsed by the European Commission
pursuant to Directive 2013/34/EU (the European Sustainability Reporting Standards, “ESRS”);
•
the information presented in the “European taxonomy” section of the consolidated sustainability
statement has not been prepared, in all material respects, in accordance with article 8 of Regulation
(EU) 2020/852 of 18 June 2020 (the “taxonomy regulation”).
Basis for conclusion
We have performed the limited assurance engagement in accordance with the Standard on Sustainability
Assurance Engagements - SSAE (Italia). The procedures performed in a limited assurance engagement
vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement.
Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower
than the assurance that would have been obtained had a reasonable assurance engagement been
performed. Our responsibilities under SSAE (Italia) are further described in the "Auditors' responsibilities
for the sustainability assurance engagement" section of our report.
We are independent in accordance with the ethics and independence rules and standards applicable in
Italy to sustainability assurance engagements.
Our company applies International Standard on Quality Management 1 (ISQM Italia 1) and, accordingly,
is required to design, implement and operate a system of quality management including policies or
procedures regarding compliance with ethical requirements, professional standards and applicable legal
and regulatory requirements.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Reports
626
INTEGRATED ANNUAL REPORT 2024
2
Enel Group
Independent auditors’ report
31 December 2024
We believe that the evidence we have acquired is sufficient and appropriate to provide a basis for our
conclusion.
Other matters
The 2024 consolidated sustainability statement presents the 2023 comparative information, which has
not been subjected to an assurance engagement.
Responsibilities of the directors and board of statutory auditors ("Collegio Sindacale")
of Enel S.p.A. (the "parent") for the consolidated sustainability statement
The directors are responsible for designing and implementing the procedures to identify the information
included in the consolidated sustainability statement in accordance with the ESRS (the “materiality
assessment process”) and for the description of these procedures in the “The process” section of the
“Double materiality” chapter of the consolidated sustainability statement.
The directors are also responsible for the preparation of a consolidated sustainability statement in
accordance with article 4 of the decree, which contains the information identified through the materiality
assessment process, including:
•
compliance with the ESRS;
•
compliance of the information presented in the “European taxonomy” section with article 8 of the
taxonomy regulation.
Moreover, the directors are responsible, within the terms established by the Italian law, for designing,
implementing and maintaining such internal controls as they determine is necessary to enable the
preparation of a consolidated sustainability statement in accordance with article 4 of the decree that is
free from material misstatement, whether due to fraud or error. They are also responsible for selecting
and applying appropriate methods to produce disclosures and formulating assumptions and estimates
about specific information on sustainability matters that are reasonable in the circumstances.
The Collegio Sindacale is responsible for overseeing, within the terms established by the Italian law,
compliance with the decree's provisions.
Inherent limitations in preparing the consolidated sustainability statement
For the purpose of disclosing forward-looking information in accordance with the ESRS, the directors are
required to prepare such information based on assumptions, described in the consolidated sustainability
statement, regarding future events and the group’s actions that are not necessarily expected to occur.
Actual results are likely to be different from the forecast sustainability information since anticipated
events frequently do not occur as expected and the variation could be material.
The disclosures provided by the group about Scope 3 emissions are subject to more inherent limitations
than those on Scope 1 and Scope 2 emissions, given the lack of availability and relative precision of
information used for determining both qualitative and quantitative Scope 3 emissions information from the
value chain.
Auditors’ responsibilities for the sustainability assurance engagement
Our objectives are to plan and perform procedures in order to obtain limited assurance about whether the
consolidated sustainability statement is free from material misstatement, whether due to fraud or error,
and to issue an assurance report that includes our conclusion. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence decisions of intended users taken on the basis of the consolidated sustainability statement.
As part of a limited assurance engagement in accordance with SSAE (Italia), we exercise professional
judgement and maintain professional scepticism throughout the engagement.
Reports
627
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
3
Enel Group
Independent auditors’ report
31 December 2024
Our responsibilities include:
•
considering risks to identify disclosures where a material misstatement is likely to occur, whether due
to fraud or error;
•
designing and performing procedures to check disclosures where a material misstatement is likely to
occur. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control;
•
directing, supervising and performing the sustainability limited assurance engagement and assuming
full responsibility for the conclusion on the consolidated sustainability statement.
Summary of the work performed
A limited assurance engagement involves carrying out procedures to obtain evidence as a basis for our
conclusion.
The procedures performed are based on our professional judgement and include inquiries, primarily of
the parent's personnel responsible for the preparation of the information presented in the consolidated
sustainability statement, documental analyses, recalculations and other evidence gathering procedures,
as appropriate.
We have performed the following main procedures:
•
we gained an understanding of the group's business model, strategies and operating environment
with regard to sustainability matters;
•
we gained an understanding of the process adopted by the group to identify and assess material
sustainability-related impacts, risks and opportunities (IROs), based on the double materiality
principle. Moreover, on the basis of the information acquired, we evaluated any emerging
inconsistencies that may indicate the presence of sustainability matters not addressed by the group
in its materiality assessment process; Specifically, mostly through inquiries, observations and
inspections, we gained an understanding of how the group:
-
considered the interests and opinions of the stakeholders involved;
-
identified its sustainability-related IROs, assessing their consistency with our knowledge of the
group and its sector;
-
defined and assessed material IROs by analysing the qualitative and quantitative materiality
thresholds it determined, checking their consistency with the results of the enterprise risk
management (ERM) process;
•
we gained an understanding of the processes underlying the generation, recording and management
of the qualitative and quantitative information disclosed in the consolidated sustainability statement,
including of the reporting boundary, through interviews and discussions with the group's personnel
and selected procedures on documentation;
•
we identified the disclosures associated with a risk of material misstatement, whether due to fraud or
error;
•
we designed and performed procedures, based on our professional judgement, to respond to
identified risks of material misstatement, including:
-
for information gathered at group level:
•
with reference to qualitative information and, in particular, the sustainability-related policies,
actions and objectives, we held inquiries and performed limited procedures on
documentation;
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Reports
628
INTEGRATED ANNUAL REPORT 2024
4
Enel Group
Independent auditors’ report
31 December 2024
•
with reference to quantitative information, we carried out analytical procedures, inspections,
observations and recalculations on a sample basis;
-
for information gathered at certain subsidiaries level, we visited Enel Chile SA and Endesa SA.
These subsidiaries have been selected on the basis of their business and contribution to the
metrics of the consolidated sustainability statement. During these visits we held discussions with
group personnel and obtained documentary evidence supporting the application of the
procedures and calculation of the metrics;
•
we gained an understanding of the process adopted by the group to determine taxonomy-eligible
economic activities and whether they were aligned under the taxonomy regulation and checked the
related disclosures presented in the consolidated sustainability statement;
•
we checked the consistency of the disclosures contained in the consolidated sustainability statement
with those included in the group’s consolidated financial statements pursuant to the applicable
financial reporting framework, the underlying accounting records or management accounts;
•
we checked the compliance of the structure and presentation of disclosures included in the
consolidated sustainability statement with the ESRS;
•
we obtained the representation letter.
Rome, 15 April 2025
KPMG S.p.A.
(signed on the original)
Davide Utili
Director of Audit
Reports
629
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
630
INTEGRATED ANNUAL REPORT 2024
Business segment
Description of business segments
Group holding company
Country holding company
Enel Green Power
Thermal Generation
Trading
Enel Grids
End-user Markets
Enel X
e-Mobility
Services
Finance
Attachments
Attachment 1 - Subsidiaries, associates and other
significant equity investments of the Enel Group at
December 31, 2024
In compliance with Articles 38 and 39 of Legislative De-
cree 127/1991 and CONSOB Notice no. DEM/6064293
of July 28, 2006, a list of subsidiaries and associates
of Enel SpA at December 31, 2024, pursuant to Article
2359 of the Italian Civil Code, and of other significant
equity investments is provided below. Enel has full title
to all investments. The following information is includ-
ed for each company: name, registered office, share
capital, currency in which share capital is denomi-
nated, business segment, method of consolidation,
Group companies that have a stake in the company
and their respective ownership share, and the Group’s
ownership share. The following provides a key to the
icons representing the business segments.
Attachments
631
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Parent
Enel SpA
Rome
IT 10,166,679,946
EUR
Holding
Enel SpA
100%
100%
Subsidiaries
10219727 Saskatchewan
Ltd
Saskoon
CA
1
CAD
Line-by-line
Enel Green Power
Elmsthorpe Wind LP
100%
100%
25 Mile Creek Windfarm
LLC
Andover
US
1
USD
Line-by-line
25RoseFarms Holdings
LLC
100%
100%
25 Mile PPA LLC
Andover
US
1
USD
Line-by-line
EGP North America
PPA LLC
100%
100%
25RoseFarms Holdings
LLC
Andover
US
1
USD
Line-by-line
Enel Green Power
25RoseFarms Holdings
LLC
100%
100%
3SUN Srl
Catania
IT
1,000,000
EUR
Line-by-line
Enel Green Power
Italia Srl
97%
100%
Enel Green Power SpA
3%
3SUN USA LLC
Andover
US
1
USD
Line-by-line
Enel North America Inc.
100%
100%
4814 Investments LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Ables Springs Solar
Holdings LLC
Andover
US
1
USD
Line-by-line
Enel Green Power Ables
Springs Solar Holdings
LLC
100%
100%
Ables Springs Solar LLC
Andover
US
1
USD
Line-by-line
Ables Springs Solar
Holdings LLC
100%
100%
Ables Springs Storage
LLC
Andover
US
1
USD
Line-by-line
Ables Springs Solar
Holdings LLC
100%
100%
Abu Renewables India
Private Limited
Gurugram
IN
100,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
Ace High Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Aced Renewables Hidden
Valley (RF) (Pty) Ltd
Johannesburg
ZA
1,000
ZAR
Equity
Enel Green Power RSA 2
(RF) (Pty) Ltd
55%
28%
Acefat AIE
Barcelona
ES
793,340
EUR
-
Edistribución Redes
Digitales SLU
14%
10%
Adams Solar PV Project
Two (RF) (Pty) Ltd
Johannesburg
ZA
10,000,000
ZAR
Line-by-line
Enel Green Power South
Africa (Pty) Ltd
60%
60%
Adria Link
Srl
Gorizia
IT
300,297
EUR
Equity
Enel Produzione SpA
50%
50%
Aferkat Wind Farm
Casablanca
MA
389,600
MAD
Line-by-line
Enel Green Power
Morocco Sàrl
100%
100%
Agassiz Beach LLC
Minneapolis
US
-
USD
Line-by-line
Chi Minnesota Wind LLC
100%
100%
Agatos Green Power
Trino Srl
Rome
IT
10,000
EUR
Line-by-line
Enel Green Power Solar
Energy Srl
100%
100%
Aguillón 20 SA
Zaragoza
ES
2,682,000
EUR
Line-by-line
Enel Green Power
España SLU
51%
36%
Aidon Oy
Jyväskylä
FI
5,112,572
EUR
Equity
Gridspertise Srl
100%
50%
Alba Energia Ltda
Rio de Janeiro
BR
16,045,169
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Albany Solar LLC
Wilmington
US
-
USD
Line-by-line
Aurora Distributed Solar
LLC
100%
74%
Almyros Ape Single
Member PC
Maroussi
GR
270,001
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
Alpe Adria Energia Srl
Udine
IT
900,000
EUR
Equity
Enel Produzione SpA
50%
50%
Alta Farms Azure
Ranchland Holdings LLC
Dover
US
100
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Alta Farms Wind Project
II LLC
Andover
US
1
USD
Line-by-line
25RoseFarms Holdings
LLC
100%
100%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
632
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Alvorada Energia SA
Niterói
BR
42,117,416
BRL
Line-by-line
Enel Brasil SA
100%
82%
Amber Sage Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Ampla Energia e Serviços
SA
Rio de Janeiro
BR
6,953,230,392
BRL
Line-by-line
Enel Brasil SA
100%
82%
Annandale Solar LLC
Wilmington
US
-
USD
Line-by-line
Aurora Distributed Solar
LLC
100%
74%
Apiacás Energia SA
Rio de Janeiro
BR
14,216,846
BRL
Line-by-line
Enel Brasil SA
100%
82%
Aquilla Wind Project LLC
Andover
US
1
USD
Line-by-line
Tradewind
Energy Inc.
100%
100%
Aragonesa de Actividades
Energéticas SAU
Teruel
ES
60,100
EUR
Line-by-line
Endesa SA
100%
70%
Aranort Desarrollos SLU
Madrid
ES
1,953
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
Aravalli Surya (Project 1)
Private Limited
Gurugram
IN
31,630,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
Arcadia Power Inc.
Washington DC
US
-
USD
- Enel X North America Inc.
0%
0%
Arena Green Power 1 SLU
Madrid
ES
3,000
EUR
Line-by-line
Shark Power SLU
100%
70%
Arena Green Power 2 SLU
Madrid
ES
3,000
EUR
Line-by-line
Shark Power SLU
100%
70%
Arena Green Power 3 SLU
Madrid
ES
3,000
EUR
Line-by-line
Shark Power SLU
100%
70%
Arena Green Power 4 SLU
Madrid
ES
3,000
EUR
Line-by-line
Shark Power SLU
100%
70%
Arena Green Power 5 SLU
Madrid
ES
3,000
EUR
Line-by-line
Shark Power SLU
100%
70%
Arena Power Solar 11 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Arena Power Solar 12 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Arena Power Solar 13 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Arena Power Solar 20 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Arena Power Solar 33 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Arena Power Solar 34 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Arena Power Solar 35 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Arrow Head Energy
Storage Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Arrow Hills Solar Project
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Asociación Nuclear Ascó-
Vandellós II AIE
Vandellós
ES
19,232,400
EUR
Proportional
Endesa Generación SAU
85%
60%
Ateca Renovables SL
Madrid
ES
3,000
EUR
Equity
Enel Green Power
España SLU
50%
35%
Atlántico Photovoltaic
SAS ESP
Barranquilla
CO
50,587,000
COP
Line-by-line
Enel Colombia SA ESP
100%
47%
Atwater Solar LLC
Wilmington
US
-
USD
Line-by-line
Aurora Distributed Solar
LLC
100%
74%
Aurora Distributed Solar
LLC
Wilmington
US
-
USD
Line-by-line
Aurora Solar Holdings
LLC
74%
74%
Aurora Land Holdings LLC
Wilmington
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Aurora Solar Holdings LLC
Wilmington
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Aurora Wind Holdings LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Attachments
633
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Aurora Wind Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Autumn Hills LLC
Wilmington
US
-
USD
Line-by-line
Chi Minnesota Wind LLC
100%
100%
Autumn Waltz Wind
Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Avikiran Energy India
Private Limited
Gurugram
IN
100,000,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
Avikiran Solar India Private
Limited
New Delhi
IN
4,918,810,370
INR
Held for sale
Enel Green Power India
Private Limited
51%
51%
Avikiran Surya India
Private Limited
Gurugram
IN
875,350
INR
Held for sale
Enel Green Power India
Private Limited
51%
51%
Avikiran Vayu India Private
Limited
Gurugram
IN
100,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
Azure Blue Jay Holdings
LLC
Dover
US
100
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Azure Blue Jay Solar
Holdings LLC
Andover
US
1
USD
Line-by-line
Enel Green Power Azure
Blue Jay Solar Holdings
LLC
100%
100%
Azure Sky Solar Project
LLC
Andover
US
1
USD
Line-by-line
Azure Blue Jay Solar
Holdings LLC
100%
100%
Azure Sky Wind Holdings
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Azure Sky Wind Project
LLC
Andover
US
1
USD
Line-by-line
AzureRanchII Wind
Holdings LLC
100%
100%
Azure Sky Wind Storage
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
AzureRanchII Wind
Holdings LLC
Andover
US
1
USD
Line-by-line
Enel Green Power
AzureRanchII Wind
Holdings LLC
100%
100%
Baikal Enterprise SLU
Palma de
Mallorca
ES
3,006
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Baleares Energy SLU
Palma de
Mallorca
ES
4,509
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
Barnwell County Solar
Project LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Bath House Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Baylio Solar SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
Bayou Blues Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Beacon Harbor Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Beaver Falls Water Power
Company
Wilmington
US
-
USD
Line-by-line
Beaver Valley Holdings
LLC
68%
68%
Beaver Valley Holdings
LLC
Wilmington
US
-
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Bejaad Solar Plant
Casablanca
MA
10,000
MAD
Line-by-line
Enel Green Power
Morocco Sàrl
100%
100%
Belltail Solar Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Belomechetskaya WPS
Moscow
RU
3,010,000
RUB
Line-by-line
Enel Green Power
Rus Limited Liability
Company
100%
100%
Betwa Renewable Energy
Private Limited
Gurgaon
IN
100,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
Bijou Hills Wind LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Bioenergy Casei Gerola Srl
Rome
IT
100,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
Bison Meadows Storage
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Bison Meadows Wind
Project LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
634
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Blair Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Blanche BESS Holding
(Pty) Ltd
Sydney
AU
100
AUD
Equity
Potentia Energy (Pty) Ltd
100%
50%
Blanche BESS Holding
Trust
Sydney
AU
100
AUD
Equity
Potentia Energy Trust
100%
50%
Blanche BESS (Pty) Ltd
Sydney
AU
100
AUD
Equity
Blanche BESS Holding
(Pty) Ltd
100%
50%
Blanche BESS Trust
Sydney
AU
100
AUD
Equity
Blanche BESS Holding
Trust
100%
50%
Blue Crab Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Blue Jay Solar I LLC
Andover
US
1
USD
Line-by-line
Azure Blue Jay Solar
Holdings LLC
100%
100%
Blue Jay Solar II LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Blue Note Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Blue Star Wind Project
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Bogotá ZE
SAS
Bogotá
CO
1,189,706,920
COP
Equity
Colombia ZE SAS
100%
9%
Boitumelo Solar Power
Plant (RF) (Pty) Ltd
Gauteng
ZA
100
ZAR
Line-by-line
Enel Green Power SpA
100%
100%
Bold Elk Wind Limited
Partnership
Calgary
CA
100
CAD
Line-by-line
Enel Alberta Wind Inc.
0%
100%
Enel Green Power
Canada Inc.
100%
Bondia Energia Ltda
Niterói
BR
2,950,888
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Boone Stephens Solar
I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Bosa del Ebro SL
Zaragoza
ES
3,010
EUR
Line-by-line
Enel Green Power
España SLU
51%
36%
Bottom Grass Solar
Project LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Boujdour Wind Farm
Casablanca
MA
300,000
MAD
Equity Nareva Enel Green Power
Morocco SA
90%
45%
Bouldercombe Solar Farm
Trust
Sydney
AU
10
AUD
Equity
Bouldercombe Solar
Holding Trust
100%
50%
Bouldercombe Solar
Holding (Pty) Ltd
Sydney
AU
100
AUD
Equity
Potentia Energy (Pty) Ltd
100%
50%
Bouldercombe Solar
Holding Trust
Sydney
AU
10
AUD
Equity
Potentia Energy Trust
100%
50%
Bouldercombe Solar
(Pty) Ltd
Sydney
AU
100
AUD
Equity
Bouldercombe Solar
Holding (Pty) Ltd
100%
50%
Box Canyon Energy
Storage Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
BP Hydro Finance
Partnership
Salt Lake City
US
-
USD
Line-by-line
Enel Green Power North
America Inc.
24%
100%
Enel Kansas LLC
76%
Brandonville Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Bravo Dome Wind Project
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Brazatortas 220
Renovables SL
Madrid
ES
3,000
EUR
Equity
Baylio Solar SLU
17%
12%
Furatena Solar 1 SLU
17%
Brazoria West Solar
Project LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Brazos Flat Solar Project
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Brick Road Solar Holdings
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Attachments
635
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Bronco Hills Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Brush County Solar
Project LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Buck Canyon Wind
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Buckshutem Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Buckshutem Solar II LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Buffalo Dunes Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Buffalo Dunes Wind
Project LLC
Topeka
US
-
USD
Line-by-line
EGPNA Development
Holdings LLC
75%
75%
Buffalo Jump LP
Alberta
CA
10
CAD
Line-by-line
Enel Alberta Wind Inc.
0%
100%
Enel Green Power
Canada Inc.
100%
Buffalo Spirit Wind Project
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Bungala One FinCo
(Pty) Ltd
Sydney
AU
1,000
AUD
Equity
Bungala One Property
Trust
100%
26%
Bungala One Operation
Holding Trust
Sydney
AU
100
AUD
Equity
Bungala Solar (Pty) Ltd
50%
25%
Bungala One Operations
Holding (Pty) Ltd
Sydney
AU
100
AUD
Equity
Bungala Solar (Pty) Ltd
51%
26%
Bungala One Operations
(Pty) Ltd
Sydney
AU
1,000
AUD
Equity
Bungala One Operations
Holding (Pty) Ltd
100%
26%
Bungala One Operations
Trust
Sydney
AU
-
AUD
Equity
Bungala One Operations
Holding (Pty) Ltd
100%
26%
Bungala One Property
Holding (Pty) Ltd
Sydney
AU
100
AUD
Equity
Bungala Solar (Pty) Ltd
51%
26%
Bungala One Property
Holding Trust
Sydney
AU
100
AUD
Equity
Bungala Solar (Pty) Ltd
50%
25%
Bungala One Property
(Pty) Ltd
Sydney
AU
1,000
AUD
Equity
Bungala One Property
Holding (Pty) Ltd
100%
26%
Bungala One Property
Trust
Sydney
AU
-
AUD
Equity
Bungala One Property
Holding (Pty) Ltd
100%
26%
Bungala Solar (Pty) Ltd
Sydney
AU
100
AUD
Equity
Potentia Energy Group
(Pty) Ltd
100%
50%
Bungala Solar Trust
Sydney
AU
-
AUD
Equity
Potentia Energy
Trust
100%
50%
Bungala Two FinCo
(Pty) Ltd
Sydney
AU
-
AUD
Equity
Bungala Two Property
Trust
100%
26%
Bungala Two Operations
Holding (Pty) Ltd
Sydney
AU
-
AUD
Equity
Bungala Solar (Pty) Ltd
51%
26%
Bungala Two Operations
Holding Trust
Sydney
AU
-
AUD
Equity
Bungala Solar (Pty) Ltd
50%
25%
Bungala Two Operations
(Pty) Ltd
Sydney
AU
-
AUD
Equity
Bungala Two Operations
Holding (Pty) Ltd
100%
26%
Bungala Two Operations
Trust
Sydney
AU
-
AUD
Equity
Bungala Two Operations
Holding (Pty) Ltd
100%
26%
Bungala Two Property
Holding (Pty) Ltd
Sydney
AU
-
AUD
Equity
Bungala Solar (Pty) Ltd
51%
26%
Bungala Two Property
Holding Trust
Sydney
AU
-
AUD
Equity
Bungala Solar (Pty) Ltd
50%
25%
Bungala Two Property
(Pty) Ltd
Sydney
AU
-
AUD
Equity
Bungala Two Property
Holding (Pty) Ltd
100%
26%
Bungala Two Property
Trust
Sydney
AU
1
AUD
Equity
Bungala Two Property
Holding (Pty) Ltd
100%
26%
Burgundy Spruce Solar LP
Calgary
CA
100
CAD
Line-by-line
Enel Alberta Solar Inc.
0%
100%
Enel Green Power
Canada Inc.
100%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
636
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Business Venture
Investments 1468 (Pty) Ltd
Johannesburg
ZA
100
ZAR
Line-by-line
Enel Green Power South
Africa (Pty) Ltd
100%
100%
Butterfly Meadows Solar
Project LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
C&C Castelvetere Srl
Rome
IT
100,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
C&C Uno Energy Srl
Rome
IT
118,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
Cactus Mesa Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Campos Promotores
Renovables SL
Elche
ES
3,000
EUR
Equity
Enel Green Power
España SLU
25%
18%
Canastota Wind Power
LLC
Andover
US
-
USD
Line-by-line
Fenner Wind Holdings
LLC
100%
100%
Caney River Wind Project
LLC
Overland Park
US
-
USD
Equity
Rocky Caney Wind LLC
100%
10%
Canyon Top Energy
Storage Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Capricorn BESS Holding
(Pty) Ltd
Sydney
AU
100
AUD
Equity
Potentia Energy (Pty) Ltd
100%
50%
Capricorn BESS Holding
Trust
Barangaroo
AU
100
AUD
Equity
Potentia Energy Trust
100%
50%
Capricorn BESS (Pty) Ltd
Sydney
AU
100
AUD
Equity
Capricorn BESS Holding
(Pty) Ltd
100%
50%
Capricorn BESS Trust
Barangaroo
AU
100
AUD
Equity
Capricorn BESS Holding
Trust
100%
50%
Capricorn Solar Hybrid
Holding (Pty) Ltd
Barangaroo
AU
100
AUD
Equity
Potentia Energy (Pty) Ltd
100%
50%
Capricorn Solar Hybrid
Holding Trust
Barangaroo
AU
100
AUD
Equity
Potentia Energy Trust
100%
50%
Capricorn Solar Hybrid
(Pty) Ltd
Sydney
AU
100
AUD
Equity
Capricorn Solar Hybrid
Holding (Pty) Ltd
100%
50%
Capricorn Solar Hybrid
Trust
Sydney
AU
100
AUD
Equity
Capricorn Solar Hybrid
Holding Trust
100%
50%
Castle Rock Ridge Limited
Partnership
Alberta
CA
-
CAD
Line-by-line
Enel Alberta Wind Inc.
0%
100%
Enel Green Power
Canada Inc.
100%
Catalana d’Iniciatives SA
in liquidation
Barcelona
ES
30,862,800
EUR
-
Endesa SA
1%
1%
Cattle Drive Wind Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Cdec - Sic Ltda
Santiago de
Chile
CL
709,783,206
CLP
-
Enel Green Power
Chile SA
6%
4%
Cedar Run Wind Project
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Central Geradora
Fotovoltaica Bom Nome
Ltda
Salvador
BR
11,841,217
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Central Geradora
Fotovoltaica São
Francisco Ltda
Niterói
BR
385,128,917
BRL
Line-by-line
Enel Brasil SA
0%
82%
Enel X Brasil SA
100%
Central Hidráulica Güejar-
Sierra SL
Granada
ES
364,213
EUR
Equity
Enel Green Power
España SLU
33%
23%
Central Térmica de
Anllares AIE
Madrid
ES
595,000
EUR
Equity
Endesa Generación SAU
33%
23%
Central Vuelta de
Obligado SA
Buenos Aires
AR
500,000
ARS
-
Enel Generación El
Chocón SA
33%
18%
Centrales Nucleares
Almaraz-Trillo AIE
Madrid
ES
-
EUR
Equity
Endesa Generación SAU
24%
17%
Centrum Pre Vedu A
Vyskum Sro
Kalná Nad
Hronom
SK
6,639
EUR
Equity
Slovenské elektrárne AS
100%
33%
CES 2 Single Member
Private Company
Maroussi
GR
503
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
Attachments
637
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
CES 3 Single Member
Private Company
Maroussi
GR
505
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
CES 4 Single Member
Private Company
Maroussi
GR
503
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
CES 5 Single Member
Private Company
Maroussi
GR
505
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
CES 6 Single Member
Private Company
Maroussi
GR
502
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
CES 7 Single Member
Private Company
Maroussi
GR
503
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
CES 8 Single Member
Private Company
Maroussi
GR
505
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
CESI - Centro
Elettrotecnico
Sperimentale Italiano
Giacinto Motta SpA
Milan
IT
8,550,000
EUR
Equity
Enel SpA
43%
43%
Champagne Storage LLC
Wilmington
US
1
USD
Line-by-line
Enel Energy Storage
Holdings LLC (formerly
EGP Energy Storage
Holdings LLC)
100%
100%
Checkerboard Plains
Solar Project Limited
Partnership
Calgary
CA
-
CAD
Line-by-line
Enel Alberta Solar Inc.
0%
100%
Enel Green Power
Canada Inc.
100%
Cheyenne Ridge II Wind
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Cheyenne Ridge Wind
Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Chi Black River LLC
Wilmington
US
-
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Chi Minnesota Wind LLC
Wilmington
US
-
USD
Line-by-line
EGPNA Project HoldCo
1 LLC
100%
100%
Chi Operations Inc.
Andover
US
100
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Chi Power Inc.
Naples
US
100
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Chi Power Marketing Inc.
Wilmington
US
100
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Chi West LLC
San Francisco
US
100
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Chisago Solar LLC
Wilmington
US
-
USD
Line-by-line
Aurora Distributed Solar
LLC
100%
74%
Chisholm View II Holding
LLC
Wilmington
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Chisholm View Wind
Project II LLC
Wilmington
US
-
USD
Line-by-line
Chisholm View II Holding
LLC
63%
63%
Chisholm View Wind
Project LLC
New York
US
-
USD
Equity
EGPNA REP Wind
Holdings LLC
100%
10%
Cimarron Bend
Assets LLC
Wilmington
US
-
USD
Line-by-line
Cimarron Bend Wind
Project I LLC
49%
100%
Cimarron Bend Wind
Project II LLC
49%
Cimarron Bend Wind
Project III LLC
1%
Enel Kansas LLC
1%
Cimarron Bend III HoldCo
LLC
Andover
US
1
USD
Line-by-line
Enel Green Power
Cimarron Bend Wind
Holdings III LLC
100%
100%
Cimarron Bend Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Cimarron Bend Wind
Holdings I LLC
Wilmington
US
-
USD
Line-by-line
Cimarron Bend Wind
Holdings II LLC
100%
100%
Cimarron Bend Wind
Holdings II LLC
Dover
US
100
USD
Line-by-line
Cimarron Bend Wind
Holdings LLC
100%
100%
Cimarron Bend Wind
Holdings III LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
638
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Cimarron Bend Wind
Holdings LLC
Wilmington
US
-
USD
Line-by-line
EGPNA Preferred Wind
Holdings LLC
100%
100%
Cimarron Bend Wind
Project I LLC
Wilmington
US
-
USD
Line-by-line
Cimarron Bend Wind
Holdings I LLC
100%
100%
Cimarron Bend Wind
Project II LLC
Wilmington
US
-
USD
Line-by-line
Cimarron Bend Wind
Holdings I LLC
100%
100%
Cimarron Bend Wind
Project III LLC
Wilmington
US
-
USD
Line-by-line
Cimarron Bend Wind
Holdings III LLC
100%
100%
Cinch Top Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Clear Fork Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Clear Sky Wind Project
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Clinton Farms Battery
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Clinton Farms Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Clinton Farms Wind
Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Cloudwalker Wind Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Cogein Sannio Srl
Rome
IT
10,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
Cogeneración El Salto SL
in liquidation
Zaragoza
ES
36,061
EUR
Equity
Enel Green Power
España SLU
20%
14%
Cogenio Iberia SL
Madrid
ES
2,874,622
EUR
Equity
Endesa Energía SAU
20%
14%
Cogenio Srl
Rome
IT
2,310,000
EUR
Equity
Enel X Italia Srl
20%
20%
Cohuna Solar Holding
(Pty) Ltd
Sydney
AU
3,419,700
AUD
Equity
Potentia Energy Group
(Pty) Ltd
100%
50%
Cohuna Solar Holding
Trust
Sydney
AU
-
AUD
Equity
Potentia Energy Trust
100%
50%
Cohuna Solar (Pty) Ltd
Sydney
AU
100
AUD
Equity
Cohuna Solar Holding
(Pty) Ltd
100%
50%
Cohuna Solar Trust
Sydney
AU
1
AUD
Equity
Cohuna Solar Holding
Trust
100%
50%
Colombia ZE SAS
Bogotá
CO 11,872,499,000
COP
Equity
Enel Colombia SA ESP
20%
9%
Comanche Crest Ranch
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Comercializadora
Eléctrica de Cádiz SA
Cádiz
ES
600,000
EUR
Equity
Endesa SA
34%
23%
Compagnia Porto di
Civitavecchia SpA in
liquidation
Rome
IT
15,130,800
EUR
Equity
Enel Produzione SpA
24%
24%
Companhia Energética do
Ceará - Coelce
Fortaleza
BR
1,968,926,886
BRL
Line-by-line
Enel Brasil SA
74%
61%
Compañía de Trasmisión
del Mercosur SA - CTM
Buenos Aires
AR
2,025,191,313
ARS
Line-by-line
Enel Brasil SA
74%
82%
Enel CIEN SA
26%
Enel SpA
0%
Compañía Eólica Tierras
Altas SA
Soria
ES
13,222,000
EUR
Equity
Compañía Eólica Tierras
Altas SA
5%
26%
Enel Green Power
España SLU
36%
Compass Rose Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Concert Srl
Rome
IT
10,000
EUR
Line-by-line
Enel Green Power SpA
100%
100%
Concho Solar I LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Concord Vine Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Attachments
639
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Consolidated Hydro
Southeast LLC
Wilmington
US
-
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Consolidated Pumped
Storage Inc.
Wilmington
US
550,000
USD
Line-by-line
Enel Green Power North
America Inc.
82%
82%
Conza Green Energy Srl
Rome
IT
73,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
Copper Landing Solar
Project LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Corporación Empresarial
de Extremadura SA
Badajoz
ES
44,538,000
EUR
-
Endesa SA
1%
1%
Corporación Eólica de
Zaragoza SL
La Puebla de
Alfindén
ES
271,652
EUR
Equity
Enel Green Power
España SLU
25%
18%
Country Blue Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Country Roads Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Cow Creek Wind Project
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Crawfish Solar Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Crédito Fácil Codensa
SA Compañía de
Financiamiento
in liquidation
Bogotá
CO 32,000,000,000
COP
Equity
Colombia ZE SAS
0%
23%
Enel Colombia SA ESP
49%
Enel X Colombia SAS ESP
0%
Crockett Solar I LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Crystal Bridge Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Dairy Meadows Wind
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Daisy Patch Solar Project
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Danax Energy (Pty) Ltd
Sandton
ZA
100
ZAR
Line-by-line
Enel Green Power South
Africa (Pty) Ltd
100%
100%
Dappled Colt Storage
Project Limited
Partnership
Calgary
CA
-
CAD
Line-by-line
Enel Alberta Storage Inc.
0%
100%
Enel Green Power
Canada Inc.
100%
Dauphin Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Daybreak Wind Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Decimalfigure Unipessoal
Ltda
Pego
PT
2,000
EUR
Equity
Tejo Energia - Produção
e Distribuição de Energia
Eléctrica SA
100%
31%
Dehesa de los Guadalupes
Solar SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
Dehesa PV Farm 03 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Dehesa PV Farm 04 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Derivex SA
Bogotá
CO
938,734,000
COP
-
Enel Colombia SA ESP
5%
2%
Desarrollo de Fuerzas
Renovables S de RL de Cv
Mexico City
MX
53,104,350
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
100%
100%
Enel Services México
SA de Cv
0%
Desert Willow Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
DI.T.N.E. - Distretto
Tecnologico Nazionale
sull’Energia -
Società Consortile a
Responsabilità Limitata
Rome
IT
451,878
EUR
-
Enel Produzione SpA
2%
2%
Diamond Vista Holdings
LLC
Wilmington
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
640
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Diamond Vista Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Dispatch Renewable
Energy Single Member SA
Maroussi
GR
2,240,000
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
Distretto Tecnologico
Sicilia Micro e Nano
Sistemi Scarl
Catania
IT
628,978
EUR
-
3SUN Srl
6%
6%
Distribuidora de Energía
Eléctrica del Bages SA
Barcelona
ES
108,240
EUR
Line-by-line
Endesa SA
55%
70%
Hidroeléctrica de
Catalunya SLU
45%
Distribuidora Eléctrica del
Puerto de La Cruz SAU
Santa Cruz de
Tenerife
ES
12,621,210
EUR
Line-by-line
Endesa SA
100%
70%
Distrilec Inversora
SA
Buenos Aires
AR
497,612,021
ARS
Line-by-line
Enel Américas SA
52%
42%
Dodge Center Distributed
Solar LLC
Wilmington
US
-
USD
Line-by-line
Aurora Distributed Solar
LLC
100%
74%
Dolores Wind SA de Cv
Mexico City
MX
4,151,197,627
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
1%
100%
Enel Rinnovabile SA
de Cv
99%
Dominica Energía Limpia
SA de Cv
Mexico City
MX
2,070,600,646
MXN
Equity
Tenedora de Energía
Renovable Sol y Viento
SAPI de Cv
61%
20%
Dorset Ridge Wind
Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Dragonfly Fields Solar
Project LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Drift Sand Wind Holdings
LLC
Wilmington
US
-
USD
Equity
Enel Kansas LLC
50%
50%
Drift Sand Wind Project
LLC
Wilmington
US
-
USD
Equity Drift Sand Wind Holdings
LLC
100%
50%
Duereti Srl
Milan
IT
125,000,000
EUR
-
e-distribuzione SpA
10%
10%
Dwarka Vayu 1 Private
Limited
Gurgaon
IN
100,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
E.S.CO. Comuni Srl
Bergamo
IT
1,000,000
EUR
Line-by-line
Enel X Italia Srl
60%
60%
Earthly Reflections Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Eastern Blue Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Eastern Rise Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Eastwood Solar LLC
Wilmington
US
-
USD
Line-by-line
Aurora Distributed Solar
LLC
100%
74%
Ebenezer Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
EcoSolar2 SA
Grevena
GR
25,000
EUR
-
Principia Energy
Generation Single
Member SA
0%
0%
Edistribución Redes
Digitales SLU
Madrid
ES
1,204,540,060
EUR
Line-by-line
Endesa SA
100%
70%
e-distribuzione SpA
Rome
IT
2,600,000,000
EUR
Line-by-line
Enel Italia SpA
100%
100%
EF Divesture LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Efficientya Srl
Bergamo
IT
100,000
EUR
Equity
Enel X Italia Srl
50%
50%
EGP BESS 1 (RF) (Pty) Ltd
Gauteng
ZA
1,000
ZAR
Line-by-line
Enel Green Power SpA
100%
100%
EGP Bioenergy Srl
Rome
IT
1,000,000
EUR
Line-by-line
Enel Green Power
Puglia Srl
100%
100%
EGP Estonian Solar
Holdings LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP Fotovoltaica La Loma
SAS in liquidation
Bogotá
CO
8,000,000
COP
Line-by-line
Enel Colombia SA ESP
100%
47%
Attachments
641
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
EGP Geronimo Holding
Company Inc.
Wilmington
US
1,000
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
EGP GulfStar Solar PPA
LLC
Andover
US
1
USD
Line-by-line
EGP North America
PPA LLC
100%
100%
EGP HoldCo 1 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP HoldCo 10 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP HoldCo 11 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP HoldCo 12 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP HoldCo 13 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP HoldCo 14 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP HoldCo 15 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP HoldCo 16 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP HoldCo 17 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP HoldCo 18 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP HoldCo 2 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP HoldCo 3 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP HoldCo 4 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP HoldCo 5 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP HoldCo
6 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP HoldCo 7 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP HoldCo 8 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP HoldCo 9 LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP Magdalena Solar SA
de Cv
Mexico City
MX
1,258,077,873
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
100%
100%
Enel Rinnovabile SA
de Cv
1%
EGP Matimba NewCo 1 Srl
Rome
IT
10,000
EUR
Equity
Enel Green Power SpA
50%
50%
EGP Matimba NewCo 2 Srl
Rome
IT
10,000
EUR
Line-by-line
Enel Green Power SpA
100%
100%
EGP North America PPA
LLC
Andover
US
1
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
EGP Sabaudia Srl
Rome
IT
1,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
EGP Salt Wells Solar LLC
Wilmington
US
-
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
EGP San Leandro
Microgrid I LLC
Wilmington
US
-
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
EGP Solar Services LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGP Solar V SAU
San Salvador
de Jujuy
AR
500,000
ARS
Line-by-line
Enel Américas SA
100%
82%
EGP Solar VI SAU
San Salvador
de Jujuy
AR
500,000
ARS
Line-by-line
Enel Américas SA
100%
82%
EGP Terracina 01 Srl
Rome
IT
1,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
642
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
EGP Terracina 02 Srl
Rome
IT
1,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
EGP Timber Hills Project
LLC
Los Angeles
US
-
USD
Line-by-line Padoma Wind Power LLC
100%
100%
EGPE Solar 2 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
EGPNA 2020 HoldCo
1 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
10 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
11 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
12 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
13 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
14 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
15 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
16 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
17 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
18 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
19 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
2 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
20 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
21 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
22 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
23 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
24 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
25 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
26 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
27 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
28 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
29 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
3 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
30 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
4 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
5 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
6 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
7 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2020 HoldCo
8 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Attachments
643
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
EGPNA 2020 HoldCo
9 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
1 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
10 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
11 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
12 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
13 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
14 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
15 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
16 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
17 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
18 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
19 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
2 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
20 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
3 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
4 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
5 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
6 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
7 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
8 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA 2023 HoldCo
9 LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA Development
Holdings LLC
Wilmington
US
-
USD
Line-by-line
Enel Green Power North
America Development
LLC
100%
100%
EGPNA Hydro Holdings
LLC
Wilmington
US
-
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
EGPNA Preferred Wind
Holdings II LLC
Wilmington
US
-
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
EGPNA Preferred Wind
Holdings LLC
Wilmington
US
-
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
EGPNA Project HoldCo
1 LLC
Dover
US
100
USD
Line-by-line
Enel Kansas LLC
100%
100%
EGPNA Project HoldCo
2 LLC
Dover
US
100
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
EGPNA Project HoldCo
5 LLC
Dover
US
100
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
EGPNA Project HoldCo
6 LLC
Dover
US
100
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
EGPNA Project HoldCo
7 LLC
Dover
US
100
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
EGPNA Renewable Energy
Partners LLC
Wilmington
US
-
USD
Equity EGPNA REP Holdings LLC
10%
10%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
644
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
EGPNA REP Holdings LLC
Wilmington
US
-
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
EGPNA REP Solar
Holdings LLC
Wilmington
US
-
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
EGPNA REP Wind
Holdings LLC
Wilmington
US
-
USD
Equity
EGPNA Renewable
Energy Partners LLC
100%
10%
EGPNA Wind Holdings
1 LLC
Wilmington
US
-
USD
Equity
EGPNA REP Wind
Holdings LLC
100%
10%
EGPNA-SP Seven Cowboy
Holdings LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Elcogas SA
in liquidation
Puertollano
ES
809,690
EUR
Equity
Endesa Generación SAU
41%
33%
Enel SpA
4%
Elecgas SA
Pego
PT
50,000
EUR
Equity
Endesa Generación
Portugal SA
50%
35%
Electra Capital (RF) (Pty)
Ltd
Johannesburg
ZA
10,000,000
ZAR
Line-by-line
Enel Green Power South
Africa (Pty) Ltd
60%
60%
Eléctrica de Jafre SA
Barcelona
ES
165,876
EUR
Line-by-line
Endesa SA
53%
70%
Hidroeléctrica de
Catalunya SLU
47%
Eléctrica de Lijar SL
Algodonales
ES
1,081,822
EUR
Equity
Endesa SA
50%
35%
Eléctrica del Ebro SAU
Barcelona
ES
500,000
EUR
Line-by-line
Endesa SA
100%
70%
Electricidad de Puerto
Real SA
Puerto Real
ES
4,960,246
EUR
Equity
Endesa SA
50%
35%
Electro Metalúrgica del
Ebro SL
Madrid
ES
2,906,862
EUR
-
Enel Green Power
España SLU
0%
0%
Electrotest
Instalaciones, Montajes y
Mantenimientos SL
Puerto Real
ES
10,000
EUR
-
Epresa Energía SA
50%
18%
Eletropaulo Metropolitana
Eletricidade de São
Paulo SA
São Paulo
BR
4,532,524,934
BRL
Line-by-line
Enel Brasil SA
100%
82%
Emerald Crescent Solar
Limited Partnership
Calgary
CA
100
CAD
Line-by-line
Enel Alberta Solar Inc.
0%
100%
Enel Green Power
Canada Inc.
100%
Emeroo BESS Holding
(Pty) Ltd
Sydney
AU
100
AUD
Equity
Potentia Energy (Pty) Ltd
100%
50%
Emeroo BESS Holding
Trust
Barangaroo
AU
100
AUD
Equity
Potentia Energy Trust
100%
50%
Emeroo BESS (Pty) Ltd
Sydney
AU
100
AUD
Equity
Emeroo BESS Holding
(Pty) Ltd
100%
50%
Emeroo BESS Trust
Barangaroo
AU
100
AUD
Equity
Emeroo BESS Holding
Trust
100%
50%
Emintegral Cycle SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
Empresa Carbonífera del
Sur Encasur SAU
Madrid
ES
18,030,000
EUR
Line-by-line
Endesa Generación SAU
100%
70%
Empresa de Alumbrado
Eléctrico de Ceuta
Distribución SAU
Ceuta
ES
16,562,250
EUR
Line-by-line
Endesa SA
96%
68%
Empresa de Alumbrado
Eléctrico de Ceuta
Energía SLU
Ceuta
ES
10,000
EUR
Line-by-line
Endesa Energía SAU
100%
70%
Empresa Distribuidora Sur
SA - Edesur
Buenos Aires
AR
898,585,028
ARS
Line-by-line
Distrilec Inversora SA
56%
59%
Enel Argentina SA
43%
Empresa Eléctrica
Pehuenche SA
Santiago
de Chile
CL 175,774,920,733
CLP
Line-by-line
Enel Generación
Chile SA
93%
56%
Empresa Propietaria de
la Red SA
Panama City
PA
58,500,000
USD
-
Enel SpA
11%
11%
En. Solar4 Single Member
Private Company
Maroussi
GR
3,581,150
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
Endesa Capital
SAU
Madrid
ES
60,200
EUR
Line-by-line
Endesa SA
100%
70%
Attachments
645
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Endesa Energía
SAU
Madrid
ES
14,445,576
EUR
Line-by-line
Endesa SA
100%
70%
Endesa Financiación
Filiales SAU
Madrid
ES
4,621,003,006
EUR
Line-by-line
Endesa SA
100%
70%
Endesa Generación
Portugal SA
Lisbon
PT
50,000
EUR
Line-by-line
Endesa Energía SAU
0%
70%
Endesa Generación SAU
99%
Enel Green Power
España SLU
1%
Endesa Generación SAU
Seville
ES
1,940,379,735
EUR
Line-by-line
Endesa SA
100%
70%
Endesa Ingeniería SLU
Seville
ES
965,305
EUR
Line-by-line
Endesa SA
100%
70%
Endesa Medios y Sistemas
SLU
Madrid
ES
89,999,790
EUR
Line-by-line
Endesa SA
100%
70%
Endesa Mobility
SLU
Madrid
ES
10,000,000
EUR
Line-by-line
Endesa SA
100%
70%
Endesa Operaciones y
Servicios Comerciales SLU
Madrid
ES
10,138,580
EUR
Line-by-line
Endesa Energía SAU
100%
70%
Endesa X Way SL
Madrid
ES
600,000
EUR
Line-by-line
Endesa Mobility SLU
49%
85%
Enel X Way Srl
51%
Endesa SA
Madrid
ES
1,270,502,540
EUR
Line-by-line
Endesa SA
0%
70%
Enel Iberia SRLU
70%
Enel Alberta Solar Inc.
Calgary
CA
1
CAD
Line-by-line
Enel Green Power
Canada Inc.
100%
100%
Enel Alberta Storage Inc.
Calgary
CA
1
CAD
Line-by-line
Enel Green Power
Canada Inc.
100%
100%
Enel Alberta Wind Inc.
Alberta
CA
16,251,021
CAD
Line-by-line
Enel Green Power
Canada Inc.
100%
100%
Enel Américas SA
Santiago de
Chile
CL 15,799,226,825
USD
Line-by-line
Enel SpA
82%
82%
Enel Argentina SA
Buenos Aires
AR
2,297,711,908
ARS
Line-by-line
Enel Américas SA
100%
82%
Enel Generación Chile SA
0%
Enel Bella Energy Storage
LLC
Wilmington
US
-
USD
Line-by-line
Enel Energy Storage
Holdings LLC (formerly
EGP Energy Storage
Holdings LLC)
100%
100%
Enel Brasil SA
São Paulo
BR
52,037,115,742
BRL
Line-by-line
Enel Américas SA
100%
82%
Enel Brasil SA
0%
Enel Chile SA
Santiago de
Chile
CL 3,882,103,470,184
CLP
Line-by-line
Enel SpA
65%
65%
Enel CIEN SA
Rio de Janeiro
BR
285,044,682
BRL
Line-by-line
Enel Brasil
SA
100%
82%
Enel Colina SA
Santiago de
Chile
CL
82,222,000
CLP
Line-by-line
Enel Chile SA
0%
64%
Enel Distribución Chile
SA
100%
Enel Colombia SA ESP
Bogotá
CO
655,222,312,800
COP
Line-by-line
Enel Américas
SA
57%
47%
Enel Costa Rica CAM SA
San José
CR
27,500,000
USD
Line-by-line
Enel Colombia SA ESP
100%
47%
Enel Distribución Chile SA
Santiago de
Chile
CL 177,568,664,063
CLP
Line-by-line
Enel Chile SA
99%
64%
Enel Energia
SpA
Rome
IT
10,000,000
EUR
Line-by-line
Enel Italia SpA
100%
100%
Enel Energia SA
de Cv
Mexico City
MX
25,000,100
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
100%
100%
Enel Rinnovabile SA
de Cv
0%
Enel Energy North
America Illinois LLC
Andover
US
1
USD
Line-by-line
Enel Energy North
America LLC
100%
100%
Enel Energy North
America Ohio LLC
Andover
US
1
USD
Line-by-line
Enel Energy North
America LLC
100%
100%
Enel Energy North
America Pennsylvania LLC
Andover
US
1
USD
Line-by-line
Enel Energy North
America LLC
100%
100%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
646
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Enel Energy North
America Texas LLC
Andover
US
1
USD
Line-by-line
Enel Energy North
America LLC
100%
100%
Enel Energy North
America LLC
Andover
US
1
USD
Line-by-line Enel X North America Inc.
100%
100%
Enel Energy South Africa
Wilmington
ZA
100
ZAR
Line-by-line
Enel X International Srl
100%
100%
Enel Energy Storage
Holdings LLC (formerly
EGP Energy Storage
Holdings LLC)
Andover
US
100
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Enel Finance America LLC
Wilmington
US
200,000,000
USD
Line-by-line
Enel North America Inc.
100%
100%
Enel Finance International
NV
Amsterdam
NL
1,478,810,371
EUR
Line-by-line
Enel Holding Finance Srl
75%
100%
Enel SpA
25%
Enel Fortuna SA
Panama City
PA
100,000,000
USD
Line-by-line
Enel Panamá CAM Srl
50%
24%
Enel Future Project 2020
#1 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#10 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#11 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#12 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#13 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#14 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#15 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#16 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#17 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#18 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#19 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#2 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#20 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#3 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#4 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#5 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#6 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#7 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#8 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Future Project 2020
#9 LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Enel Generación Chile SA
Santiago de
Chile
CL 552,777,320,871
CLP
Line-by-line
Enel Chile SA
94%
61%
Enel Generación El
Chocón SA
Buenos Aires
AR 11,401,954,061
ARS
Line-by-line
Enel Argentina SA
9%
54%
Hidroinvest SA
59%
Enel Generación Piura SA
San Miguel
PE
249,202,667
PEN
Held for sale
Enel Perú SAC
96%
79%
Attachments
647
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Enel Generación SA de Cv
Mexico City
MX
7,100,100
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
100%
100%
Enel Rinnovabile SA
de Cv
0%
Enel Global Services Srl
Rome
IT
10,000
EUR
Line-by-line
Enel SpA
100%
100%
Enel Global Trading SpA
Rome
IT
90,885,000
EUR
Line-by-line
Enel SpA
100%
100%
Enel Green Power
25RoseFarms Holdings
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Green Power Ables
Springs Solar Holdings
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Green Power Aroeira
01 SA
Rio de Janeiro
BR
334,518,402
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Aroeira
02 SA
Rio de Janeiro
BR
324,928,400
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Aroeira
03 SA
Rio de Janeiro
BR
324,501,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Aroeira
04 SA
Rio de Janeiro
BR
430,299,146
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Aroeira
05 SA
Rio de Janeiro
BR
284,501,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Aroeira
06 SA
Rio de Janeiro
BR
284,511,002
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Aroeira
07 SA
Rio de Janeiro
BR
323,520,630
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Aroeira
08 SA
Rio de Janeiro
BR
284,501,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Azure
Blue Jay Solar Holdings
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Green Power Azure
Ranchland Holdings LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Green Power
AzureRanchII Wind
Holdings LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Green Power Boa
Vista 01 Ltda
Salvador
BR
3,554,607
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Boa
Vista Eólica SA
Rio de Janeiro
BR
104,890,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power Cabeça
de Boi SA
Niterói
BR
270,114,539
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Cachoeira Dourada
SA
Cachoeira
Dourada
BR
64,339,836
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Cachoeira Dourada SA
0%
Enel Green Power Canada
Inc.
Montreal
CA
85,681,857
CAD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Enel Green Power Cerrado
Solar SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Chile
SA
Santiago de
Chile
CL
599,261,770
USD
Line-by-line
Enel Chile SA
100%
65%
Enel SpA
0%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
648
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Enel Green Power
Cimarron Bend Wind
Holdings III LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Green Power Cove
Fort Solar LLC
Wilmington
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Green Power Cristal
Eólica SA
Rio de Janeiro
BR
87,784,899
BRL
Line-by-line
Enel Brasil SA
99%
82%
Enel Green Power
Desenvolvimento Ltda
1%
Enel Green Power Cumaru
01 SA
Niterói
BR
204,653,591
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Cumaru
02 SA
Niterói
BR
107,601,273
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Cumaru
03 SA
Rio de Janeiro
BR
225,021,296
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Cumaru
04 SA
Rio de Janeiro
BR
100,869,708
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Cumaru
05 SA
Rio de Janeiro
BR
180,208,001
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Cumaru
Participações SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Cumaru
Solar 01 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Cumaru
Solar 02 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power
Damascena Eólica SA
Rio de Janeiro
BR
83,709,003
BRL
Line-by-line
Enel Brasil SA
99%
82%
Enel Green Power
Desenvolvimento Ltda
1%
Enel Green Power Delfina
A Eólica SA
Rio de Janeiro
BR
284,062,483
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power Delfina
B Eólica SA
Rio de Janeiro
BR
93,068,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power Delfina
C Eólica SA
Rio de Janeiro
BR
31,105,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power Delfina
D Eólica SA
Rio de Janeiro
BR
105,864,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power Delfina
E Eólica SA
Niterói
BR
105,936,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
Rio de Janeiro
BR
207,822,302
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Development Srl
Rome
IT
20,000
EUR
Line-by-line
Enel Green Power SpA
100%
100%
Enel Green Power
Diamond Vista Wind
Project LLC
Wilmington
US
1
USD
Line-by-line
Diamond Vista Holdings
LLC
100%
100%
Enel Green Power Dois
Riachos Eólica SA
Rio de Janeiro
BR
83,347,009
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power Egypt
SAE
Cairo
EG
250,000
EGP
Line-by-line
Enel Green Power SpA
100%
100%
Enel Green Power El
Salvador SA de Cv
El Salvador
SV
22,860
USD
Line-by-line
Enel Américas SA
0%
100%
Enel Green Power SpA
100%
Enel Green Power
Elkwater Wind Limited
Partnership
Alberta
CA
1,000
CAD
Line-by-line
Enel Alberta Wind Inc.
1%
100%
Enel Green Power
Canada Inc.
99%
Attachments
649
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Enel Green Power
Elmsthorpe Wind LP
Calgary
CA
1,000
CAD
Line-by-line
Enel Alberta Wind Inc.
0%
100%
Enel Green Power
Canada Inc.
100%
Enel Green Power
Emiliana Eólica SA
Rio de Janeiro
BR
119,791,530
BRL
Line-by-line
Enel Brasil SA
99%
82%
Enel Green Power
Desenvolvimento Ltda
1%
Enel Green Power España
Solar 1 SLU
Madrid
ES
81,106
EUR
Line-by-line
Enel Green Power
España SLU
50%
35%
Enel Green Power España
SLU
Madrid
ES
11,153
EUR
Line-by-line
Endesa Generación SAU
100%
70%
Enel Green Power
Esperança Eólica SA
Rio de Janeiro
BR
99,418,174
BRL
Line-by-line
Enel Brasil SA
99%
82%
Enel Green Power
Desenvolvimento Ltda
1%
Enel Green Power
Estonian Solar Project LLC
Andover
US
1
USD
Line-by-line
Estonian Solar Holdings
LLC
100%
100%
Enel Green Power
Fazenda SA
Niterói
BR
264,141,174
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power Fence
Post Solar Holdings LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Green Power Fontes
dos Ventos 2 SA
Rio de Janeiro
BR
133,315,219
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Fontes
dos Ventos 3 SA
Rio de Janeiro
BR
131,001,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Fontes
II Participações SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Fontes
Solar SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ganado
Solar Holdings LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Green Power
Germany GmbH
Berlin
DE
25,000
EUR
Line-by-line
Enel Green Power SpA
100%
100%
Enel Green Power Global
Investment BV
Amsterdam
NL
10,000
EUR
Line-by-line
Enel Green Power SpA
100%
100%
Enel Green Power Gulfstar
Solar Holdings LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Green Power Hadros
Wind Limited Partnership
-
CA
1,000
CAD
Line-by-line
Enel Alberta Wind Inc.
1%
100%
Enel Green Power
Canada Inc.
99%
Enel Green Power HF101
GmbH & Co. KG
Berlin
DE
50,000
EUR
Line-by-line
Enel Green Power
Germany GmbH
100%
100%
Enel Green Power
Hilltopper Wind LLC
(formerly Hilltopper Wind
Power LLC)
Dover
US
1
USD
Line-by-line Hilltopper Wind Holdings
LLC
100%
100%
Enel Green Power
Horizonte MP Solar SA
Rio de Janeiro
BR
431,566,053
BRL
Line-by-line
Alba Energia Ltda
0%
82%
Enel Brasil SA
100%
Enel Green Power India
Private Limited
New Delhi
IN
200,000,000
INR
Held for sale
Enel Green Power
Development Srl
100%
100%
Enel Green Power
Italia Srl
Rome
IT
272,000,000
EUR
Line-by-line
Enel Italia SpA
100%
100%
Enel Green Power
Ituverava Norte Solar SA
Rio de Janeiro
BR
219,806,646
BRL
Line-by-line
Bondia Energia Ltda
0%
82%
Enel Brasil SA
100%
Enel Green Power
Ituverava Solar SA
Rio de Janeiro
BR
227,810,333
BRL
Line-by-line
Bondia Energia Ltda
0%
82%
Enel Brasil SA
100%
Enel Green Power
Ituverava Sul Solar SA
Rio de Janeiro
BR
408,949,643
BRL
Line-by-line
Bondia Energia Ltda
0%
82%
Enel Brasil SA
100%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
650
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Enel Green Power Joana
Eólica SA
Rio de Janeiro
BR
90,259,530
BRL
Line-by-line
Enel Brasil SA
98%
82%
Enel Green Power
Desenvolvimento Ltda
2%
Enel Green Power Kenya
Limited
Nairobi
KE
100,000
KES
Line-by-line
Enel Green Power SpA
99%
100%
Enel Green Power South
Africa (Pty) Ltd
1%
Enel Green Power Korea
LLC
Seoul
KR
8,796,000,000
KRW
Line-by-line
Enel Green Power SpA
100%
100%
Enel Green Power Lagoa
do Sol 01 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Lagoa
do Sol 02 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Lagoa
do Sol 03 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Lagoa
do Sol 04 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Lagoa
do Sol 05 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Lagoa
do Sol 06 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Lagoa
do Sol 07 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Lagoa
do Sol 08 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Lagoa
do Sol 09 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Lagoa
do Sol 10 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Lagoa
do Sol 11 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Lagoa
do Sol 12 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Lagoa
do Sol 13 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Lagoa
Participações SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Lagoa II
Participações SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Lagoa III
Participações SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Lily
Solar Holdings LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Green Power
Maniçoba Eólica SA
Rio de Janeiro
BR
90,722,530
BRL
Line-by-line
Enel Brasil SA
99%
82%
Enel Green Power
Desenvolvimento Ltda
1%
Attachments
651
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Enel Green Power
Metehara Solar Private
Limited Company
-
ET
5,600,000
ETB
Line-by-line
Enel Green Power Solar
Metehara SpA
80%
80%
Enel Green Power México
S de RL de Cv
Mexico City
MX
10,595,218,475
MXN
Line-by-line
Enel Green Power SpA
100%
100%
Enel Rinnovabile SA
de Cv
0%
Enel Green Power MM
GmbH & Co. KG
Berlin
DE
50,000
EUR
Line-by-line
Enel Green Power
Germany GmbH
100%
100%
Enel Green Power Modelo
I Eólica SA
Rio de Janeiro
BR
108,476,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power Modelo
II Eólica SA
Rio de Janeiro
BR
100,170,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Morocco Sàrl
Casablanca
MA
839,000,000
MAD
Line-by-line
Enel Green Power
Development Srl
0%
100%
Enel Green Power SpA
100%
Enel Green Power Morro
do Chapéu I Eólica SA
Rio de Janeiro
BR
248,138,287
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power Morro
do Chapéu Solar 01 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Morro
Norte 02 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Morro
do Chapéu II Eólica SA
Rio de Janeiro
BR
206,050,114
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power Morro
Norte 03 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Morro
Norte 04 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Mourão
SA
Rio de Janeiro
BR
25,600,100
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power Namibia
(Pty) Ltd
Windhoek
NA
10,000
NAD
Line-by-line
Enel Green Power SpA
100%
100%
Enel Green Power North
America Development
LLC
Wilmington
US
-
USD
Line-by-line
Enel North America Inc.
100%
100%
Enel Green Power North
America Inc.
Andover
US
-
USD
Line-by-line
Enel North America Inc.
100%
100%
Enel Green Power Nova
Olinda 01 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Nova
Olinda 02 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Nova
Olinda 03 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Nova
Olinda 04 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Nova
Olinda 05 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Nova
Olinda 06 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Nova
Olinda 07 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
652
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Enel Green Power Nova
Olinda 08 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Nova
Olinda 09 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Nova
Olinda 10 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Nova
Olinda 11 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Nova
Olinda 12 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Nova
Olinda 13 SA
Rio de Janeiro
BR
10,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power Novo
Lapa 01 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Novo
Lapa 02 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Novo
Lapa 03 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Novo
Lapa 04 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Novo
Lapa 05 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Novo
Lapa 06 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Novo
Lapa 07 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Novo
Lapa 08 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power O&M
Solar LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Green Power
Paranapanema SA
Niterói
BR
162,567,500
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Partecipazioni Speciali Srl
Rome
IT
10,000
EUR
Line-by-line
Enel Green Power SpA
100%
100%
Enel Green Power Pau
Ferro Eólica SA
Rio de Janeiro
BR
110,390,000
BRL
Line-by-line
Enel Brasil SA
99%
82%
Enel Green Power
Desenvolvimento Ltda
1%
Enel Green Power Pedra
do Gerônimo Eólica SA
Rio de Janeiro
BR
156,201,528
BRL
Line-by-line
Enel Brasil SA
99%
82%
Enel Green Power
Desenvolvimento Ltda
1%
Enel Green Power PO11
GmbH & Co. KG
Berlin
DE
50,000
EUR
Line-by-line
Enel Green Power
Germany GmbH
100%
100%
Enel Green Power PO133
GmbH & Co. KG
Berlin
DE
50,000
EUR
Line-by-line
Enel Green Power
Germany GmbH
100%
100%
Enel Green Power PO25
GmbH & Co. KG
Berlin
DE
50,000
EUR
Line-by-line
Enel Green Power
Germany GmbH
100%
100%
Attachments
653
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Enel Green Power
Primavera Eólica SA
Rio de Janeiro
BR
95,674,900
BRL
Line-by-line
Enel Brasil SA
98%
82%
Enel Green Power
Desenvolvimento Ltda
2%
Enel Green Power Puglia
Srl
Rome
IT
1,000,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
Enel Green Power RA SAE
in liquidation
Cairo
EG
15,000,000
EGP
Line-by-line
Enel Green Power Egypt
SAE
100%
100%
Enel Green Power
Rattlesnake Creek Wind
Project LLC (formerly
Rattlesnake Creek Wind
Project LLC)
Delaware
US
1
USD
Line-by-line
Rattlesnake Creek
Holdings LLC
100%
100%
Enel Green Power
Roadrunner Solar Project
Holdings II LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Green Power
Roadrunner Solar Project
Holdings LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Green Power
Roadrunner Solar Project
II LLC
Dover
US
100
USD
Line-by-line
Enel Roadrunner Solar
Project Holdings II LLC
100%
100%
Enel Green Power
Rockhaven Ranchland
Holdings LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Green Power
Roseland Solar LLC
Andover
US
1
USD
Line-by-line
25RoseFarms Holdings
LLC
100%
100%
Enel Green Power RSA
(Pty) Ltd
Johannesburg
ZA
1,000
ZAR
Equity
EGP Matimba
NewCo 1 Srl
100%
50%
Enel Green Power RSA 2
(RF) (Pty) Ltd
Johannesburg
ZA
120
ZAR
Equity
Enel Green Power RSA
(Pty) Ltd
100%
50%
Enel Green Power Rus
Limited Liability Company
Moscow
RU
60,500,000
RUB
Equity
Enel Green Power
Partecipazioni Speciali
Srl
1%
100%
Enel Green Power SpA
99%
Enel Green Power SpA
Rome
IT
272,000,000
EUR
Line-by-line
Enel SpA
100%
100%
Enel Green Power Salto
Apiacás SA
Rio de Janeiro
BR
274,420,832
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power Sannio
Srl
Rome
IT
750,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
Enel Green Power São
Abraão Eólica SA
Rio de Janeiro
BR
91,300,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power São
Cirilo 02 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power São
Cirilo 03 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power São
Gonçalo 02 SA
Teresina
BR
82,268,019
BRL
Line-by-line
Alba Energia Ltda
0%
82%
Enel Brasil SA
100%
Enel Green Power São
Gonçalo 6 SA
Teresina
BR
183,602,691
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
São Gonçalo 07 SA
Teresina
BR
114,522,005
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power São
Gonçalo 08 SA
Teresina
BR
109,281,818
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power São
Gonçalo 1 SA
Teresina
BR
235,654,397
BRL
Line-by-line
Alba Energia Ltda
0%
82%
Enel Brasil SA
100%
Enel Green Power São
Gonçalo 10 SA
Teresina
BR
82,871,484
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power São
Gonçalo 11 SA
Teresina
BR
114,475,155
BRL
Line-by-line
Enel Brasil SA
100%
82%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
654
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Enel Green Power São
Gonçalo 12 SA
Teresina
BR
108,022,915
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power São
Gonçalo 14
Teresina
BR
203,190,488
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power São
Gonçalo 15
Teresina
BR
158,657,469
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power São
Gonçalo 17 SA
Teresina
BR
122,007,043
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power São
Gonçalo 18 SA
Teresina
BR
169,039,744
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power São
Gonçalo 19 SA
Teresina
BR
122,467,789
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power São
Gonçalo 21 SA
Teresina
BR
99,994,198
BRL
Line-by-line
Alba Energia Ltda
0%
82%
Enel Brasil SA
100%
Enel Green Power São
Gonçalo 22 SA
Teresina
BR
99,787,960
BRL
Line-by-line
Alba Energia Ltda
0%
82%
Enel Brasil SA
100%
Enel Green Power São
Gonçalo 3 SA
Teresina
BR
178,124,686
BRL
Line-by-line
Alba Energia Ltda
0%
82%
Enel Brasil SA
100%
Enel Green Power São
Gonçalo 4 SA
Teresina
BR
137,917,258
BRL
Line-by-line
Alba Energia Ltda
0%
82%
Enel Brasil SA
100%
Enel Green Power São
Gonçalo 5 SA
Teresina
BR
98,230,525
BRL
Line-by-line
Alba Energia Ltda
0%
82%
Enel Brasil SA
100%
Enel Green Power São
Judas Eólica SA
Niterói
BR
82,674,900
BRL
Line-by-line
Enel Brasil SA
98%
82%
Enel Green Power
Desenvolvimento Ltda
2%
Enel Green Power São
Micael 01 SA
Teresina
BR
1,000
BRL
Line-by-line
Alba Energia Ltda
0%
82%
Enel Brasil SA
100%
Enel Green Power São
Micael 02 SA
Teresina
BR
1,000
BRL
Line-by-line
Alba Energia Ltda
0%
82%
Enel Brasil SA
100%
Enel Green Power São
Micael 03 SA
Teresina
BR
1,000
BRL
Line-by-line
Alba Energia Ltda
0%
82%
Enel Brasil SA
100%
Enel Green Power São
Micael 04 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power São
Micael 05 SA
Teresina
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power
Services LLC
Wilmington
US
100
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Enel Green Power SHU
SAE in liquidation
Cairo
EG
15,000,000
EGP
Line-by-line
Enel Green Power Egypt
SAE
100%
100%
Enel Green Power
Singapore Pte Ltd
Singapore
SG
8,000,000
SGD
Line-by-line
Enel Green Power SpA
100%
100%
Enel Green Power Solar
Energy Srl
Rome
IT
10,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
Enel Green Power Solar
Metehara SpA
Rome
IT
50,000
EUR
Line-by-line
Enel Green Power SpA
100%
100%
Attachments
655
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Enel Green Power Solar
Ngonye SpA
(formerly Enel Green
Power Africa Srl)
Rome
IT
50,000
EUR
Line-by-line
EGP Matimba NewCo
2 Srl
100%
100%
Enel Green Power South
Africa (Pty) Ltd
Johannesburg
ZA
1,000
ZAR
Line-by-line
Enel Green Power SpA
100%
100%
Enel Green Power South
Africa 3 (Pty) Ltd
Gauteng
ZA
1,000
ZAR
Line-by-line
Enel Green Power SpA
100%
100%
Enel Green Power
Stampede Solar Holdings
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Green Power Swift
Wind LP
Calgary
CA
1,000
CAD
Line-by-line
Enel Alberta Wind Inc.
0%
100%
Enel Green Power
Canada Inc.
100%
Enel Green Power Tacaicó
Eólica SA
Rio de Janeiro
BR
62,321,360
BRL
Line-by-line
Enel Brasil SA
98%
82%
Enel Green Power
Desenvolvimento Ltda
2%
Enel Green Power Tefnut
SAE in liquidation
Cairo
EG
15,000,000
EGP
Line-by-line
Enel Green Power Egypt
SAE
100%
100%
Enel Green Power Turkey
Enerjí Yatirimlari Anoním
Şírketí
Istanbul
TR
37,141,108
TRY
Line-by-line
Enel Green Power SpA
100%
100%
Enel Green Power UB33
GmbH & Co. KG
Berlin
DE
75,000
EUR
Line-by-line
Enel Green Power
Germany GmbH
100%
100%
Enel Green Power UB43
GmbH & Co. KG
Berlin
DE
50,000
EUR
Line-by-line
Enel Green Power
Germany GmbH
100%
100%
Enel Green Power Ventos
de Santa Ângela 1 SA
Teresina
BR
127,540,006
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa Ângela
Energias Renováveis SA
0%
Enel Green Power Ventos
de Santa Ângela 4 SA
Teresina
BR
110,732,205
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa Ângela
Energias Renováveis SA
0%
Enel Green Power Ventos
de Santa Ângela 10 SA
Teresina
BR
132,100,849
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa Ângela
Energias Renováveis SA
0%
Enel Green Power Ventos
de Santa Ângela 11 SA
Teresina
BR
142,786,606
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa Ângela
Energias Renováveis SA
0%
Enel Green Power Ventos
de Santa Ângela 14 SA
Teresina
BR
208,554,956
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa Ângela
Energias Renováveis SA
0%
Enel Green Power Ventos
de Santa Ângela 15 SA
Teresina
BR
135,100,849
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa Ângela
Energias Renováveis SA
0%
Enel Green Power Ventos
de Santa Ângela 17 SA
Teresina
BR
162,022,288
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa Ângela
Energias Renováveis SA
0%
Enel Green Power Ventos
de Santa Ângela 19 SA
Teresina
BR
105,587,248
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa Ângela
Energias Renováveis SA
0%
Enel Green Power Ventos
de Santa Ângela 2 SA
Teresina
BR
202,922,006
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa Ângela
Energias Renováveis SA
0%
Enel Green Power Ventos
de Santa Ângela 20 SA
Teresina
BR
102,895,409
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa Ângela
Energias Renováveis SA
0%
Enel Green Power Ventos
de Santa Ângela 21 SA
Teresina
BR
97,307,410
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa Ângela
Energias Renováveis SA
0%
Enel Green Power Ventos
de Santa Ângela 3 SA
Teresina
BR
109,786,606
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa Ângela
Energias Renováveis SA
0%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
656
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Enel Green Power Ventos
de Santa Ângela 5 SA
Teresina
BR
94,786,606
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa Ângela
Energias Renováveis SA
0%
Enel Green Power Ventos
de Santa Ângela 6 SA
Teresina
BR
93,786,606
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa Ângela
Energias Renováveis SA
0%
Enel Green Power Ventos
de Santa Ângela 7 SA
Teresina
BR
120,482,806
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa
Esperança Energias
Renováveis SA
0%
Enel Green Power Ventos
de Santa Ângela 8 SA
Teresina
BR
132,457,606
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa Ângela
Energias Renováveis SA
0%
Enel Green Power Ventos
de Santa Ângela 9 SA
Teresina
BR
128,786,606
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa Ângela
Energias Renováveis SA
0%
Enel Green Power Ventos
de Santa Ângela ACL
12 SA
Teresina
BR
130,900,364
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de Santa Ângela ACL
13 SA
Teresina
BR
77,496,725
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de Santa Ângela ACL
16 SA
Teresina
BR
89,917,563
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de Santa Ângela ACL
18 SA
Teresina
BR
86,496,703
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de Santa Esperança 08 SA
Rio de Janeiro
BR
173,154,501
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de Santa Esperança 1 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de Santa Esperança 13 SA
Rio de Janeiro
BR
221,832,010
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa
Esperança Energias
Renováveis SA
0%
Enel Green Power Ventos
de Santa Esperança 15 SA
Rio de Janeiro
BR
152,494,014
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa
Esperança Energias
Renováveis SA
0%
Enel Green Power Ventos
de Santa Esperança 16 SA
Rio de Janeiro
BR
252,240,013
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de Santa Esperança 17 SA
Rio de Janeiro
BR
252,240,013
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa
Esperança Energias
Renováveis SA
0%
Enel Green Power Ventos
de Santa Esperança 21 SA
Rio de Janeiro
BR
276,814,829
BRL
Line-by-line
Enel Brasil SA
62%
51%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de Santa Esperança 22 SA
Rio de Janeiro
BR
124,625,154
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de Santa Esperança 25 SA
Rio de Janeiro
BR
171,324,008
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de Santa Esperança 26 SA
Rio de Janeiro
BR
344,251,126
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Attachments
657
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Enel Green Power Ventos
de Santa Esperança 3 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de Santa Esperança 7 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de Santa Esperança
Participações SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de Santo Orestes 1 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de Santo Orestes 2 SA
Rio de Janeiro
BR
1,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de São Roque 01 SA
Teresina
BR
383,436,551
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de São Roque 02 SA
Teresina
BR
369,758,651
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de São Roque 03 SA
Teresina
BR
262,576,701
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de São Roque 04 SA
Teresina
BR
379,980,531
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de São Roque 05 SA
Teresina
BR
362,501,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de São Roque 06 SA
Teresina
BR
262,501,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de São Roque 07 SA
Teresina
BR
262,501,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de São Roque 08 SA
Teresina
BR
337,473,758
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de São Roque 11 SA
Teresina
BR
318,740,451
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de São Roque 13 SA
Teresina
BR
262,501,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de São Roque 16 SA
Teresina
BR
353,284,551
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de São Roque 17 SA
Teresina
BR
298,952,101
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de São Roque 18 SA
Teresina
BR
332,473,759
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de São Roque 19 SA
Teresina
BR
309,989,707
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de São Roque 22 SA
Teresina
BR
262,501,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
658
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Enel Green Power Ventos
de São Roque 26 SA
Teresina
BR
262,501,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power Ventos
de São Roque 29 SA
Teresina
BR
262,501,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Green Power
Verwaltungs GmbH
Berlin
DE
25,000
EUR
Line-by-line
Enel Green Power
Germany GmbH
100%
100%
Enel Green Power
Vietnam LLC (Công ty
TNHH Enel Green Power
Viêt Nam)
Ho Chi Minh
City
VN
2,431,933
USD
Line-by-line
Enel Green Power SpA
100%
100%
Enel Green Power Villoresi
Srl
Rome
IT
1,200,000
EUR
Line-by-line
Enel Green Power
Italia Srl
51%
51%
Enel Green Power Volta
Grande SA
Niterói
BR
565,756,528
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power Zambia
Limited
Lusaka
ZM
15,000
ZMW
Line-by-line
Enel Green Power
Development Srl
1%
100%
Enel Green Power South
Africa (Pty) Ltd
99%
Enel Green Power Zeus
II - Delfina 8 SA
Rio de Janeiro
BR
77,939,980
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power Zeus
Sul 1 Ltda
Rio de Janeiro
BR
6,986,993
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Grids
Srl
Rome
IT
10,100,000
EUR
Line-by-line
Enel SpA
100%
100%
Enel Guatemala SA
Guatemala City
GT
67,208,000
GTQ
Line-by-line
Enel Américas SA
0%
47%
Enel Colombia SA ESP
100%
Enel Holding Finance Srl
Rome
IT
10,000
EUR
Line-by-line
Enel SpA
100%
100%
Enel Iberia
SRLU
Madrid
ES
336,142,500
EUR
Line-by-line
Enel SpA
100%
100%
Enel Innovation Hubs Srl
Rome
IT
1,100,000
EUR
Line-by-line
Enel SpA
100%
100%
Enel Investment Holding
BV
Amsterdam
NL
1,000,000
EUR
Line-by-line
Enel SpA
100%
100%
Enel Italia
SpA
Rome
IT
100,000,000
EUR
Line-by-line
Enel SpA
100%
100%
Enel Kansas Development
Holdings LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Kansas LLC
Wilmington
US
-
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Enel Land HoldCo
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Enel Libra Flexsys
Srl
Rome
IT
1,000,000
EUR
Line-by-line
Enel Italia SpA
51%
51%
Enel Logistics
Srl
Rome
IT
1,000,000
EUR
Line-by-line
Enel Italia SpA
100%
100%
Enel Minnesota Holdings
LLC
Minneapolis
US
-
USD
Line-by-line
EGP Geronimo Holding
Company Inc.
100%
100%
Enel Mobility Chile
SpA
Santiago de
Chile
CL
504,094,780
CLP
Line-by-line
Enel Chile SA
100%
65%
Enel Nevkan Inc.
Wilmington
US
-
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Enel North America Inc.
Andover
US
50
USD
Line-by-line
Enel SpA
100%
100%
Enel Operations Canada
Ltd
Alberta
CA
1,000
CAD
Line-by-line
Enel Green Power
Canada Inc.
100%
100%
Enel Panamá CAM Srl
Panama City
PA
3,001
USD
Line-by-line
Enel Américas SA
0%
47%
Enel Colombia SA ESP
100%
Enel Perú
SAC
San Miguel
PE
1,000
PEN
Line-by-line
Enel Américas SA
100%
82%
Enel Produzione
SpA
Rome
IT
1,800,000,000
EUR
Line-by-line
Enel Italia SpA
100%
100%
Attachments
659
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Enel Reinsurance
- Compagnia di
Riassicurazione SpA
Rome
IT
3,000,000
EUR
Line-by-line
Enel SpA
100%
100%
Enel Renovable Srl
Panama City
PA
60,320
USD
Line-by-line
Enel Colombia SA ESP
1%
47%
Enel Panamá CAM Srl
99%
Enel Rinnovabile SA de Cv
Mexico City
MX 12,645,490,022
MXN
Line-by-line
Enel Green Power Global
Investment BV
100%
100%
Enel Green Power México
S de RL de Cv
0%
Enel Roadrunner Solar
Project Holdings II LLC
Andover
US
-
USD
Line-by-line
Enel Green Power
Roadrunner Solar Project
Holdings II LLC
100%
100%
Enel Roadrunner Solar
Project Holdings LLC
Dover
US
100
USD
Line-by-line
Enel Green Power
Roadrunner Solar Project
Holdings LLC
100%
100%
Enel Services México SA
de Cv
Mexico City
MX
6,339,849
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
46%
100%
Enel Green Power SpA
54%
Enel Guatemala SA
0%
Enel Rinnovabile SA
de Cv
0%
Enel Sole
Srl
Rome
IT
4,600,000
EUR
Line-by-line
Enel Italia SpA
100%
100%
Enel Soluções Energéticas
Ltda
Rio de Janeiro
BR
42,863,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Enel Texkan
Inc.
Wilmington
US
100
USD
Line-by-line
Chi Power Inc.
100%
100%
Enel Trading
Argentina Srl
Buenos Aires
AR
14,012,000
ARS
Line-by-line
Enel Américas SA
55%
82%
Enel Argentina SA
45%
Enel Trading Brasil SA
Rio de Janeiro
BR
54,280,312
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Trading North
America LLC
Wilmington
US
10,000,000
USD
Line-by-line
Enel North America Inc.
100%
100%
Enel Uruguay
SA
Montevideo
UY
20,000
UYU
Line-by-line
Enel Brasil SA
100%
82%
Enel Vayu (Project 2)
Private Limited
Gurugram
IN
45,000,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
Enel X Advisory Services
Germany GmbH
Frankfurt
DE
50,000
EUR
Line-by-line
Enel X Advisory Services
Srl
100%
100%
Enel X Advisory Services
Japan GK
Tokyo
JP
100,000,000
JPY
Line-by-line
Enel X Advisory Services
Srl
100%
100%
Enel X Advisory Services
North America Inc.
Boston
US
-
USD
Line-by-line
Enel X Advisory Services
Srl
100%
100%
Enel X Advisory Services
Srl
Rome
IT
-
EUR
Line-by-line
Enel X Srl
100%
100%
Enel X Advisory Services
UK Limited
London
GB
30,000
GBP
Line-by-line
Enel X Advisory Services
Srl
100%
100%
Enel X Advisory Services
USA LLC
Boston
US
-
USD
Line-by-line
Enel X Advisory Services
North America Inc.
100%
100%
Enel X Argentina SAU
Buenos Aires
AR
127,800,000
ARS
Line-by-line
Enel X International Srl
100%
100%
Enel X Australia Holding
(Pty) Ltd
Melbourne
AU
45,424,578
AUD
Line-by-line
Enel X International Srl
100%
100%
Enel X Australia (Pty) Ltd
Melbourne
AU
24,209,880
AUD
Line-by-line
Energy Response
Holdings (Pty) Ltd
100%
100%
Enel X Brasil
Gerenciamento de
Energia Ltda
Sorocaba
BR
5,538,403
BRL
Line-by-line
Enel X Advisory Services
Srl
100%
100%
Enel X Brasil
SA
São Paulo
BR
903,325,892
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel X Canada Ltd
Mississauga
CA
1,000
CAD
Line-by-line
Enel North America Inc.
100%
100%
Enel X Chile SpA
Santiago de
Chile
CL
2,837,737,149
CLP
Line-by-line
Enel Chile SA
100%
65%
Enel X Colombia SAS ESP
Bogotá
CO
230,368,000
COP
Line-by-line
Enel Colombia SA
ESP
100%
47%
Enel X Demand Response
SA
São Paulo
BR
2,000,000
BRL
Line-by-line
Enel X Brasil SA
100%
82%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
660
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Enel X Demand Response
LLC
Boston
US
100
USD
Line-by-line Enel X North America Inc.
100%
100%
Enel X Federal LLC
Boston
US
5,000
USD
Line-by-line Enel X North America Inc.
100%
100%
Enel X Germany GmbH
Berlin
DE
25,000
EUR
Line-by-line
Enel X International Srl
100%
100%
Enel X International Srl
Rome
IT
100,000
EUR
Line-by-line
Enel X Srl
100%
100%
Enel X Ireland Limited
Dublin
IE
10,841
EUR
Line-by-line
Enel X International Srl
100%
100%
Enel X Italia
Srl
Rome
IT
200,000
EUR
Line-by-line
Enel Italia SpA
100%
100%
Enel X Japan KK
Tokyo
JP
1,030,000,000
JPY
Line-by-line
Enel X International Srl
100%
100%
Enel X KOMIPO Solar
Limited
Seoul
KR 11,054,000,000
KRW
Line-by-line
Enel X Korea Limited
80%
80%
Enel X Korea Limited
Seoul
KR 11,800,000,000
KRW
Line-by-line
Enel X International Srl
100%
100%
Enel X México S de RL
de Cv
Mexico City
MX
264,303,595
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
0%
100%
Enel X International Srl
100%
Enel X Mobilidade Urbana
SA
São Paulo
BR
163,642,000
BRL
Line-by-line
Enel X Brasil SA
100%
82%
Enel X New Zealand
Limited
Wellington
NZ
313,606
AUD
Line-by-line
Energy Response
Holdings (Pty) Ltd
100%
100%
Enel X North America Inc.
Boston
US
1,000
USD
Line-by-line
Enel North America Inc.
100%
100%
Enel X Polska Sp.
zo o
Warsaw
PL
12,275,150
PLN
Line-by-line
Enel X Ireland Limited
100%
100%
Enel X Rus LLC
Moscow
RU
8,000,000
RUB
Line-by-line
Enel X International Srl
99%
99%
Enel X
Srl
Rome
IT
1,050,000
EUR
Line-by-line
Enel SpA
100%
100%
Enel X Services India
Private Limited
Mumbai
IN
1,497,290
INR
Line-by-line
Enel X International Srl
100%
100%
Enel X North America Inc.
0%
Enel X Taiwan Co.
Ltd
Taipei
TW
271,100,000
TWD
Line-by-line
Enel X Ireland Limited
100%
100%
Enel X UK Limited
London
GB
32,638
GBP
Line-by-line
Enel X International Srl
100%
100%
Enel X Way (Shanghai)
Co. Ltd
Shanghai
CN
14,287,305
CNY
Line-by-line
Enel X Way Srl
100%
100%
Enel X Way Brasil SA
Rio de Janeiro
BR
37,045,337
BRL
Line-by-line
Enel Brasil SA
20%
96%
Enel X Way Srl
80%
Enel X Way Canada
Holding Ltd
Vancouver
CA
-
CAD
Line-by-line
Enel X Way Srl
100%
100%
Enel X Way Chile
SpA
Santiago de
Chile
CL 19,329,589,733
CLP
Line-by-line
Enel Chile SA
62%
78%
Enel X Way Srl
38%
Enel X Way
Colombia SAS
Bogotá
CO 15,036,000,000
COP
Line-by-line
Enel Colombia SA ESP
40%
79%
Enel X Way Srl
60%
Enel X Way Germany
GmbH
Berlin
DE
25,000
EUR
Line-by-line
Enel X Way Srl
100%
100%
Enel X Way Italia
Srl
Rome
IT
5,000,000
EUR
Line-by-line
Enel X Way Srl
100%
100%
Enel X Way México SA
de Cv
Mexico City
MX
6,479,171
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
0%
100%
Enel X Way Srl
100%
Enel X Way North America
Inc.
San Carlos
US
-
USD
Line-by-line
Enel X Way Srl
100%
100%
Enel X Way Perú
SAC
Lima
PE
13,395,500
PEN
Line-by-line
Enel Perú SAC
20%
96%
Enel X Way Srl
80%
Enel X Way
Srl
Rome
IT
6,026,000
EUR
Line-by-line
Enel SpA
100%
100%
Enel X Way USA LLC
San Carlos
US
-
USD
Line-by-line
Enel X Way North
America Inc.
100%
100%
Attachments
661
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Enelpower Contractor
and Development Saudi
Arabia Ltd
Riyadh
SA
5,000,000
SAR
Line-by-line
Enelpower Srl
51%
51%
Enelpower do Brasil Ltda
Rio de Janeiro
BR
55,449,064
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enelpower
Srl
Milan
IT
2,000,000
EUR
Line-by-line
Enel SpA
100%
100%
Energía Base Natural SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
Energía Ceuta XXI
Comercializadora de
Referencia SAU
Ceuta
ES
65,000
EUR
Line-by-line
Endesa Energía SAU
100%
70%
Energía Eólica Ábrego SLU
Madrid
ES
3,576
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Energía Eólica Galerna
SLU
Madrid
ES
3,413
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Energía Eólica Gregal SLU
Madrid
ES
3,250
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Energía Global de México
(Enermex) SA de Cv
Mexico City
MX
50,000
MXN
Line-by-line
Enel Green Power SpA
99%
99%
Energía Limpia de
Amistad SA de Cv
Mexico City
MX
33,452,769
MXN
Equity
Tenedora de Energía
Renovable Sol y Viento
SAPI de Cv
61%
20%
Energía Limpia de Palo
Alto SA de Cv
Mexico City
MX
673,583,489
MXN
Equity
Tenedora de Energía
Renovable Sol y Viento
SAPI de Cv
61%
20%
Energía Limpia de Puerto
Libertad S de RL de Cv
Mexico City
MX
2,953,980
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
0%
100%
Enel Rinnovabile SA
de Cv
100%
Energía Marina SpA
Santiago de
Chile
CL
2,404,240,000
CLP
Equity
Enel Green Power
Chile SA
25%
16%
Energía Neta Sa Caseta
Llucmajor SLU
Palma
de Mallorca
ES
9,000
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
Energía XXI
Comercializadora de
Referencia SLU
Madrid
ES
2,000,000
EUR
Line-by-line
Endesa Energía SAU
100%
70%
Energía y Naturaleza SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
Energías Alternativas del
Sur SL
Las Palmas de
Gran Canaria
ES
546,919
EUR
Line-by-line
Enel Green Power
España SLU
55%
39%
Energías de Aragón I SLU
Zaragoza
ES
3,200,000
EUR
Line-by-line
Endesa SA
100%
70%
Energías de Graus
SL
Zaragoza
ES
1,298,160
EUR
Line-by-line
Enel Green Power
España SLU
67%
47%
Energías Especiales de
Careón SA
Santiago de
Compostela
ES
270,450
EUR
Line-by-line
Enel Green Power
España SLU
97%
68%
Energías Especiales del
Alto Ulla SAU
Madrid
ES
9,210,840
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Energías Especiales del
Bierzo SA
Torre
del Bierzo
ES
1,635,000
EUR
Equity
Enel Green Power
España SLU
50%
35%
Energías Limpias de
Carmona SL
Seville
ES
5,688
EUR
Equity
Envatios Promoción I SLU
8%
16%
Envatios Promoción
II SLU
8%
Envatios Promoción
III SLU
8%
Energías Renovables La
Mata SA de Cv
Mexico City
MX
3,011,133,575
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
100%
100%
Enel Rinnovabile
SA de Cv
0%
Energie Electrique de
Tahaddart SA
Tangier
MA
306,160,000
MAD
Equity
Endesa Generación SAU
32%
22%
Energotel AS
Bratislava
SK
2,191,200
EUR
-
Slovenské elektrárne AS
20%
7%
Energy Podium Single
Member Private Company
Maroussi
GR
4,003
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
Energy Response
Holdings (Pty) Ltd
Melbourne
AU
52,128,517
AUD
Line-by-line
Enel X Australia Holding
(Pty) Ltd
100%
100%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
662
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
EnergyQ1BESS Srl
Rome
IT
10,000
EUR
Line-by-line
Enel Libra Flexsys Srl
100%
51%
EnerNOC GmbH
Munich
DE
25,000
EUR
Line-by-line
Enel X North
America Inc.
100%
100%
EnerNOC Ireland Limited
Dublin
IE
10,589
EUR
Line-by-line
Enel X Ireland Limited
100%
100%
EnerNOC UK II
Limited
London
GB
21,000
GBP
Line-by-line
Enel X UK Limited
100%
100%
Enigma Green Power
1 SLU
Madrid
ES
3,000
EUR
Line-by-line
Shark Power SLU
100%
70%
Entech Utility Service
Bureau Inc.
Lutherville
US
1,500
USD
Line-by-line
Enel X North
America Inc.
100%
100%
Envatios Promoción I SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Envatios Promoción II SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Envatios Promoción III SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Envatios Promoción
XX SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Eojin Wind Power Co. Ltd
Seoul
KR
301,000,000
KRW
Line-by-line
Enel Green Power SpA
100%
100%
Eólica Valle del Ebro SA
Zaragoza
ES
3,561,343
EUR
Line-by-line
Enel Green Power
España SLU
50%
35%
Eólica Zopiloapan
SA de Cv
Mexico City
MX
1,877,201,544
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
57%
100%
Enel Green Power
Partecipazioni Speciali
Srl
43%
Eólicas de Agaete SL
Las Palmas de
Gran Canaria
ES
240,400
EUR
Line-by-line
Enel Green Power
España SLU
80%
56%
Eólicas de Fuencaliente
SA
Las Palmas de
Gran Canaria
ES
216,360
EUR
Line-by-line
Enel Green Power
España SLU
55%
39%
Eólicas de Fuerteventura
AIE
Puerto del
Rosario
ES
4,558,427
EUR
Equity
Enel Green Power
España SLU
40%
28%
Eólicas de la Patagonia SA
Buenos Aires
AR
480,930
ARS
Equity
Enel Green Power
España SLU
50%
35%
Eólicas de Lanzarote SL
Las Palmas de
Gran Canaria
ES
1,758,226
EUR
Equity
Enel Green Power
España SLU
40%
28%
Eólicas de Tenerife AIE
Santa Cruz de
Tenerife
ES
420,708
EUR
Equity
Enel Green Power
España SLU
50%
35%
Eólicos de Tirajana SL
Las Palmas de
Gran Canaria
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
60%
42%
Epresa Energía
SA
Puerto Real
ES
2,500,000
EUR
Equity
Endesa SA
50%
35%
Ermis 2 Energeiaki SA
Grevena
GR
25,000
EUR
Equity
Principia Energy
Generation Single
Member SA
0%
0%
E-Solar 2 Srl
Rome
IT
2,500
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
E-Solar 4 Srl
Rome
IT
2,500
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
E-Solar Srl
Rome
IT
2,500
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
Essaouira Wind Farm
Casablanca
MA
300,000
MAD
Equity Nareva Enel Green Power
Morocco SA
70%
35%
Estonian Solar Holdings
LLC
Andover
US
1
USD
Line-by-line
EGP Estonian Solar
Holdings LLC
100%
100%
Estonian Solar PPA LLC
Andover
US
1
USD
Line-by-line
EGP North America
PPA LLC
100%
100%
European Energy
Exchange AG
Leipzig
DE
40,050,000
EUR
-
Enel Global Trading SpA
2%
2%
EV Gravitational Energy
Storage LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Attachments
663
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Evacuación Carmona
400-220 kV Renovables
SL
Seville
ES
9,066
EUR
Equity
Envatios Promoción I SLU
3%
7%
Envatios Promoción
II SLU
3%
Envatios Promoción
III SLU
3%
Evolution Wind Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Ewiva
Srl
Milan
IT
1,000,000
EUR
Equity
Enel X Way Srl
50%
50%
Expedition Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Explorer Wind
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Explotaciones Eólicas de
Escucha SA
Zaragoza
ES
3,505,000
EUR
Line-by-line
Enel Green Power
España SLU
70%
49%
Explotaciones Eólicas El
Puerto SA
Zaragoza
ES
3,230,000
EUR
Line-by-line
Enel Green Power
España SLU
74%
52%
Explotaciones Eólicas
Santo Domingo de
Luna SA
Zaragoza
ES
100,000
EUR
Line-by-line
Enel Green Power
España SLU
51%
36%
Explotaciones Eólicas
Saso Plano SA
Zaragoza
ES
5,488,500
EUR
Line-by-line
Enel Green Power
España SLU
65%
46%
Explotaciones Eólicas
Sierra Costera SA
Zaragoza
ES
8,046,800
EUR
Line-by-line
Enel Green Power
España SLU
90%
63%
Explotaciones Eólicas
Sierra La Virgen SA
Zaragoza
ES
4,200,000
EUR
Line-by-line
Enel Green Power
España SLU
90%
63%
Falls Park Energy Storage
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Farrier Station Energy
Storage Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Fayette Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Fazenda Aroeira
Empreendimento de
Energia Ltda
Rio de Janeiro
BR
2,362,046
BRL
Line-by-line
Enel Brasil SA
100%
82%
Fence Post Solar Holdings
LLC
Andover
US
1
USD
Line-by-line
Enel Green Power Fence
Post Solar Holdings LLC
100%
100%
Fence Post Solar Project
LLC
Andover
US
-
USD
Line-by-line
Fence Post Solar
Holdings LLC
100%
100%
Fenner Wind Holdings
LLC
Dover
US
100
USD
Line-by-line
Enel Kansas LLC
100%
100%
Field Day Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Finocchiara Solar Srl
Rome
IT
10,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
Flat Rock Wind Project
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Flat Rocks Girgarre
Cohuna FinCo (Pty) Ltd
Sydney
AU
120
AUD
Equity
Cohuna Solar Trust
33%
50%
Flat Rocks One Wind
Trust
33%
Girgarre Solar Trust
33%
Flat Rocks One Wind
Holding (Pty) Ltd
Sydney
AU
100
AUD
Equity
Potentia Energy (Pty) Ltd
100%
50%
Flat Rocks One Wind
Holding Trust
Sydney
AU
100
AUD
Equity
Potentia Energy Trust
100%
50%
Flat Rocks One Wind
(Pty) Ltd
Sydney
AU
100
AUD
Equity
Flat Rocks One Wind
Holding (Pty) Ltd
100%
50%
Flat Rocks One Wind
Trust
Sydney
AU
100
AUD
Equity
Flat Rocks One Wind
Holding Trust
100%
50%
Flat Top Solar Project LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Flint Rock Solar Project
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Florence Hills LLC
Minneapolis
US
-
USD
Line-by-line
Chi Minnesota Wind LLC
100%
100%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
664
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Flowing Spring Farms LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Fontibón ZE
SAS
Bogotá
CO
434,359,750
COP
Equity
Bogotá ZE SAS
100%
9%
Fótons de Santo Anchieta
Energias Renováveis SA
Rio de Janeiro
BR
577,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Fotovoltaica Yunclillos SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
Fourmile Wind Project
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Fox Run Energy Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Franklintown Farm LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Freedom Energy Storage
LLC
Andover
US
-
USD
Line-by-line
Enel Energy Storage
Holdings LLC (formerly
EGP Energy Storage
Holdings LLC)
100%
100%
French Quarter Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Front Marítim del Besòs
SL
Barcelona
ES
9,000
EUR
Equity
Endesa Generación SAU
61%
43%
Frontiersman Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
FRV Corchitos I SLU
Madrid
ES
75,800
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
FRV Corchitos II Solar SLU
Madrid
ES
22,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
FRV Gibalbín - Jerez SLU
Madrid
ES
23,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
FRV Tarifa SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
FRV Villalobillos SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
FRV Zamora Solar 1 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
FRV Zamora Solar 3 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
FRWF Stage 1 (Pty) Ltd
Sydney
AU
100
AUD
Equity
Potentia Energy Group
(Pty) Ltd
100%
50%
Fundamental Recognized
Systems SLU
Andorra
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Furatena Solar 1 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
FV Andrea Solar SLU
Madrid
ES
3,006
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
FV Campos Solar SLU
Madrid
ES
3,006
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
FV La Cerca SLU
Madrid
ES
3,006
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
FV Menaute SLU
Madrid
ES
3,006
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
FV Santa María SLU
Madrid
ES
3,006
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Ganado Solar Holdings
LLC
Andover
US
1
USD
Line-by-line
Enel Green Power
Ganado Solar Holdings
LLC
100%
100%
Ganado Solar LLC
Andover
US
-
USD
Line-by-line
Ganado Solar Holdings
LLC
100%
100%
Ganado Storage LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Garob Wind Farm (RF)
(Pty) Ltd
Johannesburg
ZA
100
ZAR
Equity
Enel Green Power RSA 2
(RF) (Pty) Ltd
55%
28%
Gas y Electricidad
Generación SAU
Palma de
Mallorca
ES
213,775,700
EUR
Line-by-line
Endesa Generación SAU
100%
70%
Attachments
665
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Gauley Hydro
LLC
Wilmington
US
-
USD
Equity
GRPP Holdings LLC
100%
50%
Gauley River Management
LLC
Willison
US
1
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Generadora de Occidente
SA
Guatemala City
GT
16,262,000
GTQ
Line-by-line
Enel Colombia SA ESP
99%
47%
Enel Guatemala SA
1%
Generadora Montecristo
SA
Guatemala City
GT
3,820,000
GTQ
Line-by-line
Enel Colombia SA ESP
100%
47%
Enel Guatemala SA
0%
Generadora Solar Austral
SA
Panama City
PA
10,000
USD
Line-by-line
Enel Panamá CAM Srl
100%
47%
Generadora Solar de
Occidente SA
Panama City
PA
10,000
USD
Line-by-line
Enel Panamá CAM Srl
100%
47%
Generadora Solar El
Puerto SA
Panama City
PA
10,000
USD
Line-by-line
Enel Panamá CAM Srl
100%
47%
Geotérmica del Norte SA
Santiago de
Chile
CL 326,577,419,702
CLP
Line-by-line
Enel Green Power
Chile SA
85%
55%
Gibson Bay Wind Farm
(RF) (Pty) Ltd
Johannesburg
ZA
1,000
ZAR
Line-by-line
Enel Green Power South
Africa (Pty) Ltd
60%
60%
Girgarre Solar Holding
(Pty) Ltd
Sydney
AU
100
AUD
Equity
Potentia Energy (Pty) Ltd
100%
50%
Girgarre Solar Holding
Trust
Sydney
AU
10
AUD
Equity
Potentia Energy Trust
100%
50%
Girgarre Solar (Pty) Ltd
Sydney
AU
-
AUD
Equity
Girgarre Solar Holding
(Pty) Ltd
100%
50%
Girgarre Solar Trust
Sydney
AU
10
AUD
Equity
Girgarre Solar Holding
Trust
100%
50%
Glass Top Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Global Commodities
Holdings Limited
London
GB
4,042,375
GBP
-
Enel Global Trading SpA
5%
5%
Globyte SA
San José
CR
910,000
CRC
-
Enel Costa Rica CAM SA
10%
5%
Gloucester Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
GNL Chile SA
Santiago de
Chile
CL
3,026,160
USD
Equity Enel Generación Chile SA
33%
20%
Golden Terrace Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Goodwell Wind Project
LLC
Wilmington
US
-
USD
Equity Origin Goodwell Holdings
LLC
100%
10%
Goose Foot Energy
Storage Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Gooseneck Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Gorona del Viento El
Hierro SA
Valverde
ES
30,936,736
EUR
Equity
Unión Eléctrica de
Canarias Generación
SAU
23%
16%
Grand Prairie Solar Project
LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Gridspertise Iberia
SL
Madrid
ES
3,000
EUR
Equity
Gridspertise Srl
100%
50%
Gridspertise India Private
Limited
Gurugram
IN
19,759,130
INR
Equity
Gridspertise Srl
100%
50%
Gridspertise Latam SA
São Paulo
BR
2,010,000
BRL
Equity
Enel Brasil SA
0%
50%
Gridspertise Srl
100%
Gridspertise
Srl
Rome
IT
7,500,000
EUR
Equity
Enel Grids Srl
50%
50%
Gridspertise
LLC
Dover
US
160,000
USD
Equity
Gridspertise Srl
100%
50%
GRPP Holdings LLC
Andover
US
2
USD
Equity EGPNA REP Holdings LLC
50%
50%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
666
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Guayepo Solar III SAS ESP
Bogotá
CO
1,000,000
COP
Line-by-line
Enel Colombia SA ESP
100%
47%
Guayepo Solar
SAS
Bogotá
CO
1,000,000
COP
Line-by-line
Enel Colombia SA ESP
100%
47%
Guir Wind Farm
Casablanca
MA
10,000
MAD
Line-by-line
Enel Green Power
Morocco Sàrl
100%
100%
GulfStar Power LLC
Andover
US
1
USD
Line-by-line
Gulfstar Solar Holdings
LLC
100%
100%
Gulfstar Solar Holdings
LLC
Andover
US
1
USD
Line-by-line
Enel Green Power
Gulfstar Solar Holdings
LLC
100%
100%
Gusty Hill Wind Project
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Hadley Ridge LLC
Minneapolis
US
-
USD
Line-by-line
Chi Minnesota Wind LLC
100%
100%
Hamilton County Solar
Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Hamlet Mill Storage
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Hansborough Valley Solar
Project LLC
-
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Harmony Plains Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Harrogate BESS Holding
(Pty) Ltd
Barangaroo
AU
100
AUD
Equity
Potentia Energy (Pty) Ltd
100%
50%
Harrogate BESS Holding
Trust
Barangaroo
AU
100
AUD
Equity
Potentia Energy Trust
100%
50%
Harrogate BESS (Pty) Ltd
Sydney
AU
100
AUD
Equity
Harrogate BESS Holding
(Pty) Ltd
100%
50%
Harrogate BESS Trust
Sydney
AU
100
AUD
Equity
Harrogate BESS Holding
Trust
100%
50%
Hastings Solar LLC
Wilmington
US
-
USD
Line-by-line
Aurora Distributed Solar
LLC
100%
74%
Heartland Farms Wind
Project LLC
Wilmington
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Heywood BESS Holding
(Pty) Ltd
Barangaroo
AU
100
AUD
Equity
Potentia Energy (Pty) Ltd
100%
50%
Heywood BESS Holding
Trust
Sydney
AU
100
AUD
Equity
Potentia Energy Trust
100%
50%
Heywood BESS (Pty) Ltd
Sydney
AU
100
AUD
Equity
Heywood BESS Holding
(Pty) Ltd
100%
50%
Heywood BESS Trust
Sydney
AU
100
AUD
Equity
Heywood BESS Holding
Trust
100%
50%
Hidroeléctrica de
Catalunya SLU
Barcelona
ES
126,210
EUR
Line-by-line
Endesa SA
100%
70%
Hidroeléctrica de Ourol SL
La Coruña
ES
1,608,200
EUR
Equity
Enel Green Power
España SLU
30%
21%
Hidroelectricidad del
Pacífico S de RL de Cv
Colima
MX 30,889,736,000
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
100%
100%
Enel Rinnovabile SA
de Cv
0%
Hidroflamicell SL
Barcelona
ES
78,120
EUR
Line-by-line
Hidroeléctrica de
Catalunya SLU
75%
53%
Hidroinvest SA
Buenos Aires
AR
55,312,093
ARS
Line-by-line
Enel Américas SA
42%
80%
Enel Argentina SA
55%
HIF H2 SpA
Santiago de
Chile
CL
6,303,000
USD
Equity
Enel Green Power
Chile SA
50%
32%
High Chaparral Solar
Project LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
High Lonesome Storage
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
High Lonesome Wind
Holdings LLC
Wilmington
US
100
USD
Line-by-line
Enel Kansas LLC
100%
100%
Attachments
667
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
High Lonesome Wind
Power LLC
Boston
US
100
USD
Line-by-line
High Lonesome Wind
Holdings LLC
100%
100%
High Noon Solar Project
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Hilltopper Wind Holdings
LLC
Wilmington
US
1,000
USD
Line-by-line
Enel Kansas LLC
100%
100%
Hispano Generación de
Energía Solar SL
Jerez de los
Caballeros
ES
3,500
EUR
Line-by-line
Enel Green Power
España SLU
51%
36%
Honey Stone Solar Project
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Honeybee Solar Project
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Honeywine Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Hope Creek LLC
Crestview
US
-
USD
Line-by-line
Chi Minnesota Wind LLC
100%
100%
Hope Ridge Wind Project
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Horse Run Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Horse Wrangler Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Hubject eRoaming
Technology (Shanghai)
Co. Ltd
Shangai
CN
12,668,016
CNY
-
Hubject GmbH
100%
13%
Hubject Financial Services
GmbH
Berlin
DE
25,000
EUR
-
Hubject GmbH
100%
13%
Hubject GmbH
Berlin
DE
65,943
EUR
-
Enel X Way Srl
13%
13%
Hubject Inc.
Santa Monica
US
100,000
USD
-
Hubject GmbH
100%
13%
Ice Fotovoltaicos
Villameca SL
Madrid
ES
3,000
EUR
Equity
Enel Green Power
España SLU
50%
35%
Idalia Park Solar Project
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Idrosicilia
SpA
Milan
IT
22,520,000
EUR
Equity
Enel SpA
1%
1%
IIK Energía de Dzemul SA
de Cv
Mexico City
MX
6,204,259
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
0%
100%
Enel Rinnovabile SA
de Cv
100%
Ilary Energia Srl
Rome
IT
10,000
EUR
Line-by-line
Enel Libra Flexsys Srl
100%
51%
Impofu Cluster Investment
SPV (RF) (Pty) Ltd
Gauteng
ZA
2,000,000
ZAR
Equity
Enel Green Power RSA
(Pty) Ltd
51%
25%
Infraestructura de
Evacuación Peñaflor 220
kV SL
Madrid
ES
3,500
EUR
Equity
Enel Green Power
España SLU
41%
29%
Infraestructuras Palos
220 SL
Madrid
ES
3,000
EUR
Line-by-line
Puerto Santa María
Energía I SLU
50%
70%
Puerto Santa María
Energía II SLU
50%
Infraestructuras San
Serván 220
SL
Madrid
ES
12,000
EUR
Equity
Enel Green Power
España Solar 1 SLU
31%
11%
Infraestructuras San
Serván Set 400 SL
Madrid
ES
90,000
EUR
Equity
Aranort Desarrollos SLU
6%
7%
Baylio Solar SLU
6%
Furatena Solar 1 SLU
6%
Ingwe Solar Power Plant
(RF) (Pty) Ltd
Gauteng
ZA
1,000
ZAR
Line-by-line
Enel Green Power SpA
100%
100%
Inkolan Información y
Coordinación de Obras
AIE
Bilbao
ES
84,142
EUR
-
Edistribución Redes
Digitales SLU
14%
10%
Instalaciones San Serván
II 400 SL
Madrid
ES
11,026
EUR
Equity
Aranort Desarrollos SLU
8%
8%
Baylio Solar SLU
8%
Furatena Solar 1 SLU
8%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
668
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
International Multimedia
University Srl in bankruptcy
-
IT
24,000
EUR
-
Enel Italia SpA
13%
13%
Ipsomata DPGU Single
Member Private Company
Maroussi
GR
30,000
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
Iris Bloom Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Iron Belt Energy Storage
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Iron Bull Solar Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Irradiance Draw Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Isamu Ikeda Energia SA
Niterói
BR
31,753,476
BRL
Line-by-line
Enel Brasil SA
100%
82%
Italgest Energy (Pty) Ltd
Johannesburg
ZA
1,000
ZAR
Line-by-line
Enel Green Power South
Africa (Pty) Ltd
100%
100%
Jack River LLC
Minneapolis
US
-
USD
Line-by-line
Chi Minnesota Wind LLC
100%
100%
Jackrabbit Energy Storage
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Jade Energia
Ltda
Rio de Janeiro
BR
7,283,953
BRL
Line-by-line
Enel Brasil SA
100%
82%
Jamboree Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Jessica Mills LLC
Minneapolis
US
-
USD
Line-by-line
Chi Minnesota Wind LLC
100%
100%
Julep Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Julia Hills LLC
Minneapolis
US
-
USD
Line-by-line
Chi Minnesota Wind LLC
100%
100%
Junia Insurance Srl
Mosciano
Sant’Angelo
IT
10,000
EUR
Equity
Mooney Group SpA
100%
50%
Juniper Canyon Energy
Storage Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Keeneys Creek Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Ken Renewables India
Private Limited
Gurugram
IN
12,100,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
King Branch Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Kingston Energy Storage
LLC
Wilmington
US
-
USD
Line-by-line
Enel Energy Storage
Holdings LLC (formerly
EGP Energy Storage
Holdings LLC)
100%
100%
Kino Contractor SA de Cv
Mexico City
MX
1,000,100
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
100%
100%
Enel Rinnovabile SA
de Cv
0%
Knickerbocker Energy
Storage Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Kokkinari DPGU Single
Member Private Company
Maroussi
GR
41,000
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
Korea Line Corporation
Seoul
KR 122,132,520,000
KRW
-
Enel Global Trading SpA
0%
0%
Koukos Energy Single
Member Private Company
Maroussi
GR
4,006
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
Kromschroeder SA
L’Hospitalet de
Llobregat
ES
627,126
EUR
Equity
Endesa Medios y
Sistemas SLU
29%
21%
Kutlwano Solar Power
Plant (RF) (Pty) Ltd
Gauteng
ZA
1,000
ZAR
Line-by-line
Enel Green Power SpA
100%
100%
Lake Emily Solar LLC
Wilmington
US
-
USD
Line-by-line
Aurora Distributed Solar
LLC
100%
74%
Lake Pulaski Solar LLC
Wilmington
US
-
USD
Line-by-line
Aurora Distributed Solar
LLC
100%
74%
Land Run Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Attachments
669
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Land Run Wind Project
LLC
Dover
US
100
USD
Line-by-line
Sundance Wind Project
LLC
100%
100%
Lantana Springs
Hydrogen Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Lantern Trail Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Lariat Energy Storage
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Lasso Solar Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Latam Solar Energías
Renovables SAS
Bogotá
CO
8,000,000
COP
Line-by-line
Enel Colombia SA ESP
100%
47%
Latam Solar Fotovoltaica
Fundación SAS
Bogotá
CO
8,000,000
COP
Line-by-line
Enel Colombia SA ESP
100%
47%
Latam Solar Fotovoltaica
Sahagun SAS
Bogotá
CO
8,000,000
COP
Line-by-line
Enel Colombia SA ESP
100%
47%
Lathrop Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Laural Grove Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Lawrence Creek Solar LLC
Minneapolis
US
-
USD
Line-by-line
Aurora Distributed Solar
LLC
100%
74%
Lebanon Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Legacy Blossom
Storage Project Limited
Partnership
Calgary
CA
-
CAD
Line-by-line
Enel Alberta Storage Inc.
0%
100%
Enel Green Power
Canada Inc.
100%
Lemonade Solar Project
LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Lerato Solar Power Plant
(RF) (Pty) Ltd
Gauteng
ZA
1,000
ZAR
Line-by-line
Enel Green Power SpA
100%
100%
Liberty Energy Storage
LLC
Andover
US
-
USD
Line-by-line
Enel Energy Storage
Holdings LLC (formerly
EGP Energy Storage
Holdings LLC)
100%
100%
Light Cirrus Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Lily Solar Holdings LLC
Andover
US
1
USD
Line-by-line
Enel Green Power Lily
Solar Holdings LLC
100%
100%
Lily Solar LLC
Andover
US
-
USD
Line-by-line
Lily Solar Holdings LLC
100%
100%
Lindahl Wind Holdings
LLC
Wilmington
US
-
USD
Line-by-line
EGPNA Preferred Wind
Holdings LLC
100%
100%
Lindahl Wind Project LLC
Wilmington
US
-
USD
Line-by-line
Lindahl Wind Holdings
LLC
100%
100%
Little Elk Wind Holdings
LLC
Wilmington
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Little Elk Wind Project LLC
Wilmington
US
-
USD
Line-by-line
Little Elk Wind Holdings
LLC
100%
100%
Little Salt Solar Project
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Litus Energy Storage LLC
Andover
US
-
USD
Line-by-line
Enel Energy Storage
Holdings LLC (formerly
EGP Energy Storage
Holdings LLC)
100%
100%
Loira de Logística 10 SL
(Sociedad Unipersonal)
Madrid
ES
3,000
EUR
Line-by-line
Endesa Energía SAU
100%
70%
Loira de Logística 2 SL
(Sociedad Unipersonal)
Madrid
ES
3,000
EUR
Line-by-line
Endesa Energía SAU
100%
70%
Loira de Logística 3 SL
(Sociedad Unipersonal)
Madrid
ES
3,000
EUR
Line-by-line
Endesa Energía SAU
100%
70%
Loira de Logística 4 SL
(Sociedad Unipersonal)
Madrid
ES
3,000
EUR
Line-by-line
Endesa Energía SAU
100%
70%
Loira de Logística 5 SL
(Sociedad Unipersonal)
Madrid
ES
3,000
EUR
Line-by-line
Endesa Energía SAU
100%
70%
Loira de Logística 6 SL
(Sociedad Unipersonal)
Madrid
ES
3,000
EUR
Line-by-line
Endesa Energía SAU
100%
70%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
670
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Loira de Logística 7 SL
(Sociedad Unipersonal)
Madrid
ES
3,000
EUR
Line-by-line
Endesa Energía SAU
100%
70%
Loira de Logística 8 SL
(Sociedad Unipersonal)
Madrid
ES
3,000
EUR
Line-by-line
Endesa Energía SAU
100%
70%
Loira de Logística 9 SL
(Sociedad Unipersonal)
Madrid
ES
3,000
EUR
Line-by-line
Endesa Energía SAU
100%
70%
Loira de Logística SL
(Sociedad Unipersonal)
Madrid
ES
3,000
EUR
Line-by-line
Endesa Energía SAU
100%
70%
Lone Pine Wind Inc.
Alberta
CA
-
CAD
-
Enel Green Power
Canada Inc.
10%
10%
Lone Pine Wind Project LP
Alberta
CA
-
CAD
Equity
Enel Green Power
Canada Inc.
10%
10%
Lucas Sostenible SL
Madrid
ES
1,099,775
EUR
Equity
Enel Green Power
España Solar 1 SLU
35%
12%
Luminary Highlands Solar
Project LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Luz de Alagoinhas
SA
Alagoinhas
BR
9,350,000
BRL
Line-by-line
Enel X Brasil SA
80%
66%
Luz de Angra Energia SA
Rio de Janeiro
BR
14,304,790
BRL
Line-by-line
Enel X Brasil SA
51%
42%
Luz de Caruaru Energia
SA
Rio de Janeiro
BR
21,027,600
BRL
Line-by-line
Enel X Brasil SA
51%
42%
Luz de Cataguases
SA
Cataguases
BR
4,800,000
BRL
Line-by-line
Enel X Brasil SA
60%
49%
Luz de Caxias do Sul SA
Rio de Janeiro
BR
31,017,000
BRL
Line-by-line
Enel X Brasil SA
80%
66%
Luz de Itanhaém
SA
Itanhaém
BR
22,700,000
BRL
Line-by-line
Enel X Brasil SA
60%
49%
Luz de Jaboatão Energia
SA
Rio de Janeiro
BR
21,114,200
BRL
Line-by-line
Enel X Brasil SA
51%
42%
Luz de Macapá Energia
SA
Rio de Janeiro
BR
24,338,000
BRL
Line-by-line
Enel X Brasil SA
51%
42%
Luz de Maringá
SA
Rio de Janeiro
BR
35,109,625
BRL
Line-by-line
Enel X Brasil SA
80%
66%
Luz de Ponta Grossa SA
Rio de Janeiro
BR
17,889,000
BRL
Line-by-line
Enel X Brasil SA
80%
66%
Libyan Italian Joint
Company - Azienda
Libico-Italiana (A.L.I)
Tripoli
LY
1,350,000
EUR
-
Enelpower Srl
0%
0%
Maicor Wind Srl
Rome
IT
20,850,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
Mansar Renewable Energy
Private Limited
Gurgaon
IN
100,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
Maple Run Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
María Renovables SL
Zaragoza
ES
3,000
EUR
Equity
Enel Green Power
España SLU
45%
32%
Marshoy Energy Advisory
Services Private Limited
Mumbai
IN
313,709,000
INR
Line-by-line
Enel X Advisory Services
Srl
100%
100%
Enel X Advisory Services
UK Limited
0%
Marte Srl
Rome
IT
6,100,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
Marudhar Wind Energy
Private Limited
Gurugram
IN
100,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
Más Energía S de RL
de Cv
Mexico City
MX
61,873,926
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
67%
100%
Enel Rinnovabile SA
de Cv
33%
Mason Jar Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Mason Mountain Wind
Project LLC
Wilmington
US
-
USD
Line-by-line Padoma Wind Power LLC
100%
100%
Matrigenix (Pty) Ltd
Johannesburg
ZA
1,000
ZAR
Line-by-line
Enel Green Power South
Africa (Pty) Ltd
100%
100%
Maty Energia Srl
Rome
IT
10,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
McBride Wind Project LLC
Wilmington
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Attachments
671
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Merit Wind Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Metro Wind LLC
Minneapolis
US
-
USD
Line-by-line
Chi Minnesota Wind LLC
100%
100%
Mexicana de
Hidroelectricidad
Mexhidro S de RL de Cv
Mexico City
MX
181,726,501
MXN
Line-by-line Enel Green Power México
S de RL de Cv
100%
100%
Mibgas
SA
Madrid
ES
3,000,000
EUR
-
Endesa SA
1%
1%
Midelt Wind Farm SA
Casablanca
MA
145,000,000
MAD
Equity Nareva Enel Green Power
Morocco SA
70%
35%
Millstone Junction Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Minglanilla Renovables
400 kV AIE
Valencia
ES
-
EUR
Proportional
Energía Base Natural SLU
5%
22%
Energía Eólica Ábrego
SLU
8%
Energía Eólica Galerna
SLU
9%
Energía Eólica Gregal
SLU
9%
Energía y Naturaleza SLU
5%
Minicentrales Acequia
Cinco Villas AIE
Ejea de Los
Caballeros
ES
3,346,993
EUR
-
Enel Green Power
España SLU
5%
4%
Minicentrales del Canal de
Las Bárdenas AIE
Ejea de Los
Caballeros
ES
1,202,000
EUR
-
Enel Green Power
España SLU
15%
11%
Minicentrales del Canal
Imperial-Gallur SL
Zaragoza
ES
1,820,000
EUR
Equity
Enel Green Power
España SLU
37%
26%
Mira Energy (Pty) Ltd
Johannesburg
ZA
100
ZAR
Line-by-line
Enel Green Power South
Africa (Pty) Ltd
100%
100%
MO Land Holdings 1358
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Mologa BESS Holding
(Pty) Ltd
Sydney
AU
100
AUD
Equity
Potentia Energy (Pty) Ltd
100%
50%
Mologa BESS Holding
Trust
Sydney
AU
100
AUD
Equity
Potentia Energy Trust
100%
50%
Mologa BESS (Pty) Ltd
Sydney
AU
100
AUD
Equity
Mologa BESS Holding
(Pty) Ltd
100%
50%
Mologa BESS Trust
Sydney
AU
100
AUD
Equity
Mologa BESS Holding
Trust
100%
50%
Monte Reina Renovables
SL
Madrid
ES
4,000
EUR
Equity
FRV Zamora Solar 1 SLU
21%
14%
Montrose Solar LLC
Wilmington
US
-
USD
Line-by-line
Aurora Distributed Solar
LLC
100%
74%
Moonbeam Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Mooney Group SpA
Milan
IT
10,050,000
EUR
Equity
Enel X Srl
50%
50%
Mooney
SpA
Milan
IT
87,833,331
EUR
Equity
Mooney Group SpA
100%
50%
Mooney Servizi
SpA
Milan
IT
8,549,999
EUR
Equity
Mooney Group SpA
100%
50%
Morgan Branch Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Morning Light Energy
Storage Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Mountrail Wind Project
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Mucho Viento Wind
Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Mule Bit Wind Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Muskegon County Solar
Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Muskegon Green Wind
Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
672
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Mustang Run Wind
Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
myCicero Srl
Senigallia
IT
1,142,857
EUR
Equity
Mooney Servizi SpA
30%
39%
Pluservice Srl
70%
Nabb Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Napolean Wind Project
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Nareva Enel Green Power
Morocco SA
Casablanca
MA
98,750,000
MAD
Equity
Enel Green Power
Morocco Sàrl
50%
50%
Neugemacht
GmbH
Frankfurt
DE
25,000
EUR
Equity
Gridspertise Srl
51%
26%
Nevkan Renewables LLC
Wilmington
US
-
USD
Line-by-line
Enel Nevkan Inc.
100%
100%
New York Distributed
Storage Projects LLC
Boston
US
-
USD
Line-by-line Enel X North America Inc.
100%
100%
Ngonye Power Company
Limited
Lusaka
ZM
10
ZMW
Line-by-line
Enel Green Power Solar
Ngonye SpA (formerly
Enel Green Power Africa
Srl)
80%
80%
Nojoli Wind Farm (RF)
(Pty) Ltd
Johannesburg
ZA
10,000,000
ZAR
Line-by-line
Enel Green Power South
Africa (Pty) Ltd
60%
60%
North English Wind
Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
North Rock Wind LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Northland Wind Project
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Northstar Wind Project
LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Northwest Hydro
LLC
Wilmington
US
-
USD
Line-by-line
Chi West LLC
100%
100%
Notch Butte Hydro
Company Inc.
Wilmington
US
100
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Novolitio Recuperación de
Baterías SL
Ponferrada
ES
180,000
EUR
Equity
Endesa Generación SAU
45%
32%
Nuclenor SA
Valle de
Tobalina
ES
5,406,000
EUR
Equity
Endesa Generación SAU
50%
35%
Nuove Energie Srl
Porto
Empedocle
IT
5,204,029
EUR
Line-by-line
Enel Global Trading SpA
100%
100%
Nxuba Wind Farm (RF)
(Pty) Ltd
Johannesburg
ZA
1,000
ZAR
Equity
Enel Green Power RSA 2
(RF) (Pty) Ltd
51%
26%
Ochrana A Bezpecnost
Se Sro
Kalná Nad
Hronom
SK
33,194
EUR
Equity
Slovenské elektrárne AS
100%
33%
Olathe Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Old Sport Wind Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Olivum PV Farm 01 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
OMIP - Operador do
Mercado Ibérico (Portugal)
SGPS SA
Lisbon
PT
2,610,000
EUR
-
Endesa Generación
Portugal SA
5%
4%
Open Range Wind Project
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Operador del Mercado
Ibérico de Energía - Polo
Español SA
Madrid
ES
1,999,998
EUR
-
Endesa SA
5%
4%
Operadora Distrital de
Transporte SAS
Bogotá
CO 12,500,000,000
COP
Equity
Enel Colombia SA ESP
20%
9%
Orchid Acres Solar Project
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Origin Goodwell Holdings
LLC
Wilmington
US
-
USD
Equity
EGPNA Wind Holdings
1 LLC
100%
10%
Origin Wind Energy LLC
Wilmington
US
-
USD
Equity Origin Goodwell Holdings
LLC
100%
10%
Attachments
673
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Osage Wind Holdings LLC
Wilmington
US
100
USD
Line-by-line
Enel Kansas LLC
100%
100%
Osage Wind LLC
Wilmington
US
-
USD
Line-by-line
Osage Wind Holdings
LLC
100%
100%
Oxagesa AIE in liquidation
Alcañiz
ES
6,010
EUR
Equity
Enel Green Power
España SLU
33%
23%
Oyster Bay Wind Farm (RF)
(Pty) Ltd
Johannesburg
ZA
1,000
ZAR
Equity
Enel Green Power RSA 2
(RF) (Pty) Ltd
55%
28%
Padoma Wind Power LLC
Elida
US
-
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Painted Rose Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Paliolivada Storage Single
Member SA
Maroussi
GR
174,001
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
Palo Alto Farms Wind
Project LLC
Dallas
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Pampinus PV Farm 01 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Paradise Creek Wind
Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Paravento SL
Paradela
ES
3,006
EUR
Line-by-line
Enel Green Power
España SLU
90%
63%
Parc Eòlic La Tossa-La
Mola d’en Pascual SL
Madrid
ES
1,183,100
EUR
Equity
Enel Green Power
España SLU
30%
21%
Parc Eòlic Los Aligars SL
Madrid
ES
1,313,100
EUR
Equity
Enel Green Power
España SLU
30%
21%
Parco Eolico Monti
Sicani Srl
Rome
IT
10,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
Parque Amistad II SA
de Cv
Mexico City
MX
2,589,177,005
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
1%
100%
Enel Rinnovabile SA
de Cv
100%
Parque Amistad III SA
de Cv
Mexico City
MX
1,706,287,200
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
1%
100%
Enel Rinnovabile SA
de Cv
100%
Parque Amistad IV SA
de Cv
Mexico City
MX
2,728,499,160
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
1%
100%
Enel Rinnovabile SA
de Cv
100%
Parque Eólico A Capelada
SLU
Santiago de
Compostela
ES
5,857,704
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Parque Eólico Belmonte
SA
Madrid
ES
120,400
EUR
Line-by-line
Enel Green Power
España SLU
50%
35%
Parque Eólico BR-1 SA
de Cv
Mexico City
MX
50,000
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
0%
25%
Enel Rinnovabile SA
de Cv
100%
Parque Eólico Carretera
de Arinaga SA
Las Palmas de
Gran Canaria
ES
1,007,000
EUR
Line-by-line
Enel Green Power
España SLU
80%
56%
Parque Eólico de
Barbanza SA
Santiago de
Compostela
ES
3,606,073
EUR
Line-by-line
Enel Green Power
España SLU
75%
53%
Parque Eólico de San
Andrés SA
Santiago de
Compostela
ES
552,920
EUR
Line-by-line
Enel Green Power
España SLU
82%
57%
Parque Eólico de Santa
Lucía SA
Las Palmas de
Gran Canaria
ES
901,500
EUR
Line-by-line
Enel Green Power
España SLU
66%
47%
Parque Eólico de Santa
Lucía SA
1%
Parque Eólico Finca de
Mogán SA
Santa Cruz de
Tenerife
ES
3,810,340
EUR
Line-by-line
Enel Green Power
España SLU
90%
63%
Parque Eólico Montes de
Las Navas SA
Madrid
ES
6,540,000
EUR
Line-by-line
Enel Green Power
España SLU
76%
53%
Parque Eólico Muniesa
SLU
Madrid
ES
3,006
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
674
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Parque Eólico Palmas dos
Ventos Ltda
Salvador
BR
4,096,626
BRL
Line-by-line
Enel Brasil SA
100%
82%
Enel Green Power
Desenvolvimento Ltda
0%
Parque Eólico Pampa SA
Buenos Aires
AR
477,139,364
ARS
Line-by-line
Enel Green Power SpA
100%
100%
Parque Eólico Punta de
Teno SA
Santa Cruz de
Tenerife
ES
528,880
EUR
Line-by-line
Enel Green Power
España SLU
52%
36%
Parque Eólico Sierra del
Madero SA
Madrid
ES
7,193,970
EUR
Line-by-line
Enel Green Power
España SLU
58%
41%
Parque Salitrillos SA de Cv
Mexico City
MX
100
MXN
Equity
Tenedora de Energía
Renovable Sol y Viento
SAPI de Cv
61%
20%
Parque Solar Cauchari
IV SAU
San Salvador
de Jujuy
AR
500,000
ARS
Line-by-line
Enel Américas SA
100%
82%
Parque Solar Don José
SA de Cv
Mexico City
MX
100
MXN
Equity
Tenedora de Energía
Renovable Sol y Viento
SAPI de Cv
61%
20%
Parque Solar Villanueva
Tres SA de Cv
Mexico City
MX
306,024,631
MXN
Equity
Tenedora de Energía
Renovable Sol y Viento
SAPI de Cv
61%
20%
Parque Talinay
Oriente SA
Santiago de
Chile
CL 66,092,165,174
CLP
Line-by-line
Enel Green Power
Chile SA
61%
79%
Enel Green Power SpA
39%
Pastis - Centro Nazionale
per la ricerca e lo sviluppo
dei materiali SCPA in
liquidation
Brindisi
IT
2,065,000
EUR
-
Enel Italia SpA
1%
1%
Paynesville Solar
LLC
Wilmington
US
-
USD
Line-by-line
Aurora Distributed Solar
LLC
100%
74%
PDP Technologies
Ltd
Kfar Saba
IL
1,129,252
ILS
-
Enel Grids Srl
5%
5%
Pearl Star Wind Limited
Partnership
Calgary
CA
100
CAD
Line-by-line
Enel Alberta Wind Inc.
0%
100%
Enel Green Power
Canada Inc.
100%
Pebble Stream Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Peel Valley Solar Farm
(Pty) Ltd
Sydney
AU
10
AUD
Equity
Potentia Energy Group
(Pty) Ltd
100%
50%
Peel Valley Solar Hybrid
Holding (Pty) Ltd
Sydney
AU
100
AUD
Equity
Potentia Energy (Pty) Ltd
100%
50%
Peel Valley Solar Hybrid
Holding Trust
Sydney
AU
100
AUD
Equity
Potentia Energy Trust
100%
50%
Peel Valley Solar Hybrid
(Pty) Ltd
Sydney
AU
100
AUD
Equity
Peel Valley Solar Hybrid
Holding (Pty) Ltd
100%
50%
Pegop - Energia Eléctrica
SA
Pego
PT
50,000
EUR
Equity
Endesa Generación
Portugal SA
0%
35%
Endesa Generación SAU
50%
PH Chucás SA
San José
CR
100,000
CRC
Line-by-line
Enel Costa Rica CAM SA
65%
31%
PH Don Pedro SA
San José
CR
100,001
CRC
Line-by-line
Enel Costa Rica CAM SA
33%
19%
Globyte SA
67%
PH Río Volcán SA
San José
CR
100,001
CRC
Line-by-line
Enel Costa Rica CAM SA
34%
19%
Globyte SA
66%
Piebald Hill Energy
Storage Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Pike Den Solar Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Pilesgrove Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Pincher Creek LP
Alberta
CA
-
CAD
Line-by-line
Enel Green Power
Canada Inc.
51%
51%
Pincher Creek
Management Inc.
1%
Attachments
675
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Pincher Creek
Management Inc.
Calgary
CA
100
CAD
Line-by-line
Enel Green Power
Canada Inc.
51%
51%
Pine Bluff Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Pine Island Distributed
Solar LLC
Wilmington
US
-
USD
Line-by-line
Aurora Distributed Solar
LLC
100%
74%
Playa Flat Energy Storage
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Pluservice Srl
Senigallia
IT
450,000
EUR
Equity
Mooney Servizi SpA
70%
35%
Point Bar Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Point Rider Solar Project
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Polka Dot Wind Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Pomerado Energy Storage
LLC
Wilmington
US
1
USD
Line-by-line
Enel Energy Storage
Holdings LLC (formerly
EGP Energy Storage
Holdings LLC)
100%
100%
Potentia Energy Group
(Pty) Ltd
Sydney
AU
100
AUD
Equity
Enel Green Power SpA
50%
50%
Potentia Energy Markets
(Pty) Ltd
Melbourne
AU
2
AUD
Equity
Potentia Energy Group
(Pty) Ltd
100%
50%
Potentia Energy (Pty) Ltd
Sydney
AU
10,000
AUD
Equity
Potentia Energy Group
(Pty) Ltd
100%
50%
Potentia Energy Retail
(Pty) Ltd
Sydney
AU
200,100
AUD
Equity
Potentia Energy Group
(Pty) Ltd
100%
50%
Potentia Energy Ridgey
Creek BESS (Pty) Ltd
Sydney
AU
100
AUD
Equity
Ridgey Creek BESS
Holding (Pty) Ltd
100%
50%
Potentia Energy Trust
Sydney
AU
100
AUD
Equity
Enel Green Power SpA
50%
50%
PowerCrop Macchiareddu
Srl
Russi
IT
100,000
EUR
Equity PowerCrop SpA (formerly
PowerCrop Srl)
100%
50%
PowerCrop Russi Srl
Russi
IT
100,000
EUR
Equity PowerCrop SpA (formerly
PowerCrop Srl)
100%
50%
PowerCrop SpA (formerly
PowerCrop Srl)
Russi
IT
4,000,000
EUR
Equity
Enel Green Power
Italia Srl
50%
50%
Prairie Rose Transmission
LLC
Minneapolis
US
-
USD
Equity
Prairie Rose Wind LLC
100%
10%
Prairie Rose Wind LLC
Albany
US
-
USD
Equity
EGPNA REP Wind
Holdings LLC
100%
10%
Primavera Energia
SA
Niterói
BR
36,965,445
BRL
Line-by-line
Enel Brasil SA
100%
82%
Principia Energy 1 Single
Member PC
Maroussi
GR
2,000
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
Principia Energy 2 Single
Member PC
Maroussi
GR
2,000
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
Principia Energy 3 Single
Member PC
Maroussi
GR
2,000
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
Principia Energy 4 Single
Member PC
Maroussi
GR
2,000
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
Principia Energy 5 Single
Member PC
Maroussi
GR
2,000
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
Principia Energy
Generation Single
Member SA
Maroussi
GR
473,335,000
EUR
Equity
Principia Energy SA
100%
50%
Principia Energy Services
Single Member SA
Maroussi
GR
28,737,920
EUR
Equity
Principia Energy SA
100%
50%
Principia Energy SA
Maroussi
GR
498,160,086
EUR
Equity
Enel Green Power SpA
50%
50%
Principia Energy South
Evia Single Member SA
Maroussi
GR
100,669,641
EUR
Equity
Principia Energy
Generation Single
Member SA
100%
50%
Productive Solar Systems
SLU
Andorra
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
676
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Productora de Energías
SA
Barcelona
ES
60,101
EUR
Equity
Enel Green Power
España SLU
30%
21%
Productora Eléctrica
Urgellenca SA
La Seu d’Urgell
ES
8,400,000
EUR
-
Endesa SA
8%
6%
Promociones Energéticas
del Bierzo SLU
Madrid
ES
12,020
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Promotores Mudéjar 400
kV SL
Zaragoza
ES
3,000
EUR
Equity
Enel Green Power
España SLU
25%
24%
Renovables La Pedrera
SLU
7%
Renovables Mediavilla
SLU
6%
Proveedora de
Electricidad de Occidente
S de RL de Cv
Mexico City
MX
89,706,035
MXN
Line-by-line Enel Green Power México
S de RL de Cv
100%
100%
Proyectos Universitarios
de Energías Renovables
SL
Alicante
ES
27,000
EUR
Equity
Enel Green Power
España SLU
33%
23%
Proyectos y Soluciones
Renovables SAC
San Miguel
PE
12,528,789
PEN
Line-by-line
Enel Green Power
Partecipazioni Speciali
Srl
100%
100%
Enel Perú SAC
0%
PSG Energy Private
Limited
-
IN
100,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
PT Enel Green Power
Optima Way Ratai
Jakarta
ID
10,002,740
USD
Line-by-line
Enel Green Power SpA
90%
90%
Puerto Santa María
Energía I SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Puerto Santa María
Energía II SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Pulida Energy (RF) (Pty) Ltd
Johannesburg
ZA
10,000,000
ZAR
Line-by-line
Enel Green Power South
Africa (Pty) Ltd
53%
53%
Pumpkin Vine Wind
Project LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
QPSF (Pty)
Ltd
Sydney
AU
100
AUD
Equity
Potentia Energy Trust
100%
50%
Quatiara Energia
SA
Niterói
BR
24,144,119
BRL
Line-by-line
Enel Brasil SA
100%
82%
Queens Energy Storage
LLC
Andover
US
-
USD
Line-by-line
Enel Energy Storage
Holdings LLC
(formerly EGP Energy
Storage Holdings LLC)
100%
100%
Quorn Park FinCo (Pty) Ltd
Barangaroo
AU
100
AUD
Equity
Quorn Park Solar Hybrid
Trust
100%
50%
Quorn Park Solar Hybrid
Holding (Pty) Ltd
Sydney
AU
100
AUD
Equity
Potentia Energy (Pty) Ltd
100%
50%
Quorn Park Solar Hybrid
Holding Trust
Sydney
AU
100
AUD
Equity
Potentia Energy Trust
100%
50%
Quorn Park Solar Hybrid
(Pty) Ltd
Sydney
AU
100
AUD
Equity
Quorn Park Solar Hybrid
Holding (Pty) Ltd
100%
50%
Quorn Park Solar Hybrid
Trust
Sydney
AU
100
AUD
Equity
Quorn Park Solar Hybrid
Holding Trust
100%
50%
Raleigh Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Ranchland Solar Project
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Ranchland Wind Holdings
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Ranchland Wind Project
II LLC
Andover
US
1
USD
Line-by-line
AzureRanchII Wind
Holdings LLC
100%
100%
Ranchland Wind Project
PPA LLC
Andover
US
1
USD
Line-by-line
EGP North America
PPA LLC
100%
100%
Ranchland Wind Project
LLC
Andover
US
-
USD
Line-by-line
Rockhaven Ranchland
Holdings LLC
100%
100%
Ranchland Wind Storage
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Attachments
677
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Rattlesnake Creek
Holdings LLC
Delaware
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Rausch Creek Wind
Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Razorback Wind Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
RC Wind Srl
Milan
IT
10,000
EUR
-
Enel Green Power
Italia Srl
1%
1%
RE Arroyo LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Reaktortest Sro
Trnava
SK
66,389
EUR
-
Slovenské elektrárne AS
49%
16%
Rebuilding Agente
Rehabilitador SL
Madrid
ES
250,000
EUR
Equity
Endesa Energía SAU
50%
35%
Red Cap Impofu (Pty) Ltd
Sandton
ZA
120,000
ZAR
Equity
Impofu Cluster
Investment SPV (RF)
(Pty) Ltd
100%
25%
Red Cap Impofu East
(Pty) Ltd
Gauteng
ZA
35,059,068
ZAR
Equity
Impofu Cluster
Investment SPV (RF)
(Pty) Ltd
100%
25%
Red Cap Impofu West
(Pty) Ltd
Gauteng
ZA
10,000
ZAR
Equity
Impofu Cluster
Investment SPV (RF)
(Pty) Ltd
100%
25%
Red Cardinal Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Red Centroamericana de
Telecomunicaciones SA
Panama City
PA
2,700,000
USD
-
Enel SpA
11%
11%
Red Dirt Wind Holdings
I LLC
Dover
US
100
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Red Dirt Wind Holdings
LLC
Wilmington
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Red Dirt Wind Project LLC
Dover
US
1
USD
Line-by-line
Red Dirt Wind Holdings
LLC
100%
100%
Red Fox Wind Project LLC
Wilmington
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Red Stag Energy Storage
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Red Top Solar Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Red Yucca Energy Storage
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Regal Rising Solar Project
Limited Partnership
Calgary
CA
-
CAD
Line-by-line
Enel Alberta Solar Inc.
0%
100%
Enel Green Power
Canada Inc.
100%
Ren Alfajarín Solar SLU
Madrid
ES
3,006
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Ren Wave Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Renovables Andorra SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Renovables Brovales 400
kV SL
Seville
ES
5,000
EUR
Equity
Baylio Solar SLU
6%
28%
Dehesa de los
Guadalupes Solar SLU
6%
Emintegral Cycle SLU
17%
Enel Green Power
España Solar 1 SLU
6%
Enel Green Power
España SLU
16%
Furatena Solar 1 SLU
6%
Seguidores Solares
Planta 2 SLU
6%
Renovables Brovales
Segura de León 400
kV SL
Seville
ES
5,000
EUR
Equity
Emintegral Cycle SLU
33%
33%
Enel Green Power
España SLU
31%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
678
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Renovables de Guatemala
SA
Guatemala City
GT
1,924,465,600
GTQ
Line-by-line
Enel Colombia SA ESP
100%
47%
Enel Guatemala SA
0%
Renovables La Pedrera
SLU
Zaragoza
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Renovables Manzanares
400 kV SL
Madrid
ES
5,000
EUR
Equity
Enel Green Power
España SLU
28%
25%
Stonewood Desarrollos
SLU
16%
Renovables Mediavilla SLU
Zaragoza
ES
3,000
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
Renovables Teruel SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Reservoir Falls Energy
Storage Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Rhinestone Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Ribina Renovables 400 SL
Pozuelo de
Alarcón
ES
3,000
EUR
Equity
Enel Green Power
España SLU
40%
28%
Ridgey Creek BESS
Holding (Pty) Ltd
Sydney
AU
100
AUD
Equity
Potentia Energy (Pty) Ltd
100%
50%
Ridgey Creek BESS
Holding Trust
Sydney
AU
100
AUD
Equity
Potentia Energy Trust
100%
50%
Ridgey Creek BESS Trust
Sydney
AU
100
AUD
Equity
Ridgey Creek BESS
Holding Trust
100%
50%
River Mill Solar Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
River Point Wind Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Riverbend Farms Wind
Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Riverview LP
Alberta
CA
-
CAD
Line-by-line
Enel Green Power
Canada Inc.
51%
51%
Riverview Management
Inc.
1%
Riverview Management
Inc.
Calgary
CA
100
CAD
Line-by-line
Enel Green Power
Canada Inc.
51%
51%
Riverview Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Roadrunner Solar Project
LLC
Andover
US
100
USD
Line-by-line
Enel Roadrunner Solar
Project Holdings LLC
100%
100%
Roadrunner Storage LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Rock Creek Wind
Holdings I LLC
Dover
US
100
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Rock Creek Wind
Holdings II LLC
Dover
US
100
USD
Line-by-line
Rock Creek Wind
Holdings LLC
100%
100%
Rock Creek Wind
Holdings LLC
Wilmington
US
-
USD
Line-by-line
EGPNA Preferred Wind
Holdings II LLC
100%
100%
Rock Creek Wind Project
LLC
Clayton
US
1
USD
Line-by-line
Rock Creek Wind
Holdings LLC
100%
100%
Rock Prairie Wind Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Rockhaven Ranchland
Holdings LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Rockhaven Wind Project
LLC
Andover
US
1
USD
Line-by-line
Rockhaven Ranchland
Holdings LLC
100%
100%
Rocky Caney Holdings
LLC
Oklahoma City
US
1
USD
Equity
Enel Kansas LLC
10%
10%
Rocky Caney Wind LLC
Albany
US
-
USD
Equity
Rocky Caney Holdings
LLC
100%
10%
Rocky Ridge Wind Project
LLC
Oklahoma City
US
-
USD
Equity
Rocky Caney Wind LLC
100%
10%
Rodnikovskaya WPS
Moscow
RU
6,010,000
RUB
Line-by-line
Enel Green Power
Rus Limited Liability
Company
100%
100%
Attachments
679
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Roha Renewables India
Private Limited
Gurugram
IN
100,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
Rolling Farms Wind
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Rosy Range Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Ruthton Ridge LLC
Minneapolis
US
-
USD
Line-by-line
Chi Minnesota Wind LLC
100%
100%
S4ma Developments
Spółka Z Ograniczoną
Odpowiedzialnością
Wrocław
PL
5,000
PLN
Line-by-line
Enel Green Power SpA
100%
100%
Sacme SA
Buenos Aires
AR
12,000
ARS
Equity
Empresa Distribuidora
Sur SA - Edesur
50%
30%
Saddle House Solar
Project LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Salt Springs Wind Project
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Salto de San Rafael SL
Seville
ES
462,186
EUR
Equity
Enel Green Power
España SLU
50%
35%
San Francisco de Borja SA
Zaragoza
ES
60,000
EUR
Line-by-line
Enel Green Power
España SLU
67%
47%
San Juan Mesa Wind
Project II LLC
Wilmington
US
-
USD
Line-by-line Padoma Wind Power LLC
100%
100%
Sanosari Energy Private
Limited
Gurugram
IN
100,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
Santo Rostro
Cogeneración SA in
liquidation
Seville
ES
207,340
EUR
Equity
Enel Green Power
España SLU
45%
32%
Sardhy Green Hydrogen
Srl
Sarroch
IT
10,000
EUR
Equity
Enel Green Power
Italia Srl
50%
50%
Saugus River Energy
Storage LLC
Dover
US
100
USD
Line-by-line
Enel Energy Storage
Holdings LLC (formerly
EGP Energy Storage
Holdings LLC)
100%
100%
Savanna Power Solar
10 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Savanna Power Solar
12 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Savanna Power Solar
13 SLU
Seville
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Savanna Power Solar
4 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Savanna Power Solar
5 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Savanna Power Solar
6 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Savanna Power Solar
9 SLU
Madrid
ES
3,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Seaway Landing Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Seccionadora Almodóvar
Renovables SL
Málaga
ES
5,000
EUR
Equity
Enel Green Power
España SLU
38%
26%
Seguidores Solares Planta
2 SLU
Madrid
ES
3,010
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
Servizio Elettrico
Nazionale SpA
Rome
IT
10,000,000
EUR
Line-by-line
Enel Italia SpA
100%
100%
Set Carmona 400 kV
Renovables SL
Seville
ES
10,000
EUR
Equity
Enel Green Power
España SLU
16%
11%
Setyl Srl
Bergamo
IT
100,000
EUR
Equity
Enel X Italia
Srl
28%
28%
Seven Cowboy PPA LLC
Andover
US
1
USD
Line-by-line
EGP North America
PPA LLC
100%
100%
Seven Cowboy Wind
Project Holdings LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Seven Cowboy Wind
Project II LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
680
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Seven Cowboy Wind
Project LLC
Andover
US
1
USD
Line-by-line
Seven Cowboy Wind
Project Holdings LLC
100%
100%
Seven Cowboys Solar
Project LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Shark Power REN 10 SLU
Madrid
ES
3,000
EUR
Line-by-line
Shark Power SLU
100%
70%
Shark Power REN 4 SLU
Madrid
ES
3,000
EUR
Line-by-line
Shark Power SLU
100%
70%
Shark Power REN 5 SLU
Madrid
ES
3,000
EUR
Line-by-line
Shark Power SLU
100%
70%
Shark Power REN 6 SLU
Madrid
ES
3,000
EUR
Line-by-line
Shark Power SLU
100%
70%
Shark Power REN 7 SLU
Madrid
ES
3,000
EUR
Line-by-line
Shark Power SLU
100%
70%
Shark Power REN 8 SLU
Madrid
ES
3,000
EUR
Line-by-line
Shark Power SLU
100%
70%
Shark Power REN 9 SLU
Madrid
ES
3,000
EUR
Line-by-line
Shark Power SLU
100%
70%
Shark Power SLU
Madrid
ES
143,000
EUR
Line-by-line
Enel Green Power
España SLU
100%
70%
Shepherd Pass Wind
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Shiawassee Wind Project
LLC
Wilmington
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Shield Energy Storage
Project LLC
Wilmington
US
-
USD
Line-by-line
Enel Energy Storage
Holdings LLC (formerly
EGP Energy Storage
Holdings LLC)
100%
100%
Shikhar Surya (One)
Private Limited
Gurugram
IN
340,100,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
Sicilhy Srl
Rome
IT
10,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
SIET - Società
Informazioni Esperienze
Termoidrauliche SpA
Piacenza
IT
697,820
EUR
Equity
Enel Innovation Hubs Srl
42%
42%
Silt Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Silver Dollar Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Silverware Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Sinergia EWR4
Rome
IT
10,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
Sinergia GP6 Srl
Rome
IT
10,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
Sinergia GP7 Srl
Rome
IT
10,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
Sistema Eléctrico de
Conexión Valcaire SL
Madrid
ES
175,200
EUR
Equity
Enel Green Power
España SLU
28%
20%
Sistemas Energéticos
Mañón Ortigueira SA
Santiago de
Compostela
ES
2,007,750
EUR
Line-by-line
Enel Green Power
España SLU
96%
67%
Six String Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Skyview Solar Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Skyview Wind Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Sleep Hollow Solar I LLC
Andover
US
1
USD
Line-by-line
Brick Road Solar
Holdings LLC
100%
100%
Slovak Power Holding BV
Amsterdam
NL
25,010,000
EUR
Equity
Enel Produzione SpA
50%
50%
Slovenské elektrárne -
Energetické Služby Sro
Bratislava
SK
4,505,000
EUR
Equity
Slovenské elektrárne AS
100%
33%
Slovenské elektrárne AS
Bratislava
SK
1,269,295,725
EUR
Equity Slovak Power Holding BV
66%
33%
Attachments
681
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Slovenské elektrárne
Česká Republika Sro
Moravská
Ostrava
CZ
295,819
CZK
Equity
Slovenské elektrárne AS
100%
33%
Služby inžinierskych
stavieb v likvidácii
Kalná Nad
Hronom
SK
200,000
EUR
Equity
Slovenské elektrárne AS
100%
33%
Smoky Hill Holdings II LLC
Wilmington
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Smoky Hills Wind Farm
LLC
Topeka
US
-
USD
Line-by-line
EGPNA Project HoldCo
1 LLC
100%
100%
Smoky Hills Wind Project
II LLC
Lenexa
US
-
USD
Line-by-line
EGPNA Project HoldCo
1 LLC
100%
100%
Snowy Knoll Wind Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Snyder Wind Farm LLC
Hermleigh
US
-
USD
Line-by-line
Texkan Wind LLC
100%
100%
Socibe Energia
SA
Niterói
BR
12,969,032
BRL
Line-by-line
Enel Brasil SA
100%
82%
Sociedad Agrícola de
Cameros Ltda
Santiago de
Chile
CL
5,738,046,495
CLP
Line-by-line
Enel Chile SA
57%
37%
Sociedad Eólica de
Andalucía SA
Seville
ES
4,507,591
EUR
Line-by-line
Enel Green Power
España SLU
65%
45%
Sociedad Eólica El Puntal
SL
Seville
ES
1,643,000
EUR
Equity
Enel Green Power
España SLU
50%
35%
Sociedad Eólica Los
Lances SA
Seville
ES
2,404,048
EUR
Line-by-line
Enel Green Power
España SLU
60%
42%
Società Elettrica Trigno Srl
Rome
IT
100,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
Soetwater Wind Farm (RF)
(Pty) Ltd
Johannesburg
ZA
1,000
ZAR
Equity
Enel Green Power RSA 2
(RF) (Pty) Ltd
55%
28%
Solana Renovables SL
Madrid
ES
6,246
EUR
Equity
Enel Green Power
España SLU
40%
28%
Soliloquoy Ridge LLC
Minneapolis
US
-
USD
Line-by-line
Chi Minnesota Wind LLC
100%
100%
Sona Enerjí Üretím
Anoním Şírketí
Istanbul
TR
50,000
TRY
Line-by-line
Enel Green Power
Turkey Enerjí Yatirimlari
Anoním Şírketí
100%
100%
Sonak Solar Project LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Sone Renewable Energy
Private Limited
Gurgaon
IN
100,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
Sotavento Galicia SA
Santiago de
Compostela
ES
601,000
EUR
Equity
Enel Green Power
España SLU
36%
25%
South Italy Green
Hydrogen Srl
Rome
IT
10,000
EUR
Equity
Enel Green Power
Italia Srl
50%
50%
South Rock Wind Project
LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
South Sky Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Southern Holly Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Southern Star Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Southwest Transmission
LLC
Cedar Bluff
US
-
USD
Line-by-line
Chi Minnesota Wind LLC
100%
100%
Southwestern Rays Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Spartan Hills LLC
Minneapolis
US
-
USD
Line-by-line
Chi Minnesota Wind LLC
100%
100%
Spinazzola SPV Srl
Rome
IT
10,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
Spring Wheat Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Square Dance Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Sreeja Infrastructure
Private Limited
Hyderabad
IN
100,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
682
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Stable Brook Storage
Project Limited
Partnership
Calgary
CA
-
CAD
Line-by-line
Enel Alberta Storage Inc.
0%
100%
Enel Green Power
Canada Inc.
100%
Stampede Solar Holdings
LLC
Andover
US
1
USD
Line-by-line
Enel Green Power
Stampede Solar Holdings
LLC
100%
100%
Stampede Solar Project
LLC
Andover
US
-
USD
Line-by-line Stampede Solar Holdings
LLC
100%
100%
Star Catcher Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Star Energy Single
Member PC
Maroussi
GR
213,010
EUR
Equity Principia Energy Services
Single Member SA
100%
50%
Station Tales Solar Limited
Partnership
Calgary
CA
100
CAD
Line-by-line
Enel Alberta Solar Inc.
0%
100%
Enel Green Power
Canada Inc.
100%
Sterling and Wilson Enel X
e-Mobility Private Limited
Mumbai
IN
107,352,420
INR
Equity
Enel X Way Srl
50%
50%
Stillman Valley Solar LLC
Wilmington
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Stipa Nayaá SA
de Cv
Mexico City
MX
1,811,016,347
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
55%
100%
Enel Green Power
Partecipazioni Speciali
Srl
45%
Stockyard Solar Project
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Stone Belt Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Stonewood Desarrollos
SLU
Madrid
ES
4,053,000
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
Storey Plains Wind Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Stormy Hills Wind Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Suave Energía S de RL
de Cv
Mexico City
MX
1,000
MXN
Line-by-line
Enel Green Power México
S de RL de Cv
0%
100%
Enel Rinnovabile SA
de Cv
100%
Sublunary Trading (RF)
(Pty) Ltd
Bryanston
ZA
13,750,000
ZAR
Line-by-line
Enel Green Power South
Africa (Pty) Ltd
57%
57%
Sugar Pine Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Suggestion Power
Unipessoal Ltda
Paço de Arcos
PT
50,000
EUR
Line-by-line
Endesa Generación
Portugal SA
100%
70%
Suministradora Eléctrica
de Cádiz SA
Cádiz
ES
12,020,240
EUR
Equity
Endesa SA
34%
23%
Suministro de Luz y
Fuerza SL
Barcelona
ES
2,800,000
EUR
Line-by-line
Hidroeléctrica de
Catalunya SLU
60%
42%
Summit Energy Storage
Inc.
Wilmington
US
1,000
USD
Line-by-line
Enel Green Power North
America Inc.
75%
75%
Sun River LLC
Bend
US
-
USD
Line-by-line
Chi Minnesota Wind LLC
100%
100%
Sun Rock Solar Limited
Partnership
Calgary
CA
-
CAD
Line-by-line
Enel Alberta Solar Inc.
0%
100%
Enel Green Power
Canada Inc.
100%
Sun Up Solar Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Sun4 Torzym Spółka
Z Ograniczoną
Odpowiedzialnością
Wrocław
PL
5,750
PLN
Line-by-line
S4ma Developments
Spółka Z Ograniczoną
Odpowiedzialnością
80%
80%
Sundance Wind Project
LLC
Dover
US
100
USD
Line-by-line
Enel Kansas LLC
100%
100%
Sunflower Prairie Solar
Project LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Swather Solar Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Attachments
683
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Sweet Apple Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Tae Technologies
Inc.
Pauling
US
53,207,936
USD
-
Enel Produzione SpA
1%
1%
Tallawang Solar Hybrid
Holding (Pty) Ltd
Sydney
AU
100
AUD
Equity
Potentia Energy (Pty) Ltd
100%
50%
Tallawang Solar Hybrid
Holding Trust
Sydney
AU
100
AUD
Equity
Potentia Energy Trust
100%
50%
Tallawang Solar Hybrid
(Pty) Ltd
Sydney
AU
100
AUD
Equity
Tallawang Solar Hybrid
Holding (Pty) Ltd
100%
50%
Tallawang Solar Hybrid
Trust
Sydney
AU
100
AUD
Equity
Tallawang Solar Hybrid
Holding Trust
100%
50%
Tasseling Jewel Wind
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Tauste Energía Distribuida
SL
Zaragoza
ES
60,508
EUR
Line-by-line
Enel Green Power
España SLU
51%
36%
Teal Canoe
Solar Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Tecnoguat SA
Guatemala City
GT
30,948,000
GTQ
Line-by-line
Enel Colombia SA ESP
75%
35%
Tejo Energia - Produção
e Distribuição de Energia
Eléctrica SA
Lisbon
PT
5,025,000
EUR
Equity
Endesa Generación SAU
44%
31%
Tenedora de Energía
Renovable Sol y Viento
SAPI de Cv
Mexico City
MX
2,892,643,576
MXN
Equity
Enel Green Power SpA
33%
33%
Tera Renewables India
Private Limited
Gurugram
IN
100,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
Termica Colleferro SpA
Bologna
IT
6,100,000
EUR
Equity
Cogenio Srl
60%
12%
Termoeléctrica José de
San Martín SA
Buenos Aires
AR
500,000
ARS
-
Enel Generación El
Chocón SA
6%
3%
Termoeléctrica Manuel
Belgrano SA
Buenos Aires
AR
500,000
ARS
-
Enel Generación El
Chocón SA
6%
3%
Termotec Energía AIE in
liquidation
La Pobla de
Vallbona
ES
481,000
EUR
Equity
Enel Green Power
España SLU
45%
32%
Terrer Renovables SL
Madrid
ES
5,000
EUR
Equity
Enel Green Power
España SLU
30%
21%
Texas Sage Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Texkan Wind
LLC
Andover
US
-
USD
Line-by-line
Enel Texkan Inc.
100%
100%
Thar Surya 1 Private
Limited
Gurgaon
IN
1,127,840
INR
Held for sale
Avikiran Surya India
Private Limited
100%
51%
Thunder Ranch Wind
Holdings I LLC
Dover
US
100
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Thunder Ranch Wind
Holdings LLC
Wilmington
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Thunder Ranch Wind
Project LLC
Dover
US
1
USD
Line-by-line
Thunder Ranch Wind
Holdings LLC
100%
100%
Thunderegg Storage
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Thunderegg Wind Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Tico Solar 1 SLU
Zaragoza
ES
3,000
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
Tico Solar 2 SLU
Zaragoza
ES
3,000
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
Tieton Storage Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Tobivox (RF) (Pty) Ltd
Johannesburg
ZA
10,000,000
ZAR
Line-by-line
Enel Green Power South
Africa (Pty) Ltd
60%
60%
Toledo PV AIE
Madrid
ES
26,888
EUR
Equity
Enel Green Power
España SLU
33%
23%
Toro Renovables 400
kV SL
Madrid
ES
3,000
EUR
Equity
FRV Zamora Solar 1 SLU
8%
6%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
684
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Torrepalma Energy 1 SLU
Madrid
ES
3,100
EUR
Line-by-line
Enel Green Power
España Solar 1 SLU
100%
35%
Tradewind Energy
Inc.
Wilmington
US
1,000
USD
Line-by-line
Enel Kansas LLC
100%
100%
Trading Post Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Trail Ride Canyon Wind
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Transformadora
Almodóvar Renovables SL
Seville
ES
5,000
EUR
Equity
Enel Green Power
España SLU
61%
42%
Transportadora de Energía
SA - Tesa
Buenos Aires
AR
2,584,473,416
ARS
Line-by-line
Enel Argentina SA
0%
82%
Enel Brasil SA
60%
Enel CIEN SA
40%
Trévago Renovables SL
Madrid
ES
3,000
EUR
Equity
Furatena Solar 1 SLU
18%
12%
Seguidores Solares
Planta 2 SLU
18%
Trotline Solar Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Tsar Nicholas LLC
Minneapolis
US
-
USD
Line-by-line
Chi Minnesota Wind LLC
100%
100%
Tulip Grove Solar Project
LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Tumbleweed Flat Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Tunga Renewable Energy
Private Limited
Gurugram
IN
96,300,000
INR
Held for sale
Avikiran Energy India
Private Limited
100%
100%
TWE Franklin Solar Project
LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
TWE ROT DA LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Twin Lake Hills LLC
Minneapolis
US
-
USD
Line-by-line
Chi Minnesota Wind LLC
100%
100%
Twin Saranac Holdings
LLC
Wilmington
US
-
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Tyme
Srl
Bergamo
IT
100,000
EUR
Equity
Enel X Italia Srl
50%
50%
Unión Eléctrica de
Canarias Generación SAU
Las Palmas de
Gran Canaria
ES
190,171,521
EUR
Line-by-line
Endesa Generación SAU
100%
70%
Upington Solar (Pty) Ltd
Johannesburg
ZA
1,000
ZAR
Line-by-line
Enel Green Power South
Africa (Pty) Ltd
100%
100%
Usina Eólica Pedra Pintada
A Ltda
Rio de Janeiro
BR
540,332,962
BRL
Line-by-line
Enel Brasil SA
100%
82%
Usina Eólica Pedra Pintada
B Ltda
Rio de Janeiro
BR
418,542,805
BRL
Line-by-line
Enel Brasil SA
100%
82%
Usina Eólica Pedra Pintada
C Ltda
Rio de Janeiro
BR
387,721,932
BRL
Line-by-line
Enel Brasil SA
100%
82%
Usina Eólica Pedra Pintada
D Ltda
Rio de Janeiro
BR
436,753,327
BRL
Line-by-line
Enel Brasil SA
100%
82%
Usina Eólica Pedra Pintada
E Ltda
Rio de Janeiro
BR
653,327
BRL
Line-by-line
Enel Brasil SA
100%
82%
Usina Eólica Pedra Pintada
F Ltda
Rio de Janeiro
BR
653,327
BRL
Line-by-line
Enel Brasil SA
100%
82%
Usina Eólica Pedra Pintada
G Ltda
Rio de Janeiro
BR
653,327
BRL
Line-by-line
Enel Brasil SA
100%
82%
Usina Fotovoltaica Arinos
E 11 Ltda
Rio de Janeiro
BR
402,133,267
BRL
Line-by-line
Enel Brasil SA
100%
82%
Usina Fotovoltaica Arinos
E 12 Ltda
Rio de Janeiro
BR
221,724,006
BRL
Line-by-line
Enel Brasil SA
100%
82%
Usina Fotovoltaica Arinos
E 13 Ltda
Rio de Janeiro
BR
221,724,006
BRL
Line-by-line
Enel Brasil SA
100%
82%
Usina Fotovoltaica Arinos
E 14 Ltda
Rio de Janeiro
BR
221,724,006
BRL
Line-by-line
Enel Brasil SA
100%
82%
Attachments
685
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Usina Fotovoltaica Arinos
E 15 Ltda
Rio de Janeiro
BR
221,724,006
BRL
Line-by-line
Enel Brasil SA
100%
82%
Usina Fotovoltaica Arinos
E 16 Ltda
Rio de Janeiro
BR
221,724,006
BRL
Line-by-line
Enel Brasil SA
100%
82%
Usina Fotovoltaica Arinos
E 17 Ltda
Rio de Janeiro
BR
221,724,006
BRL
Line-by-line
Enel Brasil SA
100%
82%
Usina Fotovoltaica Arinos
E 21 Ltda
Rio de Janeiro
BR
221,724,006
BRL
Line-by-line
Enel Brasil SA
100%
82%
Usina Fotovoltaica Arinos
E 22 Ltda
Rio de Janeiro
BR
221,724,006
BRL
Line-by-line
Enel Brasil SA
100%
82%
Usina Fotovoltaica Arinos
E 23 Ltda
Rio de Janeiro
BR
221,724,006
BRL
Line-by-line
Enel Brasil SA
100%
82%
Usina Fotovoltaica Arinos
E 24 Ltda
Rio de Janeiro
BR
221,724,006
BRL
Line-by-line
Enel Brasil SA
100%
82%
USME ZE SAS
Bogotá
CO
739,653,977
COP
Equity
Bogotá ZE SAS
100%
9%
Ustav Jaderného Výzkumu
Řež AS
Řež
CZ
524,139,000
CZK
-
Slovenské
elektrárne AS
28%
9%
Vayu (Project 1) Private
Limited
Gurugram
IN
30,000,000
INR
Held for sale
Enel Green Power India
Private Limited
100%
100%
Vektör Enerjí Üretím
Anoním Şírketí
Istanbul
TR
3,500,000
TRY
Line-by-line
Enel SpA
100%
100%
Velvet Wheat Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Ventos de Santa Ângela
Energias Renováveis SA
Rio de Janeiro
BR
7,315,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santa
Esperança Energias
Renováveis SA
Rio de Janeiro
BR
4,727,414
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de Santo Orestes
Energias Renováveis SA
Rio de Janeiro
BR
1,754,031
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de São Cirilo
Energias Renováveis SA
Rio de Janeiro
BR
2,572,010
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de São Mário
Energias Renováveis SA
Rio de Janeiro
BR
2,492,000
BRL
Line-by-line
Enel Brasil SA
100%
82%
Ventos de São Roque
Energias Renováveis SA
Rio de Janeiro
BR
10,188,722
BRL
Line-by-line
Enel Brasil SA
100%
82%
Vientos del Altiplano SA
de Cv
Mexico City
MX
1,455,854,094
MXN
Equity
Tenedora de Energía
Renovable Sol y Viento
SAPI de Cv
61%
20%
Villanueva Solar SA de Cv
Mexico City
MX
205,316,027
MXN
Equity
Tenedora de Energía
Renovable Sol y Viento
SAPI de Cv
61%
20%
Viruleiros SL
Santiago de
Compostela
ES
160,000
EUR
Line-by-line
Enel Green Power
España SLU
67%
47%
Wagon Train Solar Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Walking Horse Wind
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Wapella Bluffs Wind
Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Waseca Solar LLC
Waseca
US
-
USD
Line-by-line
Aurora Distributed Solar
LLC
100%
74%
Waypost Solar Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Weber Energy Storage
Project LLC
Wilmington
US
-
USD
Line-by-line
Enel Energy Storage
Holdings LLC (formerly
EGP Energy Storage
Holdings LLC)
100%
100%
West Faribault Solar LLC
Wilmington
US
-
USD
Line-by-line
Aurora Distributed Solar
LLC
100%
74%
West Waconia Solar LLC
Wilmington
US
-
USD
Line-by-line
Aurora Distributed Solar
LLC
100%
74%
Western New York Wind
Corporation
Albany
US
300
USD
Line-by-line
Enel Green Power North
America Inc.
100%
100%
Western Trails Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
686
INTEGRATED ANNUAL REPORT 2024
Company name
Headquarters
Country
Share capital Currency
Segment
Consolidation
method
Held by
% holding
Group %
holding
Wharton-El Campo Solar
Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
White Cloud Wind
Holdings LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
White Cloud Wind Project
LLC
Andover
US
1
USD
Line-by-line
White Cloud Wind
Holdings LLC
100%
100%
White Peaks Wind Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Whitetail Trails Solar
Project LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Whitney Hill Wind Power
Holdings LLC
Andover
US
99
USD
Line-by-line
Enel Kansas LLC
100%
100%
Whitney Hill Wind Power
LLC
Andover
US
-
USD
Line-by-line
Whitney Hill Wind Power
Holdings LLC
100%
100%
Whittle’s Ferry Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Wild Ox Solar Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Wild Run LP
Alberta
CA
10
CAD
Line-by-line
Enel Alberta Wind Inc.
0%
100%
Enel Green Power
Canada Inc.
100%
Wild Six Solar Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Wildcat Flats Wind
Project LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Wilderness Range Solar
Project LLC
Andover
US
-
USD
Line-by-line
Enel Kansas LLC
100%
100%
Wildflower Flats Battery
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Wildflower Flats Solar
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Wind Belt Transco LLC
Andover
US
1
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Wind Parks Anatolis -
Prinias Single Member SA
Maroussi
GR
15,803,388
EUR
Equity
Principia Energy South
Evia Single Member SA
100%
50%
Wind Parks Katharas
Single Member SA
Maroussi
GR
19,932,048
EUR
Equity
Principia Energy South
Evia Single Member SA
100%
50%
Wind Parks Kerasias
Single Member SA
Maroussi
GR
26,107,790
EUR
Equity
Principia Energy South
Evia Single Member SA
100%
50%
Wind Parks Milias Single
Member SA
Maroussi
GR
19,909,374
EUR
Equity
Principia Energy South
Evia Single Member SA
100%
50%
Wind Parks Mitikas Single
Member SA
Maroussi
GR
22,268,039
EUR
Equity
Principia Energy South
Evia Single Member SA
100%
50%
Wind Parks Platanos
Single Member SA
Maroussi
GR
13,342,867
EUR
Equity
Principia Energy South
Evia Single Member SA
100%
50%
Wind Parks Spilias Single
Member SA
Maroussi
GR
28,267,490
EUR
Equity
Principia Energy South
Evia Single Member SA
100%
50%
Windbreaker Storage
Project LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Winter’s Spawn LLC
Minneapolis
US
-
USD
Line-by-line
Chi Minnesota Wind LLC
100%
100%
WKN Basilicata
Development PE1 Srl
Rome
IT
10,000
EUR
Line-by-line
Enel Green Power
Italia Srl
100%
100%
X-bus Italia Srl
Milan
IT
15,000
EUR
Equity
Enel X Italia Srl
20%
20%
Yacylec SA
Buenos Aires
AR
20,000,000
ARS
Equity
Enel Américas SA
33%
27%
Yedesa Cogeneración SA
in liquidation
Almería
ES
234,395
EUR
Equity
Enel Green Power
España SLU
40%
28%
Yellow Rose Wind Project
LLC
Andover
US
1
USD
Line-by-line
Enel Kansas LLC
100%
100%
Zacapa Topco Sàrl
Luxembourg
LU
29,970,000
EUR
-
Enel X International Srl
20%
20%
Zoo Solar Project LLC
Andover
US
-
USD
Line-by-line
Tradewind Energy Inc.
100%
100%
Attachments
687
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Attachment 2 - Green Bond Report 2024 -
Accompanying notes
The Green Bond Report has not been subject to legal audit pursuant to Article 14 of Legislative Decree 39 of
January 27, 2010. Therefore the opinion expressed by KPMG SpA does not extend to the information included therein.
However, the document has been subject to limited review (“limited assurance engagement”) by KPMG SpA.
Introduction and basis for preparation
141. SDG 7 “Affordable and clean energy”; SDG 9 “Industry, innovation and infrastructure”; SDG 11 “Sustainable cities and communities”; SDG 13
“Climate action”.
Enel Finance International NV, a finance company con-
trolled by Enel SpA, has outstanding Green Bonds in the
amount of €2.25 billion, €1.25 billion of which issued in
2018 and earmarked for both renewable projects and
grids and €1 billion issued in 2019, earmarked exclu-
sively for renewable projects.
These bonds are issued as part of the Euro Medi-
um-Term Notes - EMTN bond issue program of Enel
and Enel Finance International for institutional investors
and guaranteed by Enel SpA. The net proceeds from
the issue were used to finance or refinance projects
falling within the categories identified in accordance
with the “Green Bond Principles” published by ICMA
(International Capital Market Association), as provided
for by the Enel Group’s Green Bond Framework, whose
compliance with the applicable principles was con-
firmed by the external advisor, Vigeo Eiris (now Moody’s
Ratings), issuing a “Second Party Opinion”.
The eligible project categories are aligned with the
United Nations Sustainable Development Goals (UN
SDGs), in particular SDGs 7, 9, 11 and 13.141
With this report, Enel fulfills the commitment made
when issuing the bonds to annually disclose information
on the use of the proceeds, the environmental benefits
resulting from the projects financed with such proceeds
and the additional ESG indicators linked to the projects.
The indicators were determined in accordance with the
provisions of the Green Bond Framework (December
2017 and November 2018) and reported in a series of
tables with information on the nature of the projects
and the specific year of issuance of the Green Bonds.
Furthermore, all plant technologies, as well as the Grids
assets in Italy, to which the proceeds of the Green Bonds
issued in 2018 and 2019 were allocated, are to be con-
sidered eligible and aligned activities according to the
European taxonomy (European Regulation 2020/852).
In accordance with the requirements of the Green
Bond Framework, this document includes the fol-
lowing.
• Summary table of 2018 and 2019 emissions, with
indication of installed capacity and cumulated CO2
avoided.
• Table A – Financial indicators reporting:
• capacity and value of the investments approved
and communicated to the market;
• value of the investments in euro, based on the av-
erage exchange rates over the related business
plans;
• allocation of proceeds on projects, with the date
of entry in operation of plants.
• Table B – ESG indicators reporting:
• environmental benefits of renewable projects, in
terms of CO2 avoided and actual generation, cal-
culated using country-specific emission factors
(source: Enerdata);
• indicators on the Grids project, like replacement
of aerial lines with cables, reducing risks to birdlife
and optimizing energy savings;
• decrease in technical network losses and elimina-
tion of PCB-containing transformers.
• Table C – Further ESG indicators, with information on
water consumption, biodiversity, plant shutdowns,
injuries and local communities projects.
• Table D – Overall information, describing the ap-
proach and criteria used in the development of fi-
nanced projects.
The tables provide actual data calculated on the basis
of Enel accounting, non-accounting and other infor-
mation systems, as validated by relevant managers.
Any estimates are expressly indicated, together with
the related calculation methods.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
688
INTEGRATED ANNUAL REPORT 2024
Summary table of 2018 and 2019 emissions with indication of the installed capacity and the CO2 avoided
Green Bond (GB) emission
Area of
investment
GB proceeds
allocated
(€ millions)
Installed
capacity
(MW)
Cumulated CO2
avoided(1)
(ton)
2018
1,240
2,007
9,544,469
of which Enel Grids projects
I&N
665
n.a.
n.a.
of which renewable projects
Renewables
575
2,007
9,544,469
2019
986
3,101
7,468,796
of which projects identified in 2019
Renewables
986
3,101
7,468,796
(1)
For Enel Grids projects, energy savings are represented in terms of “Energy saved” (MWh) in place of the CO2 avoided (ton) to specifically report
the improvement in efficiency obtained thanks to the use of so-called “in ecodesign” transformers and the optimization of MV grids as the
difference between losses detected before and after these interventions. Cumulative energy saved at 2023 amounts to 9,818 MWh.
2018 Green Bond
Table A – Financial indicators
Country
Project name
Technology
Status
Capacity
(MW)
Commercial
operation
date
Investment
(amount in currency)
GB
proceeds
allocated
in 2018
(€ millions)
GB
proceeds
allocated
in 2019
(€ millions)(2)
Currency
Amount in
currency
(millions)
Amount
in euro
(millions)(1)
USA
Diamond Vista
Wind
In operation
299
Dec-18
USD
400
336
100
-
USA
Fenner Repowering
Wind
In operation
30
Dec-18
USD
29
24
21
-
USA
High Lonesome I+II
Wind
In operation
504
Dec-19
USD
720
595
81
75
USA
Roadrunner
Solar
In operation
497
Jun-20
USD
436
366
30
141
USA
Seven Cowboy
Wind
In operation
302
Oct-22
USD
427
405
73
101
COLOMBIA
El Paso
Solar
In operation
86
Oct-19
USD
70
59
54
-
USA
Aurora USA
Solar
In operation
150
Jun-17
USD
290
244
181
-
USA
Little Elk
Wind
In operation
74
Dec-15
USD
130
107
5
-
USA
Chisholm View II
Wind
In operation
65
Dec-16
USD
90
76
29
-
TOTAL
575
317
(1)
Indicative value in euros (EUR), although the investment in US dollars (USD) applies where present. The exchange rate used for projects allo-
cated in the 2018 Green Bond is 1.19 USD/EUR, for projects allocated in the 2019 the rate is 1.21. For projects whose investment value was
updated, as from 2022 the average annual rate of the year in which the project came into operation was used.
(2) Additional proceeds were allocated for some renewable projects that were already identified in the 2018 Green Bond, for which new capital-
ized costs emerged.
Table B – ESG indicators
Country
Project name
2024 generation
(GWh)
CO2 avoided in
2024 (ton)(1)
2018-2024
generation (GWh)
CO2 avoided
in 2018-2024 (ton)(1)
USA
Diamond Vista
943
331,670
6,823
2,562,606
USA
Fenner Repowering(2)
64
22,634
516
196,443
USA
High Lonesome I+II
1,181
415,282
6,188
2,288,428
USA
Roadrunner
1,005
353,461
4,010
1,462,652
USA
Seven Cowboy
989
347,856
1,738
611,164
COLOMBIA
El Paso
149
32,173
829
137,934
USA
Aurora USA
191
67,267
2,244
828,310
USA
Little Elk
324
113,824
2,260
865,301
USA
Chisholm View II
220
77,385
1,546
591,631
(1)
The methodology for calculating avoided emissions was updated in 2024, as it now considers the average CO2 emission factor of the country,
instead of the CO2 emission factor for fossil fuel technologies used in previous reports. The new factor represents the amount of GHG emis-
sions released by all power plants connected to the energy system for each unit of energy produced at system level, measured in grams of
CO2eq per GWh. The most recent data have been collected by national authorities or reliable third-party databases.
(2) Unlike with other repowering projects, the service life of the Fenner plant was extended but its capacity (MW) was not increased, so the capac-
ity and generation data refer to the plant as a whole.
Attachments
689
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Table C – Further ESG indicators
Country
Project name
Water
consumption
(m3)(1)
Actions to
protect/
restore
biodiversity
(no.)
Plant
shutdown
or site stop
due to
environmental
issues (no.)
Injuries
(fatalities
and “Life
Changing”)
(no.)
Social
projects
(no.)
Beneficiaries
of social
projects (no.)
USA
Diamond Vista
-
-
-
-
2
65
USA
Fenner Repowering
-
-
-
-
3
103
USA
High Lonesome I+II
-
-
-
-
2
200
USA
Roadrunner
20
-
-
-
4
278
USA
Seven Cowboy
-
-
-
-
5
544
COLOMBIA
El Paso
-
-
-
-
5
2,993
USA
Aurora USA
-
1
-
-
9
285
USA
Little Elk
-
-
-
-
-
-
USA
Chisholm View II
-
-
-
-
1
6
(1)
Industrial water consumption related to water extraction data for plant.
2019 Green Bond
Table A – Financial indicators
Country
Project cluster
Cluster
Status
Investments
in currency
(millions)
GB proceeds
allocated in 2018
(€ millions)
ITALY
Smart meter
Asset Development
(1)
-
46
ITALY
Smart grid
Asset Development
(2)
-
21
ITALY
Quality&Efficiency
Asset Development
(2)
-
305
ITALY
Other ICT
Investment
Asset Development
(2)
-
52
Total Asset Development
824
424
ITALY
Maintenance
Asset Management
(2)
-
242
Total Asset Management
452
242
Total Asset Development and
Asset Management Country Italy
1,276
666
(1)
At December 31, 2018 the final figures of the project consisted of about €420 million of meters and concentrators entered in operation in the
same month of their installation and about €26 million for the central remote management system and related software.
(2) The final figures include a very large number of interventions including activities started in the previous year and completed in the current year,
activities started and completed in the current year and activities started in the current year and not completed at December 31, 2018.
Table B – ESG indicators
COUNTRY -
ITALY
Cabling (%)
Network
automation
(%)
Oil equipment
with PCB
removed (no.)
End users
with active
smart
meters
(millions)
Renewable
generation units
connected to
network (no.)
New “users”
connected to
network (no.)
Technical
network
losses (%)
Energy
saved
(MWh)(1)
Total Asset
Development
-
-
-
32
281,200
199,797
-
15,118
Total Asset
Management
76
39
71
-
-
-
4
(1)
For Enel Grids projects, energy savings are represented in terms of “energy saved” in MWh in place of the CO2 avoided (ton) to specifically
report the improvement in efficiency obtained thanks to the use of so-called “in ecodesign” transformers and the optimization of MV grids as
the difference between losses detected before and after these interventions.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
690
INTEGRATED ANNUAL REPORT 2024
Table C – Further ESG indicators
Country
Injuries (fatalities and
“Life Changing”) (no.)
Social projects
(no.)
Beneficiaries of social
projects (no.)
Biodiversity projects
(no.)
ITALY
-
287
4,832
9
Table A – Financial indicators
Country
Project name
Technology
Status
Capacity
(MW)
Commercial
operation
date
Investment
(amount in currency)
GB
proceeds
allocated
in 2018
(€ millions)
GB
proceeds
allocated
in 2019
(€ millions)(2)
Currency
Amount in
currency
(millions)
Amount
in euro
(millions)(1)
USA
Whitney Hill
Wind
In operation
66
Dec-19
USD
281
232
-
10
USA
Aurora Wind
Wind
In operation
299
Dec-20
USD
450
401
-
10
USA
Cimarron
Bend 3 phase I
Wind
In operation
199
Dec-20
USD
281
248
-
4
USA
Alta Farms II
Wind
In operation
201
Dec-22
USD
362
343
-
55
ITALY
Various
projects(3)
Hydorelectric
In operation
33
-
EUR
55
55
-
10
CANADA
Riverview
Wind
In operation
105
Apr-20
CAD
210
187
-
81
CANADA
Castel Rock
Ridge 2
Wind
In operation
29
Mar-20
CAD
-
23
MEXICO
Magdalena 2
Solar
In operation
220
Sep-19
USD
165
136
-
112
MEXICO
Amistad II
Wind
In operation
103
Dec-19
USD
115
97
-
55
MEXICO
Amistad III
Wind
In operation
108
Feb-20
USD
305
269
-
59
MEXICO
Amistad IV
Wind
In operation
162
Dec-20
USD
-
57
MEXICO
Dolores
Wind
In operation
274
May-20
USD
290
255
-
192
USA
High
Lonesome I+II
Wind
In operation
504
Dec-19
USD
720
595
81
75
USA
Roadrunner
Solar
In operation
497
Jun-20
USD
436
366
30
141
USA
Seven Cowboy
Wind
In operation
302
Oct-22
USD
427
405
73
101
TOTAL
184
986
(1)
Indicative value in euros (EUR), although the investment in US dollars (USD) applies where present. The exchange rate used for projects allo-
cated in the 2018 Green Bond is 1.19 USD/EUR, for projects allocated in the 2019 the rate is 1.21. For projects whose investment value was
updated, as from 2022 the average annual rate of the year in which the project came into operation was used.
(2) Additional proceeds were allocated for some renewable projects that were already identified in the 2018 Green Bond, for which new capital-
ized costs emerged.
(3) Aggregate data related to eight small sized Italian projects. The concerned technology is hydroelectric.
Attachments
691
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Table B – ESG indicators
Country
Project name(1)
2024 generation
(GWh)
CO2 avoided
in 2024 (ton)
2019-2024
generation (GWh)
CO2 avoided in
2019-2024 (ton)(2)
USA
Whitney Hill
163
57,222
1,111
350,611
USA
Aurora Wind
993
349,242
4,873
1,419,900
USA
Cimarron Bend 3 phase I
539
189,452
3,439
1,069,943
USA
Alta Farms II
582
204,632
1,522
330,596
ITALY
Various projects(3)
1,567
403,133
6,498
1,317,753
CANADA
Riverview
332
38,348
1,927
185,131
CANADA
Castel Rock Ridge 2
98
11,310
568
54,574
MEXICO
Magdalena 2
499
220,509
3,014
1,054,230
MEXICO
Amistad II
277
122,565
747
198,003
MEXICO
Amistad III
19
8,295
256
94,516
MEXICO
Amistad IV
-
-
128
50,792
MEXICO
Dolores
539
238,362
3,744
1,342,747
(1)
For projects for which new capex were allocated in 2019, in addition to what was allocated in the 2018 Green Bond, for the ESG indicators refer
to the 2018 tables.
(2) The methodology for calculating avoided emissions was updated in 2024, as it now considers the average CO2 emission factor of the country,
instead of the CO2 emission factor for fossil fuel technologies used in previous reports. The new factor represents the amount of GHG emis-
sions released by all power plants connected to the energy system for each unit of energy produced at system level, measured in grams of
CO2eq per GWh. The most recent data have been collected by national authorities or reliable third-party databases.
(3) Aggregate data related to eight small sized Italian projects. The concerned technology is hydroelectric.
Table C – Further ESG indicators
Country
Project name(1)
Water
consumption
(m3)(2)
Actions to
protect/
restore
biodiversity
(no.)
Plant
shutdown
or site stop
due to
environmental
issues (no.)
Injuries
(fatalities
and “Life
Changing”)
(no.)
Social
projects
(no.)
Beneficiaries
of social
projects (no.)
USA
Whitney Hill
-
-
-
-
3
2,500
USA
Aurora Wind
-
-
-
-
4
275
USA
Cimarron Bend 3 phase I
-
-
-
-
3
81
USA
Alta Farms II
-
-
-
-
10
1,040
ITALY
Various projects(3)
-
1
-
-
2
24
CANADA
Riverview
-
-
-
-
2
325
CANADA
Castel Rock Ridge 2
-
-
-
-
4
155
MEXICO
Magdalena 2
510
2
-
-
4
541
MEXICO
Amistad II
-
3
-
-
4
92
MEXICO
Amistad III
-
-
-
-
4
92
MEXICO
Amistad IV
-
-
-
-
4
92
MEXICO
Dolores
-
1
-
-
4
440
(1)
For projects for which new capex were allocated in 2019, in addition to what was allocated in the 2018 Green Bond, for the ESG indicators refer
to the 2018 tables.
(2) Industrial water consumption related to water extraction data for plant.
(3) Aggregate data related to eight small sized Italian projects. The concerned technology is hydroelectric.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
692
INTEGRATED ANNUAL REPORT 2024
Table D – Overall information
CRITERION
INDICATOR
GB 2024 DATA/APPROACH
Respect for human rights
standards and prevention
of breaches
Number and description
of the reports identified
through the Enel
monitoring system
Five reports were received, three of which were concluded as non-violation,
one as ascertained violation and one under analysis.
Results of risk analysis
on human rights at
country level
The country-level risk analysis conducted in the Group’s areas of presence
in 2023 showed that:
• risks related to issues of corruption, environment, diversity and non-
discrimination, community relations and privacy were among the most
salient issues (“to be monitored”)(1);
• risks related to labor practices (freedom of association and collective
bargaining, rejection of forced labor and child labor, fair and favorable
working conditions, health, safety and well-being at work) and potential
impacts from customers communication activities were found to be
among the lowest risk level (“acceptable” level)(1).
These results, together with the findings from the identification of
potential gaps, showed that the safeguards included in the management
system in place to mitigate potential impacts are robust(2) and adequately
manage the main topics identified, which, according to the definitions of
the classification included in the UN Guiding Principles, means that the
management system for the main topics is effective.
Respect for labor rights
Number and description
of the reports identified
through the Enel
monitoring system
No reports regarding projects financed with GB proceeds.
Results of risk analysis
on human rights at
country level
The country-level risk analysis conducted in the Group’s areas of presence
in 2023 showed that risks related to labor practices (freedom of association
and collective bargaining, rejection of forced labor and child labor, fair and
favorable working conditions, health, safety and well-being at work) were
found to be among the lowest risk level (“acceptable” level)(1).
These results, together with the findings from the identification of
potential gaps, showed that the safeguards included in the management
system in place to mitigate potential impacts are robust(2) and adequately
manage the main topics identified, which, according to the definitions of
the classification included in the UN Guiding Principles, means that the
management system for the main topics is effective.
Working conditions
(employment
relationships, training,
health and safety
conditions, respect for
working hours)
Number and description
of the reports identified
through the Enel
monitoring system
No reports regarding projects financed with GB proceeds.
Number of injuries
(fatalities and “Life
Changing”)
No fatalities or “Life Changing” injury involving Enel people was recorded for
projects financed with GB proceeds.
Integration of
environmental and social
factors into the supply
chain – Responsible
purchasing
Ethical clauses in
contracts with suppliers
Through the General Contract Conditions, Enel requires its contractors
and subcontractors, among other things, to comply with the 10 principles
of the United Nations Global Compact, respect for and protection of
internationally recognized human rights, as well as respect for ethical
and social obligations regarding the fight against child labor and
protection of women, equal treatment, prohibition of discrimination,
freedom of association, union and representation, forced labor, safety
and environmental protection, sanitary conditions and also regulatory
conditions, retribution, contributions, insurance and tax.
Business ethics
(prevention of corruption
and money laundering,
fraud, anticompetitive
practices)
Number and description
of the reports identified
through the Enel
monitoring system
There are no significant events to report relating to projects financed with
GB proceeds.
Audit and internal control
% of area/country
processes covered by
internal audit
activities
The average annual coverage level of the processes through internal audit
activities is around 50%.
(1)
Reference scale of risk: 1. High risk; 2. High priority risk; 3. Risk to be monitored; 4. Acceptable risk (minimum level).
(2) Reference scale of performance level: Robust (75%-100%); Good (50%-74%); Sufficient (25%-49%); Needs improvement (0%-24%).
Attachments
693
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
KPMG S.p.A.
Revisione e organizzazione contabile
Via Curtatone, 3
00185 ROMA RM
Telefono +39 06 80961.1
Email it-fmauditaly@kpmg.it
PEC kpmgspa@pec.kpmg.it
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Bologna Bolzano Brescia
Catania Como Firenze Genova
Lecce Milano Napoli Novara
Padova Palermo Parma Perugia
Pescara Roma Torino Treviso
Trieste Varese Verona
Società per azioni
Capitale sociale
Euro 10.415.500,00 i.v.
Registro Imprese Milano Monza Brianza Lodi
e Codice Fiscale N. 00709600159
R.E.A. Milano N. 512867
Partita IVA 00709600159
VAT number IT00709600159
Sede legale: Via Vittor Pisani, 25
20124 Milano MI ITALIA
KPMG S.p.A.
è una società per azioni
di diritto italiano
e fa parte del network KPMG
di entità indipendenti affiliate a
KPMG International Limited,
società di diritto inglese.
(This independent auditors’ report has been translated into English solely for the convenience of
international readers. Accordingly, only the original Italian version is authoritative.)
Independent auditors’ report on the Green bond report
To the board of directors of
Enel S.p.A.
We have been engaged to perform a limited assurance engagement on the 2024 Green bond report (the
“report”) of Enel S.p.A. (the “company”) which comprises the “Summary Table of 2018 and 2019
Emissions”, table A “Financial indicators”, table B “ESG indicators”, table C “Further ESG indicators”,
table D “Overall information” and notes thereto. The 2024 Green bond report has been prepared on the
basis of the Enel Group’s Green Bond Framework described in the “Introduction and reporting criteria”
paragraph of the notes thereto and it is attached to the 2024 Integrated annual report of the Enel Group.
Directors’ responsibility for the report
The company’s directors are responsible for the preparation of the report in accordance with the Enel
Group’s Green Bond Framework described in the “Introduction and reporting criteria” paragraph of the
notes thereto.
The directors are also responsible, for such internal control as they determine is necessary to enable the
preparation of a report that is free from material misstatement, whether due to fraud or error. Moreover,
the directors are responsible for identifying the content of the report, selecting and applying policies and
making judgements and estimates that are reasonable in the circumstances.
Auditors’ independence and quality management
We are independent in compliance with the independence and all other ethical requirements of the
International Code of Ethics for Professional Accountants (including International Independence
Standards) issued by the International Ethics Standards Board for Accountants (the IESBA Code), which
is founded on fundamental principles of integrity, objectivity, professional competence and due care,
confidentiality and professional behaviour.
Our firm applies International Standard on Quality Management 1 (ISQM Italia 1) and, accordingly, is
required to design, implement and operate a system of quality management including policies or
procedures regarding compliance with ethical requirements, professional standards and applicable legal
and regulatory requirements.
Auditors’ responsibilities
Our responsibility is to express a conclusion, based on the procedures performed, about the compliance
of the report with the Enel Group’s Green Bond Framework described in the “Introduction and reporting
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
694
INTEGRATED ANNUAL REPORT 2024
2
Enel S.p.A.
Independent auditors’ report on the Green bond report
31 December 2024
criteria” paragraph of the notes thereto. We carried out our work in accordance with the criteria
established by “International Standard on Assurance Engagements 3000 (revised) - Assurance
Engagements other than Audits or Reviews of Historical Financial Information” (“ISAE 3000 revised”),
issued by the International Auditing and Assurance Standards Board (IAASB) applicable to limited
assurance engagements. This standard requires that we plan and perform the engagement to obtain
limited assurance about whether the report is free from material misstatement. A limited assurance
engagement is less in scope than a reasonable assurance engagement carried out in accordance with
ISAE 3000 revised, and consequently does not enable us to obtain assurance that we would become
aware of all significant matters and events that might be identified in a reasonable assurance
engagement.
The procedures we performed on the report are based on our professional judgement and include
inquiries, primarily of the parent’s personnel responsible for the preparation of the information presented
in the report, documental analyses, recalculations and other evidence gathering procedures, as
appropriate.
Specifically, we performed the following main procedures:
1
holding interviews with personnel responsible for the management and preparation of the report at
corporate and business levels;
2
understanding the processes underlying the generation, recording and management of the qualitative
and quantitative information disclosed in the report;
3
holding interviews and discussions with the company’s management personnel to obtain information on
the processes and procedures used to gather, combine, process and transmit data and information to
the office that prepares the report;
4
analysing documents and performing analytical procedures to check, on a sample basis, the indicators
included in the report.
Conclusion
Based on the procedures performed, nothing has come to our attention that causes us to believe that the
2024 Green bond report of Enel S.p.A. has not been prepared, in all material respects, in accordance
with the Enel Group’s Green Bond Framework described in the “Introduction and reporting criteria”
paragraph of the notes thereto.
Other matters
Other auditors performed a limited assurance engagement on the 2017, 2018 and 2019 figures
presented in the 2024 Green bond report and expressed their unqualified conclusions thereon on 10 May
2018, 7 May 2019 and 8 April 2020, respectively.
Rome, 15 April 2025
KPMG S.p.A.
(signed on the original)
Davide Utili
Director of Audit
Attachments
695
INTEGRATED ANNUAL REPORT 2024
Consolidated
financial statements
Attachment 3 - Sustainability-Linked Financing Report
The Sustainability-Linked Financing Report has not been subject to legal audit pursuant to Article 14, paragraph 1,
of Legislative Decree 39 of January 27, 2010. Therefore the opinion expressed by KPMG SpA does not extend to the
information included therein.
142. Enel - Sustainability-Linked Financing Framework - 2025 Edition.
In line with the Sustainability-Linked Financing Frame-
work, published by Enel on its website,142 Enel issues
and structures financial instruments linked to the
achievement of predefined Sustainability Performance
Targets (SPT).
Enel and/or its subsidiaries issue sustainability-linked
bonds, SDG Commercial Paper and subscribe to sus-
tainability-linked loans, sustainability-linked deriva-
tives on exchange rates and interest rates, sustaina-
bility-linked guarantees, linked to SPTs related to five
KPIs, which contribute to SDG 7 (Ensure access to
affordable, reliable, sustainable and modern energy
for all), SDG 13 (Take urgent action to combat climate
change and its impacts), as well as to the environmen-
tal objectives set by the European Union in Regulation
(EU) 2020/852 on the establishment of a framework to
facilitate sustainable investment, with a particular fo-
cus on the objective of climate mitigation.
KPI and Sustainability Performance Targets (SPT)
KPI
Actual value
Sustainability Performance Targets (SPT)
2024
2024
2025
2026
2027
2030
2040
Review(1)
KPI #1(2)
Scope 1 GHG emissions
Intensity relating to Power
Generation (gCO2eq/kWh)
101(3)
140
130
125
115
72
-
Chapter 4
Climate change –
Enel’s metrics in
combating climate
change
KPI #2
Scope 1 and 3 GHG
emissions Intensity relating
to Integrated Power
(gCO2eq/kWh)
121
135
135
125
73
-
Chapter 4
Climate change –
Enel’s metrics in
combating climate
change
KPI #3
Absolute Scope 3 GHG
emissions related to Retail
Gas (MtCO2eq)(4)
14.3
18.8
18
16.5
10.3
-
Chapter 4
Climate change –
Enel’s metrics in
combating climate
change
KPI #4
Percentage of installed
renewables capacity (%)
69.90%
69.00%
73.00%
74.00%
75.00%
80.00%
100.00%
Chapter 4
Climate change –
The strategy for tackling
climate change
KPI #5
Percentage of capex aligned
with the EU taxonomy (%)
83.80%
>80%
(2023-
2025)(5)
>80%
(2024-
2026)(6)
>80%
(2025-
2027)(7)
Chapter 7
Sustainability Statement –
The European taxonomy
(1)
The audit of Enel’s KPIs is in the KPMG Assurance Report at page 625.
(2) This KPI #1 was previously denominated: “Direct Greenhouse Gas Emissions Amount (Scope 1)”.
(3) The actual value was confirmed by the KPMG Assurance Report available in the “Sustainable Finance” section of Enel’s website.
(4) Values recalculated in 2024 to align the volumes of natural gas sold to end customers according to its calorific value with the IPCC factor.
(5) SPT with cumulative observation period of 2023-2025.
(6) SPT with cumulative observation period of 2024-2026.
(7) SPT with cumulative observation period of 2025-2027.
1. Enel Group
2. Governance
3. Group strategy
and risk management
4. Climate
change
5. Group
performance
6. Outlook
7. Sustainability
Statement
Attachments
696
INTEGRATED ANNUAL REPORT 2024
Sustainability-linked bonds issued by Enel
Sustainability-linked bonds issued by Enel amount to approximately €32 billion, €29 billion of which are still out-
standing.143
ISIN
Issuer
Issue date
Maturity
Currency
Amount issued
Residual amount
KPI
SPT
Reporting date or period
Goal achieved
XS2066706909
EFI(1)
17/10/2019
17/06/2027
EUR
1,000,000,000
1,000,000,000
KPI #4
55%
2021
V
XS2066706735
EFI
17/10/2019
17/10/2034
EUR
500,000,000
500,000,000
KPI #1
125 gCO2eq/kWh
2030
XS2244418609
EFI
20/10/2020
20/10/2027
GBP
500,000,000
500,000,000
KPI #4
60%
2022
V
XS2353182020
EFI
17/06/2021
17/06/2027
EUR
1,000,000,000
1,000,000,000
KPI #1
148 gCO2eq/kWh
2023
X
XS2353182293
EFI
17/06/2021
17/06/2030
EUR
1,250,000,000
1,250,000,000
KPI #1
148 gCO2eq/kWh
2023
X
XS2353182376
EFI
17/06/2021
17/06/2036
EUR
1,000,000,000
1,000,000,000
KPI #1
82 gCO2eq/kWh
2030
US29278GAM06
EFI
12/07/2021
12/07/2026
USD
1,250,000,000
1,250,000,000
KPI #1
148 gCO2eq/kWh
2023
X
US29278GAN88
EFI
12/07/2021
12/07/2028
USD
1,000,000,000
1,000,000,000
KPI #1
148 gCO2eq/kWh
2023
X
US29278GAP37
EFI
12/07/2021
12/07/2031
USD
1,000,000,000
1,000,000,000
KPI #1
148 gCO2eq/kWh
2023
X
US29280HAB87
EFA(2)
12/07/2021
12/07/2041
USD
750,000,000
750,000,000
KPI #1
82 gCO2eq/kWh
2030
XS2390400633
EFI
28/09/2021
28/05/2026
EUR
1,250,000,000
1,250,000,000
KPI #1
148 gCO2eq/kWh
2023
X
XS2390400716
EFI
28/09/2021
28/05/2029
EUR
1,000,000,000
1,000,000,000
KPI #1
148 gCO2eq/kWh
2023
X
XS2390400807
EFI
28/09/2021
28/09/2034
EUR
1,250,000,000
1,250,000,000
KPI #1
82 gCO2eq/kWh
2030
XS2432293673
EFI
17/01/2022
17/11/2025
EUR
1,250,000,000
1,250,000,000
KPI #1
148 gCO2eq/kWh
2023
X
XS2432293756
EFI
17/01/2022
17/01/2031
EUR
750,000,000
750,000,000
KPI #1
140 gCO2eq/kWh
2024
V
XS2432293913
EFI
17/01/2022
17/01/2035
EUR
750,000,000
750,000,000
KPI #1
82 gCO2eq/kWh
2030
XS2466363202
EFI
11/04/2022
11/04/2029
GBP
750,000,000
750,000,000
KPI #1
140 gCO2eq/kWh
2024
V
USN30707AN87
EFI
15/06/2022
15/06/2025
USD
750,000,000
750,000,000
KPI #1
148 gCO2eq/kWh
2023
X
US29278GAW87
EFI
15/06/2022
15/06/2027
USD
750,000,000
750,000,000
KPI #1
140 gCO2eq/kWh
2024
V
US29278GAX60
EFI
15/06/2022
15/06/2032
USD
1,000,000,000
1,000,000,000
KPI #1
82 gCO2eq/kWh
2030
US29278GAY44
EFI
15/06/2022
15/06/2052
USD
1,000,000,000
1,000,000,000
KPI #1
0 gCO2eq/kWh
2040
XS2531420656
EFI
09/09/2022
09/03/2029
EUR
1,000,000,000
1,000,000,000
KPI #1
140 gCO2eq/kWh
2024
V
US29278GAZ19
EFI
14/10/2022
14/10/2025
USD
750,000,000
750,000,000
KPI #1
148 gCO2eq/kWh
2023
X
US29278GBA58
EFI
14/10/2022
14/10/2032
USD
1,250,000,000
1,250,000,000
KPI #1
82 gCO2eq/kWh
2030
US29278GBB32
EFI
14/10/2022
14/10/2052
USD
1,000,000,000
1,000,000,000
KPI #1
0 gCO2eq/kWh
2040
XS2589260723
EFI
20/02/2023
20/02/2031
EUR
750,000,000
750,000,000
KPI #1
130 gCO2eq/kWh
2025
KPI #5
>80%
2023-2025
XS2589260996
EFI
20/02/2023
20/02/2043
EUR
750,000,000
750,000,000
KPI #2
0 gCO2eq/kWh
2040
KPI #3
0 MtCO2eq
2040
XS2751666426
EFI
23/01/2024
23/07/2028
EUR
750,000,000
750,000,000
KPI #1
125 gCO2eq/kWh
2026
KPI #5
>80%
2024-2026
XS2751666699
EFI
23/01/2024
23/01/2035
EUR
1,000,000,000
1,000,000,000
KPI #1
72 gCO2eq/kWh
2030
KPI #4
80%
2030
US29278GBD97
EFI
26/06/2024
26/06/2029
USD
1,250,000,000
1,250,000,000
KPI #1
125 gCO2eq/kWh
2026
US29278GBE70
EFI
26/06/2024
26/06/2034
USD
750,000,000
750,000,000
KPI #1
72 gCO2eq/kWh
2030
Total
28,833,315,988(3)
(1)
Enel Finance International NV (EFI).
(2) Enel Finance America LLC (EFA).
(3) Based on the following exchange rates: EUR/USD FX and EUR/GBP FX at December 31, 2024.
143. Based on the following exchange rates: EUR/USD FX and EUR/GBP FX at December 31, 2024.
Concept design and realization
Mercurio GP
Copy editing
postScriptum di Paola Urbani
Publication not for sale
Edited by
Enel Communications
Disclaimer
This Report issued in Italian has been translated into
English solely for the convenience of international reader
Enel
Società per azioni
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