http://www.enel.it/azienda/it/investor_relations/presentazioni/doc/2007_03/1q2007_results.pdf

1. 1Q2007 Consolidated Results
Luigi Ferraris - Executive VP Accounting, Planning and Control
Rome, May 9, 2007

2. Enel SpA
Investor Relations
Agenda
1Q2007 Results
Questions & Answers
Annexes
2

3. Enel SpA
1Q2007 Results Investor Relations
Financial highlights
€mn 1Q06 1Q07 %
Revenues 10,251 9,728 -5,1
EBITDA 2,107 2,332 +10,7
Group net income 842 943 +12,0
Net debt 11,6901 14,994 +28,3
1. As of December 31, 2006 3

4. Enel SpA
1Q2007 Results Investor Relations
Operational data: Enel’s total electricity sales (TWh)
+7.8%
+7.8%
43.1
40.0
International 2.5 7.7
Italy
37.5 35.4
1Q06 1Q07
4

5. Enel SpA
1Q2007 Results Investor Relations
Operational data: Italian market overview (TWh)
-1.6%
-1.6%
86.5 85.1
Import 7.4
13.1
Net production
52.7
51.7
Enel Net
production
28.6
22.3
Pumped storage -2.2 -2.0
consumption
1Q06 1Q07
5

6. Enel SpA
1Q2007 Results Investor Relations
Operational data: Enel’s domestic electricity sales
Free customers2 (thousand)
Electricity – Total market sales1 (TWh)
458
-1.6%
-1.6%
81.0 79.7
+3.2%
+3.2%
Regulated Other 12.5 12.9
market -16.9%
Enel 32.6 -16.9% 27.1
57
+1.3%
+1.3%
Free 31.4
Other 31.0
market
Enel +69.4%
+69.4% 8.3
4.9
1Q06 1Q07
1. Excluding losses on the grid. Data relating to other operators are Enel’s estimates
2. Including Dual Energy
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7. Enel SpA
1Q2007 Results Investor Relations
Operational data: Italian gas market overview (bcm)
30.0 -12.7%
0.5 -12.7%
26.2 0.4
Other
8.1
Thermoelectric
8.3
5.5
Industrials
5.3
Residential &
Commercial
15.9
12.2
1Q06 1Q07
Source: Ministry of the Economic Development and Enel estimates 7

8. Enel SpA
1Q2007 Results Investor Relations
Operational data: Enel’s domestic gas sales
Gas – Total volumes sold (bcm) Gas – Enel customers (thousand)
-14.3%
-14.3% +6.4%
+6.4%
2,347
2,205
2.1
1.8
1Q06 1Q07 1Q06 1Q07
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9. Enel SpA
1Q2007 Results Investor Relations
Operational data: Group total production (TWh)
-1.3%
-1.3%
32.0 31.6
International 3.4
9.3
Domestic
28.6
22.3
1Q06 1Q07
9

10. Enel SpA
1Q2007 Results Investor Relations
Operational data: Group total production mix (%)
-1.3%
-1.3%
32.0 TWh 31.6 TWh
10.5
31.0
17.1
Oil & Gas
ST/OCGT
13.6
Gas CCGT 31.0
Coal
Nuclear 29.8
Other renewables 13.0
Hydro 5.6
5.8
19.8 22.8
1Q06 1Q07
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11. Enel SpA
1Q2007 Results Investor Relations
Operational data: Group total electricity distribution
Electricity – Volumes distributed (TWh)
-2.5%
-2.5%
67.8 66.1
International 3.2 3.2
Domestic
64.6 62.9
1Q06 1Q07
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12. Enel SpA
1Q2007 Results Investor Relations
Operational data: Enel’s domestic gas distribution
Gas – Volumes distributed (bcm) Gas – End users (thousand)
-22.2%
-22.2% +3.6%
+3.6%
1.8 1,965 2,036
1.4
1Q06 1Q07 1Q06 1Q07
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13. Enel SpA
1Q2007 Results Investor Relations
EBITDA evolution (€mn)
+225
+225
+141 -57 2,332
+59
2,107 +25 +57 68
43
985
928
Market
G&EM
N&I
International 905
846 1
S&H
176 317
114 57
1Q06 Market G&EM I&R International S&H 1Q07
1. Including intercompany adjustments 13

14. Enel SpA
1Q2007 Results Investor Relations
EBITDA evolution: domestic market division (€mn)
+25
+25
+12 68
+13
43
1Q06 Regulated Free 1Q07
market market
14

15. Enel SpA
1Q2007 Results Investor Relations
EBITDA evolution: domestic G&EM division (€mn)
+57
+57
+141 -92 985
928 +8
1Q06 Generation Fair value Non 1Q07
margin Bilateral recurring
contracts
with SB 15

16. Enel SpA
1Q2007 Results Investor Relations
EBITDA evolution: domestic I&N division (€mn)
+59
+59
+11 905
846 +48
846 894
1Q06 Electricity Gas 1Q07
16

17. Enel SpA
1Q2007 Results Investor Relations
EBITDA evolution: international division (€mn)
+141
+141
-30
+189 -3 -29
+20 +1 -12 317
-7 12
1
54
31
176 -18 27
Iberia
19 Slovakia
Romania
72 Bulgaria
North America 189
South America
11 Russia
30 France
44
15
Iberia Slovakia Romania Bulgaria North South Russia France
-12
1Q06 America America 1Q07
17

18. Enel SpA
1Q2007 Results Investor Relations
EBITDA evolution: services & holding1 (€mn)
-57
-57
114
-52
-23 +18 57
1Q06 Import Non Other 1Q07
recurring
1. Including intercompany adjustments 18

19. Enel SpA
1Q2007 Results Investor Relations
Net debt evolution (€mn)
-3,304
-3,304
Cash flow Extra- Net
FY06 from Capex ordinary financial 1Q07
operations activities charges
-698
-11,690 +1,871
-4,330 -147 -14,994
19

20. Enel SpA
Investor Relations
Agenda
1Q07 Results
Questions and Answers
Annexes
20

21. Enel SpA
Investor Relations
Operational data: Enel’s domestic production mix (%)
-6.3TWh -22.0%
28.6TWh 22.3TWh
15.2
24.3
19.3
CCGT
21.3
Hydro
Coal 26.0
Oil & Gas
Other 33.0
renewables
34.5
14.9
5.0 6.5
1Q06 1Q07
21

22. Enel SpA
Investor Relations
Operational data: Enel’s International production mix (%)
+5.9TWh +173.5%
3.4TWh 9.3TWh
23.7
44.2
Nuclear
Hydro
Coal 62.3 26.5
Oil & Gas
Other
renewables
25.8
2.0 0.1
12.0
3.4
1Q06 1Q07
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23. Enel SpA
Investor Relations
Income statement
€ mn 1Q06 1Q07 %
Operating revenues 10,251 9,728 -5.1%
Operating costs 7,967 7,396 -7.2%
EBITDA 2,107 2,332 10.7%
% of revenues 21% 24%
EBIT 1,583 1,709 8.0%
% of revenues 15% 18%
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24. Enel SpA
Investor Relations
From EBIT to EPS
€ mn 1Q06 1Q07 %
EBIT 1,583 1,709 8.0%
Net financial charges -131 -125 -4.6%
EBT 1,452 1,584 9.1%
Net income (including third parties) 875 987 12.8%
Group net income 842 943 12.0%
EPS (€) 0.14 0.15
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25. Enel SpA
Investor Relations
Balance sheet
€ mn FY06 1Q07 %
Net financial debt 11,690 14,994 28.3%
Shareholders' equity 19,025 20,521 7.9%
Net capital employed 30,715 35,515 15.6%
25

26. Enel SpA
Investor Relations
EBIT by business area (€mn)
+126mn +8.0%
1,709
1,583 33 +83.3%
18
Market 754 +8.5%
695
G&M
I&N +6.9%
International 697
652
S&H +52.0%
127 193 -64.8%
91 32
1Q06 1Q07
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27. Enel SpA
Investor Relations
Market
€ mn 1Q06 1Q07
Revenues 5,889 5,615
EBITDA 43 68
EBIT 18 33
Capex 9 4
1
Headcount 5,176 5,147
1. As of December 31, 2006 27

28. Enel SpA
Investor Relations
Generation & Energy Management
€ mn 1Q06 1Q07
Revenues 4,536 4,023
EBITDA 928 985
EBIT 695 754
Capex 151 223
Headcount 9,573 1 9,569
1. As of December 31, 2006 28

29. Enel SpA
Investor Relations
Infrastructure & Network
€ mn 1Q06 1Q07
Revenues 1,375 1,383
Power 1,261 1,262
Gas 114 121
EBITDA 846 905
Power 775 823
Gas 71 82
EBIT 652 697
Power 599 638
Gas 53 59
Capex 288 315
1
Headcount 24,701 24,244
1. As of December 31, 2006 29

30. Enel SpA
Investor Relations
International activities
€ mn 1Q06 1Q07
Revenues 607 1,059
EBITDA 176 317
EBIT 127 193
Capex 37 144
Headcount 13,861 1 13,821
1. As of December 31, 2006 30

31. Enel SpA
Investor Relations
Services & Holding
€ mn 1Q06 1Q07
Revenues 540 482
Holding 304 210
Services and other 236 272
EBITDA 1
108 53
Holding 68 -11
Services and other 40 64
EBIT 1 85 28
Holding 65 -15
Services and other 20 43
1. Excluding inter-company adjustments equal to €4mn in 1Q07 and €6mn in 1Q06 respectively
31

32. Enel SpA
Investor Relations
Services & Holding - Continued
€ mn 1Q06 1Q07
Capex 15 12
Holding 0 1
Services and other 15 11
Headcount 5,237 1
5,317
Holding 652 681
Services and other 4,585 4,636
1. As of December 31, 2006 32

33. Enel SpA
Investor Relations
Capex by business area (€mn)
+198mn +39.6%
698
Market 4 -55.6%
G&M
223 +47.7%
I&N
500
International 9
Services & Holding 151
+9.4%
315
288
+289.2%
144
-20.0%
37
15 12
1Q06 1Q07
33

34. Enel SpA
Investor Relations
Debt structure
Average debt maturity: 5 years and 6 months
Average cost of debt: 4.7%
(Fixed+hedged)/Total long-term debt: 81%
(Fixed+hedged)/Total net debt: 62%
Rating:
S&P’s = A+/A-1 C.W. negative; Moody’s = Aa3/P-1 C.W. negative
€ mn FY06 1Q071 %
Long-term 11,104 11,518 +3.7%
Short-term2 1,409 6,001 +325.9%
Cash3 -823 -2,525 206.8%
Net debt 11,690 14,994 +28.3%
1 Including both continuing and discontinued operations
2 Including current maturities of long-term debt
3 Including factoring and other current receivables
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35. Enel SpA
Investor Relations
Disclaimer
THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE AT ENEL’S
CONFERENCE CALL ON FIRST QUARTER 2007 RESULTS.
THE INFORMATION CONTAINED HEREIN HAS NOT BEEN INDEPENDENTLY VERIFIED. NONE OF THE
COMPANY OR REPRESENTATIVES SHALL HAVE ANY LIABILITY WHATSOEVER IN NEGLIGENCE OR
OTHERWISE FOR ANY LOSS HOWSOEVER ARISING FROM ANY USE OF THESE SLIDES OR THEIR
CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THESE SLIDES OR ANY MATERIAL
DISCUSSED DURING THE ANALYST PRESENTATION.
THIS DOCUMENT IS BEING FURNISHED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE
REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON.
THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED DURING THE ABOVE
CONFERENCE MAY INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS,
INCLUDING STATEMENTS ABOUT THE COMPANY’S BELIEFS AND EXPECTATIONS. THESE STATEMENTS
ARE BASED ON CURRENT PLANS, ESTIMATES, PROJECTIONS AND PROJECTS, AND THEREFORE YOU
SHOULD NOT PLACE UNDUE RELIANCE ON THEM.
FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES. WE CAUTION
YOU THAT A NUMBER OF IMPORTANT FACTORS COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. SUCH FACTORS
INCLUDE, BUT ARE NOT LIMITED TO: TRENDS IN ENEL’S CORE ENERGY BUSINESS, ITS ABILITY TO
IMPLEMENT COST-CUTTING PLANS, CHANGES IN THE REGULATORY ENVIRONMENT AND FUTURE
CAPITAL EXPENDITURES.
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36. Enel SpA
Investor Relations
Contact us
Investor Relations
Team:
Luca Torchia: +39 06 8305 3437
Massimiliano Bevignani: +39 8305 7023
Donatella Izzo: +39 06 83057449
Ijung Park: +39 06 83052062
Fausto Sblandi: +39 06 83052226
Federica Todaro: +39 06 8305 9502
investor.relations@enel.it
Visit our website at:
www.enel.it (Investor Relations)
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