http://www.enel.it/azienda/it/investor_relations/presentazioni/doc/2008_03/FY2007_results_2008-2012_Plan.pdf

1. Enel SpA
Investor Relations
1Q2008 Consolidated Results
Rome, May 14, 2008

2. Enel SpA
Investor Relations
Agenda
• 1Q2008 results
• Questions and answers
• Annexes
1

3. Enel SpA
1Q2008 results Investor Relations
Financial highlights: consolidated
€mn 1Q07 1Q08 %
Revenues 9,728 15,082 55.0
EBITDA 2,332 3,445 47.7
EBIT 1,709 2,337 36.7
Group net income 943 1,004 6.5
Net debt 55,7911 57,0722 2.3
1. As of December 31, 2007
2. Net of discontinued operations 2

4. Enel SpA
1Q2008 results Investor Relations
From EBIT to net income
€mn 1Q07 1Q08 %
EBIT 1,709 2,337 36.7
Net financial charges 127 748 489.0
Interest charges 147 777 -
Fair value of Acciona put option - (110) -
Other (20) 81 -
Net income from equity investments using equity method 2 23 -
EBT 1,584 1,612 1.8
Income tax 597 504 (15.6)
Net income (continuing operations) 987 1,108 12.3
Net income (discountinued operations) 95 -
Net income (including third parties) 987 1,203 21,9
Minorities 44 199
Group net income 943 1,004 6.5
3

5. Enel SpA
1Q2008 results Investor Relations
EBITDA evolution (€mn)
+1,113
+18 3,445
+1,130 +57
189
707
+120 -274
2,332 +62
69
967
981
Market
G&EM
I&N
1217 Iberia&Latam
905 International
S&H
87
232 289
58 76
1Q07 Market G&EM I&N Ibe&Latam Intern S&H1 1Q08
4
1. It includes the Engineering and Innovation division and elisions

6. Enel SpA
1Q2008 results Investor Relations
EBITDA evolution: domestic G&EM division (€mn)
-274
+64 -61
981 -253
-24 707
1Q07 Generation Trading Fair value Non- 1Q08
margin margin recurring
5

7. Enel SpA
1Q2008 results Investor Relations
Operational data - Italy
Electricity demand Enel production mix
+0.9% +3.1%
85,4 (TWh) 86,2 (TWh) 22.3 (TWh) 23.0(TWh)
13,1 10,4
14.9% 8.4%
29.1%
24.3%
52 54,6
33.0% 35.0%
6.5% 6.5%
22,3 23
21.3% 21.0%
-2 -1,8
1Q07 1Q08 1Q07 1Q08
Import Other renewables Coal Oil & gas
Net production: other
Hydro CCGT
Net production: Enel
Pumped storage consumption
6
1. Source: Terna electricity statistical data and Enel’s estimates

8. Enel SpA
1Q2008 results Investor Relations
Italian market overview: electricity sales1
Regulated market (TWh) Free market2 (TWh) Enel’s free customers3 (thousand)
+10.2%
-13.2% 1,611
48.1 +48.2% 53.0
31.9 12.3
27.7 8.3
-11.4% +2.3%
Enel
458
Other 39.8 40.7
27.1 24.0
-22.9%
4.8 3.7
1Q07 1Q07 1Q07 1Q08
1Q08 1Q08
Total Enel sales (TWh)
+2.5%
35.4 36.3
1Q07 1Q08
1. Excluding losses on the grid. Other operators’ data are Enel’s estimates
2. Including self-consumption 7
3. Including dual energy customers

9. Enel SpA
1Q2008 results Investor Relations
EBITDA evolution: domestic market division (€mn)
+120
+100 189
+20
69
1Q07 Regulated Free 1Q08
market market
8

10. Enel SpA
1Q2008 results Investor Relations
EBITDA evolution: domestic I&N division (€mn)
+62
+75 -13 967
905
967
905
1Q07 Electricity Gas 1Q08
9

11. Enel SpA
1Q2008 results Investor Relations
EBITDA evolution: Iberia & Latam division (€mn)
+1,130
+5 -5 +22 1,217
+1,108
Latam +449
Iberia +659
87
1Q07 Endesa Eufer Viesgo Enel Latam 1Q08
10

12. Enel SpA
1Q2008 results Investor Relations
EBITDA evolution: international division (€mn)
+57
+31 -2 289
232 +26 -1 +2 18
14
1
12 40
41
Centrel
South-Eastern Europe (SEE)
North America
France
217
191 Russia
-13 -1
1Q07 Centrel SEE North France Russia 1Q08
America 11

13. Enel SpA
1Q2008 results Investor Relations
EBITDA evolution: services & holding1 (€mn)
+18
+13 +5 76
58
1Q07 Import Other 1Q08
12
1. It includes the Engineering and Innovation division and elisions

14. Enel SpA
1Q2008 results Investor Relations
Net debt evolution (€mn)
-1,328
December Cash-flow Capex Extra- Net Dividends March
31, 2007 from ordinary financial 31, 2008
operations activities charges
-55,791 -57,072
-1,725 -1,772
-57,516 +1,767 -1,3311 -905 -777 -822 -58,844
1. Including 160€mn capital expenditure of Endesa Europa
2. Dividends paid by Endesa to third parties 13

15. Enel SpA
1Q2008 results Investor Relations
Focus on renewables1
Capacity (MW) Production (GWh)
+16.7% Other Wind
Geothermal +15.3%
Mini-hydro
3,244 3,494
2,779 51
678 3,030 80
49
671 72
1,366
982 1,307
589
539
EBITDA evolution (€mn) 389
1470 1533
1,262 1,509
1Q07 1Q08 +1.9% 1Q07 1Q08
-28 +32 218
214
1Q07 Italy Interna- 1Q08
tional
1. Excluding large hydro and Endesa 14

16. Enel SpA
1Q2008 results Investor Relations
Focus on Russia
Unit price 1 (€/MWh)
+20.8%
16.00
13.25
1Q07 1Q08
Coal spark spread (€/MWh) Gas Spark spread (€/MWh)
+156.4% +123.8%
7.00
2.73 2.73
1.22
1Q07 1Q08 1Q07 1Q08
1. Unit price excluding capacity payment 15

17. Enel SpA
Investor Relations
Agenda
• 1Q2008 results
• Questions and answers
• Annexes
16

18. Enel SpA
Investor Relations
Agenda
• 1Q2008 results
• Questions and answers
• Annexes
17

19. Enel SpA
1Q2008 results - Operational annexes Investor Relations
Italian market overview: electricity1 and gas consumption2
Electricity demand (TWh) Gas consumption (bcm)
+0.9% +10.0%
85,4 86,2
28,7
13.1 10.4 26,1 0.4
0.4
9.0
8.1
52.0 54.6 5.7
5.5
12.1 13.6
22.3 23.0
-2 -1,8
1Q07 1Q08 1Q07 1Q08
Import Other
Net production: other Thermoelectric
Net production: Enel Industrial
Pumped storage consumption Residential & commercial
1. Source: Terna electricity statistical data and Enel’s estimates
18
2. Source: Ministry of Economic development and Enel’s estimates

20. Enel SpA
1Q2008 results - Operational annexes Investor Relations
Enel’s gas sales
Volumes sold to final customers (bcm) Customers (thousand)
+61.1% +26.7%
2.9 2,975
0.7 2,347 450
Iberia&Latam Iberia&Latam
1.8 Italy Italy
2.2 2,525
1Q07 1Q08 1Q07 1Q08
19

21. Enel SpA
1Q2008 results - Operational annexes Investor Relations
Fuel cost evolution
+23.6%
54.5
44.1
Average fuel
cost (€/MWh)
1Q07 1Q08
+24.5% +12.0% +54.8%
351.7 29.0 61.9 95.8
282.6 25.9
1Q07 1Q08 1Q07 1Q08 1Q07 1Q08
Oil (€/ton) Gas (€c/mc) Coal (€/ton)
20

22. Enel SpA
1Q2008 results - Operational annexes Investor Relations
1Q08 Group net production: breakdown by source and location
TWh Hydro Renewables Nuclear Coal CCGT Oil & gas 1Q08 1Q07
- other ST/OCGT
Italy 4.8 1.5 - 8.1 6.7 1.9 23.0 22.3
Iberia 1.0 0.7 5.1 6.0 1.8 1.3 15.9 1.4
Centrel 1.1 - 4.3 0.7 - - 6.1 6
SEE - 0.1 - 1.0 - - 1.1 0.8
Latam 6.2 - - 0.5 3.0 1.7 11.3 0.7
North
America
0.3 0.2 - - - - 0.5 0.4
TOTAL 13.4 2.5 9.4 16.3 11.5 4.9 57.9 31.6
21

23. Enel SpA
1Q2008 results - Operational annexes Investor Relations
Production mix
+3.1%
22.3 (TWh) 23.0(TWh)
14.9% 8.4%
Group production mix
24.3% 29.1%
Domestic
+83.2% Domestic
33.0% 35.0%
31.6 (TWh) 57.9 (TWh) 6.5% 6.5%
21.3% 21.0%
10.5% 8.6%
17.1% 19.8%
1Q07 1Q08
31.0% 28.0% +275.3%
13.0% 16.2%
5.6% 4.3% 9.3 (TWh) 34.9 (TWh)
22.8% 23.1% 0.1% 8.6%
25.8% 13.6%
1Q07 1Q08
23.5%
International1 1
International 44.2%
26.8%
3.4% 3.0%
Other renewables Coal Oil & gas
Hydro Nuclear CCGT
26.5% 24.5%
1Q07 1Q08
22

24. Enel SpA
1Q2008 results - Operational annexes Investor Relations
Enel’s electricity and gas distribution
Volumes distributed in Italy (TWh) Volumes distributed abroad (TWh)
+2.2% +971.8%
34.3
62.9 64.3
3.2
1Q07 1Q08 1Q07 1Q08
Volumes distributed (bcm) End users (thousand)
+10.1%
+14.3%
2,036 2,241
187
1.6 Iberia&Latam
1.4 Italy
0,1 2054
Iberia&Latam
1,5 Italy
1Q07 1Q08 1Q07 1Q08
23

25. Enel SpA
1Q2008 results - Financial annexes Investor Relations
Income statement
€mn 1Q07 1Q08 %
Operating revenues 9,728 15,082 55.0
Operating costs 7,396 11,637 57.3
EBITDA 2,332 3,445 47.7
% of revenues 24% 23.0%
EBIT 1,709 2,337 36.7
% of revenues 18% 15%
24

26. Enel SpA
1Q2008 results - Financial annexes Investor Relations
EBIT by business area (€mn)
+36.7%
2,337
S&H 1
186
Market +187.9%
G&EM
1,709
I&N +9.4% 732
Iberia & Latam 137
58
International 6.6%
697
743
-34.8%
750 489
+294%
134
34 134
33 53
+60.6%
1Q07 1Q08
25
1. It includes the Engineering and Innovation division and elisions

27. Enel SpA
1Q2008 results - Financial annexes Investor Relations
Balance sheet
€mn December 31, 2007 March 31, 2008 %
Net financial debt 55,791 57,072 2.3
Shareholders’ equity 23,789 24,906 4.7
Net capital employed 79,580 81,978 3.0
26

28. Enel SpA
1Q2008 results - Financial annexes Investor Relations
Debt structure
• Average debt maturity: 5 years and 6 months
• Average cost of debt: 5.3%
• (Fixed+hedged)/Total long-term debt: 51%
• (Fixed+hedged)/Total net debt: 46%
• Rating: S&P’s = A-/A-2 outlook negative; Moody’s = A2/P-1 C.W. negative
€mn December 31, 2007 March 31, 2008 %
Long-term debt 50,816 50,354 -0.9
Short-term debt1 8,014 10,219 27.5
Cash2 -3039 -3,501 15.2
Net debt 55,791 57,072 2.3
1. Including current maturities of long-term debt
2. Including factoring and other current receivables 27

29. Enel SpA
1Q2008 results - Financial annexes Investor Relations
Domestic Market
€mn 1Q07 1Q08 %
Revenues 5,617 6,408 14
EBITDA 69 189 174
EBIT 34 134 -
Capex 4 4 -
Headcount 4,7721 4,710 -1
1. Figure as of December 31, 2007 28

30. Enel SpA
1Q2008 results - Financial annexes Investor Relations
Domestic Generation & Energy Management
€mn 1Q07 1Q08 %
Revenues 3,970 5,573 40
EBITDA 981 707 -28
EBIT 750 489 -35
Capex 223 293 31
Headcount 8,4321 8,226 -2.4
1. Figure as of December 31, 2007 and reclassified according to new organisational structure 29

31. Enel SpA
1Q2008 results - Financial annexes Investor Relations
Domestic Infrastructure & Network
€mn 1Q07 1Q08 %
Revenues 1,381 1,669 21
Power 1,260 1,562 24
Gas 121 107 -12
EBITDA 905 967 7
Power 823 898 9
Gas 82 69 -16
EBIT 697 743 7.0
Power 638 697 9
Gas 59 46 -22
Capex 315 296 -6
Headcount 22,7101 22,437 -1
1. Figure as of December 31, 2007 30

32. Enel SpA
1Q2008 results - Financial annexes Investor Relations
Iberia & Latam
€mn 1Q07 1Q08 %
Revenues 297 4,018 -
EBITDA 87 1,217 -
EBIT 58 732 -
Capex 78 472 -
Headcount 20,2261 20,377 -0.7
1. Figure as of December 31, 2007 31

33. Enel SpA
1Q2008 results - Financial annexes Investor Relations
International activities
€mn 1Q07 1Q08 %
Revenues 762 944 23.9
EBITDA 232 289 24.6
EBIT 137 186 35.8
Capex 66 95 43.9
Headcount 11,5281 11,319 -1.8
1. Figure as of December 31, 2007 32

34. Enel SpA
1Q2008 results - Financial annexes Investor Relations
Services & Holding1
€mn 1Q07 1Q08 %
Revenues 666 739 -11
EBITDA 58 76 31
EBIT 33 53 61
Capex 12 11 -8
Headcount 5,8322 6,176 6
1. It includes Engineering&Innovation division and elisions 33
2. Figure as of December 31, 2007

35. Enel SpA
1Q2008 results - Financial annexes Investor Relations
Capex by business area (€mn)
+67.7%
S&H1
Market 1,171
G&EM 95 +43.9%
I&N
Iberia & Latam +505.1%
472
International
698
66
78
-6.0%
296
315
+31.4%
293
223
4 4 -8.3%
12 11
1Q07 1Q08
1. It includes the Engineering and Innovation division and elisions
34

36. Enel SpA
Investor Relations
Disclaimer
THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE DURING THE CONFERENCE
CALL ON 1Q2008 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 ABOVE CONFERENCE.
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 CONFERENCE
CALL ON 1Q2008 RESULTS 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 EXPENDITURE.
PURSUANT TO ARTICLE, 154-BIS, PARAGRAPH 2, OF THE UNIFIED FINANCIAL ACT OF
FEBRUARY 24, 1998, THE EXECUTIVE IN CHARGE OF PREPARING THE CORPORATE ACCOUNTING
DOCUMENTS AT ENEL, LUIGI FERRARIS, DECLARES THAT THE ACCOUNTING INFORMATION
CONTAINED HEREIN CORRESPOND TO DOCUMENT RESULTS, BOOKS AND ACCOUNTING RECORDS.
35

37. Enel SpA
Investor Relations
Contact us
Investor Relations Team (investor.relations@enel.it)
• Luca Torchia (Head of IR) +39 06 83053437
• Elisabetta Ghezzi +39 06 83052708
• Donatella Izzo +39 06 83057449
• Federica Todaro +39 06 83059502
• Angela Tretola
+39 06 83052062
Visit our website at:
www.enel.it (Investor Relations)
36