http://www.enel.it/azienda/it/investor_relations/presentazioni/doc/2008_05/Enel_9M08%20consolidated%20results.pdf

1. Enel SpA
Investor Relations
9M2008 Results
November 11, 2008

2. Enel SpA
Investor Relations
Agenda
• 9M2008 Results
• Questions & Answers
• Annexes
2

3. Enel SpA
9M2008 results Investor Relations
Financial highlights: consolidated
€mn 9M07 9M081 %
Revenues 28,760 45,302 57.5
EBITDA 6,711 11,312 68.6
EBIT 4,751 8,184 72.3
Group net income 2,678 4,982 86.0
Net debt 55,7912,3 51,3773 -7.9
1. Not including purchase price allocations (OGK-5, Endesa)
2. Figures as of December 31, 2007
3
3. Not including net debt of activities held for sale

4. Enel SpA
9M2008 results Investor Relations
From EBIT to net income
€mn 9M07 9M08 %
EBIT 4,751 8,184 72.3
Net financial charges (327) (2,277) -
Interest charges 668 2,269 -
Fair value of Acciona put option - (17) -
Other (341) 25 -
Net income from equity investments using equity method 3 49 -
EBT 4,427 5,956 34.5
Income tax (1,674) (582) -
Net income (continuing operations) 2,753 5,374 -
Net income (discountinued operations) - 226 -
Net income (including third parties) 2,753 5,600 -
Minorities (75) (618) -
Group net income 2,678 4,982 86.0
EPS (€) 0.43 0.81 -
4

5. Enel SpA
9M2008 results Investor Relations
Income tax analysis
704 1,841
555
582
9M08 One-off impact Additional 9M08
income of substitute one-off impact pro-forma
tax tax 1H08(1) of subsitute income Tax
tax 3Q08
Full year 2008 normalized tax rate 33%
1. Net of higher taxes on current income for generation and sales activities 5

6. Enel SpA
9M2008 results Investor Relations
Group EBITDA evolution (€mn)
+68.6%
11,312
+3,565 +178 +43
82
778
+555 +127 3,839
6,711
+133
39
600
274
2,884
2,757 S&H
International
Iberia & Latam
I&N
G&EM
Market 3,405
2,850
191 324
9M07 Market G&EM I&N Ib&Latam Intern. S&H1 9M08
1. Including the Engineering and Innovation division and intercompany adjustments 6

7. Enel SpA
9M2008 results Investor Relations
EBITDA evolution: domestic market division (€mn)
+69.6%
+32 324
+101
191
9M07 Regulated Free 9M08
market market
7

8. Enel SpA
9M2008 results Investor Relations
Forward electricity sales: focus on Italy
Level of total production hedged (%)
~100 % 100 % 100 %
~15%
~55%
~85%
~45%
Unhedged
Hedged
2008 2009 2010
8

9. Enel SpA
9M2008 results Investor Relations
EBITDA evolution: domestic G&EM division (€mn)
+19.5%
-72 3,405
+323
+331 -27
2,850
9M07 Generation Trading Trento Other 9M08
margin margin capital gain
9

10. Enel SpA
9M2008 results Investor Relations
Domestic G&EM division: fuel cost evolution
+30%
60.6
46.5
Average fuel
cost (€/MWh)
9M07 9M08
+35% +27% +54%
384.8 32.3 100.4
284.6 25.5 65.2
9M07 9M08 9M07 9M08 9M07 9M08
Oil (€/ton) Gas (c€/mc) Coal (€/ton)
10

11. Enel SpA
9M2008 results Investor Relations
EBITDA evolution: domestic I&N division (€mn)
+4.6%
+134 -29 2,884
2,757 +22
2,757 2,779 2,884
Non recurring
9M07 items Gas 9M08
Electricity
11

12. Enel SpA
9M2008 results Investor Relations
EBITDA evolution: Iberia & Latam division (€mn)
+3,702 +16 -198 3,839
+45
274
9M07 Endesa Eufer Viesgo1 Enel 9M08
Latam
1. Including 109 €mn of capital loss for Viesgo Group disposal 12

13. Enel SpA
9M2008 results Investor Relations
EBITDA evolution: focus on Endesa1
+14.0%
+375 -19 5,436
+310
4,770
2,160
1,785
Latam
Spain&Portugal
3,268
2,958
9M07 Iberia Latam Other 9M08
1. 100% Endesa results as released on November 5, 2008 13

14. Enel SpA
9M2008 results Investor Relations
EBITDA evolution: international division (€mn)
+29.7%
+23 778
+55
+12 35
+67 +21 37
600 35
12
23 160
139
Centrel
SEE
511
444 North America
Russia
France & Belgium
-18
9M07 Centrel SEE North France Russia 9M08
America & Belgium
14

15. Enel SpA
9M2008 results Investor Relations
Focus on Russia
Unit price1 (€/MWh) Production2 (TWh)
16.5
13.7 31.2
25.9
9M07 9M08
9M07 9M08
Coal spark spread (€/MWh) Gas spark spread (€/MWh)
7.7
3.6 4.0
5.3
9M07 9M08 9M07 9M08
1. Unit price excluding capacity payment
15
2. Figures related to nine months 2008 and 2007

16. Enel SpA
9M2008 results Investor Relations
EBITDA evolution: services & holding1 (€mn)
+141.9%
+48 -4
75
31
9M07 Import Other 9M08
1. Including -3€mn intercompany adjustments in 9M07. Excluding the Engineering and Innovation division
16

17. Enel SpA
9M2008 results Investor Relations
Focus on renewables1
Capacity (MW) Production (GWh)
Other Wind
Geothermal Mini-hydro
4,223
12,849
51
3,269 678 10,386 228
2,825 8,910
51 228 3,974
678 1,002
49 230 3,974
678 1,459
1,002
EBITDA evolution (€mn) 3,922
622 1,459
2,492 919
7,188
1,476 1,538 3,839 4,725
9M07 9M08 9M08 9M07 9M08 9M08
old new 824 old new
+82 666
-28
612
9M07 Italy Interna- 9M08 9M08
tional old new
1. Excluding large hydro and Endesa 17

18. Enel SpA
9M2008 results Investor Relations
Net debt evolution (€mn)
December Cash-flow Capex1 Extra- Net Dividends4 September
31, 2007 from ordinary financial 30, 2008
operations activities2 charges3
-51,377
-55,791
Discontinued
Discontinued operations
-218
operations -2,269
-1,725 -2,116
-4,806 +6,992
+8,120
1. Including investment of Viesgo, Endesa Europe and Ecyr
2. Including change of scope of consolidation of the debt for 1,689€mn
3. Current net interest charge
4. Including 321€mn of dividends relating to minorities
18

19. Enel SpA
9M2008 results Investor Relations
Enel Group debt structure excluding Endesa (€mn)
Long-term debt maturity profile (€mn) Liquidity (€mn)
September 30, 2008
Amount Outstanding Available
16,658 36M credit facility for Endesa acquisition 10,866 10,866 -
60M credit facility for Endesa acquisition 7,828 7,828 -
13,840
Other committed credit lines1 6,375 2,485 3,890
Total committed credit lines 25,070 21,179 3,890
9,222 Other short-term bank debt –
uncommitted lines 1,201 236 965
Total credit lines 26,271 21,415 4,855
Commercial paper issued by EFI SA 4,000 3,501 499
1,243 687 1,480
Total credit lines + CP 30,271 24,916 5,354
IVQ 2009 2010 2011 2012 After
2008 2012 Cash and cash equivalents (1,428) 1,428
Total liquidity 30,271 23,488 6,782
1. Including 1,375€mn relating to a committed line pertaining to Slovenske Elektrarne 19

20. Enel SpA
9M2008 results Investor Relations
Endesa debt structure (€mn)
Long-term debt maturity profile1 (€mn) Liquidity2 (€mn)
September 30, 2008
Amount Outstanding Available
4,022
Total committed credit lines 9,640 1,723 7,916
Commercial paper issued by Endesa
Group 4,000 2,183 1,817
2,306 2,356
Total credit lines + CP 13,640 3,906 9,733
1,003
Cash and cash equivalents
152 653 (4,988) 4,988
Total liquidity 13,640 (1,801) 14,721
IVQ
2009 2010 2011 2012 After
2008
2012
1. Relating to Endesa proportionally consolidated debt (67.05%) according to Enel’s GAAP
2. Relating to Endesa 100%
20

21. Enel SpA
9M2008 results Investor Relations
Closing remarks
Enel sources of funding
• Liquidity available11
• Liquidity available 4 bn
• Net operating cash flow
• Net operating cash flow
available for debt 2 bn 11 billion to cover 2010
available for debt
reduction maturities
reduction
• Asset Disposal
• Asset Disposal 5 bn
Endesa sources of funding (100%)
• Liquidity available11
• Liquidity available 9 bn
Well on track to sustain medium term cash needs
1. Figures include cash & cash equivalents, committed credit lines and do not include commercial paper 21

22. Enel SpA
Investor Relations
Agenda
• 9M2008 Results
• Questions & Answers
• Annexes
22

23. Enel SpA
Investor Relations
Agenda
• 9M2008 Results
• Questions & Answers
• Annexes
23

24. Enel SpA
9M2008 - Operational annexes Installed capacity (GW) Investor Relations
Net production (TWh)
Operational data Tot sales to final customers (TWh)
North America
0.6 GW
1.4 TWh Russia
8.2 GW
13.0 TWh
12.9 TWh
Central America
0.6 GW
1.9 TWh
Colombia
1.9 GW
6.4 TWh Brazil France Slovakia
3.6 TWh 0.8 GW 0.7TWh 5.6 GW
2.2 TWh Romania
16.9 TWh
Peru 7.1 TWh
5.3TWh
1.1 GW
Iberia1
4.4 TWh 16.6 GW
2.6 TWh 46.8 TWh Bulgaria
58.2 TWh 0.6 GW
Argentina 2.7 TWh
Chile Italy
3.0 GW
3.6 GW 7.2 TWh 40.3 GW
10.8 TWh 6.8 TWh 73.1 TWh Greece
3.3 TWh 104.0 TWh 0.1 GW
0.2 TWh
Total installed capacity: 83 GW
Total net production: 187.0 TWh
1. Including 0.1GW of capacity in Morocco and 0.4 TWh of relative production 24

25. Enel SpA
9M2008 - Operational annexes Investor Relations
Group EBITDA by business area(€mn)
6,711 €mn 11,312 €mn
44% 39%
56%
61%
9M07 9M08
WELL BALANCED PORTFOLIO OF ACTIVITIES
Generation & sales
Networks
25

26. Enel SpA
9M2008 - Operational annexes Investor Relations
Operational Data – Generation Mix
Italy
73,083 (TWh)
4,285
22,333
40,306 (MW)
7,127
1,005
4,948
19,880
13,983
14,424
19,458
5,946
Capacity (MW) Production (GWh)
Other renewables Coal Oil & gas 1
Hydro CCGT
1. Including turbogas capacity and production 26

27. Enel SpA
9M2008 - Operational annexes Investor Relations
Operational Data – Generation Mix
Iberia & Latam
44,999 30,322
Iberia - Endesa Latam - Endesa
1,420 1,311 14
13,873 5,567
4,185
16,178 4,284 10,242
17,374
1,046
3,892 13,624 360 12
1,447
2,683
3,721 5,794
2,441 7,613 6,056
2,395 2,629
Capacity1 (MW) Production2 (GWh) Capacity (MW) Production (GWh)
Iberia - Enel Latam - Enel
1,889 2,536
44
543
707 2,492
664
374 24
497
348 640
142
26
Capacity (MW) Production (GWh) Capacity (MW) Production (GWh)
Other renewables Coal Oil & gas
1. Including 82 MW of capacity in Morocco 27
2. Including 449 GWh of production in Morocco Hydro Nuclear CCGT

28. Enel SpA
9M2008 - Operational annexes Investor Relations
Operational Data – Generation Mix
Centrel – South Eastern Europe
Slovakia 16,915 Greece 171
2,310
3,280
105
170
5,635
11,325 98
1,254
2,329
2,052 7 1
Capacity (MW) Production (GWh) Capacity (MW) Production (GWh)
Bulgaria
2,671
2,671
595
595
Capacity (MW) Production (GWh)
Other renewables Coal Oil & gas
28
Hydro Nuclear CCGT

29. Enel SpA
9M2008 - Operational annexes Investor Relations
Operational Data – Generation Mix
Russia – North America – France
Russia North America 1398
12,963
631
8,183 6,352
573
3,623
259
767
6,611
4,560 314
Capacity (MW) Production (GWh) Capacity (MW) Production (GWh)
France
8
5
Capacity (MW) Production (GWh)
Other renewables Coal Oil & gas
29
Hydro Nuclear CCGT

30. Enel SpA
9M2008 - Operational annexes Investor Relations
Operational Data – Electricity and gas distribution
Electricity (TWh) Gas (bcm)
2.5% 11.1%
Volumes Distributed: 31.8%
Breakdown by country 65.7% 88.9%
Electricity (TWh) Gas (bcm)
2.6% 6.3%
0.3%
Sales 31.0%
Breakdown by country
39.9% 50.9%
69.0%
Russia Iberia&Latam
Italy SEE Centrel 30

31. Enel SpA
9M2008 - Operational annexes Investor Relations
Italian market overview: electricity1 and gas consumption2
Electricity consumption (TWh) Gas consumption (bcm)
+0.8% +5.5%
58.4 61.6
253.8 255.8 1.7
1.6
36.0 29.5
25.9
25.0
153.4 158.7
14.6
14.8
17 19.4
69.9 73.1
-5.5 -5.5
9M07 9M08
9M07 9M08
Import Other
Net production: other Thermoelectric
Net production: Enel Industrial
Pumped storage consumption Residential & commercial
1. Source: Terna electricity statistical data 31
2. Source: Ministry of Economic development and Enel’s estimates

32. Enel SpA
9M2008 - Operational annexes Investor Relations
Italian market overview: electricity sales1
Regulated market (TWh) Free market2 (TWh) Enel’s free customers3 (thousand)
+11.7%
1,966.4
166.8
-17.7% 149.3 +3.9%
41.3
28.5
88.2 -2.9% +44.9%
72.6 827.0
120.8 125.5
78.0
-19.6% 62.7
10.2 9.9
9M07 9M08
9M07 9M08 9M07 9M08
Enel
Other Total sales (TWh)
237.5 239.4
9M07 9M08
1. Excluding losses on the grid. Other operators’ data are Enel’s estimates based on Single Buyer figures
2. Including self-consumption and, since May 2008, sales to “salvaguardia” customers 32
3. Including dual energy customers

33. Enel SpA
9M2008 - Operational annexes Investor Relations
Enel’s gas sales
Volumes sold (bcm) Customers (thousand)
+100%
+31.2%
5.8 3,194
1.8 2,434 579
2.9
2,434 2,615
4.0
2.9
9M07 9M08 9M07 9M08
Italy
International
33

34. Enel SpA
9M2008 - Operational annexes Investor Relations
9M2008 Group installed capacity: breakdown by source and location
MW Hydro RES Nuclear Coal CCGT Oil & gas TOTAL
- other ST/OCGT
Italy 14,424 1,005 - 4,948 5,946 13,983 40,306
Iberia 3,747 1,394 2,441 3,892 2,3952 2,683 16,552
Centrel 2,329 - 2,052 1,254 - - 5,635
SEE 7 1061 - 595 - - 708
Americas 6,748 295 - 360 2,629 1,447 11,479
Russia - - - 3,623 - 4,560 8,183
TOTAL 27,255 2,800 4,493 14,672 10,970 22,673 82,863
1. Including 8 MW other renewable capacity in France
2. Including 82 MW of installed capacity in Morocco 34

35. Enel SpA
9M2008 - Operational annexes Investor Relations
9M2008 Group net production: breakdown by source and location
TWh Hydro RES Nuclear Coal CCGT Oil & gas TOTAL
- other ST/OCGT
Italy 19.9 4.3 - 22.3 19.5 7.1 73.1
Iberia 4.8 1.9 13.6 14.6 7.71 4.2 46.8
Centrel 3.3 - 11.3 2.3 - - 16.9
SEE - 0.2 - 2.7 - - 2.9
Americas 20.6 0.7 - 1.3 6.1 5.6 34.3
Russia - - - 6.4 - 6.6 13.0
TOTAL 48.6 7.1 24.9 49.6 33.3 23.5 187.0
1. Including 0.4TWh of net production in Morocco
35

36. Enel SpA
9M2008 - Operational annexes Investor Relations
Production mix
+4.6%
69.9 (TWh) 73.1 (TWh)
16.2% 9.7%
Group production mix 26.6%
23.9%
Domestic
+95.0% Domestic 29.5% 30.6%
6.1% 5.9%
95.9 (TWh) 187.0 (TWh) 24.3% 27.2%
11.8% 12.6%
17.4% 17.8% 9M07 9M08
29.8% 26.5% +338.0%
11.1% 13.3%
5.3% 3.8% 26.0 (TWh) 113.9 (TWh)
24.6% 26.0%
14.4%
30.5%
12.1%
9M07 9M08
International
23.9%
International 41.0%
21.9%
Other renewables Coal Oil & gas 3.2% 2.5%
Hydro Nuclear CCGT 25.3% 25.2%
9M07 9M08
36

37. Enel SpA
9M2008 - Operational annexes Investor Relations
CO2 emissions vs. allowances
Domestic generation CO2 emissions (mton)
Allowances
Deficit/Surplus
9M 2007 31.6 2.0 33.6
9M 2008 33.1 0.3 33.4
37

38. Enel SpA
9M2008 - Operational annexes Investor Relations
Enel’s electricity and gas distribution
Volumes distributed in Italy1 (TWh) Volumes distributed abroad (TWh)
+0.81% +981.9%
101.7
192.7 194.3
9.4
9M07 9M08 9M07 9M08
Volumes distributed (bcm) End users (thousand)
+13.7%
+22.7%
2,005 2,279
206
2.7
2.2
0.3
2,005 2,073
2.2 2.4
Italy
International
9M07 9M08 9M07 9M08
1. 2007 figures updated. Net of energy dispatched in previous years 38

39. Enel SpA
9M2008 - Financial annexes Investor Relations
EBIT by business area (€mn)
+72.3%
8,184
422
S&H
International
2,731
Iberia & Latam 4,751
I&N
G&EM 308
Market
184
2,176
2,123
2,735
2,153
18 123
-35 -3
9M07 9M08
39

40. Enel SpA
9M2008 - Financial annexes Investor Relations
Balance sheet
€mn 20071 9M08 %
Net financial debt 55,791 51,377 -7.9
Shareholders’ equity 23,789 25,940 9.0
Net capital employed 79,580 77,317 -2.8
1. Figures as of December 31, 2007 40

41. Enel SpA
9M2008 - Financial annexes Investor Relations
Enel’s group financial debt evolution as of September 30, 2008
€mn 12.31.2007 06.30.2008 09.30.2008
Bank loans – maturities > 12 months 28,343 28,478 27,599
Bonds – maturities > 12 months 22,365 20,416 20,497
Preferred shares > 12 months 966 970 972
Other loans – maturities > 12 months 481 598 635
Financial receivables – maturities > 12 months -1,339 -1,270 -1,316
Total net long-term financial debt - maturities > 12 months 50,816 49,192 48,387
Bank loans – maturities < 12 months 461 497 591
Bonds – maturities < 12 months 2,033 3,650 3,092
Preferred shares < 12 months - - -
Other loans – maturities < 12 months 235 212 236
Financial receivables – maturities < 12 months -1,402 -936 -1,135
Total net long-term financial debt - maturities < 12 months 1,327 3,423 2,784
Other short-term bank debt 1,280 867 413
Commercial paper 3,893 5,261 4,936
Other short-term financial debt 112 322 123
Short-term debt 5,285 6,450 5,472
Factoring receivables -205 -253 -269
Other short-term financial receivables -97 -159 -225
Cash at banks and marketable securities -1,335 -7,362 -4,772
Total net short-term debt (including current maturities) 4,975 2,099 2,990
Net financial debt 55,791 51,291 51,377
Net equity 23,789 25,089 25,940
Debt/Equity ratio 2.35 2.04 1.98
Average cost of debt 5.1% 5.3% 5.4%
41

42. Enel SpA
9M2008 - Financial annexes Investor Relations
Enel’s group financial debt by subsidiary as of September 30, 2008
€mn Enel SpA Endesa EFI EIH Slovenské EP ED Other Total
Bonds 14,734 5,342 2,562 572 193 - - 185 23,589
Bank loans 13,555 3,433 7,501 - 58 997 1,760 885 28,190
Preferred shares - 972 - - - - - - 972
Other loans (3) (1,531) - - 24 - - (70) (1,580)
Commercial paper - 1,464 3,472 - - - - - 4,936
Other 59 (3,445) - - (39) (2) (1) (1,302) (4,730)
Total 28,346 6,235 13,535 572 236 996 1,759 (302) 51,377
42

43. Enel SpA
9M2008 - Financial annexes Investor Relations
Enel’s group financial debt
Average cost of debt Average residual maturity
6.2% 5.4%
5.9% 7:7 7:7
5.5% 5.1%
5.2% 6:4
4.7% 4.4% 4.6% 5:10
4.4% 4.3% 5:4 5:2 5:2
4:1 4:9 4:4
3:11
1 1
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Net financial debt (€bn) Fixed + Hedged/Total debt
55.8
51.4 81% 80%
61% 60%
53% 54% 53%
54%
24.5 24.2 24.5 44% 47%
42%
21.9
12.7 12.1 13.4 12.3 11.7
1 1
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
1. As of September 30, 2008 43

44. Enel SpA
9M2008 - Financial annexes Investor Relations
Enel’s group financial debt evolution as of September 30, 2008
(excluding Endesa)
€mn 12.31.2007 06.30.2008 09.30.2008
Bank loans – maturities > 12 months 23,631 24,773 24,486
Bonds – maturities > 12 months 19,946 16,855 17,043
Preferred shares > 12 months - - -
Other loans – maturities > 12 months 95 84 89
Financial receivables – maturities > 12 months -146 -84 -155
Total net long-term financial debt - maturities > 12 months 40,526 41,628 41,463
Bank loans – maturities < 12 months 287 293 271
Bonds – maturities < 12 months 1,139 1,136 1,203
Preferred shares < 12 months - - -
Other loans – maturities < 12 months 26 18 38
Financial receivables – maturities < 12 months -966 -4 -20
Total net long-term financial debt - maturities < 12 months 486 1,443 1,492
Other short-term bank debt 1,180 695 304
Commercial paper 2,350 3,595 3,472
Other short-term financial debt 112 116 123
Short-term debt 3,642 4,406 3,899
Factoring receivables -205 -253 -269
Other short-term financial receivables -13 -83 -15
Cash at banks and marketable securities -625 -1,922 -1,428
Total net short-term debt (including current maturities) 3,285 3,591 3,679
Net financial debt 43,811 45,219 45,142
44

45. Enel SpA
9M2008 - Financial annexes Investor Relations
Endesa’s group financial debt evolution as of September 30, 20081
€mn 12.31.2007 06.30.2008 09.30.2008
Bank loans – maturities > 12 months 4,712 3,705 3,113
Bonds – maturities > 12 months 5,419 3,561 3,454
Preferred shares > 12 months 966 970 972
Other loans – maturities > 12 months 386 514 546
Financial receivables – maturities > 12 months -1,193 -1,186 -1,161
Total net long-term financial debt - maturities > 12 months 10,290 7,564 6,924
Bank loans – maturities < 12 months 174 204 320
Bonds – maturities < 12 months 894 2,514 1,889
Preferred shares < 12 months - - -
Other loans – maturities < 12 months 209 194 198
Financial receivables – maturities < 12 months -436 -932 -1,115
Total net long-term financial debt - maturities < 12 months 841 1,980 1,292
Other short-term bank debt 100 172 109
Commercial paper 1,543 1,666 1,464
Other short-term financial debt - 206 -
Short-term debt 1,643 2,044 1,573
Factoring receivables - - -
Other short-term financial receivables -84 -76 -210
Cash at banks and marketable securities -710 -5,440 -3,344
Total net short-term debt (including current maturities) 1,690 -1,492 -689
Net financial debt 11,980 6,072 6,235
1. Figures relate to Enel’s 67.05% stake 45

46. Enel SpA
9M2008 - Financial annexes Investor Relations
Debt structure
• Average debt maturity: 5 years and 2 months
• Average cost of debt: 5.4%1
• (Fixed+hedged)/Total long-term debt: 51%
• (Fixed+hedged)/Total net debt: 54%
• Rating: S&P’s = A-/A-2 Outlook negative; Moody’s = A2/P-1 Outlook negative
€mn 2007 September 30, 2008 %
Long-term 50,816 49,703 -2.2
Short-term2 8,014 9,391 +17.2
Cash3 -3,039 -7,717 +153.9
Net debt 55,791 51,377 -7.9
1. Including Endesa cost of debt equal to 6.3%
2. Including current maturities of long-term debt
3. Including factoring and other current receivables
46

47. Enel SpA
9M2008 - Financial annexes Investor Relations
Domestic Market
€mn 9M07 9M08 %
Revenues 16,069 16,658 3.7
EBITDA 191 324 69.6
EBIT 18 123 -
Capex 24 27 12.5
Headcount1 4,772 4,603 -3.5
1. 9M07 figure as of December 31, 2007 47

48. Enel SpA
9M2008 - Financial annexes Investor Relations
Domestic Generation & Energy Management
€mn 9M07 9M08 %
Revenues 12,167 17,262 41.9
EBITDA 2,850 3,405 19.5
EBIT 2,153 2,735 27.0
Capex 781 815 4.3
Headcount1 8,432 8,262 -2.0
1. 9M07 figure as of December 31, 2007 48

49. Enel SpA
9M2008 - Financial annexes Investor Relations
Domestic Infrastructure & Network
€mn 9M07 9M08 %
Revenues 4,133 4,912 18.8
Power 3,920 4,722 +21.7
Gas 213 190 -10.8
EBITDA 2,757 2,884 4.6
Power 2,646 2,802 +5.9
Gas 111 82 -26.1
EBIT 2,123 2,176 2.5
Power 2,080 2,165 +4.1
Gas -74.4
43 11
Capex 3.1
1,001 1,032
Headcount1 -3.2
22,710 21,973
1. 9M07 figure as of December 31, 2007 49

50. Enel SpA
9M2008 - Financial annexes Investor Relations
Iberia & Latam
€mn 9M07 9M08 %
Revenues 959 12,417 -
EBITDA 274 3,839 -
EBIT 184 2,731 -
Capex 302 1,550 -
Headcount1 20,226 18,261 -9.7
1. 9M07 figure as of December 31, 2007 50

51. Enel SpA
9M2008 - Financial annexes Investor Relations
International activities
€mn 9M07 9M08 %
Revenues 2,117 3,280 54.9
EBITDA 600 778 29.7
EBIT 308 422 37.0
Capex 369 652 76.7
Headcount1 11,528 17,456 51.4
1. 9M07 figure as of December 31, 2007 51

52. Enel SpA
9M2008 - Financial annexes Investor Relations
Services & Holding
€mn 9M07 9M08 %
Revenues 2,124 2,129 0.2
Holding 660 509 -22.9
Services & other 820 842 -2.7
Engineering & Innovation 644 778 20.8
EBITDA1 39 82 110.3
Holding (101) (36) -
Services & other 135 111 -17.8
Engineering & Innovation 8 7 -12.5
EBIT -35 -3 -
Holding (113) (53) -
Services & other 75 45 -40.0
Engineering & Innovation 6 5 -16.7
1. Including -3€mn intercompany adjustments in 9M07 52

53. Enel SpA
9M2008 - Financial annexes Investor Relations
Services & Holding - Continued
€mn 9M07 9M08 %
Capex 41 52 26.8
Holding 5 6 20.0
Services & other 36 46 27.8
Headcount1 5,832 6,205 6.4
Holding 728 734 0.8
Services & other 4,223 4,496 6.5
Engeneering & Innovation 881 975 10.7
1. 9M07 figure as of December 31, 2007 53

54. Enel SpA
9M2008 - Financial annexes Investor Relations
Capex by business area (€mn)
+63.9%
4,128
+27%
52
652 +77%
S&H
International
Iberia & Latam +413%
I&N 2,518
G&EM 1,550
Market 41
369
302
+3%
1,001 1,032
+4%
781 815
+13%
24 27
9M07 9M081
1. Excluding investment of Viesgo, Endesa Europe and Ecyr
54

55. Enel SpA
Investor Relations
Disclaimer
THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE DURING THE CONFERENCE
CALL OF ENEL 9M2008 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 MEETINGS.
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 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 RESUTLS 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.
55

56. Enel SpA
Investor Relations
Contact us
Investor Relations Team (investor.relations@enel.it)
• Luca Torchia (Head of IR) +39 06 83053437
• Pedro Cañamero +39 06 83055292
• 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)
56